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PIONEER IBBOTSON ASSET ALLOCATION SERIES 1-31-05 NCSR
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-21569
Name of Fund: Pioneer Ibbotson Asset Allocation Series
Moderate Allocation Fund
Growth Allocation Fund
Aggressive Allocation Fund
Fund Address: 60 State Street
Boston, MA 02109
Name and address of agent for service:
Vincent Nave, Treasurer,
Pioneer Ibbotson Asset Allocation Series, 60 State Street, Boston, MA, 02109
Mailing address: 60 State Street, Boston, MA, 02109
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: 07/31/05
Date of reporting period: 08/9/04 - 1/31/05
ITEM 1 - Attach shareholder report
PIONEER
-----------------------
IBBOTSON
ASSET ALLOCATION
SERIES
Semiannual
Report
1/31/05
[LOGO] Pioneer
Investments(R)
Table of Contents
- --------------------------------------------------------------------------------
Letter to Shareowners 1
Market Overview and Outlook 2
Comparing Ongoing Fund Expenses 4
Portfolio Reviews 10
Moderate Allocation Fund - Portfolio Summary and
Performance Update 12
Growth Allocation Fund - Portfolio Summary and
Performance Update 16
Aggressive Allocation Fund - Portfolio Summary and
Performance Update 20
Schedule of Investments 24
Financial Statements 27
Notes to Financial Statements 34
Trustees, Officers and Service Providers 40
The Pioneer Family of Mutual Funds 41
Programs and Services for Pioneer Shareowners 42
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
LETTER TO SHAREOWNERS 1/31/05
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
I am pleased to present the first semiannual report for the Pioneer Ibbotson
Asset Allocation Series, covering the abbreviated period from the beginning of
operations on August 9, 2004, through January 31, 2005. In the pages that
follow, you will find a discussion of the recent market environment and the
principal strategies employed by the Funds' managers, as well as separate,
detailed summaries of performance and key allocations for each of the three
portfolios: Moderate Allocation Fund, Growth Allocation Fund and Aggressive
Allocation Fund.
Each portfolio in the series is a "fund of funds" which invests in a select
group of Pioneer mutual funds. Ibbotson Associates, a leading authority on
investing and asset allocation, manages all three portfolios, determining the
allocation between equities and fixed income, as well as the weighting of
individual Pioneer funds.
For most investors, asset allocation is the most important factor in determining
long-term investment success. Asset allocation is the process of combining asset
classes such as stocks, bonds and cash equivalents in a portfolio in a way that
reflects an investor's goals and risk tolerance. Whether you have chosen to
invest in the moderate, growth or aggressive allocation, your Fund is a
carefully allocated and diversified portfolio designed to provide attractive
returns at a level of risk that is comfortable for you.
The period since the launch of the Pioneer Ibbotson Allocation Series
encompassed the run-up to the U.S. presidential election, and saw a great deal
of uncertainty with respect to the direction of the economy and financial
markets. We are confident that you have chosen wisely in pursuing a long-term
investment approach centered on asset allocation, and we thank you for your
investment.
Sincerely,
/s/ Osbert M. Hood,
Osbert M. Hood,
President
Pioneer Investment Management, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management 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.
1
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
MARKET OVERVIEW AND OUTLOOK 1/31/05
- --------------------------------------------------------------------------------
In the following interview, portfolio manager Peng Chen, Chief Investment
Officer for Ibbotson Associates, discusses the market environment and investment
strategies that applied to the three portfolios in the Pioneer Ibbotson
Allocation Series for the period of almost six months since they began
operations on August 9, 2004.
Q: Could you characterize the economic backdrop against which the three
portfolios began investment operations?
A: The period of nearly six months between the August 9, 2004 launch of the
funds and the end of January 2005 was an uncertain environment for
investors. While the U.S. economy has continued the growth trend that
started in the second half of 2003, the rate of growth has showed signs of
decelerating. At the same time, inflation continues to be a concern,
spurred on by the continued strength in the economy and, to a lesser
extent, by oil prices that have been at all-time highs. On the interest
rate front, the Federal Reserve began to raise short-term rates earlier in
2004 and appears to be maintaining a tightening policy to keep economic
growth in check.
Q: How did the financial markets respond in this climate?
A: Early in the period, equity market levels wavered while basically staying
within a range. As the November 2 date for the U.S. presidential election
drew closer, however, investors became increasingly focused on the
accompanying uncertainties, and stocks fell. In contrast, bond prices
generally showed strength during this time.
The trends appeared to reverse themselves in the aftermath of the election.
The stock market responded positively to the increased clarity, while bond
market performance was dampened by expectations of a continued lack of
progress on reducing federal budget deficits.
