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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, 2012 through January 31, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Ibbotson Asset
Allocation Series
--------------------------------------------------------------------------------
Semiannual Report | January 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Class Fund Fund Fund Fund
----- ---- ---- ---- ----
A PIAVX PIALX GRAAX PIAAX
B PIBVX PIBLX GRABX IALBX
C PICVX PIDCX GRACX IALCX
Y IBBCX IMOYX IBGYX IBAYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Fund Reviews 8
Comparing Ongoing Fund Expenses 10
Prices and Distributions 18
Portfolio Summary & Performance Update 21
Schedule of Investments 41
Financial Statements 49
Notes to Financial Statements 71
Approval of Investment Advisory and Sub-Advisory Agreements 82
Trustees, Officers and Service Providers 102
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 1
President's Letter
Dear Shareowner,
Pioneer has been cautiously optimistic about the U.S. economy from the start of
the year, and the data continues to be encouraging. Employment continues to
rise, albeit slowly, and we believe it should continue to do so in 2013, barring
a negative shock to the system. The housing and auto sectors continue to
recover, benefiting from record-low interest rates. Banks' willingness to lend
to consumers and businesses also continues to rise, broad measures of inflation
remain subdued, and, if the weather improves in 2013, that should help to bring
food prices back down. While corporate profit growth has slowed, many U.S.
companies still have strong balance sheets and continue to display the ability
to both pay and increase dividends*.
While the so-called "fiscal cliff" scheduled to take effect at year-end
dominated the media in December--and while no deal was struck before markets
closed for the year--investors who owned financial assets like equities and
high-yield corporate bonds generally enjoyed good returns in 2012. The Standard
& Poor's 500 Index returned 16% in 2012, and the Bank of America Merrill Lynch
High Yield Master II Index returned 15.6%. Meanwhile, the higher-quality
Barclays Aggregate Bond Index gained 4.2% for the year, the safer-still Barclays
Intermediate Treasuries Index returned 3.9%, and 3-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned just 0.1%
in 2012.
Despite generally improving economic conditions and positive market returns in
2012, investors still face daunting challenges in the year ahead, although we
remain optimistic that the underlying economic trends are moving in the right
direction. The year-end "fiscal cliff" deal did not eliminate the risk of
further tax increases or spending cuts, nor did it eliminate the risk that the
U.S. could face further downgrades to its credit rating from one or more of the
major ratings agencies.The Federal Reserve Board continues to provide
extraordinary support to the U.S. economy and the bond market, but will not do
so indefinitely. Europe has made progress towards dampening its sovereign-debt
crisis, but has not resolved the problem as yet; the region also was mired in a
recession as 2012 drew to a close. In Asia, Japan continues to struggle with low
economic growth,
* Dividends are not guaranteed.
2 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
deflation, high levels of debt, and an aging population. In the emerging
markets, China and other developing economies, while generally in better shape
than most "developed" markets, also face a range of ongoing challenges.
While most of the risks outlined above are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility tied to these factors.
At Pioneer, we have long advocated the benefits of staying diversified* and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
In 2013, Pioneer proudly celebrates its 85th anniversary. Since 1928, our
investment teams have sought out attractive opportunities in global equity and
bond markets, using in-depth research to identify undervalued individual
securities, and using thoughtful risk management to construct portfolios which
balance potential risks and reward in an ever-changing world.
We encourage 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.
* Diversification does not assure a profit nor protect against loss in a
declining market.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 3
Portfolio Management Discussion | 1/31/13
In the following interview, portfolio manager Brian Huckstep, CFA, Ibbotson
Associates, Inc., sub-adviser to the Pioneer Ibbotson Asset Allocation Series
portfolios, discusses the market environment and investment strategies that were
applied to the portfolios during the six-month period ended January 31, 2013.
Q Could you characterize the economic and market backdrop during the six
months ended January 31, 2013?
A As the period began, concern over the European sovereign-debt crisis and its
potential to affect the global economy continued to constrain investor
sentiment. As the period progressed, however, markets increasingly began to
anticipate increased easing measures from global central banks. Those
expectations were met in September 2012 when the European Central Bank (ECB)
lowered its overnight deposit rate to zero and announced a plan for
open-ended purchases of short-term bonds issued by countries in the euro
zone requesting aid; the ECB's move greatly diminished the risk of a
sovereign default and quelled some of the market's concerns. At roughly the
same time, the U.S. Federal Reserve Board (the Fed), citing worrisome
employment data, announced plans for another round of quantitative easing
(QE3), which entailed the central bank's purchasing Treasury bonds as well
as government agency mortgages in the open market; investors also
interpreted some of the Fed's actions as an indication that the central bank
would be willing to keep short-term interest rates at or near zero for an
indefinite period.
The prospect of prolonged central-bank monetary support for the global
economy led to an increase in investors' risk appetites and boosted stock
valuations.
The upward momentum for riskier assets was tempered following the November
2012 U.S. elections, as investors began to focus on the political stalemate
in Washington that had the potential to threaten the health of the U.S.
economy due to the so-called "fiscal cliff"--a combination of automatic
budget cuts and tax increases that were scheduled to take effect at the end
of 2012. While the standoff had an impact on equities around the globe, U.S.
stocks underperformed international stocks materially late in 2012.
Ultimately, the "fiscal cliff" was averted, and stocks resumed their upward
momentum in January of 2013, supported by continued improvements in U.S.
auto sales and housing data. In addition, indications that economic growth
in China would remain at levels sufficient to meaningfully bolster the
global growth outlook further supported riskier assets toward the end of the
six-month period.
4 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
For the six months ended January 31, 2013, the U.S. equity market, as
measured by the Standard & Poor's 500 Index (the S&P 500), returned 9.90%,
lagging international equities, which returned 18.72%, as gauged by the
Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East
(EAFE) Index. Within the U.S. equity market, small-capitalization stocks
outperformed large-cap stocks and value-oriented stocks outperformed their
growth counterparts.
Domestic bonds, as measured by the Barclays Aggregate Bond Index (the
Barclays Index), returned -0.29% during the six-month period.
Q What considerations and tactical shifts did you apply when allocating assets
within the Pioneer portfolios during the six months ended January 31, 2013,
and how did your strategies affect the portfolios' performance?
A Overall, our tactical emphases within the portfolios were defensive in
nature, and detracted modestly from the portfolios' performance during the
six-month period.
Throughout the period, we maintained an underweight to equities and an
overweight to bonds in the portfolios. Our decision to weight the portfolios
in that fashion was driven, initially, by our concerns about the subpar U.S.
economic recovery as well as the difficulties plaguing Europe. We have
maintained the underweight to equities in the portfolios in light of what
appears, in our view, to be a trend of weakening company fundamentals in the
aggregate. The portfolios' tilt toward bonds acted as a constraint on
returns during the six-month period as equities produced strong returns,
largely in response to the extraordinary easing measures undertaken by
global central banks, which we discussed earlier.
We also have implemented a tilt within the portfolios' equity sleeves in
favor of international stocks over domestic stocks, as we have for some time
now viewed U.S. stock valuations as stretched. The shift toward
international equities contributed to the portfolios' performance during the
period, as international stocks rallied on central bank actions while U.S.
stock returns were constrained by political uncertainty in the final months
of 2012. We continue to view international stocks as more attractively
valued than domestic equities.
Within the U.S. equity portions of the portfolios, we have been favoring
larger-cap stocks while maintaining somewhat reduced exposure to smaller-cap
stocks and real estate investment trusts (REITs). The portfolios' tilt
toward large caps reflects our view that large-cap corporations generally
are not only better positioned to weather an uncertain economic climate, but
also currently display the most attractive valuations within the U.S.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 5
equity market. The tilt away from REITs added to the portfolios' performance
during the six-month period, while reduced exposure to small-cap equities
constrained returns. We continue to believe, however, that large-cap
fundamentals will be rewarded on a relative basis as equity investors
navigate a period of higher-than-usual economic uncertainty and market
volatility. Regarding REITs, we continue to believe that U.S. property
stocks are trading at valuations that may be difficult to sustain, and that
are hard to justify by current fundamentals.
Q What factors are you watching most closely as you determine your investment
strategy for the portfolios going forward?
A In our view, the fundamental picture for most companies continues to be on
the decline, as reflected by the increasing number of earnings revisions and
negative outlook statements being released. While governments and central
banks continue to provide economic stimulus, a weakening corporate picture
appears to be emerging, and we believe that is likely to mostly
counterbalance the ongoing fiscal policy support. In addition, we believe
fiscal policy will most likely be less expansionary in 2013 than in 2012,
with slightly higher taxes and some restraints on government spending.
In the United States, the good news going forward is that the U.S. economy
has overcome a few obstacles. First, the residential housing market is no
longer contracting, and, during 2012, it started making modest positive
contributions to economic growth. Second, fiscal consolidation at the state
and local levels has probably ended. Third, consumer deleveraging has likely
run most of its course. Debt balances, while still declining, should start
coming down at decreasing speed, potentially freeing up income for
discretionary spending. With that said, it is our opinion that U.S. stock
valuations are high by historical measures and that investors' expectations
are quite positive for the U.S. economy and corporate earnings. All of those
factors add to the downside risk for U.S. stocks and support the reasoning
behind our decision to underweight the portfolios to stocks in general, and
to domestic equities in particular.
In short, we are comfortable with our continued bias toward reducing risk in
the portfolios. The uncertain near-term economic environment, in our view,
continues to reinforce the importance of maintaining a diversified*
investment portfolio consistent with one's long-term objectives. We will
continue to closely monitor the economic backdrop as we manage the
portfolios within their strategic asset allocation guidelines.
* Diversification does not assure a profit nor protect against loss in a
declining market.
6 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Please refer to the Schedule of Investments on pages 41-48 for a full listing of
fund securities.
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 | Semiannual Report | 1/31/13 7
Fund Reviews | 1/31/13
Pioneer Ibbotson Conservative Allocation Fund The Fund's Class A shares returned
6.15% at net asset value during the six months ended January 31, 2013, while the
S&P 500 returned 9.90% and the Barclays Index returned -0.29%. During the same
period, the average return of the 352 mutual funds in Lipper's Mixed-Asset
Target Allocation Conservative Funds category was 4.82%.
As of January 31, 2013, the Fund was targeting an asset allocation of 29%
equities and 71% fixed income, compared with a neutral allocation 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 Bond Fund, at 21.55% of
assets, followed by Pioneer Short Term Income Fund, at 19.20%. The next two
largest positions also were fixed-income funds: Pioneer Strategic Income Fund
and Pioneer Global High Yield Fund, at 8.29% and 6.27% of assets, respectively.
The largest equity position in the Fund as of January 31, 2013, was Pioneer
International Value Fund, at 7.43% of assets.
Pioneer Ibbotson Moderate Allocation Fund
The Fund's Class A shares returned 8.46% at net asset value during the six
months ended January 31, 2013, while the S&P 500 returned 9.90% and the Barclays
Index returned -0.29%. During the same period, the average return of the 522
mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds category
was 7.40%.
As of January 31, 2013, the Fund was targeting an asset allocation of 57.5%
equities and 42.5% fixed income, compared with a neutral allocation 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 11.61% of assets, followed by Pioneer Bond Fund, at 11.54%. Within the equity
portion of the Fund, Pioneer International Value Fund was the largest holding,
at 10.94% of assets on January 31, 2013. Pioneer Global Equity Fund was the
next-largest equity holding, at 8.52% of assets, followed by Pioneer Mid Cap
Value Fund, at 6.84%.
Pioneer Ibbotson Growth Allocation Fund
The Fund's Class A shares returned 9.40% at net asset value during the six
months ended January 31, 2013, while the S&P 500 returned 9.90% and the Barclays
Index returned -0.29%. During the same period, the average return of the 592
mutual funds in Lipper's Mixed-Target Allocation Growth Funds category was
8.92%.
8 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
As of January 31, 2013, the Fund was targeting an asset allocation of 70%
equities and 30% fixed income, compared with a neutral allocation of 75%
equities and 25% fixed income. Within the equity portion of the Fund, Pioneer
International Value Fund was the largest holding, at 13.39% of assets on January
31, 2013. Pioneer Global Equity Fund was the next-largest equity holding, at
9.37% of assets, followed by Pioneer Mid Cap Value Fund, at 7.15%. Within the
fixed-income portion of the Fund, the largest holding as of January 31, 2013,
was in Pioneer Bond Fund, at 9.93% of assets, followed by Pioneer Short Term
Income Fund, at 7.92%.
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's Class A shares returned 10.85% at net asset value during the six
months ended January 31, 2013, while the S&P 500 returned 9.90% and the Barclays
Index returned -0.29%. During the same period, the average return of the 794
mutual funds in Lipper's Multi-Cap Core Funds category was 12.68%.
As of January 31, 2013, the Fund was targeting an asset allocation of 83.5%
equities and 16.5% fixed income, compared with a neutral allocation of 90%
equities and 10% fixed income. Within the equity portion of the Fund, Pioneer
International Value Fund was the largest holding, at 18.37% of assets on January
31, 2013. Pioneer Global Equity Fund was the next-largest equity holding, at
10.78% of assets, followed by Pioneer Mid Cap Value Fund, at 10.46%. The largest
fixed-income position in the Fund as of January 31, 2013, was Pioneer Bond Fund,
at 5.98% of assets.
