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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 July 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
--------------------------------------------------------------------------------
Annual Report | July 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
Report of Independent Registered Public Accounting Firm 82
Trustees, Officers and Service Providers 83
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 1
President's Letter
Dear Shareowner,
The U.S. economy showed signs of an economic slowdown in the second quarter,
reflecting higher savings by consumers and reduced spending by corporations, in
large part due to concerns about both the U.S. outlook and the deteriorating
situation in Europe. Some 40% - 45% of U.S. corporate earnings come from
overseas, with a large portion of that from Europe. While large U.S.
corporations generally remain in excellent financial health -- cash, borrowing
capacity, and margins are all strong -- they are holding back on hiring and
investments due to concerns about Europe, China, and U.S. regulations, fiscal
policies, taxes, and politics. Many investors share those concerns, and are
maintaining a cautious approach to the markets.
Despite this tough backdrop, the markets had a surprisingly strong first half
of 2012. The Standard & Poor's 500 Index returned 9.5% over the six months
ended June 30, 2012. In the U.S. bond markets, interest rates generally
declined, with riskier sectors faring the best. The broad bond market, as
measured by the Barclays Capital Aggregate Bond Index, returned 2.4% during the
same six-month period, while the high-yield bond market, as measured by the
Bank of America Merrill Lynch High Yield Master II Index, returned 7.1%.
Given the major macroeconomic and political issues facing the markets in the
second half of the year, we certainly expect continuing volatility. But we also
see some positive economic data that give us hope for better news in the second
half of 2012. While the unemployment rate remains unacceptably high at over 8%,
employment and incomes continue to trend upward. Lower oil prices have acted
like an effective tax cut for consumers. Home construction, sales, and
refinancings have increased, and auto sales are holding up as well.
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.
* Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Pioneer's investment professionals focus on finding good opportunities 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 globally to help
build portfolios that we believe can help you achieve your investment goals.
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.
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 | Annual Report | 7/31/12 3
Portfolio Management Discussion | 7/31/12
In the following interview, portfolio manager Brian Huckstep, CFA, Ibbotson
Associates, Inc., the funds' sub-adviser, discusses the market environment and
investment strategies that applied to the funds in the Pioneer Ibbotson
Allocation Series during the 12-month period ended July 31, 2012.
Q How would you characterize the economic and market backdrop during the 12
months ended July 31, 2012?
A As the period opened in August of 2011, markets were digesting the effects of
rancorous negotiations over raising the U.S. debt ceiling that increased the
possibility of a default on the U.S. government's debt. While the stalemate
was resolved in early August of 2011, short of default, the failure of
politicians to agree on any sort of sustainable glide path for the budget
disheartened the markets. In addition, the raising of the debt ceiling was
followed almost immediately by an historic downgrade of the United States'
credit rating by Standard and Poor's. On the heels of the U.S. credit
downgrade came fears that European leaders would not be able to take action
commensurate with the scope of the sovereign-debt crisis plaguing the
Continent. That, along with disappointing macroeconomic data, kindled
heightened investor uncertainty and an abandonment of riskier assets in
September 2011. At the same time, the overall U.S. bond market benefited from
flows into Treasuries from rattled investors seeking a safe haven, which led
to a decline in interest rates.
As 2011 drew to a close, however, investors became encouraged by better-
than-expected U.S. economic data, which eased concerns over a potential return
to recession in 2012. In addition, the European Central Bank's (ECB's)
unanticipated plan to make credit available to the region's troubled banks was
viewed as a significant backstop to conditions in the euro zone. In
combination, the factors led to a substantial recovery in investor sentiment
and fueled a strong rebound in stocks late in 2011, a rebound which extended
through March of 2012.
In April and May of 2012, however, investor sentiment was again undercut by a
steady flow of negative headlines. In particular, there were renewed concerns
about the sovereign-debt crisis and the potential for a contraction of
economic activity in Europe. Concerns about the potential for Greece to lead
an exodus from the European Union (E.U.) were ongoing, and borrowing costs for
the governments of larger and also heavily indebted countries, such as Spain
and Italy, rose significantly. In the United States, while the housing market
showed signs of firming, most other economic indicators, including employment
data, softened during the spring of 2012, and the consensus growth outlook was
4 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
trimmed. In aggregate, the developments led to a decline in investor sentiment
and yet another shift into sectors viewed as defensive.
Despite the seemingly endless roller-coaster ride, U.S. stocks still finished
the 12-month period ended July 31, 2012, on a positive note, supported in part
by reasonable corporate earnings. For the full 12-month period, the U.S.
equity market, as measured by the Standard & Poor's 500 Index (the S&P 500),
returned 9.11%. International equities, on the other hand, were down
significantly, returning -10.99%, as measured by the Morgan Stanley Capital
International (MSCI) Europe, Australasia, Far East Index. Within the U.S.
market, large-cap equities significantly outperformed their smaller-cap
counterparts. Large caps, as measured by the Russell 1000 Index, returned
7.96% during the 12-month period, while small caps, as measured by the Russell
2000 Index, were nearly flat, returning 0.19% during the 12 months ended July
31, 2012.
As for fixed income, the Barclays Capital Aggregate Bond Index, the most
popular measure of the performance of the U.S. bond market, returned 7.25% for
the 12 months ended July 31, 2012, led by solid performance from U.S.
government-backed issues.
Q What strategic considerations did you apply to the funds in allocating assets
during the 12 months ended July 31, 2012, and how did your allocation
decisions affect the funds' performance?
A Within the U.S. equity portions of the funds, we have been favoring larger-
cap stocks, while at the same time maintaining somewhat reduced exposure to
smaller-cap stocks and real estate investment trusts (REITs). The current
allocations reflect our view that large caps, overall, are not only better
positioned to weather an uncertain economic and market climate, but also
display the most attractive valuations within the U.S. equity market. While
large caps notably outperformed small caps during the full 12-month period,
REITs continued to outperform the broader equity market. We continue to
believe, however, that U.S. property stocks are trading at valuations that may
be difficult to sustain and that are hard to justify by fundamentals.
For much of the 12-month period, we maintained an underweight to equities and
an overweight to short-term bonds in the funds. The positioning decisions have
been driven by our concerns over the subpar U.S. economic recovery as well as
the continuing difficulties in Europe. The tilt to bonds in the funds acted as
a slight constraint on returns during the 12-month period.
Overall, our tactical allocations within the funds detracted from their
performance during the 12-month period. In particular, in January of 2012 we
implemented a tilt within the funds' overall equity sleeve in favor of
international stocks over domestic stocks, given that we have viewed U.S.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 5
stock valuations as overstretched. The shift held back the funds' returns
during the period, however, as investors became increasingly anxious about
events in the euro zone in the second quarter of 2012 and inflows favored U.S.
equity markets.
Q What factors are you watching most closely as you determine your investment
strategy for the funds going forward, and how were the funds positioned as of
July 31, 2012?
A On balance, within the overall strategic guidelines that apply to each fund's
portfolio, positioning remains defensive and more focused on preserving
capital. In that vein, we have been maintaining the moderate underweight to
stocks overall. Within the equity portion of the funds, we believe that
valuations of international stocks remain more attractive, and we have
maintained the funds' overweights to international equities over U.S.
equities. U.S. REITs continue to offer little medium-term upside in our view,
and we believe there is significant downside risk in REITs based on current
valuation levels.
Bond yields have fallen significantly over the last year and investors, in
aggregate, are already heavily allocated toward the asset class. That has led
us to favor short-term bond vehicles as defensive assets in the funds'
portfolios.
Our reading of the most recent economic indicators does not lead us to
anticipate a U.S. recession, despite unsatisfactory data in some areas, and we
believe there is the potential for the data to surprise on the upside as the
year progresses. That said, there are significant risks to our global economic
outlook. The risks include a potential dissolution of the euro zone as well as
slowing economic growth levels in China, and uncertainty over how the Chinese
government will seek to manage the country's banking issues. At home, there is
the looming package of tax increases and spending cuts (the so-called "fiscal
cliff") scheduled to take place by default at the end of 2012, absent an end
to the U.S. political stalemate on budgetary matters.
In short, we believe that the environment remains exceptionally uncertain, and
we are comfortable with our continued bias toward reducing risk in the funds.
The immediate economic backdrop continues to reinforce our belief in the
importance of maintaining a diversified* investment portfolio that is
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.
* Diversification does not assure a profit or protect against loss in a
declining market.
Please refer to the Schedule of Investments on pages 41-48 for a full listing
of fund securities.
6 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 investments in 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 | Annual Report | 7/31/12 7
Fund Reviews | 7/31/12
Pioneer Ibbotson Conservative Allocation Fund
The Fund's Class A shares returned 1.85% at net asset value during the 12
months ended July 31, 2012, while the Standard & Poor's 500 Index (the S&P 500)
returned 9.11% and the Barclays Capital Aggregate Bond Index (the Barclays
Index) returned 7.25%. During the same period, the average return of the 320
mutual funds in Lipper's Mixed-Asset Target Allocation Conservative Funds
category was 4.10%.
As of July 31, 2012, the Fund was targeting an asset allocation of 29.0%
equities and 71.0% fixed income, compared with the neutral allocation target of
30% equities and 70% fixed income. Within the fixed-income portion of the Fund,
the largest holding at the end of the period was in Pioneer Short Term Income
Fund, at 21.4% of assets, followed by Pioneer Bond Fund, at 20.0%. The Fund's
next two largest positions were also in fixed-income funds, Pioneer Strategic
Income Fund and Pioneer Global High Yield Fund, at 8.2% and 6.2% of assets,
respectively. The Fund's largest equity position as of July 31, 2012, was in
Pioneer International Value Fund, at 5.9% of assets.
Pioneer Ibbotson Moderate Allocation Fund
The Fund's Class A shares returned -0.27% at net asset value during the 12
months ended July 31, 2012, while the S&P 500 returned 9.11% and the Barclays
Index returned 7.25%. During the same period, the average return of the 479
mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds category
was 3.19%.
As of July 31, 2012, the Fund was targeting an asset allocation of 57.5%
equities and 42.5% fixed income, compared with the neutral allocation target of
60% equities, 40% fixed income. Within the fixed-income portion of the Fund,
the largest holding at the end of the period was in Pioneer Short Term Income
Fund, at 12.4% of assets, followed by Pioneer Bond Fund, at 12.2%. Within the
equity portion of the Fund, Pioneer International Value Fund was the largest
holding, at 8.4% of assets on July 31, 2012. Pioneer Global Equity Fund was the
Fund's next-largest equity holding, at 7.5% of assets, followed by Pioneer Mid
Cap Value Fund, at 6.0%.
Pioneer Ibbotson Growth Allocation Fund
The Fund's Class A shares returned -1.31% at net asset value during the 12
months ended July 31, 2012, while the S&P 500 returned 9.11% and the Barclays
Index returned 7.25%. During the same period, the average return of the 567
mutual funds in Lipper's Mixed-Target Allocation Growth Funds category was
2.30%.
8 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
As of July 31, 2012, the Fund was targeting an asset allocation of 70.5%
equities and 29.5% fixed income, compared with the neutral allocation target of
75% equities and 25% fixed income. Within the equity portion of the Fund,
Pioneer International Value Fund was the largest holding, at 11.1% of assets on
July 31, 2012. Pioneer Global Equity Fund was the Fund's next-largest equity
holding, at 8.1% of assets, followed by Pioneer Mid Cap Value Fund, at 6.8%.
Within the fixed-income portion of the Fund, the largest holding as of July 31,
2012, was in Pioneer Bond Fund, at 9.8% of assets, followed by Pioneer Short
Term Income Fund, at 8.3%.
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's Class A shares returned -3.06% at net asset value during the 12
months ended July 31, 2012, while the S&P 500 returned 9.11% and the Barclays
Index returned 7.25%. During the same period, the average return of the 814
mutual funds in Lipper's Multi-Cap Core Funds category was 1.61%.
As of July 31, 2012, the Fund was targeting an asset allocation of 84.5%
equities and 15.5% fixed income, compared with the neutral allocation target of
90% equities and 10% fixed income. Within the equity portion of the Fund,
Pioneer International Value Fund was the largest holding, at 15.7% of assets on
July 31, 2012. Pioneer Mid Cap Value Fund was the Fund's next-largest equity
holding, at 10.3% of assets, followed by Pioneer Global Equity Fund, at 9.6%.