Q: What were the strategic considerations that you applied to the three
portfolios in allocating assets?
A: As the three portfolios in the series were launched and initial investor
dollars were received, assets were invested in keeping with the respective
broad asset allocation and specific mutual fund targets established prior
to the launch of the series. Toward the, middle of the period, in late
October, we implemented two strategic changes across all three portfolios.
2
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
First, within the U.S. stock portion of the portfolios, we implemented a
moderate emphasis on value stocks and a corresponding underweighting of
more growth-oriented investments. We did this because we believe the U.S.
economy has entered into a decelerating growth cycle that should favor
value equities with relatively stable earnings prospects. We also believe
that the potential for higher inflation and interest rates favors the value
investment style over growth. Our equity valuation and momentum models
further support this assessment, indicating an overweighting of value and
an underweighting of growth equities. That said, value stocks have now
outperformed growth over a period of more than four years. If the economy
starts to show signs of more rapid growth, an overweighting of more
growth-oriented investments will be warranted. With respect to the other
equity asset classes, the portfolios' targeted exposure across large-,
mid-, and small-cap equities remained unchanged. We have also maintained
neutral target weightings in the non-U.S. equity market alternatives, both
developed and emerging.
The other shift has been within the bond portion of the portfolios, where
we implemented an underweighting of the long-term bond vehicle, with the
difference allocated to the shorter-term fixed-income alternative. We
believe that, given the prospect of higher interest rates across all
maturities, but especially on the long end of the yield curve, shorter
duration fixed-income investments are more attractive. Elsewhere within
fixed-income, we have maintained neutral positions in the high yield bond
offering, as well as in the non-U.S. fixed-income option.
Going forward, we will closely monitor economic indicators and interest
rate movements to evaluate whether we need to make any adjustments to the
views underlying these allocations. Given the significant level of
uncertainty that continues to impact the financial markets, we believe that
maintaining appropriate diversification across asset classes will be
especially important in the months ahead.
Please the see the Portfolio Reviews beginning on page 10 for information on
specific weightings and performance for each of the three portfolios in the
Pioneer Ibbotson Asset Allocation Series.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management 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.
3
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES 1/31/05
- --------------------------------------------------------------------------------
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on actual returns from August 9, 2004 through January 31, 2005
Share Class A B C
- ------------------------------- ------------ ------------ ------------
Beginning Account Value
On 8/9/04 $1,000.00 $1,000.00 $1,000.00
Ending Account Value
On 1/31/05 $1,090.40 $1,055.10 $1,047.20
Expenses Paid During Period* $ 4.52 $ 8.89 $ 8.86
* Expenses are equal to the Fund's annualized expense ratio of 0.90%, 1.80%
and 1.80%, for Class A, Class B and Class C shares, respectively,
multiplied by the average account value over the period, multiplied by
176/366 (to reflect the partial year period).
4
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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). Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 9, 2004 through January 31, 2005
Share Class A B C
- ------------------------------- ------------ ------------ ------------
Beginning Account Value
On 8/9/04 $1,000.00 $1,000.00 $1,000.00
Ending Account Value
On 1/31/05 $1,016.15 $1,011.81 $1,011.81
Expenses Paid During Period* $ 4.36 $ 8.71 $ 8.71
* Expenses are equal to the Fund's annualized expense ratio of 0.90%, 1.80%
and 1.80%, for Class A, Class B and Class C shares, respectively,
multiplied by the average account value over the period, multiplied by
176/366 (to reflect the partial year period).
5
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES 1/31/05
- --------------------------------------------------------------------------------
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on actual returns from August 9, 2004 through January 31, 2005
Share Class A B C
- ------------------------------- ------------ ------------ ------------
Beginning Account Value
On 8/9/04 $1,000.00 $1,000.00 $1,000.00
Ending Account Value
On 1/31/05 $1,111.90 $1,019.50 $1,076.20
Expenses Paid During Period* $ 4.72 $ 8.89 $ 9.14
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.83%
and 1.83%, for Class A, Class B and Class C shares, respectively,
multiplied by the average account value over the period, multiplied by
176/366 (to reflect the partial year period).
6
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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). Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 9, 2004 through January 31, 2005
Share Class A B C
- ------------------------------- ------------ ------------ ------------
Beginning Account Value
On 8/9/04 $1,000.00 $1,000.00 $1,000.00
Ending Account Value
On 1/31/05 $1,015.87 $1,011.53 $1,011.53
Expenses Paid During Period* $ 4.51 $ 8.85 $ 8.85
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.83%
and 1.83%, for Class A, Class B and Class C shares, respectively,
multiplied by the average account value over the period, multiplied by
176/366 (to reflect the partial year period).