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Any information in this shareowner report regarding market or economic trends or
the factors influencing each fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 9
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Conservative Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Conservative Allocation
Fund
Based on actual returns from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,061.50 $1,056.00 $1,055.90 $1,060.20
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.64 $ 11.97 $ 11.40 $ 7.53
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.47%, 2.31%,
2.20% and 1.45% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
10 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Conservative Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,017.80 $1,013.56 $1,014.12 $1,017.90
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.48 $ 11.72 $ 11.17 $ 7.37
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.47%, 2.31%,
2.20% and 1.45% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 11
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Moderate Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on actual returns from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,084.60 $1,080.00 $1,080.50 $1,085.90
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.67 $ 12.22 $ 11.27 $ 5.84
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.46%, 2.33%,
2.15% and 1.11% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
12 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,017.85 $1,013.46 $1,014.37 $1,019.61
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.43 $ 11.82 $ 10.92 $ 5.65
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.46%, 2.33%,
2.15% and 1.11% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 13
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Growth Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on actual returns from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,094.00 $1,090.20 $1,090.40 $1,096.40
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.97 $ 12.64 $ 11.64 $ 6.50
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.51%, 2.40%,
2.21% and 1.23% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
14 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,017.59 $1,013.11 $1,014.06 $1,019.00
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.68 $ 12.18 $ 11.22 $ 6.26
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.51%, 2.40%,
2.21% and 1.23% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 15
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Aggressive Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on actual returns from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,108.50 $1,103.50 $1,103.90 $1,109.70
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 8.72 $ 13.36 $ 12.41 $ 7.07
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.64%, 2.52%,
2.34% and 1.33% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
16 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 1, 2012 through January 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,016.94 $1,012.50 $1,013.41 $1,018.50
(after expenses)
on 1/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 8.34 $ 12.78 $ 11.88 $ 6.77
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.64%, 2.52%,
2.34% and 1.33% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 17
Prices and Distributions | 1/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.15 $10.73
--------------------------------------------------------------------------------
B $10.97 $10.51
--------------------------------------------------------------------------------
C $10.86 $10.44
--------------------------------------------------------------------------------
Y $10.66 $10.21
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.12 $10.46
--------------------------------------------------------------------------------
B $10.78 $10.04
--------------------------------------------------------------------------------
C $10.39 $ 9.77
--------------------------------------------------------------------------------
Y $11.23 $10.58
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.58 $10.75
--------------------------------------------------------------------------------
B $10.32 $ 9.52
--------------------------------------------------------------------------------
C $10.99 $10.18
--------------------------------------------------------------------------------
Y $11.80 $10.95
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.63 $10.60
--------------------------------------------------------------------------------
B $10.98 $9.95
--------------------------------------------------------------------------------
C $11.07 $10.07
--------------------------------------------------------------------------------
Y $11.66 $10.65
--------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Distributions per Share: 8/31/12-1/31/13
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2343 $ -- $ --
--------------------------------------------------------------------------------
B $0.1261 $ -- $ --
--------------------------------------------------------------------------------
C $0.1603 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1599 $ -- $ --
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2164 $ -- $ --
--------------------------------------------------------------------------------
B $0.0610 $ -- $ --
--------------------------------------------------------------------------------
C $0.1603 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2481 $ -- $ --
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1726 $ -- $ --
--------------------------------------------------------------------------------
B $0.0560 $ -- $ --
--------------------------------------------------------------------------------
C $0.1047 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1955 $ -- $ --
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1136 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $0.0443 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1494 $ -- $ --
--------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 19
Prices and Distributions | 1/31/13 (continued)
Index Definitions
--------------------------------------------------------------------------------
The Standard & Poor's 500 Index (the S&P 500) is a commonly used measure of the
broad U.S. stock market. The Barclays Aggregate Bond Index is a measure of the
U.S. bond market. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or sales
charges. It is not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 22-25, 27-30, 32-35 and 37-40.
20 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Portfolio Summary | 1/31/13
Pioneer Ibbotson Conservative Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 70%
Equity 30%
Short Term Bonds 27.00%
--------------------------------------------------------------------------------
Domestic Corporate Bonds 17.00
--------------------------------------------------------------------------------
Cash & Cash 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
--------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund Class Y 4.16%
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.13
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 2.15
--------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 2.14
--------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.14
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 2.13
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 2.13
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.32
--------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 1.09
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 1.07
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 1.07
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 1.06
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund Class Y 1.03
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 7.43%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 4.29
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 1.04
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 21.55%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 19.20
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 8.29
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 6.27
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 4.20
--------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund Class Y 2.07
--------------------------------------------------------------------------------
Pioneer Floating Rate Fund Class Y 1.04
--------------------------------------------------------------------------------
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 | Semiannual Report | 1/31/13 21
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 4.62% 3.82%
5 Years 4.09 2.86
1 Year 8.27 2.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.52% 1.48%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Conservative Standard & Barclays Aggregate
Allocation Fund Poor's 500 Index Bond Index
5/31/2005 $ 9,425 $10,000 $10,000
1/31/2006 $ 9,900 $10,872 $10,047
1/31/2007 $10,542 $12,448 $10,477
1/31/2008 $10,820 $12,160 $11,400
1/31/2009 $ 8,617 $ 7,465 $11,695
1/31/2010 $10,819 $ 9,938 $12,690
1/31/2011 $12,015 $12,145 $13,332
1/31/2012 $12,212 $12,654 $14,487
1/31/2013 $13,222 $14,775 $14,862
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, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
22 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.71% 3.71%
5 Years 3.19 3.19
1 Year 7.34 3.34
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.41% 2.38%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Conservative Standard & Barclays Aggregate
Allocation Fund Poor's 500 Index Bond Index
5/31/2005 $10,000 $10,000 $10,000
1/31/2006 $10,448 $10,872 $10,047
1/31/2007 $11,027 $12,448 $10,477
1/31/2008 $11,210 $12,160 $11,400
1/31/2009 $ 8,847 $ 7,465 $11,695
1/31/2010 $11,000 $ 9,938 $12,690
1/31/2011 $12,117 $12,145 $13,332
1/31/2012 $12,218 $12,654 $14,487
1/31/2013 $13,115 $14,775 $14,862
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, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 23
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.71% 3.71%
5 Years 3.19 3.19
1 Year 7.34 7.34
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.26%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Conservative Standard & Barclays Aggregate
Allocation Fund Poor's 500 Index Bond Index
5/31/2005 $10,000 $10,000 $10,000
1/31/2006 $10,439 $10,872 $10,047
1/31/2007 $11,029 $12,448 $10,477
1/31/2008 $11,223 $12,160 $11,400
1/31/2009 $ 8,843 $ 7,465 $11,695
1/31/2010 $10,985 $ 9,938 $12,690
1/31/2011 $12,128 $12,145 $13,332
1/31/2012 $12,231 $12,654 $14,487
1/31/2013 $13,129 $14,775 $14,862
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
24 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.45% 3.45%
5 Years 2.35 2.35
1 Year 7.06 7.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.96%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Conservative Standard & Barclays Aggregate
Allocation Fund Poor's 500 Index Bond Index
5/31/2005 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2006 $ 5,263,864 $ 5,435,945 $ 5,023,369
1/31/2007 $ 5,591,061 $ 6,224,088 $ 5,238,604
1/31/2008 $ 5,726,576 $ 6,080,128 $ 5,700,033
1/31/2009 $ 4,423,927 $ 3,732,378 $ 5,847,553
1/31/2010 $ 5,330,149 $ 4,969,179 $ 6,344,969
1/31/2011 $ 5,937,406 $ 6,072,375 $ 6,666,058
1/31/2012 $ 6,008,680 $ 6,326,910 $ 7,243,481
1/31/2013 $ 6,433,159 $ 7,387,467 $ 7,430,763
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 | Semiannual Report | 1/31/13 25
Portfolio Summary | 1/31/13
Pioneer Ibbotson Moderate Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 60%
Fixed Income 40%
Short Term Bonds 17.00%
--------------------------------------------------------------------------------
Large Cap Growth 15.50
--------------------------------------------------------------------------------
Large Cap Value 15.50
--------------------------------------------------------------------------------
International Equities 12.00
--------------------------------------------------------------------------------
Domestic Corporate Bonds 9.00
--------------------------------------------------------------------------------
High-Yield Corporate Bonds 8.00
--------------------------------------------------------------------------------
Mid/Small Cap Growth 6.00
--------------------------------------------------------------------------------
Cash & Cash 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
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 6.84%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 3.53
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.52
--------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 3.45
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.34
--------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 3.27
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 3.20
--------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund Class Y 2.85
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.42
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.31
--------------------------------------------------------------------------------
Pioneer Research Fund Class Y 2.18
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.12
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 2.12
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund Class Y 0.87
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 10.94%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 8.52
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 4.06
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 11.61%
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 11.54
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 4.59
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 2.69
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 2.24
--------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund Class Y 1.79
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
26 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.20% 4.46%
5 Years 3.19 1.97
1 Year 9.62 3.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.50%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Moderate Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
1/31/2005 $ 10,077 $ 10,186 $ 10,772
1/31/2006 $ 11,175 $ 10,369 $ 11,890
1/31/2007 $ 12,183 $ 10,814 $ 13,613
1/31/2008 $ 12,134 $ 11,766 $ 13,299
1/31/2009 $ 8,455 $ 12,071 $ 8,164
1/31/2010 $ 11,158 $ 13,097 $ 10,869
1/31/2011 $ 12,883 $ 13,760 $ 13,282
1/31/2012 $ 12,954 $ 14,952 $ 13,838
1/31/2013 $ 14,200 $ 15,339 $ 16,158
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 27
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 3.97% 3.97%
5 Years 2.37 2.37
1 Year 8.87 4.87
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.38% 2.30%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Moderate Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,519 $ 10,186 $ 10,772
1/31/2006 $ 11,553 $ 10,369 $ 11,890
1/31/2007 $ 12,486 $ 10,814 $ 13,613
1/31/2008 $ 12,332 $ 11,766 $ 13,299
1/31/2009 $ 8,521 $ 12,071 $ 8,164
1/31/2010 $ 11,162 $ 13,097 $ 10,869
1/31/2011 $ 12,777 $ 13,760 $ 13,282
1/31/2012 $ 12,736 $ 14,952 $ 13,838
1/31/2013 $ 13,866 $ 15,339 $ 16,158
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, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
28 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 3.94% 3.94%
5 Years 2.43 2.43
1 Year 8.83 8.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.19%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Moderate Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,653 $ 10,186 $ 10,772
1/31/2006 $ 11,701 $ 10,369 $ 11,890
1/31/2007 $ 12,658 $ 10,814 $ 13,613
1/31/2008 $ 12,517 $ 11,766 $ 13,299
1/31/2009 $ 8,655 $ 12,071 $ 8,164
1/31/2010 $ 11,336 $ 13,097 $ 10,869
1/31/2011 $ 12,993 $ 13,760 $ 13,282
1/31/2012 $ 12,968 $ 14,952 $ 13,838
1/31/2013 $ 14,113 $ 15,339 $ 16,158
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 29
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.65% 5.65%
5 Years 3.75 3.75
1 Year 9.94 9.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.16%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Moderate Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2005 $ 5,345,025 $ 5,093,214 $ 5,385,956
1/31/2006 $ 5,944,151 $ 5,184,668 $ 5,944,789
1/31/2007 $ 6,504,958 $ 5,406,815 $ 6,806,710
1/31/2008 $ 6,501,474 $ 5,883,059 $ 6,649,275
1/31/2009 $ 4,569,473 $ 6,035,316 $ 4,081,758
1/31/2010 $ 6,075,295 $ 6,548,703 $ 5,434,335
1/31/2011 $ 7,043,805 $ 6,880,102 $ 6,640,799
1/31/2012 $ 7,107,400 $ 7,476,066 $ 6,919,159
1/31/2013 $ 7,813,689 $ 7,669,361 $ 8,078,994
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 | Semiannual Report | 1/31/13
Portfolio Summary | 1/31/13