The Fund's largest fixed-income position as of July 31, 2012, was in Pioneer
Bond Fund, at 6.4% 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 | Annual Report | 7/31/12 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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,019.93 $1,016.40 $1,016.58 $1,009.96
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $7.43 $11.93 $11.33 $14.79
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.48%, 2.38%, 2.26%
and 2.96% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
10 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,017.50 $1,013.03 $1,013.63 $1,010.14
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $7.42 $11.91 $11.31 $14.79
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.48%, 2.38%, 2.26%
and 2.96% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,010.64 $1,008.04 $1,007.13 $1,012.45
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $7.50 $11.48 $10.93 $5.80
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%, 2.30%, 2.19%
and 1.16% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
12 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,017.40 $1,013.43 $1,013.97 $1,019.10
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $7.52 $11.51 $10.97 $5.82
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%, 2.30%, 2.19%
and 1.16% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,007.45 $1,004.20 $1,004.92 $1,008.25
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $7.89 $11.91 $11.37 $6.59
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%, 2.28%
and 1.32% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
14 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,017.01 $1,012.98 $1,013.53 $1,018.30
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $7.92 $11.96 $11.41 $6.62
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%, 2.28%
and 1.32% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $999.07 $996.07 $996.07 $1,000.94
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $8.45 $12.36 $11.96 $6.97
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%, 2.41%
and 1.40% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
16 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 February 1, 2012 through July 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,016.41 $1,012.48 $1,012.88 $1,017.90
(after expenses)
on 7/31/12
--------------------------------------------------------------------------------
Expenses Paid $8.52 $12.46 $12.06 $7.02
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%, 2.41%
and 1.40% 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 182/366 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 17
Prices and Distributions | 7/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Allocation Fund
---------------------------------------------
Class 7/31/12 7/31/11
---------------------------------------------
A $10.73 $10.85
---------------------------------------------
B $10.51 $10.61
---------------------------------------------
C $10.44 $10.56
---------------------------------------------
Y $10.21 $10.41
---------------------------------------------
Moderate Allocation Fund
---------------------------------------------
Class 7/31/12 7/31/11
---------------------------------------------
A $10.46 $10.74
---------------------------------------------
B $10.04 $10.26
---------------------------------------------
C $9.77 $10.07
---------------------------------------------
Y $10.58 $10.88
---------------------------------------------
Growth Allocation Fund
---------------------------------------------
Class 7/31/12 7/31/11
---------------------------------------------
A $10.75 $11.09
---------------------------------------------
B $9.52 $9.80
---------------------------------------------
C $10.18 $10.50
---------------------------------------------
Y $10.95 $11.45
---------------------------------------------
Aggressive Allocation Fund
---------------------------------------------
Class 7/31/12 7/31/11
---------------------------------------------
A $10.60 $11.07
---------------------------------------------
B $9.95 $10.35
---------------------------------------------
C $10.07 $10.50
---------------------------------------------
Y $10.65 $11.24
---------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Distributions per Share: 8/1/11-7/31/12
--------------------------------------------------------------------------------
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 | Annual Report | 7/31/12 19
Prices and Distributions | 7/31/12 (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 | Annual Report | 7/31/12
Portfolio Summary | 7/31/12
Pioneer Ibbotson Conservative Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 70%
Equity 30%
Short Term Bonds 27.00%
-----------------------------------------
Domestic Corporate Bonds 17.00
-----------------------------------------
Cash & Cash Equivalents 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 Absolute Return Credit Fund Class Y 4.23% Pioneer International Value Fund Class Y 5.89%
---------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 3.45 Pioneer Global Equity Fund Class Y 3.94
---------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 2.46 Pioneer Emerging Markets Fund Class Y 1.03
---------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 2.15 Bonds
---------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.14 Pioneer Short Term Income Fund Class Y 21.41%
---------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.14 Pioneer Bond Fund Class Y 20.01
---------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 2.14 Pioneer Strategic Income Fund Class Y 8.17
---------------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 2.09 Pioneer Global High Yield Fund Class Y 6.24
---------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 1.35 Pioneer High Yield Fund Class Y 4.10
---------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 1.05 Pioneer Global Aggregate Bond Fund 2.11
Class Y
---------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund 1.04 Pioneer Floating Rate Fund Class Y 1.05
Class Y
---------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 1.04
---------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 0.77
---------------------------------------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 21
Performance Update | 7/31/12 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 July 31, 2012)
-------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------------------
Life-of-Class
(5/12/05) 4.09% 3.24%
5 Years 2.89 1.68
1 Year 1.85 -4.07
-------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-------------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------------
1.46% 1.44%
-------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
5/05 $ 9,425 $10,000 $10,000
9,599 10,387 9,963
7/06 9,919 10,945 10,108
10,800 12,710 10,672
7/08 10,490 11,300 11,329
10,024 9,046 12,217
7/10 11,215 10,298 13,306
12,230 12,322 13,896
7/12 12,456 13,444 14,904
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 December 1, 2013, 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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(5/12/05) 3.19% 3.19%
5 Years 2.00 2.00
1 Year 1.04 -2.92
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
2.30%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
5/05 $10,000 $10,000 $10,000
10,178 10,387 9,963
7/06 10,409 10,945 10,108
11,250 12,710 10,672
7/08 10,832 11,300 11,329
10,257 9,046 12,217
7/10 11,364 10,298 13,306
12,290 12,322 13,896
7/12 12,419 13,444 14,904
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). 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 | Annual Report | 7/31/12 23
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(5/12/05) 3.19% 3.19%
5 Years 2.02 2.02
1 Year 1.16 1.16
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
2.21%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
5/05 $10,000 $10,000 $10,000
10,168 10,387 9,963
7/06 10,419 10,945 10,108
11,253 12,710 10,672
7/08 10,844 11,300 11,329
10,244 9,046 12,217
7/10 11,362 10,298 13,306
12,291 12,322 13,896
7/12 12,433 13,444 14,904
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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(5/12/05)* 2.86% 2.86%
5 Years 1.12 1.12
1 Year 0.34 0.34
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
1.48%
-----------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Capital
Conservative Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
5/05 $5,000,000 $5,000,000 $5,000,000
5,094,059 5,193,293 4,981,499
7/06 5,268,849 5,472,488 5,054,204
5,738,328 6,354,929 5,336,140
7/08 5,541,848 5,650,115 5,664,329
4,950,847 4,522,973 6,108,716
7/10 5,539,507 5,149,147 6,652,993
6,047,788 6,160,851 6,948,116
7/12 6,068,113 6,721,856 7,452,144
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 October 5, 2005, 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 | Annual Report | 7/31/12 25
Portfolio Summary | 7/31/12
Pioneer Ibbotson Moderate Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF 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 Equivalents 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 Mid Cap Value Fund Class Y 5.95% Pioneer International Value Fund Class Y 8.37%
---------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 5.24 Pioneer Global Equity Fund Class Y 7.47
---------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 4.09 Pioneer Emerging Markets Fund Class Y 3.80
---------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.06 Bonds
---------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 3.97 Pioneer Short Term Income Fund Class Y 12.42%
---------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 3.91 Pioneer Bond Fund Class Y 12.20
---------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 3.19 Pioneer Global High Yield Fund Class Y 3.99
---------------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 3.05 Pioneer Strategic Income Fund Class Y 2.39
Class Y
---------------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund Class Y 2.69 Pioneer High Yield Fund Class Y 2.21
---------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.55 Pioneer Global Aggregate Bond Fund 1.61
Class Y
---------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.22
---------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 2.17
---------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 1.68
---------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund 0.76
Class Y
---------------------------------------------------------------------------------------------------------------
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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------------------
Life-of-Class
(8/9/04) 4.46% 3.69%
5 Years 0.94 -0.24
1 Year -0.27 -6.05
-------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-------------------------------------------------------------------------
Gross
-------------------------------------------------------------------------
1.47%
-------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Ibbotson Standard & Poor's 500 Aggregate Bond
Moderate Allocation Fund Index Index
8/04 $ 9,425 $10,000 $10,000
10,570 11,359 10,283
7/06 11,097 11,970 10,433
12,493 13,900 11,015
7/08 11,560 12,358 11,692
10,266 9,893 12,610
7/10 11,627 11,262 13,733
13,128 13,475 14,342
7/12 13,092 14,702 15,383
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 | Annual Report | 7/31/12 27
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04) 3.22% 3.22%
5 Years 0.13 0.13
1 Year -0.99 -4.90
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross Net
-----------------------------------------------------------------
2.29% 2.28%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Ibbotson Standard & Poor's 500 Aggregate Bond
Moderate Allocation Fund Index Index
8/04 $10,000 $10,000 $10,000
10,978 11,359 10,283
7/06 11,417 11,970 10,433
12,753 13,900 11,015
7/08 11,691 12,358 11,692
10,311 9,893 12,610
7/10 11,588 11,262 13,733
12,967 13,475 14,342
7/12 12,838 14,702 15,383
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). 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 net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2013, 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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04) 3.18% 3.18%
5 Years 0.18 0.18
1 Year -1.08 -1.08
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
2.16%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Ibbotson Standard & Poor's 500 Aggregate Bond
Moderate Allocation Fund Index Index
8/04 $10,000 $10,000 $10,000
11,122 11,359 10,283
7/06 11,573 11,970 10,433
12,941 13,900 11,015
7/08 11,882 12,358 11,692
10,474 9,893 12,610
7/10 11,776 11,262 13,733
13,203 13,475 14,342
7/12 13,061 14,702 15,383
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 | Annual Report | 7/31/12 29
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04)* 4.93% 4.93%
5 Years 1.50 1.50
1 Year 0.00 0.00
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
1.08%
-----------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Barclays Capital
Pioneer Ibbotson Standard & Poor's 500 Aggregate Bond
Moderate Allocation Fund Index Index
8/04 $5,000,000 $5,000,000 $5,000,000
5,606,494 5,679,459 5,141,454
7/06 5,913,111 5,984,789 5,216,493
6,680,624 6,949,838 5,507,482
7/08 6,206,468 6,179,044 5,846,209
5,580,029 4,946,386 6,304,865
7/10 6,347,323 5,631,178 6,866,618
7,195,925 6,737,592 7,171,216
7/12 7,195,817 7,351,114 7,691,429
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 September 23, 2005, 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 | Annual Report | 7/31/12
Portfolio Summary | 7/31/12
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF 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 6.82% Pioneer International Value Fund Class Y 11.06%
---------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 5.55 Pioneer Global Equity Fund Class Y 8.07
---------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 4.97 Pioneer Emerging Markets Fund Class Y 5.22
---------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.89 Bonds
---------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 4.74 Pioneer Bond Fund Class Y 9.76%
---------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 4.17 Pioneer Short Term Income Fund Class Y 8.29
---------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 4.06 Pioneer Strategic Income Fund Class Y 2.20
---------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.79 Pioneer Global High Yield Fund Class Y 2.08
---------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 3.29 Pioneer Global Aggregate Bond Fund 1.70
Class Y
---------------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 2.94 Pioneer High Yield Fund Class Y 0.85
Class Y
---------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.81
---------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 2.72
---------------------------------------------------------------------------------------------------------------
Pioneer Independence Fund Class Y 0.00*
---------------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund 0.00*
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 | Annual Report | 7/31/12 31
Performance Update | 7/31/12 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 July 31, 2012)
-------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------------------
Life-of-Class
(8/9/04) 4.44% 3.67%
5 Years -0.34 -1.51
1 Year -1.31 -7.01
-------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-------------------------------------------------------------------------
Gross
-------------------------------------------------------------------------
1.57%
-------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of 10,000 Investment
Pioneer Ibbotson Growth Barclays Capital
Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $ 9,425 $10,000 $10,000
10,892 11,359 10,283
7/06 11,577 11,970 10,433
13,281 13,900 11,015
7/08 11,969 12,358 11,692
10,115 9,893 12,610
7/10 11,520 11,262 13,733
13,231 13,475 14,342
7/12 13,058 14,702 15,383
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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04) 2.54% 2.54%
5 Years -1.10 -1.10
1 Year -2.01 -5.89
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross Net
-----------------------------------------------------------------
2.42% 2.38%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of 10,000 Investment
Pioneer Ibbotson Growth Barclays Capital
Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $10,000 $10,000 $10,000
11,046 11,359 10,283
7/06 11,657 11,970 10,433
13,250 13,900 11,015
7/08 11,838 12,358 11,692
9,938 9,893 12,610
7/10 11,233 11,262 13,733
12,795 13,475 14,342
7/12 12,538 14,702 15,383
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). 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 net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2013, 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 | Annual Report | 7/31/12 33
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04) 3.32% 3.32%
5 Years -1.00 -1.00
1 Year -1.91 -1.91
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
2.27%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of 10,000 Investment
Pioneer Ibbotson Growth Barclays Capital
Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $10,000 $10,000 $10,000
11,310 11,359 10,283
7/06 11,933 11,970 10,433
13,575 13,900 11,015
7/08 12,158 12,358 11,692
10,203 9,893 12,610
7/10 11,537 11,262 13,733
13,164 13,475 14,342
7/12 12,913 14,702 15,383
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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04)* 4.95% 4.95%
5 Years 0.24 0.24
1 Year -2.28 -2.28
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
1.17%
-----------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Growth Barclays Capital
Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $5,000,000 $5,000,000 $5,000,000
5,776,725 5,679,459 5,141,454
7/06 6,193,377 5,984,789 5,216,493
7,114,596 6,949,838 5,507,482
7/08 6,470,796 6,179,044 5,846,209
5,585,334 4,946,386 6,304,865
7/10 6,385,461 5,631,178 6,866,618
7,368,224 6,737,592 7,171,216
7/12 7,200,258 7,351,114 7,691,429
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 September 26, 2005, 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 | Annual Report | 7/31/12 35
Portfolio Summary | 7/31/12
Pioneer Ibbotson Aggressive Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF 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 10.27% Pioneer International Value Fund Class Y 15.65%
----------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 5.40 Pioneer Global Equity Fund Class Y 9.55
----------------------------------------------------------------------------------------------------------------
Pioneer Fund Class Y 5.39 Pioneer Emerging Markets Fund Class Y 6.98
----------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.89 Bonds
----------------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 4.40 Pioneer Bond Fund Class Y 6.40%
----------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 4.27 Pioneer Strategic Income Fund Class Y 2.13
----------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 4.11 Pioneer Short Term Income Fund Class Y 1.93
----------------------------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 4.06
----------------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 3.94
Class Y
----------------------------------------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.90
----------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 3.88
----------------------------------------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.85
----------------------------------------------------------------------------------------------------------------
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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------------------
Life-of-Class
(8/9/04) 4.24% 3.47%
5 Years -1.71 -2.87
1 Year -3.06 -8.67
-------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-------------------------------------------------------------------------
Gross
-------------------------------------------------------------------------
1.74%
------------------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of 10,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $9,425 $10,000 $10,000
11,173 11,359 10,283
7/06 11,989 11,970 10,433
13,956 13,900 11,015
7/08 12,276 12,358 11,692
9,938 9,893 12,610
7/10 11,345 11,262 13,733
13,208 13,475 14,342
7/12 12,804 14,702 15,383
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 | Annual Report | 7/31/12 37
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04) 3.03% 3.03%
5 Years -2.47 -2.47
1 Year -3.72 -7.57
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross Net
-----------------------------------------------------------------
2.60% 2.53%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of 10,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $10,000 $10,000 $10,000
11,690 11,359 10,283
7/06 12,434 11,970 10,433
14,361 13,900 11,015
7/08 12,534 12,358 11,692
10,066 9,893 12,610
7/10 11,397 11,262 13,733
13,165 13,475 14,342
7/12 12,675 14,702 15,383
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). 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 net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2013, 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 | Annual Report | 7/31/12
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04) 3.26% 3.26%
5 Years -2.40 -2.40
1 Year -3.61 -3.61
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
2.44%
-----------------------------------------------------------------
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of 10,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $10,000 $10,000 $10,000
11,563 11,359 10,283
7/06 12,299 11,970 10,433
14,221 13,900 11,015
7/08 12,429 12,358 11,692
9,979 9,893 12,610
7/10 11,302 11,262 13,733
13,069 13,475 14,342
7/12 12,597 14,702 15,383
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 | Annual Report | 7/31/12 39
Performance Update | 7/31/12 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 July 31, 2012)
-----------------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------------
Life-of-Class
(8/9/04)* 4.53% 4.53%
5 Years -1.45 -1.45
1 Year -3.76 -3.76
-----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2011)
-----------------------------------------------------------------
Gross
-----------------------------------------------------------------
1.35%
-----------------------------------------------------------------
* Inception date of Class A shares.
