Pioneer Ibbotson
Asset Allocation Series
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Annual Report | July 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
(See Note to Shareholders on page 4 for important information
regarding impending changes to the portfolios' day-to-day management,
asset allocation strategies and product offerings.)
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Fund Reviews 8
Comparing Ongoing Fund Expenses 10
Prices and Distributions 18
Portfolio Summary & Performance Update 21
Schedule of Investments 41
Financial Statements 49
Notes to Financial Statements 71
Report of Independent Registered Public Accounting Firm 83
Trustees, Officers and Service Providers 84
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 1
President's Letter
Dear Shareowner,
As we move into the final few months of 2014, we remain confident that U.S.
economic growth remains sustainable, if moderately paced. The weather-related
slowdown in the first quarter is behind us and labor market data continues to
show steady improvement. The number of people filing initial unemployment claims
is at the lowest level since the boom years of 2005-06, the number of job
openings is at the highest level since 2001, and unemployment is down to just
over 6%. Barring an external shock, we think it is likely that the domestic
economic expansion will continue until the economy reaches full employment.
Until then, remaining labor market slack and moderate capacity utilization offer
the potential for continuing non-inflationary growth.
The global economic picture is somewhat less rosy, as the Russia/Ukraine
conflict is exacting a toll on the European economy, Japan is working through
the impact of a large tax increase, and the growth of China's investment-driven
economy is slowing. On balance, though, we expect the global economy to continue
to grow in the second half of 2014, further supporting the U.S. economy.
While our outlook is constructive, the risk of an adverse "external" shock, such
as a military conflict, remains. While many such risks may already be "priced
into" the market, we caution against complacency and believe investors should
always be prepared for possible market volatility.
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 your trusted financial advisor to discuss your
goals and develop an overall investment plan or framework that addresses both
your short- and long-term goals.
2 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
On August 11, 2014, I joined Pioneer as the new President and CEO of Pioneer
Investment Management USA, Inc. Since 1928, Pioneer's investment professionals
have worked on behalf of our shareholders to find attractive investment
opportunities, incorporating our proprietary research and prudent risk
management techniques to construct our portfolios.
In my role, I will focus on preserving many of the rich qualities of our
history, while maintaining balance with the demands of this ever-changing global
world in which we live.
We greatly appreciate your trust in us and we encourage you to seek investment
guidance and advice from your financial advisor.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 3
Portfolio Management Discussion | 7/31/14
Note to Shareholders: The Board of Trustees ("the Board") of Pioneer Ibbotson
Asset Allocation Series ("the Funds") has determined that Pioneer, the Funds'
investment adviser, will assume direct responsibility for the day-to-day
management of each Fund's portfolio during the fourth quarter of 2014. Each
Fund's asset allocation strategies will be modified in connection with Pioneer's
assumption of day-to-day management responsibilities. Ibbotson Associates, Inc.
will continue to serve as the Funds' sub-adviser until Pioneer assumes
day-to-day management responsibilities for the Funds.
The Board also has approved the reorganization of Pioneer Ibbotson Aggressive
Allocation Fund into Pioneer Ibbotson Growth Allocation Fund ("the
Reorganization"). The Reorganization does not require shareholder approval and
is expected to be completed during the fourth quarter of 2014.
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 12-month period ended July 31, 2014.
Q How would you characterize the economic and market backdrop during the
12-month period ended July 31, 2014?
A As the period opened in August 2013, investors seemed to have put into
perspective the likely extent and impact of the inevitable reduction in
policy accommodation by the U.S. Federal Reserve (the Fed). U.S. Treasury
rates generally drifted higher, but the increase did not impede equity
market gains. Positive 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 economic front was
capped in December 2013 by an upward revision in third quarter gross
domestic product (GDP) growth to 4.1%. An improved tenor in U.S. budget
talks leading to a bipartisan two-year deal late in the calendar year
further fueled market optimism. The net result was a strong finish to 2013
for stocks, with most broad U.S. indices providing returns in the 10% range
for the fourth quarter of the year.
The mood of the market would shift in January 2014. U.S. economic data, as
gauged by key employment and manufacturing indicators, came in below
expectations. Meanwhile, China's manufacturing data showed signs of
contracting, causing emerging markets equities to swoon and sovereign-debt
spreads to widen (credit spreads reflect the yield differences between
different types of fixed-income securities with similar maturities). As
emerging markets currencies dipped along with other asset classes in the
4 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
developing economies, investors saw a threat to the profitability of U.S.
multinational companies. The net result was that January 2014 saw most broad
stock indices give up a substantial portion of their gains from the final
portion of 2013.
Stocks would recover in February on somewhat more encouraging economic data
and the Fed's messaging that any changes to monetary policy would be
gradual. The Fed had, by that time, already begun to taper its quantitative
easing (QE) bond-purchasing program, but sent clear signals that any
increase in the Federal funds rate would be driven by economic data and
likely would not occur until after the tapering of QE was complete.
The geopolitical backdrop became less benign in March 2014, as investors
monitored developments in the Ukraine, which had the potential to put the
U.S. and Europe at loggerheads with Russia. However, global equity markets
soon resumed their upward trend despite those tensions as well as tepid U.S.
growth, which was tamped down by severe weather throughout most of the
continental United States. Support for equities was found both in the
accommodative policies of global central banks and very low bond yields.
As the 12-month period drew to a close, however, stocks dipped, in large
part due to a confluence of geopolitical concerns. They included: alarming
developments in Syria and Iraq with the potential to disrupt regional
stability and the global energy supply; deepening tensions between the U.S.
and Russia as a passenger airline was shot down over the Ukraine and Russia
continued its aggressive stance in the region; and the escalating
Israeli-Palestinian conflict.
Over the full 12 months, the U.S. equity market returned 16.92%, as measured
by the Standard & Poor's 500 Index (the S&P 500). International equities
returned 15.07%, as gauged by the Morgan Stanley Capital International
(MSCI) Europe, Australasia, Far East (EAFE) Index. Within the U.S. market,
large-capitalization stocks significantly outperformed their small-cap
counterparts, while growth stocks modestly outperformed their value
counterparts. Bonds returned 3.97% for the 12-month period, as gauged by the
Barclays Aggregate Bond Index (the Barclays Index), the most popular measure
of U.S. bond market performance.
Q What were the considerations and tactical shifts that you applied to the
portfolios in allocating assets during the 12-month period ended July 31,
2014, and how did your decisions affect the Funds' performance?
A Overall, our tactical emphases within the portfolios continued to be
defensive during the 12-month period, and the positioning detracted from the
funds' performance. Throughout the period, we maintained an underweight to
equities in the portfolios. The positioning was initially driven by our
concerns over the sub-par U.S. economic recovery as well as
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 5
the ongoing difficulties in Europe. While the tilt away from equities helped
to mitigate the impact of the stock market reversals in January and July of
2014, it constrained the funds' returns to a degree over the full 12-month
period as global equities provided double-digit returns. We have maintained
the overall underweight to equities in the portfolios, however, as we
continue to view company fundamentals as softening and equity valuations as
stretched.
Within domestic equities, the portfolios are overweight to large caps versus
small caps. The overweight to large caps reflects our continued view that
such stocks, overall, are in the best position to weather an uncertain
economic climate and a potential lowering of corporate earnings
expectations. The overweight to large caps proved helpful to the funds'
performance during the period as large caps outperformed small caps by a
substantial margin. The portfolios also have been underweight to real estate
investment trusts (REITs), with a corresponding overweight to emerging
markets equities. While both asset classes provided strong absolute returns
during the period, the weightings added to the funds' performance as
emerging markets outperformed REITs over the full 12 months.
Finally, we have long viewed international equities as offering somewhat
better value than U.S. stocks, and we maintained a tilt within the
portfolios' equity allocations in favor of international stocks. The
positioning caused a slight drag on the funds' returns over the full
12-month period, although both domestic and international equities
experienced strong absolute returns.
Within the fixed-income portion of the portfolios, we have underweighted
longer-term bonds. The underweight had a modest negative effect on the
funds' relative returns during the period as yields fell and bond prices
rose for securities with longer maturities. In addition, our decision to
trim the portfolios' exposure to lower-rated, high-yield corporate bonds was
a constraint on the funds' performance during a period when having more
exposure to credit-sensitive debt was rewarded in an environment of very low
interest rates, which spurred a search for yield on the part of investors.
Q What factors are you watching most closely as you determine strategy for the
portfolios going forward?
A Economic data across the developed world remains mixed, although the outlook
remains for improved growth through the second half of 2014. In our view,
this improvement appears to have already been factored into the markets,
thereby increasing the potential for disappointments. U.S. equities appear
to be overvalued, while emerging markets are one of the few asset classes
with an attractive return outlook; although in the developing markets,
macroeconomic and currency risks remain. Recent market sentiment has been
6 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
more positive towards yield-focused equities, including REITs. Most
fixed-income categories have become less attractive as yields have fallen,
but continue to have some relative appeal given stretched equity valuations.
Given this outlook, we believe it is wise to allow for a margin of safety in
positioning the portfolios. We will continue to closely monitor the economic
backdrop as we manage the portfolios within their strategic asset allocation
guidelines.
Please refer to the Schedule of Investments on pages 41-48 for a full listing of
fund securities.
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareowner report regarding market or economic trends or
the factors influencing each fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 7
Fund Reviews | 7/31/14
Portfolio Reviews
Conservative Allocation
The Fund's Class A shares returned 7.10% at net asset value during the 12-month
period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays
Index returned 3.97%. During the same period, the average return of the 708
mutual funds in Morningstar's Conservative Allocation Funds category was 7.47%,
and the average return of the 360 mutual funds in Lipper's Mixed-Asset Target
Conservative Allocation Funds category was 7.35%.
At period end, the Fund was targeting an asset allocation of 28.75% equities and
71.25% fixed income, compared with a neutral allocation of 30% equities and 70%
fixed income. Within the fixed-income portion of the Fund, the largest holding
at the end of the period was in Pioneer Bond Fund, at 24.4% of assets, followed
by Pioneer Short Term Income Fund, at 15.9%, and Pioneer Strategic Income Fund,
at 10.6%. The largest equity position in the Fund at period end was Pioneer
International Value Fund, at 7.3% of assets.
Moderate Allocation
The Fund's Class A shares returned 10.48% at net asset value during the 12-month
period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays
Index returned 3.97%. During the same period, the average return of the 843
mutual funds in Morningstar's Moderate Allocation Funds category was 10.59%, and
the average return of the 524 mutual funds in Lipper's Mixed-Asset Target
Moderate Allocation Funds category was 9.77%.
At period end, the Fund was targeting an asset allocation of 57% equities and
43% fixed income, compared with a neutral allocation of 60% equities, 40% fixed
income. Within the fixed-income portion of the Fund, the largest holding at the
end of the period was in Pioneer Bond Fund, at 12.2% of assets, followed by
Pioneer Short Term Income Fund, at 10.1%. Within the equity portion of the Fund,
Pioneer International Value Fund was the largest holding, at 13.3% of assets on
July 31, 2014. Pioneer Global Equity Fund was the next-largest equity holding,
at 8.9% of assets, followed by Pioneer Mid Cap Value Fund, at 6.2%.
Growth Allocation
The Fund's Class A shares returned 11.96% at net asset value during the 12-month
period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays
Index returned 3.97%. During the same period, the average return of the 401
mutual funds in Morningstar's Aggressive Allocation Funds category was 12.28%,
and the average return of the 591 mutual funds in Lipper's Mixed-Asset Target
Growth Allocation Funds category was 11.56%.
8 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
At period end, the Fund was targeting an asset allocation of 69.75% equities and
30.25% fixed income, compared with a neutral allocation of 70% equities and 30%
fixed income. Within the equity portion of the Fund, Pioneer International Value
Fund was the largest holding, at 14.9% of assets on July 31, 2014. Pioneer
Global Equity Fund was the next-largest equity holding, at 11.0% of assets,
followed by Pioneer Mid Cap Value Fund, at 7.4%. Within the fixed-income portion
of the Fund, the largest holding at the end of the period was in Pioneer Bond
Fund, at 10.3%, followed by Pioneer Short Term Income Fund, at 6.3% of assets.
Aggressive Allocation
The Fund's Class A shares returned 13.12% at net asset value during the 12-month
period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays
Index returned 3.97%. During the same period, the average return of the 401
mutual funds in Morningstar's Aggressive Allocation Funds category was 12.28%,
and the average return of the 805 mutual funds in Lipper's Multi-Cap Core Funds
category was 15.35%.
