Pioneer Ibbotson Asset
Allocation Series
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Semiannual Report | January 31, 2014
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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 | 1/31/14 1
President's Letter
Dear Shareowner,
When we look into 2014, we foresee U.S. economic growth matching or exceeding
2013 levels. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. Tax hikes, spending restraint and a better economy have
meaningfully cut the federal budget deficit. A modestly improving European
economy, continuing economic improvement in Japan, and a "soft landing" of
growth in China appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation, making it possible for the
Federal Reserve (the Fed) to continue its accommodative monetary policies.
After observing the strengthening economic trends, the Fed decided in December
2013 to start scaling back its QE (quantitative easing) program, but also said
that short-term interest rates are likely to remain near zero for some time to
come, given that inflation remains subdued and unemployment remains high.
The U.S. government's partial shutdown in October 2013 rattled the markets to a
degree, but does not appear to have had a significant negative impact on the
economy or capital markets. As the year drew to a close, leaders in Washington
reached a bipartisan budget agreement that establishes top-line government
spending levels for the next two fiscal years, a move which should help to
defuse the threat of another shutdown. That certainly was welcome news for
investors who had grown weary of infighting in Washington and wary of the risks
the policy uncertainty caused.
There are certainly risks and uncertainties facing the global economy as we head
into 2014. The European economy, while improving, remains weak, the Japanese
economy faces a tax hike this spring, and a number of emerging market countries
are experiencing difficulties. There are also geopolitical worries abroad and
the aforementioned political fights at home. While most of the widely recognized
risks we've outlined may already be "priced into" the market, we believe
investors should continue to expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification 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.
Pioneer's investment teams have, since 1928, 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 seek to 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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 3
Portfolio Management Discussion | 1/31/14
In the following interview, portfolio manager Brian Huckstep, CFA, Ibbotson
Associates, Inc., sub-adviser to the Pioneer Ibbotson Asset Allocation Series
funds, discusses the market environment and the investment strategies that
applied to the funds during the six-month period ended January 31, 2014.
Q How would you describe the economic and market backdrop during the six-month
period ended January 31, 2014?
A As the period opened, investors seemed to have put into perspective the
likely extent and impact of the inevitable reduction in monetary policy
accommodation by the Federal Reserve (the Fed). U.S. Treasury rates
generally drifted higher during the period, but the change did not impede
equity market gains. Positive market sentiment was supported by continued
signs of strengthening in the U.S. economy. Abroad, while slowing economic
growth in China remained a concern, a consensus seemed to emerge that Europe
was finally pulling out of recession. The good news on the domestic economic
front was capped in December 2013 by an upward revision in gross domestic
product (GDP) growth for the third quarter, to 4.1%. Also in December, the
improved tone among lawmakers in Washington concerning U.S. budget talks,
which resulted in a bipartisan agreement establishing top-line spending
levels for the next two fiscal years, also fueled optimism. The net result
was a strong finish to 2013 for stocks, with most broad U.S. equity indices
providing returns in the 10% range for the final three months of the year.
Market sentiment would change, however, in January 2014. U.S. economic data,
as gauged by key employment and manufacturing indicators, came in below
expectations; China's manufacturing data showed also signs of contracting,
causing emerging markets equities to swoon and yield spreads on
sovereign-debt instruments to widen. As emerging markets currencies dipped
along with other asset classes tied to the emerging economies, many
investors saw a threat to the profitability of U.S. multinational
corporations doing business in those nations. The net result was that in
January most broad stock market indices gave up roughly half their gains
attained during the first five months of the six-month period.
For the full six-month period, the U.S. equity market, as measured by the
Standard & Poor's 500 Index (the S&P 500), returned 6.85%, modestly lagging
international equities, which gained 7.51% as measured by the Morgan Stanley
Capital International (MSCI) Europe, Australasia, Far East (EAFE) ND Index.
Within the U.S. market, small-capitalization stocks modestly outperformed
their large-cap counterparts, while growth stocks significantly outperformed
across all market capitalizations. Domestic bonds, as measured by the
Barclays Aggregate Bond Index (the Barclays Index), the most popular measure
of the performance of the U.S. bond market, returned 1.78% for the six-month
period.
4 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Q What were the considerations and tactical shifts that you applied to the
Pioneer portfolios in allocating their assets during the six-month period
ended January 31, 2014?
A Overall during the six-month period, our tactical emphases within the
portfolios continued to be defensive, which detracted from benchmark-
relative performance. Throughout the period, we maintained an underweight to
equities within the portfolios. The positioning decision was initially
driven by our concerns over the subpar U.S. economic recovery (as of the
beginning of the period last summer), as well as the ongoing economic
difficulties in Europe. While the tilt away from equities helped to mitigate
the negative effects on the portfolios of the equity market reversal in
January 2014, it constrained the funds' returns, to a certain degree, during
the full six-month period. We have maintained the overall underweight to
equities within the portfolios, in light of what appears to be a softening
in company fundamentals combined with what, in our view, are excessive
equity valuations.
Within domestic equities, the portfolios are overweight to large caps as
compared with both small caps and real estate investment trusts (REITs). The
positioning reflects our view that large-cap firms, overall, are in the best
position to weather an uncertain economic climate and a potential lowering
of earnings expectations. While underweighting the portfolios to REITs
proved beneficial for the funds' performance during the six-month period,
that positive factor was offset somewhat by our decision to underweight
small-cap stocks in relation to large caps. Finally, we have long viewed
international equities as offering somewhat better value than the U.S.
equity market, and so we maintained a tilt within the portfolios' overall
equity allocations in favor of international stocks. That positioning had
more or less a neutral effect on the funds' returns during the six-month
period given that performance of both the broad international stock market
and the U.S. markets were roughly comparable.
Within the fixed-income sleeves of the portfolios, we underweighted
longer-term bonds. The underweight helped the funds' relative returns for
most of the six-month period as bonds with longer maturities were negatively
affected by rising interest rates. For the full six-month period, however,
the positioning was a relatively neutral performance factor given the
decline in Treasury yields during January 2014. Our decision to trim the
portfolios' exposures to lower-rated, high-yield corporate bonds was a
modest negative performance factor, as having more exposure to credit
sectors was rewarded in the optimistic market environment driven by an
improving economy, which prevailed for most of the period.
Q What factors are you watching most closely as you determine strategy for the
Portfolios going forward?
A For some time, we have viewed key sentiment indicators in the equity markets
as pointing to excessive optimism. January's decline aside, investor
positioning overall also has appeared strongly biased towards further
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 5
strength in stock markets. This is against a backdrop of what we see as
challenged corporate fundamentals, with moderate earnings growth and
stretched margins prevailing across most industries. As a consequence, the
recent upward move in equity markets has mostly come from significant
multiple expansions.
Overall, stocks continue to appear to us to be trading at significantly
overvalued levels, with U.S. stocks the most overvalued. Valuations of
international stocks, we believe, continue to be more reasonable than those
of U.S. stocks, but have become less attractive following their recent
strong performance. Emerging markets equities have lagged the developed
markets, as sustained outflows from the asset class have taken their toll.
While growth has slowed across the emerging economies, based on our
assessment of fair value, equities in the emerging markets are attractive
relative to those in the developed markets.
Within fixed-income, the risk/reward profile for most assets remains
unattractive in our view. Investment-grade corporate bonds continue to offer
better value than government bonds, but tighter credit spreads and a growing
focus on the part of companies on increasing returns to equity shareholders
have reduced their appeal. (Credit spreads are commonly defined as the
differences in yield between Treasuries and other types of fixed-income
securities with similar maturities.) High-yield and emerging markets bonds
are somewhat more attractively valued within the context of current low
default rates, but these assets present meaningful downside risks over the
longer term as default rates eventually normalize. Against this backdrop, we
expect to maintain the portfolios' exposures to short-term bonds at levels
above our long-term strategic targets.
It is possible that the recent levels of investor exuberance may continue in
the short term as fundamentals are seemingly overlooked and central banks
continue to take strong measures to act as a backstop for the markets. At
some point, however, the focus will return to the true fundamental quality
of assets. We expect the result will be to highlight for investors how
expensive many assets have become, particularly given the significant
challenges faced by the global economy.
Given this outlook, we believe is it is wise to allow for a margin of safety
in positioning the Pioneer portfolios. We will continue to closely monitor
the economic backdrop as we manage the portfolios within their strategic
asset allocation guidelines.
6 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Please refer to the Schedule of Investments on pages 41-48 for a full listing of
fund securities.
Each portfolio in the Ibbotson Asset Allocation Series is a "fund-of-funds"
which seeks to achieve its investment objectives by investing in other funds,
rather than direct positions in securities. In addition to the Fund's operating
expenses, investors will indirectly bear the operating expenses of investments
in any underlying funds. The Fund's performance depends on the adviser's skill
in determining the strategic asset 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. Each of the underlying funds has its own
investment risks. Stocks and bonds can decline due to adverse issuer, market,
regulatory, or economic developments. International markets are subject to
additional risks, including that they may be less liquid and more volatile than
U.S. markets; these risks may be magnified in emerging markets. Some of the
underlying funds can invest in high-yield securities and/or small/emerging
growth companies, which are generally subject to greater volatility than
higher-grade securities and/or more-established companies.
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.
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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 7
Fund Reviews | 1/31/14
Portfolio Reviews
Conservative Allocation
The Fund's Class A shares returned 3.12% at net asset value during the six-
month period ended January 31, 2014, while the S&P 500 returned 6.85% and the
Barclays Index returned 1.78%. During the same period, the average return of the
739 mutual funds in Morningstar's Conservative Allocation Funds category was
2.93%, and the average return of the 364 mutual funds in Lipper's Mixed-Asset
Target Conservative Allocation Funds category was 2.97%.
At period end, the Fund was targeting an asset allocation of 31% to equities and
69% to fixed income, compared with a neutral allocation of 30% equities and 70%
fixed income. Within the fixed-income portion of the portfolio, the largest
position was in Pioneer Bond Fund, at 24.5% of total invested assets on January
31, 2014, followed by Pioneer Short Term Income Fund, at 16%, and Pioneer
Strategic Income Fund, at 10.6%. The largest equity position in the portfolio at
period end was in Pioneer International Value Fund, at 8.2% of total invested
assets.
Moderate Allocation
The Fund's Class A shares returned 4.67% at net asset value during the six-
month period ended January 31, 2014, while the S&P 500 returned 6.85% and the
Barclays Index returned 1.78%. During the same period, the average return of the
902 mutual funds in Morningstar's Moderate Allocation Funds category was 4.53%,
and the average return of the 546 mutual funds in Lipper's Mixed-Asset Target
Moderate Allocation Funds category was 4.24%.
At period end, the Fund was targeting an asset allocation of 61% to equities and
39% to fixed income, compared with a neutral allocation of 60% equities and 40%
fixed income. Within the fixed-income portion of the portfolio, the largest
position was in Pioneer Bond Fund, at 12.1% of total invested assets on January
31, 2014, followed by Pioneer Short Term Income Fund, at 10.2%. The largest
equity position in the portfolio at period end was in Pioneer International
Value Fund, at 12.7% of total invested assets, followed by Pioneer Global Equity
Fund, at 8.9%, and Pioneer Mid Cap Value Fund, at 6.3%.
Growth Allocation
The Fund's Class A shares returned 5.21% at net asset value during the six-
month period ended January 31, 2014, while the S&P 500 returned 6.85% and the
Barclays Index returned 1.78%. During the same period, the average return of the
420 mutual funds in Morningstar's Aggressive Allocation Funds category was
5.51%, and the average return of the 581 mutual funds in Lipper's Mixed-Asset
Target Growth Allocation Funds category was 5.10%.
8 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
At period end, the Fund was targeting an asset allocation of 74% to equities and
26% to fixed income, compared with a neutral allocation of 70% equities and 30%
fixed income. Within the equity portion of the portfolio, the largest position
was in Pioneer International Value Fund, at 14.3% of total invested assets on
January 31, 2014, followed by Pioneer Global Equity Fund, at 10.2%, and Pioneer
Mid Cap Value Fund, at 7.1%. Within the fixed-income portion of the portfolio,
the largest position at period end was in Pioneer Bond Fund, at 10.2% of total
invested assets, followed by Pioneer Short Term Income Fund, at 6.9%.
