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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21569
Pioneer Ibbotson Asset Allocation Series
(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, 2011 through January 31, 2012
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 SHAREOWNERS.
Pioneer Ibbotson Asset Allocation Series
--------------------------------------------------------------------------------
Semiannual Report | January 31, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Class Fund Fund Fund Fund
----- ---- ---- ---- ----
A PIAVX PIALX GRAAX PIAAX
B PIBVX PIBLX GRABX IALBX
C PICVX PIDCX GRACX IALCX
Y IBBCX IMOYX IBGYX IBAYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Fund Reviews 8
Comparing Ongoing Fund Expenses 10
Prices and Distributions 18
Portfolio Summary & Performance Update 21
Schedule of Investments 41
Financial Statements 49
Notes to Financial Statements 71
Approval of Investment Advisory and Sub-Advisory Agreements 81
Trustees, Officers and Service Providers 101
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 1
President's Letter
Dear Shareowner,
Last year was difficult for investors, although bond investors experienced a
much smoother ride than equity investors. The year was characterized by
higher-than-usual volatility in the equity markets triggered by a series of
major events, including the nuclear disaster in Japan, the European financial
crisis, and political gridlock in Washington D.C. The Standard & Poor's 500
Index dropped 21% from its May high to its October low, only to finish the year
virtually flat. The Barclays Capital Aggregate Bond Index, by contrast, was up
7.8% for the year.
As we ended 2011, some positive trends were developing in the U.S. economy.
Consumption, the most important driver of economic growth, rose 2.3% in the
fourth quarter, up nicely from 0.7% in the second and third quarters. Year-
over-year retail sales grew 4% over the last six months of 2011, and auto sales
reached their highest level of the year. There were improvements in broad
economic data, including employment and rising consumer confidence. Initial
jobless claims trended in the right direction, with the final weekly report of
2011 falling to a three-and-a-half year low.
While we expect moderate economic growth in the U.S. in 2012, there are still
reasons for investors to remain cautious. The central issue remains Europe,
which faces weak or possibly declining economic growth. The greatest risk to
our outlook for 2012 is the possible contagion effects of the European
sovereign-debt and banking crises. The European Union must find a comprehensive
solution that includes ensuring funding for troubled sovereigns, achieving
workable fiscal and economic integration, and improving labor competitiveness
in southern Europe. Further setbacks in Europe could lead to further market
volatility, while tangible progress could help the equity markets make up last
year's lackluster results.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy is to identify undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
monitor and analyze the relative valuations of different sectors and securities
2 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
globally to help build portfolios that we believe can help you achieve your
investment goals.
At Pioneer, we have long advocated the benefits of staying diversified* and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy
that works for every investor.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
*Diversification does not assure a profit or protect against loss in a
declining market.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
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 Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 3
Portfolio Management Discussion | 1/31/12
In the following interview, portfolio manager Dr. Peng Chen, CFA, President,
Ibbotson Associates, Inc., the funds' sub-adviser, discusses the market
environment during the six months ended January 31, 2012, and the investment
strategies that were applied to the funds in the Pioneer Ibbotson Asset
Allocation Series during the period.
Q Could you characterize the economic and market environment during the six
months ended January 31, 2012?
A As the six-month period began, markets were digesting the rancorous
negotiations last summer over raising the U.S. debt ceiling, which briefly
raised the possibility of a default on government debt. While the stalemate
was resolved short of default in early August 2011, the failure of politicians
to agree on any sort of sustainable glide path for the U.S. budget
disheartened the markets. In addition, the raising of the debt ceiling was
followed almost immediately by a historic downgrade of U.S. Treasuries by
Standard & Poor's.
For much of the six-month period, markets generally reacted in concert with
concerns over the health of the global economic recovery and continued
sovereign-debt issues in Europe, which ebbed and flowed. Fears that European
leaders would not be able to take action commensurate with the scope of the
debt crisis, along with disappointing macroeconomic data, kindled heightened
uncertainty among investors and caused riskier assets to decline in September
2011. At the same time, the overall U.S. bond market benefited from flows into
Treasuries from investors seeking a safe haven, which led to a drop in
interest rates.
As 2011 drew to a close, investors were encouraged by better-than-expected
U.S. economic data, which eased concerns over a potential return to recession
conditions in the year ahead. In addition, the European Central Bank's
unanticipated plan to make credit available to the region's troubled banks was
viewed as a significant backstop to conditions in the eurozone. In
combination, the positive developments near the end of 2011 led to a
substantial recovery in investor sentiment and fueled a strong rebound in
stocks late in 2011 that extended through the end of the period on January 31,
2012.
For the six months ended January 31, 2012, the U.S. equity market, as measured
by the Standard & Poor's 500 Index (the S&P 500), returned 2.70%, while
international equities returned -10.32%, as measured by the Morgan Stanley
Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index.
Within the U.S. equity market, large-cap returns were generally
4 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
higher than those of their smaller-cap counterparts. Within the broader
Russell 3000 Index, growth stocks modestly outperformed value stocks.
In fixed income, the Barclays Capital U.S. Aggregate Bond Index, the most
popular measure of the performance of the U.S. bond market, returned 4.25% for
the six months ended January 31, 2012, led by the performance of U.S.
government-backed issues.
Q What strategic considerations did you apply to the funds in allocating assets
during the six months ended January 31, 2012?
A Entering the six-month period, each of the funds had an underweight in U.S.
real estate investment trusts (REITs) and a corresponding U.S. large-cap
equity overweight. We believed that the previous gains of U.S. property stocks
had resulted in valuation ratios that could be difficult to sustain over the
medium term, and that were hard to justify by fundamentals. In addition, in
the third quarter of 2011 we implemented an overweighting of large-cap
equities relative to small-cap equities in the funds. The overweights to the
large-cap equity segment made a modest positive contribution to the funds'
relative returns during the six-month period. We have maintained the funds'
tilt toward large-cap equities as we believe large caps are best-positioned to
weather an uncertain investment climate, and they also display the most
attractive valuations within the U.S. equity markets.
In September of 2011, we implemented an underweight to high-yield bonds and a
corresponding overweight to investment-grade bonds in the Moderate Allocation
Fund, as we had become concerned about credit risk. The tilt was removed in
late December 2011 as our concerns ebbed.
In October 2011, we began to underweight equities and overweight short-term
bonds in the Moderate Allocation Fund and Growth Allocation Fund, driven by
our concerns over continuing high U.S. unemployment and the difficulties in
Europe. The positioning constrained performance to a degree as equities
rallied late in the period.
Finally, we maintained neutral weights in international equities versus U.S.
equities in all four funds during the six-month period. Exposure to
international equities resulted in modest negative returns for the funds
relative to the S&P 500.
Q What factors are you watching most closely as you determine your allocation
strategy for the funds going forward?
A Uncertainty about the economic outlook remains unusually high. Better-
than-expected economic data in the U.S. during the fourth quarter of 2011 may
have raised hopes that the worst is behind us; however, as we look at the
indicators we would not be surprised to see slowing growth as 2012
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 5
progresses. Moreover, we believe it remains possible that external conditions
could tip a sluggish U.S. economy into recession. In particular, the U.S. is
not immune to the unfolding recession in the eurozone. Conditions in Europe
could worsen as popular indignation rises over the implementation of austerity
programs. There is a division between Germany and other nations as to how to
proceed in addressing the need to reform economies, and that could lead to a
default by one of the peripheral nations and threaten the stability of the
eurozone. At home, a divided Congress and the looming Presidential election
almost guarantee, in our opinion, another lost year when it comes to
addressing the United States' own fiscal problems. In sum, the political
backdrop both domestically and abroad could ensure that investor sentiment
remains on edge and market volatility remains high.
In looking across asset classes, we see few, if any, obvious opportunities for
investors. U.S. equity prices are only slightly above their levels of one year
ago; however, earnings growth has been slowing. European equities, which have
underperformed the U.S. market in recent quarters, appear attractive on a
relative basis, with all else being equal. That said, the region's debt crisis
is unlikely to be resolved either smoothly or swiftly. While U.S. corporate
bonds offer higher yields than Treasuries as well as reasonably low default
rates, their prices are vulnerable to any slump in the economy.
Given our outlook, we are biased toward reducing risk in the portfolios. Above
all, the uncertain backdrop continues to reinforce our belief in the
importance of maintaining a diversified investment portfolio consistent with
one's long-term objectives. We will continue to closely monitor the economic
backdrop as we manage the portfolios within their strategic asset allocation
guidelines.
Please refer to the Schedule of Investments on pages 41-48 for a full listing
of fund securities.
6 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
A fund's performance depends on the adviser's skill in determining the
strategic asset class allocations, the mix of underlying Pioneer 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.
Stocks and bonds can decline due to adverse issuer, market, regulatory, or
economic developments. International markets may be less liquid and can be more
volatile than U.S. markets. These risk factors, including those associated with
currency exchange rates, also apply to investments in international markets,
all of which make international markets more volatile and less liquid than
investments in domestic markets. 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, respectively.
These risks may increase share price volatility.
Before making an investment in any fund, you should consider all the risks
associated with it. Please see the Fund Reviews beginning on page 8 for
information on specific weightings and performance for each of the four funds
in the Pioneer Ibbotson Asset Allocation Series.
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. 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 Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 7
Fund Reviews | 1/31/12
Pioneer Ibbotson Conservative Allocation Fund
The Fund's Class A shares returned -0.14% at net asset value during the six
months ended January 31, 2012, while the Standard & Poor's 500 Index (the S&P
500) returned 2.70% and the Barclays Capital Aggregate Bond Index (the Barclays
Index) returned 4.25%. During the same period, the average return of the 441
mutual funds in Lipper's Mixed-Asset Target Allocation Conservative Funds
category was 0.99%.
The Fund targeted an asset allocation of 30% equities and 70% fixed-income
assets at the beginning of the six-month period. The targets were shifted in
October 2011 to 29% equities and 71% fixed-income assets. Within the fixed-
income portion of the Fund, the largest holding at the end of the period was in
Pioneer Bond Fund, at 21.0% of assets, followed by Pioneer Short Term Income
Fund at 18.8%. The Fund's next-largest positions also were fixed-income funds,
Pioneer Strategic Income Fund and Global High Yield Fund, at 6.9% and 5.7% of
assets, respectively. The largest equity position in the Fund was Pioneer
International Value Fund, at 5.0% of assets.
Pioneer Ibbotson Moderate Allocation Fund
The Fund's Class A shares returned -1.32% at net asset value during the six
months ended January 31, 2012, while the S&P 500 returned 2.70% and the
Barclays Index returned 4.25%. During the same period, the average return of
the 498 mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds
category was 0.25%.
The Fund targeted an asset allocation of 60% equities, 40% fixed-income assets
at the beginning of the six-month period. The targets were shifted in October
2011 to 58% equities and 42% fixed-income assets. Within the fixed-income
portion of the Fund, the largest holding at the end of the period was in
Pioneer Bond Fund, at 13.1% of assets, followed by Pioneer Short Term Income
Fund, at 11.7% of assets. Within the equity portion of the Fund, Pioneer
International Value Fund was the largest holding, at 7.4% of assets on January
31, 2012. Pioneer Global Equity Fund was the next-largest equity holding, at
6.7% of assets, followed by Pioneer Fund at 5.8% of assets.
Pioneer Ibbotson Growth Allocation Fund
The Fund's Class A shares returned -2.04% at net asset value during the six
months ended January 31, 2012, while the S&P 500 returned 2.70% and the
Barclays Index returned 4.25%. During the same period, the average return of
the 569 mutual funds in Lipper's Mixed-Target Allocation Growth Funds category
was -0.55%.
The Fund targeted an asset allocation of 75% equities, 25% fixed-income assets
at the beginning of the six-month period. The targets were shifted in October
8 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
2011 to 72% equities and 28% fixed-income assets. Within the equity portion of
the Fund, Pioneer International Value Fund was the largest holding, at 9.7% of
assets on January 31, 2012. Pioneer Global Equity Fund was the next-largest
equity holding, at 7.5% of assets, followed by Pioneer Mid Cap Value Fund, at
7.0% of assets. Within the fixed-income portion of the Fund, the largest
holding at the end of the period was in Pioneer Bond Fund, at 9.5% of assets,
followed by Pioneer Short Term Income Fund, at 7.8% of assets.
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's Class A shares returned -2.97% at net asset value during the six-
months ended January 31, 2012, while the S&P 500 returned 2.70% and the
Barclays Index returned 4.25%. During the same period, the average return of
the 742 mutual funds in Lipper's Multi-Cap Core Funds category was -0.64%.
The Fund targeted an asset allocation of 90% equities, 10% fixed-income assets
at the beginning of the six-month period. The targets were shifted in October
2011 to 86% equities and 14% fixed-income assets. Within the equity portion of
the Fund, Pioneer International Value Fund was the largest holding, at 13.8% of
assets on January 31, 2012. Pioneer Mid Cap Value Fund was the next-largest
equity holding, at 10.5% of assets, followed by Pioneer Global Equity Fund, at
8.7% of assets. The largest fixed-income position in the Fund was Pioneer Bond
Fund, at 6.0% of assets.
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.
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. 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 Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 9
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Conservative Allocation 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 Ibbotson Conservative
Allocation Fund
Based on actual returns from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $998.60 $994.10 $995.10 $993.50
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $7.59 $12.03 $11.33 $12.18
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.51%, 2.40%,
2.26% and 2.43% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
10 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
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 Ibbotson Conservative
Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $1,017.55 $1,013.07 $1,013.77 $1,012.92
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $7.66 $12.14 $11.44 $12.30
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.51%, 2.40%,
2.26% and 2.43% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 11
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Moderate Allocation 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 Ibbotson Moderate Allocation
Fund
Based on actual returns from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $986.80 $982.20 $982.20 $987.70
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $7.49 $11.51 $10.91 $5.65
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.50%, 2.31%,
2.19% and 1.13% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
12 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
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 Ibbotson Moderate Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $1,017.60 $1,013.52 $1,014.13 $1,019.46
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $7.61 $11.69 $11.09 $5.74
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.50%, 2.31%,
2.19% and 1.13% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 13
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Growth Allocation 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 Ibbotson Growth Allocation Fund
Based on actual returns from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $979.60 $975.80 $976.10 $969.20
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $7.86 $11.87 $11.23 $6.19
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.58%, 2.39%,
2.26% and 1.25% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
14 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
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 Ibbotson Growth Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $1,017.19 $1,013.12 $1,013.77 $1,018.85
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $8.01 $12.09 $11.44 $6.34
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.58%, 2.39%,
2.26% and 1.25% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 15
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Aggressive Allocation 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 Ibbotson Aggressive Allocation
Fund
Based on actual returns from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $970.30 $966.60 $967.70 $961.50
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $8.42 $12.31 $11.87 $6.85
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.70%, 2.49%,
2.40% and 1.39% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
16 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
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 Ibbotson Aggressive Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2011 through January 31, 2012.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/11
-------------------------------------------------------------------------------------
Ending Account Value $1,016.59 $1,012.62 $1,013.07 $1,018.15
(after expenses)
on 1/31/12
-------------------------------------------------------------------------------------
Expenses Paid $8.62 $12.60 $12.14 $7.05
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.70%, 2.49%,
2.40% and 1.39% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/366 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 17
Prices and Distributions | 1/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Allocation Fund
-----------------------------------------------
Class 1/31/12 7/31/11
-----------------------------------------------
A $10.52 $10.85
-----------------------------------------------
B $10.34 $10.61
-----------------------------------------------
C $10.27 $10.56
-----------------------------------------------
Y $10.11 $10.41
-----------------------------------------------
Moderate Allocation Fund
-----------------------------------------------
Class 1/31/12 7/31/11
-----------------------------------------------
A $10.35 $10.74
-----------------------------------------------
B $9.96 $10.26
-----------------------------------------------
C $9.70 $10.07
-----------------------------------------------
Y $10.45 $10.88
-----------------------------------------------
Growth Allocation Fund
-----------------------------------------------
Class 1/31/12 7/31/11
-----------------------------------------------
A $10.67 $11.09
-----------------------------------------------
B $9.48 $9.80
-----------------------------------------------
C $10.13 $10.50
-----------------------------------------------
Y $10.86 $11.45
-----------------------------------------------
Aggressive Allocation Fund
-----------------------------------------------
Class 1/31/12 7/31/11
-----------------------------------------------
A $10.61 $11.07
-----------------------------------------------
B $9.99 $0.35
-----------------------------------------------
C $10.11 $10.50
-----------------------------------------------
Y $10.64 $11.24
-----------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Distributions per Share: 8/1/11-1/31/12
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3065 $-- $--
--------------------------------------------------------------------------------
B $0.2021 $-- $--
--------------------------------------------------------------------------------
C $0.2320 $-- $--
--------------------------------------------------------------------------------
Y $0.2267 $-- $--
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2388 $-- $--
--------------------------------------------------------------------------------
B $0.1132 $-- $--
--------------------------------------------------------------------------------
C $0.1834 $-- $--
--------------------------------------------------------------------------------
Y $0.2851 $-- $--
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1853 $-- $--
--------------------------------------------------------------------------------
B $0.0795 $-- $--
--------------------------------------------------------------------------------
C $0.1142 $-- $--
--------------------------------------------------------------------------------
Y $0.2272 $-- $--
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1251 $-- $--
--------------------------------------------------------------------------------
B $0.0140 $-- $--
--------------------------------------------------------------------------------
C $0.0483 $-- $--
--------------------------------------------------------------------------------
Y $0.1598 $-- $--
--------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 19
Prices and Distributions | 1/31/12 (continued)
The Standard & Poor's 500 Index (the S&P 500) is a commonly used measure of the
broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a 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, 32-35 and 37-40.