At period end, the Fund was targeting an asset allocation of 83.5% equities and
16.5% fixed income, compared with a neutral allocation of 90% equities and 10%
fixed income. Within the equity portion of the fund, Pioneer International Value
Fund was the largest holding, at 19.1% of assets on July 31, 2014. Pioneer
Global Equity Fund was the next-largest equity holding, at 12.1% of assets,
followed by Pioneer Emerging Markets Fund at 10.4%. As of July 31, 2014, the
largest fixed-income position in the Fund was Pioneer Bond Fund, at 5.1% of
assets.
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 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 2/1/14
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Ending Account Value $1,038.60 $1,033.76 $1,035.11 $1,034.67
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.38 $ 12.00 $ 11.05 $ 8.48
During Period*
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* 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%,
2.38%, 2.19% and 1.68% 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 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
10 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
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 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,017.55 $1,012.99 $1,013.93 $1,016.46
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.30 $ 11.88 $ 10.94 $ 8.40
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%,
2.38%, 2.19% and 1.68% 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 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,055.51 $1,050.15 $1,051.57 $1,056.61
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.29 $ 11.74 $ 10.78 $ 6.07
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 1.43%,
2.31%, 2.12% 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 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
12 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,017.70 $1,013.34 $1,014.28 $1,018.89
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.15 $ 11.53 $ 10.59 $ 5.96
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 1.43%,
2.31%, 2.12% 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 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,064.16 $1,058.60 $1,059.51 $1,065.19
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.73 $ 12.25 $ 11.23 $ 6.30
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%,
2.40%, 2.20% and 1.23% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
14 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,017.31 $1,012.89 $1,013.88 $1,018.70
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.55 $ 11.98 $ 10.99 $ 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%,
2.40%, 2.20% and 1.23% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,071.31 $1,066.54 $1,067.76 $1,072.32
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 8.53 $ 12.86 $ 12.10 $ 7.04
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 1.66%,
2.51%, 2.36% and 1.37% 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 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
16 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 February 1, 2014 through July 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/14
--------------------------------------------------------------------------------
Ending Account Value $1,016.56 $1,012.35 $1,013.09 $1,018.00
(after expenses)
on 7/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 8.30 $ 12.52 $ 11.78 $ 6.85
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 1.66%,
2.51%, 2.36% and 1.37% 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 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 17
Prices and Distributions | 7/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/14 7/31/13
--------------------------------------------------------------------------------
A $11.86 $11.42
--------------------------------------------------------------------------------
B $11.65 $11.18
--------------------------------------------------------------------------------
C $11.51 $11.09
--------------------------------------------------------------------------------
Y $11.32 $10.86
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/14 7/31/13
--------------------------------------------------------------------------------
A $12.73 $11.72
--------------------------------------------------------------------------------
B $12.34 $11.31
--------------------------------------------------------------------------------
C $11.82 $10.92
--------------------------------------------------------------------------------
Y $12.88 $11.86
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/14 7/31/13
--------------------------------------------------------------------------------
A $13.60 $12.32
--------------------------------------------------------------------------------
B $12.10 $10.93
--------------------------------------------------------------------------------
C $12.82 $11.65
--------------------------------------------------------------------------------
Y $13.88 $12.56
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/14 7/31/13
--------------------------------------------------------------------------------
A $13.97 $12.47
--------------------------------------------------------------------------------
B $13.15 $11.72
--------------------------------------------------------------------------------
C $13.23 $11.83
--------------------------------------------------------------------------------
Y $14.07 $12.49
--------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Distributions per Share: 8/1/13-7/31/14
--------------------------------------------------------------------------------
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 | Annual Report | 7/31/14 19
Prices and Distributions | 7/31/14 (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 | Annual Report | 7/31/14
Portfolio Summary | 7/31/14
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 69.0%
U.S. Equity 18.6%
International Equity 12.4%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 4.13%
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.10
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class Y 2.08
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 2.07%
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 2.06
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth
Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth
Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 1.03
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 7.28%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 4.17
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 1.04
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 24.37%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 15.94
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 10.60
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 6.32
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 4.25
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 3.16
--------------------------------------------------------------------------------
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 | Annual Report | 7/31/14 21
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Net Public Barclays Standard
Asset Offering Aggregate & Poor's
Value Price Bond 500
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 4.90% 4.23% 4.76% 7.81%
5 Years 7.67 6.39 4.47 16.78
1 Year 7.10 0.99 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Conservative & Poor's Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 9,599 $ 10,387 $ 9,963
7/31/2006 $ 9,919 $ 10,945 $ 10,108
7/31/2007 $ 10,800 $ 12,710 $ 10,672
7/31/2008 $ 10,490 $ 11,300 $ 11,329
7/31/2009 $ 10,024 $ 9,046 $ 12,217
7/31/2010 $ 11,215 $ 10,298 $ 13,306
7/31/2011 $ 12,230 $ 12,322 $ 13,896
7/31/2012 $ 12,456 $ 13,444 $ 14,904
7/31/2013 $ 13,542 $ 16,802 $ 14,620
7/31/2014 $ 14,504 $ 19,645 $ 15,201
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 | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.99% 3.99% 4.76% 7.81%
5 Years 6.72 6.72 4.47 16.78
1 Year 6.26 2.26 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Conservative & Poor's Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 10,178 $ 10,387 $ 9,963
7/31/2006 $ 10,409 $ 10,945 $ 10,108
7/31/2007 $ 11,250 $ 12,710 $ 10,672
7/31/2008 $ 10,832 $ 11,300 $ 11,329
7/31/2009 $ 10,257 $ 9,046 $ 12,217
7/31/2010 $ 11,364 $ 10,298 $ 13,306
7/31/2011 $ 12,290 $ 12,322 $ 13,896
7/31/2012 $ 12,419 $ 13,444 $ 14,904
7/31/2013 $ 13,366 $ 16,802 $ 14,620
7/31/2014 $ 14,202 $ 19,645 $ 15,201
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 23
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 4.03% 4.03% 4.76% 7.81%
5 Years 6.85 6.85 4.47 16.78
1 Year 6.42 6.42 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Conservative & Poor's Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 10,168 $ 10,387 $ 9,963
7/31/2006 $ 10,419 $ 10,945 $ 10,108
7/31/2007 $ 11,253 $ 12,710 $ 10,672
7/31/2008 $ 10,844 $ 11,300 $ 11,329
7/31/2009 $ 10,244 $ 9,046 $ 12,217
7/31/2010 $ 11,362 $ 10,298 $ 13,306
7/31/2011 $ 12,291 $ 12,322 $ 13,896
7/31/2012 $ 12,433 $ 13,444 $ 14,904
7/31/2013 $ 13,407 $ 16,802 $ 14,620
7/31/2014 $ 14,267 $ 19,645 $ 15,201
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
24 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.83% 3.83% 4.76% 7.81%
5 Years 7.18 7.18 4.47 16.78
1 Year 6.83 6.83 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Conservative & Poor's Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,094,059 $ 5,193,294 $ 4,981,499
7/31/2006 $ 5,268,849 $ 5,472,497 $ 5,054,204
7/31/2007 $ 5,738,328 $ 6,354,931 $ 5,336,140
7/31/2008 $ 5,541,848 $ 5,650,116 $ 5,664,329
7/31/2009 $ 4,950,847 $ 4,522,962 $ 6,108,716
7/31/2010 $ 5,539,507 $ 5,149,089 $ 6,652,993
7/31/2011 $ 6,047,788 $ 6,160,781 $ 6,948,116
7/31/2012 $ 6,068,113 $ 6,721,761 $ 7,452,144
7/31/2013 $ 6,553,856 $ 8,401,014 $ 7,310,182
7/31/2014 $ 7,001,715 $ 9,822,588 $ 7,600,355
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on October 5, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 25
Portfolio Summary | 7/31/14
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 39.3%
U.S. Equity 33.4%
International Equity 27.3%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 6.16%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 6.02
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth
Fund Class Y 5.94
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.10
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.60
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class Y 2.23
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund
Class Y 2.17
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 2.07
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.02
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.09
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 13.25%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 8.86
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 5.15
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 12.15%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 10.08
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 4.06
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 4.00
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 3.99
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 2.02
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 2.02
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort
Income Fund Class Y 1.00
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
26 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Net Public Barclays Standard
Asset Offering Aggregate & Poor's
Value Price Bond 500
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.00% 5.38% 4.69% 8.39%
5 Years 10.00 8.70 4.47 16.78
1 Year 10.48 4.09 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Moderate & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 10,570 $ 11,404 $ 10,479
7/31/2006 $ 11,097 $ 12,018 $ 10,632
7/31/2007 $ 12,493 $ 13,955 $ 11,225
7/31/2008 $ 11,560 $ 12,408 $ 11,915
7/31/2009 $ 10,266 $ 9,932 $ 12,850
7/31/2010 $ 11,627 $ 11,307 $ 13,995
7/31/2011 $ 13,128 $ 13,529 $ 14,616
7/31/2012 $ 13,092 $ 14,761 $ 15,676
7/31/2013 $ 14,966 $ 18,449 $ 15,378
7/31/2014 $ 16,535 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 27
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.81% 4.81% 4.69% 8.39%
5 Years 9.09 9.09 4.47 16.78
1 Year 9.51 5.51 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Moderate & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 10,978 $ 11,404 $ 10,479
7/31/2006 $ 11,417 $ 12,018 $ 10,632
7/31/2007 $ 12,753 $ 13,955 $ 11,225
7/31/2008 $ 11,691 $ 12,408 $ 11,915
7/31/2009 $ 10,311 $ 9,932 $ 12,850
7/31/2010 $ 11,588 $ 11,307 $ 13,995
7/31/2011 $ 12,967 $ 13,529 $ 14,616
7/31/2012 $ 12,838 $ 14,761 $ 15,676
7/31/2013 $ 14,547 $ 18,449 $ 15,378
7/31/2014 $ 15,931 $ 21,570 $ 15,988
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 | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.82% 4.82% 4.69% 8.39%
5 Years 9.21 9.21 4.47 16.78
1 Year 9.70 9.70 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Moderate & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,122 $ 11,404 $ 10,479
7/31/2006 $ 11,573 $ 12,018 $ 10,632
7/31/2007 $ 12,941 $ 13,955 $ 11,225
7/31/2008 $ 11,882 $ 12,408 $ 11,915
7/31/2009 $ 10,474 $ 9,932 $ 12,850
7/31/2010 $ 11,776 $ 11,307 $ 13,995
7/31/2011 $ 13,203 $ 13,529 $ 14,616
7/31/2012 $ 13,061 $ 14,761 $ 15,676
7/31/2013 $ 14,833 $ 18,449 $ 15,378
7/31/2014 $ 16,271 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 29
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.44% 6.44% 4.69% 8.39%
5 Years 10.36 10.36 4.47 16.78
1 Year 10.68 10.68 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Moderate & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,606,494 $ 5,702,219 $ 5,239,528
7/31/2006 $ 5,913,111 $ 6,008,783 $ 5,315,999
7/31/2007 $ 6,680,624 $ 6,977,694 $ 5,612,540
7/31/2008 $ 6,206,468 $ 6,203,810 $ 5,957,728
7/31/2009 $ 5,580,029 $ 4,966,198 $ 6,425,134
7/31/2010 $ 6,347,323 $ 5,653,685 $ 6,997,603
7/31/2011 $ 7,195,925 $ 6,764,521 $ 7,308,012