Aggressive Allocation
The Fund's Class A shares returned 5.59% at net asset value during the six-
month period ended January 31, 2014, while the S&P 500 returned 6.85% and the
Barclays Index returned 1.78%. During the same period, the average return of the
420 mutual funds in Morningstar's Aggressive Allocation Funds category was
5.51%, and the average return of the 834 mutual funds in Lipper's Multi-Cap Core
Funds category was 7.32%.
At period end, the Fund was targeting an asset allocation of 88% to equities and
12% to fixed income, compared with a neutral allocation of 90% equities and 10%
fixed income. Within the equity portion of the portfolio, the largest position
was in Pioneer International Value Fund, at 19.1% of total invested assets on
January 31, 2014, followed by Pioneer Global Equity Fund, at 11.5%, and Pioneer
Mid Cap Value Fund, at 9.5%. Within the fixed-income portion of the portfolio,
the largest position at period end was in Pioneer Bond Fund, at 5.5% of total
invested assets.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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
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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, 2013 through January 31, 2014.
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Share Class A B C Y
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Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
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Ending Account Value $1,031.20 $1,027.90 $1,028.10 $1,032.50
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.73 $ 12.37 $ 11.40 $7.24
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.51%,
2.42%, 2.23% and 1.42% 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 | 1/31/14
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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,017.59 $1,013.01 $1,013.96 $1,018.05
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.68 $ 12.28 $ 11.32 $ 7.22
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.51%,
2.42%, 2.23% and 1.42% 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 | 1/31/14 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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,046.70 $1,042.80 $1,043.20 $1,047.50
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.53 $ 12.05 $ 11.07 $ 5.99
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.46%,
2.34%, 2.15% and 1.16% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 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 | 1/31/14
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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,017.85 $1,013.41 $1,014.37 $1,019.36
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.43 $ 11.88 $ 10.92 $ 5.90
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.46%,
2.34%, 2.15% and 1.16% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 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 | 1/31/14 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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,052.10 $1,047.70 $1,048.50 $1,053.80
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.81 $ 12.49 $ 11.36 $ 6.16
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.51%,
2.42%, 2.20% and 1.19% 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 | 1/31/14
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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,017.59 $1,013.01 $1,014.12 $1,019.21
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.68 $ 12.28 $ 11.17 $ 6.06
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.51%,
2.42%, 2.20% and 1.19% 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 | 1/31/14 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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,055.90 $1,052.00 $1,052.20 $1,058.40
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 8.71 $ 13.09 $ 12.31 $ 7.00
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.68%,
2.53%, 2.38% and 1.35% 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 | 1/31/14
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, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,016.74 $1,012.45 $1,013.21 $1,018.40
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 8.54 $ 12.83 $ 12.08 $ 6.87
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.68%,
2.53%, 2.38% and 1.35% 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 | 1/31/14 17
Prices and Distributions | 1/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $11.42 $11.42
--------------------------------------------------------------------------------
B $11.27 $11.18
--------------------------------------------------------------------------------
C $11.12 $11.09
--------------------------------------------------------------------------------
Y $10.94 $10.86
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $12.06 $11.72
--------------------------------------------------------------------------------
B $11.75 $11.31
--------------------------------------------------------------------------------
C $11.24 $10.92
--------------------------------------------------------------------------------
Y $12.19 $11.86
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $12.78 $12.32
--------------------------------------------------------------------------------
B $11.43 $10.93
--------------------------------------------------------------------------------
C $12.10 $11.65
--------------------------------------------------------------------------------
Y $13.03 $12.56
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $13.04 $12.47
--------------------------------------------------------------------------------
B $12.33 $11.72
--------------------------------------------------------------------------------
C $12.39 $11.83
--------------------------------------------------------------------------------
Y $13.12 $12.49
--------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Distributions per Share: 7/31/13-1/31/14
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3586 $-- $--
--------------------------------------------------------------------------------
B $0.2232 $-- $--
--------------------------------------------------------------------------------
C $0.2834 $-- $--
--------------------------------------------------------------------------------
Y $0.2724 $-- $--
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2108 $-- $--
--------------------------------------------------------------------------------
B $0.0445 $-- $--
--------------------------------------------------------------------------------
C $0.1539 $-- $--
--------------------------------------------------------------------------------
Y $0.2380 $-- $--
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1855 $-- $--
--------------------------------------------------------------------------------
B $0.0218 $-- $--
--------------------------------------------------------------------------------
C $0.1181 $-- $--
--------------------------------------------------------------------------------
Y $0.2097 $-- $--
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1308 $-- $--
--------------------------------------------------------------------------------
B $ -- $-- $--
--------------------------------------------------------------------------------
C $0.0589 $-- $--
--------------------------------------------------------------------------------
Y $0.1020 $-- $--
--------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 19
Prices and Distributions | 1/31/14 (continued)
Index Definitions
--------------------------------------------------------------------------------
The Standard & Poor's 500 Index (the S&P 500) is an unmanaged, commonly used
measure of the broad U.S. stock market. The Barclays Aggregate Bond Index is an
unmanaged measure of the U.S. bond market. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 22-25, 27-30, 32-35 and 37-40.
20 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Portfolio Summary | 1/31/14
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%
Actual Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 69.1%
U.S. Equity 17.6%
International Equity 13.3%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.10%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 3.06
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 2.07
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 2.07
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 2.07
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 1.07
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.03
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 8.16%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 4.12
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 1.02
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 24.54%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 15.98
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 10.62
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 6.32
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 4.24
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 3.17
--------------------------------------------------------------------------------
Pioneer Global Multisector Income Fund Class Y 2.12
--------------------------------------------------------------------------------
Pioneer Floating Rate Fund Class Y 1.06
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund Class Y 1.06
--------------------------------------------------------------------------------
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 | 1/31/14 21
Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Conservative Allocation
Fund at public offering price during the periods shown, compared to that of the
Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 4.73% 4.03%
5 Years 10.14 8.85
1 Year 5.62 -0.45
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.48%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Conservative Allocation Fund Bond Index 500 Index
5/31/2005 $ 9,425 $ 10,000 $ 10,000
1/31/2006 $ 9,900 $ 10,047 $ 10,872
1/31/2007 $ 10,542 $ 10,477 $ 12,448
1/31/2008 $ 10,820 $ 11,400 $ 12,160
1/31/2009 $ 8,617 $ 11,695 $ 7,465
1/31/2010 $ 10,819 $ 12,690 $ 9,938
1/31/2011 $ 12,015 $ 13,332 $ 12,145
1/31/2012 $ 12,212 $ 14,487 $ 12,654
1/31/2013 $ 13,222 $ 14,862 $ 14,775
1/31/2014 $ 13,966 $ 14,880 $ 17,953
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 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 | 1/31/14
Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Conservative Allocation
Fund during the periods shown, compared to that of the Standard & Poor's 500
Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.83% 3.83%
5 Years 9.20 9.20
1 Year 4.76 0.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.32%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Conservative Allocation Fund Bond Index 500 Index
5/31/2005 $ 10,000 $ 10,000 $ 10,000
1/31/2006 $ 10,448 $ 10,047 $ 10,872
1/31/2007 $ 11,027 $ 10,477 $ 12,448
1/31/2008 $ 11,210 $ 11,400 $ 12,160
1/31/2009 $ 8,847 $ 11,695 $ 7,465
1/31/2010 $ 11,000 $ 12,690 $ 9,938
1/31/2011 $ 12,117 $ 13,332 $ 12,145
1/31/2012 $ 12,218 $ 14,487 $ 12,654
1/31/2013 $ 13,115 $ 14,862 $ 14,775
1/31/2014 $ 13,739 $ 14,880 $ 17,953
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 23
Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Conservative Allocation
Fund during the periods shown, compared to that of the Standard & Poor's 500
Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.85% 3.85%
5 Years 9.28 9.28
1 Year 4.99 4.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.22%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Conservative Allocation Fund Bond Index 500 Index
5/31/2005 $ 10,000 $ 10,000 $ 10,000
1/31/2006 $ 10,439 $ 10,047 $ 10,872
1/31/2007 $ 11,029 $ 10,477 $ 12,448
1/31/2008 $ 11,223 $ 11,400 $ 12,160
1/31/2009 $ 8,843 $ 11,695 $ 7,465
1/31/2010 $ 10,985 $ 12,690 $ 9,938
1/31/2011 $ 12,128 $ 13,332 $ 12,145
1/31/2012 $ 12,231 $ 14,487 $ 12,654
1/31/2013 $ 13,129 $ 14,862 $ 14,775
1/31/2014 $ 13,784 $ 14,880 $ 17,953
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 | 1/31/14
Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Conservative Allocation
Fund during the periods shown, compared to that of the Standard & Poor's 500
Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.65% 3.65%
5 Years 8.87 8.87
1 Year 5.18 5.18
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.14%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Conservative Allocation Fund Bond Index 500 Index
5/31/2005 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2006 $ 5,263,864 $ 5,023,369 $ 5,435,945
1/31/2007 $ 5,591,061 $ 5,238,604 $ 6,224,088
1/31/2008 $ 5,726,575 $ 5,700,033 $ 6,080,128
1/31/2009 $ 4,423,927 $ 5,847,553 $ 3,732,378
1/31/2010 $ 5,330,149 $ 6,344,969 $ 4,969,179
1/31/2011 $ 5,937,406 $ 6,666,058 $ 6,072,375
1/31/2012 $ 6,008,680 $ 7,243,481 $ 6,326,910
1/31/2013 $ 6,433,159 $ 7,430,763 $ 7,387,467
1/31/2014 $ 6,766,675 $ 7,439,973 $ 8,976,294
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 | 1/31/14 25
Portfolio Summary | 1/31/14
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%
Actual Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 39.0%
U.S. Equity 35.0%
International Equity 26.0%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 6.26%
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.66
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 5.13
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.32
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.25
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 3.19
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.53
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 2.17
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.12
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.39
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 12.71%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 8.88
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 4.45
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 12.06%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 10.16
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 4.15
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 3.80
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 3.78
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 2.04
--------------------------------------------------------------------------------
Pioneer Global Multisector Income Fund Class Y 1.96
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund Class Y 0.99
--------------------------------------------------------------------------------
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 | 1/31/14
Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Moderate Allocation Fund
at public offering price during the periods shown, compared to that of the
Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.72% 5.07%
5 Years 13.12 11.80
1 Year 10.32 3.96
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.45%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Moderate 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
1/31/2014 $ 15,665 $ 15,358 $ 19,633
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 | 1/31/14 27
Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Moderate Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.53% 4.53%
5 Years 12.23 12.23
1 Year 9.40 5.40
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.37% 2.31%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Moderate 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
1/31/2014 $ 15,169 $ 15,358 $ 19,633
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 the contractual expense limitation currently in