20 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Portfolio Summary | 1/31/12
Pioneer Ibbotson Conservative Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Fixed Income 70%
Equity 30%
Short Term Bonds 27.00%
-----------------------------------------
Domestic Corporate Bonds 17.00
-----------------------------------------
Cash & Cash Equivalent 13.00
-----------------------------------------
High-Yield Corporate Bonds 13.00
-----------------------------------------
Large Cap Growth 9.00
-----------------------------------------
Large Cap Value 9.00
-----------------------------------------
International Equities 8.00
-----------------------------------------
Mid/Small Cap Growth 2.00
-----------------------------------------
Mid/Small Cap Value 2.00
-----------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
------------------------------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
------------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 4.23% Pioneer International Value Fund Class Y 5.32%
------------------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund Class Y 4.22 Pioneer Global Equity Fund Class Y 3.18
------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 3.17 Pioneer Emerging Markets Fund Class Y 1.08
------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.19 Bonds
------------------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 2.13 Pioneer Bond Fund Class Y 22.41%
------------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.12 Pioneer Short Term Income Fund Class Y 20.06
------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 2.11 Pioneer Strategic Income Fund Class Y 7.38
------------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.11 Pioneer Global High Yield Fund Class Y 6.11
------------------------------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund Class Y 2.11 Pioneer High Yield Fund Class Y 3.73
------------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 1.07 Pioneer Global Aggregate Bond Fund 2.11
Class Y
------------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 1.06 Pioneer Floating Rate Fund Class Y 1.05
------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Floating Rate Fund Class Y 1.05
------------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 0.00*
------------------------------------------------------------------------------------------------------------------
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.
* Rounds to less than 0.01%.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 21
Performance Update | 1/31/12 Class A Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund at public
offering price, compared to that of the Standard & Poor's 500 Index and the
Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 4.09% 3.18%
5 Years 2.99 1.78
1 Year 1.64 -4.20
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.46% 1.44%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Asset Allocation Fund Aggregate Bond Index 500 Index
5/05 $9,425 $10,000 $10,000
1/06 9,900 10,047 10,872
1/07 10,542 10,477 12,448
1/08 10,820 11,400 12,160
1/09 8,617 11,695 7,465
1/10 10,819 12,690 9,938
1/11 12,015 13,332 12,145
1/12 12,212 14,487 12,654
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 contractual expense limitations currently in
effect through 12/1/13 for Class A 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.
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.
22 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class B Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 3.18% 3.18%
5 Years 2.07 2.07
1 Year 0.83 -3.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.30% 2.30%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Asset Allocation Fund Aggregate Bond Index 500 Index
5/05 $10,000 $10,000 $10,000
1/06 10,448 10,047 10,872
1/07 11,027 10,477 12,448
1/08 11,210 11,400 12,160
1/09 8,847 11,695 7,465
1/10 11,000 12,690 9,938
1/11 12,117 13,332 12,145
1/12 12,218 14,487 12,654
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.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus.
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 performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 23
Performance Update | 1/31/12 Class C Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 3.18% 3.18%
5 Years 2.09 2.09
1 Year 0.84 0.84
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.21% 2.21%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Asset Allocation Fund Aggregate Bond Index 500 Index
5/05 $10,000 $10,000 $10,000
1/06 10,439 10,047 10,872
1/07 11,029 10,477 12,448
1/08 11,223 11,400 12,160
1/09 8,843 11,695 7,465
1/10 10,985 12,690 9,938
1/11 12,128 13,332 12,145
1/12 12,231 14,487 12,654
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 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.
24 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class Y Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/12/05)* 2.92% 2.92%
5 Years 1.45 1.45
1 Year 1.20 1.20
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.48% 1.48%
--------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Asset Allocation Fund Aggregate Bond Index 500 Index
5/05 $5,000,000 $5,000,000 $5,000,000
1/06 5,263,864 5,023,369 5,435,922
1/07 5,591,061 5,238,604 6,224,074
1/08 5,726,576 5,700,033 6,080,127
1/09 4,423,927 5,847,553 3,732,382
1/10 5,330,149 6,344,969 4,969,201
1/11 5,937,406 6,666,058 6,072,444
1/12 6,008,680 7,243,481 6,326,971
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.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on 10/5/05 reflects the NAV performance of the Fund's Class A shares.
The performance does not reflect differences in expenses, including the Rule
12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. 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 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 25
Portfolio Summary | 1/31/12
Pioneer Ibbotson Moderate Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Equity 60%
Fixed Income 40%
Short Term Bonds 17.00%
--------------------------------------------------
Large Cap Growth 15.50
--------------------------------------------------
Large Cap Value 15.50
--------------------------------------------------
International Equities 12.00
--------------------------------------------------
Domestic Corporate Bonds 9.00
--------------------------------------------------
High-Yield Corporate Bonds 8.00
--------------------------------------------------
Mid/Small Cap Growth 6.00
--------------------------------------------------
Cash & Cash Equivalent 6.00
--------------------------------------------------
Mid/Small Cap Value 6.00
--------------------------------------------------
Real Estate Investment Trust (REIT) 3.00
--------------------------------------------------
Emerging Markets 2.00
--------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
------------------------------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
------------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 5.95% Pioneer International Value Fund Class Y 7.69%
------------------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 5.79 Pioneer Global Equity Fund Class Y 6.89
------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.44 Pioneer Emerging Markets Fund Class Y 3.96
------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 4.32 Bonds
------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 4.32 Pioneer Bond Fund Class Y 13.54%
------------------------------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund Class Y 4.22 Pioneer Short Term Income Fund Class Y 12.15
------------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 3.26 Pioneer Global High Yield Fund Class Y 3.53
------------------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 3.11 Pioneer Strategic Income Fund Class Y 2.06
Class Y
------------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.83 Pioneer High Yield Fund Class Y 1.86
------------------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund Class Y 2.44 Pioneer Global Aggregate Bond Fund 1.41
Class Y
------------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 2.18
------------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.18
------------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 1.23
------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Floating Rate Fund Class Y 0.64
------------------------------------------------------------------------------------------------------------------
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 Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class A Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund at public offering
price, compared to that of the Standard & Poor's 500 Index and the Barclays
Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 4.62% 3.79%
5 Years 1.23 0.05
1 Year 0.55 -5.21
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.47% 1.47%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Allocation Fund Aggregate Bond Index 500 Index
8/04 $ 9,425 $10,000 $10,000
1/05 10,077 10,186 10,772
1/06 11,175 10,369 11,890
1/07 12,183 10,814 13,613
1/08 12,134 11,766 13,299
1/09 8,455 12,071 8,164
1/10 11,158 13,097 10,869
1/11 12,883 13,760 13,282
1/12 12,954 14,952 13,839
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.
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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 27
Performance Update | 1/31/12 Class B Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.33% 3.33%
5 Years 0.40 0.40
1 Year -0.32 -4.26
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.29% 2.28%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Allocation Fund Aggregate Bond Index 500 Index
8/04 $10,000 $10,000 $10,000
1/05 10,519 10,186 10,772
1/06 11,553 10,369 11,890
1/07 12,486 10,814 13,613
1/08 12,332 11,766 13,299
1/09 8,521 12,071 8,164
1/10 11,162 13,097 10,869
1/11 12,777 13,760 13,282
1/12 12,736 14,952 13,839
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.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
us.pioneerinvestments.com.
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 contractual expense limitations currently in
effect through 12/1/13 for Class B 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.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
28 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class C Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.30% 3.30%
5 Years 0.48 0.48
1 Year -0.20 -0.20
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.16% 2.16%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Allocation Fund Aggregate Bond Index 500 Index
8/04 $10,000 $10,000 $10,000
1/05 10,653 10,186 10,772
1/06 11,701 10,369 11,890
1/07 12,658 10,814 13,613
1/08 12,517 11,766 13,299
1/09 8,655 12,071 8,164
1/10 11,336 13,097 10,869
1/11 12,993 13,760 13,282
1/12 12,968 14,952 13,839
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 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 29
Performance Update | 1/31/12 Class Y Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04)* 5.09% 5.09%
5 Years 1.79 1.79
1 Year 0.90 0.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.08% 1.08%
--------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Allocation Fund Aggregate Bond Index 500 Index
8/04 $5,000,000 $5,000,000 $5,000,000
1/05 5,345,025 5,093,214 5,385,996
1/06 5,944,151 5,184,668 5,944,800
1/07 6,504,958 5,406,815 6,806,734
1/08 6,501,474 5,883,059 6,649,311
1/09 4,569,473 6,035,316 4,081,785
1/10 6,075,295 6,548,703 5,434,386
1/11 7,043,805 6,880,102 6,640,908
1/12 7,107,400 7,476,066 6,919,262
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.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on 9/23/05 reflects the NAV performance of the Fund's Class A shares.
The performance does not reflect differences in expenses, including the Rule
12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. 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 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.
30 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Portfolio Summary | 1/31/12
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Equity 75%
Fixed Income 25%
Large Cap Value 17.50%
--------------------------------------------------
Large Cap Growth 16.50
--------------------------------------------------
International Equities 16.00
--------------------------------------------------
Short Term Bonds 12.50
--------------------------------------------------
Mid/Small Cap Growth 8.50
--------------------------------------------------
Mid/Small Cap Value 8.50
--------------------------------------------------
Domestic Corporate Bonds 7.50
--------------------------------------------------
High-Yield Corporate Bonds 5.00
--------------------------------------------------
Emerging Markets 4.00
--------------------------------------------------
Real Estate Investment Trust (REIT) 4.00
--------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
----------------------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
----------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 7.09% Pioneer International Value Fund Class Y 9.80%
----------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 6.32 Pioneer Global Equity Fund Class Y 7.59
----------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 6.21 Pioneer Emerging Markets Fund Class Y 5.37
----------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 5.07 Bonds
----------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.97 Pioneer Bond Fund Class Y 9.58%
----------------------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund Class Y 4.54 Pioneer Short Term Income Fund Class Y 7.86
----------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 4.10 Pioneer Global High Yield Fund Class Y 2.05
----------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 3.99 Pioneer Strategic Income Fund Class Y 1.99
----------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 3.18 Pioneer Global Aggregate Bond Fund 1.58
Class Y
----------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 2.95 Pioneer High Yield Fund Class Y 0.81
Class Y
----------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 2.54
----------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.39
----------------------------------------------------------------------------------------------------------
Pioneer Independence Fund Class Y 0.01
----------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund 0.01
Class Y
----------------------------------------------------------------------------------------------------------
Pioneer Value Fund Class Y 0.00*
----------------------------------------------------------------------------------------------------------
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.
* Rounds to less than 0.01%.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 31
Performance Update | 1/31/12 Class A Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund at public offering
price, compared to that of the Standard & Poor's 500 Index and the Barclays
Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 4.64% 3.81%
5 Years 0.10 -1.08
1 Year -0.15 -5.86
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.57% 1.57%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Allocation Fund Aggregate Bond Index 500 Index
8/04 $ 9,425 $10,000 $10,000
1/05 10,267 10,186 10,772
1/06 11,702 10,369 11,890
1/07 12,897 10,814 13,613
1/08 12,687 11,766 13,299
1/09 8,159 12,071 8,164
1/10 11,013 13,097 10,869
1/11 12,980 13,760 13,282
1/12 12,961 14,952 13,839
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.
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.
32 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class B Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.65% 2.65%
5 Years -0.69 -0.69
1 Year -0.90 -4.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.42% 2.38%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Allocation Fund Aggregate Bond Index 500 Index
8/04 $10,000 $10,000 $10,000
1/05 10,467 10,186 10,772
1/06 11,827 10,369 11,890
1/07 12,923 10,814 13,613
1/08 12,594 11,766 13,299
1/09 8,040 12,071 8,164
1/10 10,765 13,097 10,869
1/11 12,599 13,760 13,282
1/12 12,485 14,952 13,839
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.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
us.pioneerinvestments.com.
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 contractual expense limitations currently in
effect through 12/1/13 for Class B 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.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 33
Performance Update | 1/31/12 Class C Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.48% 3.48%
5 Years -0.59 -0.59
1 Year -0.78 -0.78
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.27% 2.27%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Allocation Fund Aggregate Bond Index 500 Index
8/04 $10,000 $10,000 $10,000
1/05 10,709 10,186 10,772
1/06 12,098 10,369 11,890
1/07 13,238 10,814 13,613
1/08 12,933 11,766 13,299
1/09 8,273 12,071 8,164
1/10 11,063 13,097 10,869
1/11 12,951 13,760 13,282
1/12 12,849 14,952 13,839
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 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.
34 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class Y Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04)* 5.17% 5.17%
5 Years 0.66 0.66
1 Year -0.92 -0.92
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.17% 1.17%
--------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Allocation Fund Aggregate Bond Index 500 Index
8/04 $5,000,000 $5,000,000 $5,000,000
1/05 5,445,191 5,093,214 5,385,996
1/06 6,229,118 5,184,668 5,944,800
1/07 6,909,821 5,406,815 6,806,734
1/08 6,837,697 5,883,059 6,649,311
1/09 4,505,503 6,035,316 4,081,785
1/10 6,093,772 6,548,703 5,434,386
1/11 7,207,346 6,880,102 6,640,908
1/12 7,141,078 7,476,066 6,919,262
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.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on 9/26/05 reflects the NAV performance of the Fund's Class A shares.
The performance does not reflect differences in expenses, including the Rule
12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. 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 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 35
Portfolio Summary | 1/31/12
Pioneer Ibbotson Aggressive Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Equity 90%
Fixed Income 10%
International Equities 21.00%
--------------------------------------------------
Large Cap Growth 19.00
--------------------------------------------------
Large Cap Value 19.00
--------------------------------------------------
Mid/Small Cap Growth 10.50
--------------------------------------------------
Mid/Small Cap Value 10.50
--------------------------------------------------
Domestic Corporate Bonds 7.00
--------------------------------------------------
Real Estate Investment Trust (REIT) 5.00
--------------------------------------------------
Emerging Markets 5.00
--------------------------------------------------
Short Term Bond 3.00
--------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
----------------------------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
----------------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 10.59% Pioneer International Value Fund Class Y 13.95%
----------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 6.44 Pioneer Global Equity Fund Class Y 8.74
----------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 6.12 Pioneer Emerging Markets Fund Class Y 7.00
----------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 5.11 Bonds
----------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.91 Pioneer Bond Fund Class Y 6.04%
----------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 4.70 Pioneer Strategic Income Fund Class Y 1.99
----------------------------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund Class Y 4.50 Pioneer Short Term Income Fund Class Y 1.56
----------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 4.48
----------------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 3.84
Class Y
----------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 3.55
----------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.33
----------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 3.15
----------------------------------------------------------------------------------------------------------------
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.
36 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class A Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund at public
offering price, compared to that of the Standard & Poor's 500 Index and the
Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 4.54% 3.72%
5 Years -1.10 -2.26
1 Year -1.09 -6.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.74% 1.74%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Allocation Fund Aggregate Bond Index 500 Index
8/04 $ 9,425 $10,000 $10,000
1/05 10,436 10,186 10,772
1/06 12,163 10,369 11,890
1/07 13,543 10,814 13,613
1/08 13,126 11,766 13,299
1/09 7,891 12,071 8,164
1/10 10,811 13,097 10,869
1/11 12,957 13,760 13,282
1/12 12,816 14,952 13,839
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.