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 75%
Fixed Income 25%
Large Cap Value 17.50%
--------------------------------------------------------------------------------
Large Cap Growth 16.50
--------------------------------------------------------------------------------
International Equities 16.00
--------------------------------------------------------------------------------
Short Term Bonds 12.50
--------------------------------------------------------------------------------
Mid/Small Cap Growth 8.50
--------------------------------------------------------------------------------
Mid/Small Cap Value 8.50
--------------------------------------------------------------------------------
Domestic Corporate Bonds 7.50
--------------------------------------------------------------------------------
High-Yield Corporate Bonds 5.00
--------------------------------------------------------------------------------
Emerging Markets 4.00
--------------------------------------------------------------------------------
Real Estate Investment Trust (REIT) 4.00
--------------------------------------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 7.15%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.46
--------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 4.20
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 4.16
--------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 3.55
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.48
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.42
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.33
--------------------------------------------------------------------------------
Pioneer Research Fund Class Y 3.21
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 3.10
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 3.10
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 2.87
--------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund Class Y 0.00*
--------------------------------------------------------------------------------
Pioneer Value Fund Class Y 0.00*
--------------------------------------------------------------------------------
Pioneer Independence Fund Class Y 0.00*
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 13.39%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 9.37
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 5.70
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 9.93%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 7.92
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 2.91
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 2.04
--------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund Class Y 1.78
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 0.93
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
* Rounds to less than 0.01%.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 31
Performance Update | 1/31/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.28% 4.55%
5 Years 2.40 1.20
1 Year 10.23 3.90
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.58%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Growth Allocation Barclays Aggregate Standard & Poor's
Fund Bond Index 500 Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
1/31/2005 $ 10,267 $ 10,186 $ 10,772
1/31/2006 $ 11,702 $ 10,369 $ 11,890
1/31/2007 $ 12,897 $ 10,814 $ 13,613
1/31/2008 $ 12,687 $ 11,766 $ 13,299
1/31/2009 $ 8,159 $ 12,071 $ 8,164
1/31/2010 $ 11,013 $ 13,097 $ 10,869
1/31/2011 $ 12,980 $ 13,760 $ 13,282
1/31/2012 $ 12,961 $ 14,952 $ 13,838
1/31/2013 $ 14,286 $ 15,339 $ 16,158
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
32 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 3.43% 3.43%
5 Years 1.65 1.65
1 Year 9.48 5.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.48% 2.39%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Growth Allocation Barclays Aggregate Standard & Poor's
Fund Bond Index 500 Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,467 $ 10,186 $ 10,772
1/31/2006 $ 11,827 $ 10,369 $ 11,890
1/31/2007 $ 12,923 $ 10,814 $ 13,613
1/31/2008 $ 12,594 $ 11,766 $ 13,299
1/31/2009 $ 8,040 $ 12,071 $ 8,164
1/31/2010 $ 10,765 $ 13,097 $ 10,869
1/31/2011 $ 12,599 $ 13,760 $ 13,282
1/31/2012 $ 12,485 $ 14,952 $ 13,838
1/31/2013 $ 13,669 $ 15,339 $ 16,158
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, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 33
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.18% 4.18%
5 Years 1.71 1.71
1 Year 9.57 9.57
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.28%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Growth Allocation Barclays Aggregate Standard & Poor's
Fund Bond Index 500 Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,709 $ 10,186 $ 10,772
1/31/2006 $ 12,098 $ 10,369 $ 11,890
1/31/2007 $ 13,238 $ 10,814 $ 13,613
1/31/2008 $ 12,933 $ 11,766 $ 13,299
1/31/2009 $ 8,273 $ 12,071 $ 8,164
1/31/2010 $ 11,063 $ 13,097 $ 10,869
1/31/2011 $ 12,951 $ 13,760 $ 13,282
1/31/2012 $ 12,849 $ 14,952 $ 13,838
1/31/2013 $ 14,080 $ 15,339 $ 16,158
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
34 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.79% 5.79%
5 Years 2.92 2.92
1 Year 10.55 10.55
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.32%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Growth Allocation Barclays Aggregate Standard & Poor's
Fund Bond Index 500 Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2005 $ 5,445,191 $ 5,093,214 $ 5,385,956
1/31/2006 $ 6,229,118 $ 5,184,668 $ 5,944,789
1/31/2007 $ 6,909,821 $ 5,406,815 $ 6,806,710
1/31/2008 $ 6,837,697 $ 5,883,059 $ 6,649,275
1/31/2009 $ 4,505,503 $ 6,035,316 $ 4,081,758
1/31/2010 $ 6,093,772 $ 6,548,703 $ 5,434,335
1/31/2011 $ 7,207,346 $ 6,880,102 $ 6,640,799
1/31/2012 $ 7,141,078 $ 7,476,066 $ 6,919,159
1/31/2013 $ 7,894,139 $ 7,669,361 $ 8,078,994
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 | Semiannual Report | 1/31/13 35
Portfolio Summary | 1/31/13
Pioneer Ibbotson Aggressive Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 90%
Fixed Income 10%
International Equities 21.00%
--------------------------------------------------------------------------------
Large Cap Growth 19.00
--------------------------------------------------------------------------------
Large Cap Value 19.00
--------------------------------------------------------------------------------
Mid/Small Cap Growth 10.50
--------------------------------------------------------------------------------
Mid/Small Cap Value 10.50
--------------------------------------------------------------------------------
Domestic Corporate Bonds 7.00
--------------------------------------------------------------------------------
Real Estate Investment Trust (REIT) 5.00
--------------------------------------------------------------------------------
Emerging Markets 5.00
--------------------------------------------------------------------------------
Short Term Bond 3.00
--------------------------------------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 10.46%
--------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund Class Y 4.89
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 4.47
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.34
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 4.13
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 3.98
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.76
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.45
--------------------------------------------------------------------------------
Pioneer Fundamental Value Fund Class Y 3.38
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.35
--------------------------------------------------------------------------------
Pioneer Research Fund Class Y 3.01
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.87
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 18.37%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 10.78
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 7.64
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 5.98%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 2.75
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 2.39
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
36 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.26% 4.52%
5 Years 1.57 0.38
1 Year 10.74 4.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.72% 1.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Aggressive Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
1/31/2005 $ 10,436 $ 10,186 $ 10,772
1/31/2006 $ 12,163 $ 10,369 $ 11,890
1/31/2007 $ 13,543 $ 10,814 $ 13,613
1/31/2008 $ 13,126 $ 11,766 $ 13,299
1/31/2009 $ 7,891 $ 12,071 $ 8,164
1/31/2010 $ 10,811 $ 13,097 $ 10,869
1/31/2011 $ 12,957 $ 13,760 $ 13,282
1/31/2012 $ 12,816 $ 14,952 $ 13,838
1/31/2013 $ 14,193 $ 15,339 $ 16,158
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 net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 37
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.05% 4.05%
5 Years 0.78 0.78
1 Year 9.91 5.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.62% 2.49%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Aggressive Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,962 $ 10,186 $ 10,772
1/31/2006 $ 12,676 $ 10,369 $ 11,890
1/31/2007 $ 13,990 $ 10,814 $ 13,613
1/31/2008 $ 13,455 $ 11,766 $ 13,299
1/31/2009 $ 8,022 $ 12,071 $ 8,164
1/31/2010 $ 10,914 $ 13,097 $ 10,869
1/31/2011 $ 12,961 $ 13,760 $ 13,282
1/31/2012 $ 12,726 $ 14,952 $ 13,838
1/31/2013 $ 13,987 $ 15,339 $ 16,158
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, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
38 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.27% 4.27%
5 Years 0.83 0.83
1 Year 9.96 9.96
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.41%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Aggressive Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,841 $ 10,186 $ 10,772
1/31/2006 $ 12,525 $ 10,369 $ 11,890
1/31/2007 $ 13,848 $ 10,814 $ 13,613
1/31/2008 $ 13,342 $ 11,766 $ 13,299
1/31/2009 $ 7,956 $ 12,071 $ 8,164
1/31/2010 $ 10,804 $ 13,097 $ 10,869
1/31/2011 $ 12,858 $ 13,760 $ 13,282
1/31/2012 $ 12,647 $ 14,952 $ 13,838
1/31/2013 $ 13,906 $ 15,339 $ 16,158
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 39
Performance Update | 1/31/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.54% 5.54%
5 Years 1.67 1.67
1 Year 11.07 11.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Aggressive Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2005 $ 5,538,679 $ 5,093,214 $ 5,385,956
1/31/2006 $ 6,482,157 $ 5,184,668 $ 5,944,789
1/31/2007 $ 7,229,275 $ 5,406,815 $ 6,806,710
1/31/2008 $ 7,093,685 $ 5,883,059 $ 6,649,275
1/31/2009 $ 4,260,465 $ 6,035,316 $ 4,081,758
1/31/2010 $ 5,852,453 $ 6,548,703 $ 5,434,335
1/31/2011 $ 7,037,069 $ 6,880,102 $ 6,640,799
1/31/2012 $ 6,939,269 $ 7,476,066 $ 6,919,159
1/31/2013 $ 7,707,502 $ 7,669,361 $ 8,078,994
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 | Semiannual Report | 1/31/13
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Conservative Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 101.3%
PIONEER FUNDS* -- 101.3%
273,904 Pioneer Absolute Return Credit Fund Class Y $ 2,747,261
1,448,758 Pioneer Bond Fund Class Y 14,241,295
83,161 Pioneer Disciplined Growth Fund Class Y 876,516
152,286 Pioneer Disciplined Value Fund Class Y 1,408,643
25,637 Pioneer Emerging Markets Fund Class Y 685,801
23,798 Pioneer Equity Income Fund Class Y 706,318
97,920 Pioneer Floating Rate Fund Class Y 684,460
60,471 Pioneer Fund Class Y 2,071,730
101,315 Pioneer Fundamental Growth Fund Class Y 1,407,263
72,539 Pioneer Fundamental Value Fund Class Y 1,414,517
118,838 Pioneer Global Aggregate Bond Fund Class Y 1,365,444
264,221 Pioneer Global Equity Fund Class Y 2,832,445
404,820 Pioneer Global High Yield Fund Class Y 4,141,311
22,625 Pioneer Growth Opportunities Fund Class Y 720,395
261,610 Pioneer High Yield Fund Class Y 2,775,680
244,843 Pioneer International Value Fund Class Y 4,909,096
59,531 Pioneer Mid Cap Value Fund Class Y 1,421,608
67,505 Pioneer Multi-Asset Ultrashort Income Fund Class Y 681,796
27,433 Pioneer Real Estate Shares Class Y 701,181
123,443 Pioneer Research Fund Class Y 1,413,426
34,855 Pioneer Select Mid Cap Growth Fund Class Y 708,956
1,304,986 Pioneer Short Term Income Fund Class Y 12,684,464
482,649 Pioneer Strategic Income Fund Class Y 5,478,067
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $58,145,361) $ 66,077,673
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 101.3%
(Cost $58,145,361) (a) $ 66,077,673
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (1.3)% $ (848,936)
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 65,228,737
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2013, the net unrealized gain on investments based
on cost for federal tax purposes of $59,120,724 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 6,956,949
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value --
-----------
Net unrealized gain $ 6,956,949
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 41
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Conservative Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2013 aggregated $6,878,902 and $3,216,740,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risks, etc.) See Notes to Financial Statements --
Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $66,077,673 $ -- $ -- $66,077,673
--------------------------------------------------------------------------------
Total $66,077,673 $ -- $ -- $66,077,673
================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Moderate Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 98.3%
PIONEER FUNDS* -- 98.3%
553,813 Pioneer Absolute Return Credit Fund Class Y $ 5,554,744
2,288,415 Pioneer Bond Fund Class Y 22,495,121
448,118 Pioneer Disciplined Growth Fund Class Y 4,723,161
744,887 Pioneer Disciplined Value Fund Class Y 6,890,202
295,670 Pioneer Emerging Markets Fund Class Y 7,909,170
151,664 Pioneer Equity Income Fund Class Y 4,501,376
190,114 Pioneer Fund Class Y 6,513,293
493,280 Pioneer Fundamental Growth Fund Class Y 6,851,664
345,271 Pioneer Fundamental Value Fund Class Y 6,732,775
302,850 Pioneer Global Aggregate Bond Fund Class Y 3,479,748
1,549,378 Pioneer Global Equity Fund Class Y 16,609,328
874,595 Pioneer Global High Yield Fund Class Y 8,947,109
200,025 Pioneer Growth Opportunities Fund Class Y 6,368,782
411,486 Pioneer High Yield Fund Class Y 4,365,868
1,063,481 Pioneer International Value Fund Class Y 21,322,802
558,153 Pioneer Mid Cap Value Fund Class Y 13,328,685
167,284 Pioneer Multi-Asset Ultrashort Income Fund Class Y 1,689,569
196,198 Pioneer Oak Ridge Small Cap Growth Fund Class Y 6,229,273
162,014 Pioneer Real Estate Shares Class Y 4,141,083
371,205 Pioneer Research Fund Class Y 4,250,297
203,039 Pioneer Select Mid Cap Growth Fund Class Y 4,129,822
2,328,518 Pioneer Short Term Income Fund Class Y 22,633,191
461,489 Pioneer Strategic Income Fund Class Y 5,237,895
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $161,378,011) $ 194,904,958
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.3%
(Cost $161,378,011) (a) $ 194,904,958
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.7% $ 3,271,267
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 198,176,225
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2013, the net unrealized gain on investments based
on cost for federal tax purposes of $164,355,647 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 30,549,311
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value --
------------
Net unrealized gain $ 30,549,311
============
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 43
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Moderate Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2013 aggregated $8,756,044 and $12,615,099,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risks, etc.) See Notes to Financial Statements --
Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $194,904,958 $ -- $ -- $194,904,958
--------------------------------------------------------------------------------
Total $194,904,958 $ -- $ -- $194,904,958
================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Growth Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.8%
PIONEER FUNDS* -- 99.8%
2,180,896 Pioneer Bond Fund Class Y $ 21,438,206
634,755 Pioneer Disciplined Growth Fund Class Y 6,690,320
1,041,327 Pioneer Disciplined Value Fund Class Y 9,632,274
459,542 Pioneer Emerging Markets Fund Class Y 12,292,736
248,741 Pioneer Equity Income Fund Class Y 7,382,622
219,266 Pioneer Fund Class Y 7,512,038
645,741 Pioneer Fundamental Growth Fund Class Y 8,969,340
392,803 Pioneer Fundamental Value Fund Class Y 7,659,666
333,485 Pioneer Global Aggregate Bond Fund Class Y 3,831,742
1,886,817 Pioneer Global Equity Fund Class Y 20,226,681