[THE DATA BELOW IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Capital
Aggressive Allocation Standard & Poor's 500 Aggregate Bond
Fund Index Index
8/04 $5,000,000 $5,000,000 $5,000,000
5,929,998 5,679,459 5,141,454
7/06 6,379,347 5,984,789 5,216,493
7,470,251 6,949,838 5,507,482
7/08 6,661,413 6,179,044 5,846,209
5,372,710 4,946,386 6,304,865
7/10 6,151,437 5,631,178 6,866,618
7,216,848 6,737,592 7,171,216
7/12 6,945,791 7,351,114 7,691,429
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 September 23, 2005, 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 | Annual Report | 7/31/12
Schedule of Investments | 7/31/12
Pioneer Ibbotson Conservative Allocation Fund
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
MUTUAL FUNDS -- 94.8%
PIONEER FUNDS* -- 94.8%
260,971 Pioneer Absolute Return Credit Fund Class Y $ 2,539,244
1,232,963 Pioneer Bond Fund Class Y 12,021,392
69,949 Pioneer Cullen Value Fund Class Y 1,282,856
127,353 Pioneer Disciplined Growth Fund Class Y 1,287,542
171,527 Pioneer Disciplined Value Fund Class Y 1,476,849
25,329 Pioneer Emerging Markets Fund Class Y 617,019
29,515 Pioneer Equity Income Fund Class Y 811,970
91,392 Pioneer Floating Rate Fund Class Y 629,691
51,083 Pioneer Fund Class Y 2,072,958
98,410 Pioneer Fundamental Growth Fund Class Y 1,294,087
111,467 Pioneer Global Aggregate Bond Fund Class Y 1,268,494
249,168 Pioneer Global Equity Fund Class Y 2,364,603
389,879 Pioneer Global High Yield Fund Class Y 3,750,636
21,501 Pioneer Growth Opportunities Fund Class Y 624,186
248,164 Pioneer High Yield Fund Class Y 2,464,265
205,544 Pioneer International Value Fund Class Y 3,539,474
58,110 Pioneer Mid Cap Value Fund Class Y 1,258,092
62,498 Pioneer Multi-Asset Ultrashort Income Fund Class Y 627,476
18,643 Pioneer Real Estate Shares Class Y 464,386
122,519 Pioneer Research Fund Class Y 1,285,228
32,519 Pioneer Select Mid Cap Growth Fund Class Y 628,913
1,331,421 Pioneer Short Term Income Fund Class Y 12,861,529
443,966 Pioneer Strategic Income Fund Class Y 4,910,259
----------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $54,277,349) $60,081,149
----------------------------------------------------------------------------------------
Principal
Amount
----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 4.9%
TIME DEPOSIT -- 4.9%
$ 3,122,846 HSBC Bank Grand Cayman, 0.03%, 8/1/12 $ 3,122,846
----------------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $3,122,846) $ 3,122,846
----------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.7%
(Cost $57,400,195) (a) $63,203,995
----------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.3% $ 159,659
----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $63,363,654
========================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 41
Schedule of Investments | 7/31/12
Pioneer Ibbotson Conservative Allocation Fund (continued)
(a) At July 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $58,375,558 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 5,846,799
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,018,362)
-----------
Net unrealized gain $ 4,828,437
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2012 aggregated $12,123,076 and $11,717,729,
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)
The following is a summary of the inputs used as of July 31, 2012, in valuing
the Fund's assets:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Mutual Funds $60,081,149 $ -- $-- $60,081,149
Temporary Cash Investment -- 3,122,846 -- 3,122,846
-----------------------------------------------------------------------------------------
Total $60,081,149 $3,122,846 $-- $63,203,995
=========================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Schedule of Investments | 7/31/12
Pioneer Ibbotson Moderate Allocation Fund
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
MUTUAL FUNDS -- 97.1%
PIONEER FUNDS* -- 97.1%
520,922 Pioneer Absolute Return Credit Fund Class Y $ 5,068,569
2,354,173 Pioneer Bond Fund Class Y 22,953,183
400,536 Pioneer Cullen Value Fund Class Y 7,345,839
739,321 Pioneer Disciplined Growth Fund Class Y 7,474,535
885,956 Pioneer Disciplined Value Fund Class Y 7,628,084
293,382 Pioneer Emerging Markets Fund Class Y 7,146,796
174,594 Pioneer Equity Income Fund Class Y 4,803,072
243,002 Pioneer Fund Class Y 9,861,025
585,548 Pioneer Fundamental Growth Fund Class Y 7,699,957
266,852 Pioneer Global Aggregate Bond Fund Class Y 3,036,776
1,479,826 Pioneer Global Equity Fund Class Y 14,043,546
779,217 Pioneer Global High Yield Fund Class Y 7,496,068
206,619 Pioneer Growth Opportunities Fund Class Y 5,998,155
419,072 Pioneer High Yield Fund Class Y 4,161,382
914,157 Pioneer International Value Fund Class Y 15,741,777
517,071 Pioneer Mid Cap Value Fund Class Y 11,194,578
141,624 Pioneer Multi-Asset Ultrashort Income Fund Class Y 1,421,903
202,273 Pioneer Oak Ridge Small Cap Growth Fund Class Y 5,736,467
126,821 Pioneer Real Estate Shares Class Y 3,159,109
398,069 Pioneer Research Fund Class Y 4,175,741
211,321 Pioneer Select Mid Cap Growth Fund Class Y 4,086,953
2,419,243 Pioneer Short Term Income Fund Class Y 23,369,888
405,682 Pioneer Strategic Income Fund Class Y 4,486,847
-----------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $163,818,337) $188,090,250
-----------------------------------------------------------------------------------------
Principal
Amount
-----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 2.9%
TIME DEPOSIT -- 2.9%
$ 1,967,982 Bank Of New York Mellon Grand Cayman, 0.03%, 8/1/12 $ 1,967,982
3,613,968 Citibank London, 0.03%, 8/1/12 3,613,968
-----------------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $5,581,950) $ 5,581,950
-----------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.0%
(Cost $169,400,287) (a) $193,672,200
-----------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0% $ 33,970
-----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $193,706,170
=========================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 43
Schedule of Investments | 7/31/12
Pioneer Ibbotson Moderate Allocation Fund (continued)
(a) At July 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $172,377,923 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $21,294,277
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value --
-----------
Net unrealized gain $21,294,277
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2012 aggregated $18,208,951 and $36,472,433,
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)
The following is a summary of the inputs used as of July 31, 2012, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Mutual Funds $188,090,250 $ -- $-- $188,090,250
Temporary Cash Investment -- 5,581,950 -- 5,581,950
-------------------------------------------------------------------------------------------
Total $188,090,250 $5,581,950 $-- $193,672,200
===========================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Schedule of Investments | 7/31/12
Pioneer Ibbotson Growth Allocation Fund
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.3%
PIONEER FUNDS* -- 99.3%
2,062,995 Pioneer Bond Fund Class Y $ 20,114,197
468,235 Pioneer Cullen Value Fund Class Y 8,587,436
967,261 Pioneer Disciplined Growth Fund Class Y 9,779,013
1,171,488 Pioneer Disciplined Value Fund Class Y 10,086,516
442,066 Pioneer Emerging Markets Fund Class Y 10,768,733
283,723 Pioneer Equity Income Fund Class Y 7,805,230
252,530 Pioneer Fund Class Y 10,247,651
869,642 Pioneer Fundamental Growth Fund Class Y 11,435,787
307,375 Pioneer Global Aggregate Bond Fund Class Y 3,497,922
1,752,987 Pioneer Global Equity Fund Class Y 16,635,846
444,668 Pioneer Global High Yield Fund Class Y 4,277,707
288,455 Pioneer Growth Opportunities Fund Class Y 8,373,856
177,204 Pioneer High Yield Fund Class Y 1,759,632
660 Pioneer Independence Fund Class Y 7,971
1,323,293 Pioneer International Value Fund Class Y 22,787,111
649,261 Pioneer Mid Cap Value Fund Class Y 14,056,492
597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 7,903
213,778 Pioneer Oak Ridge Small Cap Growth Fund Class Y 6,062,755
232,851 Pioneer Real Estate Shares Class Y 5,800,317
646,578 Pioneer Research Fund Class Y 6,782,602
290,204 Pioneer Select Mid Cap Growth Fund Class Y 5,612,554
1,768,363 Pioneer Short Term Income Fund Class Y 17,082,391
409,289 Pioneer Strategic Income Fund Class Y 4,526,734
641 Pioneer Value Fund Class Y 7,528
-----------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $177,438,514) $206,103,884
-----------------------------------------------------------------------------------------
Principal
Amount
-----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.6%
TIME DEPOSIT -- 0.6%
$ 1,239,223 Bank Of New York Mellon Grand Cayman, 0.03%, 8/1/12 $ 1,239,223
-----------------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $1,239,223) $ 1,239,223
-----------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.9%
(Cost $178,677,737) (a) $207,343,107
-----------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 168,083
-----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $207,511,190
=========================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 45
Schedule of Investments | 7/31/12
Pioneer Ibbotson Growth Allocation Fund (continued)
(a) At July 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $180,418,049 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $28,714,994
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,789,936)
-----------
Net unrealized gain $26,925,058
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2012 aggregated $15,190,282 and $27,160,533,
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)
The following is a summary of the inputs used as of July 31, 2012, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Mutual Funds $206,103,884 $ -- $-- $206,103,884
Temporary Cash Investment -- 1,239,223 -- 1,239,223
-------------------------------------------------------------------------------------------
Total $206,103,884 $1,239,223 $-- $207,343,107
===========================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Schedule of Investments | 7/31/12
Pioneer Ibbotson Aggressive Allocation Fund
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.5%
PIONEER FUNDS* -- 99.5%
741,519 Pioneer Bond Fund Class Y $ 7,229,807
253,376 Pioneer Cullen Value Fund Class Y 4,646,910
477,390 Pioneer Disciplined Growth Fund Class Y 4,826,413
641,397 Pioneer Disciplined Value Fund Class Y 5,522,426
323,695 Pioneer Emerging Markets Fund Class Y 7,885,216
160,219 Pioneer Equity Income Fund Class Y 4,407,638
150,102 Pioneer Fund Class Y 6,091,137
464,276 Pioneer Fundamental Growth Fund Class Y 6,105,226
1,137,125 Pioneer Global Equity Fund Class Y 10,791,318
171,235 Pioneer Growth Opportunities Fund Class Y 4,970,965
1,026,973 Pioneer International Value Fund Class Y 17,684,476
536,100 Pioneer Mid Cap Value Fund Class Y 11,606,562
157,040 Pioneer Oak Ridge Small Cap Growth Fund Class Y 4,453,662
184,210 Pioneer Real Estate Shares Class Y 4,588,681
307,413 Pioneer Research Fund Class Y 3,224,762
226,550 Pioneer Select Mid Cap Growth Fund Class Y 4,381,471
225,815 Pioneer Short Term Income Fund Class Y 2,181,377
217,619 Pioneer Strategic Income Fund Class Y 2,406,871
-----------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $94,516,201) $113,004,918
-----------------------------------------------------------------------------------------
Principal
Amount
-----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT -- 0.5%
TIME DEPOSIT -- 0.5%
$ 511,726 Bank Of New York Mellon Grand Cayman, 0.03%, 8/1/12 $ 511,726
-----------------------------------------------------------------------------------------
TOTAL TIME DEPOSIT
(Cost $511,726) $ 511,726
-----------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.0%
(Cost $95,027,927) (a) $113,516,644
-----------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0% $ 2,620
-----------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $113,519,264
=========================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2012, the net unrealized gain on investments based on cost
for federal tax purposes of $96,722,693 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $18,567,086
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,773,135)
-----------
Net unrealized gain $16,793,951
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 47
Schedule of Investments | 7/31/12
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2012 aggregated $8,649,759 and $19,729,042,
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)
The following is a summary of the inputs used as of July 31, 2012, in valuing
the Fund's assets:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Mutual Funds $113,004,918 $ -- $-- $113,004,918
Temporary Cash Investment -- 511,726 -- 511,726
-----------------------------------------------------------------------------------------
Total $113,004,918 $511,726 $-- $113,516,644
=========================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Statements of Assets and Liabilities | 7/31/12
--------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
--------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of underlying $60,081,149 $188,090,250 $206,103,884 $113,004,918
affiliated funds, at value (at cost
$54,277,349, $163,818,337,
$177,438,514 and $94,516,201,
respectively)
Investments in securities of underlying 3,122,846 5,581,950 1,239,223 511,726
affiliated funds, at value (at cost
$3,122,846, $5,581,950,
$1,239,223 and $511,726,
respectively)
Total Investments (at cost $57,400,195, $63,203,995 $193,672,200 $207,343,107 $113,516,644
$169,400,287, $178,677,737 and
$95,027,927, respectively)
Receivables for:
Investment Funds sold 122,835 203,308 521,606 69,514
Capital stock sold 10,277 72,967 105,654 76,922
Dividends 151,183 264,344 181,751 41,162
Due from Pioneer Investment 6,045 2,571 3,913 11,451
Management, Inc.