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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 37
Performance Update | 1/31/12 Class B Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.29% 3.29%
5 Years -1.88 -1.88
1 Year -1.82 -5.74
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.60% 2.53%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Allocation Fund Aggregate Bond Index 500 Index
8/04 $10,000 $10,000 $10,000
1/05 10,962 10,186 10,772
1/06 12,676 10,369 11,890
1/07 13,990 10,814 13,613
1/08 13,455 11,766 13,299
1/09 8,022 12,071 8,164
1/10 10,914 13,097 10,869
1/11 12,961 13,760 13,282
1/12 12,726 14,952 13,839
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.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
us.pioneerinvestments.com.
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 contractual expense limitations currently in
effect through 12/1/13 for Class B 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.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
38 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Performance Update | 1/31/12 Class C Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.53% 3.53%
5 Years -1.80 -1.80
1 Year -1.64 -1.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.44% 2.44%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Allocation Fund Aggregate Bond Index 500 Index
8/04 $10,000 $10,000 $10,000
1/05 10,841 10,186 10,772
1/06 12,525 10,369 11,890
1/07 13,848 10,814 13,613
1/08 13,342 11,766 13,299
1/09 7,956 12,071 8,164
1/10 10,804 13,097 10,869
1/11 12,858 13,760 13,282
1/12 12,647 14,952 13,839
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 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 39
Performance Update | 1/31/12 Class Y Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Index and the Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of January 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(8/9/04)* 4.83% 4.83%
5 Years -0.82 -0.82
1 Year -1.39 -1.39
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.35% 1.35%
--------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Allocation Fund Aggregate Bond Index 500 Index
8/04 $5,000,000 $5,000,000 $5,000,000
1/05 5,538,679 5,093,214 5,385,996
1/06 6,482,157 5,184,668 5,944,800
1/07 7,229,275 5,406,815 6,806,734
1/08 7,093,685 5,883,059 6,649,311
1/09 4,260,465 6,035,316 4,081,785
1/10 5,852,453 6,548,703 5,434,386
1/11 7,037,069 6,880,102 6,640,908
1/12 6,939,269 7,476,066 6,919,262
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.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on 9/23/05 reflects the NAV performance of the Fund's Class A shares.
The performance does not reflect differences in expenses, including the Rule
12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. 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 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.
40 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Conservative Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 94.1%
PIONEER FUNDS* -- 94.1%
260,003 Pioneer Absolute Return Credit Fund Class Y $ 2,483,024
1,379,536 Pioneer Bond Fund Class Y 13,202,158
69,954 Pioneer Cullen Value Fund Class Y 1,240,288
133,407 Pioneer Disciplined Growth Fund Class Y 1,287,380
225,879 Pioneer Disciplined Value Fund Class Y 1,865,759
24,139 Pioneer Emerging Markets Fund Class Y 633,640
45,285 Pioneer Equity Income Fund Class Y 1,242,166
91,016 Pioneer Floating Rate Fund Class Y 621,638
61,408 Pioneer Fund Class Y 2,490,699
102,559 Pioneer Fundamental Growth Fund Class Y 1,245,061
109,951 Pioneer Global Aggregate Bond Fund Class Y 1,243,551
198,218 Pioneer Global Equity Fund Class Y 1,875,138
371,934 Pioneer Global High Yield Fund Class Y 3,600,322
21,672 Pioneer Growth Opportunities Fund Class Y 631,088
221,324 Pioneer High Yield Fund Class Y 2,195,538
170,618 Pioneer International Value Fund Class Y 3,135,960
57,791 Pioneer Mid Cap Value Fund Class Y 1,253,479
61,723 Pioneer Multi-Asset Floating Rate Fund Class Y 616,613
53 Pioneer Real Estate Shares Class Y 1,216
124,364 Pioneer Research Fund Class Y 1,248,611
33,108 Pioneer Select Mid Cap Growth Fund Class Y 625,413
1,229,357 Pioneer Short Term Income Fund Class Y 11,814,116
400,900 Pioneer Strategic Income Fund Class Y 4,349,769
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $53,590,166) $58,902,627
--------------------------------------------------------------------------------
Principal
Amount
--------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 6.5%
TIME DEPOSIT -- 6.5%
$4,054,451 Citibank London, 0.03%, 2/1/12 $ 4,054,451
--------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $4,054,451) $ 4,054,451
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.6%
(Cost $57,644,617) (a) $62,957,078
OTHER ASSETS AND LIABILITIES -- (0.6)% $ (387,031)
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $62,570,047
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 41
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Conservative Allocation Fund (continued)
(a) At January 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $58,619,996 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $5,375,090
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,038,008)
----------
Net unrealized gain $4,337,082
==========
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended January 31, 2012 aggregated $8,526,440 and $8,721,972,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (other than prices supplied by independent pricing services) as Level
3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2012, in
valuing the Fund's assets:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Mutual Funds $58,902,627 $ -- $-- $58,902,627
Temporary Cash Investment -- 4,054,451 -- 4,054,451
-----------------------------------------------------------------------------------------
Total $58,902,627 $4,054,451 $-- $62,957,078
=========================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Moderate Allocation Fund
---------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------
MUTUAL FUNDS -- 96.4%
PIONEER FUNDS* -- 96.4%
488,115 Pioneer Absolute Return Credit Fund Class Y $ 4,661,497
2,706,679 Pioneer Bond Fund Class Y 25,902,923
455,750 Pioneer Cullen Value Fund Class Y 8,080,451
856,716 Pioneer Disciplined Growth Fund Class Y 8,267,306
1,027,687 Pioneer Disciplined Value Fund Class Y 8,488,694
288,436 Pioneer Emerging Markets Fund Class Y 7,571,446
197,267 Pioneer Equity Income Fund Class Y 5,411,045
280,799 Pioneer Fund Class Y 11,389,189
679,884 Pioneer Fundamental Growth Fund Class Y 8,253,789
238,071 Pioneer Global Aggregate Bond Fund Class Y 2,692,581
1,393,259 Pioneer Global Equity Fund Class Y 13,180,226
696,582 Pioneer Global High Yield Fund Class Y 6,742,915
214,132 Pioneer Growth Opportunities Fund Class Y 6,235,514
358,618 Pioneer High Yield Fund Class Y 3,557,493
800,496 Pioneer International Value Fund Class Y 14,713,124
511,043 Pioneer Mid Cap Value Fund Class Y 11,084,517
122,672 Pioneer Multi-Asset Floating Rate Fund Class Y 1,225,494
202,720 Pioneer Oak Ridge Small Cap Growth Fund Class Y 5,951,848
102,091 Pioneer Real Estate Shares Class Y 2,359,314
414,699 Pioneer Research Fund Class Y 4,163,580
221,043 Pioneer Select Mid Cap Growth Fund Class Y 4,175,504
2,417,868 Pioneer Short Term Income Fund Class Y 23,235,712
362,686 Pioneer Strategic Income Fund Class Y 3,935,141
---------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $167,490,173) $191,279,303
---------------------------------------------------------------------------------
Principal
Amount
---------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 3.4%
TIME DEPOSIT -- 3.4%
$6,719,092 Citibank London, 0.03%, 2/1/12 $ 6,719,092
---------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $6,719,092) $ 6,719,092
---------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.8%
(Cost $174,209,265) (a) $197,998,395
---------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 441,539
---------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $198,439,934
=================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 43
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Moderate Allocation Fund (continued)
(a) At January 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $177,459,152 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $23,871,255
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (3,332,012)
-----------
Net unrealized gain $20,539,243
===========
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended January 31, 2012 aggregated $11,561,819 and $25,490,725,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (other than prices supplied by independent pricing services) as Level
3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2012, in
valuing the Fund's assets:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Mutual Funds $191,279,303 $ -- $-- $191,279,303
Temporary Cash Investment -- 6,719,092 -- 6,719,092
-------------------------------------------------------------------------------------------
Total $191,279,303 $6,719,092 $-- $197,998,395
===========================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Growth Allocation Fund
----------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.0%
PIONEER FUNDS* -- 99.0%
2,121,718 Pioneer Bond Fund Class Y $ 20,304,837
543,019 Pioneer Cullen Value Fund Class Y 9,627,735
1,114,458 Pioneer Disciplined Growth Fund Class Y 10,754,519
1,276,470 Pioneer Disciplined Value Fund Class Y 10,543,639
433,945 Pioneer Emerging Markets Fund Class Y 11,391,060
316,552 Pioneer Equity Income Fund Class Y 8,683,033
330,117 Pioneer Fund Class Y 13,389,562
1,084,543 Pioneer Fundamental Growth Fund Class Y 13,166,353
295,964 Pioneer Global Aggregate Bond Fund Class Y 3,347,356
1,700,342 Pioneer Global Equity Fund Class Y 16,085,232
449,108 Pioneer Global High Yield Fund Class Y 4,347,367
290,648 Pioneer Growth Opportunities Fund Class Y 8,463,660
171,715 Pioneer High Yield Fund Class Y 1,703,410
660 Pioneer Independence Fund Class Y 7,799
1,130,619 Pioneer International Value Fund Class Y 20,780,770
692,545 Pioneer Mid Cap Value Fund Class Y 15,021,305
597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 7,664
213,196 Pioneer Oak Ridge Small Cap Growth Fund Class Y 6,259,437
219,052 Pioneer Real Estate Shares Class Y 5,062,301
672,080 Pioneer Research Fund Class Y 6,747,684
284,853 Pioneer Select Mid Cap Growth Fund Class Y 5,380,877
1,733,701 Pioneer Short Term Income Fund Class Y 16,660,862
388,917 Pioneer Strategic Income Fund Class Y 4,219,751
641 Pioneer Value Fund Class Y 7,252
----------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $184,008,109) $211,963,465
----------------------------------------------------------------------------------
Principal
Amount
----------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 1.1%
TIME DEPOSIT -- 1.1%
$2,299,153 HSBC Bank Grand Cayman, 0.03%, 2/1/12 $ 2,299,153
----------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $2,299,153) $ 2,299,153
----------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.1%
(Cost $186,307,262) (a) $214,262,618
----------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.1)% $ (121,713)
----------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $214,140,905
==================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 45
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Growth Allocation Fund (continued)
(a) At January 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $188,230,889 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $27,955,356
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,923,627)
-----------
Net unrealized gain $26,031,729
===========
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended January 31, 2012 aggregated $9,582,416 and $14,624,878,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (other than prices supplied by independent pricing services) as Level
3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2012, in
valuing the Fund's assets:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Mutual Funds $211,963,465 $ -- $-- $211,963,465
Temporary Cash Investment -- 2,299,153 -- 2,299,153
-------------------------------------------------------------------------------------------
Total $211,963,465 $2,299,153 $-- $214,262,618
===========================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Aggressive Allocation Fund
---------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.3%
PIONEER FUNDS* -- 99.3%
755,095 Pioneer Bond Fund Class Y $ 7,226,257
303,303 Pioneer Cullen Value Fund Class Y 5,377,554
582,650 Pioneer Disciplined Growth Fund Class Y 5,622,573
710,814 Pioneer Disciplined Value Fund Class Y 5,871,324
318,925 Pioneer Emerging Markets Fund Class Y 8,371,787
222,971 Pioneer Equity Income Fund Class Y 6,116,095
180,591 Pioneer Fund Class Y 7,324,766
633,978 Pioneer Fundamental Growth Fund Class Y 7,696,488
1,105,228 Pioneer Global Equity Fund Class Y 10,455,456
183,960 Pioneer Growth Opportunities Fund Class Y 5,356,925
907,651 Pioneer International Value Fund Class Y 16,682,629
583,706 Pioneer Mid Cap Value Fund Class Y 12,660,573
156,193 Pioneer Oak Ridge Small Cap Growth Fund Class Y 4,585,835
172,410 Pioneer Real Estate Shares Class Y 3,984,391
375,239 Pioneer Research Fund Class Y 3,767,397
224,772 Pioneer Select Mid Cap Growth Fund Class Y 4,245,952
194,124 Pioneer Short Term Income Fund Class Y 1,865,527
219,457 Pioneer Strategic Income Fund Class Y 2,381,103
---------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $100,554,325) $119,592,632
---------------------------------------------------------------------------------
Principal
Amount
---------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.6%
TIME DEPOSIT -- 0.6%
$ 665,798 Citibank London, 0.03%, 2/1/12 $ 665,798
---------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $665,798) $ 665,798
---------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.9%
(Cost $101,220,123) (a) $120,258,430
---------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 178,730
---------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $120,437,160
=================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $103,042,990 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $19,038,307
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,822,867)
-----------
Net unrealized gain $17,215,440
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 47
Schedule of Investments | 1/31/12 (unaudited)
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended January 31, 2012 aggregated $5,185,829 and $9,587,862,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (other than prices supplied by independent pricing services) as Level
3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2012, in
valuing the Fund's assets:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Mutual Funds $119,592,632 $ -- $-- $119,592,632
Temporary Cash Investment -- 665,798 -- 665,798
-----------------------------------------------------------------------------------------
Total $119,592,632 $665,798 $-- $120,258,430
=========================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Statements of Assets and Liabilities | 1/31/12 (unaudited)
------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of affiliated $62,957,078 $197,998,395 $214,262,618 $120,258,430
issuers, at value (at cost $57,644,617,
$174,209,265, $186,307,262 and
$101,220,123, respectively)
Receivables for:
Investment Funds sold -- 303,012 380,350 207,560
Capital stock sold 40,996 139,901 146,305 135,559
Dividends 151,924 273,134 188,709 42,773
Due from Pioneer Investment -- 825 1,408 351
Management, Inc.
Other assets 29,500 33,238 40,163 41,129
------------------------------------------------------------------------------------------------------
Total assets $63,179,498 $198,748,505 $215,019,553 $120,685,802
------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Investments Funds purchased $ 406,106 $ -- $ -- $ 3,824
Capital stock redeemed 129,237 98,379 639,901 96,319
Due to affiliates 39,840 149,302 165,124 90,058
Due to Pioneer Investment 969 -- -- --
Management, Inc.