430,701 Pioneer Global High Yield Fund Class Y 4,406,067
284,489 Pioneer Growth Opportunities Fund Class Y 9,058,133
188,683 Pioneer High Yield Fund Class Y 2,001,924
534 Pioneer Independence Fund Class Y 7,047
1,441,102 Pioneer International Value Fund Class Y 28,894,103
646,498 Pioneer Mid Cap Value Fund Class Y 15,438,383
597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 8,458
210,595 Pioneer Oak Ridge Small Cap Growth Fund Class Y 6,686,402
281,178 Pioneer Real Estate Shares Class Y 7,186,905
605,309 Pioneer Research Fund Class Y 6,930,792
304,571 Pioneer Select Mid Cap Growth Fund Class Y 6,194,967
1,759,775 Pioneer Short Term Income Fund Class Y 17,105,012
553,210 Pioneer Strategic Income Fund Class Y 6,278,933
641 Pioneer Value Fund Class Y 8,137
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $175,394,571) $ 215,840,888
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.8%
(Cost $175,394,571) (a) $ 215,840,888
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 489,570
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 216,330,458
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2013, the net unrealized gain on investments based
on cost for federal tax purposes of $177,134,883 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $39,131,610
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (425,605)
-----------
Net unrealized gain $38,706,005
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 45
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Growth Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2013 aggregated $8,924,971 and $12,495,491,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risks, etc.) See Notes to Financial Statements --
Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $215,840,888 $ -- $ -- $215,840,888
--------------------------------------------------------------------------------
Total $215,840,888 $ -- $ -- $215,840,888
================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Aggressive Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 100.6%
PIONEER FUNDS* -- 100.6%
711,368 Pioneer Bond Fund Class Y $ 6,992,751
318,651 Pioneer Disciplined Growth Fund Class Y 3,358,585
548,967 Pioneer Disciplined Value Fund Class Y 5,077,941
333,929 Pioneer Emerging Markets Fund Class Y 8,932,589
132,060 Pioneer Equity Income Fund Class Y 3,919,531
117,739 Pioneer Fund Class Y 4,033,729
316,625 Pioneer Fundamental Growth Fund Class Y 4,397,923
202,589 Pioneer Fundamental Value Fund Class Y 3,950,477
1,175,626 Pioneer Global Equity Fund Class Y 12,602,707
179,672 Pioneer Growth Opportunities Fund Class Y 5,720,768
1,071,606 Pioneer International Value Fund Class Y 21,485,692
512,141 Pioneer Mid Cap Value Fund Class Y 12,229,928
152,175 Pioneer Oak Ridge Small Cap Growth Fund Class Y 4,831,566
204,505 Pioneer Real Estate Shares Class Y 5,227,137
307,157 Pioneer Research Fund Class Y 3,516,952
229,089 Pioneer Select Mid Cap Growth Fund Class Y 4,659,665
330,774 Pioneer Short Term Income Fund Class Y 3,215,126
246,577 Pioneer Strategic Income Fund Class Y 2,798,654
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $90,829,554) $ 116,951,721
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.6%
(Cost $90,829,554) (a) $ 116,951,721
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.6)% $ (685,330)
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 116,266,391
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2013, the net unrealized gain on investments based
on cost for federal tax purposes of $92,524,320 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 24,427,401
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value --
------------
Net unrealized gain $ 24,427,401
============
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 47
Schedule of Investments | 1/31/13 (unaudited)
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2013 aggregated $3,751,753 and $8,605,344,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risks, etc.) See Notes to Financial Statements --
Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of January 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $116,951,721 $ -- $ -- $116,951,721
--------------------------------------------------------------------------------
Total $116,951,721 $ -- $ -- $116,951,721
================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Statement of Assets and Liabilities | 1/31/13 (unaudited)
----------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
----------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of
affiliated issuers, at value (at
cost $58,145,361,
$161,378,011, $175,394,571
and $90,829,554, respectively) $66,077,673 $194,904,958 $215,840,888 $ 116,951,721
Cash 3,294,181 4,195,829 1,467,938 --
Receivables for:
Investment Funds sold 92,385 395,379 202,110 321,972
Capital stock sold 8,221 84,551 40,883 61,411
Dividends 146,615 243,679 168,889 38,814
Other assets 27,571 28,961 33,376 34,338
----------------------------------------------------------------------------------------------------
Total assets $69,646,646 $199,853,357 $217,754,084 $ 117,408,256
====================================================================================================
LIABILITIES:
Payables for:
Investments Funds purchased $ 42,027 $ 137,941 $ 980,072 $ --
Capital stock redeemed 4,289,323 1,317,987 215,583 884,225
Due to affiliates 46,857 150,174 160,798 85,401
Due to Pioneer Investment
Management, Inc. 6,339 6,705 9,363 24,015
Due to custodian -- -- -- 114,995
Accrued expenses and other liabilities 33,363 64,325 57,810 33,229
----------------------------------------------------------------------------------------------------
Total liabilities: $ 4,417,909 $ 1,677,132 $ 1,423,626 $ 1,141,865
====================================================================================================
NET ASSETS:
Paid-in capital $61,194,160 $200,381,192 $221,181,695 $ 123,704,996
Undistributed net investment income 636,173 2,420,741 2,349,080 1,126,321
Accumulated net realized loss on
investments (4,533,908) (38,152,655) (47,646,634) (34,687,093)
Net unrealized gains on investments 7,932,312 33,526,947 40,446,317 26,122,167
----------------------------------------------------------------------------------------------------
Total net assets $65,228,737 $198,176,225 $216,330,458 $ 116,266,391
====================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of
shares authorized)
Net Assets of Class A shares $42,271,923 $122,447,260 $142,478,984 $ 86,367,289
Net Assets of Class B shares $ 4,153,311 $ 12,989,995 $ 22,017,583 $ 10,898,874
Net Assets of Class C shares $18,688,679 $ 57,865,200 $ 50,097,494 $ 18,277,289
Net Assets of Class Y shares $ 114,824 $ 4,873,770 $ 1,736,397 $ 722,939
Class A Shares outstanding 3,792,860 11,010,279 12,300,735 7,427,562
Class B Shares outstanding 378,746 1,205,143 2,133,956 992,801
Class C Shares outstanding 1,720,419 5,567,255 4,559,565 1,650,993
Class Y Shares outstanding 10,771 433,823 147,185 61,984
Net Asset Value -- Class A share $ 11.15 $ 11.12 $ 11.58 $ 11.63
Net Asset Value -- Class B share $ 10.97 $ 10.78 $ 10.32 $ 10.98
Net Asset Value -- Class C share $ 10.86 $ 10.39 $ 10.99 $ 11.07
Net Asset Value -- Class Y share $ 10.66 $ 11.23 $ 11.80 $ 11.66
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset
value per share) $ 11.83 $ 11.80 $ 12.29 $ 12.34
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 49
Statement of Operations (unaudited)
For the Six Months Ended 1/31/13
----------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
----------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from securities
of affiliated issuers $ 1,292,155 $ 3,306,230 $ 3,322,020 $ 1,678,017
Interest 517 794 187 68
----------------------------------------------------------------------------------------------------
Total Investment Income $ 1,292,672 $ 3,307,024 $ 3,322,207 $ 1,678,085
====================================================================================================
EXPENSES:
Management fees $ 43,284 $ 127,592 $ 137,597 $ 74,994
Transfer agent fees
Class A 18,793 71,264 112,581 85,977
Class B 3,749 18,363 33,856 19,295
Class C 6,125 17,491 21,871 12,060
Class Y 142 383 274 299
Distribution fees
Class A 55,647 150,820 173,431 105,827
Class B 21,786 72,936 118,733 57,912
Class C 88,117 278,760 236,523 89,465
Shareholder communications
expense 14,030 41,128 36,332 26,301
Administrative fees 10,151 29,943 32,288 17,600
Custodian fees 2,918 5,305 2,459 2,012
Registration fees 27,731 30,085 29,585 28,989
Professional fees 23,375 19,305 21,958 21,535
Printing fees 3,430 13,263 8,326 523
Fees and expenses of
nonaffiliated trustees 3,250 4,273 3,429 3,440
Insurance expense 445 1,464 1,559 878
Miscellaneous 1,851 4,233 4,252 4,410
----------------------------------------------------------------------------------------------------
Total expenses $ 324,824 $ 886,608 $ 975,054 $ 551,517
Less fees waived and expenses
reimbursed by Pioneer
Investment Management, Inc. $ -- $ (1,428) $ -- $ (136)
----------------------------------------------------------------------------------------------------
Net expenses $ 324,824 $ 885,180 $ 975,054 $ 551,381
----------------------------------------------------------------------------------------------------
Net investment income $ 967,848 $ 2,421,844 $ 2,347,153 $ 1,126,704
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on investments $ 205,903 $ 1,418,855 $ 1,526,578 $ 1,166,945
Realized gain on distributions from
investment company shares $ 540,609 $ 2,496,135 $ 3,026,753 $ 1,723,685
----------------------------------------------------------------------------------------------------
$ 746,512 $ 3,914,990 $ 4,553,331 $ 2,890,630
----------------------------------------------------------------------------------------------------
Change in net unrealized gain on
investments $ 2,128,512 $ 9,255,034 $ 11,780,947 $ 7,633,450
----------------------------------------------------------------------------------------------------
Net increase on investments $ 2,875,024 $ 13,170,024 $ 16,334,278 $ 10,524,080
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 3,842,872 $ 15,591,868 $ 18,681,431 $ 11,650,784
====================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
--------------------------- ----------------------------
Six Months Six Months
Ended Year Ended Year
1/31/13 Ended 1/31/13 Ended
(unaudited) 7/31/12 (unaudited) 7/31/12
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 967,848 $ 1,498,635 $ 2,421,844 $ 2,977,148
Net realized gain on investments 746,512 444,562 3,914,990 3,159,731
Change in net unrealized
gain (loss) on investments 2,128,512 (975,558) 9,255,034 (8,605,957)
-----------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 3,842,872 $ 967,639 $ 15,591,868 $ 2,469,078
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.23, $0.31, $0.22
and $0.24, respectively) $ (955,483) $ (1,183,335) $ (2,347,138) $ (2,675,027)
Class B ($0.13, $0.20, $0.06
and $0.11, respectively) (49,374) (91,836) (76,356) (244,751)
Class C ($0.16, $0.23, $0.16
and $0.18, respectively) (270,274) (352,605) (878,923) (951,582)
Class Y ($0.16, $0.23, $0.25
and $0.29, respectively) (1,718) (1,682) (113,775) (195,125)
-----------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (1,276,849) $ (1,629,458) $ (3,416,192) $ (4,066,485)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 10,081,459 $ 15,727,021 $ 17,394,224 $ 35,940,163
Reinvestment of distributions 1,168,623 1,491,380 3,146,733 3,714,500
Cost of shares repurchased (11,951,022) (16,501,428) (28,246,578) (57,872,210)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund
share transactions (700,940) 716,973 (7,705,621) (18,217,547)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ 1,865,083 $ 55,154 $ 4,470,055 $ (24,753,110)
NET ASSETS:
Beginning of period 63,363,654 63,308,500 193,706,170 218,459,280
-----------------------------------------------------------------------------------------------------
End of period $ 65,228,737 $ 63,363,654 $198,176,225 $ 193,706,170
----------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of period $ 636,173 $ 945,174 $ 2,420,741 $ 3,415,089
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 51
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------------
Growth Aggressive
Allocation Fund Allocation Fund
--------------------------- -----------------------------
Six Months Six Months
Ended Year Ended Year
1/31/13 Ended 1/31/13 Ended
(unaudited) 7/31/12 (unaudited) 7/31/12
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income: $ 2,347,153 $ 2,187,731 $ 1,126,704 $ 662,809
Net realized gain on investments 4,553,331 3,249,263 2,890,630 2,916,441
Change in net unrealized
gain (loss) on investments 11,780,947 (9,518,002) 7,633,450 (8,039,169)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations $ 18,681,431 $ (4,081,008) $ 11,650,784 $ (4,459,919)
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.17, $0.19,
$0.11 and $0.13,
respectively) $ (2,100,205) $ (2,327,559) $ (843,947) $ (1,026,414)
Class B ($0.06, $0.08,
$0.00 and $0.01,
respectively) (124,014) (254,128) -- (21,009)
Class C ($0.10, $0.11,
$0.04 and $0.05,
respectively) (463,365) (512,265) (74,121) (84,457)
Class Y ($0.20, $0.23,
$0.15 and $0.16,
respectively) (28,499) (41,853) (16,667) (17,652)
-----------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (2,716,083) $ (3,135,805) $ (934,735) $ (1,149,532)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 15,899,140 $ 31,220,224 $ 7,152,399 $ 17,689,729
Reinvestment of distributions 2,588,920 2,989,892 904,117 1,113,126
Cost of shares repurchased (25,634,140) (46,561,663) (16,025,438) (30,405,283)
-----------------------------------------------------------------------------------------------------
Net decrease in net
assets resulting from
Fund share transactions (7,146,080) (12,351,547) (7,968,922) (11,602,428)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ 8,819,268 $(19,568,360) $ 2,747,127 $ (17,211,879)
NET ASSETS:
Beginning of period 207,511,190 227,079,550 113,519,264 130,731,143
-----------------------------------------------------------------------------------------------------
End of period $216,330,458 $207,511,190 $116,266,391 $ 113,519,264
-----------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of period $ 2,349,080 $ 2,718,010 $ 1,126,321 $ 934,352
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
----------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 531,622 $ 5,846,773 997,333 $ 10,516,102
Reinvestment of distributions 85,602 931,357 111,770 1,145,640
Less shares repurchased (793,970) (8,793,283) (1,090,725) (11,477,406)
----------------------------------------------------------------------------------------------------
Net increase (decrease) (176,746) $ (2,015,153) 18,378 $ 184,336
====================================================================================================
Class B
Shares sold 14,731 $ 159,873 65,405 $ 672,958
Reinvestment of distributions 4,413 47,263 8,527 85,946
Less shares repurchased (62,021) (669,917) (150,497) (1,547,463)
----------------------------------------------------------------------------------------------------
Net decrease (42,877) $ (462,781) (76,565) $ (788,559)
====================================================================================================
Class C
Shares sold 376,574 $ 4,022,981 442,570 $ 4,530,773
Reinvestment of distributions 17,902 189,947 25,946 259,717
Less shares repurchased (231,948) (2,481,815) (337,214) (3,463,432)
----------------------------------------------------------------------------------------------------
Net increase 162,528 $ 1,731,113 131,302 $ 1,327,058
====================================================================================================
Class Y
Shares sold 4,941 $ 51,832 719 $ 7,188
Reinvestment of distributions 5 56 8 77
Less shares repurchased (570) (6,007) (1,291) (13,127)
----------------------------------------------------------------------------------------------------
Net increase (decrease) 4,376 $ 45,881 (564) $ (5,862)
====================================================================================================
----------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 948,784 $ 10,268,052 2,068,964 $ 21,265,053
Reinvestment of distributions 216,402 2,311,185 263,615 2,628,511
Less shares repurchased (1,515,304) (16,364,125) (3,275,964) (33,161,682)
----------------------------------------------------------------------------------------------------
Net decrease (350,118) $ (3,784,888) (943,385) $ (9,268,118)
====================================================================================================
Class B
Shares sold 20,616 $ 215,973 43,190 $ 422,180
Reinvestment of distributions 7,129 73,854 24,677 236,900
Less shares repurchased (423,465) (4,384,056) (1,016,431) (10,005,913)