7/31/2012 $ 7,195,817 $ 7,380,477 $ 7,838,149
7/31/2013 $ 8,252,035 $ 9,224,292 $ 7,688,833
7/31/2014 $ 9,133,745 $ 10,785,178 $ 7,994,036
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 23, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
30 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Portfolio Summary | 7/31/14
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 41.1%
International Equity 33.1%
Fixed Income 25.5%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 7.32%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 6.06
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth
Fund Class Y 5.76
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth
Fund Class Y 3.74
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 3.61
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.43
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class Y 3.40
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.20
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.15
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.70
--------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth
Fund Class Y 0.00*
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 14.85%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 10.99
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 7.23
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 10.29%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 6.33
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 3.53
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 1.91
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 1.85
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 0.93
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 0.68
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
* Rounds to less than 0.01%.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 31
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Net Public Barclays Standard
Asset Offering Aggregate & Poor's
Value Price Bond 500
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.32% 5.69% 4.69% 8.39%
5 Years 10.96 9.64 4.47 16.78
1 Year 11.96 5.53 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Growth & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 10,892 $ 11,404 $ 10,479
7/31/2006 $ 11,577 $ 12,018 $ 10,632
7/31/2007 $ 13,281 $ 13,955 $ 11,225
7/31/2008 $ 11,969 $ 12,408 $ 11,915
7/31/2009 $ 10,115 $ 9,932 $ 12,850
7/31/2010 $ 11,520 $ 11,307 $ 13,995
7/31/2011 $ 13,231 $ 13,529 $ 14,616
7/31/2012 $ 13,058 $ 14,761 $ 15,676
7/31/2013 $ 15,199 $ 18,449 $ 15,378
7/31/2014 $ 17,016 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
32 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.58% 4.58% 4.69% 8.39%
5 Years 10.07 10.07 4.47 16.78
1 Year 10.91 6.91 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Growth & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,046 $ 11,404 $ 10,479
7/31/2006 $ 11,657 $ 12,018 $ 10,632
7/31/2007 $ 13,250 $ 13,955 $ 11,225
7/31/2008 $ 11,838 $ 12,408 $ 11,915
7/31/2009 $ 9,938 $ 9,932 $ 12,850
7/31/2010 $ 11,233 $ 11,307 $ 13,995
7/31/2011 $ 12,795 $ 13,529 $ 14,616
7/31/2012 $ 12,538 $ 14,761 $ 15,676
7/31/2013 $ 14,476 $ 18,449 $ 15,378
7/31/2014 $ 16,056 $ 21,570 $ 15,988
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 | Annual Report | 7/31/14 33
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.25% 5.25% 4.69% 8.39%
5 Years 10.20 10.20 4.47 16.78
1 Year 11.09 11.09 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Growth & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,310 $ 11,404 $ 10,479
7/31/2006 $ 11,933 $ 12,018 $ 10,632
7/31/2007 $ 13,575 $ 13,955 $ 11,225
7/31/2008 $ 12,158 $ 12,408 $ 11,915
7/31/2009 $ 10,203 $ 9,932 $ 12,850
7/31/2010 $ 11,537 $ 11,307 $ 13,995
7/31/2011 $ 13,164 $ 13,529 $ 14,616
7/31/2012 $ 12,913 $ 14,761 $ 15,676
7/31/2013 $ 14,925 $ 18,449 $ 15,378
7/31/2014 $ 16,581 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
34 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.79% 6.79% 4.69% 8.39%
5 Years 11.05 11.05 4.47 16.78
1 Year 12.25 12.25 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Growth & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,776,725 $ 5,702,219 $ 5,239,528
7/31/2006 $ 6,193,377 $ 6,008,783 $ 5,315,999
7/31/2007 $ 7,114,596 $ 6,977,694 $ 5,612,540
7/31/2008 $ 6,470,796 $ 6,203,810 $ 5,957,728
7/31/2009 $ 5,585,334 $ 4,966,198 $ 6,425,134
7/31/2010 $ 6,385,461 $ 5,653,685 $ 6,997,603
7/31/2011 $ 7,368,224 $ 6,764,521 $ 7,308,012
7/31/2012 $ 7,200,258 $ 7,380,477 $ 7,838,149
7/31/2013 $ 8,402,575 $ 9,224,292 $ 7,688,833
7/31/2014 $ 9,431,945 $ 10,785,178 $ 7,994,036
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 26, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 35
Portfolio Summary | 7/31/14
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 46.8%
International Equity 41.6%
Fixed Income 11.6%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 9.38%
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth
Fund Class Y 7.95
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 5.72
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 4.51
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth
Fund Class Y 4.19
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 3.62
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class Y 3.19
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.08
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.03
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.18
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 19.12%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 12.10
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 10.37
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 5.12%
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 3.61
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 2.83
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
36 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Net Public Barclays Standard
Asset Offering Aggregate & Poor's
Value Price Bond 500
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.49% 5.86% 4.69% 8.39%
5 Years 11.61 10.29 4.47 16.78
1 Year 13.12 6.62 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Aggressive & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 11,173 $ 11,404 $ 10,479
7/31/2006 $ 11,989 $ 12,018 $ 10,632
7/31/2007 $ 13,956 $ 13,955 $ 11,225
7/31/2008 $ 12,276 $ 12,408 $ 11,915
7/31/2009 $ 9,938 $ 9,932 $ 12,850
7/31/2010 $ 11,345 $ 11,307 $ 13,995
7/31/2011 $ 13,208 $ 13,529 $ 14,616
7/31/2012 $ 12,804 $ 14,761 $ 15,676
7/31/2013 $ 15,218 $ 18,449 $ 15,378
7/31/2014 $ 17,214 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 37
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.32% 5.32% 4.69% 8.39%
5 Years 10.72 10.72 4.47 16.78
1 Year 12.20 8.20 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Aggressive & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,690 $ 11,404 $ 10,479
7/31/2006 $ 12,434 $ 12,018 $ 10,632
7/31/2007 $ 14,361 $ 13,955 $ 11,225
7/31/2008 $ 12,534 $ 12,408 $ 11,915
7/31/2009 $ 10,066 $ 9,932 $ 12,850
7/31/2010 $ 11,397 $ 11,307 $ 13,995
7/31/2011 $ 13,165 $ 13,529 $ 14,616
7/31/2012 $ 12,675 $ 14,761 $ 15,676
7/31/2013 $ 14,929 $ 18,449 $ 15,378
7/31/2014 $ 16,751 $ 21,570 $ 15,988
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 | Annual Report | 7/31/14
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.53% 5.53% 4.69% 8.39%
5 Years 10.84 10.84 4.47 16.78
1 Year 12.35 12.35 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Aggressive & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,563 $ 11,404 $ 10,479
7/31/2006 $ 12,299 $ 12,018 $ 10,632
7/31/2007 $ 14,221 $ 13,955 $ 11,225
7/31/2008 $ 12,429 $ 12,408 $ 11,915
7/31/2009 $ 9,979 $ 9,932 $ 12,850
7/31/2010 $ 11,302 $ 11,307 $ 13,995
7/31/2011 $ 13,069 $ 13,529 $ 14,616
7/31/2012 $ 12,597 $ 14,761 $ 15,676
7/31/2013 $ 14,861 $ 18,449 $ 15,378
7/31/2014 $ 16,697 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 39
Performance Update | 7/31/14 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 July 31, 2014)
--------------------------------------------------------------------------------
Barclays Standard
Aggregate & Poor's
If If Bond 500
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.76% 6.76% 4.69% 8.39%
5 Years 11.77 11.77 4.47 16.78
1 Year 13.50 13.50 3.97 16.92
--------------------------------------------------------------------------------
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 Standard Barclays
Aggressive & Poor's Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,929,998 $ 5,702,219 $ 5,239,528
7/31/2006 $ 6,379,347 $ 6,008,783 $ 5,315,999
7/31/2007 $ 7,470,251 $ 6,977,694 $ 5,612,540
7/31/2008 $ 6,661,413 $ 6,203,810 $ 5,957,728
7/31/2009 $ 5,372,710 $ 4,966,198 $ 6,425,134
7/31/2010 $ 6,151,437 $ 5,653,685 $ 6,997,603
7/31/2011 $ 7,216,848 $ 6,764,521 $ 7,308,012
7/31/2012 $ 6,945,791 $ 7,380,477 $ 7,838,149
7/31/2013 $ 8,256,149 $ 9,224,292 $ 7,688,833
7/31/2014 $ 9,371,094 $ 10,785,178 $ 7,994,036
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 23, 2005 reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
40 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Schedule of Investments | 7/31/14
Pioneer Ibbotson Conservative Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 94.9%
PIONEER FUNDS* -- 94.9%
1,686,460 Pioneer Bond Fund Class Y $ 16,459,845
85,125 Pioneer Core Equity Fund Class Y 1,398,604
40,153 Pioneer Disciplined Growth Fund Class Y 703,085
137,391 Pioneer Disciplined Value Fund Class Y 2,787,657
285,961 Pioneer Dynamic Credit Fund Class Y 2,868,189
25,794 Pioneer Emerging Markets Fund Class Y 704,189
19,793 Pioneer Equity Income Fund Class Y 697,114
102,989 Pioneer Floating Rate Fund Class Y 715,772
51,306 Pioneer Fund Class Y 2,097,392
80,095 Pioneer Fundamental Growth Fund Class Y 1,406,475
204,577 Pioneer Global Equity Fund Class Y 2,814,973
429,821 Pioneer Global High Yield Fund Class Y 4,272,424
128,640 Pioneer Global Multisector Income Fund Class Y 1,429,190
196,990 Pioneer High Yield Fund Class Y 2,131,428
213,873 Pioneer International Value Fund Class Y 4,916,947
47,879 Pioneer Mid Cap Value Fund Class Y 1,394,235
71,202 Pioneer Multi-Asset Ultrashort Income Fund 717,004
Class Y
18,273 Pioneer Oak Ridge Small Cap Growth Fund 703,523
Class Y
24,862 Pioneer Real Estate Shares Class Y 705,573
16,637 Pioneer Select Mid Cap Growth Fund Class Y 701,741
1,116,706 Pioneer Short Term Income Fund Class Y 10,765,049
646,085 Pioneer Strategic Income Fund Class Y 7,158,616
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $58,085,357) $ 67,549,025
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 94.9%
(Cost $58,085,357) (a) $ 67,549,025
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 5.1% $ 3,635,606
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 71,184,631
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2014, the net unrealized appreciation on investments based on
cost for federal tax purposes of $58,961,237 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $8,597,306
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (9,518)
----------
Net unrealized appreciation $8,587,788
==========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 41
Schedule of Investments | 7/31/14
Pioneer Ibbotson Conservative Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2014 aggregated $8,258,130 and $8,011,888, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). 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 or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $67,549,025 $ -- $ -- $67,549,025
--------------------------------------------------------------------------------
Total $67,549,025 $ -- $ -- $67,549,025
================================================================================
During the year ended July 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 | Annual Report | 7/31/14
Schedule of Investments | 7/31/14
Pioneer Ibbotson Moderate Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 98.4%
PIONEER FUNDS* -- 98.4%
2,717,659 Pioneer Bond Fund Class Y $ 26,524,356
274,648 Pioneer Core Equity Fund Class Y 4,512,459
135,761 Pioneer Disciplined Growth Fund Class Y 2,377,178
647,431 Pioneer Disciplined Value Fund Class Y 13,136,369
868,250 Pioneer Dynamic Credit Fund Class Y 8,708,547
411,785 Pioneer Emerging Markets Fund Class Y 11,241,734
125,210 Pioneer Equity Income Fund Class Y 4,409,891
165,627 Pioneer Fund Class Y 6,770,838
277,576 Pioneer Fundamental Growth Fund Class Y 4,874,229
1,404,875 Pioneer Global Equity Fund Class Y 19,331,081
892,387 Pioneer Global High Yield Fund Class Y 8,870,329
396,944 Pioneer Global Multisector Income Fund Class Y 4,410,048
407,607 Pioneer High Yield Fund Class Y 4,410,307
1,257,978 Pioneer International Value Fund Class Y 28,920,905
461,877 Pioneer Mid Cap Value Fund Class Y 13,449,857
217,409 Pioneer Multi-Asset Ultrashort Income Fund Class Y 2,189,312
336,699 Pioneer Oak Ridge Small Cap Growth Fund Class Y 12,962,905
200,085 Pioneer Real Estate Shares Class Y 5,678,400
112,473 Pioneer Select Mid Cap Growth Fund Class Y 4,744,092
2,282,340 Pioneer Short Term Income Fund Class Y 22,001,760
788,862 Pioneer Strategic Income Fund Class Y 8,740,590
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $170,693,912) $218,265,187
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.4%
(Cost $170,693,912) (a) $218,265,187
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.6% $ 3,623,343
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $221,888,530
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2014, the net unrealized appreciation on investments based on
cost for federal tax purposes of $173,281,530 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $45,011,943
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (28,286)
-----------
Net unrealized appreciation $44,983,657
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 43
Schedule of Investments | 7/31/14
Pioneer Ibbotson Moderate Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2014 aggregated $22,591,660 and $20,539,212, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds,
credit risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments).