Due to custodian -- 376 66 3
Accrued expenses and other liabilities 33,299 60,514 73,557 58,438
------------------------------------------------------------------------------------------------------
Total liabilities $ 609,451 $ 308,571 $ 878,648 $ 248,642
------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $62,304,854 $214,805,910 $236,333,196 $138,495,603
Undistributed net investment income 224,894 2,137,041 1,880,998 847,729
Accumulated net realized loss on (5,272,162) (42,292,147) (52,028,645) (37,944,479)
investments
Net unrealized gain on investments 5,312,461 23,789,130 27,955,356 19,038,307
------------------------------------------------------------------------------------------------------
Total net assets $62,570,047 $198,439,934 $214,140,905 $120,437,160
------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares
authorized)
Net Assets of Class A shares $41,740,624 $118,341,943 $136,150,830 $ 86,743,496
Net Assets of Class B shares $ 4,721,880 $ 21,186,384 $ 29,757,810 $ 14,711,340
Net Assets of Class C shares $16,037,066 $ 51,606,427 $ 46,164,114 $ 17,811,649
Net Assets of Class Y shares $ 70,477 $ 7,305,180 $ 2,068,151 $ 1,170,675
Class A Shares outstanding 3,968,037 11,437,636 12,761,889 8,177,901
Class B Shares outstanding 456,715 2,126,916 3,138,022 1,472,651
Class C Shares outstanding 1,562,062 5,321,505 4,555,889 1,761,388
Class Y Shares outstanding 6,970 699,269 190,430 110,023
Net Asset Value -- Class A share $ 10.52 $ 10.35 $ 10.67 $ 10.61
Net Asset Value -- Class B share $ 10.34 $ 9.96 $ 9.48 $ 9.99
Net Asset Value -- Class C share $ 10.27 $ 9.70 $ 10.13 $ 10.11
Net Asset Value -- Class Y share $ 10.11 $ 10.45 $ 10.86 $ 10.64
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset value
per share) $ 11.16 $ 10.98 $ 11.32 $ 11.25
======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 49
Statements of Operations (unaudited)
For the Six Months Ended 1/31/12
----------------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
----------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from securities of
affiliated issuers $ 1,188,567 $ 3,080,033 $ 2,937,509 $ 1,464,541
Interest 458 599 114 62
----------------------------------------------------------------------------------------------------------------
Total Investment Income $ 1,189,025 $ 3,080,632 $ 2,937,623 $ 1,464,603
----------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 39,504 $ 127,340 $ 134,561 $ 76,214
Transfer agent fees
Class A 18,983 74,051 122,867 96,104
Class B 5,009 28,947 49,130 28,515
Class C 6,616 19,840 26,762 14,386
Class Y 71 289 394 347
Distribution fees
Class A 50,792 146,243 162,427 104,774
Class B 24,390 112,260 153,630 75,374
Class C 75,956 245,738 222,240 85,927
Shareholder communications expense 13,382 65,798 64,471 39,098
Administrative fees 7,293 23,509 24,842 14,070
Custodian fees 14,415 46,554 50,488 30,467
Registration fees 27,599 27,684 27,386 26,698
Professional fees 25,850 25,082 24,981 25,738
Printing fees 3,862 3,109 2,219 2,202
Fees and expenses of nonaffiliated
Trustees 3,211 3,393 3,434 3,491
Insurance expense -- 92 97 56
Miscellaneous 908 1,032 1,084 981
----------------------------------------------------------------------------------------------------------------
Total expenses $ 317,841 $ 950,961 $ 1,071,013 $ 624,442
Less fees waived and expenses
reimbursed by Pioneer Investment
Management, Inc. (1,733) (7,669) (13,622) (8,395)
----------------------------------------------------------------------------------------------------------------
Net expenses $ 316,108 $ 943,292 $ 1,057,391 $ 616,047
----------------------------------------------------------------------------------------------------------------
Net investment income $ 872,917 $ 2,137,340 $ 1,880,232 $ 848,556
----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $ (58,594) $ 238,555 $ 128,304 $ 681,893
Realized gain on distributions from
investment company shares 416,852 2,258,434 2,762,766 1,595,422
----------------------------------------------------------------------------------------------------------------
$ 358,258 $ 2,496,989 $ 2,891,070 $ 2,277,315
----------------------------------------------------------------------------------------------------------------
Change in net unrealized loss on
investments $(1,466,897) $(9,088,740) $(10,228,016) $(7,489,579)
----------------------------------------------------------------------------------------------------------------
Net loss on investments $(1,108,639) $(6,591,751) $ (7,336,946) $(5,212,264)
----------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $ (235,722) $(4,454,411) $ (5,456,714) $(4,363,708)
================================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
---------------------------- -------------------------------
Six Months Six Months
Ended Year Ended Year
1/31/12 Ended 1/31/12 Ended
(unaudited) 7/31/11 (unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 872,917 $ 1,354,057 $ 2,137,340 $ 2,985,325
Net realized gain on investments 358,258 548,792 2,496,989 1,885,919
Change in net unrealized gain (loss)
on investments (1,466,897) 3,169,079 (9,088,740) 21,125,168
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations $ (235,722) $ 5,071,928 $ (4,454,411) $ 25,996,412
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.31, $0.25, $0.24
and $0.18, respectively) $(1,183,335) $ (946,240) $ (2,675,027) $ (2,332,515)
Class B ($0.20, $0.19, $0.11
and $0.09, respectively) (91,836) (109,108) (244,751) (277,023)
Class C ($0.23, $0.21, $0.18
and $0.13, respectively) (352,605) (308,923) (951,582) (638,047)
Class Y ($0.23, $0.27, $0.29
and $0.22, respectively) (1,682) (3,336) (195,125) (182,103)
--------------------------------------------------------------------------------------------------------
Total distributions to
shareowners $(1,629,458) $(1,367,607) $ (4,066,485) $ (3,429,688)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange
of shares $ 9,535,079 $19,040,678 $ 18,056,526 $ 40,905,592
Reinvestment of distributions 1,491,325 1,243,095 3,714,445 3,160,706
Cost of shares repurchased (9,899,677) (17,062,314) (33,269,421) (58,487,012)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund
share transactions 1,126,727 3,221,459 (11,498,450) (14,420,714)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ (738,453) $ 6,925,780 $(20,019,346) $ 8,146,010
NET ASSETS:
Beginning of period 63,308,500 56,382,720 218,459,280 210,313,270
--------------------------------------------------------------------------------------------------------
End of period $62,570,047 $63,308,500 $198,439,934 $218,459,280
--------------------------------------------------------------------------------------------------------
Undistributed net investment income,
end of period $ 224,894 $ 981,435 $ 2,137,041 $ 4,066,186
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 51
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------------
Growth Aggressive
Allocation Fund Allocation Fund
------------------------------ -------------------------------
Six Months Six Months
Ended Year Ended Year
1/31/12 Ended 1/31/12 Ended
(unaudited) 7/31/11 (unaudited) 7/31/11
---------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,880,232 $ 1,894,556 $ 848,556 $ 437,246
Net realized gain on investments 2,891,070 1,758,644 2,277,315 1,736,243
Change in net unrealized gain (loss)
on investments (10,228,016) 26,432,617 (7,489,579) 17,502,218
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting from
operations $ (5,456,714) $ 30,085,817 $ (4,363,708) $ 19,675,707
---------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.19, $0.13, $0.13
and $0.06, respectively) $ (2,327,559) $ (1,626,115) $ (1,026,414) $ (500,463)
Class B ($0.08, $0.04, $0.01
and $0.00, respectively) (254,128) (167,885) (21,009) --
Class C ($0.11, $0.06, $0.05
and $0.00, respectively) (512,265) (292,192) (84,457) --
Class Y ($0.23, $0.16, $0.16
and $0.10, respectively) (41,853) (37,705) (17,652) (19,832)
---------------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (3,135,805) $ (2,123,897) $ (1,149,532) $ (520,295)
---------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange
of shares $ 16,236,087 $ 37,090,561 $ 9,595,984 $ 19,624,036
Reinvestment of distributions 2,989,837 2,024,851 1,113,004 502,848
Cost of shares repurchased (23,572,050) (50,928,001) (15,489,731) (33,324,579)
---------------------------------------------------------------------------------------------------------
Net decrease in net
assets resulting from Fund
share transactions (4,346,126) (11,812,589) (4,780,743) (13,197,695)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $(12,938,645) $ 16,149,331 $(10,293,983) $ 5,957,717
NET ASSETS:
Beginning of period 227,079,550 210,930,219 130,731,143 124,773,426
---------------------------------------------------------------------------------------------------------
End of period $214,140,905 $227,079,550 $120,437,160 $130,731,143
---------------------------------------------------------------------------------------------------------
Undistributed net investment income,
end of period $ 1,880,998 $ 3,136,571 $ 847,729 $ 1,148,705
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
--------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 601,867 $6,306,476 1,191,261 $ 12,701,147
Reinvestment of distributions 111,770 1,145,640 86,115 907,650
Less shares repurchased (696,828) (7,272,753) (856,446) (9,160,449)
--------------------------------------------------------------------------------------------------
Net increase 16,809 $ 179,363 420,930 $ 4,448,348
==================================================================================================
Class B
Shares sold or exchanged 47,462 $ 485,785 51,466 $ 539,421
Reinvestment of distributions 8,525 85,929 9,721 100,614
Less shares repurchased (97,460) (993,147) (184,748) (1,937,126)
--------------------------------------------------------------------------------------------------
Net decrease (41,473) $ (421,433) (123,561) $ (1,297,091)
==================================================================================================
Class C
Shares sold 269,417 $2,735,629 551,459 $ 5,732,562
Reinvestment of distributions 25,942 259,679 22,799 234,831
Less shares repurchased (159,886) (1,626,559) (559,199) (5,843,541)
--------------------------------------------------------------------------------------------------
Net increase 135,473 $1,368,749 15,059 $ 123,852
==================================================================================================
Class Y
Shares sold 719 $ 7,189 6,658 $ 67,548
Reinvestment of distributions 8 77 -- --
Less shares repurchased (716) (7,218) (11,872) (121,198)
--------------------------------------------------------------------------------------------------
Net increase (decrease) 11 $ 48 (5,214) $ (53,650)
==================================================================================================
Moderate Allocation Fund
----------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
Class A
Shares sold 1,050,152 $10,596,794 2,398,943 $ 25,138,515
Reinvestment of distributions 263,641 2,628,501 220,770 2,300,415
Less shares repurchased (2,179,939) (21,640,404) (3,262,073) (34,179,243)
-----------------------------------------------------------------------------------------------------
Net decrease (866,146) $(8,415,109) (642,360) $ (6,740,313)
=====================================================================================================
Class B
Shares sold or exchanged 32,256 $ 311,890 82,144 $ 825,363
Reinvestment of distributions 24,677 236,900 26,455 264,552
Less shares repurchased (479,444) (4,600,968) (1,140,012) (11,447,131)
-----------------------------------------------------------------------------------------------------
Net decrease (422,511) $(4,052,178) (1,031,413) $(10,357,216)
=====================================================================================================
Class C
Shares sold 643,142 $ 6,101,834 1,427,314 $ 14,089,701
Reinvestment of distributions 77,566 725,245 50,525 495,149
Less shares repurchased (570,781) (5,397,376) (1,113,590) (10,973,834)
-----------------------------------------------------------------------------------------------------
Net increase 149,927 $ 1,429,703 364,249 $ 3,611,016
=====================================================================================================
Class Y
Shares sold 103,208 $ 1,046,008 81,079 $ 852,013
Reinvestment of distributions 12,306 123,799 9,553 100,590
Less shares repurchased (157,938) (1,630,673) (177,633) (1,886,804)
-----------------------------------------------------------------------------------------------------
Net decrease (42,424) $ (460,866) (87,001) $ (934,201)
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 53
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 1,040,423 $10,705,359 2,255,820 $24,338,181
Reinvestment of distributions 225,656 2,306,210 149,229 1,604,208
Less shares repurchased (1,215,258) (12,420,505) (2,533,543) (27,279,172)
----------------------------------------------------------------------------------------------------
Net increase (decrease) 50,821 $ 591,064 (128,494) $(1,336,783)
====================================================================================================
Class B
Shares sold or exchanged 16,886 $ 153,508 110,430 $ 1,050,971
Reinvestment of distributions 27,418 249,232 17,160 163,710
Less shares repurchased (534,821) (4,846,768) (1,117,998) (10,682,043)
----------------------------------------------------------------------------------------------------
Net decrease (490,517) $(4,444,028) (990,408) $(9,467,362)
====================================================================================================
Class C
Shares sold 477,613 $ 4,646,866 1,074,355 $11,038,856
Reinvestment of distributions 41,730 405,618 23,184 236,944
Less shares repurchased (589,262) (5,723,307) (1,122,998) (11,422,747)
----------------------------------------------------------------------------------------------------
Net decrease (69,919) $ (670,823) (25,459) $ (146,947)
====================================================================================================
Class Y
Shares sold 70,655 $ 730,354 61,385 $ 662,553
Reinvestment of distributions 2,764 28,777 1,806 19,989
Less shares repurchased (53,011) (581,470) (142,216) (1,544,039)
----------------------------------------------------------------------------------------------------
Net increase (decrease) 20,408 $ 177,661 (79,025) $ (861,497)
====================================================================================================
----------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
---------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 702,078 $ 7,082,388 1,364,955 $14,624,617
Reinvestment of distributions 100,197 1,012,992 46,096 494,158
Less shares repurchased (1,012,633) (10,270,023) (1,963,006) (20,917,662)
----------------------------------------------------------------------------------------------------
Net decrease (210,358) $(2,174,643) (551,955) $(5,798,887)
====================================================================================================
Class B
Shares sold or exchanged 14,573 $ 141,784 44,875 $ 454,912
Reinvestment of distributions 2,120 20,203 -- --
Less shares repurchased (248,256) (2,342,417) (488,665) (4,942,961)
----------------------------------------------------------------------------------------------------
Net decrease (231,563) $(2,180,430) (443,790) $(4,488,049)
====================================================================================================
Class C
Shares sold 222,473 $ 2,137,380 424,130 $ 4,282,098
Reinvestment of distributions 7,021 67,677 -- --
Less shares repurchased (267,252) (2,543,557) (624,449) (6,338,664)
----------------------------------------------------------------------------------------------------
Net decrease (37,758) $ (338,500) (200,319) $(2,056,566)
====================================================================================================
Class Y
Shares sold 23,444 $ 234,432 24,498 $ 262,409
Reinvestment of distributions 1,196 12,132 803 8,690
Less shares repurchased (31,342) (333,734) (101,701) (1,125,292)
----------------------------------------------------------------------------------------------------
Net decrease (6,702) $ (87,170) (76,400) $ (854,193)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.85 $ 10.19
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.26
Net realized and unrealized gain (loss) on investments (0.18) 0.65
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.91
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.25)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.31) $ (0.25)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.33) $ 0.66
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.52 $ 10.85
==========================================================================================================================
Total return* (0.14)%** 9.04%
Ratio of net expenses to average net assets+++ 0.78%*** 0.78%
Ratio of net investment income to average net assets+++ 3.13%*** 2.47%
Portfolio turnover rate 15%** 15%
Net assets, end of period (in thousands) $41,741 $42,882
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.79%*** 0.80%
Net investment income 3.12%*** 2.45%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.78%*** 0.78%
Net investment income 3.13%*** 2.47%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.40 $ 10.48
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.25 $ 0.39
Net realized and unrealized gain (loss) on investments 0.86 (0.94)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.11 $ (0.55)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.32) $ (0.31)
Net realized gain -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.32) $ (0.53)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.79 $ (1.08)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.19 $ 9.40
==========================================================================================================================
Total return* 11.88% (4.44)%
Ratio of net expenses to average net assets+++ 0.78% 0.78%
Ratio of net investment income to average net assets+++ 2.55% 4.43%
Portfolio turnover rate 13% 53%
Net assets, end of period (in thousands) $35,986 $25,992
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.84% 1.09%
Net investment income 2.49% 4.12%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.78% 0.78%
Net investment income 2.55% 4.43%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.28 $ 10.56
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.33 $ 0.32
Net realized and unrealized gain (loss) on investments (0.63) 0.61
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.30) $ 0.93
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.35) $ (0.19)
Net realized gain (0.15) (0.02)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.50) $ (0.21)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.80) $ 0.72
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.48 $ 11.28
==========================================================================================================================
Total return* (2.88)% 8.89%
Ratio of net expenses to average net assets+++ 0.78% 0.78%
Ratio of net investment income to average net assets+++ 2.96% 2.90%
Portfolio turnover rate 29% 15%
Net assets, end of period (in thousands) $26,782 $23,324
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.89% 0.98%
Net investment income 2.86% 2.70%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.78% 0.78%
Net investment income 2.97% 2.90%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 55
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $10.61 $ 9.99
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.17
Net realized and unrealized gain (loss) on investments (0.18) 0.64
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.07) $ 0.81
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.20) $(0.19)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.20) $(0.19)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.27) $ 0.62
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.34 $10.61
==========================================================================================================================
Total return* (0.59)%** 8.15%
Ratio of net expenses to average net assets+++ 1.67%*** 1.64%
Ratio of net investment income to average net assets+++ 2.19%*** 1.62%
Portfolio turnover rate 15%** 15%
Net assets, end of period (in thousands) $4,722 $5,285
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.67%*** 1.64%
Net investment income 2.19%*** 1.62%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.67%*** 1.64%
Net investment income 2.19%*** 1.62%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.24 $10.31
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.31
Net realized and unrealized gain (loss) on investments 0.83 (0.93)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.99 $(0.62)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.24) $(0.23)
Net realized gain -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.24) $(0.45)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.75 $(1.07)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 9.24
==========================================================================================================================
Total return* 10.80% (5.31)%
Ratio of net expenses to average net assets+++ 1.68% 1.68%
Ratio of net investment income to average net assets+++ 1.67% 3.58%
Portfolio turnover rate 13% 53%
Net assets, end of period (in thousands) $6,214 $5,957
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.70% 1.90%
Net investment income 1.64% 3.36%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.68% 1.68%
Net investment income 1.67% 3.58%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $11.10 $10.44
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.22 $ 0.21
Net realized and unrealized gain (loss) on investments (0.61) 0.63
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.39) $ 0.84
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.25) $(0.16)
Net realized gain (0.15) (0.02)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.40) $(0.18)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.79) $ 0.66
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.31 $11.10
==========================================================================================================================
Total return* (3.72)% 8.09%
Ratio of net expenses to average net assets+++ 1.69% 1.69%
Ratio of net investment income to average net assets+++ 2.05% 1.91%
Portfolio turnover rate 29% 15%
Net assets, end of period (in thousands) $6,370 $4,729
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.73% 1.91%
Net investment income 2.01% 1.69%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.68% 1.68%
Net investment income 2.05% 1.92%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.56 $ 9.96
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.18
Net realized and unrealized gain (loss) on investments (0.18) 0.63
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.06) $ 0.81
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.21)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.23) $ (0.21)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ 0.60
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.27 $ 10.56
==========================================================================================================================
Total return* (0.49)%** 8.18%
Ratio of net expenses to average net assets+++ 1.53%*** 1.55%
Ratio of net investment income to average net assets+++ 2.41%*** 1.71%
Portfolio turnover rate 15%** 15%
Net assets, end of period (in thousands) $16,037 $15,068
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.53%*** 1.55%
Net investment income 2.41%*** 1.71%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.53%*** 1.55%
Net investment income 2.41%*** 1.71%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.21 $ 10.30
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.31
Net realized and unrealized gain (loss) on investments 0.83 (0.95)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.00 $ (0.64)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.23)
Net realized gain -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.25) $ (0.45)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.75 $ (1.09)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.21
==========================================================================================================================
Total return* 10.91% (5.53)%
Ratio of net expenses to average net assets+++ 1.59% 1.68%
Ratio of net investment income to average net assets+++ 1.73% 3.54%
Portfolio turnover rate 13% 53%
Net assets, end of period (in thousands) $14,063 $11,184
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.59% 1.80%
Net investment income 1.73% 3.43%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.59% 1.68%
Net investment income 1.73% 3.54%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.09 $10.44