Other assets 38,918 42,116 45,406 49,649
--------------------------------------------------------------------------------------------------------
Total assets $63,533,253 $194,257,506 $208,201,437 $113,765,342
--------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Capital stock redeemed $ 66,202 $ 303,703 $ 420,469 $ 77,235
Due to affiliates 51,249 163,750 184,740 103,011
Accrued expenses and other liabilities 52,148 83,883 85,038 65,832
--------------------------------------------------------------------------------------------------------
Total liabilities: $ 169,599 $ 551,336 $ 690,247 $ 246,078
--------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $61,895,100 $208,086,813 $228,327,775 $131,673,918
Undistributed net investment income 945,174 3,415,089 2,718,010 934,352
Accumulated net realized loss on (5,280,420) (42,067,645) (52,199,965) (37,577,723)
investments
Net unrealized gains on investments 5,803,800 24,271,913 28,665,370 18,488,717
--------------------------------------------------------------------------------------------------------
Total net assets $63,363,654 $193,706,170 $207,511,190 $113,519,264
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares
authorized)
Net Assets of Class A shares $42,612,561 $118,832,863 $134,988,193 $ 82,939,761
Net Assets of Class B shares $ 4,429,179 $ 16,071,786 $ 24,940,942 $ 12,073,983
Net Assets of Class C shares $16,256,601 $ 53,593,979 $ 45,569,661 $ 17,316,941
Net Assets of Class Y shares $ 65,313 $ 5,207,542 $ 2,012,394 $ 1,188,579
Class A Shares outstanding 3,969,606 11,360,397 12,556,321 7,822,520
Class B Shares outstanding 421,623 1,600,863 2,618,573 1,213,255
Class C Shares outstanding 1,557,891 5,485,484 4,477,583 1,719,802
Class Y Shares outstanding 6,395 492,386 183,750 111,591
Net Asset Value -- Class A shares $ 10.73 $ 10.46 $ 10.75 $ 10.60
Net Asset Value -- Class B shares $ 10.51 $ 10.04 $ 9.52 $ 9.95
Net Asset Value -- Class C shares $ 10.44 $ 9.77 $ 10.18 $ 10.07
Net Asset Value -- Class Y shares $ 10.21 $ 10.58 $ 10.95 $ 10.65
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset value per $ 11.39 $ 11.10 $ 11.41 $ 11.25
share)
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 49
Statements of Operations
For the Year Ended 7/31/12
---------------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
---------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from underlying
affiliated funds $2,145,038 $ 4,880,071 $ 4,329,243 $ 1,892,333
Interest 979 1,545 276 131
---------------------------------------------------------------------------------------------------------------
Total Investment Income $2,146,017 $ 4,881,616 $ 4,329,519 $ 1,892,464
---------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 80,277 $ 254,742 $ 272,243 $ 152,428
Transfer agent fees
Class A 38,238 146,118 241,018 185,528
Class B 9,188 50,088 86,603 49,952
Class C 13,182 38,232 50,163 27,276
Class Y 324 774 744 645
Distribution fees
Class A 103,257 293,981 332,980 210,937
Class B 47,338 204,828 290,233 142,173
Class C 156,452 507,575 452,364 174,802
Shareholder communications expense 42,990 144,460 155,561 104,725
Administrative fees 17,075 54,042 57,830 32,314
Custodian fees 27,748 81,456 89,853 51,559
Registration fees 59,799 62,778 65,739 63,035
Professional fees 39,775 58,025 44,573 41,645
Printing fees 19,483 11,145 14,056 15,174
Fees and expenses of nonaffiliated
Trustees 7,440 7,509 8,536 7,682
Insurance expense 819 2,895 3,029 1,762
Miscellaneous 1,925 2,400 2,184 2,382
---------------------------------------------------------------------------------------------------------------
Total expenses $ 665,310 $ 1,921,048 $ 2,167,709 $ 1,264,019
Less fees waived and expenses
reimbursed by Pioneer Investment
Management, Inc. (17,928) (16,580) (25,921) (34,364)
---------------------------------------------------------------------------------------------------------------
Net expenses $ 647,382 $ 1,904,468 $ 2,141,788 $ 1,229,655
---------------------------------------------------------------------------------------------------------------
Net investment income $1,498,635 $ 2,977,148 $ 2,187,731 $ 662,809
---------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on underlying affiliated
funds $ 27,709 $ 901,296 $ 486,497 $ 1,321,019
Capital gain distributions from
underlying affiliated funds 416,853 2,258,435 2,762,766 1,595,422
---------------------------------------------------------------------------------------------------------------
$ 444,562 $ 3,159,731 $ 3,249,263 $ 2,916,441
---------------------------------------------------------------------------------------------------------------
Change in net unrealized loss on
investments $ (975,558) $(8,605,957) $(9,518,002) $(8,039,169)
---------------------------------------------------------------------------------------------------------------
Net loss on investments $ (530,996) $(5,446,226) $(6,268,739) $(5,122,728)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations $ 967,639 $(2,469,078) $(4,081,008) $(4,459,919)
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
----------------------------- -------------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/12 7/31/11 7/31/12 7/31/11
-----------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,498,635 $ 1,354,057 $ 2,977,148 $ 2,985,325
Net realized gain on investments 444,562 548,792 3,159,731 1,885,919
Change in net unrealized gain (loss)
on investments (975,558) 3,169,079 (8,605,957) 21,125,168
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting from
operations $ 967,639 $ 5,071,928 $ (2,469,078) $ 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 sales or exchange of
shares $ 15,727,021 $ 19,040,678 $ 35,940,163 $ 40,905,592
Reinvestment of distributions 1,491,380 1,243,095 3,714,500 3,160,706
Cost of shares repurchased (16,501,428) (17,062,314) (57,872,210) (58,487,012)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund
share transactions 716,973 3,221,459 (18,217,547) (14,420,714)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets $ 55,154 $ 6,925,780 $(24,753,110) $ 8,146,010
NET ASSETS:
Beginning of year 63,308,500 56,382,720 218,459,280 210,313,270
-----------------------------------------------------------------------------------------------------------
End of year $ 63,363,654 $ 63,308,500 $193,706,170 $218,459,280
-----------------------------------------------------------------------------------------------------------
Undistributed net investment income,
end of year $ 945,174 $ 981,435 $ 3,415,089 $ 4,066,186
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 51
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------------------
Growth Aggressive
Allocation Fund Allocation Fund
------------------------------- -------------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/12 7/31/11 7/31/12 7/31/11
----------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,187,731 $ 1,894,556 $ 662,809 $ 437,246
Net realized gain on investments 3,249,263 1,758,644 2,916,441 1,736,243
Change in net unrealized gain (loss)
on investments (9,518,002) 26,432,617 (8,039,169) 17,502,218
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting
from operations $ (4,081,008) $ 30,085,817 $ (4,459,919) $ 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 sales or exchange
of shares $ 31,220,224 $ 37,090,561 $ 17,689,729 $ 19,624,036
Reinvestment of distributions 2,989,892 2,024,851 1,113,126 502,848
Cost of shares repurchased (46,561,663) (50,928,001) (30,405,283) (33,324,579)
----------------------------------------------------------------------------------------------------------
Net decrease in net
assets resulting from Fund
share transactions (12,351,547) (11,812,589) (11,602,428) (13,197,695)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $(19,568,360) $ 16,149,331 $(17,211,879) $ 5,957,717
NET ASSETS:
Beginning of year 227,079,550 210,930,219 130,731,143 124,773,426
----------------------------------------------------------------------------------------------------------
End of year $207,511,190 $227,079,550 $113,519,264 $130,731,143
----------------------------------------------------------------------------------------------------------
Undistributed net investment income,
end of year $ 2,718,010 $ 3,136,571 $ 934,352 $ 1,148,705
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
For the Years Ended 7/31/12 and 7/31/11, respectively
---------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 997,333 $ 10,516,102 1,191,261 $ 12,701,147
Reinvestment of distributions 111,770 1,145,640 86,115 907,650
Less shares repurchased (1,090,725) (11,477,406) (856,446) (9,160,449)
---------------------------------------------------------------------------------------------------
Net increase 18,378 $ 184,336 420,930 $ 4,448,348
===================================================================================================
Class B
Shares sold or exchanged 65,405 $ 672,958 51,466 $ 539,421
Reinvestment of distributions 8,527 85,946 9,721 100,614
Less shares repurchased (150,497) (1,547,463) (184,748) (1,937,126)
---------------------------------------------------------------------------------------------------
Net decrease (76,565) $ (788,559) (123,561) $ (1,297,091)
===================================================================================================
Class C
Shares sold 442,570 $ 4,530,773 551,459 $ 5,732,562
Reinvestment of distributions 25,946 259,717 22,799 234,831
Less shares repurchased (337,214) (3,463,432) (559,199) (5,843,541)
---------------------------------------------------------------------------------------------------
Net increase 131,302 $ 1,327,058 15,059 $ 123,852
===================================================================================================
Class Y
Shares sold 719 $ 7,188 6,658 $ 67,548
Reinvestment of distributions 8 77 -- --
Less shares repurchased (1,291) (13,127) (11,872) (121,198)
---------------------------------------------------------------------------------------------------
Net decrease (564) $ (5,862) (5,214) $ (53,650)
===================================================================================================
---------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 2,068,964 $ 21,265,053 2,398,943 $ 25,138,515
Reinvestment of distributions 263,615 2,628,511 220,770 2,300,415
Less shares repurchased (3,275,964) (33,161,682) (3,262,073) (34,179,243)
---------------------------------------------------------------------------------------------------
Net decrease (943,385) $ (9,268,118) (642,360) $ (6,740,313)
===================================================================================================
Class B
Shares sold or exchanged 43,190 $ 422,180 82,144 $ 825,363
Reinvestment of distributions 24,677 236,900 26,455 264,552
Less shares repurchased (1,016,431) (10,005,913) (1,140,012) (11,447,131)
---------------------------------------------------------------------------------------------------
Net decrease (948,564) $ (9,346,833) (1,031,413) $(10,357,216)
===================================================================================================
Class C
Shares sold 1,350,846 $ 13,060,006 1,427,314 $ 14,089,701
Reinvestment of distributions 77,571 725,290 50,525 495,149
Less shares repurchased (1,114,511) (10,741,161) (1,113,590) (10,973,834)
---------------------------------------------------------------------------------------------------
Net increase 313,906 $ 3,044,135 364,249 $ 3,611,016
===================================================================================================
Class Y
Shares sold 117,189 $ 1,192,924 81,079 $ 852,013
Reinvestment of distributions 12,306 123,799 9,553 100,590
Less shares repurchased (378,802) (3,963,454) (177,633) (1,886,804)
---------------------------------------------------------------------------------------------------
Net decrease (249,307) $ (2,646,731) (87,001) $ (934,201)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 53
Statements of Changes in Net Assets (continued)
For the Years ended 7/31/12 and 7/31/11, respectively
---------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 2,003,752 $ 21,129,016 2,255,820 $ 24,338,181
Reinvestment of distributions 225,622 2,306,260 149,229 1,604,208
Less shares repurchased (2,384,121) (25,028,435) (2,533,543) (27,279,172)
---------------------------------------------------------------------------------------------------
Net decrease (154,747) $ (1,593,159) (128,494) $ (1,336,783)
===================================================================================================
Class B
Shares sold or exchanged 34,878 $ 326,306 110,430 $ 1,050,971
Reinvestment of distributions 27,418 249,232 17,160 163,710
Less shares repurchased (1,072,262) (9,989,741) (1,117,998) (10,682,043)
---------------------------------------------------------------------------------------------------
Net decrease (1,009,966) $ (9,414,203) (990,408) $ (9,467,362)
===================================================================================================
Class C
Shares sold 896,095 $ 8,966,029 1,074,355 $ 11,038,856
Reinvestment of distributions 41,731 405,623 23,184 236,944
Less shares repurchased (1,086,051) (10,818,416) (1,122,998) (11,422,747)
---------------------------------------------------------------------------------------------------
Net decrease (148,225) $ (1,446,764) (25,459) $ (146,947)
===================================================================================================
Class Y
Shares sold 76,808 $ 798,873 61,385 $ 662,553
Reinvestment of distributions 2,764 28,777 1,806 19,989
Less shares repurchased (65,844) (725,071) (142,216) (1,544,039)
---------------------------------------------------------------------------------------------------
Net increase (decrease) 13,728 $ 102,579 (79,025) $ (861,497)
===================================================================================================
---------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 1,265,738 $ 13,140,808 1,364,955 $ 14,624,617