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 or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $218,265,187 $ -- $ -- $218,265,187
--------------------------------------------------------------------------------
Total $218,265,187 $ -- $ -- $218,265,187
================================================================================
During the year ended July 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 | Annual Report | 7/31/14
Schedule of Investments | 7/31/14
Pioneer Ibbotson Growth Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.8%
PIONEER FUNDS* -- 99.8%
2,514,354 Pioneer Bond Fund Class Y $ 24,540,092
524,733 Pioneer Core Equity Fund Class Y 8,621,367
232,223 Pioneer Disciplined Growth Fund Class Y 4,066,218
712,776 Pioneer Disciplined Value Fund Class Y 14,462,222
161,684 Pioneer Dynamic Credit Fund Class Y 1,621,692
631,523 Pioneer Emerging Markets Fund Class Y 17,240,577
213,458 Pioneer Equity Income Fund Class Y 7,517,992
186,671 Pioneer Fund Class Y 7,631,112
462,549 Pioneer Fundamental Growth Fund Class Y 8,122,354
1,906,318 Pioneer Global Equity Fund Class Y 26,230,942
458,523 Pioneer Global High Yield Fund Class Y 4,557,715
397,586 Pioneer Global Multisector Income Fund Class Y 4,417,180
206,145 Pioneer High Yield Fund Class Y 2,230,487
1,541,503 Pioneer International Value Fund Class Y 35,439,157
599,996 Pioneer Mid Cap Value Fund Class Y 17,471,897
597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 10,839
357,066 Pioneer Oak Ridge Small Cap Growth Fund Class Y 13,747,035
288,635 Pioneer Real Estate Shares Class Y 8,191,473
211,426 Pioneer Select Mid Cap Growth Fund Class Y 8,917,933
1,567,403 Pioneer Short Term Income Fund Class Y 15,109,768
760,500 Pioneer Strategic Income Fund Class Y 8,426,340
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $176,944,380) $238,574,392
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.8%
(Cost $176,944,380) (a) $238,574,392
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 408,565
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $238,982,957
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2014, the net unrealized appreciation on investments based on
cost for federal tax purposes of $178,562,042 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $ 60,063,548
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (51,198)
------------
Net unrealized appreciation $ 60,012,350
============
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 45
Schedule of Investments | 7/31/14
Pioneer Ibbotson Growth Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2014 aggregated $19,259,251 and $19,239,764, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds,
credit risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments).
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 or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $238,574,392 $ -- $ -- $238,574,392
--------------------------------------------------------------------------------
Total $238,574,392 $ -- $ -- $238,574,392
================================================================================
During the year ended July 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 | Annual Report | 7/31/14
Schedule of Investments | 7/31/14
Pioneer Ibbotson Aggressive Allocation Fund
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.9%
PIONEER FUNDS* -- 99.9%
685,024 Pioneer Bond Fund Class Y $ 6,685,831
288,095 Pioneer Core Equity Fund Class Y 4,733,408
162,703 Pioneer Disciplined Growth Fund Class Y 2,848,930
368,543 Pioneer Disciplined Value Fund Class Y 7,477,729
496,569 Pioneer Emerging Markets Fund Class Y 13,556,335
112,385 Pioneer Equity Income Fund Class Y 3,958,198
98,377 Pioneer Fund Class Y 4,021,666
237,535 Pioneer Fundamental Growth Fund Class Y 4,171,110
1,149,071 Pioneer Global Equity Fund Class Y 15,811,224
1,086,767 Pioneer International Value Fund Class Y 24,984,776
421,073 Pioneer Mid Cap Value Fund Class Y 12,261,641
269,745 Pioneer Oak Ridge Small Cap Growth Fund Class Y 10,385,175
207,910 Pioneer Real Estate Shares Class Y 5,900,481
129,846 Pioneer Select Mid Cap Growth Fund Class Y 5,476,915
384,212 Pioneer Short Term Income Fund Class Y 3,703,806
425,373 Pioneer Strategic Income Fund Class Y 4,713,138
--------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $90,927,490) $130,690,363
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.9%
(Cost $90,927,490) (a) $130,690,363
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 196,002
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $130,886,365
================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2014, the net unrealized appreciation on investments based on
cost for federal tax purposes of $92,521,691 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $ 38,168,672
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value --
------------
Net unrealized appreciation $ 38,168,672
============
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 47
Schedule of Investments | 7/31/14
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2014 aggregated $12,900,585 and $12,556,606, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). 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 or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2014, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $130,690,363 $ -- $ -- $130,690,363
--------------------------------------------------------------------------------
Total $130,690,363 $ -- $ -- $130,690,363
================================================================================
During the year ended July 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 | Annual Report | 7/31/14
Statements of Assets and Liabilities | 7/31/14
-----------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
-----------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of
affiliated issuers, at value (at
cost $58,085,357,
$170,693,912, $176,944,380
and $90,927,490, respectively) $67,549,025 $218,265,187 $238,574,392 $130,690,363
Cash 3,499,672 4,055,135 229,990 487,743
Receivables for:
Investment Funds sold 4,115 231,426 249,743 95,071
Capital stock sold 195,010 165,927 83,785 7,301
Dividends 122,458 222,473 159,355 38,206
Due from Pioneer Investment
Management, Inc. 529 649 278 1,899
Other assets 46,474 50,240 31,184 36,534
-----------------------------------------------------------------------------------------------
Total assets $71,417,283 $222,991,037 $239,328,727 $131,357,117
===============================================================================================
LIABILITIES:
Payables for:
Investments Funds purchased $ 92,342 $ 38,989 $ -- $ --
Capital stock redeemed 50,776 844,075 105,399 308,092
Due to affiliates 51,738 173,621 184,847 97,699
Accrued expenses and other
liabilities 37,796 45,822 55,524 64,961
-----------------------------------------------------------------------------------------------
Total liabilities: $ 232,652 $ 1,102,507 $ 345,770 $ 470,752
===============================================================================================
NET ASSETS:
Paid-in capital $62,996,574 $196,097,702 $207,770,074 $116,002,034
Undistributed net investment
income 558,475 2,876,795 2,422,529 842,780
Accumulated net realized loss
on investments (1,834,086) (24,657,242) (32,839,658) (25,721,322)
Net unrealized gains on
investments 9,463,668 47,571,275 61,630,012 39,762,873
-----------------------------------------------------------------------------------------------
Total net assets $71,184,631 $221,888,530 $238,982,957 $130,886,365
===============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of
shares authorized)
Net Assets of Class A shares $46,872,701 $136,511,322 $163,348,541 $101,176,799
Net Assets of Class B shares $ 1,898,181 $ 6,761,021 $ 11,269,874 $ 6,159,183
Net Assets of Class C shares $22,290,456 $ 75,376,745 $ 63,333,344 $ 23,204,915
Net Assets of Class Y shares $ 123,293 $ 3,239,442 $ 1,031,198 $ 345,468
Class A Shares outstanding 3,950,721 10,727,055 12,011,758 7,242,939
Class B Shares outstanding 162,980 547,990 931,248 468,268
Class C Shares outstanding 1,937,449 6,378,937 4,938,372 1,753,889
Class Y Shares outstanding 10,888 251,570 74,291 24,551
Net Asset Value -- Class A share $ 11.86 $ 12.73 $ 13.60 $ 13.97
Net Asset Value -- Class B share $ 11.65 $ 12.34 $ 12.10 $ 13.15
Net Asset Value -- Class C share $ 11.51 $ 11.82 $ 12.82 $ 13.23
Net Asset Value -- Class Y share $ 11.32 $ 12.88 $ 13.88 $ 14.07
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset
value per share) $ 12.58 $ 13.51 $ 14.43 $ 14.82
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 49
Statements of Operations
For the Year Ended 7/31/14
-----------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
-----------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from underlying
affiliated funds $2,006,320 $ 4,767,314 $ 4,471,763 $ 2,022,078
Interest 1,053 1,259 114 89
-----------------------------------------------------------------------------------------------------
Total Investment Income $2,007,373 $ 4,768,573 $ 4,471,877 $ 2,022,167
-----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 89,709 $ 281,992 $ 303,089 $ 163,915
Transfer agent fees
Class A 36,369 128,242 204,495 152,724
Class B 5,619 23,326 42,590 24,356
Class C 11,854 34,775 42,008 22,821
Class Y 235 463 391 433
Distribution fees
Class A 112,194 334,080 396,235 241,554
Class B 26,619 85,679 144,203 75,100
Class C 213,341 712,327 589,368 215,295
Shareholder communications
expense 34,080 116,643 145,034 92,346
Administrative fees 35,675 85,151 89,654 54,454
Custodian fees 17,187 15,561 11,844 16,586
Registration fees 58,723 59,765 58,095 78,500
Professional fees 36,816 42,638 67,915 49,818
Printing fees 16,576 21,934 17,334 20,129
Fees and expenses of
non-affiliated trustees 6,370 7,273 6,956 6,272
Insurance expense 841 2,745 2,491 1,539
Miscellaneous 4,654 5,400 10,608 7,418
-----------------------------------------------------------------------------------------------------
Total expenses $ 706,862 $ 1,957,994 $ 2,132,310 $ 1,223,260
Less fees waived and expenses
reimbursed by Pioneer
Investment Management, Inc. $ (1,025) $ (8,415) $ (14,450) $ (10,386)
-----------------------------------------------------------------------------------------------------
Net expenses $ 705,837 $ 1,949,579 $ 2,117,860 $ 1,212,874
-----------------------------------------------------------------------------------------------------
Net investment income $1,301,536 $ 2,818,994 $ 2,354,017 $ 809,293
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on underlying
affiliated funds $ 964,652 $ 5,505,402 $ 4,776,361 $ 2,958,565
Capital gain on distributions from
underlying affiliated funds $ 885,970 $ 5,204,261 $ 6,371,225 $ 3,662,700
-----------------------------------------------------------------------------------------------------
$1,850,622 $10,709,663 $11,147,586 $ 6,621,265
-----------------------------------------------------------------------------------------------------
Change in net unrealized
appreciation on investments $1,439,336 $ 7,279,886 $12,104,219 $ 7,799,873
-----------------------------------------------------------------------------------------------------
Net increase on investments $3,289,958 $17,989,549 $23,251,805 $14,421,138
-----------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $4,591,494 $20,808,543 $25,605,822 $15,230,431
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
----------------------------- -------------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/14 7/31/13 7/31/14 7/31/13
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,301,536 $ 1,480,666 $ 2,818,994 $ 3,192,855
Net realized gain on investments 1,850,622 1,632,532 10,709,663 6,864,167
Change in net unrealized
appreciation on investments 1,439,336 2,220,532 7,279,886 16,019,476
---------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 4,591,494 $ 5,333,730 $ 20,808,543 $ 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) $ (2,249,406) $ (2,347,138)
Class B ($0.22, $0.13,
$0.04 and $0.06,
respectively) (55,077) (49,375) (34,306) (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 $ 16,042,138 $ 19,342,329 $ 39,270,319 $ 38,645,530
Reinvestment of distributions 1,723,597 1,169,434 3,036,320 3,147,019
Cost of shares repurchased (17,505,472) (19,670,549) (45,544,611) (50,543,688)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund
share transactions 260,263 841,214 (3,237,972) (8,751,139)
---------------------------------------------------------------------------------------------------
Net increase in net assets $ 2,922,883 $ 4,898,094 $ 14,273,193 $ 13,909,167
NET ASSETS:
Beginning of year 68,261,748 63,363,654 207,615,337 193,706,170
---------------------------------------------------------------------------------------------------
End of year $ 71,184,631 $ 68,261,748 $221,888,530 $207,615,337
---------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of year $ 558,475 $ 1,170,281 $ 2,876,795 $ 3,297,033
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 51
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------
Growth Aggressive
Allocation Fund Allocation Fund
----------------------------- -----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/14 7/31/13 7/31/14 7/31/13
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,354,017 $ 2,678,896 $ 809,293 $ 957,800
Net realized gain on investments 11,147,586 8,430,071 6,621,265 5,353,388
Change in net unrealized
appreciation on investments 12,104,219 20,860,423 7,799,873 13,474,283
-------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 25,605,822 $ 31,969,390 $ 15,230,431 $ 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 $ 38,239,391 $ 34,726,733 $ 20,243,654 $ 16,103,690
Reinvestment of distributions 2,678,217 2,589,712 1,012,146 904,418
Cost of shares repurchased (46,083,872) (52,707,882) (24,045,232) (29,890,561)
-------------------------------------------------------------------------------------------------
Net decrease in net
assets resulting from
Fund share transactions (5,166,264) (15,391,437) (2,789,432) (12,882,453)
-------------------------------------------------------------------------------------------------
Net increase in net assets $ 17,609,897 $ 13,861,870 $ 11,398,818 $ 5,968,283
NET ASSETS:
Beginning of year 221,373,060 207,511,190 119,487,547 113,519,264
-------------------------------------------------------------------------------------------------
End of year $238,982,957 $221,373,060 $130,886,365 $119,487,547
-------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of year $ 2,422,529 $ 2,829,068 $ 842,780 $ 1,041,682