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.23 $ 0.21
Net realized and unrealized gain (loss) on investments (0.61) 0.62
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.38) $ 0.83
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $(0.16)
Net realized gain (0.15) (0.02)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.41) $(0.18)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.79) $ 0.65
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.30 $11.09
==========================================================================================================================
Total return* (3.63)% 8.00%
Ratio of net expenses to average net assets+++ 1.63% 1.68%
Ratio of net investment income to average net assets+++ 2.10% 1.92%
Portfolio turnover rate 29% 15%
Net assets, end of period (in thousands) $11,132 $9,814
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.63% 1.76%
Net investment income 2.10% 1.84%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.63% 1.68%
Net investment income 2.11% 1.92%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 57
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $10.41 $ 9.79
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.11 $ 0.24
Net realized and unrealized gain (loss) on investments (0.18) 0.65
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.07) $ 0.89
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.23) $(0.27)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.23) $(0.27)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.30) $ 0.62
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.11 $10.41
==========================================================================================================================
Total return* (0.65)%** 9.18%
Ratio of net expenses to average net assets+++ 1.70%*** 0.82%
Ratio of net investment income to average net assets+++ 2.23%*** 2.36%
Portfolio turnover rate 15%** 15%
Net assets, end of period (in thousands) $ 70 $ 72
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.70%*** 0.82%
Net investment income (loss) 2.23%*** 2.36%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.70%*** 0.82%
Net investment income (loss) 2.23%*** 2.36%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.02 $10.50
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.28 $(0.18)
Net realized and unrealized gain (loss) on investments 0.78 (0.97)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.06 $(1.15)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.29) $(0.11)
Net realized gain -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.29) $(0.33)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.77 $(1.48)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.79 $ 9.02
==========================================================================================================================
Total return* 11.89% (10.66)%
Ratio of net expenses to average net assets+++ 0.63% 7.26%
Ratio of net investment income to average net assets+++ 2.94% (2.03)%
Portfolio turnover rate 13% 53%
Net assets, end of period (in thousands) $ 119 $ 9
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.63% 7.26%
Net investment income (loss) 2.94% (2.03)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.63% 7.26%
Net investment income (loss) 2.94% (2.03)%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $11.30 $10.57
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.28 $ 0.29
Net realized and unrealized gain (loss) on investments (0.65) 0.65
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.37) $ 0.94
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.28) $(0.19)
Net realized gain (0.15) (0.02)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.43) $(0.21)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.80) $ 0.73
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.50 $11.30
==========================================================================================================================
Total return* (3.42)% 8.91%
Ratio of net expenses to average net assets+++ 1.25% 0.90%
Ratio of net investment income to average net assets+++ 2.50% 2.64%
Portfolio turnover rate 29% 15%
Net assets, end of period (in thousands) $ 10 $ 11
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.25% 0.90%
Net investment income (loss) (2.50)% 2.64%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.23% 0.88%
Net investment income (loss) 2.52% 2.66%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
---------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.74 $ 9.68
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.17
Net realized and unrealized gain (loss) on investments (0.27) 1.07
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.15) $ 1.24
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.18)
Net realized gain -- --
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.24) $ (0.18)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.39) $ 1.06
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.35 $ 10.74
===========================================================================================================================
Total return* (1.32)%** 12.91%
Ratio of net expenses to average net assets+++ 0.71%*** 0.71%
Ratio of net investment income to average net assets+++ 2.42%*** 1.59%
Portfolio turnover rate 6%** 14%
Net assets, end of period (in thousands) $118,342 $132,166
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.71%*** 0.71%
Net investment income 2.42%*** 1.59%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.71%*** 0.71%
Net investment income 2.42%*** 1.59%
===========================================================================================================================
---------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.79 $ 10.89
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.27
Net realized and unrealized gain (loss) on investments 1.00 (1.63)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.16 $ (1.36)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.13)
Net realized gain -- (0.61)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.27) $ (0.74)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.89 $ (2.10)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 8.79
===========================================================================================================================
Total return* 13.26% (11.20)%
Ratio of net expenses to average net assets+++ 0.73% 0.74%
Ratio of net investment income to average net assets+++ 1.70% 3.20%
Portfolio turnover rate 10% 44%
Net assets, end of period (in thousands) $125,354 $120,786
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.73% 0.76%
Net investment income 1.70% 3.18%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.73% 0.74%
Net investment income 1.70% 3.20%
===========================================================================================================================
---------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.50 $ 11.39
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.24 $ 0.21
Net realized and unrealized gain (loss) on investments (1.10) 1.21
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.86) $ 1.42
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.28)
Net realized gain (0.44) (0.03)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.75) $ (0.31)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.61) $ 1.11
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.89 $ 12.50
===========================================================================================================================
Total return* (7.47)% 12.58%
Ratio of net expenses to average net assets+++ 0.65% 0.65%
Ratio of net investment income to average net assets+++ 2.03% 1.75%
Portfolio turnover rate 21% 19%
Net assets, end of period (in thousands) $147,004 $165,090
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.65% 0.65%
Net investment income 2.03% 1.75%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.65% 0.65%
Net investment income 2.03% 1.75%
===========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 59
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.26 $ 9.25
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.08
Net realized and unrealized gain (loss) on investments (0.27) 1.02
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.19) $ 1.10
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.09)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.11) $ (0.09)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ 1.01
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 10.26
==========================================================================================================================
Total return* (1.78)%** 11.89%
Ratio of net expenses to average net assets+++ 1.52%*** 1.52%
Ratio of net investment income to average net assets+++ 1.56%*** 0.83%
Portfolio turnover rate 6%** 14%
Net assets, end of period (in thousands) $21,186 $26,166
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.59%*** 1.53%
Net investment income 1.49%*** 0.82%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.52%*** 1.52%
Net investment income 1.56%*** 0.83%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.41 $ 10.39
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.19
Net realized and unrealized gain (loss) on investments 0.96 (1.53)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $ (1.34)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $ (0.03)
Net realized gain -- (0.61)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.20) $ (0.64)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.84 $ (1.98)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.25 $ 8.41
==========================================================================================================================
Total return* 12.39% (11.81)%
Ratio of net expenses to average net assets+++ 1.52% 1.52%
Ratio of net investment income to average net assets+++ 0.92% 2.44%
Portfolio turnover rate 10% 44%
Net assets, end of period (in thousands) $33,115 $35,197
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.56% 1.63%
Net investment income 0.88% 2.33%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.52% 1.52%
Net investment income 0.92% 2.44%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.97 $ 10.92
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.13 $ 0.11
Net realized and unrealized gain (loss) on investments (1.06) 1.16
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.93) $ 1.27
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.19)
Net realized gain (0.44) (0.03)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.65) $ (0.22)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.58) $ 1.05
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.39 $ 11.97
==========================================================================================================================
Total return* (8.32)% 11.70%
Ratio of net expenses to average net assets+++ 1.52% 1.50%
Ratio of net investment income to average net assets+++ 1.16% 0.91%
Portfolio turnover rate 21% 19%
Net assets, end of period (in thousands) $50,515 $60,796
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.52% 1.50%
Net investment income 1.16% 0.91%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.51% 1.49%
Net investment income 1.17% 0.92%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.07 $ 9.10
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.09
Net realized and unrealized gain (loss) on investments (0.28) 1.01
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.19) $ 1.10
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.13)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.18) $ (0.13)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.37) $ 0.97
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.70 $ 10.07
==========================================================================================================================
Total return* (1.78)%** 12.12%
Ratio of net expenses to average net assets+++ 1.40%*** 1.40%
Ratio of net investment income to average net assets+++ 1.82%*** 0.89%
Portfolio turnover rate 6%** 14%
Net assets, end of period (in thousands) $51,606 $52,059
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.40%*** 1.40%
Net investment income 1.82%*** 0.89%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.40%*** 1.40%
Net investment income 1.82%*** 0.89%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.29 $ 10.30
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.19
Net realized and unrealized gain (loss) on investments 0.94 (1.53)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.03 $ (1.34)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.06)
Net realized gain -- (0.61)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.22) $ (0.67)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ (2.01)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.10 $ 8.29
==========================================================================================================================
Total return* 12.43% (11.85)%
Ratio of net expenses to average net assets+++ 1.44% 1.52%
Ratio of net investment income to average net assets+++ 0.98% 2.44%
Portfolio turnover rate 10% 44%
Net assets, end of period (in thousands) $43,725 $37,513
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.44% 1.52%
Net investment income 0.98% 2.44%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.44% 1.52%
Net investment income 0.98% 2.44%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.88 $ 10.85
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.12
Net realized and unrealized gain (loss) on investments (1.05) 1.15
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.91) $ 1.27
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.21)
Net realized gain (0.44) (0.03)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.67) $ (0.24)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.58) $ 1.03
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.30 $ 11.88
==========================================================================================================================
Total return* (8.19)% 11.83%
Ratio of net expenses to average net assets+++ 1.39% 1.39%
Ratio of net investment income to average net assets+++ 1.28% 1.03%
Portfolio turnover rate 21% 19%
Net assets, end of period (in thousands) $45,594 $47,405
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.39% 1.39%
Net investment income 1.28% 1.03%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.39% 1.38%
Net investment income 1.28% 1.04%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 61
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $10.88 $ 9.80
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.21
Net realized and unrealized gain (loss) on investments (0.28) 1.09
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.14) $ 1.30
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.29) $(0.22)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.29) $(0.22)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.43) $ 1.08
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.45 $10.88
==========================================================================================================================
Total return* (1.23)%** 13.37%
Ratio of net expenses to average net assets+++ 0.34%*** 0.32%
Ratio of net investment income to average net assets+++ 2.75%*** 2.00%
Portfolio turnover rate 6%** 14%
Net assets, end of period (in thousands) $7,305 $8,069
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.34%*** 0.32%
Net investment income 2.75%*** 2.00%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.34%*** 0.32%
Net investment income 2.75%*** 2.00%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.89 $ 10.94
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.20 $ 0.29
Net realized and unrealized gain (loss) on investments 1.02 (1.55)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.22 $ (1.26)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.31) $ (0.18)
Net realized gain -- (0.61)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.31) $ (0.79)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.91 $ (2.05)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.80 $ 8.89
==========================================================================================================================
Total return* 13.75% (10.09)%
Ratio of net expenses to average net assets+++ 0.33% 0.33%
Ratio of net investment income to average net assets+++ 2.10% 3.59%
Portfolio turnover rate 10% 44%
Net assets, end of period (in thousands) $8,120 $8,015
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.33% 0.33%
Net investment income 2.10% 3.59%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.33% 0.33%
Net investment income 2.10% 3.59%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.55 $ 11.43
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.29 $ 0.26
Net realized and unrealized gain (loss) on investments (1.11) 1.21
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.82) $ 1.47
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.35) $ (0.32)
Net realized gain (0.44) (0.03)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.79) $ (0.35)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.61) $ 1.12
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.94 $ 12.55
==========================================================================================================================
Total return* (7.10)% 12.98%
Ratio of net expenses to average net assets+++ 0.27% 0.29%
Ratio of net investment income to average net assets+++ 2.40% 2.09%
Portfolio turnover rate 21% 19%
Net assets, end of period (in thousands) $17,905 $24,046
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.27% 0.29%
Net investment income 2.40% 2.09%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.27% 0.29%
Net investment income 2.40% 2.09%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
---------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
Class A
Net asset value, beginning of period $ 11.09 $ 9.77
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.12
Net realized and unrealized gain (loss) on investments (0.34) 1.33
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.23) $ 1.45
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.13)
Net realized gain -- --
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.19) $ (0.13)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.42) $ 1.32
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.67 $ 11.09
===========================================================================================================================
Total return* (2.04)%** 14.85%
Ratio of net expenses to average net assets+++ 0.76%*** 0.76%
Ratio of net investment income to average net assets+++ 2.11%*** 1.11%
Portfolio turnover rate 5%** 12%
Net assets, end of period (in thousands) $136,151 $140,979
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.76%*** 0.76%
Net investment income 2.11%*** 1.11%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.76%*** 0.76%
Net investment income 2.11%*** 1.11%
===========================================================================================================================
---------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.74 $ 11.50
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.19
Net realized and unrealized gain (loss) on investments 1.10 (2.14)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.21 $ (1.95)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.04)
Net realized gain -- (0.77)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.18) $ (0.81)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.03 $ (2.76)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.77 $ 8.74
===========================================================================================================================
Total return* 13.90% (15.49)%
Ratio of net expenses to average net assets+++ 0.79% 0.79%
Ratio of net investment income to average net assets+++ 1.12% 2.24%
Portfolio turnover rate 11% 49%
Net assets, end of period (in thousands) $125,433 $111,447
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.80% 0.89%
Net investment income 1.11% 2.14%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.79% 0.79%
Net investment income 1.12% 2.24%
===========================================================================================================================
---------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.47 $ 12.04
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.15
Net realized and unrealized gain (loss) on investments (1.41) 1.61
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.25) $ 1.76
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.23)
Net realized gain (0.47) (0.10)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.72) $ (0.33)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.97) $ 1.43
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.50 $ 13.47
===========================================================================================================================
Total return* (9.88)% 14.73%
Ratio of net expenses to average net assets+++ 0.78% 0.72%
Ratio of net investment income to average net assets+++ 1.24% 1.09%
Portfolio turnover rate 20% 11%
Net assets, end of period (in thousands) $139,670 $157,453
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.78% 0.72%
Net investment income 1.24% 1.09%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.77% 0.71%
Net investment income 1.25% 1.10%
===========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 63
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.80 $ 8.64
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.05 $ 0.03
Net realized and unrealized gain (loss) on investments (0.29) 1.17
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.24) $ 1.20
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.04)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.08) $ (0.04)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.32) $ 1.16
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.48 $ 9.80
==========================================================================================================================
Total return* (2.42)%** 13.90%
Ratio of net expenses to average net assets+++ 1.57%* ** 1.57%
Ratio of net investment income to average net assets+++ 1.17%*** 0.35%
Portfolio turnover rate 5%** 12%
Net assets, end of period (in thousands) $29,758 $35,567
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.66%*** 1.61%
Net investment income 1.08%*** 0.31%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.57%*** 1.57%
Net investment income 1.17%*** 0.35%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
Class B
Net asset value, beginning of period $ 7.75 $ 10.33
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.03 $ 0.11
Net realized and unrealized gain (loss) on investments 0.98 (1.92)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.01 $ (1.81)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ --
Net realized gain -- (0.77)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.12) $ (0.77)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.89 $ (2.58)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.64 $ 7.75
==========================================================================================================================
Total return* 13.03% (16.05)%
Ratio of net expenses to average net assets+++ 1.57% 1.57%
Ratio of net investment income to average net assets+++ 0.36% 1.47%
Portfolio turnover rate 11% 49%
Net assets, end of period (in thousands) $39,902 $43,390
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.66% 1.77%
Net investment income 0.27% 1.27%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.57% 1.57%
Net investment income 0.36% 1.47%
===========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 12.17 $ 10.93
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.05 $ 0.03
Net realized and unrealized gain (loss) on investments (1.28) 1.45
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.23) $ 1.48
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.14)
Net realized gain (0.47) (0.10)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.61) $ (0.24)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.84) $ 1.24
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.33 $ 12.17
==========================================================================================================================
Total return* (10.66)% 13.67%
Ratio of net expenses to average net assets+++ 1.58% 1.58%
Ratio of net investment income to average net assets+++ 0.44% 0.23%
Portfolio turnover rate 20% 11%
Net assets, end of period (in thousands) $61,704 $76,095
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.64% 1.60%
Net investment income 0.38% 0.21%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.57% 1.57%
Net investment income 0.45% 0.24%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.50 $ 9.26