Reinvestment of distributions 100,201 1,013,032 46,096 494,158
Less shares repurchased (1,931,678) (20,155,382) (1,963,006) (20,917,662)
---------------------------------------------------------------------------------------------------
Net decrease (565,739) $ (6,001,542) (551,955) $ (5,798,887)
===================================================================================================
Class B
Shares sold or exchanged 14,573 $ 141,783 44,875 $ 454,912
Reinvestment of distributions 2,120 20,203 -- --
Less shares repurchased (507,652) (4,947,628) (488,665) (4,942,961)
---------------------------------------------------------------------------------------------------
Net decrease (490,959) $ (4,785,642) (443,790) $ (4,488,049)
===================================================================================================
Class C
Shares sold 411,387 $ 4,072,579 424,130 $ 4,282,098
Reinvestment of distributions 7,028 67,759 -- --
Less shares repurchased (497,759) (4,886,040) (624,449) (6,338,664)
---------------------------------------------------------------------------------------------------
Net decrease (79,344) $ (745,702) (200,319) $ (2,056,566)
===================================================================================================
Class Y
Shares sold 32,610 $ 334,559 24,498 $ 262,409
Reinvestment of distributions 1,196 12,132 803 8,690
Less shares repurchased (38,940) (416,233) (101,701) (1,125,292)
---------------------------------------------------------------------------------------------------
Net decrease (5,134) $ (69,542) (76,400) $ (854,193)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.85 $ 10.19 $ 9.40 $ 10.48 $ 11.28
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.28 $ 0.26 $ 0.25 $ 0.39 $ 0.33
Net realized and unrealized gain (loss) on investments (0.09) 0.65 0.86 (0.94) (0.63)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.19 $ 0.91 $ 1.11 $ (0.55) $ (0.30)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.25) $ (0.32) $ (0.31) $ (0.35)
Net realized gain -- -- -- (0.22) (0.15)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.31) $ (0.25) $ (0.32) $ (0.53) $ (0.50)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.12) $ 0.66 $ 0.79 $ (1.08) $ (0.80)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.73 $ 10.85 $ 10.19 $ 9.40 $ 10.48
===========================================================================================================================
Total return* 1.85% 9.04% 11.88% (4.44)% (2.88)%
Ratio of net expenses to average net assets+ ++ 0.78% 0.78% 0.78% 0.78% 0.78%
Ratio of net investment income to average net assets+ ++ 2.69% 2.47% 2.55% 4.43% 2.96%
Portfolio turnover rate 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $42,613 $42,882 $35,986 $25,992 $26,782
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.82% 0.80% 0.84% 1.09% 0.89%
Net investment income 2.65% 2.45% 2.49% 4.12% 2.86%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.78% 0.78% 0.78% 0.78% 0.78%
Net investment income 2.69% 2.47% 2.55% 4.43% 2.97%
===========================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 55
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $10.61 $ 9.99 $ 9.24 $10.31 $11.10
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.19 $ 0.17 $ 0.16 $ 0.31 $ 0.22
Net realized and unrealized gain (loss) on investments (0.09) 0.64 0.83 (0.93) (0.61)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.81 $ 0.99 $(0.62) $(0.39)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.20) $(0.19) $(0.24) $(0.23) $(0.25)
Net realized gain -- -- -- (0.22) (0.15)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.20) $(0.19) $(0.24) $(0.45) $(0.40)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.10) $ 0.62 $ 0.75 $(1.07) $(0.79)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.51 $10.61 $ 9.99 $ 9.24 $10.31
===========================================================================================================================
Total return* 1.04% 8.15% 10.80% (5.31)% (3.72)%
Ratio of net expenses to average net assets+ ++ 1.68% 1.64% 1.68% 1.68% 1.69%
Ratio of net investment income to average net assets+ ++ 1.82% 1.62% 1.67% 3.58% 2.05%
Portfolio turnover rate 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $4,429 $5,285 $6,214 $5,957 $6,370
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.71% 1.64% 1.70% 1.90% 1.73%
Net investment income 1.79% 1.62% 1.64% 3.36% 2.01%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.68% 1.64% 1.68% 1.68% 1.68%
Net investment income 1.82% 1.62% 1.67% 3.58% 2.05%
===========================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
---------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.56 $ 9.96 $ 9.21 $ 10.30 $ 11.09
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.20 $ 0.18 $ 0.17 $ 0.31 $ 0.23
Net realized and unrealized gain (loss) on investments (0.09) 0.63 0.83 (0.95) (0.61)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.11 $ 0.81 $ 1.00 $ (0.64) $ (0.38)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.21) $ (0.25) $ (0.23) $ (0.26)
Net realized gain -- -- -- (0.22) (0.15)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.23) $ (0.21) $ (0.25) $ (0.45) $ (0.41)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.12) $ 0.60 $ 0.75 $ (1.09) $ (0.79)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.44 $ 10.56 $ 9.96 $ 9.21 $ 10.30
===========================================================================================================================
Total return* 1.16% 8.18% 10.91% (5.53)% (3.63)%
Ratio of net expenses to average net assets+ ++ 1.56% 1.55% 1.59% 1.68% 1.63%
Ratio of net investment income to average net assets+ ++ 1.91% 1.71% 1.73% 3.54% 2.10%
Portfolio turnover rate 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $16,257 $15,068 $14,063 $11,184 $11,132
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.56% 1.55% 1.59% 1.80% 1.63%
Net investment income 1.91% 1.71% 1.73% 3.43% 2.10%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.56% 1.55% 1.59% 1.68% 1.63%
Net investment income 1.91% 1.71% 1.73% 3.54% 2.11%
===========================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 57
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.41 $ 9.79 $ 9.02 $ 10.50 $11.30
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.13 $ 0.24 $ 0.28 $ (0.18) $ 0.28
Net realized and unrealized gain (loss) on investments (0.10) 0.65 0.78 (0.97) (0.65)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.89 $ 1.06 $ (1.15) $(0.37)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.23) $(0.27) $(0.29) $ (0.11) $(0.28)
Net realized gain -- -- -- (0.22) (0.15)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.23) $(0.27) $(0.29) $ (0.33) $(0.43)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.20) $ 0.62 $ 0.77 $ (1.48) $(0.80)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.21 $10.41 $ 9.79 $ 9.02 $10.50
===========================================================================================================================
Total return* 0.34% 9.18% 11.89% (10.66)% (3.42)%
Ratio of net expenses to average net assets+ ++ 2.26% 0.82% 0.63% 7.26% 1.25%
Ratio of net investment income to average net assets+ ++ 1.28% 2.36% 2.94% (2.03)% 2.50%
Portfolio turnover rate 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $ 65 $ 72 $ 119 $ 9 $ 10
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 2.26% 0.82% 0.63% 7.26% 1.25%
Net investment income (loss) 1.28% 2.36% 2.94% (2.03)% (2.50)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.26% 0.82% 0.63% 7.26% 1.23%
Net investment income (loss) 1.28% 2.36% 2.94% (2.03)% 2.52%
===========================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
----------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.74 $ 9.68 $ 8.79 $ 10.89 $ 12.50
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.18 $ 0.17 $ 0.16 $ 0.27 $ 0.24
Net realized and unrealized gain (loss) on investments (0.22) 1.07 1.00 (1.63) (1.10)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.04) $ 1.24 $ 1.16 $ (1.36) $ (0.86)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.18) $ (0.27) $ (0.13) $ (0.31)
Net realized gain -- -- -- (0.61) (0.44)
----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.24) $ (0.18) $ (0.27) $ (0.74) $ (0.75)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.28) $ 1.06 $ 0.89 $ (2.10) $ (1.61)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.46 $ 10.74 $ 9.68 $ 8.79 $ 10.89
============================================================================================================================
Total return* (0.27)% 12.91% 13.26% (11.20)% (7.47)%
Ratio of net expenses to average net assets+ ++ 0.72% 0.71% 0.73% 0.74% 0.65%
Ratio of net investment income to average net assets+ ++ 1.75% 1.59% 1.70% 3.20% 2.03%
Portfolio turnover rate 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $118,833 $132,166 $125,354 $120,786 $147,004
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.72% 0.71% 0.73% 0.76% 0.65%
Net investment income 1.75% 1.59% 1.70% 3.18% 2.03%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.72% 0.71% 0.73% 0.74% 0.65%
Net investment income 1.75% 1.59% 1.70% 3.20% 2.03%
============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 59
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.26 $ 9.25 $ 8.41 $ 10.39 $ 11.97
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.08 $ 0.08 $ 0.19 $ 0.13
Net realized and unrealized gain (loss) on investments (0.22) 1.02 0.96 (1.53) (1.06)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.11) $ 1.10 $ 1.04 $ (1.34) $ (0.93)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.09) $ (0.20) $ (0.03) $ (0.21)
Net realized gain -- -- -- (0.61) (0.44)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.11) $ (0.09) $ (0.20) $ (0.64) $ (0.65)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.22) $ 1.01 $ 0.84 $ (1.98) $ (1.58)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 10.26 $ 9.25 $ 8.41 $ 10.39
===========================================================================================================================
Total return* (0.99)% 11.89% 12.39% (11.81)% (8.32)%
Ratio of net expenses to average net assets+ ++ 1.52% 1.52% 1.52% 1.52% 1.52%
Ratio of net investment income to average net assets+ ++ 1.11% 0.83% 0.92% 2.44% 1.16%
Portfolio turnover rate 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $16,072 $26,166 $33,115 $35,197 $50,515
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.60% 1.53% 1.56% 1.63% 1.52%
Net investment income 1.03% 0.82% 0.88% 2.33% 1.16%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.52% 1.52% 1.52% 1.52% 1.51%
Net investment income 1.11% 0.83% 0.92% 2.44% 1.17%
===========================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
---------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.07 $ 9.10 $ 8.29 $ 10.30 $ 11.88
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.10 $ 0.09 $ 0.09 $ 0.19 $ 0.14
Net realized and unrealized gain (loss) on investments (0.22) 1.01 0.94 (1.53) (1.05)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.12) $ 1.10 $ 1.03 $ (1.34) $ (0.91)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.13) $ (0.22) $ (0.06) $ (0.23)
Net realized gain -- -- -- (0.61) (0.44)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.18) $ (0.13) $ (0.22) $ (0.67) $ (0.67)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ 0.97 $ 0.81 $ (2.01) $ (1.58)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.77 $ 10.07 $ 9.10 $ 8.29 $ 10.30
===========================================================================================================================
Total return* (1.08)% 12.12% 12.43% (11.85)% (8.19)%
Ratio of net expenses to average net assets+ ++ 1.41% 1.40% 1.44% 1.52% 1.39%
Ratio of net investment income to average net assets+ ++ 1.06% 0.89% 0.98% 2.44% 1.28%
Portfolio turnover rate 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $53,594 $52,059 $43,725 $37,513 $45,594
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.41% 1.40% 1.44% 1.52% 1.39%
Net investment income 1.06% 0.89% 0.98% 2.44% 1.28%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.41% 1.40% 1.44% 1.52% 1.39%
Net investment income 1.06% 0.89% 0.98% 2.44% 1.28%
===========================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 61
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $10.88 $ 9.80 $ 8.89 $ 10.94 $ 12.55
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.22 $ 0.21 $ 0.20 $ 0.29 $ 0.29
Net realized and unrealized gain (loss) on investments (0.23) 1.09 1.02 (1.55) (1.11)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.01) $ 1.30 $ 1.22 $ (1.26) $ (0.82)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.29) $(0.22) $(0.31) $ (0.18) $ (0.35)
Net realized gain -- -- -- (0.61) (0.44)
---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.29) $(0.22) $(0.31) $ (0.79) $ (0.79)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.30) $ 1.08 $ 0.91 $ (2.05) $ (1.61)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.58 $10.88 $ 9.80 $ 8.89 $ 10.94
===========================================================================================================================
Total return* 0.00%* 13.37% 13.75% (10.09)% (7.10)%
Ratio of net expenses to average net assets+ ++ 0.38% 0.32% 0.33% 0.33% 0.27%
Ratio of net investment income to average net assets+ ++ 2.14% 2.00% 2.10% 3.59% 2.40%
Portfolio turnover rate 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $5,208 $8,069 $8,120 $ 8,015 $17,905
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.38% 0.32% 0.33% 0.33% 0.27%
Net investment income 2.14% 2.00% 2.10% 3.59% 2.40%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.38% 0.32% 0.33% 0.33% 0.27%
Net investment income 2.14% 2.00% 2.10% 3.59% 2.40%
===========================================================================================================================
(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.