effect through December 1, 2015, 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 | 1/31/14
Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Moderate Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.52% 4.52%
5 Years 12.32 12.32
1 Year 9.64 9.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.13%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Moderate 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
1/31/2014 $ 15,473 $ 15,358 $ 19,633
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 | 1/31/14 29
Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Moderate Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.17% 6.17%
5 Years 13.60 13.60
1 Year 10.63 10.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Moderate 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
1/31/2014 $ 8,644,438 $ 7,678,866 $ 9,816,546
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 | 1/31/14
Portfolio Summary | 1/31/14
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 70%
Fixed Income 30%
Actual Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Equity 43.6%
International Equity 30.7%
Fixed Income 25.7%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 7.14%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 5.83
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 5.48
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.47
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.72
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.68
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 3.34
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.28
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.25
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.38
--------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund Class Y 0.01
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 14.32%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 10.19
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 6.16
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 10.23%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 6.90
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 3.39
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 1.92
--------------------------------------------------------------------------------
Pioneer Global Multisector Income Fund Class Y 1.81
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 0.94
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 0.56
--------------------------------------------------------------------------------
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 | 1/31/14 31
Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Growth Allocation Fund at
public offering price during the periods shown, compared to that of the Standard
& Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.96% 5.30%
5 Years 14.40 13.06
1 Year 11.93 5.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.53%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Growth Allocation 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
1/31/2014 $ 15,990 $ 15,358 $ 19,633
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 | 1/31/14
Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Growth Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.20% 4.20%
5 Years 13.53 13.53
1 Year 10.96 6.96
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.44% 2.41%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Growth Allocation 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
1/31/2014 $ 15,167 $ 15,358 $ 19,633
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 the contractual expense limitation currently in
effect through December 1, 2015, 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 | 1/31/14 33
Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Growth Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.89% 4.89%
5 Years 13.60 13.60
1 Year 11.15 11.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.24%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Growth Allocation 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
1/31/2014 $ 15,650 $ 15,358 $ 19,633
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 | 1/31/14
Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Growth Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.45% 6.45%
5 Years 14.47 14.47
1 Year 12.16 12.16
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.28%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Growth Allocation 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
1/31/2014 $ 8,854,340 $ 7,678,866 $ 9,816,546
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 | 1/31/14 35
Portfolio Summary | 1/31/14
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%
Actual Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Equity 49.1%
International Equity 39.2%
Fixed Income 11.7%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 9.47%
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 7.54
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 6.10
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 5.32
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 4.85
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.33
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 3.21
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.15
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.12
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.93
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 19.07%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 11.45
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 8.73
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 5.49%
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 3.37
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 2.87
--------------------------------------------------------------------------------
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 | 1/31/14
Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Aggressive Allocation Fund
at public offering price during the periods shown, compared to that of the
Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.07% 5.41%
5 Years 15.28 13.92
1 Year 13.22 6.70
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Aggressive 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
1/31/2014 $ 16,068 $ 15,358 $ 19,633
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 | 1/31/14 37
Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Aggressive Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.89% 4.89%
5 Years 14.38 14.38
1 Year 12.30 8.30
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.61% 2.52%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Aggressive 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
1/31/2014 $ 15,707 $ 15,358 $ 19,633
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 the contractual expense limitation currently in
effect through December 1, 2015, 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 | 1/31/14
Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Aggressive Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.10% 5.10%
5 Years 14.47 14.47
1 Year 12.44 12.44
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.39%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Aggressive 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
1/31/2014 $ 15,636 $ 15,358 $ 19,633
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 | 1/31/14 39
Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Aggressive Allocation Fund
during the periods shown, compared to that of the Standard & Poor's 500 Index
and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.34% 6.34%
5 Years 15.45 15.45
1 Year 13.37 13.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's
Aggressive 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
1/31/2014 $ 8,738,362 $ 7,678,866 $ 9,816,546
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 | 1/31/14
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Conservative Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 94.8%
PIONEER FUNDS* -- 94.8%
1,635,956 Pioneer Bond Fund Class Y $ 15,754,257
86,597 Pioneer Core Equity Fund Class Y 1,329,264
41,312 Pioneer Disciplined Growth Fund Class Y 663,885
105,027 Pioneer Disciplined Value Fund Class Y 1,968,198
274,261 Pioneer Dynamic Credit Fund Class Y 2,720,667
27,203 Pioneer Emerging Markets Fund Class Y 652,605
19,892 Pioneer Equity Income Fund Class Y 665,592
97,943 Pioneer Floating Rate Fund Class Y 683,644
52,375 Pioneer Fund Class Y 1,990,758
82,103 Pioneer Fundamental Growth Fund Class Y 1,328,421
213,242 Pioneer Global Equity Fund Class Y 2,648,463
415,156 Pioneer Global High Yield Fund Class Y 4,060,225
125,604 Pioneer Global Multisector Income Fund Class Y 1,362,798
190,456 Pioneer High Yield Fund Class Y 2,037,881
243,258 Pioneer International Value Fund Class Y 5,239,788
50,332 Pioneer Mid Cap Value Fund Class Y 1,331,796
67,760 Pioneer Multi-Asset Ultrashort Income Fund Class Y 683,021
17,273 Pioneer Oak Ridge Small Cap Growth Fund Class Y 665,539
26,962 Pioneer Real Estate Shares Class Y 689,137
16,519 Pioneer Select Mid Cap Growth Fund Class Y 670,158
1,060,265 Pioneer Short Term Income Fund Class Y 10,252,765
627,208 Pioneer Strategic Income Fund Class Y 6,817,746
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $56,442,640) $ 64,216,608
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 94.8%
(Cost $56,442,640) (a) $ 64,216,608
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 5.2% $ 3,496,893
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 67,713,501
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2014, the net unrealized appreciation on
investments based on cost for federal tax purposes of $57,323,707
was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $7,817,368
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (924,467)
----------
Net unrealized appreciation $6,892,901
==========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 41
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Conservative Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2014 aggregated $4,178,992 and $5,208,963,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). 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, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $64,216,608 $-- $-- $64,216,608
--------------------------------------------------------------------------------
Total $64,216,608 $-- $-- $64,216,608
================================================================================
During the six months ended January 31, 2014, there were no transfers between
Levels 1, 2, and 3.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Moderate Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 98.4%
PIONEER FUNDS* -- 98.4%
2,624,649 Pioneer Bond Fund Class Y $ 25,275,368
296,605 Pioneer Core Equity Fund Class Y 4,552,887
181,015 Pioneer Disciplined Growth Fund Class Y 2,908,908
574,076 Pioneer Disciplined Value Fund Class Y 10,758,186
797,905 Pioneer Dynamic Credit Fund Class Y 7,915,217
389,314 Pioneer Emerging Markets Fund Class Y 9,339,647
132,759 Pioneer Equity Income Fund Class Y 4,442,108
183,387 Pioneer Fund Class Y 6,970,554
421,070 Pioneer Fundamental Growth Fund Class Y 6,812,906
1,498,492 Pioneer Global Equity Fund Class Y 18,611,268
889,896 Pioneer Global High Yield Fund Class Y 8,703,179
378,844 Pioneer Global Multisector Income Fund Class Y 4,110,455
400,551 Pioneer High Yield Fund Class Y 4,285,900
1,236,672 Pioneer International Value Fund Class Y 26,637,907
496,232 Pioneer Mid Cap Value Fund Class Y 13,130,289
205,699 Pioneer Multi-Asset Ultrashort Income Fund Class Y 2,073,448
307,804 Pioneer Oak Ridge Small Cap Growth Fund Class Y 11,859,670
207,395 Pioneer Real Estate Shares Class Y 5,301,026
164,591 Pioneer Select Mid Cap Growth Fund Class Y 6,677,443
2,203,062 Pioneer Short Term Income Fund Class Y 21,303,613
733,651 Pioneer Strategic Income Fund Class Y 7,974,790
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $169,630,619) $209,644,769
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.4%
(Cost $169,630,619) (a) $209,644,769
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.6% $ 3,482,747
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $213,127,516
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2014, the net unrealized appreciation on
investments based on cost for federal tax purposes of $172,454,904
was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $40,269,116
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (3,079,251)
-----------
Net unrealized appreciation $37,189,865
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 43
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Moderate Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2014 aggregated $15,148,058 and $10,752,842,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). 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, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $209,644,769 $-- $-- $209,644,769
--------------------------------------------------------------------------------
Total $209,644,769 $-- $-- $209,644,769
================================================================================
During the six months ended January 31, 2014, there were no transfers between
Levels 1, 2, and 3.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Growth Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 100.3%
PIONEER FUNDS* -- 100.3%
2,438,071 Pioneer Bond Fund Class Y $ 23,478,622
499,456 Pioneer Core Equity Fund Class Y 7,666,645
339,583 Pioneer Disciplined Growth Fund Class Y 5,457,102
713,603 Pioneer Disciplined Value Fund Class Y 13,372,917
128,981 Pioneer Dynamic Credit Fund Class Y 1,279,487
588,759 Pioneer Emerging Markets Fund Class Y 14,124,326
224,978 Pioneer Equity Income Fund Class Y 7,527,770
196,223 Pioneer Fund Class Y 7,458,431
527,687 Pioneer Fundamental Growth Fund Class Y 8,537,974
1,882,304 Pioneer Global Equity Fund Class Y 23,378,219
450,057 Pioneer Global High Yield Fund Class Y 4,401,554
382,938 Pioneer Global Multisector Income Fund Class Y 4,154,876
201,751 Pioneer High Yield Fund Class Y 2,158,739
1,525,574 Pioneer International Value Fund Class Y 32,860,854
619,063 Pioneer Mid Cap Value Fund Class Y 16,380,405
597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 10,338
325,869 Pioneer Oak Ridge Small Cap Growth Fund Class Y 12,555,716
330,328 Pioneer Real Estate Shares Class Y 8,443,193
309,712 Pioneer Select Mid Cap Growth Fund Class Y 12,565,034
1,636,382 Pioneer Short Term Income Fund Class Y 15,823,818
716,538 Pioneer Strategic Income Fund Class Y 7,788,772
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $179,037,600) $229,424,792
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.3%
(Cost $179,037,600) (a) $229,424,792
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.3)% $ (605,583)
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $228,819,209
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2014, the net unrealized appreciation on
investments based on cost for federal tax purposes of $180,680,126
was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $50,539,047
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,794,381)
-----------
Net unrealized appreciation $48,744,666
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 45
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Growth Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2014 aggregated $13,985,016 and $8,942,513,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). 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, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $229,424,792 $-- $-- $229,424,792
--------------------------------------------------------------------------------
Total $229,424,792 $-- $-- $229,424,792
================================================================================