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.04
Net realized and unrealized gain (loss) on investments (0.33) 1.26
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.26) $ 1.30
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.06)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.11) $ (0.06)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.37) $ 1.24
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.13 $ 10.50
==========================================================================================================================
Total return* (2.39)%** 14.10%
Ratio of net expenses to average net assets+++ 1.44%*** 1.46%
Ratio of net investment income to average net assets+++ 1.39%*** 0.40%
Portfolio turnover rate 5%** 12%
Net assets, end of period (in thousands) $46,164 $48,586
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.44%*** 1.46%
Net investment income 1.39%*** 0.40%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.44%*** 1.46%
Net investment income 1.39%*** 0.40%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.30 $ 10.99
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.04 $ 0.11
Net realized and unrealized gain (loss) on investments 1.04 (2.03)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.08 $ (1.92)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ --
Net realized gain -- (0.77)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.12) $ (0.77)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.96 $ (2.69)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.26 $ 8.30
==========================================================================================================================
Total return* 13.08% (16.08)%
Ratio of net expenses to average net assets+++ 1.51% 1.57%
Ratio of net investment income to average net assets+++ 0.40% 1.44%
Portfolio turnover rate 11% 49%
Net assets, end of period (in thousands) $43,087 $36,602
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.51% 1.60%
Net investment income 0.40% 1.40%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.51% 1.57%
Net investment income 0.40% 1.44%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.90 $ 11.58
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.05
Net realized and unrealized gain (loss) on investments (1.34) 1.53
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.27) $ 1.58
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.16)
Net realized gain (0.47) (0.10)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.64) $ (0.26)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.91) $ 1.32
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.99 $ 12.90
==========================================================================================================================
Total return* (10.43)% 13.75%
Ratio of net expenses to average net assets+++ 1.48% 1.44%
Ratio of net investment income to average net assets+++ 0.54% 0.37%
Portfolio turnover rate 20% 11%
Net assets, end of period (in thousands) $47,898 $52,861
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.48% 1.44%
Net investment income 0.54% 0.37%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.47% 1.43%
Net investment income 0.54% 0.38%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 65
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $11.45 $10.07
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.17
Net realized and unrealized gain (loss) on investments (0.50) 1.37
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.36) $ 1.54
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.23) $(0.16)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.23) $(0.16)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.59) $ 1.38
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.86 $11.45
==========================================================================================================================
Total return* (3.08)%** 15.39%
Ratio of net expenses to average net assets+++ 0.43%*** 0.36%
Ratio of net investment income to average net assets+++ 2.56%*** 1.58%
Portfolio turnover rate 5%** 12%
Net assets, end of period (in thousands) $2,068 $1,947
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.43%*** 0.36%
Net investment income 2.56%*** 1.58%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.43%*** 0.36%
Net investment income 2.56%*** 1.58%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.00 $ 11.64
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.15 $ 0.20
Net realized and unrealized gain (loss) on investments 1.14 (1.97)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.29 $ (1.77)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.22) $ (0.10)
Net realized gain -- (0.77)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.22) $ (0.87)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.07 $ (2.64)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.07 $ 9.00
==========================================================================================================================
Total return* 14.33% (13.68)%
Ratio of net expenses to average net assets+++ 0.39% 0.39%
Ratio of net investment income to average net assets+++ 1.54% 2.44%
Portfolio turnover rate 11% 49%
Net assets, end of period (in thousands) $2,508 $ 1,614
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.39% 0.39%
Net investment income 1.54% 2.44%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.39% 0.39%
Net investment income 1.54% 2.44%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 13.55 $12.13
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.22 $ 0.19
Net realized and unrealized gain (loss) on investments (1.36) 1.60
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(1.14) $ 1.79
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.30) $(0.27)
Net realized gain (0.47) (0.10)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.77) $(0.37)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(1.91) $ 1.42
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.64 $13.55
==========================================================================================================================
Total return* (9.05)% 14.87%
Ratio of net expenses to average net assets+++ 0.34% 0.36%
Ratio of net investment income to average net assets+++ 1.67% 1.40%
Portfolio turnover rate 20% 11%
Net assets, end of period (in thousands) $2,683 $2,956
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.34% 0.36%
Net investment income 1.67% 1.40%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.34% 0.36%
Net investment income 1.67% 1.40%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.07 $ 9.56
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.06
Net realized and unrealized gain (loss) on investments (0.41) 1.51
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.33) $ 1.57
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.06)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.13) $ (0.06)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.46) $ 1.51
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.61 $ 11.07
==========================================================================================================================
Total return* (2.97)%** 16.42%
Ratio of net expenses to average net assets+++ 0.85%*** 0.85%
Ratio of net investment income to average net assets+++ 1.67%*** 0.52%
Portfolio turnover rate 4%** 11%
Net assets, end of period (in thousands) $86,743 $92,878
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.85%*** 0.85%
Net investment income 1.67%*** 0.52%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.85%*** 0.85%
Net investment income 1.67%*** 0.52%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.45 $ 11.85
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.04 $ 0.09
Net realized and unrealized gain (loss) on investments 1.16 (2.54)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.20 $ (2.45)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ --
Net realized gain -- (0.95)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.09) $ (0.95)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.11 $ (3.40)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.56 $ 8.45
==========================================================================================================================
Total return* 14.16% (19.05)%
Ratio of net expenses to average net assets+++ 0.85% 0.85%
Ratio of net investment income to average net assets+++ 0.44% 1.07%
Portfolio turnover rate 12% 55%
Net assets, end of period (in thousands) $85,488 $79,480
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.88% 1.01%
Net investment income 0.41% 0.91%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.85% 0.85%
Net investment income 0.44% 1.07%
==========================================================================================================================
---------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.20 $ 12.39
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.06
Net realized and unrealized gain (loss) on investments (1.69) 1.97
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.62) $ 2.03
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.16)
Net realized gain (0.50) (0.06)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.73) $ (0.22)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.35) $ 1.81
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.85 $ 14.20
===========================================================================================================================
Total return* (12.03)% 16.41%
Ratio of net expenses to average net assets+++ 0.84% 0.82%
Ratio of net investment income to average net assets+++ 0.54% 0.44%
Portfolio turnover rate 13% 18%
Net assets, end of period (in thousands) $102,941 $114,054
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.84% 0.82%
Net investment income 0.54% 0.44%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.83% 0.81%
Net investment income 0.55% 0.45%
===========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 67
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.35 $ 8.96
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.04 $ (0.02)
Net realized and unrealized gain (loss) on investments (0.39) 1.41
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.35) $ 1.39
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.01) $ --
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.01) $ --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.36) $ 1.39
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.99 $ 10.35
==========================================================================================================================
Total return* (3.34)%** 15.51%
Ratio of net expenses to average net assets+++ 1.64%*** 1.64%
Ratio of net investment income to average net assets+++ 0.75%*** (0.21)%
Portfolio turnover rate 4%** 11%
Net assets, end of period (in thousands) $14,711 $17,642
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.75%*** 1.71%
Net investment income (loss) 0.64%*** (0.28)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.64%*** 1.64%
Net investment income (loss) 0.75%*** (0.21)%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
Class B
Net asset value, beginning of period $ 7.93 $ 11.29
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 1.08 (2.43)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.05 $ (2.41)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.02) $ --
Net realized gain -- (0.95)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.02) $ (0.95)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.03 $ (3.36)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.96 $ 7.93
==========================================================================================================================
Total return* 13.22% (19.69)%
Ratio of net expenses to average net assets+++ 1.64% 1.64%
Ratio of net investment income to average net assets+++ (0.33)% 0.28%
Portfolio turnover rate 12% 55%
Net assets, end of period (in thousands) $19,256 $20,884
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.76% 1.89%
Net investment income (loss) (0.45)% 0.04%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.64% 1.64%
Net investment income (loss) (0.33)% 0.28%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 13.55 $ 11.84
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ (0.03) $ (0.05)
Net realized and unrealized gain (loss) on investments (1.61) 1.88
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.64) $ 1.83
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.06)
Net realized gain (0.50) (0.06)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.62) $ (0.12)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.26) $ 1.71
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.29 $ 13.55
==========================================================================================================================
Total return* (12.72)% 15.49%
Ratio of net expenses to average net assets+++ 1.65% 1.66%
Ratio of net investment income to average net assets+++ (0.28)% (0.39)%
Portfolio turnover rate 13% 18%
Net assets, end of period (in thousands) $30,405 $37,749
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.71% 1.69%
Net investment income (loss) (0.34)% (0.42)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.64% 1.64%
Net investment income (loss) (0.27)% (0.38)%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
Class C
Net asset value, beginning of period $ 10.50 $ 9.08
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.05 $ (0.01)
Net realized and unrealized gain (loss) on investments (0.39) 1.43
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.34) $ 1.42
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.05) $ --
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.05) $ --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.39) $ 1.42
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.11 $ 10.50
==========================================================================================================================
Total return* (3.23)%** 15.64%
Ratio of net expenses to average net assets+++ 1.55%*** 1.55%
Ratio of net investment income to average net assets+++ 0.94%*** (0.14)%
Portfolio turnover rate 4%** 11%
Net assets, end of period (in thousands) $17,812 $18,899
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.55%*** 1.55%
Net investment income (loss) 0.94%*** (0.14)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.55%*** 1.55%
Net investment income (loss) 0.94%*** (0.14)%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.04 $ 11.43
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 1.10 (2.46)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.07 $ (2.44)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.03) $ --
Net realized gain -- (0.95)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.03) $ (0.95)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.04 $ (3.39)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.08 $ 8.04
==========================================================================================================================
Total return* 13.25% (19.71)%
Ratio of net expenses to average net assets+++ 1.58% 1.64%
Ratio of net investment income to average net assets+++ (0.31)% 0.27%
Portfolio turnover rate 12% 55%
Net assets, end of period (in thousands) $18,161 $17,171
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.58% 1.70%
Net investment income (loss) (0.31)% 0.21%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.58% 1.64%
Net investment income (loss) (0.31)% 0.27%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.73 $ 12.00
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ (0.02) $ (0.03)
Net realized and unrealized gain (loss) on investments (1.62) 1.90
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.64) $ 1.87
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.08)
Net realized gain (0.50) (0.06)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.66) $ (0.14)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.30) $ 1.73
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.43 $ 13.73
==========================================================================================================================
Total return* (12.61)% 15.63%
Ratio of net expenses to average net assets+++ 1.53% 1.52%
Ratio of net investment income to average net assets+++ (0.16)% (0.26)%
Portfolio turnover rate 13% 18%
Net assets, end of period (in thousands) $22,930 $23,584
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.53% 1.52%
Net investment income (loss) (0.16)% (0.26)%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.52% 1.52%
Net investment income (loss) (0.15)% (0.26)%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 69
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Six Months
Ended Year
1/31/12 Ended
(unaudited) 7/31/11
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $11.24 $ 9.67
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.11
Net realized and unrealized gain (loss) on investments (0.55) 1.56
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.44) $ 1.67
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.16) $(0.10)
Net realized gain -- --
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.16) $(0.10)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.60) $ 1.57
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.64 $11.24
==========================================================================================================================
Total return* (3.85)%** 17.32%
Ratio of net expenses to average net assets+++ 0.54%*** 0.46%
Ratio of net investment income to average net assets+++ 2.09%*** 0.99%
Portfolio turnover rate 4%** 11%
Net assets, end of period (in thousands) $1,171 $1,311
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.54%*** 0.46%
Net investment income 2.09%*** 0.99%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.54%*** 0.46%
Net investment income 2.09%*** 0.99%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.55 $ 12.02
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.13
Net realized and unrealized gain (loss) on investments 1.16 (2.65)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.24 $ (2.52)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.12) $ --
Net realized gain -- (0.95)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.12) $ (0.95)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.12 $ (3.47)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 8.55
==========================================================================================================================
Total return* 14.49% (19.35)%
Ratio of net expenses to average net assets+++ 0.42% 0.43%
Ratio of net investment income to average net assets+++ 0.88% 1.58%
Portfolio turnover rate 12% 55%
Net assets, end of period (in thousands) $1,868 $ 1,627
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.42% 0.43%
Net investment income 0.88% 1.58%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.42% 0.43%
Net investment income 0.88% 1.58%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------
Year Year
Ended Ended
7/31/08 7/31/07
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.26 $12.41
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.15 $ 0.14
Net realized and unrealized gain (loss) on investments (1.60) 1.97
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.45) $ 2.11
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $(0.20)
Net realized gain (0.50) (0.06)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.79) $(0.26)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.24) $ 1.85
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.02 $14.26
==========================================================================================================================
Total return* (10.83)% 17.10%
Ratio of net expenses to average net assets+++ 0.35% 0.39%
Ratio of net investment income to average net assets+++ 1.06% 1.01%
Portfolio turnover rate 13% 18%
Net assets, end of period (in thousands) $ 3,105 $3,171
Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.35% 0.39%
Net investment income 1.06% 1.01%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.35% 0.39%
Net investment income 1.06% 1.01%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* 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.
** 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.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Notes to Financial Statements | 1/31/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Ibbotson Asset Allocation Series (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 four separate funds, each
issuing four classes of shares (collectively, the Funds, individually, the
Fund) as follows:
Pioneer Ibbotson Conservative Allocation Fund (Conservative Fund)
Pioneer Ibbotson Moderate Allocation Fund (Moderate Fund)
Pioneer Ibbotson Growth Allocation Fund (Growth Fund)
Pioneer Ibbotson Aggressive Allocation Fund (Aggressive Fund)
The investment objective of the Conservative Fund, the Moderate Fund and the
Growth Fund is to seek long-term capital growth and current income. The
investment objective of the Aggressive Fund is to seek long-term capital
growth.
Each Fund is a "fund of funds," which means that it seeks to achieve its
investment objective by investing exclusively in other Pioneer funds
("underlying funds") managed by Pioneer Investment Management, Inc. (PIM)
rather than by direct investment in securities. In the future, the Funds also
may invest in regulated investment companies that are not managed by PIM. The
Funds indirectly pay a portion of the expenses incurred by the underlying
funds. Consequently, an investment in the Funds entails more direct and
indirect expenses than direct investment in the underlying funds.
Effective as of the close of business on December 31, 2009, the Fund's Class B
shares are no longer offered to new or existing shareholders, except that
dividends and/or capital gain distributions may continue to be reinvested in
Class B shares, and shareholders may exchange their Class B shares for Class B
shares of other Pioneer funds, as permitted by existing exchange privileges.
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 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
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 71
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares. Class B shares
convert to Class A shares approximately eight years after the date of purchase.
The financial statements have been prepared in conformity with U.S. generally
accepted accounting principles 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.
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of the trade date. The net asset value
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. In computing the net
asset value, holdings of mutual fund shares are valued at the net asset value
of each fund held. Dividend income and realized capital gain distributions
from investment company shares held are recorded on the ex-dividend date.
Temporary cash investments are valued at amortized cost which approximates
market value.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. 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.
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.
72 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended July 31, 2011 was as follows:
--------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
--------------------------------------------------------------------
Conservative Fund $1,367,607 $-- $1,367,607
Moderate Fund 3,429,688 -- 3,429,688
Growth Fund 2,123,897 -- 2,123,897
Aggressive Fund 520,295 -- 520,295
The following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2011:
----------------------------------------------------------------------------------------------
Undistributed Undistributed Net
Ordinary Long-Term Unrealized
Fund Income Capital Gains Gains Total
----------------------------------------------------------------------------------------------
Conservative Fund $ 981,435 $-- $ 6,779,358 $ 7,760,793
Moderate Fund 4,066,186 -- 32,877,870 36,944,056
Growth Fund 3,134,019 -- 38,183,372 41,317,391
Aggressive Fund 1,148,705 -- 25,527,886 26,676,591
The differences between book-basis and tax-basis net unrealized gains are
attributable to the tax deferral of losses on wash sales.
C. 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 six months ended January 31, 2012:
-----------------------------------------------------------------------------
Fund Amount
-----------------------------------------------------------------------------
Conservative Fund $12,108
Moderate Fund $18,881
Growth Fund $30,825
Aggressive Fund $20,175
D. 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 B 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 transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 73
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 B, Class C and Class Y shares
of each Fund can reflect different transfer agent and distribution expense
rates.