----------------------------------------------------------------------------------------------------
Net decrease (395,720) $ (4,094,229) (948,564) $ (9,346,833)
====================================================================================================
Class C
Shares sold 651,629 $ 6,592,641 1,350,846 $ 13,060,006
Reinvestment of distributions 66,219 661,516 77,571 725,290
Less shares repurchased (636,077) (6,432,410) (1,114,511) (10,741,161)
----------------------------------------------------------------------------------------------------
Net increase 81,771 $ 821,747 313,906 $ 3,044,135
====================================================================================================
Class Y
Shares sold 29,074 $ 317,559 117,189 $ 1,192,924
Reinvestment of distributions 9,293 100,177 12,306 123,799
Less shares repurchased (96,930) (1,065,987) (378,802) (3,963,454)
----------------------------------------------------------------------------------------------------
Net decrease (58,563) $ (648,251) (249,307) $ (2,646,731)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 53
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 928,736 $ 10,363,914 2,003,752 $ 21,129,016
Reinvestment of distributions 188,319 2,079,036 225,622 2,306,260
Less shares repurchased (1,372,641) (15,292,441) (2,384,121) (25,028,435)
----------------------------------------------------------------------------------------------------
Net decrease (255,586) $ (2,849,491) (154,747) $ (1,593,159)
====================================================================================================
Class B
Shares sold 15,678 $ 156,563 34,878 $ 326,306
Reinvestment of distributions 12,344 121,585 27,418 249,232
Less shares repurchased (512,639) (5,057,280) (1,072,262) (9,989,741)
----------------------------------------------------------------------------------------------------
Net decrease (484,617) $ (4,779,132) (1,009,966) $ (9,414,203)
====================================================================================================
Class C
Shares sold 494,529 $ 5,267,657 896,095 $ 8,966,029
Reinvestment of distributions 35,069 367,526 41,731 405,623
Less shares repurchased (447,616) (4,737,310) (1,086,051) (10,818,416)
----------------------------------------------------------------------------------------------------
Net increase (decrease) 81,982 $ 897,873 (148,225) $ (1,446,764)
====================================================================================================
Class Y
Shares sold 9,849 $ 111,006 76,808 $ 798,873
Reinvestment of distributions 1,848 20,772 2,764 28,777
Less shares repurchased (48,262) (547,108) (65,844) (725,071)
----------------------------------------------------------------------------------------------------
Net increase (decrease) (36,565) $ (415,330) 13,728 $ 102,579
====================================================================================================
----------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 472,617 $ 5,226,404 1,265,738 $ 13,140,808
Reinvestment of distributions 75,759 834,110 100,201 1,013,032
Less shares repurchased (943,334) (10,434,148) (1,931,678) (20,155,382)
----------------------------------------------------------------------------------------------------
Net decrease (394,958) $ (4,373,634) (565,739) $ (6,001,542)
====================================================================================================
Class B
Shares sold 4,904 $ 50,617 14,573 $ 141,783
Reinvestment of distributions -- -- 2,120 20,203
Less shares repurchased (225,358) (2,337,199) (507,652) (4,947,628)
----------------------------------------------------------------------------------------------------
Net decrease (220,454) $ (2,286,582) (490,959) $ (4,785,642)
====================================================================================================
Class C
Shares sold 173,840 $ 1,832,162 411,387 $ 4,072,579
Reinvestment of distributions 5,431 56,970 7,028 67,759
Less shares repurchased (248,080) (2,619,815) (497,759) (4,886,040)
----------------------------------------------------------------------------------------------------
Net decrease (68,809) $ (730,683) (79,344) $ (745,702)
====================================================================================================
Class Y
Shares sold 3,893 $ 43,216 32,610 $ 334,559
Reinvestment of distributions 1,182 13,037 1,196 12,132
Less shares repurchased (54,682) (634,276) (38,940) (416,233)
----------------------------------------------------------------------------------------------------
Net decrease (49,607) $ (578,023) (5,134) $ (69,542)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.73 $ 10.85 $ 10.19 $ 9.40 $ 10.48 $ 11.28
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.18 $ 0.28 $ 0.26 $ 0.25 $ 0.39 $ 0.33
Net realized and unrealized gain (loss) on investments 0.47 (0.09) 0.65 0.86 (0.94) (0.63)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.65 $ 0.19 $ 0.91 $ 1.11 $ (0.55) $ (0.30)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.31) $ (0.35)
Net realized gain -- -- -- -- (0.22) (0.15)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.53) $ (0.50)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.42 $ (0.12) $ 0.66 $ 0.79 $ (1.08) $ (0.80)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.15 $ 10.73 $ 10.85 $ 10.19 $ 9.40 $ 10.48
================================================================================================================================
Total return* 6.15%** 1.85% 9.04% 11.88% (4.44)% (2.88)%
Ratio of net expenses to average net assets+ ++ 0.73%*** 0.78% 0.78% 0.78% 0.78% 0.78%
Ratio of net investment income to average net assets+ ++ 3.16%*** 2.69% 2.47% 2.55% 4.43% 2.96%
Portfolio turnover rate 5% 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $42,272 $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:
Net expenses 0.73%*** 0.82% 0.80% 0.84% 1.09% 0.89%
Net investment income 3.16%*** 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 0.73%*** 0.78% 0.78% 0.78% 0.78% 0.78%
Net investment income 3.16%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 55
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
--------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.51 $ 10.61 $ 9.99 $ 9.24 $ 10.31 $ 11.10
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.19 $ 0.17 $ 0.16 $ 0.31 $ 0.22
Net realized and unrealized gain (loss) on investments 0.47 (0.09) 0.64 0.83 (0.93) (0.61)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.59 $ 0.10 $ 0.81 $ 0.99 $ (0.62) $ (0.39)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.23) $ (0.25)
Net realized gain -- -- -- -- (0.22) (0.15)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.45) $ (0.40)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.46 $ (0.10) $ 0.62 $ 0.75 $ (1.07) $ (0.79)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.97 $ 10.51 $ 10.61 $ 9.99 $ 9.24 $ 10.31
================================================================================================================================
Total return* 5.60%** 1.04% 8.15% 10.80% (5.31)% (3.72)%
Ratio of net expenses to average net assets+ ++ 1.57%*** 1.68% 1.64% 1.68% 1.68% 1.69%
Ratio of net investment income to average net assets+ ++ 2.24%*** 1.82% 1.62% 1.67% 3.58% 2.05%
Portfolio turnover rate 5% 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $ 4,153 $ 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:
Net expenses 1.57%*** 1.71% 1.64% 1.70% 1.90% 1.73%
Net investment income 2.24%*** 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 1.57%*** 1.68% 1.64% 1.68% 1.68% 1.68%
Net investment income 2.24%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
---------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.44 $ 10.56 $ 9.96 $ 9.21 $ 10.30 $ 11.09
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.13 $ 0.20 $ 0.18 $ 0.17 $ 0.31 $ 0.23
Net realized and unrealized gain (loss) on investments 0.45 (0.09) 0.63 0.83 (0.95) (0.61)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.58 $ 0.11 $ 0.81 $ 1.00 $ (0.64) $ (0.38)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.23) $ (0.26)
Net realized gain -- -- -- -- (0.22) (0.15)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.45) $ (0.41)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.42 $ (0.12) $ 0.60 $ 0.75 $ (1.09) $ (0.79)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.86 $ 10.44 $ 10.56 $ 9.96 $ 9.21 $ 10.30
=================================================================================================================================
Total return* 5.59%** 1.16% 8.18% 10.91% (5.53)% (3.63)%
Ratio of net expenses to average net assets+ ++ 1.46%*** 1.56% 1.55% 1.59% 1.68% 1.63%
Ratio of net investment income to average net assets+ ++ 2.42%*** 1.91% 1.71% 1.73% 3.54% 2.10%
Portfolio turnover rate 5% 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $18,689 $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:
Net expenses 1.46%*** 1.56% 1.55% 1.59% 1.80% 1.63%
Net investment income 2.42%*** 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 1.46%*** 1.56% 1.55% 1.59% 1.68% 1.63%
Net investment income 2.42%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 57
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.21 $ 10.41 $ 9.79 $ 9.02 $ 10.50 $ 11.30
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.20 $ 0.13 $ 0.24 $ 0.28 $ (0.18) $ 0.28
Net realized and unrealized gain (loss) on investments 0.41 (0.10) 0.65 0.78 (0.97) (0.65)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.61 $ 0.03 $ 0.89 $ 1.06 $ (1.15) $ (0.37)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.11) $ (0.28)
Net realized gain -- -- -- -- (0.22) (0.15)
------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.33) $ (0.43)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.45 $ (0.20) $ 0.62 $ 0.77 $ (1.48) $ (0.80)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.66 $ 10.21 $ 10.41 $ 9.79 $ 9.02 $ 10.50
==============================================================================================================================
Total return* 6.02%** 0.34% 9.18% 11.89% (10.66)% (3.42)%
Ratio of net expenses to average net assets+ ++ 0.71%*** 2.26% 0.82% 0.63% 7.26% 1.25%
Ratio of net investment income to average net assets+ ++ 3.77%*** 1.28% 2.36% 2.94% (2.03)% 2.50%
Portfolio turnover rate 5% 20% 15% 13% 53% 29%
Net assets, end of period (in thousands) $ 115 $ 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:
Net expenses 0.71%*** 2.26% 0.82% 0.63% 7.26% 1.25%
Net investment income (loss) 3.77%*** 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 0.71%*** 2.26% 0.82% 0.63% 7.26% 1.23%
Net investment income (loss) 3.77%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 58
-----------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.46 $ 10.74 $ 9.68 $ 8.79 $ 10.89 $ 12.50
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.15 $ 0.18 $ 0.17 $ 0.16 $ 0.27 $ 0.24
Net realized and unrealized gain (loss) on investments 0.73 (0.22) 1.07 1.00 (1.63) (1.10)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.88 $ (0.04) $ 1.24 $ 1.16 $ (1.36) $ (0.86)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.13) $ (0.31)
Net realized gain -- -- -- -- (0.61) (0.44)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.74) $ (0.75)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.66 $ (0.28) $ 1.06 $ 0.89 $ (2.10) $ (1.61)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.12 $ 10.46 $ 10.74 $ 9.68 $ 8.79 $ 10.89
===================================================================================================================================
Total return* 8.46%** (0.27)% 12.91% 13.26% (11.20)% (7.47)%
Ratio of net expenses to average net assets+ ++ 0.65%*** 0.72% 0.71% 0.73% 0.74% 0.65%
Ratio of net investment income to average net assets+ ++ 2.72%*** 1.75% 1.59% 1.70% 3.20% 2.03%
Portfolio turnover rate 5% 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $122,447 $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:
Net expenses 0.65%*** 0.72% 0.71% 0.73% 0.76% 0.65%
Net investment income 2.72%*** 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 0.65%*** 0.72% 0.71% 0.73% 0.74% 0.65%
Net investment income 2.72%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 59
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.04 $ 10.26 $ 9.25 $ 8.41 $ 10.39 $ 11.97
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.11 $ 0.08 $ 0.08 $ 0.19 $ 0.13
Net realized and unrealized gain (loss) on investments 0.71 (0.22) 1.02 0.96 (1.53) (1.06)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.80 $ (0.11) $ 1.10 $ 1.04 $ (1.34) $ (0.93)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.03) $ (0.21)
Net realized gain -- -- -- -- (0.61) (0.44)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.64) $ (0.65)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.74 $ (0.22) $ 1.01 $ 0.84 $ (1.98) $ (1.58)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.78 $ 10.04 $ 10.26 $ 9.25 $ 8.41 $ 10.39
=================================================================================================================================
Total return* 8.00%** (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% 1.52%
Ratio of net investment income to average net assets+ ++ 1.63%*** 1.11% 0.83% 0.92% 2.44% 1.16%
Portfolio turnover rate 5% 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $12,990 $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:
Net expenses 1.54%*** 1.60% 1.53% 1.56% 1.63% 1.52%
Net investment income 1.61%*** 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% 1.52% 1.51%
Net investment income 1.63%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
---------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.77 $ 10.07 $ 9.10 $ 8.29 $ 10.30 $ 11.88
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.10 $ 0.09 $ 0.09 $ 0.19 $ 0.14
Net realized and unrealized gain (loss) on investments 0.67 (0.22) 1.01 0.94 (1.53) (1.05)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.78 $ (0.12) $ 1.10 $ 1.03 $ (1.34) $ (0.91)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.06) $ (0.23)
Net realized gain -- -- -- -- (0.61) (0.44)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.67) $ (0.67)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.62 $ (0.30) $ 0.97 $ 0.81 $ (2.01) $ (1.58)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.39 $ 9.77 $ 10.07 $ 9.10 $ 8.29 $ 10.30
=================================================================================================================================
Total return* 8.05%** (1.08)% 12.12% 12.43% (11.85)% (8.19)%
Ratio of net expenses to average net assets+ ++ 1.34%*** 1.41% 1.40% 1.44% 1.52% 1.39%
Ratio of net investment income to average net assets+ ++ 2.09%*** 1.06% 0.89% 0.98% 2.44% 1.28%
Portfolio turnover rate 5% 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $57,865 $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:
Net expenses 1.34%*** 1.41% 1.40% 1.44% 1.52% 1.39%
Net investment income 2.09%*** 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 1.34%*** 1.41% 1.40% 1.44% 1.52% 1.39%
Net investment income 2.09%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 61
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
--------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.58 $ 10.88 $ 9.80 $ 8.89 $ 10.94 $ 12.55
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.22 $ 0.21 $ 0.20 $ 0.29 $ 0.29
Net realized and unrealized gain (loss) on investments 0.73 (0.23) 1.09 1.02 (1.55) (1.11)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.90 $ (0.01) $ 1.30 $ 1.22 $ (1.26) $ (0.82)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.18) $ (0.35)
Net realized gain -- -- -- -- (0.61) (0.44)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.79) $ (0.79)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.65 $ (0.30) $ 1.08 $ 0.91 $ (2.05) $ (1.61)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.23 $ 10.58 $ 10.88 $ 9.80 $ 8.89 $ 10.94
================================================================================================================================
Total return* 8.59%** 0.00%(b) 13.37% 13.75% (10.09)% (7.10)%
Ratio of net expenses to average net assets+ ++ 0.30%*** 0.38% 0.32% 0.33% 0.33% 0.27%
Ratio of net investment income to average net assets+ ++ 3.02%*** 2.14% 2.00% 2.10% 3.59% 2.40%
Portfolio turnover rate 5% 9% 14% 10% 44% 21%
Net assets, end of period (in thousands) $ 4,874 $ 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:
Net expenses 0.30%*** 0.38% 0.32% 0.33% 0.33% 0.27%
Net investment income 3.02%*** 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 0.30%*** 0.38% 0.32% 0.33% 0.33% 0.27%
Net investment income 3.02%*** 2.14% 2.00% 2.10% 3.59% 2.40%
================================================================================================================================
(a) Calculated using average shares outstanding for the period.