During the six months ended January 31, 2014, there were no transfers between
Levels 1, 2, and 3.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Aggressive Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 100.2%
PIONEER FUNDS* -- 100.2%
701,037 Pioneer Bond Fund Class Y $ 6,750,989
257,540 Pioneer Core Equity Fund Class Y 3,953,234
223,844 Pioneer Disciplined Growth Fund Class Y 3,597,178
348,972 Pioneer Disciplined Value Fund Class Y 6,539,729
447,558 Pioneer Emerging Markets Fund Class Y 10,736,923
115,763 Pioneer Equity Income Fund Class Y 3,873,428
100,885 Pioneer Fund Class Y 3,834,622
252,768 Pioneer Fundamental Growth Fund Class Y 4,089,782
1,133,594 Pioneer Global Equity Fund Class Y 14,079,242
1,089,091 Pioneer International Value Fund Class Y 23,459,028
439,876 Pioneer Mid Cap Value Fund Class Y 11,639,123
240,643 Pioneer Oak Ridge Small Cap Growth Fund Class Y 9,271,989
233,549 Pioneer Real Estate Shares Class Y 5,969,502
184,921 Pioneer Select Mid Cap Growth Fund Class Y 7,502,250
364,817 Pioneer Short Term Income Fund Class Y 3,527,778
381,266 Pioneer Strategic Income Fund Class Y 4,144,361
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $90,606,702) $122,969,158
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.2%
(Cost $90,606,702) (a) $122,969,158
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.2)% $ (192,627)
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $122,776,531
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At January 31, 2014, the net unrealized appreciation on
investments based on cost for federal tax purposes of $92,242,830
was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $32,362,456
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,636,128)
-----------
Net unrealized appreciation $30,726,328
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 47
Schedule of Investments | 1/31/14 (unaudited)
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2014 aggregated $8,706,140 and $7,190,475,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). 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, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $122,969,158 $-- $-- $122,969,158
--------------------------------------------------------------------------------
Total $122,969,158 $-- $-- $122,969,158
================================================================================
During the six months ended January 31, 2014, there were no transfers between
Levels 1, 2, and 3.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Statements of Assets and Liabilities | 1/31/14 (unaudited)
----------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
----------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of
affiliated issuers, at value
(at cost $56,442,640,
$169,630,619, $179,037,600
and $90,606,702, respectively) $64,216,608 $209,644,769 $229,424,792 $122,969,158
Cash 3,382,909 3,246,275 -- --
Receivables for:
Investment Funds sold 149,266 264,468 370,870 294,772
Capital stock sold 6,845 79,277 147,421 62,856
Dividends 138,789 249,057 177,068 41,423
Other assets 30,519 30,984 33,688 23,110
----------------------------------------------------------------------------------------------------------
Total assets $67,924,936 $213,514,830 $230,153,839 $123,391,319
==========================================================================================================
LIABILITIES:
Payables for:
Investment Funds purchased $ 30,921 $ 79,546 $ 46,319 $ 32,300
Capital stock redeemed 85,002 96,728 175,730 97,778
Due to affiliates 48,990 160,928 168,872 90,255
Due to Pioneer Investment
Management, Inc. 3,879 4,932 6,879 2,941
Due to custodian -- -- 879,311 324,876
Accrued expenses and
other liabilities 42,643 45,180 57,519 66,638
----------------------------------------------------------------------------------------------------------
Total liabilities: $ 211,435 $ 387,314 $ 1,334,630 $ 614,788
==========================================================================================================
NET ASSETS:
Paid-in capital $62,037,796 $198,893,496 $211,948,881 $116,559,044
Undistributed net investment income 87,492 2,225,423 2,184,734 1,034,842
Accumulated net realized loss
on investments (2,185,755) (28,005,553) (35,701,598) (27,179,811)
Net unrealized appreciation
on investments 7,773,968 40,014,150 50,387,192 32,362,456
----------------------------------------------------------------------------------------------------------
Total net assets $67,713,501 $213,127,516 $228,819,209 $122,776,531
==========================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of
shares authorized)
Net Assets of Class A shares $44,140,487 $130,751,452 $154,710,951 $ 94,074,263
Net Assets of Class B shares $ 2,655,976 $ 8,692,051 $ 14,449,956 $ 7,474,266
Net Assets of Class C shares $20,762,402 $ 70,491,291 $ 58,426,367 $ 20,822,320
Net Assets of Class Y shares $ 154,636 $ 3,192,722 $ 1,231,935 $ 405,682
Class A Shares outstanding 3,863,786 10,839,825 12,102,370 7,214,281
Class B Shares outstanding 235,735 740,037 1,264,708 606,158
Class C Shares outstanding 1,867,475 6,272,315 4,829,763 1,680,091
Class Y Shares outstanding 14,140 261,817 94,522 30,922
Net Asset Value -- Class A share $ 11.42 $ 12.06 $ 12.78 $ 13.04
Net Asset Value -- Class B share $ 11.27 $ 11.75 $ 11.43 $ 12.33
Net Asset Value -- Class C share $ 11.12 $ 11.24 $ 12.10 $ 12.39
Net Asset Value -- Class Y share $ 10.94 $ 12.19 $ 13.03 $ 13.12
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset
value per share) $ 12.12 $ 12.80 $ 13.56 $ 13.84
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 49
Statements of Operations (unaudited)
For the Six Months Ended 1/31/14
------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from underlying
affiliated funds $1,197,006 $3,175,424 $ 3,207,712 $1,631,851
Interest 522 663 76 54
------------------------------------------------------------------------------------------------
Total Investment Income $1,197,528 $3,176,087 $ 3,207,788 $1,631,905
================================================================================================
EXPENSES:
Management fees $ 44,815 $ 138,611 $ 149,278 $ 80,346
Transfer agent fees
Class A 18,147 63,214 101,607 75,755
Class B 2,814 11,753 21,775 12,372
Class C 5,919 17,027 20,580 11,004
Class Y 113 263 196 222
Distribution fees
Class A 55,910 164,644 194,724 117,728
Class B 15,326 47,608 80,418 40,815
Class C 105,034 341,491 281,804 103,822
Shareholder communications
expense 13,373 52,732 61,445 42,587
Administrative fees 16,675 40,148 41,562 25,139
Custodian fees 9,818 5,068 2,119 8,510
Registration fees 32,633 34,557 32,403 49,282
Professional fees 20,228 22,794 22,402 20,675
Printing fees 5,321 6,510 9,723 6,957
Fees and expenses of
non-affiliated Trustees 3,567 3,632 3,300 2,913
Insurance expense 424 1,142 1,480 757
Miscellaneous 1,326 1,425 1,375 1,977
------------------------------------------------------------------------------------------------
Total expenses $ 351,443 $ 952,619 $ 1,026,191 $ 600,861
Less fees waived and expenses
reimbursed by Pioneer
Investment Management, Inc. $ -- $ (2,300) $ (3,730) $ (4,297)
------------------------------------------------------------------------------------------------
Net expenses $ 351,443 $ 950,319 $ 1,022,461 $ 596,564
------------------------------------------------------------------------------------------------
Net investment income $ 846,085 $2,225,768 $ 2,185,327 $1,035,341
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on underlying
affiliated funds $ 597,450 $2,098,945 $ 1,845,316 $1,466,091
Capital gain distributions from
underlying affiliated funds 885,970 5,204,261 6,371,225 3,662,699
------------------------------------------------------------------------------------------------
$1,483,420 $7,303,206 $ 8,216,541 $5,128,790
------------------------------------------------------------------------------------------------
Change in net unrealized
appreciation (depreciation)
on investments $ (250,364) $ (277,239) $ 861,399 $ 399,456
------------------------------------------------------------------------------------------------
Net gain on investments $1,233,056 $7,025,967 $ 9,077,940 $5,528,246
------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $2,079,141 $9,251,735 $11,263,267 $6,563,587
================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
---------------------------- ----------------------------
Six Months Six Months
Ended Year Ended Year
1/31/2014 Ended 1/31/2014 Ended
(unaudited) 7/31/13 (unaudited) 7/31/13
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 846,085 $ 1,480,666 $ 2,225,768 $ 3,192,855
Net realized gain on investments 1,483,420 1,632,532 7,303,206 6,864,167
Change in net unrealized
appreciation (depreciation)
on investments (250,364) 2,220,532 (277,239) 16,019,476
------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 2,079,141 $ 5,333,730 $ 9,251,735 $ 26,076,498
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.36, $0.23, $0.21
and $0.22, respectively) $ (1,350,144) $ (955,483) $ (2,249,407) $ (2,347,138)
Class B ($0.22, $0.13, $0.04
and $0.06, respectively) (55,077) (49,375) (34,305) (76,356)
Class C ($0.28, $0.16, $0.15
and $0.16, respectively) (519,914) (270,274) (947,689) (878,923)
Class Y ($0.27, $0.16, $0.24
and $0.25, respectively) (3,739) (1,718) (65,977) (113,775)
------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (1,928,874) $ (1,276,850) $ (3,297,378) $ (3,416,192)
------------------------------------------------------------------------------------------------
FROM FUND SHARE
TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 7,962,119 $ 19,342,329 $ 20,361,899 $ 38,645,530
Reinvestment of distributions 1,723,528 1,169,434 3,035,991 3,147,019
Cost of shares repurchased (10,384,161) (19,670,549) (23,840,068) (50,543,688)
------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting from
Fund share transactions (698,514) 841,214 (442,178) (8,751,139)
------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ (548,247) $ 4,898,094 $ 5,512,179 $ 13,909,167
NET ASSETS:
Beginning of period 68,261,748 63,363,654 207,615,337 193,706,170
------------------------------------------------------------------------------------------------
End of period $ 67,713,501 $ 68,261,748 $213,127,516 $207,615,337
------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of period $ 87,492 $ 1,170,281 $ 2,225,423 $ 3,297,033
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 51
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Growth Aggressive
Allocation Fund Allocation Fund
---------------------------- ----------------------------
Six Months Six Months
Ended Year Ended Year
1/31/2014 Ended 1/31/2014 Ended
(unaudited) 7/31/13 (unaudited) 7/31/13
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,185,327 $ 2,678,896 $ 1,035,341 $ 957,800
Net realized gain on investments 8,216,541 8,430,071 5,128,790 5,353,388
Change in net unrealized
appreciation on investments 861,399 20,860,423 399,456 13,474,283
------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 11,263,267 $ 31,969,390 $ 6,563,587 $ 19,785,471
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.19, $0.17, $0.13
and $0.11, respectively) $ (2,221,392) $ (2,100,205) $ (940,355) $ (843,947)
Class B ($0.02, $0.06, $0.00
and $0.00, respectively) (28,898) (124,014) -- --
Class C ($0.12, $0.10, $0.06
and $0.04, respectively) (555,724) (463,365) (97,900) (74,121)
Class Y ($0.21, $0.20, $0.10
and $0.15, respectively) (23,647) (28,499) (3,926) (16,667)
------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (2,829,661) $ (2,716,083) $ (1,042,181) $ (934,735)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 18,501,384 $ 34,726,733 $ 9,210,511 $ 16,103,690
Reinvestment of distributions 2,677,939 2,589,712 1,011,947 904,418
Cost of shares repurchased (22,166,780) (52,707,882) (12,454,880) (29,890,561)
------------------------------------------------------------------------------------------------
Net decrease in net
assets resulting from
Fund share transactions (987,457) (15,391,437) (2,232,422) (12,882,453)
------------------------------------------------------------------------------------------------
Net increase in net assets $ 7,446,149 $ 13,861,870 $ 3,288,984 $ 5,968,283
NET ASSETS:
Beginning of period 221,373,060 207,511,190 119,487,547 113,519,264
------------------------------------------------------------------------------------------------
End of period $228,819,209 $221,373,060 $122,776,531 $119,487,547
------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of period $ 2,184,734 $ 2,829,068 $ 1,034,842 $ 1,041,682
================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------
Conservative Allocation Fund
------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 428,808 $ 4,934,037 1,020,934 $ 11,402,241
Reinvestment of distributions 114,328 1,312,494 85,658 931,997
Less shares repurchased (554,844) (6,395,208) (1,200,704) (13,407,002)
------------------------------------------------------------------------------------------------
Net decrease (11,708) $ (148,677) (94,112) $ (1,072,764)
================================================================================================
Class B
Shares sold or exchanged 4,406 $ 50,078 18,697 $ 204,015
Reinvestment of distributions 4,767 54,004 4,413 47,265
Less shares repurchased (72,093) (816,920) (146,078) (1,606,168)
------------------------------------------------------------------------------------------------
Net decrease (62,920) $ (712,838) (122,968) $ (1,354,888)
================================================================================================
Class C
Shares sold 264,179 $ 2,962,629 705,703 $ 7,658,490
Reinvestment of distributions 31,902 356,669 17,918 190,116
Less shares repurchased (281,582) (3,168,765) (428,536) (4,649,918)
------------------------------------------------------------------------------------------------
Net increase 14,499 $ 150,533 295,085 $ 3,198,688
================================================================================================
Class Y
Shares sold 1,390 $ 15,375 7,322 $ 77,583
Reinvestment of distributions 33 361 5 56
Less shares repurchased (301) (3,268) (704) (7,461)
------------------------------------------------------------------------------------------------
Net increase 1,122 $ 12,468 6,623 $ 70,178
================================================================================================
------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 875,008 $ 10,558,488 1,920,609 $ 21,359,645
Reinvestment of distributions 181,366 2,225,349 216,417 2,311,349
Less shares repurchased (1,172,002) (14,113,104) (2,541,970) (28,078,906)
------------------------------------------------------------------------------------------------
Net decrease (115,628) $ (1,329,267) (404,944) $ (4,407,912)
================================================================================================
Class B
Shares sold or exchanged 22,140 $ 258,799 45,000 $ 485,670
Reinvestment of distributions 2,819 33,719 7,130 73,866
Less shares repurchased (174,773) (2,032,724) (763,142) (8,143,861)
------------------------------------------------------------------------------------------------
Net decrease (149,814) $ (1,740,206) (711,012) $ (7,584,325)
================================================================================================
Class C
Shares sold 827,733 $ 9,337,364 1,549,226 $ 16,124,813
Reinvestment of distributions 63,297 724,114 66,229 661,627
Less shares repurchased (570,077) (6,382,136) (1,149,577) (11,914,231)
------------------------------------------------------------------------------------------------
Net increase 320,953 $ 3,679,342 465,878 $ 4,872,209