E. Risks
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 Fund's principal risks. Please refer to that document when considering
the Funds' principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Funds'
portfolios. Management fees are calculated daily at the following annual rates
for each Fund:
On assets up to $2.5 billion 0.13% on investments in underlying funds managed by Pioneer (and
cash); and 0.17% on other investments
On the next $1.5 billion 0.11% on investments in underlying funds managed by Pioneer (and
cash); and 0.14% on other investments
On the next $1.5 billion 0.10% on investments in underlying funds managed by Pioneer (and
cash); and 0.12% on other investments
On the next $1.5 billion 0.08% on investments in underlying funds managed by Pioneer (and
cash); and 0.10% on other investments
Over $7 billion 0.08% on investments in underlying funds managed by Pioneer (and
cash); and 0.09% on other investments
Each Fund may pay management fees equal to 0.17% of average daily net assets
attributable to investments in underlying funds that are not managed by
Pioneer. For the six months ended January 31, 2012, the effective management
fee for each Fund was equivalent to 0.13% of the Fund's average daily net
assets. Fees waived and expenses reimbursed during the period ended January 31,
2012 are reflected in the Statement of Operations.
PIM has entered into a sub-advisory agreement with Ibbotson Associates, LLC.
PIM, not the Funds, pays a portion of the fee it receives from each Fund to
Ibbotson Associates as compensation for its services to the Funds.
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.
74 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts payable to PIM at January 31, 2012:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $8,550
Moderate Fund $27,096
Growth Fund $29,261
Aggressive Fund $16,472
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, 2013.
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 B Class C
-------------------------------------------------------------------------------
Conservative Fund 0.78% 1.68% 1.68%
Moderate Fund 0.74% 1.52% 1.52%
Growth Fund 0.79% 1.57% 1.57%
Aggressive Fund 0.85% 1.64% 1.64%
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Funds at negotiated rates.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities are the following amounts of transfer agent fees payable to PIMSS
at January 31, 2012:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $3,605
Moderate Fund $31,329
Growth Fund $38,037
Aggressive Fund $25,483
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, Class B 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 B and Class C shares. The
fee for Class B and C 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 B and Class C shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 75
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts in distribution fees payable to PFD at
January 31, 2012.
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $27,685
Moderate Fund $90,877
Growth Fund $97,826
Aggressive Fund $48,103
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. Class B shares that are redeemed within five
years of purchase are subject to a CDSC at declining rates beginning at 4.00%,
based on the lower of cost or market value of shares being redeemed.
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.
For the six months ended January 31, 2012, the following CDSCs were paid to
PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $2,519
Moderate Fund $13,980
Growth Fund $9,924
Aggressive Fund $5,576
5. Transactions in Underlying Funds -- Affiliated Issuers
An affiliated issuer may be considered one in which each 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 issuers:
76 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Pioneer Ibbotson Conservative Allocation Fund
----------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
----------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund 15,337 245,661 (995) 260,003
Pioneer Bond Fund 1,466,392 101,743 (188,599) 1,379,536
Pioneer Cullen Value Fund 66,843 5,616 (2,505) 69,954
Pioneer Disciplined Growth Fund 179,265 9,002 (54,860) 133,407
Pioneer Disciplined Value Fund 277,977 18,920 (71,018) 225,879
Pioneer Emerging Markets Fund 19,273 5,293 (427) 24,139
Pioneer Equity Income Fund 39,653 7,175 (1,543) 45,285
Pioneer Floating Rate Fund 91,453 2,209 (2,646) 91,016
Pioneer Fund 59,687 4,824 (3,103) 61,408
Pioneer Fundamental Growth Fund 103,093 3,310 (3,844) 102,559
Pioneer Global Aggregate Bond Fund 99,971 10,438 (458) 109,951
Pioneer Global Equity Fund 188,353 16,891 (7,026) 198,218
Pioneer Global High Yield Fund 359,271 69,642 (56,979) 371,934
Pioneer Growth Opportunities Fund 20,505 2,276 (1,109) 21,672
Pioneer High Yield Fund 180,699 142,640 (102,015) 221,324
Pioneer International Value Fund 122,705 50,637 (2,724) 170,618
Pioneer Mid Cap Value Fund 54,400 5,579 (2,188) 57,791
Pioneer Multi-Asset Floating Rate Fund 3,758 58,503 (538) 61,723
Pioneer Real Estate Shares 14,335 -- (14,282) 53
Pioneer Research Fund 127,269 5,268 (8,173) 124,364
Pioneer Select Mid Cap Growth Fund 32,343 2,707 (1,942) 33,108
Pioneer Short Term Income Fund 1,558,396 6,957 (335,996) 1,229,357
Pioneer Strategic Income Fund 400,208 14,058 (13,366) 400,900
----------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
----------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund $ (413) $ -- $ 67,621 $ 2,483,024
Pioneer Bond Fund 18,421 71,614 342,841 13,202,158
Pioneer Cullen Value Fund (3,652) -- 25,671 1,240,288
Pioneer Disciplined Growth Fund (62,265) 132,781 8,599 1,287,380
Pioneer Disciplined Value Fund (68,334) 115,839 26,358 1,865,759
Pioneer Emerging Markets Fund (2,563) 25,579 -- 633,640
Pioneer Equity Income Fund (2,269) -- 16,679 1,242,166
Pioneer Floating Rate Fund (716) -- 14,969 621,638
Pioneer Fund (11,615) -- 22,348 2,490,699
Pioneer Fundamental Growth Fund 3,624 30,764 6,723 1,245,061
Pioneer Global Aggregate Bond Fund (156) 2,501 15,072 1,243,551
Pioneer Global Equity Fund (3,903) -- 35,703 1,875,138
Pioneer Global High Yield Fund 18,659 -- 141,844 3,600,322
Pioneer Growth Opportunities Fund 761 -- -- 631,088
Pioneer High Yield Fund (26,025) -- 42,276 2,195,538
Pioneer International Value Fund (3,186) -- 58,531 3,135,960
Pioneer Mid Cap Value Fund (4,851) -- 16,360 1,253,479
Pioneer Multi-Asset Floating Rate Fund (34) -- 5,671 616,613
Pioneer Real Estate Shares 129,681 -- 687 1,216
Pioneer Research Fund 7,480 -- 10,832 1,248,611
Pioneer Select Mid Cap Growth Fund 1,062 -- -- 625,413
Pioneer Short Term Income Fund (44,640) -- 213,401 11,814,116
Pioneer Strategic Income Fund (3,660) 37,774 116,381 4,349,769
-------- -------- ---------- -----------
$(58,594) $416,852 $1,188,567 $58,902,627
======== ======== ========== ===========
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 77
Pioneer Ibbotson Moderate Allocation Fund
------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund -- 488,115 -- 488,115
Pioneer Bond Fund 3,134,957 7,178 (435,456) 2,706,679
Pioneer Cullen Value Fund 474,048 469 (18,767) 455,750
Pioneer Disciplined Growth Fund 1,071,990 -- (215,274) 856,716
Pioneer Disciplined Value Fund 1,243,683 245 (216,241) 1,027,687
Pioneer Emerging Markets Fund 274,513 14,741 (818) 288,436
Pioneer Equity Income Fund 173,921 23,346 -- 197,267
Pioneer Fund 317,329 413 (36,943) 280,799
Pioneer Fundamental Growth Fund 749,298 4,341 (73,755) 679,884
Pioneer Global Aggregate Bond Fund 124,697 113,374 -- 238,071
Pioneer Global Equity Fund 1,444,620 144 (51,505) 1,393,259
Pioneer Global High Yield Fund 837,725 67,286 (208,429) 696,582
Pioneer Growth Opportunities Fund 221,462 578 (7,908) 214,132
Pioneer High Yield Fund 398,476 95,343 (135,201) 358,618
Pioneer International Value Fund 762,546 48,547 (10,597) 800,496
Pioneer Mid Cap Value Fund 477,170 35,195 (1,322) 511,043
Pioneer Multi-Asset Floating Rate Fund -- 122,672 -- 122,672
Pioneer Oak Ridge Small Cap Growth Fund 202,918 1,482 (1,680) 202,720
Pioneer Real Estate Shares 218,374 -- (116,283) 102,091
Pioneer Research Fund 452,627 -- (37,928) 414,699
Pioneer Select Mid Cap Growth Fund 232,368 258 (11,583) 221,043
Pioneer Short Term Income Fund 3,167,271 875 (750,278) 2,417,868
Pioneer Strategic Income Fund 401,852 107 (39,273) 362,686
------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund $ -- $ -- $ 113,111 $ 4,661,497
Pioneer Bond Fund 194,350 140,959 698,051 25,902,923
Pioneer Cullen Value Fund (2,861) -- 167,919 8,080,451
Pioneer Disciplined Growth Fund (238,822) 734,800 52,978 8,267,306
Pioneer Disciplined Value Fund (249,087) 526,750 120,459 8,488,694
Pioneer Emerging Markets Fund (529) 315,856 -- 7,571,446
Pioneer Equity Income Fund -- -- 68,387 5,411,045
Pioneer Fund 5,827 -- 109,380 11,389,189
Pioneer Fundamental Growth Fund (74,014) 209,801 45,293 8,253,789
Pioneer Global Aggregate Bond Fund -- 3,954 24,732 2,692,581
Pioneer Global Equity Fund 61,884 -- 252,171 13,180,226
Pioneer Global High Yield Fund (160,915) -- 296,630 6,742,915
Pioneer Growth Opportunities Fund 20,272 -- -- 6,235,514
Pioneer High Yield Fund (183,985) -- 99,936 3,557,493
Pioneer International Value Fund 15,027 -- 274,617 14,713,124
Pioneer Mid Cap Value Fund (5,358) -- 139,404 11,084,517
Pioneer Multi-Asset Floating Rate Fund -- -- 7,802 1,225,494
Pioneer Oak Ridge Small Cap Growth Fund (5,342) 291,087 -- 5,951,848
Pioneer Real Estate Shares 950,468 -- 35,585 2,359,314
Pioneer Research Fund 1,881 -- 36,084 4,163,580
Pioneer Select Mid Cap Growth Fund 5,395 -- -- 4,175,504
Pioneer Short Term Income Fund (99,419) -- 426,649 23,235,712
Pioneer Strategic Income Fund 3,783 35,227 110,845 3,935,141
--------- ---------- ---------- ------------
$ 238,555 $2,258,434 $3,080,033 $191,279,303
========= ========== ========== ============
78 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Pioneer Ibbotson Growth Allocation Fund
------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,497,038 44,643 (419,963) 2,121,718
Pioneer Cullen Value Fund 620,934 436 (78,351) 543,019
Pioneer Disciplined Growth Fund 1,209,500 125 (95,167) 1,114,458
Pioneer Disciplined Value Fund 1,270,424 15,132 (9,086) 1,276,470
Pioneer Emerging Markets Fund 417,673 43,810 (27,538) 433,945
Pioneer Equity Income Fund 319,960 1,107 (4,515) 316,552
Pioneer Fund 371,368 1,969 (43,220) 330,117
Pioneer Fundamental Growth Fund 1,116,936 12,279 (44,672) 1,084,543
Pioneer Global Aggregate Bond Fund 42,686 253,278 -- 295,964
Pioneer Global Equity Fund 1,842,604 1,726 (143,988) 1,700,342
Pioneer Global High Yield Fund 491,324 -- (42,216) 449,108
Pioneer Government Income Fund 817 -- (817) --
Pioneer Growth Opportunities Fund 316,387 6,133 (31,872) 290,648
Pioneer High Yield Fund 124,182 47,533 -- 171,715
Pioneer Independence Fund 1,429 -- (769) 660
Pioneer International Value Fund 1,040,993 89,626 -- 1,130,619
Pioneer Mid Cap Value Fund 682,791 9,819 (65) 692,545
Pioneer Oak Ridge Large Cap Growth Fund 1,362 -- (765) 597
Pioneer Oak Ridge Small Cap Growth Fund 207,781 5,415 -- 213,196
Pioneer Real Estate Shares 284,870 -- (65,818) 219,052
Pioneer Research Fund 717,771 -- (45,691) 672,080
Pioneer Select Mid Cap Growth Fund 248,680 40,588 (4,415) 284,853
Pioneer Short Term Income Fund 1,622,876 159,878 (49,053) 1,733,701
Pioneer Strategic Income Fund 403,597 117 (14,797) 388,917
Pioneer Value Fund 1,602 -- (961) 641
------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 237,160 $ 103,932 $ 518,723 $ 20,304,837
Pioneer Cullen Value Fund (82,360) -- 207,247 9,627,735
Pioneer Disciplined Growth Fund (97,662) 912,648 66,838 10,754,519
Pioneer Disciplined Value Fund (7,629) 619,431 144,079 10,543,639
Pioneer Emerging Markets Fund (58,148) 451,180 -- 11,391,060
Pioneer Equity Income Fund (13,128) -- 115,923 8,683,033
Pioneer Fund (123,609) -- 129,593 13,389,562
Pioneer Fundamental Growth Fund (27,011) 330,179 71,558 13,166,353
Pioneer Global Aggregate Bond Fund -- 5,817 34,793 3,347,356
Pioneer Global Equity Fund 157,492 -- 312,969 16,085,232
Pioneer Global High Yield Fund 90,842 -- 204,903 4,347,367
Pioneer Government Income Fund 842 -- 9 --
Pioneer Growth Opportunities Fund 73,760 -- -- 8,463,660
Pioneer High Yield Fund -- -- 44,296 1,703,410
Pioneer Independence Fund 3,941 -- -- 7,799
Pioneer International Value Fund -- -- 385,311 20,780,770
Pioneer Mid Cap Value Fund (341) -- 191,813 15,021,305
Pioneer Oak Ridge Large Cap Growth Fund 2,667 -- -- 7,664
Pioneer Oak Ridge Small Cap Growth Fund -- 301,934 -- 6,259,437
Pioneer Real Estate Shares (19,531) -- 69,267 5,062,301
Pioneer Research Fund 268 -- 58,281 6,747,684
Pioneer Select Mid Cap Growth Fund 408 -- -- 5,380,877
Pioneer Short Term Income Fund (6,555) -- 265,553 16,660,862
Pioneer Strategic Income Fund (4,868) 37,645 116,249 4,219,751
Pioneer Value Fund 1,766 -- 104 7,252
--------- ---------- ---------- ------------
$ 128,304 $2,762,766 $2,937,509 $211,963,465
========= ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 79
Pioneer Ibbotson Aggressive Allocation Fund
------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------------
Pioneer Bond Fund 863,769 -- (108,674) 755,095
Pioneer Cullen Value Fund 358,061 104 (54,862) 303,303
Pioneer Disciplined Growth Fund 587,626 24,514 (29,490) 582,650
Pioneer Disciplined Value Fund 670,047 55,362 (14,595) 710,814
Pioneer Emerging Markets Fund 288,266 34,548 (3,889) 318,925
Pioneer Equity Income Fund 204,864 21,530 (3,423) 222,971
Pioneer Fund 219,373 121 (38,903) 180,591
Pioneer Fundamental Growth Fund 693,239 4,459 (63,720) 633,978
Pioneer Global Equity Fund 1,209,231 -- (104,003) 1,105,228
Pioneer Growth Opportunities Fund 224,279 70 (40,389) 183,960
Pioneer High Yield Fund 408 -- (408) --
Pioneer Independence Fund 280 -- (280) --
Pioneer International Value Fund 904,380 12,993 (9,722) 907,651
Pioneer Mid Cap Value Fund 601,898 12,412 (30,604) 583,706
Pioneer Oak Ridge Small Cap Growth Fund 144,272 11,921 -- 156,193
Pioneer Real Estate Shares 238,179 -- (65,769) 172,410
Pioneer Research Fund 407,172 -- (31,933) 375,239
Pioneer Select Mid Cap Growth Fund 210,170 19,224 (4,622) 224,772
Pioneer Short Term Income Fund -- 194,124 -- 194,124
Pioneer Strategic Income Fund 228,384 746 (9,673) 219,457
------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 88,648 $ 38,053 $ 189,631 $ 7,226,257
Pioneer Cullen Value Fund 13,468 -- 116,228 5,377,554
Pioneer Disciplined Growth Fund (30,238) 464,325 34,073 5,622,573
Pioneer Disciplined Value Fund (14,269) 323,231 78,857 5,871,324
Pioneer Emerging Markets Fund 6,725 331,771 -- 8,371,787
Pioneer Equity Income Fund (9,784) -- 81,718 6,116,095
Pioneer Fund (197,258) -- 73,684 7,324,766
Pioneer Fundamental Growth Fund 185,519 198,853 42,673 7,696,488
Pioneer Global Equity Fund 156,298 -- 205,208 10,455,456
Pioneer Growth Opportunities Fund 157,265 -- -- 5,356,925
Pioneer High Yield Fund 1,110 -- 6 --
Pioneer Independence Fund 1,594 -- -- --
Pioneer International Value Fund (19,799) -- 316,169 16,682,629
Pioneer Mid Cap Value Fund (188,045) -- 165,461 12,660,573
Pioneer Oak Ridge Small Cap Growth Fund -- 218,004 -- 4,585,835
Pioneer Real Estate Shares 533,438 -- 52,597 3,984,391
Pioneer Research Fund (337) -- 32,586 3,767,397
Pioneer Select Mid Cap Growth Fund 765 -- -- 4,245,952
Pioneer Short Term Income Fund -- -- 10,180 1,865,527
Pioneer Strategic Income Fund (3,207) 21,185 65,470 2,381,103
--------- ---------- ---------- ------------
$ 681,893 $1,595,422 $1,464,541 $119,592,632
========= ========== ========== ============
80 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Ibbotson Conservative Allocation Fund (the Fund)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Conservative Allocation Fund (the Fund) pursuant to an
investment advisory agreement between PIM and the Fund. PIM has retained
Ibbotson Associates, Inc. (Ibbotson Associates) to serve as the sub-adviser to
the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser.