(b) Amount rounds to less than 0.01%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
---------------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.75 $ 11.09 $ 9.77 $ 8.74 $ 11.50 $ 13.47
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.14 $ 0.12 $ 0.11 $ 0.19 $ 0.16
Net realized and unrealized gain (loss) on investments 0.86 (0.29) 1.33 1.10 (2.14) (1.41)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.00 $ (0.15) $ 1.45 $ 1.21 $ (1.95) $ (1.25)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.04) $ (0.25)
Net realized gain -- -- -- -- (0.77) (0.47)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.81) $ (0.72)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.83 $ (0.34) $ 1.32 $ 1.03 $ (2.76) $ (1.97)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.58 $ 10.75 $ 11.09 $ 9.77 $ 8.74 $ 11.50
=================================================================================================================================
Total return* 9.40%** (1.31)% 14.85% 13.90% (15.49)% (9.88)%
Ratio of net expenses to average net assets+ ++ 0.67%*** 0.76% 0.76% 0.79% 0.79% 0.78%
Ratio of net investment income to average net assets+ ++ 2.49%*** 1.29% 1.11% 1.12% 2.24% 1.24%
Portfolio turnover rate 4% 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $142,479 $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:
Net expenses 0.67%*** 0.76% 0.76% 0.80% 0.89% 0.78%
Net investment income 2.49%*** 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 0.67%*** 0.76% 0.76% 0.79% 0.79% 0.77%
Net investment income 2.49%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
+ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 63
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.52 $ 9.80 $ 8.64 $ 7.75 $ 10.33 $ 12.17
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.06 $ 0.03 $ 0.03 $ 0.11 $ 0.05
Net realized and unrealized gain (loss) on investments 0.79 (0.26) 1.17 0.98 (1.92) (1.28)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.86 $ (0.20) $ 1.20 $ 1.01 $ (1.81) $ (1.23)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ -- $ (0.14)
Net realized gain -- -- -- -- (0.77) (0.47)
----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ (0.77) $ (0.61)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.80 $ (0.28) $ 1.16 $ 0.89 $ (2.58) $ (1.84)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.32 $ 9.52 $ 9.80 $ 8.64 $ 7.75 $ 10.33
============================================================================================================================
Total return* 9.02%** (2.01)% 13.90% 13.03% (16.05)% (10.66)%
Ratio of net expenses to average net assets+ ++ 1.56%*** 1.57% 1.57% 1.57% 1.57% 1.58%
Ratio of net investment income to average net assets+ ++ 1.41%*** 0.59% 0.35% 0.36% 1.47% 0.44%
Portfolio turnover rate 4% 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $22,018 $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:
Net expenses 1.56%*** 1.66% 1.61% 1.66% 1.77% 1.64%
Net investment income 1.41%*** 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 1.56%*** 1.57% 1.57% 1.57% 1.57% 1.57%
Net investment income 1.41%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.18 $ 10.50 $ 9.26 $ 8.30 $ 10.99 $ 12.90
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.10 $ 0.06 $ 0.04 $ 0.04 $ 0.11 $ 0.07
Net realized and unrealized gain (loss) on investments 0.81 (0.27) 1.26 1.04 (2.03) (1.34)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.91 $ (0.22) $ 1.30 $ 1.08 $ (1.92) $ (1.27)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ -- $ (0.17)
Net realized gain -- -- -- -- (0.77) (0.47)
----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ (0.77) $ (0.64)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ (0.32) $ 1.24 $ 0.96 $ (2.69) $ (1.91)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.99 $ 10.18 $ 10.50 $ 9.26 $ 8.30 $ 10.99
============================================================================================================================
Total return* 9.04%** (1.91)% 14.10% 13.08% (16.08)% (10.43)%
Ratio of net expenses to average net assets+ ++ 1.37%*** 1.46% 1.46% 1.51% 1.57% 1.48%
Ratio of net investment income to average net assets+ ++ 1.80%*** 0.59% 0.40% 0.40% 1.44% 0.54%
Portfolio turnover rate 4% 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $50,097 $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:
Net expenses 1.37%*** 1.46% 1.46% 1.51% 1.60% 1.48%
Net investment income 1.80%*** 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 1.37%*** 1.46% 1.46% 1.51% 1.57% 1.47%
Net investment income 1.80%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 65
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.95 $ 11.45 $ 10.07 $ 9.00 $ 11.64 $ 13.55
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.17 $ 0.17 $ 0.15 $ 0.20 $ 0.22
Net realized and unrealized gain (loss) on investments 0.91 (0.44) 1.37 1.14 (1.97) (1.36)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.05 $ (0.27) $ 1.54 $ 1.29 $ (1.77) $ (1.14)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.10) $ (0.30)
Net realized gain -- -- -- -- (0.77) (0.47)
----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.87) $ (0.77)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.85 $ (0.50) $ 1.38 $ 1.07 $ (2.64) $ (1.91)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.80 $ 10.95 $ 11.45 $ 10.07 $ 9.00 $ 11.64
============================================================================================================================
Total return* 9.64%** (2.28)% 15.39% 14.33% (13.68)% (9.05)%
Ratio of net expenses to average net assets+ ++ 0.39%*** 0.50% 0.36% 0.39% 0.39% 0.34%
Ratio of net investment income to average net assets+ ++ 2.45%*** 1.60% 1.58% 1.54% 2.44% 1.67%
Portfolio turnover rate 4% 7% 12% 11% 49% 20%
Net assets, end of period (in thousands) $ 1,736 $ 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:
Net expenses 0.39%*** 0.50% 0.36% 0.39% 0.39% 0.34%
Net investment income 2.45%*** 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 0.39%*** 0.50% 0.36% 0.39% 0.39% 0.34%
Net investment income 2.45%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
----------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.60 $ 11.07 $ 9.56 $ 8.45 $ 11.85 $ 14.20
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.08 $ 0.06 $ 0.04 $ 0.09 $ 0.07
Net realized and unrealized gain (loss) on investments 1.02 (0.42) 1.51 1.16 (2.54) (1.69)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.14 $ (0.34) $ 1.57 $ 1.20 $ (2.45) $ (1.62)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ -- $ (0.23)
Net realized gain -- -- $ -- -- (0.95) (0.50)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ (0.95) $ (0.73)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.03 $ (0.47) $ 1.51 $ 1.11 $ (3.40) $ (2.35)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.63 $ 10.60 $ 11.07 $ 9.56 $ 8.45 $ 11.85
==================================================================================================================================
Total return* 10.85%** (3.06)% 16.42% 14.16% (19.05)% (12.03)%
Ratio of net expenses to average net assets+ ++ 0.76%*** 0.85% 0.85% 0.85% 0.85% 0.84%
Ratio of net investment income to average net assets+ ++ 2.15%*** 0.76% 0.52% 0.44% 1.07% 0.54%
Portfolio turnover rate 3% 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $86,367 $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:
Net expenses 0.76%*** 0.87% 0.85% 0.88% 1.01% 0.84%
Net investment income 2.15%*** 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 0.76%*** 0.85% 0.85% 0.85% 0.85% 0.83%
Net investment income 2.15%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 67
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-----------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.95 $ 10.35 $ 8.96 $ 7.93 $ 11.29 $ 13.55
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss)(a) $ 0.06 $ 0.01 $ (0.02) $ (0.03) $ 0.02 $ (0.03)
Net realized and unrealized gain (loss) on investments 0.97 (0.40) 1.41 1.08 (2.43) (1.61)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.03 $ (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 $ 1.03 $ (0.40) $ 1.39 $ 1.03 $ (3.36) $ (2.26)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.98 $ 9.95 $ 10.35 $ 8.96 $ 7.93 $ 11.29
==================================================================================================================================
Total return* 10.35%** (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% 1.64% 1.65%
Ratio of net investment income to average net assets+ ++ 1.11%*** 0.05% (0.21)% (0.33)% 0.28% (0.28)%
Portfolio turnover rate 3% 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $ 10,899 $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:
Net expenses 1.64%*** 1.77% 1.71% 1.76% 1.89% 1.71%
Net investment income (loss) 1.11%*** (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% 1.64%
Net investment income (loss) 1.11%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
----------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 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 $ 10.50 $ 9.08 $ 8.04 $ 11.43 $ 13.73
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss)(a) $ 0.08 0.00(b) $ (0.01) $ (0.03) $ 0.02 $ (0.02)
Net realized and unrealized gain (loss) on investments 0.96 (0.38) 1.43 1.10 (2.46) (1.62)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $ (0.38) $ 1.42 $ 1.07 $ (2.44) $ (1.64)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.05) $ -- $ (0.03) $ -- $ (0.16)
Net realized gain -- -- -- -- (0.95) (0.50)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.04) $ (0.05) $ -- $ (0.03) $ (0.95) $ (0.66)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.00 $ (0.43) $ 1.42 $ 1.04 $ (3.39) $ (2.30)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.07 $ 10.07 $ 10.50 $ 9.08 $ 8.04 $ 11.43
==================================================================================================================================
Total return* 10.39%** (3.61)% 15.64% 13.25% (19.71)% (12.61)%
Ratio of net expenses to average net assets+ ++ 1.46%*** 1.56% 1.55% 1.58% 1.64% 1.53%
Ratio of net investment income to average net assets+ ++ 1.50%*** 0.01% (0.14)% (0.31)% 0.27% (0.16)%
Portfolio turnover rate 3% 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $18,277 $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:
Net expenses 1.46%*** 1.56% 1.55% 1.58% 1.70% 1.53%
Net investment income (loss) 1.50%*** 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 1.46%*** 1.56% 1.55% 1.58% 1.64% 1.52%
Net investment income (loss) 1.50%*** 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 0.1%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 69
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/13 Ended Ended Ended Ended Ended
(unaudited) 7/31/12 7/31/11 7/31/10 7/31/09 7/31/08
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.65 $ 11.24 $ 9.67 $ 8.55 $ 12.02 $ 14.26
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.12 $ 0.11 $ 0.08 $ 0.13 $ 0.15
Net realized and unrealized gain (loss) on investments 0.88 (0.55) 1.56 1.16 (2.65) (1.60)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.02 $ (0.43) $ 1.67 $ 1.24 $ (2.52) $ (1.45)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ -- $ (0.29)
Net realized gain -- -- -- -- (0.95) (0.50)
----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ (0.95) $ (0.79)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.15 $ (0.59) $ 1.57 $ 1.12 $ (3.47) $ (2.24)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.66 $ 10.65 $ 11.24 $ 9.67 $ 8.55 $ 12.02
============================================================================================================================
Total return* 10.97%** (3.76)% 17.32% 14.49% (19.35)% (10.83)%
Ratio of net expenses to average net assets+ ++ 0.45%*** 0.55% 0.46% 0.42% 0.43% 0.35%
Ratio of net investment income to average net assets+ ++ 2.59%*** 1.11% 0.99% 0.88% 1.58% 1.06%
Portfolio turnover rate 3% 7% 11% 12% 55% 13%
Net assets, end of period (in thousands) $ 723 $ 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:
Net expenses 0.45%*** 0.55% 0.46% 0.42% 0.43% 0.35%
Net investment income 2.59%*** 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 0.45%*** 0.55% 0.46% 0.42% 0.43% 0.35%
Net investment income 2.59%*** 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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Notes to Financial Statements | 1/31/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Ibbotson Asset Allocation Series (the Trust) is organized as a Delaware
statutory trust and is registered with the Securities and Exchange Commission
under the Investment Company Act of 1940 (the 1940 Act) as an open-end
management investment company. The Trust consists of four separate funds, each
issuing four classes of shares (collectively, the Funds, individually, the Fund)
as follows:
Pioneer Ibbotson Conservative Allocation Fund (Conservative Fund)
Pioneer Ibbotson Moderate Allocation Fund (Moderate Fund)
Pioneer Ibbotson Growth Allocation Fund (Growth Fund)
Pioneer Ibbotson Aggressive Allocation Fund (Aggressive Fund)
The investment objective of the Conservative Fund, the Moderate Fund and the
Growth Fund is to seek long-term capital growth and current income. The
investment objective of the Aggressive Fund is to seek long-term capital growth.
Each Fund is a "fund of funds," which means that it seeks to achieve its
investment objective by investing exclusively in other Pioneer funds
("underlying funds") managed by Pioneer Investment Management, Inc. (PIM) rather
than by direct investment in securities. In the future, the Funds also may
invest in regulated investment companies that are not managed by PIM. The Funds
indirectly pay a portion of the expenses incurred by the underlying funds.
Consequently, an investment in the Funds entails more direct and indirect
expenses than direct investment in the underlying funds.
Effective as of the close of business on December 31, 2009, the Fund's Class B
shares are no longer offered to new or existing shareholders, except that
dividends and/or capital gain distributions may continue to be reinvested in
Class B shares, and shareholders may exchange their Class B shares for Class B
shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of each Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of each Fund gives the Board the flexibility to specify either
per-share voting or dollar-weighted voting when submitting matters for
shareholder approval. Under per-share voting, each share of a class of a Fund is
entitled to one vote. Under dollar-weighted voting, a shareholder's voting
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 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 Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no provision for federal income taxes
is required. As of January 31, 2013, the Funds did not have any interest
and penalties related to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax years for the prior three fiscal years are subject to examination by
Federal and State tax authorities.
72 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting
from differences in the recognition or classification of income or
distributions for financial statement and tax purposes. Capital accounts
within the financial statements are adjusted for permanent book/tax
differences to reflect tax character, but are not adjusted for temporary
differences.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. 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 following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2012:
-----------------------------------------------------------------------------------------
Other Net
Undistributed Book/Tax 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 six months ended January 31, 2013:
--------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------
Conservative Fund $12,080
Moderate Fund $22,447
Growth Fund $26,404
Aggressive Fund $16,101
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 73
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.
E. Risks
Some of the underlying funds can invest in 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
74 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Each Fund may pay management fees equal to 0.17% of average daily net assets
attributable to investments in underlying funds that are not managed by Pioneer.
For the six months ended January 31, 2013, the effective management fee for each
Fund was equivalent to 0.13% of the Fund's average daily net assets. Fees waived
and expenses reimbursed during the period ended January 31, 2013 are reflected
in the Statement of Operations.
PIM has entered into a sub-advisory agreement with Ibbotson Associates, Inc.
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 January 31, 2013:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 2,420
Moderate Fund $23,310
Growth Fund $25,910
Aggressive Fund $10,127
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, 2014.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the date referred to above:
--------------------------------------------------------------------------------
Fund Class A Class B Class C
--------------------------------------------------------------------------------
Conservative Fund 0.78% 1.68% 1.68%
Moderate Fund 0.74% 1.52% 1.52%
Growth Fund 0.79% 1.57% 1.57%
Aggressive Fund 0.85% 1.64% 1.64%
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Funds at negotiated rates.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities are the following amounts of transfer agent fees payable to PIMSS at
January 31, 2013:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $12,611
Moderate Fund $32,936
Growth Fund $36,342
Aggressive Fund $28,211
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 75
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
January 31, 2013.
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $31,826
Moderate Fund $93,928
Growth Fund $98,546
Aggressive Fund $47,063
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five years
of purchase are subject to a CDSC at declining rates beginning at 4.00%, based
on the lower of cost or market value of shares being redeemed. Redemptions of
Class C shares within one year of purchase are subject to a CDSC of 1.00% based
on the lower of cost or market value of shares being redeemed. Shares purchased
as part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the
CDSCs are paid to PFD.