================================================================================================
Class Y
Shares sold 16,969 $ 207,248 60,167 $ 675,402
Reinvestment of distributions 4,258 52,809 9,293 100,177
Less shares repurchased (108,153) (1,312,104) (213,103) (2,406,690)
------------------------------------------------------------------------------------------------
Net decrease (86,926) $ (1,052,047) (143,643) $ (1,631,111)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 53
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 845,542 $ 10,769,330 1,955,642 $ 22,648,749
Reinvestment of distributions 168,985 2,208,632 188,344 2,079,338
Less shares repurchased (1,052,471) (13,459,778) (2,559,993) (29,481,905)
------------------------------------------------------------------------------------------------
Net decrease (37,944) $ (481,816) (416,007) $ (4,753,818)
================================================================================================
Class B
Shares sold or exchanged 8,413 $ 94,830 20,819 $ 210,358
Reinvestment of distributions 2,458 28,738 12,344 121,589
Less shares repurchased (342,110) (3,856,533) (1,055,789) (10,840,758)
------------------------------------------------------------------------------------------------
Net decrease (331,239) $ (3,732,965) (1,022,626) $ (10,508,811)
================================================================================================
Class C
Shares sold 606,982 $ 7,337,416 1,054,542 $ 11,590,420
Reinvestment of distributions 34,448 426,110 35,111 368,013
Less shares repurchased (364,738) (4,396,376) (1,014,165) (11,149,890)
------------------------------------------------------------------------------------------------
Net increase 276,692 $ 3,367,150 75,488 $ 808,543
================================================================================================
Class Y
Shares sold 23,002 $ 299,808 23,464 $ 277,206
Reinvestment of distributions 1,086 14,459 1,848 20,772
Less shares repurchased (34,173) (454,093) (104,455) (1,235,329)
------------------------------------------------------------------------------------------------
Net decrease (10,085) $ (139,826) (79,143) $ (937,351)
================================================================================================
------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 475,868 $ 6,162,429 1,058,283 $ 12,251,455
Reinvestment of distributions 69,780 935,742 75,771 834,246
Less shares repurchased (624,973) (8,078,738) (1,662,968) (19,104,816)
------------------------------------------------------------------------------------------------
Net decrease (79,325) $ (980,567) (528,914) $ (6,019,115)
================================================================================================
Class B
Shares sold or exchanged 8,267 $ 99,928 10,143 $ 111,293
Reinvestment of distributions -- -- -- --
Less shares repurchased (126,739) (1,547,440) (498,768) (5,436,594)
------------------------------------------------------------------------------------------------
Net decrease (118,472) $ (1,447,512) (488,625) $ (5,325,301)
================================================================================================
Class C
Shares sold 237,137 $ 2,922,188 323,630 $ 3,543,347
Reinvestment of distributions 5,764 73,490 5,445 57,135
Less shares repurchased (218,250) (2,689,861) (393,437) (4,286,335)
------------------------------------------------------------------------------------------------
Net increase (decrease) 24,651 $ 305,817 (64,362) $ (685,853)
================================================================================================
Class Y
Shares sold 1,986 $ 25,966 16,401 $ 197,595
Reinvestment of distributions 202 2,715 1,182 13,037
Less shares repurchased (10,414) (138,841) (90,026) (1,062,816)
------------------------------------------------------------------------------------------------
Net decrease (8,226) $ (110,160) (72,443) $ (852,184)
================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40 $ 10.48
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.28 $ 0.28 $ 0.26 $ 0.25 $ 0.39
Net realized and unrealized gain (loss) on investments 0.20 0.64 (0.09) 0.65 0.86 (0.94)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.36 $ 0.92 $ 0.19 $ 0.91 $ 1.11 $ (0.55)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.31)
Net realized gain -- -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.53)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.00(b) $ 0.69 $ (0.12) $ 0.66 $ 0.79 $ (1.08)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.42 $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40
================================================================================================================================
Total return* 3.12%** 8.72% 1.85% 9.04% 11.88% (4.44)%
Ratio of net expenses to average net assets+ 0.76%*** 0.77% 0.78% 0.78% 0.78% 0.78%
Ratio of net investment income to average net assets+ 2.73%*** 2.51% 2.69% 2.47% 2.55% 4.43%
Portfolio turnover rate 6%*** 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $44,140 $44,239 $42,613 $42,882 $35,986 $25,992
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.76%*** 0.77% 0.82% 0.80% 0.84% 1.09%
Net investment income 2.73%*** 2.51% 2.65% 2.45% 2.49% 4.12%
================================================================================================================================
(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, 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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 55
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24 $ 10.31
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.18 $ 0.19 $ 0.17 $ 0.16 $ 0.31
Net realized and unrealized gain (loss) on investments 0.22 0.62 (0.09) 0.64 0.83 (0.93)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.31 $ 0.80 $ 0.10 $ 0.81 $ 0.99 $ (0.62)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.23)
Net realized gain -- -- -- -- -- (0.22)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.45)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.09 $ 0.67 $ (0.10) $ 0.62 $ 0.75 $ (1.07)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.27 $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24
===================================================================================================================================
Total return* 2.79%** 7.63% 1.04% 8.15% 10.80% (5.31)%
Ratio of net expenses to average net assets+ 1.67%*** 1.61% 1.68% 1.64% 1.68% 1.68%
Ratio of net investment income to average net assets+ 1.60%*** 1.67% 1.82% 1.62% 1.67% 3.58%
Portfolio turnover rate 6%*** 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $ 2,656 $ 3,340 $ 4,429 $ 5,285 $ 6,214 $ 5,957
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.67%*** 1.61% 1.71% 1.64% 1.70% 1.90%
Net investment income 1.60%*** 1.67% 1.79% 1.62% 1.64% 3.36%
===================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
--------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21 $ 10.30
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.18 $ 0.20 $ 0.18 $ 0.17 $ 0.31
Net realized and unrealized gain (loss) on investments 0.20 0.63 (0.09) 0.63 0.83 (0.95)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.31 $ 0.81 $ 0.11 $ 0.81 $ 1.00 $ (0.64)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.23)
Net realized gain -- -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.45)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.03 $ 0.65 $ (0.12) $ 0.60 $ 0.75 $ (1.09)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.12 $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21
================================================================================================================================
Total return* 2.81%** 7.83% 1.16% 8.18% 10.91% (5.53)%
Ratio of net expenses to average net assets+ 1.48%*** 1.51% 1.56% 1.55% 1.59% 1.68%
Ratio of net investment income to average net assets+ 2.00%*** 1.70% 1.91% 1.71% 1.73% 3.54%
Portfolio turnover rate 6%*** 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $20,762 $20,542 $16,257 $15,068 $14,063 $11,184
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.48%*** 1.51% 1.56% 1.55% 1.59% 1.80%
Net investment income 2.00%*** 1.70% 1.91% 1.71% 1.73% 3.43%
================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 57
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02 $ 10.50
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.20 $ 0.13 $ 0.24 $ 0.28 $ (0.18)
Net realized and unrealized gain (loss) on investments 0.19 0.61 (0.10) 0.65 0.78 (0.97)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.35 $ 0.81 $ 0.03 $ 0.89 $ 1.06 $ (1.15)
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.11)
Net realized gain -- -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.33)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.65 $ (0.20) $ 0.62 $ 0.77 $ (1.48)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.94 $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02
================================================================================================================================
Total return* 3.25%** 8.00% 0.34% 9.18% 11.89% (10.66)%
Ratio of net expenses to average net assets+ 0.67%*** 1.43% 2.26% 0.82% 0.63% 7.26%
Ratio of net investment income to average net assets+ 2.83%*** 1.88% 1.28% 2.36% 2.94% (2.03)%
Portfolio turnover rate 6%*** 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $ 155 $ 141 $ 65 $ 72 $ 119 $ 9
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.67%*** 1.43% 2.26% 0.82% 0.63% 7.26%
Net investment income (loss) 2.83%*** 1.88% 1.28% 2.36% 2.94% (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 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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
---------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79 $ 10.89
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.21 $ 0.18 $ 0.17 $ 0.16 $ 0.27
Net realized and unrealized gain (loss) on investments 0.41 1.27 (0.22) 1.07 1.00 (1.63)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.55 $ 1.48 $ (0.04) $ 1.24 $ 1.16 $ (1.36)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.13)
Net realized gain -- -- -- -- -- (0.61)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.74)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.34 $ 1.26 $ (0.28) $ 1.06 $ 0.89 $ (2.10)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.06 $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79
====================================================================================================================================
Total return* 4.67%** 14.32% (0.27)% 12.91% 13.26% (11.20)%
Ratio of net expenses to average net assets+ 0.64%*** 0.66% 0.72% 0.71% 0.73% 0.74%
Ratio of net investment income to average net assets+ 2.35%*** 1.85% 1.75% 1.59% 1.70% 3.20%
Portfolio turnover rate 5%*** 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $130,751 $128,425 $118,833 $132,166 $125,354 $120,786
Ratios with no waivers of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.64%*** 0.66% 0.72% 0.71% 0.73% 0.76%
Net investment income 2.35%*** 1.85% 1.75% 1.59% 1.70% 3.18%
====================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 59
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41 $ 10.39
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.11 $ 0.11 $ 0.08 $ 0.08 $ 0.19
Net realized and unrealized gain (loss) on investments 0.41 1.22 (0.22) 1.02 0.96 (1.53)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.48 $ 1.33 $ (0.11) $ 1.10 $ 1.04 $ (1.34)
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.03)
Net realized gain -- -- -- -- -- (0.61)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.64)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ 1.27 $ (0.22) $ 1.01 $ 0.84 $ (1.98)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.75 $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41
=============================================================================================================================
Total return* 4.28%** 13.31% (0.99)% 11.89% 12.39% (11.81)%
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+ 1.27%*** 1.06% 1.11% 0.83% 0.92% 2.44%
Portfolio turnover rate 5%*** 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $ 8,692 $10,068 $16,072 $26,166 $33,115 $35,197
Ratios with no waivers of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.57%*** 1.58% 1.60% 1.53% 1.56% 1.63%
Net investment income 1.22%*** 0.99% 1.03% 0.82% 0.88% 2.33%
=============================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29 $ 10.30
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.10 $ 0.12 $ 0.10 $ 0.09 $ 0.09 $ 0.19
Net realized and unrealized gain (loss) on investments 0.37 1.19 (0.22) 1.01 0.94 (1.53)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.47 $ 1.31 $ (0.12) $ 1.10 $ 1.03 $ (1.34)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.06)
Net realized gain -- -- -- -- -- (0.61)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.67)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.32 $ 1.15 $ (0.30) $ 0.97 $ 0.81 $ (2.01)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.24 $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29
=================================================================================================================================
Total return* 4.32%** 13.56% (1.08)% 12.12% 12.43% (11.85)%
Ratio of net expenses to average net assets+ 1.33%*** 1.34% 1.41% 1.40% 1.44% 1.52%
Ratio of net investment income to average net assets+ 1.69%*** 1.15% 1.06% 0.89% 0.98% 2.44%
Portfolio turnover rate 5%*** 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $70,491 $64,989 $53,594 $52,059 $43,725 $37,513
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.33%*** 1.34% 1.41% 1.40% 1.44% 1.52%
Net investment income 1.69%*** 1.15% 1.06% 0.89% 0.98% 2.44%
=================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 61
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89 $ 10.94
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.25 $ 0.22 $ 0.21 $ 0.20 $ 0.29
Net realized and unrealized gain (loss) on investments 0.43 1.28 (0.23) 1.09 1.02 (1.55)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.57 $ 1.53 $ (0.01) $ 1.30 $ 1.22 $ (1.26)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.18)
Net realized gain -- -- -- -- -- (0.61)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.79)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.33 $ 1.28 $ (0.30) $ 1.08 $ 0.91 $ (2.05)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.19 $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89
===================================================================================================================================
Total return* 4.75%** 14.68% 0.00%(b) 13.37% 13.75% (10.09)%
Ratio of net expenses to average net assets+ 0.34%*** 0.36% 0.38% 0.32% 0.33% 0.33%
Ratio of net investment income to average net assets+ 2.30%*** 2.26% 2.14% 2.00% 2.10% 3.59%
Portfolio turnover rate 5%*** 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $ 3,193 $ 4,134 $ 5,208 $ 8,069 $ 8,120 $ 8,015
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.34%*** 0.36% 0.38% 0.32% 0.33% 0.33%
Net investment income 2.30%*** 2.26% 2.14% 2.00% 2.10% 3.59%
===================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74 $ 11.50
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.17 $ 0.14 $ 0.12 $ 0.11 $ 0.19
Net realized and unrealized gain (loss) on investments 0.51 1.57 (0.29) 1.33 1.10 (2.14)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.65 $ 1.74 $ (0.15) $ 1.45 $ 1.21 $ (1.95)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.04)