=================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
---------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
---------------------------------------------------------------------------------------------------------
Class A
Shares sold 887,243 $ 10,329,684 1,020,934 $ 11,402,241
Reinvestment of distributions 114,334 1,312,556 85,658 931,997
Less shares repurchased (926,350) (10,750,423) (1,200,704) (13,407,002)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) 75,227 $ 891,817 (94,112) $ (1,072,764)
=========================================================================================================
Class B
Shares sold 8,303 $ 94,672 18,697 $ 204,015
Reinvestment of distributions 4,767 54,011 4,413 47,265
Less shares repurchased (148,745) (1,699,869) (146,078) (1,606,168)
---------------------------------------------------------------------------------------------------------
Net decrease (135,675) $ (1,551,186) (122,968) $ (1,354,888)
=========================================================================================================
Class C
Shares sold 494,388 $ 5,586,236 705,703 $ 7,658,490
Reinvestment of distributions 31,902 356,669 17,918 190,116
Less shares repurchased (441,817) (5,000,197) (428,536) (4,649,918)
---------------------------------------------------------------------------------------------------------
Net increase 84,473 $ 942,708 295,085 $ 3,198,688
=========================================================================================================
Class Y
Shares sold 2,819 $ 31,546 7,322 $ 77,583
Reinvestment of distributions 33 361 5 56
Less shares repurchased (4,982) (54,983) (704) (7,461)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) (2,130) $ (23,076) 6,623 $ 70,178
=========================================================================================================
Moderate Allocation Fund
------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
---------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,730,399 $ 21,244,963 1,920,609 $ 21,359,645
Reinvestment of distributions 181,389 2,225,640 216,417 2,311,349
Less shares repurchased (2,140,186) (26,312,690) (2,541,970) (28,078,906)
---------------------------------------------------------------------------------------------------------
Net decrease (228,398) $ (2,842,087) (404,944) $ (4,407,912)
=========================================================================================================
Class B
Shares sold 24,572 $ 288,491 45,000 $ 485,670
Reinvestment of distributions 2,819 33,719 7,130 73,866
Less shares repurchased (369,252) (4,391,960) (763,142) (8,143,861)
---------------------------------------------------------------------------------------------------------
Net decrease (341,861) $ (4,069,750) (711,012) $ (7,584,325)
=========================================================================================================
Class C
Shares sold 1,500,562 $ 17,145,235 1,549,226 $ 16,124,813
Reinvestment of distributions 63,300 724,152 66,229 661,627
Less shares repurchased (1,136,287) (13,011,583) (1,149,577) (11,914,231)
---------------------------------------------------------------------------------------------------------
Net increase 427,575 $ 4,857,804 465,878 $ 4,872,209
=========================================================================================================
Class Y
Shares sold 47,248 $ 591,630 60,167 $ 675,402
Reinvestment of distributions 4,259 52,809 9,293 100,177
Less shares repurchased (148,680) (1,828,378) (213,103) (2,406,690)
---------------------------------------------------------------------------------------------------------
Net decrease (97,173) $ (1,183,939) (143,643) $ (1,631,111)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 53
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
---------------------------------------------------------------------------------------------------------
<s> <c> <c> <c> <c>
Class A
Shares sold 1,736,995 $ 22,612,720 1,955,642 $ 22,648,749
Reinvestment of distributions 169,003 2,208,870 188,344 2,079,338
Less shares repurchased (2,034,554) (26,595,672) (2,559,993) (29,481,905)
---------------------------------------------------------------------------------------------------------
Net decrease (128,556) $ (1,774,082) (416,007) $ (4,753,818)
=========================================================================================================
Class B
Shares sold 14,332 $ 164,771 20,819 $ 210,358
Reinvestment of distributions 2,462 28,776 12,344 121,589
Less shares repurchased (681,493) (7,889,671) (1,055,789) (10,840,758)
---------------------------------------------------------------------------------------------------------
Net decrease (664,699) $ (7,696,124) (1,022,626) $(10,508,811)
=========================================================================================================
Class C
Shares sold 1,219,202 $ 15,073,934 1,054,542 $ 11,590,420
Reinvestment of distributions 34,448 426,113 35,111 368,013
Less shares repurchased (868,349) (10,778,809) (1,014,165) (11,149,890)
---------------------------------------------------------------------------------------------------------
Net increase 385,301 $ 4,721,238 75,488 $ 808,543
=========================================================================================================
Class Y
Shares sold 29,478 $ 387,966 23,464 $ 277,206
Reinvestment of distributions 1,086 14,458 1,848 20,772
Less shares repurchased (60,880) (819,720) (104,455) (1,235,329)
---------------------------------------------------------------------------------------------------------
Net decrease (30,316) $ (417,296) (79,143) $ (937,351)
=========================================================================================================
Aggressive Allocation Fund
--------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
---------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,023,474 $ 13,625,106 1,058,283 $ 12,251,455
Reinvestment of distributions 69,771 935,620 75,771 834,246
Less shares repurchased (1,143,912) (15,189,252) (1,662,968) (19,104,816)
---------------------------------------------------------------------------------------------------------
Net decrease (50,667) $ (628,526) (528,914) $ (6,019,115)
=========================================================================================================
Class B
Shares sold 13,468 $ 166,238 10,143 $ 111,293
Reinvestment of distributions -- -- -- --
Less shares repurchased (269,830) (3,402,135) (498,768) (5,436,594)
---------------------------------------------------------------------------------------------------------
Net decrease (256,362) $ (3,235,897) (488,625) $ (5,325,301)
=========================================================================================================
Class C
Shares sold 502,457 $ 6,358,709 323,630 $ 3,543,347
Reinvestment of distributions 5,789 73,811 5,445 57,135
Less shares repurchased (409,797) (5,163,008) (393,437) (4,286,335)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) 98,449 $ 1,269,512 (64,362) $ (685,853)
=========================================================================================================
Class Y
Shares sold 6,824 $ 93,601 16,401 $ 197,595
Reinvestment of distributions 202 2,715 1,182 13,037
Less shares repurchased (21,623) (290,837) (90,026) (1,062,816)
---------------------------------------------------------------------------------------------------------
Net decrease (14,597) $ (194,521) (72,443) $ (852,184)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Financial Highlights
----------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-----------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
----------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40
----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income (a) $ 0.25 $ 0.28 $ 0.28 $ 0.26 $ 0.25
Net realized and unrealized gain (loss) on investments 0.55 0.64 (0.09) 0.65 0.86
----------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.80 $ 0.92 $ 0.19 $ 0.91 $ 1.11
----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32)
----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ 0.69 $ (0.12) $ 0.66 $ 0.79
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.86 $ 11.42 $ 10.73 $ 10.85 $ 10.19
==========================================================================================================
Total return* 7.10% 8.72% 1.85% 9.04% 11.88%
Ratio of net expenses to average net assets+ 0.76% 0.77% 0.78% 0.78% 0.78%
Ratio of net investment income to average net assets+ 2.15% 2.51% 2.69% 2.47% 2.55%
Portfolio turnover rate 12% 17% 20% 15% 13%
Net assets, end of period (in thousands) $46,873 $44,239 $42,613 $42,882 $35,986
Ratios with no waivers of fees and assumption of
expenses by the Adviser:
Total expenses 0.76% 0.77% 0.82% 0.80% 0.84%
Net investment income 2.15% 2.51% 2.65% 2.45% 2.49%
==========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 55
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-----------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
----------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24
----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income (a) $ 0.16 $ 0.18 $ 0.19 $ 0.17 $ 0.16
Net realized and unrealized gain (loss) on investments 0.53 0.62 (0.09) 0.64 0.83
----------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.69 $ 0.80 $ 0.10 $ 0.81 $ 0.99
----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24)
----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.47 $ 0.67 $ (0.10) $ 0.62 $ 0.75
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.65 $ 11.18 $ 10.51 $ 10.61 $ 9.99
==========================================================================================================
Total return* 6.26% 7.63% 1.04% 8.15% 10.80%
Ratio of net expenses to average net assets+ 1.68% 1.61% 1.68% 1.64% 1.68%
Ratio of net investment income to average net assets+ 1.40% 1.67% 1.82% 1.62% 1.67%
Portfolio turnover rate 12% 17% 20% 15% 13%
Net assets, end of period (in thousands) $ 1,898 $ 3,340 $ 4,429 $ 5,285 $ 6,214
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.72% 1.61% 1.71% 1.64% 1.70%
Net investment income 1.36% 1.67% 1.79% 1.62% 1.64%
==========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
----------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-----------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21
----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income (a) $ 0.16 $ 0.18 $ 0.20 $ 0.18 $ 0.17
Net realized and unrealized gain (loss) on investments 0.54 0.63 (0.09) 0.63 0.83
----------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.70 $ 0.81 $ 0.11 $ 0.81 $ 1.00
----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25)
----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 0.65 $ (0.12) $ 0.60 $ 0.75
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.51 $ 11.09 $ 10.44 $ 10.56 $ 9.96
==========================================================================================================
Total return* 6.42% 7.83% 1.16% 8.18% 10.91%
Ratio of net expenses to average net assets+ 1.49% 1.51% 1.56% 1.55% 1.59%
Ratio of net investment income to average net assets+ 1.40% 1.70% 1.91% 1.71% 1.73%
Portfolio turnover rate 12% 17% 20% 15% 13%
Net assets, end of period (in thousands) $22,290 $20,542 $16,257 $15,068 $14,063
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.49% 1.51% 1.56% 1.55% 1.59%
Net investment income 1.40% 1.70% 1.91% 1.71% 1.73%
==========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 57
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-----------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02
----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income (a) $ 0.24 $ 0.20 $ 0.13 $ 0.24 $ 0.28
Net realized and unrealized gain (loss) on investments 0.49 0.61 (0.10) 0.65 0.78
----------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.73 $ 0.81 $ 0.03 $ 0.89 $ 1.06
----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29)
----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.46 $ 0.65 $ (0.20) $ 0.62 $ 0.77
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.32 $ 10.86 $ 10.21 $ 10.41 $ 9.79
==========================================================================================================
Total return* 6.83% 8.00% 0.34% 9.18% 11.89%
Ratio of net expenses to average net assets+ 0.98% 1.43% 2.26% 0.82% 0.63%
Ratio of net investment income to average net assets+ 2.13% 1.88% 1.28% 2.36% 2.94%
Portfolio turnover rate 12% 17% 20% 15% 13%
Net assets, end of period (in thousands) $ 123 $ 141 $ 65 $ 72 $ 119
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.98% 1.43% 2.26% 0.82% 0.63%
Net investment income 2.13% 1.88% 1.28% 2.36% 2.94%
==========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
----------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.19 $ 0.21 $ 0.18 $ 0.17 $ 0.16
Net realized and unrealized gain (loss) on investments 1.03 1.27 (0.22) 1.07 1.00
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.22 $ 1.48 $ (0.04) $ 1.24 $ 1.16
----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27)
----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.01 $ 1.26 $ (0.28) $ 1.06 $ 0.89
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.73 $ 11.72 $ 10.46 $ 10.74 $ 9.68
================================================================================================================
Total return* 10.48% 14.32% (0.27)% 12.91% 13.26%
Ratio of net expenses to average net assets+ 0.64% 0.66% 0.72% 0.71% 0.73%
Ratio of net investment income to average net assets+ 1.57% 1.85% 1.75% 1.59% 1.70%
Portfolio turnover rate 10% 9% 9% 14% 10%
Net assets, end of period (in thousands) $136,511 $128,425 $118,833 $132,166 $125,354
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.64% 0.66% 0.72% 0.71% 0.73%
Net investment income 1.57% 1.85% 1.75% 1.59% 1.70%
================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 59
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-----------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.11 $ 0.11 $ 0.08 $ 0.08
Net realized and unrealized gain (loss) on investments 0.95 1.22 (0.22) 1.02 0.96
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.07 $ 1.33 $ (0.11) $ 1.10 $ 1.04
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.03 $ 1.27 $ (0.22) $ 1.01 $ 0.84
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.34 $ 11.31 $ 10.04 $ 10.26 $ 9.25
===========================================================================================================