In order for PIM and Ibbotson Associates to remain the investment adviser and
sub-adviser of the Fund, respectively, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement and the
sub-advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement and the
sub-advisory agreement. The contract review materials were provided to the
Trustees in July 2011 and September 2011. After reviewing and discussing the
materials, the Trustees submitted a request for additional information to PIM,
and materials were provided in response to this request. Meetings of the
Independent Trustees of the Fund were held in July, September, October, and
November, 2011 to review and discuss the contract review materials. In
addition, the Trustees took into account the information related to the Fund
provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM and the sub-adviser to the Fund, taking into account the
investment objective and strategy of the Fund. The Trustees reviewed the terms
of the investment advisory agreement and the sub-advisory agreement. The
Trustees also reviewed the sub-adviser's investment approach for the Fund, its
research process and its process for trade execution. The Trustees considered
the resources of PIM and the sub-adviser and the personnel of PIM and the
sub-adviser who provide investment management services to the Fund. The
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 81
Trustees considered the non-investment resources and personnel of PIM involved
in PIM's services to the Fund, including PIM's compliance and legal resources
and personnel. The Trustees also considered the substantial attention and high
priority given by PIM's senior management to the Pioneer fund complex. In
addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers (including the sub-adviser) and provides the Fund with
personnel (including Fund officers) and other resources that are necessary for
the Fund's business management and operations. The Trustees also considered
that, as administrator, PIM is responsible for the administration of the Fund's
business and other affairs. The Trustees considered the fees paid to PIM for
the provision of administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM and the sub-adviser to
the Fund were satisfactory and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one year period ended June 30, 2011 and in the third quintile
of its Morningstar category for the three and five year periods ended June 30,
2011. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees discussed the Fund's underperformance. They noted
the underperformance of some of the Pioneer Funds in which the Fund invests and
considered PIM's plans to improve the underlying Funds' performance record. The
Trustees indicated that they were satisfied with the information presented with
respect to the performance of the Fund.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight
82 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Mutual Trust Research and Consulting, LLC (Strategic Insight), an independent
third party. The Trustees also considered that PIM, not the Fund, paid the
sub-adviser pursuant to the sub-advisory agreement. The Trustees evaluated both
the fee under the sub-advisory agreement and the portion of the fee under the
investment advisory agreement retained by PIM.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
fifth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing
expenses in order to limit the ordinary operating expenses of the Fund. They
noted the Fund's small asset size compared to most of the other funds in its
peer group and considered that non-management fee operating expenses generally
are spread over a smaller asset base than the other funds in the peer group,
which results in these fees being significantly higher as a percentage of
assets. The Trustees also considered information showing significant expense
reimbursements by the sponsors of the other funds in the peer group.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the sub-
adviser with respect to the Fund were within the range of the fee rates charged
by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM
to the
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 83
sub-adviser of the Fund, were reasonable in relation to the nature and quality
of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to
the Fund and the percentage that such fees represented of the sub-adviser's
overall revenues (for the 12-month period ended December 31, 2010). They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including
its organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees
further considered the revenues and profitability of PIM's businesses other
than the fund business. The Trustees considered the intangible benefits to each
of PIM and the sub-adviser by virtue of its relationship with the Fund and the
other Pioneer funds. The Trustees concluded that the receipt of these benefits
was
84 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that each of
the investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including the fees payable
thereunder, was fair and reasonable and voted to approve the proposed renewal
of each of the investment advisory agreement and the sub-advisory agreement for
the Fund.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 85
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Ibbotson Moderate Allocation Fund (the Fund)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Moderate Allocation Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. PIM has retained Ibbotson
Associates Advisors, LLC (Ibbotson) to serve as the sub-adviser to the Fund
pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order
for PIM and Ibbotson Associates to remain the investment adviser and
sub-adviser of the Fund, respectively, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement and the sub-advisory
agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement and the
sub-advisory agreement. The contract review materials were provided to the
Trustees in July 2011 and September 2011. After reviewing and discussing the
materials, the Trustees submitted a request for additional information to PIM,
and materials were provided in response to this request. Meetings of the
Independent Trustees of the Fund were held in July, September, October, and
November, 2011 to review and discuss the contract review materials. In
addition, the Trustees took into account the information related to the Fund
provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM and the sub-adviser to the Fund, taking into account the
investment objective and strategy of the Fund. The Trustees reviewed the terms
of the investment advisory agreement and the sub-advisory agreement. The
Trustees also reviewed the sub-adviser's investment approach for the Fund, its
research process and its process for trade execution. The Trustees considered
the resources of PIM and the sub-adviser and the personnel of PIM and the
sub-adviser who provide investment management services to the Fund. The
86 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Trustees considered the non-investment resources and personnel of PIM involved
in PIM's services to the Fund, including PIM's compliance and legal resources
and personnel. The Trustees also considered the substantial attention and high
priority given by PIM's senior management to the Pioneer fund complex. In
addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers (including the sub-adviser) and provides the Fund with
personnel (including Fund officers) and other resources that are necessary for
the Fund's business management and operations. The Trustees also considered
that, as administrator, PIM is responsible for the administration of the Fund's
business and other affairs. The Trustees considered the fees paid to PIM for
the provision of administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM and the sub-adviser to
the Fund were satisfactory and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one and five year periods ended June 30, 2011 and in the third
quintile of its Morningstar category for the three year period ended June 30,
2011. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees discussed the Fund's underperformance. They noted
the underperformance of some of the Pioneer Funds in which the Fund invests and
considered PIM's plans to improve the underlying Funds' performance record. The
Trustees indicated that they were satisfied with the information presented with
respect to the performance of the Fund.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 87
Mutual Trust Research and Consulting, LLC (Strategic Insight), an independent
third party. The Trustees also considered that PIM, not the Fund, paid the
sub-adviser pursuant to the sub-advisory agreement. The Trustees evaluated both
the fee under the sub-advisory agreement and the portion of the fee under the
investment advisory agreement retained by PIM.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
fifth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing
expenses in order to limit the ordinary operating expenses of the Fund. They
noted the Fund's small asset size compared to most of the other funds in its
peer group and considered that non-management fee operating expenses and
transfer agency expenses generally are spread over a smaller asset base than
the other funds in the peer group, which results in these fees being
significantly higher as a percentage of assets. The Trustees also considered
information showing significant expense reimbursements by the sponsors of the
other funds in the peer group.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the sub-
adviser with respect to the Fund were within the range of the fee rates charged
by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM
to the
88 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
sub-adviser of the Fund, were reasonable in relation to the nature and quality
of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to
the Fund and the percentage that such fees represented of the sub-adviser's
overall revenues (for the 12-month period ended December 31, 2010). They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including
its organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees
further considered the revenues and profitability of PIM's businesses other
than the fund business. The Trustees considered the intangible benefits to each
of PIM and the sub-adviser by virtue of its relationship with the Fund and the
other Pioneer funds. The Trustees concluded that the receipt of these benefits
was
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 89
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that each of
the investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including the fees payable
thereunder, was fair and reasonable and voted to approve the proposed renewal
of each of the investment advisory agreement and the sub-advisory agreement for
the Fund.
90 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Ibbotson Growth Allocation Fund (the Fund)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Growth Allocation Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. PIM has retained Ibbotson
Associates Advisors, LLC (Ibbotson) to serve as the sub-adviser to the Fund
pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order
for PIM and Ibbotson Associates to remain the investment adviser and
sub-adviser of the Fund, respectively, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement and the sub-advisory
agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement and the
sub-advisory agreement. The contract review materials were provided to the
Trustees in July 2011 and September 2011. After reviewing and discussing the
materials, the Trustees submitted a request for additional information to PIM,
and materials were provided in response to this request. Meetings of the
Independent Trustees of the Fund were held in July, September, October, and
November, 2011 to review and discuss the contract review materials. In
addition, the Trustees took into account the information related to the Fund
provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM and the sub-adviser to the Fund, taking into account the
investment objective and strategy of the Fund. The Trustees reviewed the terms
of the investment advisory agreement and the sub-advisory agreement. The
Trustees also reviewed the sub-adviser's investment approach for the Fund, its
research process and its process for trade execution. The Trustees considered
the resources of PIM and the sub-adviser and the personnel of PIM and the
sub-adviser who provide investment management services to the Fund. The
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 91
Trustees considered the non-investment resources and personnel of PIM involved
in PIM's services to the Fund, including PIM's compliance and legal resources
and personnel. The Trustees also considered the substantial attention and high
priority given by PIM's senior management to the Pioneer fund complex. In
addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers (including the sub-adviser) and provides the Fund with
personnel (including Fund officers) and other resources that are necessary for
the Fund's business management and operations. The Trustees also considered
that, as administrator, PIM is responsible for the administration of the Fund's
business and other affairs. The Trustees considered the fees paid to PIM for
the provision of administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM and the sub-adviser to
the Fund were satisfactory and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one and five year periods ended June 30, 2011 and in the third
quintile of its Morningstar category for the three year period ended June 30,
2011. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees discussed the Fund's underperformance. They noted
the underperformance of some of the Pioneer Funds in which the Fund invests and
considered PIM's plans to improve the underlying Funds' performance record. The
Trustees indicated that they were satisfied with the information presented with
respect to the performance of the Fund.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight
92 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Mutual Trust Research and Consulting, LLC (Strategic Insight), an independent
third party. The Trustees also considered that PIM, not the Fund, paid the
sub-adviser pursuant to the sub-advisory agreement. The Trustees evaluated both
the fee under the sub-advisory agreement and the portion of the fee under the
investment advisory agreement retained by PIM.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
fifth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing
expenses in order to limit the ordinary operating expenses of the Fund. They
noted the Fund's small asset size compared to most of the other funds in its
peer group and considered that non-management fee operating expenses and
transfer agency expenses generally are spread over a smaller asset base than
the other funds in the peer group, which results in these fees being
significantly higher as a percentage of assets. The Trustees also considered
information showing significant expense reimbursements by the sponsors of the
other funds in the peer group.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the sub-
adviser with respect to the Fund were within the range of the fee rates charged
by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM
to the
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 93
sub-adviser of the Fund, were reasonable in relation to the nature and quality
of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to
the Fund and the percentage that such fees represented of the sub-adviser's
overall revenues (for the 12-month period ended December 31, 2010). They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including
its organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees
further considered the revenues and profitability of PIM's businesses other
than the fund business. The Trustees considered the intangible benefits to each
of PIM and the sub-adviser by virtue of its relationship with the Fund and the
other Pioneer funds. The Trustees concluded that the receipt of these benefits
was
94 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that each of
the investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including the fees payable
thereunder, was fair and reasonable and voted to approve the proposed renewal
of each of the investment advisory agreement and the sub-advisory agreement for
the Fund.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 95
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Ibbotson Aggressive Allocation Fund (the Fund)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Aggressive Allocation Fund (the Fund) pursuant to an
investment advisory agreement between PIM and the Fund. PIM has retained
Ibbotson Associates, Inc. (Ibbotson Associates) to serve as the sub-adviser to
the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser.
In order for PIM and Ibbotson Associates to remain the investment adviser and
sub-adviser of the Fund, respectively, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement and the
sub-advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement and the
sub-advisory agreement. The contract review materials were provided to the
Trustees in July 2011 and September 2011. After reviewing and discussing the
materials, the Trustees submitted a request for additional information to PIM,
and materials were provided in response to this request. Meetings of the
Independent Trustees of the Fund were held in July, September, October, and
November, 2011 to review and discuss the contract review materials. In
addition, the Trustees took into account the information related to the Fund
provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM and the sub-adviser to the Fund, taking into account the
investment objective and strategy of the Fund. The Trustees reviewed the terms
of the investment advisory agreement and the sub-advisory agreement. The
Trustees also reviewed the sub-adviser's investment approach for the Fund, its
research process and its process for trade execution. The Trustees considered
the resources of PIM and the sub-adviser and the personnel of PIM and the
sub-adviser who provide investment management services to the Fund. The
96 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Trustees considered the non-investment resources and personnel of PIM involved
in PIM's services to the Fund, including PIM's compliance and legal resources
and personnel. The Trustees also considered the substantial attention and high
priority given by PIM's senior management to the Pioneer fund complex. In
addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers (including the sub-adviser) and provides the Fund with
personnel (including Fund officers) and other resources that are necessary for
the Fund's business management and operations. The Trustees also considered
that, as administrator, PIM is responsible for the administration of the Fund's
business and other affairs. The Trustees considered the fees paid to PIM for
the provision of administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM and the sub-adviser to
the Fund were satisfactory and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one year period ended June 30, 2011, in the fourth quintile of
its Morningstar category for the three year period ended June 30, 2011, and in
the third quintile of its Morningstar category for the five year period ended
June 30, 2011. (In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile.) The Trustees discussed the Fund's
underperformance. They noted the underperformance of some of the Pioneer Funds
in which the Fund invests and considered PIM's plans to improve the underlying
Funds' performance record. The Trustees indicated that they were satisfied with
the information presented with respect to the performance of the Fund.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 97
Mutual Trust Research and Consulting, LLC (Strategic Insight), an independent
third party. The Trustees also considered that PIM, not the Fund, paid the
sub-adviser pursuant to the sub-advisory agreement. The Trustees evaluated both
the fee under the sub-advisory agreement and the portion of the fee under the
investment advisory agreement retained by PIM.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
fifth quintile relative to its Strategic Insight peer group for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing
expenses in order to limit the ordinary operating expenses of the Fund. They
noted the Fund's small asset size compared to most of the other funds in its
peer group and considered that non-management fee operating expenses and
transfer agency expenses generally are spread over a smaller asset base than
the other funds in the peer group, which results in these fees being
significantly higher as a percentage of assets. The Trustees also considered
information showing significant expense reimbursements by the sponsors of the
other funds in the peer group.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the sub-
adviser with respect to the Fund were within the range of the fee rates charged
by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM
to the
98 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
sub-adviser of the Fund, were reasonable in relation to the nature and quality
of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to
the Fund and the percentage that such fees represented of the sub-adviser's
overall revenues (for the 12-month period ended December 31, 2010). They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including
its organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees
further considered the revenues and profitability of PIM's businesses other
than the fund business. The Trustees considered the intangible benefits to each
of PIM and the sub-adviser by virtue of its relationship with the Fund and the
other Pioneer funds. The Trustees concluded that the receipt of these benefits
was
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 99
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that each of
the investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including the fees payable
thereunder, was fair and reasonable and voted to approve the proposed renewal
of each of the investment advisory agreement and the sub-advisory agreement for
the Fund.
100 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Christopher J. Kelley, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Investment Sub-Adviser
Ibbotson Associates, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 101
This page for your notes.
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This page for your notes.
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This page for your notes.
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This page for your notes.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 105
This page for your notes.
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This page for your notes.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12 107
This page for your notes.
108 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/12
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:
--------------------------------------------------------------------------------
PIMSS
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 website: 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 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.
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 10(a), 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.
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 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.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's 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 registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
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 registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's 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 registrants 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 I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 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 registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers 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 registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
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 registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
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 registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) 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 officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
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.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) 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.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
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 Ibbotson Asset Allocation Series
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 30, 2012
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/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 30, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date March 30, 2012
* Print the name and title of each signing officer under his or her signature.