Net realized gain -- -- -- -- -- (0.77)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.81)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.46 $ 1.57 $ (0.34) $ 1.32 $ 1.03 $ (2.76)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.78 $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74
====================================================================================================================================
Total return* 5.21%** 16.40% (1.31)% 14.85% 13.90% (15.49)%
Ratio of net expenses to average net assets+ 0.66%*** 0.69% 0.76% 0.76% 0.79% 0.79%
Ratio of net investment income to average net assets+ 2.15%*** 1.50% 1.29% 1.11% 1.12% 2.24%
Portfolio turnover rate 4%*** 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $154,711 $149,586 $134,988 $140,979 $125,433 $111,447
Ratios with no waivers of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.66%*** 0.69% 0.76% 0.76% 0.80% 0.89%
Net investment income 2.15%*** 1.50% 1.29% 1.11% 1.11% 2.14%
====================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 63
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75 $ 10.33
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.05 $ 0.07 $ 0.06 $ 0.03 $ 0.03 $ 0.11
Net realized and unrealized gain (loss) on investments 0.47 1.40 (0.26) 1.17 0.98 (1.92)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.52 $ 1.47 $ (0.20) $ 1.20 $ 1.01 $ (1.81)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ --
Net realized gain -- -- -- -- -- (0.77)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ (0.77)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.50 $ 1.41 $ (0.28) $ 1.16 $ 0.89 $ (2.58)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.43 $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75
==================================================================================================================================
Total return* 4.77%** 15.46% (2.01)% 13.90% 13.03% (16.05)%
Ratio of net expenses to average net assets+ 1.57%*** 1.57% 1.57% 1.57% 1.57% 1.57%
Ratio of net investment income to average net assets+ 0.96%*** 0.68% 0.59% 0.35% 0.36% 1.47%
Portfolio turnover rate 4%*** 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $14,450 $17,441 $24,941 $35,567 $39,902 $ 43,390
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.62%*** 1.60% 1.66% 1.61% 1.66% 1.77%
Net investment income 0.91%*** 0.64% 0.50% 0.31% 0.27% 1.27%
==================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
----------------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30 $ 10.99
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.09 $ 0.06 $ 0.04 $ 0.04 $ 0.11
Net realized and unrealized gain (loss) on investments 0.48 1.48 (0.27) 1.26 1.04 (2.03)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.57 $ 1.57 $ (0.21) $ 1.30 $ 1.08 $ (1.92)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ --
Net realized gain -- -- -- -- -- (0.77)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ (0.77)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.45 $ 1.47 $ (0.32) $ 1.24 $ 0.96 $ (2.69)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.10 $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30
==================================================================================================================================
Total return* 4.85%** 15.58% (1.91)% 14.10% 13.08% (16.08)%
Ratio of net expenses to average net assets+ 1.35%*** 1.40% 1.46% 1.46% 1.51% 1.57%
Ratio of net investment income to average net assets+ 1.48%*** 0.78% 0.59% 0.40% 0.40% 1.44%
Portfolio turnover rate 4%*** 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $58,426 $53,032 $45,570 $48,586 $43,087 $ 36,602
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.35%*** 1.40% 1.46% 1.46% 1.51% 1.60%
Net investment income 1.48%*** 0.78% 0.59% 0.40% 0.40% 1.40%
==================================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, 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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 65
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00 $ 11.64
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.18 $ 0.20 $ 0.17 $ 0.17 $ 0.15 $ 0.20
Net realized and unrealized gain (loss) on investments 0.50 1.61 (0.44) 1.37 1.14 (1.97)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.68 $ 1.81 $ (0.27) $ 1.54 $ 1.29 $ (1.77)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.10)
Net realized gain -- -- -- -- -- (0.77)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.87)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.47 $ 1.61 $ (0.50) $ 1.38 $ 1.07 $ (2.64)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.03 $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00
=================================================================================================================================
Total return* 5.38%** 16.70% (2.28)% 15.39% 14.33% (13.68)%
Ratio of net expenses to average net assets+ 0.34%*** 0.44% 0.50% 0.36% 0.39% 0.39%
Ratio of net investment income to average net assets+ 2.71%*** 1.71% 1.60% 1.58% 1.54% 2.44%
Portfolio turnover rate 4%*** 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $ 1,232 $ 1,314 $ 2,012 $ 1,947 $ 2,508 $ 1,614
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.34%*** 0.44% 0.50% 0.36% 0.39% 0.39%
Net investment income 2.71%*** 1.71% 1.60% 1.58% 1.54% 2.44%
=================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
----------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45 $ 11.85
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.11 $ 0.08 $ 0.06 $ 0.04 $ 0.09
Net realized and unrealized gain (loss) on investments 0.58 1.87 (0.42) 1.51 1.16 (2.54)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.70 $ 1.98 $ (0.34) $ 1.57 $ 1.20 $ (2.45)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ --
Net realized gain -- -- -- -- -- (0.95)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ (0.95)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.57 $ 1.87 $ (0.47) $ 1.51 $ 1.11 $ (3.40)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.04 $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45
==================================================================================================================================
Total return* 5.59%** 18.86% (3.06)% 16.42% 14.16% (19.05)%
Ratio of net expenses to average net assets+ 0.79%*** 0.82% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income to average net assets+ 1.85%*** 0.99% 0.76% 0.52% 0.44% 1.07%
Portfolio turnover rate 6%*** 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $94,074 $90,921 $82,940 $92,878 $85,488 $ 79,480
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.79%*** 0.82% 0.87% 0.85% 0.88% 1.01%
Net investment income 1.85%*** 0.99% 0.74% 0.52% 0.41% 0.91%
==================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 67
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93 $ 11.29
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.05 $ 0.03 $ 0.01 $ (0.02) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 0.56 1.74 (0.40) 1.41 1.08 (2.43)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.61 $ 1.77 $ (0.39) $ 1.39 $ 1.05 $ (2.41)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.01) $ -- $ (0.02) $ --
Net realized gain -- -- -- -- -- (0.95)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ -- $ (0.01) $ -- $ (0.02) $ (0.95)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.61 $ 1.77 $ (0.40) $ 1.39 $ 1.03 $ (3.36)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.33 $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93
===================================================================================================================================
Total return* 5.20%** 17.79% (3.72)% 15.51% 13.22% (19.69)%
Ratio of net expenses to average net assets+ 1.64%*** 1.64% 1.64% 1.64% 1.64% 1.64%
Ratio of net investment income to average net assets+ 0.80%*** 0.25% 0.05% (0.21)% (0.33)% 0.28%
Portfolio turnover rate 6%*** 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $ 7,474 $ 8,495 $12,074 $ 17,642 $19,256 $ 20,884
Ratios with no waivers of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.75%*** 1.73% 1.77% 1.71% 1.76% 1.89%
Net investment income (loss) 0.69%*** 0.16% (0.08)% (0.28)% (0.45)% 0.04%
===================================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04 $ 11.43
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.03 $ 0.00(b) $ (0.01) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 0.54 1.77 (0.38) 1.43 1.10 (2.46)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.62 $ 1.80 $ (0.38) $ 1.42 $ 1.07 $ (2.44)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03) $ --
Net realized gain -- -- -- -- -- (0.95)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03) $ (0.95)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.56 $ 1.76 $ (0.43) $ 1.42 $ 1.04 $ (3.39)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.39 $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04
====================================================================================================================================
Total return* 5.22%** 17.97% (3.61)% 15.64% 13.25% (19.71)%
Ratio of net expenses to average net assets+ 1.49%*** 1.51% 1.56% 1.55% 1.58% 1.64%
Ratio of net investment income to average net assets+ 1.23%*** 0.31% 0.01% (0.14)% (0.31)% 0.27%
Portfolio turnover rate 6%*** 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $20,822 $19,582 $17,317 $ 18,899 $18,161 $ 17,171
Ratios with no waivers of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.49%*** 1.51% 1.56% 1.55% 1.58% 1.70%
Net investment income (loss) 1.23%*** 0.31% 0.01% (0.14)% (0.31)% 0.21%
====================================================================================================================================
(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, 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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 69
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55 $ 12.02
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.15 $ 0.22 $ 0.12 $ 0.11 $ 0.08 $ 0.13
Net realized and unrealized gain (loss) on investments 0.58 1.77 (0.55) 1.56 1.16 (2.65)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.73 $ 1.99 $ (0.43) $ 1.67 $ 1.24 $ (2.52)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ --
Net realized gain -- -- -- -- -- (0.95)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ (0.95)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.63 $ 1.84 $ (0.59) $ 1.57 $ 1.12 $ (3.47)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.12 $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55
==================================================================================================================================
Total return* 5.84%** 18.87% (3.76)% 17.32% 14.49% (19.35)%
Ratio of net expenses to average net assets+ 0.46%*** 0.67% 0.55% 0.46% 0.42% 0.43%
Ratio of net investment income to average net assets+ 2.28%*** 1.89% 1.11% 0.99% 0.88% 1.58%
Portfolio turnover rate 6%*** 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $ 406 $ 489 $ 1,189 $ 1,311 $ 1,868 $ 1,627
Ratios with no waivers of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.46%*** 0.67% 0.55% 0.46% 0.42% 0.43%
Net investment income 2.28%*** 1.89% 1.11% 0.99% 0.88% 1.58%
==================================================================================================================================
(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.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Notes to Financial Statements | 1/31/14 (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
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 71
entitled to one vote. Under dollar-weighted voting, a shareholder's voting power
is determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
The financial statements have been prepared in conformity with U.S. generally
accepted accounting principles that require the management of the Funds to,
among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from these estimates.
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of the trade date. The net asset value
is computed once daily, on each day the New York Stock Exchange (NYSE) is
open, as of the close of regular trading on the NYSE. In computing the net
asset value, holdings of mutual fund shares are valued at the net asset
value of each fund held. Dividend income and realized capital gain
distributions from investment company shares held are recorded on the
ex-dividend date. Temporary cash investments are valued at amortized cost
which approximates market value.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Funds' policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all taxable income and net realized capital gains, if any, to shareholders.
Therefore, no federal income tax provisions are required. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
72 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Funds' distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
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, 2013 was as follows:
----------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
----------------------------------------------------------------------------
Conservative Fund $1,276,850 $ -- $1,276,850
Moderate Fund 3,416,192 -- 3,416,192
Growth Fund 2,716,083 -- 2,716,083
Aggressive Fund 934,735 -- 934,735
The following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2013:
----------------------------------------------------------------------------
Other Net
Undistributed Book/Tax Unrealized
Ordinary Capital Loss Temporary Appreciation
Fund Income Carryforward Differences Depreciation
----------------------------------------------------------------------------
Conservative Fund $1,170,281 $ (2,788,108) $ -- $ 7,143,265
Moderate Fund 3,297,033 (32,484,474) -- 37,467,104
Growth Fund 2,828,375 (42,274,920) -- 47,883,267
Aggressive Fund 1,041,682 (30,672,473) -- 30,326,872
The differences between book-basis and tax-basis net unrealized appreciation
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, 2014:
----------------------------------------------------------------------------
Fund Amount
----------------------------------------------------------------------------
Conservative Fund $ 8,207
Moderate Fund $19,179
Growth Fund $31,750
Aggressive Fund $17,051
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 either high yield securities or
small/ emerging growth companies. Investments in these types of securities
generally are subject to greater volatility than either higher- grade
securities or more- established companies in more developed markets,
respectively. The Funds' prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Funds' principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Funds'
portfolios. Management fees are calculated daily at the following annual rates
for each Fund:
On assets up to $2.5 billion 0.13% on investments in underlying funds managed by
Pioneer (and cash); and 0.17% on other investments
On the next $1.5 billion 0.11% on investments in underlying funds managed by
Pioneer (and cash); and 0.14% on other investments
On the next $1.5 billion 0.10% on investments in underlying funds managed by
Pioneer (and cash); and 0.12% on other investments
On the next $1.5 billion 0.08% on investments in underlying funds managed by
Pioneer (and cash); and 0.10% on other investments
Over $7 billion 0.08% on investments in underlying funds managed by
Pioneer (and cash); and 0.09% on other investments
74 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
For the six months ended January 31, 2014, 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 six months ended January 31, 2014 are
reflected in the Statement of Operations.