Total return* 9.51% 13.31% (0.99)% 11.89% 12.39%
Ratio of net expenses to average net assets+ 1.52% 1.52% 1.52% 1.52% 1.52%
Ratio of net investment income to average net assets+ 0.99% 1.06% 1.11% 0.83% 0.92%
Portfolio turnover rate 10% 9% 9% 14% 10%
Net assets, end of period (in thousands) $ 6,761 $10,068 $16,072 $26,166 $33,115
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.62% 1.58% 1.60% 1.53% 1.56%
Net investment income 0.89% 0.99% 1.03% 0.82% 0.88%
===========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
-----------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.12 $ 0.10 $ 0.09 $ 0.09
Net realized and unrealized gain (loss) on investments 0.96 1.19 (0.22) 1.01 0.94
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.05 $ 1.31 $ (0.12) $ 1.10 $ 1.03
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.90 $ 1.15 $ (0.30) $ 0.97 $ 0.81
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.82 $ 10.92 $ 9.77 $ 10.07 $ 9.10
===========================================================================================================
Total return* 9.70% 13.56% (1.08)% 12.12% 12.43%
Ratio of net expenses to average net assets+ 1.33% 1.34% 1.41% 1.40% 1.44%
Ratio of net investment income to average net assets+ 0.81% 1.15% 1.06% 0.89% 0.98%
Portfolio turnover rate 10% 9% 9% 14% 10%
Net assets, end of period (in thousands) $75,377 $64,989 $53,594 $52,059 $43,725
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.33% 1.34% 1.41% 1.40% 1.44%
Net investment income 0.81% 1.15% 1.06% 0.89% 0.98%
===========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 61
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.23 $ 0.25 $ 0.22 $ 0.21 $ 0.20
Net realized and unrealized gain (loss) on investments 1.03 1.28 (0.23) 1.09 1.02
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.26 $ 1.53 $ (0.01) $ 1.30 $ 1.22
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.02 $ 1.28 $ (0.30) $ 1.08 $ 0.91
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.88 $ 11.86 $ 10.58 $ 10.88 $ 9.80
=============================================================================================================
Total return* 10.68% 14.68% 0.00%(b) 13.37% 13.75%
Ratio of net expenses to average net assets+ 0.40% 0.36% 0.38% 0.32% 0.33%
Ratio of net investment income to average net assets+ 1.88% 2.26% 2.14% 2.00% 2.10%
Portfolio turnover rate 10% 9% 9% 14% 10%
Net assets, end of period (in thousands) $ 3,239 $ 4,134 $ 5,208 $ 8,069 $ 8,120
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.40% 0.36% 0.38% 0.32% 0.33%
Net investment income 1.88% 2.26% 2.14% 2.00% 2.10%
=============================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
----------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.17 $ 0.14 $ 0.12 $ 0.11
Net realized and unrealized gain (loss) on investments 1.31 1.57 (0.29) 1.33 1.10
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.47 $ 1.74 $ (0.15) $ 1.45 $ 1.21
----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18)
----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.28 $ 1.57 $ (0.34) $ 1.32 $ 1.03
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.60 $ 12.32 $ 10.75 $ 11.09 $ 9.77
================================================================================================================
Total return* 11.96% 16.40% (1.31)% 14.85% 13.90%
Ratio of net expenses to average net assets+ 0.68% 0.69% 0.76% 0.76% 0.79%
Ratio of net investment income to average net assets+ 1.24% 1.50% 1.29% 1.11% 1.12%
Portfolio turnover rate 8% 6% 7% 12% 11%
Net assets, end of period (in thousands) $163,349 $149,586 $134,988 $140,979 $125,433
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.68% 0.69% 0.76% 0.76% 0.80%
Net investment income 1.24% 1.50% 1.29% 1.11% 1.11%
================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 63
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-----------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.07 $ 0.06 $ 0.03 $ 0.03
Net realized and unrealized gain (loss) on investments 1.11 1.40 (0.26) 1.17 0.98
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.19 $ 1.47 $ (0.20) $ 1.20 $ 1.01
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.17 $ 1.41 $ (0.28) $ 1.16 $ 0.89
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.10 $ 10.93 $ 9.52 $ 9.80 $ 8.64
===========================================================================================================
Total return* 10.91% 15.46% (2.01)% 13.90% 13.03%
Ratio of net expenses to average net assets+ 1.57% 1.57% 1.57% 1.57% 1.57%
Ratio of net investment income to average net assets+ 0.67% 0.68% 0.59% 0.35% 0.36%
Portfolio turnover rate 8% 6% 7% 12% 11%
Net assets, end of period (in thousands) $11,270 $17,441 $24,941 $35,567 $39,902
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.67% 1.60% 1.66% 1.61% 1.66%
Net investment income 0.57% 0.64% 0.50% 0.31% 0.27%
===========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
-----------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.06 $ 0.09 $ 0.06 $ 0.04 $ 0.04
Net realized and unrealized gain (loss) on investments 1.23 1.48 (0.27) 1.26 1.04
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.29 $ 1.57 $ (0.21) $ 1.30 $ 1.08
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.17 $ 1.47 $ (0.32) $ 1.24 $ 0.96
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.82 $ 11.65 $ 10.18 $ 10.50 $ 9.26
===========================================================================================================
Total return* 11.09% 15.58% (1.91)% 14.10% 13.08%
Ratio of net expenses to average net assets+ 1.37% 1.40% 1.46% 1.46% 1.51%
Ratio of net investment income to average net assets+ 0.46% 0.78% 0.59% 0.40% 0.40%
Portfolio turnover rate 8% 6% 7% 12% 11%
Net assets, end of period (in thousands) $63,333 $53,032 $45,570 $48,586 $43,087
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.37% 1.40% 1.46% 1.46% 1.51%
Net investment income 0.46% 0.78% 0.59% 0.40% 0.40%
===========================================================================================================
(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.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 65
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.28 $ 0.20 $ 0.17 $ 0.17 $ 0.15
Net realized and unrealized gain (loss) on investments 1.25 1.61 (0.44) 1.37 1.14
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.53 $ 1.81 $ (0.27) $ 1.54 $ 1.29
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.32 $ 1.61 $ (0.50) $ 1.38 $ 1.07
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.88 $ 12.56 $ 10.95 $ 11.45 $ 10.07
===========================================================================================================
Total return* 12.25% 16.70% (2.28)% 15.39% 14.33%
Ratio of net expenses to average net assets+ 0.40% 0.44% 0.50% 0.36% 0.39%
Ratio of net investment income to average net assets+ 2.10% 1.71% 1.60% 1.58% 1.54%
Portfolio turnover rate 8% 6% 7% 12% 11%
Net assets, end of period (in thousands) $ 1,031 $ 1,314 $ 2,012 $ 1,947 $ 2,508
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.40% 0.44% 0.50% 0.36% 0.39%
Net investment income 2.10% 1.71% 1.60% 1.58% 1.54%
===========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45
------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.11 $ 0.08 $ 0.06 $ 0.04
Net realized and unrealized gain (loss) on investments 1.52 1.87 (0.42) 1.51 1.16
------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.63 $ 1.98 $ (0.34) $ 1.57 $ 1.20
------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09)
------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.50 $ 1.87 $ (0.47) $ 1.51 $ 1.11
------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.97 $ 12.47 $ 10.60 $ 11.07 $ 9.56
============================================================================================================
Total return* 13.12% 18.86% (3.06)% 16.42% 14.16%
Ratio of net expenses to average net assets+ 0.79% 0.82% 0.85% 0.85% 0.85%
Ratio of net investment income to average net assets+ 0.79% 0.99% 0.76% 0.52% 0.44%
Portfolio turnover rate 10% 6% 7% 11% 12%
Net assets, end of period (in thousands) $101,177 $90,921 $82,940 $92,878 $85,488
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.79% 0.82% 0.87% 0.85% 0.88%
Net investment income 0.79% 0.99% 0.74% 0.52% 0.41%
============================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 67
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
---------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93
---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.03 $ 0.03 $ 0.01 $ (0.02) $ (0.03)
Net realized and unrealized gain (loss) on investments 1.40 1.74 (0.40) 1.41 1.08
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.43 $ 1.77 $ (0.39) $ 1.39 $ 1.05
---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ (0.01) $ -- $ (0.02)
---------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ -- $ (0.01) $ -- $ (0.02)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.43 $ 1.77 $ (0.40) $ 1.39 $ 1.03
---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.15 $ 11.72 $ 9.95 $ 10.35 $ 8.96
===============================================================================================================
Total return* 12.20% 17.79% (3.72)% 15.51% 13.22%
Ratio of net expenses to average net assets+ 1.64% 1.64% 1.64% 1.64% 1.64%
Ratio of net investment income to average net assets+ 0.28% 0.25% 0.05% (0.21)% (0.33)%
Portfolio turnover rate 10% 6% 7% 11% 12%
Net assets, end of period (in thousands) $ 6,159 $ 8,495 $12,074 $ 17,642 $19,256
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.78% 1.73% 1.77% 1.71% 1.76%
Net investment income (loss) 0.14% 0.16% (0.08)% (0.28)% (0.45)%
===============================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
-------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.01 $ 0.03 0.00(b) $ (0.01) $ (0.03)
Net realized and unrealized gain (loss) on investments 1.45 1.77 (0.38) 1.43 1.10
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.46 $ 1.80 $ (0.38) $ 1.42 $ 1.07
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.40 $ 1.76 $ (0.43) $ 1.42 $ 1.04
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.23 $ 11.83 $ 10.07 $ 10.50 $ 9.08
=============================================================================================================
Total return* 12.35% 17.97% (3.61)% 15.64% 13.25%
Ratio of net expenses to average net assets+ 1.49% 1.51% 1.56% 1.55% 1.58%
Ratio of net investment income to average net assets+ 0.08% 0.31% 0.01% (0.14)% (0.31)%
Portfolio turnover rate 10% 6% 7% 11% 12%
Net assets, end of period (in thousands) $23,205 $19,582 $17,317 $18,899 $18,161
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 1.49% 1.51% 1.56% 1.55% 1.58%
Net investment income (loss) 0.08% 0.31% 0.01% (0.14)% (0.31)%
=============================================================================================================
(a) Calculated using average shares outstanding for the period.
(b) Amount rounds to less than 0.1%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 69
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/14 7/31/13 7/31/12 7/31/11 7/31/10
-----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.25 $ 0.22 $ 0.12 $ 0.11 $ 0.08
Net realized and unrealized gain (loss) on investments 1.43 1.77 (0.55) 1.56 1.16
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.68 $ 1.99 $ (0.43) $ 1.67 $ 1.24
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12)
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.58 $ 1.84 $ (0.59) $ 1.57 $ 1.12
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.07 $ 12.49 $ 10.65 $ 11.24 $ 9.67
===========================================================================================================
Total return* 13.50% 18.87% (3.76)% 17.32% 14.49%
Ratio of net expenses to average net assets+ 0.50% 0.67% 0.55% 0.46% 0.42%
Ratio of net investment income to average net assets+ 1.91% 1.89% 1.11% 0.99% 0.88%
Portfolio turnover rate 10% 6% 7% 11% 12%
Net assets, end of period (in thousands) $ 345 $ 489 $ 1,189 $ 1,311 $ 1,868
Ratios with no waivers of fees and assumption of expenses
by the Adviser:
Total expenses 0.50% 0.67% 0.55% 0.46% 0.42%
Net investment income 1.91% 1.89% 1.11% 0.99% 0.88%
===========================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Notes to Financial Statements | 7/31/14
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. A copy of each
financial statement is available without charge, upon request from the Fund's
principal underwriter Pioneer Funds Distributor, Inc., by calling
(1-800-225-6292). This information is also available on the EDGAR database on
the Securities and Exchange Commission's web site (www.sec.gov).The filed forms
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.
Effective as of the close of business on December 31, 2009, the Funds' 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.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 71
Differences in class specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of each Fund gives the Board the flexibility to specify either
per-share voting or dollar-weighted voting when submitting matters for
shareholder approval. Under per-share voting, each share of a class of a Fund is
entitled to one vote. Under dollar-weighted voting, a shareholder's voting power
is determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares. Class B shares convert to Class A shares approximately eight years after
the date of purchase.
The financial statements have been prepared in conformity with U.S. generally
accepted accounting principles that require the management of the Funds to,
among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from these estimates.
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of the trade date. The net asset
value is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, holdings of mutual fund shares are valued at
the net asset value of each fund held. Dividend income and realized capital
gain distributions from investment company shares held are recorded on the
ex-dividend date. Temporary cash investments are valued at amortized cost
which approximates market value.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Funds' policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all taxable income and net realized capital gains, if any, to shareholders.
Therefore, no federal income tax provisions are required. Tax years for the
prior three fiscal years remain subject to examination by federal and state
tax authorities.