For the six months ended January 31, 2013, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $2,141
Moderate Fund $4,463
Growth Fund $6,715
Aggressive Fund $3,048
76 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
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 Conservative Allocation Fund
--------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
--------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund 260,971 17,218 (4,285) 273,904
Pioneer Bond Fund 1,232,963 258,306 (42,511) 1,448,758
Pioneer Disciplined Growth Fund 127,353 2,910 (47,102) 83,161
Pioneer Disciplined Value Fund 171,527 8,760 (28,001) 152,286
Pioneer Emerging Markets Fund 25,329 1,166 (858) 25,637
Pioneer Equity Income Fund 29,515 1,008 (6,725) 23,798
Pioneer Floating Rate Fund 91,392 7,173 (645) 97,920
Pioneer Fund 51,083 13,933 (4,545) 60,471
Pioneer Fundamental Growth Fund 98,410 6,481 (3,576) 101,315
Pioneer Fundamental Value Fund 69,949 4,705 (2,115) 72,539
Pioneer Global Aggregate Bond Fund 111,467 8,227 (856) 118,838
Pioneer Global Equity Fund 249,168 20,468 (5,415) 264,221
Pioneer Global High Yield Fund 389,879 22,102 (7,161) 404,820
Pioneer Growth Opportunities Fund 21,501 1,730 (606) 22,625
Pioneer High Yield Fund 248,164 16,125 (2,679) 261,610
Pioneer International Value Fund 205,544 43,370 (4,071) 244,843
Pioneer Mid Cap Value Fund 58,110 2,671 (1,250) 59,531
Pioneer Multi-Asset Ultrashort Income Fund 62,498 5,435 (428) 67,505
Pioneer Real Estate Shares 18,643 8,873 (83) 27,433
Pioneer Research Fund 122,519 5,924 (5,000) 123,443
Pioneer Select Mid Cap Growth Fund 32,519 2,644 (308) 34,855
Pioneer Short Term Income Fund 1,331,421 86,927 (113,362) 1,304,986
Pioneer Strategic Income Fund 443,966 44,369 (5,686) 482,649
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 77
Pioneer Ibbotson Conservative Allocation Fund (continued)
----------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
----------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund $ 293 $ -- $ 83,690 $ 2,747,261
Pioneer Bond Fund 30,098 -- 276,028 14,241,295
Pioneer Disciplined Growth Fund 93,032 36,015 8,051 876,516
Pioneer Disciplined Value Fund 22,960 17,698 20,480 1,408,643
Pioneer Emerging Markets Fund (3,138) 2,712 6,668 685,801
Pioneer Equity Income Fund 23,806 -- 14,297 706,318
Pioneer Floating Rate Fund 4 -- 17,140 684,460
Pioneer Fund 14,918 443,236 9,588 2,071,730
Pioneer Fundamental Growth Fund 647 10,411 53,741 1,407,263
Pioneer Fundamental Value Fund 2,557 -- 16,484 1,414,517
Pioneer Global Aggregate Bond Fund 50 10,897 22,781 1,365,444
Pioneer Global Equity Fund 4,516 -- 55,232 2,832,445
Pioneer Global High Yield Fund 965 -- 151,690 4,141,311
Pioneer Growth Opportunities Fund 2,777 -- -- 720,395
Pioneer High Yield Fund 1,556 -- 79,117 2,775,680
Pioneer International Value Fund (1,067) -- 98,734 4,909,096
Pioneer Mid Cap Value Fund (75) -- 15,804 1,421,608
Pioneer Multi-Asset Ultrashort Income Fund 11 -- 5,825 681,796
Pioneer Real Estate Shares 798 -- 8,275 701,181
Pioneer Research Fund 14,147 -- 11,625 1,413,426
Pioneer Select Mid Cap Growth Fund 609 19,640 -- 708,956
Pioneer Short Term Income Fund (4,197) -- 204,964 12,684,464
Pioneer Strategic Income Fund 636 -- 131,941 5,478,067
--------- ------------ ----------- --------------
$ 205,903 $ 540,609 $ 1,292,155 $ 66,077,673
========= ============ =========== ==============
78 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Pioneer Ibbotson Moderate Allocation Fund
----------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
---------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund 520,922 32,891 -- 553,813
Pioneer Bond Fund 2,354,173 60,580 (126,338) 2,288,415
Pioneer Disciplined Growth Fund 739,321 -- (291,203) 448,118
Pioneer Disciplined Value Fund 885,956 -- (141,069) 744,887
Pioneer Emerging Markets Fund 293,382 3,026 (738) 295,670
Pioneer Equity Income Fund 174,594 -- (22,930) 151,664
Pioneer Fund 243,002 -- (52,888) 190,114
Pioneer Fundamental Growth Fund 585,548 -- (92,268) 493,280
Pioneer Fundamental Value Fund 400,536 -- (55,265) 345,271
Pioneer Global Aggregate Bond Fund 266,852 35,998 -- 302,850
Pioneer Global Equity Fund 1,479,826 69,552 -- 1,549,378
Pioneer Global High Yield Fund 779,217 95,378 -- 874,595
Pioneer Growth Opportunities Fund 206,619 -- (6,594) 200,025
Pioneer High Yield Fund 419,072 16,214 (23,800) 411,486
Pioneer International Value Fund 914,157 149,324 -- 1,063,481
Pioneer Mid Cap Value Fund 517,071 41,082 -- 558,153
Pioneer Multi-Asset Ultrashort Income Fund 141,624 25,660 -- 167,284
Pioneer Oak Ridge Small Cap Growth Fund 202,273 -- (6,075) 196,198
Pioneer Real Estate Shares 126,821 35,193 -- 162,014
Pioneer Research Fund 398,069 -- (26,864) 371,205
Pioneer Select Mid Cap Growth Fund 211,321 -- (8,282) 203,039
Pioneer Short Term Income Fund 2,419,243 882 (91,607) 2,328,518
Pioneer Strategic Income Fund 405,682 55,807 -- 461,489
---------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
---------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund $ -- $ -- $ 168,167 $ 5,554,744
Pioneer Bond Fund 95,308 176,212 487,396 22,495,121
Pioneer Disciplined Growth Fund 480,027 92,962 40,375 4,723,161
Pioneer Disciplined Value Fund (2,533) 30,800 104,318 6,890,202
Pioneer Emerging Markets Fund (3,515) -- 76,258 7,909,170
Pioneer Equity Income Fund 7,367 -- 104,633 4,501,376
Pioneer Fund 193,677 1,821,286 64,688 6,513,293
Pioneer Fundamental Growth Fund 445,474 54,019 48,579 6,851,664
Pioneer Fundamental Value Fund 110,004 -- 267,893 6,732,775
Pioneer Global Aggregate Bond Fund -- 26,542 55,857 3,479,748
Pioneer Global Equity Fund -- -- 318,119 16,609,328
Pioneer Global High Yield Fund -- -- 310,596 8,947,109
Pioneer Growth Opportunities Fund 36,604 -- -- 6,368,782
Pioneer High Yield Fund 2,233 -- 130,843 4,365,868
Pioneer International Value Fund -- -- 410,482 21,322,802
Pioneer Mid Cap Value Fund -- -- 143,504 13,328,685
Pioneer Multi-Asset Ultrashort Income Fund -- -- 13,581 1,689,569
Pioneer Oak Ridge Small Cap Growth Fund (10,093) 177,513 -- 6,229,273
Pioneer Real Estate Shares -- -- 44,376 4,141,083
Pioneer Research Fund 45,172 -- 35,573 4,250,297
Pioneer Select Mid Cap Growth Fund 20,543 116,801 -- 4,129,822
Pioneer Short Term Income Fund (1,413) -- 360,114 22,633,191
Pioneer Strategic Income Fund -- -- 120,878 5,237,895
----------- ----------- ----------- --------------
$ 1,418,855 $ 2,496,135 $ 3,306,230 $ 194,904,958
=========== =========== =========== ==============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 79
Pioneer Ibbotson Growth Allocation Fund
-----------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
-----------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,062,995 122,246 (4,345) 2,180,896
Pioneer Disciplined Growth Fund 967,261 -- (332,506) 634,755
Pioneer Disciplined Value Fund 1,171,488 -- (130,161) 1,041,327
Pioneer Emerging Markets Fund 442,066 17,476 -- 459,542
Pioneer Equity Income Fund 283,723 -- (34,982) 248,741
Pioneer Fund 252,530 -- (33,264) 219,266
Pioneer Fundamental Growth Fund 869,642 -- (223,901) 645,741
Pioneer Fundamental Value Fund 468,235 -- (75,432) 392,803
Pioneer Global Aggregate Bond Fund 307,375 26,110 -- 333,485
Pioneer Global Equity Fund 1,752,987 133,830 -- 1,886,817
Pioneer Global High Yield Fund 444,668 -- (13,967) 430,701
Pioneer Growth Opportunities Fund 288,455 45 (4,011) 284,489
Pioneer High Yield Fund 177,204 11,479 -- 188,683
Pioneer Independence Fund 660 -- (126) 534
Pioneer International Value Fund 1,323,293 117,809 -- 1,441,102
Pioneer Mid Cap Value Fund 649,261 1,260 (4,023) 646,498
Pioneer Oak Ridge Large Cap Growth Fund 597 -- -- 597
Pioneer Oak Ridge Small Cap Growth Fund 213,778 79 (3,262) 210,595
Pioneer Real Estate Shares 232,851 48,327 -- 281,178
Pioneer Research Fund 646,578 -- (41,269) 605,309
Pioneer Select Mid Cap Growth Fund 290,204 14,367 -- 304,571
Pioneer Short Term Income Fund 1,768,363 12,494 (21,082) 1,759,775
Pioneer Strategic Income Fund 409,289 143,921 -- 553,210
Pioneer Value Fund 641 -- -- 641
-----------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
-----------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 3,063 $ -- $ 447,607 $ 21,438,206
Pioneer Disciplined Growth Fund 349,423 246,898 56,797 6,690,320
Pioneer Disciplined Value Fund (26,088) 128,708 145,001 9,632,274
Pioneer Emerging Markets Fund -- 46,496 116,897 12,292,736
Pioneer Equity Income Fund (44,725) -- 171,897 7,382,622
Pioneer Fund (65,284) 2,139,931 73,205 7,512,038
Pioneer Fundamental Growth Fund 1,081,520 74,840 65,735 8,969,340
Pioneer Fundamental Value Fund 142,366 -- 306,777 7,659,666
Pioneer Global Aggregate Bond Fund -- 29,948 62,946 3,831,742
Pioneer Global Equity Fund -- -- 381,792 20,226,681
Pioneer Global High Yield Fund 34,239 -- 167,701 4,406,067
Pioneer Growth Opportunities Fund 13,438 -- -- 9,058,133
Pioneer High Yield Fund -- -- 55,936 2,001,924
Pioneer Independence Fund 882 -- -- 7,047
Pioneer International Value Fund -- -- 567,159 28,894,103
Pioneer Mid Cap Value Fund (17,540) -- 171,831 15,438,383
Pioneer Oak Ridge Large Cap
Growth Fund -- -- -- 8,458
Pioneer Oak Ridge Small Cap
Growth Fund (8,648) 189,679 -- 6,686,402
Pioneer Real Estate Shares -- -- 79,024 7,186,905
Pioneer Research Fund 64,125 -- 58,079 6,930,792
Pioneer Select Mid Cap Growth Fund -- 170,253 -- 6,194,967
Pioneer Short Term Income Fund (193) -- 266,567 17,105,012
Pioneer Strategic Income Fund -- -- 126,985 6,278,933
Pioneer Value Fund -- -- 84 8,137
---------- ------------ ------------ ------------
$1,526,578 $ 3,026,753 $ 3,322,020 $215,840,888
========== ============ ============ ============
80 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Pioneer Ibbotson Aggressive Allocation Fund
-----------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
-----------------------------------------------------------------------------------------------
Pioneer Bond Fund 741,519 -- (30,151) 711,368
Pioneer Disciplined Growth Fund 477,390 -- (158,739) 318,651
Pioneer Disciplined Value Fund 641,397 -- (92,430) 548,967
Pioneer Emerging Markets Fund 323,695 10,234 -- 333,929
Pioneer Equity Income Fund 160,219 -- (28,159) 132,060
Pioneer Fund 150,102 -- (32,363) 117,739
Pioneer Fundamental Growth Fund 464,276 -- (147,651) 316,625
Pioneer Fundamental Value Fund 253,376 -- (50,787) 202,589
Pioneer Global Equity Fund 1,137,125 38,501 -- 1,175,626
Pioneer Growth Opportunities Fund 171,235 8,832 (395) 179,672
Pioneer International Value Fund 1,026,973 44,633 -- 1,071,606
Pioneer Mid Cap Value Fund 536,100 -- (23,959) 512,141
Pioneer Oak Ridge Small Cap Growth Fund 157,040 -- (4,865) 152,175
Pioneer Real Estate Shares 184,210 20,295 -- 204,505
Pioneer Research Fund 150,102 -- (32,363) 117,739
Pioneer Select Mid Cap Growth Fund 226,550 2,539 -- 229,089
Pioneer Short Term Income Fund 225,815 104,959 -- 330,774
Pioneer Strategic Income Fund 217,619 35,301 (6,343) 246,577
-----------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
-----------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 32,260 $ -- $ 155,683 $ 6,992,751
Pioneer Disciplined Growth Fund 390,688 124,909 28,882 3,358,585
Pioneer Disciplined Value Fund (16,068) 68,627 77,152 5,077,941
Pioneer Emerging Markets Fund -- 34,024 85,518 8,932,589
Pioneer Equity Income Fund 31,782 -- 93,578 3,919,531
Pioneer Fund 242 1,190,414 41,196 4,033,729
Pioneer Fundamental Growth Fund 720,659 37,586 32,940 4,397,923
Pioneer Fundamental Value Fund 104,533 -- 159,838 3,950,477
Pioneer Global Equity Fund -- -- 242,321 12,602,707
Pioneer Growth Opportunities Fund 2,304 -- -- 5,720,768
Pioneer International Value Fund -- -- 431,060 21,485,692
Pioneer Mid Cap Value Fund (93,122) -- 137,719 12,229,928
Pioneer Oak Ridge Small Cap Growth Fund (10,667) 137,935 -- 4,831,566
Pioneer Real Estate Shares -- -- 60,956 5,227,137
Pioneer Research Fund 3,056 -- 28,968 3,516,952
Pioneer Select Mid Cap Growth Fund -- 130,190 -- 4,659,665
Pioneer Short Term Income Fund -- -- 39,012 3,215,126
Pioneer Strategic Income Fund 1,278 -- 63,194 2,798,654
----------- ------------ ----------- ------------
$ 1,166,945 $ 1,723,685 $ 1,678,017 $116,951,721
=========== ============ =========== ============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 81
Pioneer Ibbotson Conservative Allocation Fund
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Conservative Allocation Fund (the Fund) pursuant to an
investment advisory agreement between PIM and the Fund. PIM has retained
Ibbotson Associates, Inc. (Ibbotson Associates) to serve as the sub-adviser to
the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser.
In order for PIM and Ibbotson Associates to remain the investment adviser and
sub-adviser of the Fund, respectively, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement and the sub-advisory
agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement and the sub-advisory
agreement. The contract review materials were provided to the Trustees in July
2012 and September 2012. After reviewing and discussing the materials, the
Trustees submitted a request for additional information to PIM, and materials
were provided in response to this request. Meetings of the Independent Trustees
of the Fund were held in July, September, October, and November, 2012 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by each of PIM and the sub-adviser to the Fund, taking into
account the investment objective and strategy of the Fund. The Trustees also
reviewed the terms of the investment advisory agreement and the sub-advisory
agreement.
82 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the Fund's sub-adviser and the Fund's other service providers
and provides the Fund with personnel (including Fund officers) and other
resources that are necessary for the Fund's business management and operations.
The Trustees considered the non-investment resources and personnel of PIM
involved in PIM's services to the Fund, including PIM's compliance and legal
resources and personnel. The Trustees also considered the substantial attention
and high priority given by PIM's senior management to the Pioneer fund complex.
In addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities. The Trustees also considered that, as administrator, PIM is
responsible for the administration of the Fund's business and other affairs. The
Trustees considered the fees paid to PIM for the provision of administration
services.
With respect to the sub-adviser to the Fund, the Trustees considered the sub-
adviser's investment approach for the Fund. They noted that the sub-adviser
responsibilities are limited to developing the asset class model, selecting the
underlying Pioneer funds in which the Fund invests, determining the allocations
to those funds and making asset allocation changes when appropriate.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by each of PIM and the
sub-adviser to the Fund were satisfactory and consistent with the terms of the
investment advisory agreement and the sub-advisory agreement, respectively.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2012. (In all
quintile rankings referred to throughout this disclosure, first quintile is most
favorable to the Fund's shareowners. Thus, highest relative performance would be
first quintile and lowest relative expenses would also be first quintile.) The
Trustees considered reasons for the underperformance of the Fund relative to its
peer group and the steps recently taken in an effort to improve the performance
of the Fund. The Trustees agreed that they would continue to closely monitor the
Fund's performance.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 83
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party. The
Trustees also considered that PIM, not the Fund, paid the sub-adviser pursuant
to the sub-advisory agreement. The Trustees evaluated the fee under the
sub-advisory agreement and the portion of the fee under the investment advisory
agreement retained by PIM, and the services provided by the respective parties
under such agreements.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2012 was in the fifth
quintile relative both to its Morningstar category and Strategic Insight peer
group for the comparable period. The Trustees noted that PIM was waiving fees
and/or reimbursing expenses in order to limit the ordinary operating expenses of
the Fund. They noted the Fund's relatively small asset size compared to most of
the other funds in its peer group and considered that non-management fee
operating expenses and transfer agency expenses generally are spread over a
smaller asset base than the other funds in the peer group, which results in
these fees being significantly higher as a percentage of assets. The Trustees
also considered information showing significant expense reimbursements by the
sponsors of the other funds in the peer group.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that,
84 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
under the investment advisory agreement with the Fund, PIM performs different
services for the Fund than it provides to those other clients or services that
are broader in scope, including oversight of the Fund's sub-adviser and other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also noted
that, with respect to the management of the Fund's investments, the services PIM
provides to the Fund may be more limited than the services it provides to other
accounts. The Trustees also considered the different entrepreneurial risks
associated with PIM's management of the Fund and Pioneer's management of the
other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the
sub-adviser with respect to the Fund were within the range of the fee rates
charged by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM to
the sub-adviser of the Fund, were reasonable in relation to the nature and
quality of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to the
Fund and the percentage that such fees represented of the sub-adviser's overall
revenues (for the 12-month period ended December 31, 2011). They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 85
identify and quantify, rarely identifiable on a Fund-by-Fund basis, and that,
among other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees further
considered the revenues and profitability of PIM's businesses other than the
fund business. The Trustees considered the intangible benefits to each of PIM
and the sub-adviser by virtue of its relationship with the Fund and the other
Pioneer funds. The Trustees concluded that the receipt of these benefits was
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that each of the
investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including, in each case, the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of each of the investment advisory agreement and the sub-advisory
agreement for the Fund.