PIM has entered into a sub-advisory agreement with Ibbotson Associates, Inc.
(Ibbotson). PIM, not the Funds, pays a portion of the fee it receives from each
Fund to Ibbotson as compensation for its services to the Funds.
In addition, under the PIM's 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 Statement of Assets and
Liabilities are the following amounts payable to PIM at January 31, 2014:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $10,275
Moderate Fund $31,113
Growth Fund $33,088
Aggressive Fund $18,953
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, 2015.
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, 2014:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 8,054
Moderate Fund $29,982
Growth Fund $36,145
Aggressive Fund $24,617
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 75
4. Distribution Plan
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940
Act 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 Statement of Assets and Liabilities are the following amounts
in distribution fees payable to PFD at January 31, 2014.
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $30,661
Moderate Fund $99,833
Growth Fund $99,639
Aggressive Fund $46,685
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 12 months 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, 2014, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $5,339
Moderate Fund $6,919
Growth Fund $5,032
Aggressive Fund $1,525
76 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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 Bond Fund 1,548,643 138,962 (51,649) 1,635,956
Pioneer Core Equity Fund 98,861 1,399 (13,663) 86,597
Pioneer Disciplined Growth Fund 45,907 784 (5,379) 41,312
Pioneer Disciplined Value Fund 113,201 11,665 (19,839) 105,027
Pioneer Dynamic Credit Fund 269,721 15,057 (10,517) 274,261
Pioneer Emerging Markets Fund 27,575 2,325 (2,697) 27,203
Pioneer Equity Income Fund 21,310 798 (2,216) 19,892
Pioneer Floating Rate Fund 96,168 4,687 (2,912) 97,943
Pioneer Fund 54,532 4,193 (6,350) 52,375
Pioneer Fundamental Growth Fund 91,257 2,497 (11,651) 82,103
Pioneer Global Equity Fund 238,910 4,112 (29,780) 213,242
Pioneer Global High Yield Fund 402,965 25,656 (13,465) 415,156
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) 120,905 8,572 (3,873) 125,604
Pioneer High Yield Fund 245,139 8,647 (63,330) 190,456
Pioneer International Value Fund 256,804 11,590 (25,136) 243,258
Pioneer Mid Cap Value Fund 53,075 4,620 (7,363) 50,332
Pioneer Multi-Asset Ultrashort Income Fund 66,345 3,266 (1,851) 67,760
Pioneer Oak Ridge Small Cap Growth Fund 17,226 1,535 (1,488) 17,273
Pioneer Real Estate Shares 25,358 4,533 (2,929) 26,962
Pioneer Select Mid Cap Growth Fund 24,463 784 (8,728) 16,519
Pioneer Short Term Income Fund 1,082,933 40,705 (63,373) 1,060,265
Pioneer Strategic Income Fund 589,216 58,345 (20,353) 627,208
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 77
Pioneer Ibbotson Conservative Allocation Fund (continued)
------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ (2,269) $ -- $ 359,388 $15,754,257
Pioneer Core Equity Fund 64,328 -- 7,355 1,329,264
Pioneer Disciplined Growth Fund 21,615 261,204 14,613 663,885
Pioneer Disciplined Value Fund 79,101 -- -- 1,968,198
Pioneer Dynamic Credit Fund (507) -- 54,263 2,720,667
Pioneer Emerging Markets Fund 975 -- 6,132 652,605
Pioneer Equity Income Fund 27,132 22,815 8,440 665,592
Pioneer Floating Rate Fund 56 -- 13,054 683,644
Pioneer Fund 9,225 175,268 13,561 1,990,758
Pioneer Fundamental Growth Fund 58,986 51,557 7,284 1,328,421
Pioneer Global Equity Fund 72,426 -- 54,716 2,648,463
Pioneer Global High Yield Fund (574) -- 150,486 4,060,225
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) (2,144) 7,756 25,020 1,362,798
Pioneer High Yield Fund 53,884 72,286 58,090 2,037,881
Pioneer International Value Fund 86,209 -- 143,393 5,239,788
Pioneer Mid Cap Value Fund 38,802 132,723 9,778 1,331,796
Pioneer Multi-Asset Ultrashort Income Fund (27) -- 3,908 683,021
Pioneer Oak Ridge Small Cap Growth Fund 2,606 33,336 -- 665,539
Pioneer Real Estate Shares 1,975 -- 9,300 689,137
Pioneer Select Mid Cap Growth Fund 97,515 29,881 -- 670,158
Pioneer Short Term Income Fund (4,971) -- 105,020 10,252,765
Pioneer Strategic Income Fund (6,893) 99,144 153,205 6,817,746
-------- -------- ---------- -----------
$597,450 $885,970 $1,197,006 $64,216,608
======== ======== ========== ===========
78 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Pioneer Ibbotson Moderate Allocation Fund
---------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
---------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,381,615 243,034 -- 2,624,649
Pioneer Core Equity Fund 318,554 -- (21,949) 296,605
Pioneer Disciplined Growth Fund 245,880 -- (64,865) 181,015
Pioneer Disciplined Value Fund 627,827 -- (53,751) 574,076
Pioneer Dynamic Credit Fund 587,132 210,773 -- 797,905
Pioneer Emerging Markets Fund 311,641 77,673 -- 389,314
Pioneer Equity Income Fund 141,847 -- (9,088) 132,759
Pioneer Fund 180,119 25,233 (21,965) 183,387
Pioneer Fundamental Growth Fund 459,807 -- (38,737) 421,070
Pioneer Global Equity Fund 1,552,569 -- (54,077) 1,498,492
Pioneer Global High Yield Fund 924,837 202 (35,143) 889,896
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) 328,579 50,265 -- 378,844
Pioneer High Yield Fund 396,720 8,575 (4,744) 400,551
Pioneer International Value Fund 1,186,270 50,402 -- 1,236,672
Pioneer Mid Cap Value Fund 533,860 -- (37,628) 496,232
Pioneer Multi-Asset Ultrashort
Income Fund 182,130 23,569 -- 205,699
Pioneer Oak Ridge Small Cap
Growth Fund 250,990 56,814 -- 307,804
Pioneer Real Estate Shares 175,992 31,403 -- 207,395
Pioneer Select Mid Cap Growth Fund 245,795 -- (81,204) 164,591
Pioneer Short Term Income Fund 2,243,233 87,016 (127,187) 2,203,062
Pioneer Strategic Income Fund 557,557 176,094 -- 733,651
------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ -- $ -- $ 541,177 $ 25,275,368
Pioneer Core Equity Fund 102,216 -- 25,140 4,552,887
Pioneer Disciplined Growth Fund 373,507 1,535,886 13,358 2,908,908
Pioneer Disciplined Value Fund 191,783 38,215 80,314 10,758,186
Pioneer Dynamic Credit Fund -- -- 131,368 7,915,217
Pioneer Emerging Markets Fund -- -- 86,509 9,339,647
Pioneer Equity Income Fund 56,064 155,457 56,352 4,442,108
Pioneer Fund 69,515 667,945 50,212 6,970,554
Pioneer Fundamental Growth Fund 286,776 270,638 37,534 6,812,906
Pioneer Global Equity Fund 121,807 -- 383,934 18,611,268
Pioneer Global High Yield Fund (28,236) -- 328,310 8,703,179
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) -- 21,245 69,783 4,110,455
Pioneer High Yield Fund 2,715 151,843 116,361 4,285,900
Pioneer International Value Fund -- -- 715,339 26,637,907
Pioneer Mid Cap Value Fund 105,022 1,403,761 95,266 13,130,289
Pioneer Multi-Asset Ultrashort
Income Fund -- -- 11,052 2,073,448
Pioneer Oak Ridge Small Cap
Growth Fund -- 521,394 -- 11,859,670
Pioneer Real Estate Shares -- -- 64,427 5,301,026
Pioneer Select Mid Cap Growth Fund 827,597 341,289 -- 6,677,443
Pioneer Short Term Income Fund (9,821) -- 214,452 21,303,613
Pioneer Strategic Income Fund -- 96,588 154,536 7,974,790
---------- ---------- ---------- ------------
$5,204,261 $2,098,945 $3,175,424 $209,644,769
========== ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 79
Pioneer Ibbotson Growth Allocation Fund
-----------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
-----------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,229,163 208,908 -- 2,438,071
Pioneer Core Equity Fund 521,874 -- (22,418) 499,456
Pioneer Disciplined Growth Fund 363,811 66,711 (90,939) 339,583
Pioneer Disciplined Value Fund 780,471 -- (66,868) 713,603
Pioneer Dynamic Credit Fund 35,382 93,599 -- 128,981
Pioneer Emerging Markets Fund 475,550 113,209 -- 588,759
Pioneer Equity Income Fund 234,993 -- (10,015) 224,978
Pioneer Fund 205,658 -- (9,435) 196,223
Pioneer Fundamental Growth Fund 578,521 -- (50,834) 527,687
Pioneer Global Equity Fund 1,895,863 -- (13,559) 1,882,304
Pioneer Global High Yield Fund 430,640 19,417 -- 450,057
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) 343,220 39,718 -- 382,938
Pioneer High Yield Fund 190,861 10,890 -- 201,751
Pioneer International Value Fund 1,496,636 28,938 -- 1,525,574
Pioneer Mid Cap Value Fund 632,892 -- (13,829) 619,063
Pioneer Oak Ridge Large Cap
Growth Fund 597 -- -- 597
Pioneer Oak Ridge Small Cap
Growth Fund 249,458 76,411 -- 325,869
Pioneer Real Estate Shares 289,590 40,738 -- 330,328
Pioneer Select Mid Cap Growth Fund 377,365 -- (67,653) 309,712
Pioneer Short Term Income Fund 1,705,742 42,150 (111,510) 1,636,382
Pioneer Strategic Income Fund 592,011 124,527 -- 716,538
----------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
----------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ -- $ -- $ 504,699 $ 23,478,622
Pioneer Core Equity Fund 103,039 -- 42,037 7,666,645
Pioneer Disciplined Growth Fund 544,544 -- 24,761 5,457,102
Pioneer Disciplined Value Fund 95,025 2,008,339 100,639 13,372,917
Pioneer Dynamic Credit Fund -- -- 13,536 1,279,487
Pioneer Emerging Markets Fund -- -- 131,185 14,124,326
Pioneer Equity Income Fund 40,615 263,477 94,880 7,527,770
Pioneer Fund (12,262) 697,664 51,642 7,458,431
Pioneer Fundamental Growth Fund 380,916 344,295 47,123 8,537,974
Pioneer Global Equity Fund 31,470 -- 479,051 23,378,219
Pioneer Global High Yield Fund -- -- 159,222 4,401,554
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) -- 21,896 71,821 4,154,876
Pioneer High Yield Fund -- 74,314 57,280 2,158,739
Pioneer International Value Fund -- -- 888,744 32,860,854
Pioneer Mid Cap Value Fund 18,894 1,736,413 118,251 16,380,405
Pioneer Oak Ridge Large Cap
Growth Fund -- -- -- 10,338
Pioneer Oak Ridge Small Cap
Growth Fund -- 522,630 -- 12,555,716
Pioneer Real Estate Shares -- -- 104,025 8,443,193
Pioneer Select Mid Cap Growth Fund 651,157 603,585 -- 12,565,034
Pioneer Short Term Income Fund (8,082) -- 161,428 15,823,818
Pioneer Strategic Income Fund -- 98,612 157,388 7,788,772
------------ ----------- ---------- ------------
$ 6,371,225 $ 1,845,316 $3,207,712 $229,424,792
============ =========== ========== ============
80 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
Pioneer Ibbotson Aggressive Allocation Fund
----------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
----------------------------------------------------------------------------------------------
Pioneer Bond Fund 711,759 94,654 (105,376) 701,037
Pioneer Core Equity Fund 268,530 -- (10,990) 257,540
Pioneer Disciplined Growth Fund 202,305 66,711 (45,172) 223,844
Pioneer Disciplined Value Fund 384,654 -- (35,682) 348,972
Pioneer Emerging Markets Fund 344,399 103,159 -- 447,558
Pioneer Equity Income Fund 121,608 -- (5,845) 115,763
Pioneer Fund 106,445 -- (5,560) 100,885
Pioneer Fundamental Growth Fund 275,621 -- (22,853) 252,768
Pioneer Global Equity Fund 1,166,639 -- (33,045) 1,133,594
Pioneer International Value Fund 1,106,954 -- (17,863) 1,089,091
Pioneer Mid Cap Value Fund 469,757 -- (29,881) 439,876
Pioneer Oak Ridge Small Cap
Growth Fund 184,764 55,879 -- 240,643
Pioneer Real Estate Shares 208,201 25,348 -- 233,549
Pioneer Select Mid Cap Growth Fund 239,740 -- (54,819) 184,921
Pioneer Short Term Income Fund 337,445 27,372 -- 364,817
Pioneer Strategic Income Fund 282,231 99,035 -- 381,266
-------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
-------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 86,517 $ -- $ 145,790 $ 6,750,989
Pioneer Core Equity Fund 47,856 -- 21,717 3,953,234
Pioneer Disciplined Growth Fund 275,066 -- 16,523 3,597,178
Pioneer Disciplined Value Fund 84,373 968,059 49,201 6,539,729
Pioneer Emerging Markets Fund -- -- 99,534 10,736,923
Pioneer Equity Income Fund 44,465 134,867 48,719 3,873,428
Pioneer Fund 12,225 162,595 22,621 3,834,622
Pioneer Fundamental Growth Fund 170,006 356,279 26,444 4,089,782
Pioneer Global Equity Fund 74,490 -- 290,032 14,079,242
Pioneer International Value Fund 34,323 -- 639,999 23,459,028
Pioneer Mid Cap Value Fund 85,061 1,246,515 84,610 11,639,123
Pioneer Oak Ridge Small Cap Growth Fund -- 383,182 -- 9,271,989
Pioneer Real Estate Shares -- -- 74,589 5,969,502
Pioneer Select Mid Cap Growth Fund 551,709 363,042 -- 7,502,250
Pioneer Short Term Income Fund -- -- 34,132 3,527,778
Pioneer Strategic Income Fund -- 48,160 77,940 4,144,361
---------- ---------- ---------- ------------
$1,466,091 $3,662,699 $1,631,851 $122,969,158
========== ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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. (the Sub-Adviser) 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 the Sub-Adviser 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 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, 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
2013 and September 2013. 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, and November, 2013 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
regularly scheduled meetings.