+ 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.
* Amount rounds to less than .01%.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
-----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.09 $ 9.77 $ 8.74 $ 11.50 $ 13.47
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.12 $ 0.11 $ 0.19 $ 0.16
Net realized and unrealized gain (loss) on investments (0.29) 1.33 1.10 (2.14) (1.41)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.15) $ 1.45 $ 1.21 $ (1.95) $ (1.25)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.13) $ (0.18) $ (0.04) $ (0.25)
Net realized gain -- -- -- (0.77) (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.19) $ (0.13) $ (0.18) $ (0.81) $ (0.72)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.34) $ 1.32 $ 1.03 $ (2.76) $ (1.97)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.75 $ 11.09 $ 9.77 $ 8.74 $ 11.50
=============================================================================================================================
Total return* (1.31)% 14.85% 13.90% (15.49)% (9.88)%
Ratio of net expenses to average net assets+ ++ 0.76% 0.76% 0.79% 0.79% 0.78%
Ratio of net investment income to average net assets+ ++ 1.29% 1.11% 1.12% 2.24% 1.24%
Portfolio turnover rate 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $134,988 $140,979 $125,433 $111,447 $139,670
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.76% 0.76% 0.80% 0.89% 0.78%
Net investment income 1.29% 1.11% 1.11% 2.14% 1.24%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.76% 0.76% 0.79% 0.79% 0.77%
Net investment income 1.29% 1.11% 1.12% 2.24% 1.25%
=============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 63
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.80 $ 8.64 $ 7.75 $ 10.33 $ 12.17
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.06 $ 0.03 $ 0.03 $ 0.11 $ 0.05
Net realized and unrealized gain (loss) on investments (0.26) 1.17 0.98 (1.92) (1.28)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.20) $ 1.20 $ 1.01 $ (1.81) $ (1.23)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.04) $ (0.12) $ -- $ (0.14)
Net realized gain -- -- -- (0.77) (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.08) $ (0.04) $ (0.12) $ (0.77) $ (0.61)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.28) $ 1.16 $ 0.89 $ (2.58) $ (1.84)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.52 $ 9.80 $ 8.64 $ 7.75 $ 10.33
=============================================================================================================================
Total return* (2.01)% 13.90% 13.03% (16.05)% (10.66)%
Ratio of net expenses to average net assets+ ++ 1.57% 1.57% 1.57% 1.57% 1.58%
Ratio of net investment income to average net assets+ ++ 0.59% 0.35% 0.36% 1.47% 0.44%
Portfolio turnover rate 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $24,941 $35,567 $39,902 $43,390 $61,704
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.66% 1.61% 1.66% 1.77% 1.64%
Net investment income 0.50% 0.31% 0.27% 1.27% 0.38%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.57% 1.57% 1.57% 1.57% 1.57%
Net investment income 0.59% 0.35% 0.36% 1.47% 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.
+ 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.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
-----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.50 $ 9.26 $ 8.30 $ 10.99 $ 12.90
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.06 $ 0.04 $ 0.04 $ 0.11 $ 0.07
Net realized and unrealized gain (loss) on investments (0.27) 1.26 1.04 (2.03) (1.34)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.21) $ 1.30 $ 1.08 $ (1.92) $ (1.27)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.06) $ (0.12) $ -- $ (0.17)
Net realized gain -- -- -- (0.77) (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.11) $ (0.06) $ (0.12) $ (0.77) $ (0.64)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.32) $ 1.24 $ 0.96 $ (2.69) $ (1.91)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.18 $ 10.50 $ 9.26 $ 8.30 $ 10.99
=============================================================================================================================
Total return* (1.91)% 14.10% 13.08% (16.08)% (10.43)%
Ratio of net expenses to average net assets+ ++ 1.46% 1.46% 1.51% 1.57% 1.48%
Ratio of net investment income to average net assets+ ++ 0.59% 0.40% 0.40% 1.44% 0.54%
Portfolio turnover rate 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $45,570 $48,586 $43,087 $36,602 $47,898
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.46% 1.46% 1.51% 1.60% 1.48%
Net investment income 0.59% 0.40% 0.40% 1.40% 0.54%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.46% 1.46% 1.51% 1.57% 1.47%
Net investment income 0.59% 0.40% 0.40% 1.44% 0.54%
=============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 65
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.45 $ 10.07 $ 9.00 $ 11.64 $ 13.55
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.17 $ 0.15 $ 0.20 $ 0.22
Net realized and unrealized gain (loss) on investments (0.44) 1.37 1.14 (1.97) (1.36)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.27) $ 1.54 $ 1.29 $ (1.77) $ (1.14)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.16) $ (0.22) $ (0.10) $ (0.30)
Net realized gain -- -- -- (0.77) (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.23) $ (0.16) $ (0.22) $ (0.87) $ (0.77)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.50) $ 1.38 $ 1.07 $ (2.64) $ (1.91)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.95 $ 11.45 $ 10.07 $ 9.00 $ 11.64
=============================================================================================================================
Total return* (2.28)% 15.39% 14.33% (13.68)% (9.05)%
Ratio of net expenses to average net assets+ ++ 0.50% 0.36% 0.39% 0.39% 0.34%
Ratio of net investment income to average net assets+ ++ 1.60% 1.58% 1.54% 2.44% 1.67%
Portfolio turnover rate 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $ 2,012 $ 1,947 $ 2,508 $ 1,614 $ 2,683
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.50% 0.36% 0.39% 0.39% 0.34%
Net investment income 1.60% 1.58% 1.54% 2.44% 1.67%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.50% 0.36% 0.39% 0.39% 0.34%
Net investment income 1.60% 1.58% 1.54% 2.44% 1.67%
=============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
-----------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.07 $ 9.56 $ 8.45 $ 11.85 $ 14.20
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.06 $ 0.04 $ 0.09 $ 0.07
Net realized and unrealized gain (loss) on investments (0.42) 1.51 1.16 (2.54) (1.69)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.34) $ 1.57 $ 1.20 $ (2.45) $ (1.62)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.06) $ (0.09) $ -- $ (0.23)
Net realized gain -- -- -- (0.95) (0.50)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.13) $ (0.06) $ (0.09) $ (0.95) $ (0.73)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.47) $ 1.51 $ 1.11 $ (3.40) $ (2.35)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.60 $ 11.07 $ 9.56 $ 8.45 $ 11.85
=============================================================================================================================
Total return* (3.06)% 16.42% 14.16% (19.05)% (12.03)%
Ratio of net expenses to average net assets+ ++ 0.85% 0.85% 0.85% 0.85% 0.84%
Ratio of net investment income to average net assets+ ++ 0.76% 0.52% 0.44% 1.07% 0.54%
Portfolio turnover rate 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $82,940 $92,878 $85,488 $79,480 $102,941
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.87% 0.85% 0.88% 1.01% 0.84%
Net investment income 0.74% 0.52% 0.41% 0.91% 0.54%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.85% 0.85% 0.85% 0.85% 0.83%
Net investment income 0.76% 0.52% 0.44% 1.07% 0.55%
=============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 67
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.35 $ 8.96 $ 7.93 $ 11.29 $ 13.55
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.01 $ (0.02) $ (0.03) $ 0.02 $ (0.03)
Net realized and unrealized gain (loss) on investments (0.40) 1.41 1.08 (2.43) (1.61)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.39) $ 1.39 $ 1.05 $ (2.41) $ (1.64)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.01) $ -- $ (0.02) $ -- $ (0.12)
Net realized gain -- -- -- (0.95) (0.50)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.01) $ -- $ (0.02) $ (0.95) $ (0.62)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.40) $ 1.39 $ 1.03 $ (3.36) $ (2.26)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $ 10.35 $ 8.96 $ 7.93 $ 11.29
=============================================================================================================================
Total return* (3.72)% 15.51% 13.22% (19.69)% (12.72)%
Ratio of net expenses to average net assets+ ++ 1.64% 1.64% 1.64% 1.64% 1.65%
Ratio of net investment income to average net assets+ ++ 0.05% (0.21)% (0.33)% 0.28% (0.28)%
Portfolio turnover rate 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $12,074 $17,642 $19,256 $20,884 $30,405
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.77% 1.71% 1.76% 1.89% 1.71%
Net investment income (loss) (0.08)% (0.28)% (0.45)% 0.04% (0.34)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.64% 1.64% 1.64% 1.64% 1.64%
Net investment income (loss) 0.05% (0.21)% (0.33)% 0.28% (0.27)%
=============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
-----------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.50 $ 9.08 $ 8.04 $ 11.43 $ 13.73
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.00(b) $ (0.01) $ (0.03) $ 0.02 $ (0.02)
Net realized and unrealized gain (loss) on investments (0.38) 1.43 1.10 (2.46) (1.62)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.38) $ 1.42 $ 1.07 $ (2.44) $ (1.64)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.05) $ -- $ (0.03) $ -- $ (0.16)
Net realized gain -- -- -- (0.95) (0.50)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.05) $ -- $ (0.03) $ (0.95) $ (0.66)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.43) $ 1.42 $ 1.04 $ (3.39) $ (2.30)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.07 $ 10.50 $ 9.08 $ 8.04 $ 11.43
=============================================================================================================================
Total return* (3.61)% 15.64% 13.25% (19.71)% (12.61)%
Ratio of net expenses to average net assets+ ++ 1.56% 1.55% 1.58% 1.64% 1.53%
Ratio of net investment income to average net assets+ ++ 0.01% (0.14)% (0.31)% 0.27% (0.16)%
Portfolio turnover rate 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $17,317 $18,899 $18,161 $17,171 $22,930
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 1.56% 1.55% 1.58% 1.70% 1.53%
Net investment income (loss) 0.01% (0.14)% (0.31)% 0.21% (0.16)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.56% 1.55% 1.58% 1.64% 1.52%
Net investment income (loss) 0.01% (0.14)% (0.31)% 0.27% (0.15)%
=============================================================================================================================
(a) Calculated using average shares outstanding for the period.
(b) Amount rounds to less than $.01.
* 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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 69
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.24 $ 9.67 $ 8.55 $ 12.02 $14.26
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.11 $ 0.08 $ 0.13 $ 0.15
Net realized and unrealized gain (loss) on investments (0.55) 1.56 1.16 (2.65) (1.60)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.43) $ 1.67 $ 1.24 $ (2.52) $ (1.45)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.10) $ (0.12) $ -- $ (0.29)
Net realized gain -- -- -- (0.95) (0.50)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.10) $ (0.12) $ (0.95) $ (0.79)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.59) $ 1.57 $ 1.12 $ (3.47) $ (2.24)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.65 $ 11.24 $ 9.67 $ 8.55 $ 12.02
=============================================================================================================================
Total return* (3.76)% 17.32% 14.49% (19.35)% (10.83)%
Ratio of net expenses to average net assets+ ++ 0.55% 0.46% 0.42% 0.43% 0.35%
Ratio of net investment income to average net assets+ ++ 1.11% 0.99% 0.88% 1.58% 1.06%
Portfolio turnover rate 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $ 1,189 $ 1,311 $ 1,868 $ 1,627 $ 3,105
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees paid
indirectly:
Total expenses 0.55% 0.46% 0.42% 0.43% 0.35%
Net investment income 1.11% 0.99% 0.88% 1.58% 1.06%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.55% 0.46% 0.42% 0.43% 0.35%
Net investment income 1.11% 0.99% 0.88% 1.58% 1.06%
=============================================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Notes to Financial Statements | 7/31/12
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 affiliated 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
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 71
power is determined not by the number of shares owned, but by the dollar value
of the shares on the record date. Each share class has exclusive voting rights
with respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. 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.