86 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Pioneer Ibbotson Moderate Allocation Fund
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Moderate Allocation Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. PIM has retained Ibbotson
Associates, Inc. (Ibbotson Associates) to serve as the sub-adviser to the Fund
pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order
for PIM and Ibbotson Associates to remain the investment adviser and sub-adviser
of the Fund, respectively, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement and the sub-advisory
agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement and the sub-advisory
agreement. The contract review materials were provided to the Trustees in July
2012 and September 2012. After reviewing and discussing the materials, the
Trustees submitted a request for additional information to PIM, and materials
were provided in response to this request. Meetings of the Independent Trustees
of the Fund were held in July, September, October, and November, 2012 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by each of PIM and the sub-adviser to the Fund, taking into
account the investment objective and strategy of the Fund. The Trustees also
reviewed the terms of the investment advisory agreement and the sub-advisory
agreement.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 87
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the Fund's sub-adviser and the Fund's other service providers
and provides the Fund with personnel (including Fund officers) and other
resources that are necessary for the Fund's business management and operations.
The Trustees considered the non-investment resources and personnel of PIM
involved in PIM's services to the Fund, including PIM's compliance and legal
resources and personnel. The Trustees also considered the substantial attention
and high priority given by PIM's senior management to the Pioneer fund complex.
In addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities. The Trustees also considered that, as administrator, PIM is
responsible for the administration of the Fund's business and other affairs. The
Trustees considered the fees paid to PIM for the provision of administration
services.
With respect to the sub-adviser to the Fund, the Trustees considered the
sub-adviser's investment approach for the Fund. They noted that the sub-adviser
responsibilities are limited to developing the asset class model, selecting the
underlying Pioneer funds in which the Fund invests, determining the allocations
to those funds and making asset allocation changes when appropriate.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by each of PIM and the
sub-adviser to the Fund were satisfactory and consistent with the terms of the
investment advisory agreement and the sub-advisory agreement, respectively.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one year period ended June 30, 2012 and in the fourth quintile
of its Morningstar category for the three and five year periods ended June 30,
2012. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees considered reasons for the
88 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
underperformance of the Fund relative to its peer group and the steps recently
taken in an effort to improve the performance of the Fund. The Trustees agreed
that they would continue to closely monitor the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party. The
Trustees also considered that PIM, not the Fund, paid the sub-adviser pursuant
to the sub-advisory agreement. The Trustees evaluated the fee under the
sub-advisory agreement and the portion of the fee under the investment advisory
agreement retained by PIM, and the services provided by the respective parties
under such agreements.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2012 was in the
fifth quintile relative both to its Morningstar category and Strategic Insight
peer group for the comparable period. The Trustees noted that PIM was waiving
fees and/or reimbursing expenses in order to limit the ordinary operating
expenses of the Fund.They noted the Fund's relatively small asset size compared
to most of the other funds in its peer group and considered that non-management
fee operating expenses and transfer agency expenses generally are spread over a
smaller asset base than the other funds in the peer group, which results in
these fees being significantly higher as a percentage of assets. The Trustees
also considered information showing significant expense reimbursements by the
sponsors of the other funds in the peer group.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 89
for Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs different services for the Fund
than it provides to those other clients or services that are broader in scope,
including oversight of the Fund's sub-adviser and other service providers and
activities related to compliance and the extensive regulatory and tax regimes to
which the Fund is subject. The Trustees also noted that, with respect to the
management of the Fund's investments, the services PIM provides to the Fund may
be more limited than the services it provides to other accounts. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the
sub-adviser with respect to the Fund were within the range of the fee rates
charged by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM to
the sub-adviser of the Fund, were reasonable in relation to the nature and
quality of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to the
Fund and the percentage that such fees represented of the sub-adviser's overall
revenues (for the 12-month period ended December 31, 2011). They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
90 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees further
considered the revenues and profitability of PIM's businesses other than the
fund business. The Trustees considered the intangible benefits to each of PIM
and the sub-adviser by virtue of its relationship with the Fund and the other
Pioneer funds. The Trustees concluded that the receipt of these benefits was
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that each of the
investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including, in each case, the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of each of the investment advisory agreement and the sub-advisory
agreement for the Fund.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 91
Pioneer Ibbotson Growth Allocation Fund
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Growth Allocation Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. PIM has retained Ibbotson
Associates, Inc. (Ibbotson Associates) to serve as the sub-adviser to the Fund
pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order
for PIM and Ibbotson Associates to remain the investment adviser and sub-adviser
of the Fund, respectively, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement and the sub-advisory
agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement and the sub-advisory
agreement. The contract review materials were provided to the Trustees in July
2012 and September 2012. After reviewing and discussing the materials, the
Trustees submitted a request for additional information to PIM, and materials
were provided in response to this request. Meetings of the Independent Trustees
of the Fund were held in July, September, October, and November, 2012 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by each of PIM and the sub-adviser to the Fund, taking into
account the investment objective and strategy of the Fund. The Trustees also
reviewed the terms of the investment advisory agreement and the sub-advisory
agreement.
92 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the Fund's sub-adviser and the Fund's other service providers
and provides the Fund with personnel (including Fund officers) and other
resources that are necessary for the Fund's business management and operations.
The Trustees considered the non-investment resources and personnel of PIM
involved in PIM's services to the Fund, including PIM's compliance and legal
resources and personnel. The Trustees also considered the substantial attention
and high priority given by PIM's senior management to the Pioneer fund complex.
In addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities. The Trustees also considered that, as administrator, PIM is
responsible for the administration of the Fund's business and other affairs. The
Trustees considered the fees paid to PIM for the provision of administration
services.
With respect to the sub-adviser to the Fund, the Trustees considered the
sub-adviser's investment approach for the Fund. They noted that the sub-adviser
responsibilities are limited to developing the asset class model, selecting the
underlying Pioneer funds in which the Fund invests, determining the allocations
to those funds and making asset allocation changes when appropriate.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by each of PIM and the
sub-adviser to the Fund were satisfactory and consistent with the terms of the
investment advisory agreement and the sub-advisory agreement, respectively.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2012. (In all
quintile rankings referred to throughout this disclosure, first quintile is most
favorable to the Fund's shareowners. Thus, highest relative performance would be
first quintile and lowest relative expenses would also be first quintile.) The
Trustees considered reasons for the underperformance of the Fund relative to its
peer group and the steps recently taken in an effort to improve the performance
of the Fund. The Trustees agreed that they would continue to closely monitor the
Fund's performance.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 93
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party. The
Trustees also considered that PIM, not the Fund, paid the sub-adviser pursuant
to the sub-advisory agreement. The Trustees evaluated the fee under the
sub-advisory agreement and the portion of the fee under the investment advisory
agreement retained by PIM, and the services provided by the respective parties
under such agreements.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the fourth quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees noted that the Fund's management fee was only two basis points higher
than the median management fee paid by other funds in the Fund's Morningstar
category, and less than one basis point higher than the management fee of the
fund at the bottom of the third quintile of management fees paid by other funds
in the Fund's Morningstar category. The Trustees also considered the breakpoints
in the management fee schedule and the reduced fee rates above certain asset
levels. The Trustees considered that the Fund's expense ratio for the twelve
months ended June 30, 2012 was in the fifth quintile relative both to its
Morningstar category and Strategic Insight peer group for the comparable period.
The Trustees noted that PIM was waiving fees and/or reimbursing expenses in
order to limit the ordinary operating expenses of the Fund. They noted the
Fund's relatively small asset size compared to most of the other funds in its
peer group and noted the lower average account size of shareholders in the Fund.
The Trustees considered that non-management fee operating expenses and transfer
agency expenses generally are spread over a smaller asset base than the other
funds in the peer group, which results in these fees being significantly higher
as a percentage of assets. The Trustees also considered information showing
significant expense reimbursements by the sponsors of the other funds in the
peer group.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
94 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs different services for the Fund
than it provides to those other clients or services that are broader in scope,
including oversight of the Fund's sub-adviser and other service providers and
activities related to compliance and the extensive regulatory and tax regimes to
which the Fund is subject. The Trustees also noted that, with respect to the
management of the Fund's investments, the services PIM provides to the Fund may
be more limited than the services it provides to other accounts. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the sub-
adviser with respect to the Fund were within the range of the fee rates charged
by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM to
the sub-adviser of the Fund, were reasonable in relation to the nature and
quality of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to the
Fund and the percentage that such fees represented of the sub-adviser's overall
revenues (for the 12-month period ended December 31, 2011). They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 95
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees further
considered the revenues and profitability of PIM's businesses other than the
fund business. The Trustees considered the intangible benefits to each of PIM
and the sub-adviser by virtue of its relationship with the Fund and the other
Pioneer funds. The Trustees concluded that the receipt of these benefits was
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that each of the
investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including, in each case, the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of each of the investment advisory agreement and the sub-advisory
agreement for the Fund.
96 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Pioneer Ibbotson Aggressive Allocation Fund
Approval of Investment Advisory and Sub-Advisory Agreements
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Ibbotson Aggressive Allocation Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. PIM has retained Ibbotson
Associates, Inc. (Ibbotson Associates) to serve as the sub-adviser to the Fund
pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order
for PIM and Ibbotson Associates to remain the investment adviser and sub-adviser
of the Fund, respectively, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement and the sub-advisory
agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement and the sub-advisory
agreement. The contract review materials were provided to the Trustees in July
2012 and September 2012. After reviewing and discussing the materials, the
Trustees submitted a request for additional information to PIM, and materials
were provided in response to this request. Meetings of the Independent Trustees
of the Fund were held in July, September, October, and November, 2012 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM, the sub-adviser and third parties, the Trustees of
the Fund, including the Independent Trustees voting separately, unanimously
approved the renewal of the investment advisory agreement and the sub-advisory
agreement for another year. In considering the renewal of the investment
advisory agreement and the sub-advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreements.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by each of PIM and the sub-adviser to the Fund, taking into
account the investment objective and strategy of the Fund. The Trustees also
reviewed the terms of the investment advisory agreement and the sub-advisory
agreement.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 97
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the Fund's sub-adviser and the Fund's other service providers
and provides the Fund with personnel (including Fund officers) and other
resources that are necessary for the Fund's business management and operations.
The Trustees considered the non-investment resources and personnel of PIM
involved in PIM's services to the Fund, including PIM's compliance and legal
resources and personnel. The Trustees also considered the substantial attention
and high priority given by PIM's senior management to the Pioneer fund complex.
In addition, the Trustees considered PIM's plans to increase resources in its
investment management function and other enhancements to PIM's advisory
capabilities. The Trustees also considered that, as administrator, PIM is
responsible for the administration of the Fund's business and other affairs. The
Trustees considered the fees paid to PIM for the provision of administration
services.
With respect to the sub-adviser to the Fund, the Trustees considered the
sub-adviser's investment approach for the Fund. They noted that the sub-adviser
responsibilities are limited to developing the asset class model, selecting the
underlying Pioneer funds in which the Fund invests, determining the allocations
to those funds and making asset allocation changes when appropriate.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by each of PIM and the sub-
adviser to the Fund were satisfactory and consistent with the terms of the
investment advisory agreement and the sub-advisory agreement, respectively.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one and three year periods ended June 30, 2012, and in the
fourth quintile of its Morningstar category for the five year period ended June
30, 2012. (In all quintile rankings referred to throughout this disclosure,
first quintile is most favorable to the Fund's shareowners. Thus, highest
relative performance would be first quintile and lowest relative expenses would
also be first quintile.) The Trustees considered reasons for the
underperformance of the Fund relative to its peer group and the steps recently
taken in an effort to improve the performance of the Fund. The Trustees agreed
that they would continue to closely monitor the Fund's performance.
98 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party. The
Trustees also considered that PIM, not the Fund, paid the sub-adviser pursuant
to the sub-advisory agreement. The Trustees evaluated the fee under the
sub-advisory agreement and the portion of the fee under the investment advisory
agreement retained by PIM, and the services provided by the respective parties
under such agreements.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2012 was in the fifth
quintile relative both to its Morningstar category and Strategic Insight peer
group for the comparable period. The Trustees noted that PIM was waiving fees
and/or reimbursing expenses in order to limit the ordinary operating expenses of
the Fund. They noted the Fund's relatively small asset size compared to most of
the other funds in its peer group. The Trustees noted the lower average account
size of shareholders in the Fund. The Trustees considered that non-management
fee operating expenses and transfer agency expenses generally are spread over a
smaller asset base than the other funds in the peer group, which results in
these fees being significantly higher as a percentage of assets. The Trustees
also considered information showing significant expense reimbursements by the
sponsors of the other funds in the peer group.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer"), to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 99
demands, resources and complexity associated with the Fund and client accounts.
The Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs different services for
the Fund than it provides to those other clients or services that are broader in
scope, including oversight of the Fund's sub-adviser and other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also noted that, with respect
to the management of the Fund's investments, the services PIM provides to the
Fund may be more limited than the services it provides to other accounts. The
Trustees also considered the different entrepreneurial risks associated with
PIM's management of the Fund and Pioneer's management of the other client
accounts.
The Trustees also reviewed management fees charged by the sub-adviser to its
other clients. The Trustees noted that the sub-advisory fees paid to the
sub-adviser with respect to the Fund were within the range of the fee rates
charged by the sub-adviser to its other clients. The Trustees concluded that the
management fee payable by the Fund to PIM, as well as the fees payable by PIM to
the sub-adviser of the Fund, were reasonable in relation to the nature and
quality of the services provided by PIM and the sub-adviser.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to the
Fund and the percentage that such fees represented of the sub-adviser's overall
revenues (for the 12-month period ended December 31, 2011). They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
100 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to each of PIM and the sub-adviser
from its relationship with the Fund. The Trustees considered the character and
amount of fees paid by the Fund, other than under the investment advisory
agreement, for services provided by PIM and its affiliates. The Trustees further
considered the revenues and profitability of PIM's businesses other than the
fund business. The Trustees considered the intangible benefits to each of PIM
and the sub-adviser by virtue of its relationship with the Fund and the other
Pioneer funds. The Trustees concluded that the receipt of these benefits was
reasonable in the context of the overall relationship between each of PIM and
the sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that each of the
investment advisory agreement between PIM and the Fund and the sub-advisory
agreement between PIM and the sub-adviser, including in each case the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of each of the investment advisory agreement and the sub-advisory
agreement for the Fund.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 101
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Investment Sub-Adviser
Ibbotson Associates, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
102 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
This page for your notes.
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Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13 107
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108 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/13
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, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19016-07-0313
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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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.
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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.
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(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Ibbotson Asset Allocation Series
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date April 1, 2013
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 April 1, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date April 1, 2013
* Print the name and title of each signing officer under his or her signature.