72 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 7/31/2014 was as follows:
---------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
---------------------------------------------------------------------------
Conservative Fund $ 1,928,874 $ -- $ 1,928,874
Moderate Fund 3,297,378 -- 3,297,378
Growth Fund 2,829,661 -- 2,829,661
Aggressive Fund 1,042,181 -- 1,042,181
The following table shows the components of distributable earnings on a
federal income tax basis at 7/31/2014:
---------------------------------------------------------------------------
Other Net
Undistributed Book/Tax Unrealized
Ordinary Capital Loss Temporary Appreciation
Fund Income Carryforward Differences Depreciation
---------------------------------------------------------------------------
Conservative Fund $ 558,475 $ (958,206) $ (875,880) $ 9,463,668
Moderate Fund 2,876,795 (22,069,624) (2,587,618) 47,571,275
Growth Fund 2,422,301 (31,221,768) (1,617,662) 61,630,012
Aggressive Fund 842,780 (24,127,121) (1,594,201) 39,762,873
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 year ended July 31, 2014:
---------------------------------------------------------------------------
Fund Amount
---------------------------------------------------------------------------
Conservative Fund $18,485
Moderate Fund $43,320
Growth Fund $59,944
Aggressive Fund $34,036
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 Funds' 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 | Annual Report | 7/31/14
Each Fund may pay management fees equal to 0.17% of average daily net assets
attributable to investments in underlying funds that are not managed by
Pioneer. For the year ended July 31, 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 year ended July 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 Associates as compensation for its services to the Funds.
In addition, under the management and administration agreements, certain
other services and costs, including accounting, regulatory reporting and
insurance premiums, are paid by the Funds as administrative reimbursements.
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts payable to PIM at July 31, 2014:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $10,511
Moderate Fund $34,154
Growth Fund $36,052
Aggressive Fund $20,769
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
July 31, 2014:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 7,563
Moderate Fund $28,751
Growth Fund $38,835
Aggressive Fund $24,634
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 75
4. Distribution Plan
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to Class A, Class B and Class C
shares. Pursuant to the Plan, each Fund pays PFD 0.25% of the Fund's average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
respect to Class A shares. Pursuant to the Plan, each Fund also pays PFD 1.00%
of the average daily net assets attributable to Class B and Class C shares. The
fee for Class B and C consists of a 0.25% service fee and a 0.75% distribution
fee paid as compensation for personal services and/or account maintenance
services or distribution services with regard to Class B and Class C shares.
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts in distribution fees payable to PFD at
July 31, 2014.
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 33,664
Moderate Fund $110,716
Growth Fund $109,960
Aggressive Fund $ 52,296
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five years
of purchase are subject to a CDSC at declining rates beginning at 4.00%, based
on the lower of cost or market value of shares being redeemed. Redemptions of
Class C shares within one year of purchase are subject to a CDSC of 1.00% based
on the lower of cost or market value of shares being redeemed. Shares purchased
as part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the
CDSCs are paid to PFD.
For the year ended July 31, 2014, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 6,101
Moderate Fund $12,894
Growth Fund $10,225
Aggressive Fund $ 3,169
76 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 1,548,643 225,016 (87,199) 1,686,460
Pioneer Core Equity Fund 98,861 6,145 (19,881) 85,125
Pioneer Disciplined Growth Fund 45,907 3,270 (9,024) 40,153
Pioneer Disciplined Value Fund 113,201 51,733 (27,543) 137,391
Pioneer Dynamic Credit Fund 269,721 30,399 (14,159) 285,961
Pioneer Emerging Markets Fund 27,575 3,442 (5,223) 25,794
Pioneer Equity Income Fund 21,310 1,691 (3,208) 19,793
Pioneer Floating Rate Fund 96,168 10,816 (3,995) 102,989
Pioneer Fund 54,532 6,648 (9,874) 51,306
Pioneer Fundamental Growth Fund 91,257 7,176 (18,338) 80,095
Pioneer Global Equity Fund 238,910 12,036 (46,369) 204,577
Pioneer Global High Yield Fund 402,965 47,620 (20,764) 429,821
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) 120,905 14,584 (6,849) 128,640
Pioneer High Yield Fund 245,139 17,831 (65,980) 196,990
Pioneer International Value Fund 256,804 17,375 (60,306) 213,873
Pioneer Mid Cap Value Fund 53,075 6,808 (12,004) 47,879
Pioneer Multi-Asset Ultrashort
Income Fund 66,345 7,080 (2,223) 71,202
Pioneer Oak Ridge Small Cap
Growth Fund 17,226 3,608 (2,561) 18,273
Pioneer Real Estate Shares 25,358 5,133 (5,629) 24,862
Pioneer Select Mid Cap Growth Fund 24,463 2,371 (10,197) 16,637
Pioneer Short Term Income Fund 1,082,933 109,783 (76,010) 1,116,706
Pioneer Strategic Income Fund 589,216 90,137 (33,268) 646,085
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 $ (8,315) $ -- $ 626,440 $ 16,459,845
Pioneer Core Equity Fund 108,379 -- 7,355 1,398,604
Pioneer Disciplined Growth Fund 42,344 -- 2,933 703,085
Pioneer Disciplined Value Fund 78,129 261,204 14,613 2,787,657
Pioneer Dynamic Credit Fund (831) -- 101,298 2,868,189
Pioneer Emerging Markets Fund 5,017 -- 6,132 704,189
Pioneer Equity Income Fund 42,684 22,815 17,079 697,114
Pioneer Floating Rate Fund 11 -- 25,995 715,772
Pioneer Fund 27,324 175,268 25,462 2,097,392
Pioneer Fundamental Growth Fund 108,725 51,557 7,284 1,406,475
Pioneer Global Equity Fund 139,740 -- 54,716 2,814,973
Pioneer Global High Yield Fund (2,273) -- 287,608 4,272,424
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) (3,505) 7,756 48,606 1,429,190
Pioneer High Yield Fund 54,350 72,286 104,173 2,131,428
Pioneer International Value Fund 188,216 -- 143,393 4,916,947
Pioneer Mid Cap Value Fund 68,789 132,723 9,778 1,394,235
Pioneer Multi-Asset Ultrashort
Income Fund (34) -- 7,962 717,004
Pioneer Oak Ridge Small Cap
Growth Fund 8,432 33,336 -- 703,523
Pioneer Real Estate Shares 8,725 -- 18,162 705,573
Pioneer Select Mid Cap Growth Fund 116,596 29,881 -- 701,741
Pioneer Short Term Income Fund (5,864) -- 196,421 10,765,049
Pioneer Strategic Income Fund (11,987) 99,144 300,910 7,158,616
-------- -------- ---------- ------------
$964,652 $885,970 $2,006,320 $ 67,549,025
-------- -------- ---------- ------------
78 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Pioneer Ibbotson Moderate Allocation Fund
------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,381,615 336,218 (174) 2,717,659
Pioneer Core Equity Fund 318,554 -- (43,906) 274,648
Pioneer Disciplined Growth Fund 245,880 -- (110,119) 135,761
Pioneer Disciplined Value Fund 627,827 73,355 (53,751) 647,431
Pioneer Dynamic Credit Fund 587,132 281,118 -- 868,250
Pioneer Emerging Markets Fund 311,641 105,540 (5,396) 411,785
Pioneer Equity Income Fund 141,847 -- (16,637) 125,210
Pioneer Fund 180,119 25,233 (39,725) 165,627
Pioneer Fundamental Growth Fund 459,807 -- (182,231) 277,576
Pioneer Global Equity Fund 1,552,569 -- (147,694) 1,404,875
Pioneer Global High Yield Fund 924,837 5,752 (38,202) 892,387
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) 328,579 68,365 -- 396,944
Pioneer High Yield Fund 396,720 15,829 (4,942) 407,607
Pioneer International Value Fund 1,186,270 83,024 (11,316) 1,257,978
Pioneer Mid Cap Value Fund 533,860 -- (71,983) 461,877
Pioneer Multi-Asset Ultrashort
Income Fund 182,130 35,279 -- 217,409
Pioneer Oak Ridge Small Cap
Growth Fund 250,990 86,653 (944) 336,699
Pioneer Real Estate Shares 175,992 31,404 (7,311) 200,085
Pioneer Select Mid Cap Growth Fund 245,795 -- (133,322) 112,473
Pioneer Short Term Income Fund 2,243,233 167,225 (128,118) 2,282,340
Pioneer Strategic Income Fund 557,557 231,305 -- 788,862
------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ (43) $ -- $ 978,822 $ 26,524,356
Pioneer Core Equity Fund 235,272 -- 25,140 4,512,459
Pioneer Disciplined Growth Fund 707,194 -- 13,358 2,377,178
Pioneer Disciplined Value Fund 191,783 1,574,101 80,314 13,136,369
Pioneer Dynamic Credit Fund -- -- 273,206 8,708,547
Pioneer Emerging Markets Fund (14,526) -- 86,509 11,241,734
Pioneer Equity Income Fund 121,280 155,457 113,145 4,409,891
Pioneer Fund 162,743 667,945 90,378 6,770,838
Pioneer Fundamental Growth Fund 1,514,630 270,638 37,534 4,874,229
Pioneer Global Equity Fund 478,798 -- 383,933 19,331,081
Pioneer Global High Yield Fund (30,773) -- 619,862 8,870,329
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) -- 21,245 142,731 4,410,048
Pioneer High Yield Fund 2,768 151,843 213,336 4,410,307
Pioneer International Value Fund 26,023 -- 715,339 28,920,905
Pioneer Mid Cap Value Fund 265,987 1,403,761 95,266 13,449,857
Pioneer Multi-Asset Ultrashort
Income Fund -- -- 23,540 2,189,312
Pioneer Oak Ridge Small Cap
Growth Fund 5,584 521,394 -- 12,962,905
Pioneer Real Estate Shares 12,619 -- 136,090 5,678,400
Pioneer Select Mid Cap Growth Fund 1,835,936 341,289 -- 4,744,092
Pioneer Short Term Income Fund (9,873) -- 404,607 22,001,760
Pioneer Strategic Income Fund -- 96,588 334,204 8,740,590
---------- ---------- ---------- -------------
$5,505,402 $5,204,261 $4,767,314 $ 218,265,187
---------- ---------- ---------- -------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 79
Pioneer Ibbotson Growth Allocation Fund
----------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
----------------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,229,163 285,191 -- 2,514,354
Pioneer Core Equity Fund 521,874 25,277 (22,418) 524,733
Pioneer Disciplined Growth Fund 363,811 66,712 (198,300) 232,223
Pioneer Disciplined Growth Fund 780,471 1,770 (69,465) 712,776
Pioneer Dynamic Credit Fund 35,382 126,302 -- 161,684
Pioneer Emerging Markets Fund 475,550 155,973 -- 631,523
Pioneer Equity Income Fund 234,993 -- (21,535) 213,458
Pioneer Fund 205,658 -- (18,987) 186,671
Pioneer Fundamental Growth Fund 578,521 -- (115,972) 462,549
Pioneer Global Equity Fund 1,895,863 24,014 (13,559) 1,906,318
Pioneer Global High Yield Fund 430,640 27,883 -- 458,523
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) 343,220 54,366 -- 397,586
Pioneer High Yield Fund 190,861 15,284 -- 206,145
Pioneer International Value Fund 1,496,636 44,867 -- 1,541,503
Pioneer Mid Cap Value Fund 632,892 -- (32,896) 599,996
Pioneer Oak Ridge Large Cap
Growth Fund 597 -- -- 597
Pioneer Oak Ridge Small Cap
Growth Fund 249,458 107,608 -- 357,066
Pioneer Real Estate Shares 289,590 41,513 (42,468) 288,635
Pioneer Select Mid Cap Growth Fund 377,365 -- (165,939) 211,426
Pioneer Short Term Income Fund 1,705,742 42,150 (180,489) 1,567,403
Pioneer Strategic Income Fund 592,011 168,489 -- 760,500
----------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
----------------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ -- $ -- $ 913,930 $ 24,540,092
Pioneer Core Equity Fund 104,805 -- 42,037 8,621,367
Pioneer Disciplined Growth Fund 1,319,525 -- 24,761 4,066,218
Pioneer Disciplined Value Fund 96,858 2,008,339 100,639 14,462,222
Pioneer Dynamic Credit Fund -- -- 38,280 1,621,692
Pioneer Emerging Markets Fund -- -- 131,185 17,240,577
Pioneer Equity Income Fund 110,355 263,477 191,619 7,517,992
Pioneer Fund (11,240) 697,664 95,845 7,631,112
Pioneer Fundamental Growth Fund 930,776 344,295 47,123 8,122,354
Pioneer Global Equity Fund 31,470 -- 479,051 26,230,942
Pioneer Global High Yield Fund -- -- 308,216 4,557,715
Pioneer Global Multisector Income
Fund (FKA Pioneer Global
Aggregate Bond Fund) -- 21,896 145,036 4,417,180
Pioneer High Yield Fund -- 74,314 106,277 2,230,487
Pioneer International Value Fund -- -- 888,744 35,439,157
Pioneer Mid Cap Value Fund 73,115 1,736,413 118,251 17,471,897
Pioneer Oak Ridge Large Cap
Growth Fund -- -- -- 10,839
Pioneer Oak Ridge Small Cap
Growth Fund -- 522,630 -- 13,747,035
Pioneer Real Estate Shares 108,194 -- 212,259 8,191,473
Pioneer Select Mid Cap Growth Fund 2,024,472 603,585 -- 8,917,933
Pioneer Short Term Income Fund (11,969) -- 297,562 15,109,768
Pioneer Strategic Income Fund -- 98,612 330,948 8,426,340
----------- ------------ ------------- --------------
$ 4,776,361 $ 6,371,225 $ 4,471,763 $ 238,574,392
----------- ------------ ------------- --------------
80 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Pioneer Ibbotson Aggressive Allocation Fund
--------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
--------------------------------------------------------------------------------------------------------
Pioneer Bond Fund 711,759 95,099 (121,834) 685,024
Pioneer Core Equity Fund 268,530 30,666 (11,101) 288,095
Pioneer Disciplined Growth Fund 202,305 66,712 (106,314) 162,703
Pioneer Disciplined Value Fund 384,654 19,706 (35,817) 368,543
Pioneer Emerging Markets Fund 344,399 152,170 -- 496,569
Pioneer Equity Income Fund 121,608 -- (9,223) 112,385
Pioneer Fund 106,445 -- (8,068) 98,377
Pioneer Fundamental Growth Fund 275,621 -- (38,086) 237,535
Pioneer Global Equity Fund 1,166,639 15,985 (33,553) 1,149,071
Pioneer International Value Fund 1,106,954 2,304 (22,491) 1,086,767
Pioneer Mid Cap Value Fund 469,757 -- (48,684) 421,073
Pioneer Oak Ridge Small Cap
Growth Fund 184,764 84,981 -- 269,745
Pioneer Real Estate Shares 208,201 25,398 (25,689) 207,910
Pioneer Select Mid Cap Growth Fund 239,740 -- (109,894) 129,846
Pioneer Short Term Income Fund 337,445 46,767 -- 384,212
Pioneer Strategic Income Fund 282,231 143,142 -- 425,373