To obtain information on the investment policies of an underlying
affiliated fund, please refer to that fund's individual prospectus.
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,
72 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The Pioneer Ibbotson Conservative, Moderate, Growth and Aggressive
Allocation Funds have net capital loss carryforwards of $4,237,238,
$38,836,633, $50,280,043, and $35,819,049, respectively, of which the
following amounts will expire in between 2017 and 2019 if not utilized:
--------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Fund Fund Fund Fund
--------------------------------------------------------------------------------
2017 $ -- $ 724,275 $ 2,604,757 $ 2,209,010
2018 4,237,238 36,226,123 43,117,411 32,150,758
2019 -- 1,886,235 4,557,875 1,459,281
--------------------------------------------------------------------------------
$4,237,238 $38,836,633 $50,280,043 $35,819,049
================================================================================
At July 31, 2012, the Funds made reclassifications as listed below. These
reclassifications have no impact on the net asset values of the respective
Funds and are designed to present the Funds' capital accounts on a tax
basis.
--------------------------------------------------------------------------------
Undistributed Net Accumulated
Paid in Investment Realized
Fund Capital Income (Loss) Gain (Loss)
--------------------------------------------------------------------------------
Conservative Fund $-- $ 94,562 $ (94,562)
Moderate Fund -- 438,240 (438,240)
Growth Fund -- 529,513 (529,513)
Aggressive Fund -- 272,370 (272,370)
The tax character of distributions paid during the year ended July 31,
2012 was as follows:
--------------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
--------------------------------------------------------------------------------
Conservative Fund $1,629,458 $-- $1,629,458
Moderate Fund 4,066,485 -- 4,066,485
Growth Fund 3,135,805 -- 3,135,805
Aggressive Fund 1,149,532 -- 1,149,532
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
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 73
The following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2012:
-------------------------------------------------------------------------------------------------------
Undistributed Other Book/Tax Net Unrealized
Ordinary Capital Loss Late Year Temporary Appreciation
Fund Income Carryforward Losses Differences Depreciation
-------------------------------------------------------------------------------------------------------
Conservative Fund $ 945,174 $ (4,237,238) $ (67,815) $ (975,367) $ 5,803,800
Moderate Fund 3,415,089 (38,836,633) (253,376) (2,977,636) 24,271,913
Growth Fund 2,715,458 (50,280,043) (177,058) (1,740,312) 28,665,370
Aggressive Fund 934,352 (35,819,049) (63,908) (1,694,766) 18,488,717
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 year ended July 31, 2012:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $22,486
Moderate Fund $37,667
Growth Fund $59,026
Aggressive Fund $39,216
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 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.
74 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 year ended July 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 July 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. Included in
"Due to affiliates" reflected on the Statements of Assets and Liabilities are
the following amounts payable to PIM at July 31, 2012:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $11,099
Moderate Fund $34,137
Growth Fund $36,627
Aggressive Fund $20,067
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 75
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 July 31, 2012:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $11,986
Moderate Fund $40,191
Growth Fund $54,180
Aggressive Fund $37,791
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.
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts in distribution fees payable to PFD at
July 31, 2012.
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $28,164
Moderate Fund $89,422
Growth Fund $93,933
Aggressive Fund $45,153
76 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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 year ended July 31, 2012, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 4,203
Moderate Fund $21,390
Growth Fund $19,403
Aggressive Fund $ 9,867
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:
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 77
Pioneer Ibbotson Conservative Allocation Fund
-------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
-------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund 15,337 248,145 (2,511) 260,971
Pioneer Bond Fund 1,466,392 107,062 (340,491) 1,232,963
Pioneer Cullen Value Fund 66,843 5,949 (2,843) 69,949
Pioneer Disciplined Growth Fund 179,265 9,293 (61,205) 127,353
Pioneer Disciplined Value Fund 277,977 18,920 (125,370) 171,527
Pioneer Emerging Markets Fund 19,273 6,684 (628) 25,329
Pioneer Equity Income Fund 39,653 7,175 (17,313) 29,515
Pioneer Floating Rate Fund 91,453 2,820 (2,881) 91,392
Pioneer Fund 59,687 4,823 (13,427) 51,083
Pioneer Fundamental Growth Fund 103,093 3,310 (7,993) 98,410
Pioneer Global Aggregate Bond Fund 99,971 11,953 (457) 111,467
Pioneer Global Equity Fund 188,353 68,094 (7,279) 249,168
Pioneer Global High Yield Fund 359,271 87,587 (56,979) 389,879
Pioneer Growth Opportunities Fund 20,505 2,423 (1,427) 21,501
Pioneer High Yield Fund 180,699 169,480 (102,015) 248,164
Pioneer International Value Fund 122,705 85,629 (2,790) 205,544
Pioneer Mid Cap Value Fund 54,400 6,517 (2,807) 58,110
Pioneer Multi-Asset Ultrashort Income Fund 3,758 59,409 (669) 62,498
Pioneer Real Estate Shares 14,335 18,590 (14,282) 18,643
Pioneer Research Fund 127,269 5,500 (10,250) 122,519
Pioneer Select Mid Cap Growth Fund 32,343 2,766 (2,590) 32,519
Pioneer Short Term Income Fund 1,558,396 109,021 (335,996) 1,331,421
Pioneer Strategic Income Fund 400,208 57,123 (13,365) 443,966
-------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund $ (751) $ -- $ 137,815 $ 2,539,244
Pioneer Bond Fund 89,463 71,614 618,257 12,021,392
Pioneer Cullen Value Fund (3,812) -- 25,671 1,282,856
Pioneer Disciplined Growth Fund (62,240) 132,782 8,599 1,287,542
Pioneer Disciplined Value Fund (57,285) 115,839 26,358 1,476,849
Pioneer Emerging Markets Fund (3,505) 25,579 -- 617,019
Pioneer Equity Income Fund (1,825) -- 34,170 811,970
Pioneer Floating Rate Fund (739) -- 30,148 629,691
Pioneer Fund (28,109) -- 39,715 2,072,958
Pioneer Fundamental Growth Fund 17,999 30,764 6,723 1,294,087
Pioneer Global Aggregate Bond Fund (156) 2,501 36,919 1,268,494
Pioneer Global Equity Fund (3,929) -- 35,703 2,364,603
Pioneer Global High Yield Fund 18,659 -- 289,949 3,750,636
Pioneer Growth Opportunities Fund 2,219 -- -- 624,186
Pioneer High Yield Fund (26,025) -- 101,154 2,464,265
Pioneer International Value Fund (3,272) -- 58,434 3,539,474
Pioneer Mid Cap Value Fund (5,058) -- 16,360 1,258,092
Pioneer Multi-Asset Ultrashort Income Fund (35) -- 11,408 627,476
Pioneer Real Estate Shares 129,681 -- 2,834 464,386
Pioneer Research Fund 11,961 -- 10,832 1,285,228
Pioneer Select Mid Cap Growth Fund 2,768 -- -- 628,913
Pioneer Short Term Income Fund (44,640) -- 423,386 12,861,529
Pioneer Strategic Income Fund (3,660) 37,774 230,603 4,910,259
---------- ---------- ---------- ------------
$ 27,709 $ 416,853 $2,145,038 $ 60,081,149
========== ========== ========== ============
78 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Pioneer Ibbotson Moderate Allocation Fund
-------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
-------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund -- 520,922 -- 520,922
Pioneer Bond Fund 3,134,957 7,179 (787,963) 2,354,173
Pioneer Cullen Value Fund 474,048 469 (73,981) 400,536
Pioneer Disciplined Growth Fund 1,071,990 -- (332,669) 739,321
Pioneer Disciplined Value Fund 1,243,683 245 (357,972) 885,956
Pioneer Emerging Markets Fund 274,513 19,688 (819) 293,382
Pioneer Equity Income Fund 173,921 23,726 (23,053) 174,594
Pioneer Fund 317,329 413 (74,740) 243,002
Pioneer Fundamental Growth Fund 749,298 4,341 (168,091) 585,548
Pioneer Global Aggregate Bond Fund 124,697 142,155 -- 266,852
Pioneer Global Equity Fund 1,444,620 88,726 (53,520) 1,479,826
Pioneer Global High Yield Fund 837,725 149,921 (208,429) 779,217
Pioneer Growth Opportunities Fund 221,462 578 (15,421) 206,619
Pioneer High Yield Fund 398,476 155,797 (135,201) 419,072
Pioneer International Value Fund 762,546 162,208 (10,597) 914,157
Pioneer Mid Cap Value Fund 477,170 41,223 (1,322) 517,071
Pioneer Multi-Asset Ultrashort Income Fund -- 141,624 -- 141,624
Pioneer Oak Ridge Small Cap Growth Fund 202,918 1,611 (2,256) 202,273
Pioneer Real Estate Shares 218,374 25,422 (116,975) 126,821
Pioneer Research Fund 452,627 -- (54,558) 398,069
Pioneer Select Mid Cap Growth Fund 232,368 258 (21,305) 211,321
Pioneer Short Term Income Fund 3,167,271 13,187 (761,215) 2,419,243
Pioneer Strategic Income Fund 401,852 43,103 (39,273) 405,682
-------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund $ -- $ -- $ 248,614 $ 5,068,569
Pioneer Bond Fund 389,882 140,959 1,221,389 22,953,183
Pioneer Cullen Value Fund 70,084 -- 167,919 7,345,839
Pioneer Disciplined Growth Fund (288,104) 734,801 52,978 7,474,535
Pioneer Disciplined Value Fund (330,738) 526,750 120,460 7,628,084
Pioneer Emerging Markets Fund (529) 315,856 -- 7,146,796
Pioneer Equity Income Fund (7,614) -- 155,658 4,803,072
Pioneer Fund 118,331 -- 190,112 9,861,025
Pioneer Fundamental Growth Fund 248,992 209,801 45,293 7,699,957
Pioneer Global Aggregate Bond Fund -- 3,954 74,450 3,036,776
Pioneer Global Equity Fund 65,494 -- 252,171 14,043,546
Pioneer Global High Yield Fund (160,915) -- 582,720 7,496,068
Pioneer Growth Opportunities Fund 63,260 -- -- 5,998,155
Pioneer High Yield Fund (183,985) -- 196,291 4,161,382
Pioneer International Value Fund 15,027 -- 273,933 15,741,777
Pioneer Mid Cap Value Fund (5,358) -- 139,404 11,194,578
Pioneer Multi-Asset Ultrashort Income Fund -- -- 19,944 1,421,903
Pioneer Oak Ridge Small Cap Growth Fund (6,759) 291,087 -- 5,736,467
Pioneer Real Estate Shares 958,843 -- 63,879 3,159,109
Pioneer Research Fund 22,496 -- 36,084 4,175,741
Pioneer Select Mid Cap Growth Fund 29,707 -- -- 4,086,953
Pioneer Short Term Income Fund (100,601) -- 824,067 23,369,888
Pioneer Strategic Income Fund 3,783 35,227 214,705 4,486,847
---------- ---------- ---------- ------------
$ 901,296 $2,258,435 $4,880,071 $188,090,250
========== ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 79
Pioneer Ibbotson Growth Allocation Fund
-------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
-------------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,497,038 49,938 (483,981) 2,062,995
Pioneer Cullen Value Fund 620,934 436 (153,135) 468,235
Pioneer Disciplined Growth Fund 1,209,500 125 (242,364) 967,261
Pioneer Disciplined Value Fund 1,270,424 15,718 (114,654) 1,171,488
Pioneer Emerging Markets Fund 417,673 51,931 (27,538) 442,066
Pioneer Equity Income Fund 319,960 1,107 (37,344) 283,723
Pioneer Fund 371,368 1,969 (120,807) 252,530
Pioneer Fundamental Growth Fund 1,116,936 12,279 (259,573) 869,642
Pioneer Global Aggregate Bond Fund 42,686 264,689 -- 307,375
Pioneer Global Equity Fund 1,842,604 57,301 (146,918) 1,752,987
Pioneer Global High Yield Fund 491,324 -- (46,656) 444,668
Pioneer Government Income Fund 817 -- (817) --
Pioneer Growth Opportunities Fund 316,387 6,133 (34,065) 288,455
Pioneer High Yield Fund 124,182 53,022 -- 177,204
Pioneer Independence Fund 1,429 -- (769) 660
Pioneer International Value Fund 1,040,993 282,300 -- 1,323,293
Pioneer Mid Cap Value Fund 682,791 9,819 (43,349) 649,261
Pioneer Oak Ridge Large Cap Growth Fund 1,362 -- (765) 597
Pioneer Oak Ridge Small Cap Growth Fund 207,781 6,046 (49) 213,778
Pioneer Real Estate Shares 284,870 14,630 (66,649) 232,851
Pioneer Research Fund 717,771 -- (71,193) 646,578
Pioneer Select Mid Cap Growth Fund 248,680 45,939 (4,415) 290,204
Pioneer Short Term Income Fund 1,622,876 194,540 (49,053) 1,768,363
Pioneer Strategic Income Fund 403,597 20,489 (14,797) 409,289
Pioneer Value Fund 1,602 -- (961) 641
-------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-------------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 253,970 $ 103,932 $ 958,827 $ 20,114,197
Pioneer Cullen Value Fund (42,951) -- 207,247 8,587,436
Pioneer Disciplined Growth Fund (178,237) 912,648 66,838 9,779,013
Pioneer Disciplined Value Fund (82,366) 619,431 144,079 10,086,516
Pioneer Emerging Markets Fund (58,148) 451,180 -- 10,768,733
Pioneer Equity Income Fund (85,553) -- 255,972 7,805,230
Pioneer Fund (149,542) -- 211,692 10,247,651
Pioneer Fundamental Growth Fund 692,008 330,179 71,558 11,435,787
Pioneer Global Aggregate Bond Fund -- 5,817 94,378 3,497,922
Pioneer Global Equity Fund 162,511 -- 312,969 16,635,846
Pioneer Global High Yield Fund 99,774 -- 378,452 4,277,707
Pioneer Government Income Fund 842 -- 9 --
Pioneer Growth Opportunities Fund 78,131 -- -- 8,373,856
Pioneer High Yield Fund -- -- 87,703 1,759,632
Pioneer Independence Fund 3,941 -- -- 7,971
Pioneer International Value Fund -- -- 385,466 22,787,111
Pioneer Mid Cap Value Fund (213,833) -- 191,813 14,056,492
Pioneer Oak Ridge Large Cap Growth Fund 2,667 -- -- 7,903
Pioneer Oak Ridge Small Cap Growth Fund (237) 301,934 -- 6,062,755
Pioneer Real Estate Shares (12,129) -- 125,454 5,800,317
Pioneer Research Fund 24,897 -- 58,281 6,782,602
Pioneer Select Mid Cap Growth Fund 408 -- -- 5,612,554
Pioneer Short Term Income Fund (6,554) -- 553,967 17,082,391