At a meeting held on November 12, 2013, 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. 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 did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreements.
82 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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 reviewed
the terms of the investment advisory agreement and the sub-advisory agreement.
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the 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 noted the substantial attention and high priority
given by PIM's senior management to the Pioneer fund complex. 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, the Trustees considered the Sub-Adviser's
investment approach for the Fund and its research process. The Trustees
considered the resources of the Sub-Adviser and the personnel of the Sub-
Adviser who provide investment management services to the Fund. They noted that
the Sub-Adviser does not provide investment advice with respect to the purchase
and sale of individual portfolio securities by the Fund, and further noted that
the Sub-Adviser's responsibilities are limited to developing the asset class
model, selecting the underlying funds in the Pioneer family of funds in which
the Fund invests, determining the allocations to those funds and changing those
allocations from time to time.
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 review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 83
The Trustees considered that the Fund's annualized total return was in the
second quintile of its Morningstar category for the one year period ended June
30, 2013, in the fourth quintile of its Morningstar category for the three year
period ended June 30, 2013, and in the third quintile of its Morningstar
category for the five year period ended June 30, 2013. The Trustees noted the
discussions held throughout the year regarding the Fund's performance and
confirmed that those discussions were factored into the Trustees' deliberations
concerning the renewal of the advisory and sub-advisory agreements. The Trustees
considered reasons for the underperformance of the Fund relative to its peer
group. 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 Fund 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, 2013 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, 2013 was in the fifth quintile relative to both its Morningstar
peer group and its Strategic Insight peer group for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. They noted the Fund's
relatively small asset size compared to most of the other funds in its peer
groups. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund.
They noted that such non-management fee operating expenses generally are spread
over a smaller asset base than the other funds in the peer group, which results
in these fees being significantly higher as a percentage of assets. The Trustees
noted that they separately review the Fund's
84 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
transfer agency, sub-transfer agency and intermediary arrangements. The
Trustees also considered information showing significant expense reimbursements
by the sponsors of the other funds in the peer groups.
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, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Sub-Adviser and the Fund's
other service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's management
of the Fund and Pioneer's management of the other client accounts.
The Trustees 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, were reasonable in relation
to the nature and quality of the services provided by PIM and the Sub- Adviser
to the Fund.
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. 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
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 85
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 PIM's profitability with respect to the management of
the Fund was 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 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 Fund. 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 Fund.
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 | 1/31/14
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. (the Sub-Adviser) 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 the Sub-Adviser 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 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, 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
2013 and September 2013. 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, and November, 2013 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
regularly scheduled meetings.
At a meeting held on November 12, 2013, 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. 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 did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 87
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 reviewed
the terms of the investment advisory agreement and the sub-advisory agreement.
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the 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 noted the substantial attention and high priority
given by PIM's senior management to the Pioneer fund complex. 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, the Trustees considered the Sub-Adviser's
investment approach for the Fund and its research process. The Trustees
considered the resources of the Sub-Adviser and the personnel of the Sub-
Adviser who provide investment management services to the Fund. They noted that
the Sub-Adviser does not provide investment advice with respect to the purchase
and sale of individual portfolio securities by the Fund, and further noted that
the Sub-Adviser's responsibilities are limited to developing the asset class
model, selecting the underlying funds in the Pioneer family of funds in which
the Fund invests, determining the allocations to those funds and changing those
allocations from time to time.
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 review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
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.
88 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
The Trustees considered that the Fund's annualized total return was in the
fourth quintile of its Morningstar category for the one and five year periods
ended June 30, 2013, and in the fifth quintile of its Morningstar category for
the three year period ended June 30, 2013. The Trustees noted the discussions
held throughout the year regarding the Fund's performance and confirmed that
those discussions were factored into the Trustees' deliberations concerning the
renewal of the advisory and sub-advisory agreements. The Trustees considered
reasons for the underperformance of the Fund relative to its peer group. 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 Fund 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, 2013 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, 2013 was in the fifth quintile relative to both its Morningstar
peer group and its Strategic Insight peer group for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. They noted the Fund's
relatively small asset size compared to most of the other funds in its peer
groups. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund.
They noted that such non-management fee operating expenses generally are spread
over a smaller asset base than the other funds in the peer group, which results
in these fees being significantly higher as a percentage of assets. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements. The Trustees also considered information
showing significant expense reimbursements by the sponsors of the other funds in
the peer groups.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 89
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, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Sub-Adviser and the Fund's
other service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's management
of the Fund and Pioneer's management of the other client accounts.
The Trustees 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, were reasonable in relation
to the nature and quality of the services provided by PIM and the Sub- Adviser
to the Fund.
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. 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 PIM's profitability with respect to the management of the Fund
was not unreasonable.
90 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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 Fund. 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 Fund.
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 | 1/31/14 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. (the Sub-Adviser) 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 the Sub-Adviser 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 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, 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
2013 and September 2013. 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, and November, 2013 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
regularly scheduled meetings.
At a meeting held on November 12, 2013, 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. 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 did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreements.
92 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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 reviewed
the terms of the investment advisory agreement and the sub-advisory agreement.
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the 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 noted the substantial attention and high priority
given by PIM's senior management to the Pioneer fund complex. 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, the Trustees considered the Sub-Adviser's
investment approach for the Fund and its research process. The Trustees
considered the resources of the Sub-Adviser and the personnel of the Sub-
Adviser who provide investment management services to the Fund. They noted that
the Sub-Adviser does not provide investment advice with respect to the purchase
and sale of individual portfolio securities by the Fund, and further noted that
the Sub-Adviser's responsibilities are limited to developing the asset class
model, selecting the underlying funds in the Pioneer family of funds in which
the Fund invests, determining the allocations to those funds and changing those
allocations from time to time.
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 review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
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.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 93
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, 2013, and in the fourth quintile of its Morningstar category for the
five year period ended June 30, 2013. The Trustees noted the discussions held
throughout the year regarding the Fund's performance and confirmed that those
discussions were factored into the Trustees' deliberations concerning the
renewal of the advisory and sub-advisory agreements. The Trustees considered
reasons for the underperformance of the Fund relative to its peer group. 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 Fund 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, 2013 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, 2013 was in the fifth quintile relative to both its Morningstar
peer group and its Strategic Insight peer group for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. They noted the Fund's
relatively small asset size compared to most of the other funds in its peer
groups. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund.
They noted that such non-management fee operating expenses generally are spread
over a smaller asset base than the other funds in the peer group, which results
in these fees being significantly higher as a percentage of assets. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements. The Trustees also considered information
showing significant expense reimbursements by the sponsors of the other funds in
the peer groups.
94 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Sub-Adviser and the Fund's
other service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's management
of the Fund and Pioneer's management of the other client accounts.
The Trustees 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, were reasonable in relation
to the nature and quality of the services provided by PIM and the Sub- Adviser
to the Fund.
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. 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 PIM's profitability with respect to the management of the Fund
was not unreasonable.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 Fund. 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 Fund.
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 | 1/31/14
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. (the Sub-Adviser) 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 the Sub-Adviser 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 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, 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
2013 and September 2013. 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, and November, 2013 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
regularly scheduled meetings.
At a meeting held on November 12, 2013, 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. 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 did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreements.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 97
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 reviewed
the terms of the investment advisory agreement and the sub-advisory agreement.
With respect to PIM, the Trustees considered that PIM supervises and monitors
the performance of the 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 noted the substantial attention and high priority
given by PIM's senior management to the Pioneer fund complex. 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, the Trustees considered the Sub-Adviser's
investment approach for the Fund and its research process. The Trustees
considered the resources of the Sub-Adviser and the personnel of the Sub-
Adviser who provide investment management services to the Fund. They noted that
the Sub-Adviser does not provide investment advice with respect to the purchase
and sale of individual portfolio securities by the Fund, and further noted that
the Sub-Adviser's responsibilities are limited to developing the asset class
model, selecting the underlying funds in the Pioneer family of funds in which
the Fund invests, determining the allocations to those funds and changing those
allocations from time to time.
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 review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
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.
98 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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, 2013. The Trustees noted the discussions held throughout
the year regarding the Fund's performance and confirmed that those discussions
were factored into the Trustees' deliberations concerning the renewal of the
advisory and sub-advisory agreements. The Trustees considered reasons for the
underperformance of the Fund relative to its peer group. 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 Fund 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, 2013 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, 2013 was in the fifth quintile relative to both its Morningstar
peer group and its Strategic Insight peer group for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. They noted the Fund's
relatively small asset size compared to most of the other funds in its peer
groups. They also noted the lower average account size of shareholders in the
Fund. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund.
They noted that such non-management fee operating expenses generally are spread
over a smaller asset base than the other funds in the peer group, which results
in these fees being significantly higher as a percentage of assets. The Trustees
noted that they separately review the Fund's transfer agency, sub-transfer
agency and intermediary arrangements. The Trustees also considered information
showing significant expense reimbursements by the sponsors of the other funds in
the peer groups.
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 99
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, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Sub-Adviser and the Fund's
other service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's management
of the Fund and Pioneer's management of the other client accounts.
The Trustees 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, were reasonable in relation
to the nature and quality of the services provided by PIM and the Sub- Adviser
to the Fund.
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. 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 PIM's profitability with respect to the management of the Fund
was not unreasonable.
100 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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 Fund. 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 Fund.
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 | 1/31/14 101
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, 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 | 1/31/14
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108 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
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) 2014 Pioneer Investments 19016-08-0314