--------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
--------------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 103,168 $ -- $ 258,954 $ 6,685,831
Pioneer Core Equity Fund 48,362 -- 21,718 4,733,408
Pioneer Disciplined Growth Fund 705,110 -- 16,523 2,848,930
Pioneer Disciplined Value Fund 84,401 968,058 49,200 7,477,729
Pioneer Emerging Markets Fund -- -- 99,534 13,556,335
Pioneer Equity Income Fund 76,348 134,867 98,847 3,958,198
Pioneer Fund 21,018 356,279 49,354 4,021,666
Pioneer Fundamental Growth Fund 299,262 162,595 22,621 4,171,110
Pioneer Global Equity Fund 75,687 -- 290,033 15,811,224
Pioneer International Value Fund 43,077 -- 639,999 24,984,776
Pioneer Mid Cap Value Fund 158,847 1,246,515 84,610 12,261,641
Pioneer Oak Ridge Small Cap
Growth Fund -- 383,182 -- 10,385,175
Pioneer Real Estate Shares 73,812 -- 151,260 5,900,481
Pioneer Select Mid Cap Growth Fund 1,269,473 363,043 -- 5,476,915
Pioneer Short Term Income Fund -- -- 65,821 3,703,806
Pioneer Strategic Income Fund -- 48,161 173,604 4,713,138
---------- ------------ ------------- -------------
$2,958,565 $ 3,662,700 $ 2,022,078 $130,690,363
---------- ------------ ------------- -------------
6. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 81
7. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Trust, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Trust's
independent registered public accounting firm for the fiscal year ending July
31, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Trust's independent registered public accounting firm, effective upon
completion of the audit of the Trust's financial statements for the fiscal year
ended July 31, 2013.
During the periods that Ernst & Young LLP served as the Trust's independent
registered public accounting firm, including the Trust's fiscal years ended July
31, 2013 and July 31, 2012, Ernst & Young LLP's reports on the financial
statements of the Trust have not contained an adverse opinion or disclaimer of
opinion and have not been qualified or modified as to uncertainty, audit scope
or accounting principles. Further, there have been no disagreements with Ernst &
Young LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not resolved to
the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to
make reference to the subject matter of the disagreement in connection with its
report on the financial statements. In addition, there have been no reportable
events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
8. Subsequent Event
Upcoming Conversion of Class B shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Pioneer funds will be converted to Class A
shares. Shareholders may continue to hold their Class B shares until the
Conversion Date. Prior to the Conversion Date, redemptions of Class B shares are
subject to any applicable contingent deferred sales charges (CDSC's). Class A
shares acquired through The conversion will not be subject to CDSCs, nor will
any sales charges be assessed in connection with The conversion. After the
Conversion Date, subsequent purchases of Class A shares will be subject to sales
charges as described in the Fund's prospectus.
82 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Ibbotson Asset Allocation Series:
--------------------------------------------------------------------------------
We have audited the accompanying statements of assets and liabilities of Pioneer
Ibbotson Asset Allocation Series (comprised of the Pioneer Ibbotson Conservative
Allocation Fund, the Pioneer Ibbotson Moderate Allocation Fund, the Pioneer
Ibbotson Growth Allocation Fund and the Pioneer Ibbotson Aggressive Allocation
Fund, the "Funds"), including the schedules of investments, as of July 31, 2014,
and the related statements of operations and changes in net assets, and the
financial highlights for year then ended. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The statement of changes in net assets
of the Funds for the year ended July 31, 2013, and the financial highlights for
the years ended July 31, 2013, 2012, 2011 and 2010 were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial
statements and financial highlights in their report dated September 24, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Funds
are not required to have, nor were we engaged to perform, an audit of their
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of July 31, 2014, by correspondence with the transfer
agent. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Funds as of July 31, 2014, and the results of their operations, the
changes in their net assets, and the financial highlights for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 22, 2014
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 83
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the 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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a Trustee of
each of the 53 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
84 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Independent Trustees
--------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
--------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (63) Trustee since 2006. Private investor (2004-2008 and Director, Broadridge Financial
Chairman of the Board Serves until a 2013-present); Chairman (2008 - Solutions, Inc. (investor
and Trustee successor trustee is 2013) and Chief Executive Officer communications and securities
elected or earlier (2008 - 2012), Quadriserv, Inc. processing provider for financial
retirement or removal. (technology products for securities services industry) (2009 - present);
lending industry); and Senior Director, Quadriserv, Inc. (2005 -
Executive Vice President, The Bank 2013); and Commissioner, New Jersey
of New York (financial and State Civil Service Commission (2011
securities services) (1986 - 2004) - present)
--------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70) Trustee since 2005. Managing Partner, Federal City Director of Enterprise Community
Trustee Serves until a Capital Advisors (corporate advisory Investment, Inc. (privately held
successor trustee is services company) (1997 - 2004 and affordable housing finance company)
elected or earlier 2008 - present); Interim Chief (1985 - 2010); Director of Oxford
retirement or removal. Executive Officer, Oxford Analytica, Analytica, Inc. 2008 - present);
Inc. (privately held research and Director of The Swiss (Helvetia Fund,
consulting company) (2010); Inc. (closed-end fund) (2010 -
Executive Vice President and Chief present); and Director of New York
Financial Officer, I-trax, Inc. Mortgage Trust (publicly traded
(publicly traded health care mortgage REIT) (2004 - 2009, 2012 -
services company) (2004 - 2007); and present)
Executive Vice President and Chief
Financial Officer, Pedestal Inc.
(internet-based mortgage trading
company) (2000 - 2002)
--------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional Funds
Trustee Serves until a Political Economy, Harvard Investment Trust and Mellon
successor trustee is University (1972 - present) Institutional Funds Master Portfolio
elected or earlier (oversaw 17 portfolios in fund
retirement or removal. complex) (1989-2008)
--------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 85
Independent Trustees (continued)
--------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
--------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (67) Trustee since 2004. Founding Director, Vice President None
Trustee Serves until a and Corporate Secretary, The
successor trustee is Winthrop Group, Inc. (consulting
elected or earlier firm) (1982 - present); Desautels
retirement or removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
--------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (66) Trustee since 2004. President and Chief Executive Director of New America High Income
Trustee Serves until a Officer, Newbury, Piret & Company, Fund, Inc. (closed-end investment
successor trustee is Inc. (investment banking firm) (1981 company) (2004 - present); and
elected or earlier - present) member, Board of Governors,
retirement or removal. Investment Company Institute (2000 -
2006)
--------------------------------------------------------------------------------------------------------------------------------
86 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Interested Trustee*
--------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
--------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (56)** Trustee since 2014. Director and Executive Vice President (since 2008) None
Trustee Serves until a and Chief Investment Officer, U.S. (since 2010), of
successor trustee is PIM-USA; Executive Vice President of Pioneer (since
elected or earlier 2008); Executive Vice President of Pioneer
retirement or Institutional Asset Management, Inc. (since 2009);
removal. Portfolio Manager of Pioneer (since 1999)
--------------------------------------------------------------------------------------------------------------------------------
* Daniel K. Kingsbury served as Interested Trustee of the Fund, and as
President and Chief Executive Officer or Executive Vice President of the
Fund from 2007 - 2014. Mr. Kingsbury resigned from his positions effective
August 8, 2014.
** Mr. Taubes is an Interested Trustee because he is an officer or director of
the Fund's investment adviser and certain of its affiliates.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 87
Fund Officers
--------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (52) Since 2014. Serves at Chair, Director, CEO and President of Pioneer None
President and the discretion of the Investment Management USA (since September 2014);
Chief Executive Officer Board. Chair, Director, CEO and President of Pioneer
Investment Management, Inc. (since September 2014);
Chair, Director, CEO and President of Pioneer Funds
Distributor, Inc. (since September 2014); Chair,
Director, CEO and President of Pioneer Institutional
Asset Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan Stanley
Investment Management (2010 - 2013); Director of
Institutional Business, CEO of International, Eaton
Vance Management (2005 - 2010)
--------------------------------------------------------------------------------------------------------------------------------
Mark D. Goodwin (49) Since 2014. Serves at Executive Vice President and Chief Operating Officer None
Executive Vice President the discretion of the of Pioneer since 2005 and Executive Vice President
Board. of all the Pioneer funds since 2014
--------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49) Since 2004. Serves at Vice President and Associate General Counsel of None
Secretary and Chief the discretion of the Pioneer since January 2008; Secretary and Chief
Legal Officer Board. Legal Officer of all of the Pioneer Funds since June
2010; Assistant Secretary of all of the Pioneer
Funds from September 2003 to May 2010; and Vice
President and Senior Counsel of Pioneer from July
2002 to December 2007
--------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (53) Since 2010. Serves at Fund Governance Director of Pioneer since December None
Assistant Secretary the discretion of the 2006 and Assistant Secretary of all the Pioneer
Board. Funds since June 2010; Manager - Fund Governance of
Pioneer from December 2003 to November 2006; and
Senior Paralegal of Pioneer from January 2000 to
November 2003
--------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (51) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds since
Board. June 2010; Counsel of Pioneer from June 2007 to May
2013
--------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (54) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer None
Treasurer and Chief the discretion of the of all of the Pioneer Funds since March 2008; Deputy
Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February
Officer of the Fund 2008; and Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
--------------------------------------------------------------------------------------------------------------------------------
88 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
Fund Officers (continued)
--------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (49) Since 2004. Serves at Director - Fund Treasury of Pioneer; and Assistant None
Assistant Treasurer the discretion of the Treasurer of all of the Pioneer Funds
Board.
--------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (56) Since 2004. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; None
Assistant Treasurer the discretion of the and Assistant Treasurer of all of the Pioneer Funds
Board.
--------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (34) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer since November 2008; Assistant Treasurer of
Board. all of the Pioneer Funds since January 2009; and
Client Service Manager - Institutional Investor
Services at State Street Bank from March 2003 to
March 2007
--------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (61) Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer the discretion of the Pioneer Funds since March 2010; Director of Adviser
Board. and Portfolio Compliance at Pioneer since October
2005; and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
--------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (43) Since 2006. Serves at Director - Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer
Officer Board. funds since 2006
--------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 89
This page for your notes.
90 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
This page for your notes.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 91
This page for your notes.
92 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
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 19417-08-0914