Pioneer Strategic Income Fund (4,868) 37,645 224,370 4,526,734
Pioneer Value Fund 1,766 -- 168 7,528
---------- ---------- ---------- ------------
$ 486,497 $2,762,766 $4,329,243 $206,103,884
========== ========== ========== ============
80 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Pioneer Ibbotson Aggressive Allocation Fund
-------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
-------------------------------------------------------------------------------------------------------
Pioneer Bond Fund 863,769 1,171 (123,421) 741,519
Pioneer Cullen Value Fund 358,061 104 (104,789) 253,376
Pioneer Disciplined Growth Fund 587,626 24,514 (134,750) 477,390
Pioneer Disciplined Value Fund 670,047 56,211 (84,861) 641,397
Pioneer Emerging Markets Fund 288,266 39,318 (3,889) 323,695
Pioneer Equity Income Fund 204,864 21,530 (66,175) 160,219
Pioneer Fund 219,373 121 (69,392) 150,102
Pioneer Fundamental Growth Fund 693,239 4,459 (233,422) 464,276
Pioneer Global Equity Fund 1,209,231 37,182 (109,288) 1,137,125
Pioneer Growth Opportunities Fund 224,279 70 (53,114) 171,235
Pioneer High Yield Fund 408 -- (408) --
Pioneer Independence Fund 280 -- (280) --
Pioneer International Value Fund 904,380 132,315 (9,722) 1,026,973
Pioneer Mid Cap Value Fund 601,898 12,412 (78,210) 536,100
Pioneer Oak Ridge Small Cap Growth Fund 144,272 12,768 -- 157,040
Pioneer Real Estate Shares 238,179 12,690 (66,659) 184,210
Pioneer Research Fund 407,172 -- (99,759) 307,413
Pioneer Select Mid Cap Growth Fund 210,170 21,002 (4,622) 226,550
Pioneer Short Term Income Fund -- 225,815 -- 225,815
Pioneer Strategic Income Fund 228,384 857 (11,622) 217,619
-------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-------------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 100,891 $ 38,053 $ 346,937 $ 7,229,807
Pioneer Cullen Value Fund 77,751 -- 116,228 4,646,910
Pioneer Disciplined Growth Fund (79,553) 464,325 34,073 4,826,413
Pioneer Disciplined Value Fund (58,946) 323,231 78,857 5,522,426
Pioneer Emerging Markets Fund 6,725 331,771 -- 7,885,216
Pioneer Equity Income Fund (51,143) -- 162,271 4,407,638
Pioneer Fund (185,370) -- 124,116 6,091,137
Pioneer Fundamental Growth Fund 905,679 198,853 42,673 6,105,226
Pioneer Global Equity Fund 168,645 -- 205,208 10,791,318
Pioneer Growth Opportunities Fund 247,222 -- -- 4,970,965
Pioneer High Yield Fund 1,110 -- 6 --
Pioneer Independence Fund 1,594 -- -- --
Pioneer International Value Fund (19,799) -- 316,208 17,684,476
Pioneer Mid Cap Value Fund (407,208) -- 165,461 11,606,562
Pioneer Oak Ridge Small Cap Growth Fund -- 218,004 -- 4,453,662
Pioneer Real Estate Shares 544,084 -- 97,506 4,588,681
Pioneer Research Fund 72,126 -- 32,586 3,224,762
Pioneer Select Mid Cap Growth Fund 765 -- -- 4,381,471
Pioneer Short Term Income Fund -- -- 45,331 2,181,377
Pioneer Strategic Income Fund (3,554) 21,185 124,872 2,406,871
---------- ---------- ---------- ------------
$1,321,019 $1,595,422 $1,892,333 $113,004,918
========== ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 81
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Ibbotson Asset Allocation Series:
--------------------------------------------------------------------------------
We have audited the accompanying statements of assets and liabilities of Pioneer
Ibbotson Asset Allocation Series (the "Funds", comprising, respectively, the
Pioneer Ibbotson Conservative Allocation Fund, the Pioneer Ibbotson Moderate
Allocation Fund, the Pioneer Ibbotson Growth Allocation Fund and the Pioneer
Ibbotson Aggressive Allocation Fund), including the schedules of investments, as
of July 31, 2012, and the related statements of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of July 31, 2012 by correspondence with the custodian. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds constituting the Pioneer Ibbotson Asset Allocation
Series at July 31, 2012, the results of their operations for the year then
ended, the changes in their net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
/s/Ernst + Young LLP
Boston, Massachusetts
September 25, 2012
82 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Investment Subadviser
Ibbotson Associates, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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 Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Funds includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 83
Independent Trustees
-----------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
-----------------------------------------------------------------------------
Thomas J. Perna (61) Chairman of the Board Trustee since 2006.
and Trustee Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
David R. Bock (68) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); Director,
Quadriserv, Inc. (2005 -
present); and Commis-
sioner, New Jersey State
Civil Service Commission
(2011 - present)
----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Managing Partner, Federal City Capital Advisors (corporate advi- Director of Enterprise Com-
sory services company) (1997 - 2004 and 2008 - present); munity Investment, Inc.
Interim Chief Executive Officer, Oxford Analytica, Inc. (privately (privately held affordable
held research and consulting company) (2010); Executive Vice housing finance company)
President and Chief Financial Officer, I-trax, Inc. (publicly traded (1985 - 2010); Director of
health care services company) (2004 - 2007); and Executive Oxford Analytica, Inc. (2008
Vice President and Chief Financial Officer, Pedestal Inc. (internet- - present); Director of The
based mortgage trading company) (2000 - 2002) Swiss Helvetia Fund, Inc.
(closed-end fund) (2010 -
present); and Director of
New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009,
2012 - present)
----------------------------------------------------------------------------------------------------------------------------------
84 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
-----------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
-----------------------------------------------------------------------------
Mary K. Bush (64) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (64) Chairman, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Senior Managing Director, Brock tional, Inc. (2008 - pres-
Capital Group, LLC (strategic business advisors) (2010 - pres- ent); Director of Discover
ent); Managing Director, Federal Housing Finance Board (over- Financial Services (credit
sight of Federal Home Loan Bank system) (1989 - 1991); Vice card issuer and electronic
President and Head of International Finance, Federal National payment services) (2007 -
Mortgage Association (1988 - 1989); U.S. Alternate Executive present); Former Director of
Director, International Monetary Fund (1984 - 1988); Executive Briggs & Stratton Co.
Assistant to Deputy Secretary of the U.S. Treasury, U.S. Treasury (engine manufacturer)
Department (1982 - 1984); and Vice President and Team (2004 - 2009); Former
Leader in Corporate Banking, Bankers Trust Co. (1976 - 1982) Director of UAL Corporation
(airline holding company)
(2006 - 2010); Director of
ManTech International Cor-
poration (national security,
defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director
of Mortgage Guaranty
Insurance Corporation
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 85
Independent Trustees (continued)
-----------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
-----------------------------------------------------------------------------
Mary K. Bush (continued)
-----------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) (1991 - 2006); Former
Director of Millennium
Chemicals, Inc. (commodity
chemicals) (2002 - 2005);
Former Director, R.J. Reyn-
olds Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
-----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund
complex) (1989 - 2008)
-----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present); Desau-
tels Faculty of Management, McGill University (1999 - present);
and Manager of Research Operations and Organizational Learn-
ing, Xerox PARC, Xerox's advance research center (1990 - 1994)
-----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------------
86 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
-----------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
-----------------------------------------------------------------------------
Stephen K. West (83) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, Invesco, Ltd.
(formerly AMVESCAP, PLC)
(investment manager)
(1997 - 2005)
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 87
Interested Trustees
-------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
-------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee and President Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
-------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
-------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin) (until October 2011);
President and a director of Pioneer Alternative Investment Man-
agement (Bermuda) Limited and affiliated funds; Deputy Chair-
man and a director of Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc. (2004 - 2011); Direc-
tor of Fiduciary Counseling, Inc. (until December 2011); Presi-
dent of all of the Pioneer Funds; and Retired Partner, Wilmer
Cutler Pickering Hale and Dorr LLP
-----------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
-----------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
88 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
Fund Officers
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
Christopher J. Kelley (47) Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Carol B. Hannigan (51) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Thomas Reyes (49) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Mark E. Bradley (52) Treasurer Since 2008. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Luis I. Presutti (47) Assistant Treasurer Since 2004. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Gary Sullivan (54) Assistant Treasurer Since 2004. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
-----------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (47) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
-----------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Vice President -- Fund Treasury of Pioneer; Treasurer of all of the None
Pioneer Funds since March 2008; Deputy Treasurer of Pioneer
from March 2004 to February 2008; and Assistant Treasurer of
all of the Pioneer Funds from March 2004 to February 2008
-----------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Assistant Vice President -- Fund Treasury of Pioneer; and None
Assistant Treasurer of all of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Fund Accounting Manager -- Fund Treasury of Pioneer; and None
Assistant Treasurer of all of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 89
Fund Officers (continued)
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
David F. Johnson (32) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Jean M. Bradley (59) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
--------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
-----------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Fund Administration Manager -- Fund Treasury of Pioneer since None
November 2008; Assistant Treasurer of all of the Pioneer Funds
since January 2009; and Client Service Manager -- Institutional
Investor Services at State Street Bank from March 2003 to March
2007
-----------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
-----------------------------------------------------------------------------------------------------------------------------------
90 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
This page for your notes.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12 91
This page for your notes.
92 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/12
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.
Audit Fees
Fees for audit services provided to the Funds, including fees
associated with the annual filing of its Form N-1A, totaled
approximately $99,903 in 2012 and $149,943 in 2011.
(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.
Audit-Related Fees
There were no fees for audit-related services
provided to the Funds during the fiscal years ended July 31,
2012 and 2011.
(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.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $33,160 and $33,160 in 2012 and
2011, respectively.
(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.
Other Fees
There were no fees for other services
provided to the Funds during the fiscal years ended July 31,
2012 and 2011.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC pre-
approval rules, the Funds' audit committee is required to
pre-approve services to affiliates defined by SEC rules to the
extent that the services are determined to have a direct
impact on the operations or financial reporting of the Funds.
For the years ended July 31, 2012 and 2011, there were no
services provided to an affiliate that required the Funds'
audit committee pre-approval.
(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.
The aggregate non-audit fees for the Funds and affiliates, as
previously defined, totaled approximately $33,160 in 2012
and $33,160 in 2011.
(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 September 28, 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 September 28, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date September 28, 2012
* Print the name and title of each signing officer under his or her signature.