7
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES 1/31/05
- --------------------------------------------------------------------------------
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on actual returns from August 9, 2004 through January 31, 2005
Share Class A B C
- ------------------------------- ------------ ------------ ------------
Beginning Account Value
On 8/9/04 $1,000.00 $1,000.00 $1,000.00
Ending Account Value
On 1/31/05 $1,135.40 $1,097.30 $1,111.20
Expenses Paid During Period* $ 4.77 $ 9.23 $ 9.29
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.83%
and 1.83%, for Class A, Class B and Class C shares, respectively,
multiplied by the average account value over the period, multiplied by
176/366 (to reflect the partial year period).
8
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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). Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from August 9, 2004 through January 31, 2005
Share Class A B C
- ------------------------------- ------------ ------------ ------------
Beginning Account Value
On 8/9/04 $1,000.00 $1,000.00 $1,000.00
Ending Account Value
On 1/31/05 $1,015.68 $1,011.34 $1,011.34
Expenses Paid During Period* $ 4.51 $ 8.85 $ 8.85
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.83%
and 1.83%, for Class A, Class B and Class C shares, respectively,
multiplied by the average account value over the period, multiplied by
176/366 (to reflect the partial year period).
9
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
PORTFOLIO REVIEWS 1/31/05
- --------------------------------------------------------------------------------
Pioneer Ibbotson Moderate Allocation Fund
The Fund's total return for the abbreviated fiscal period beginning August 9,
2004, and ending January 31, 2005 was 9.04% at net asset value for Class A
shares. The Fund targeted an asset allocation of 60% equities, 40% fixed-income
during the period. Within the equity portion of the Fund, Pioneer Fund was the
largest holding at 12.0% of assets on January 31, 2005. Two value-oriented
funds, Pioneer Value Fund (11.0%) and Pioneer Mid Cap Value Fund (9.0%) were
weighted above target as of the end of the period, reflecting management's view
that value stocks were more attractive than their growth counterparts. Within
the fixed-income portion of the Fund, the largest holding at the end of the
period was in a shorter duration bond fund, Pioneer Short Term Income Fund, at
14.9%. This weighting was above target, in keeping with management's
conservative approach to assuming interest rate risk in the current environment.
Pioneer Ibbotson Growth Allocation Fund
The Fund's total return for the abbreviated fiscal period beginning August 9,
2004, and ending January 31, 2005 was 11.19% at net asset value for Class A
shares. The Fund targeted an asset allocation of 75% equities, 25% fixed-income
during the period. Within the equity portion of the Fund, Pioneer International
Equity Fund and Pioneer Fund were the largest holdings at 14.9% and 14.5%,
respectively, of assets on January 31, 2005. Two value-oriented funds, Pioneer
Value Fund (12.0%) and Pioneer Mid Cap Value Fund (11.0%) were weighted above
target as of the end of the period, reflecting management's view that value
stocks were more attractive than their growth counterparts. Within the
fixed-income portion of the Fund, the largest holding at the end of the period
was in a long-term bond fund, Pioneer Bond Fund, which at 10.9% of assets was
very close to its target allocation. A shorter duration bond fund, Pioneer Short
Term Income Fund at 9.9% of assets, was slightly overweighted versus its target
allocation.
Call 1-800-225-6292 or visit www.pioneerfunds.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.
10
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's total return for the abbreviated fiscal period beginning August 9,
2004, and ending January 31, 2005 was 13.54% at net asset value for Class A
shares. The Fund targeted an asset allocation of 90% equities, 10% fixed-income
during the period. Within the equity portion of the Fund, Pioneer International
Equity Fund was the largest holding at 20.0% of assets on January 31, 2005. Two
value-oriented funds, Pioneer Fund (14.1%) and Pioneer Value Fund (15.1%) were
also weighted above target as of the end of the period, reflecting management's
view that value stocks were more attractive than their growth counterparts.
Within the fixed-income portion of the Fund, the largest holding at the end of
the period was in a long-term bond fund, Pioneer Bond Fund, which at 9.0% of
assets was very close to its target allocation.
Call 1-800-225-6292 or visit www.pioneerfunds.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.
11
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 1/31/05
- --------------------------------------------------------------------------------
Target Asset Allocations
- --------------------------------------------------------------------------------
[The following data was represented as a pie chart in the printed material]
Large Cap Growth Stocks 14.0%
Large Cap Value Stocks 16.0
Mid/Small Cap Growth Stocks 2.0
Mid/Small Cap Value Stocks 10.0
International Stocks 12.0
Emerging Markets 2.0
Real Estate (REITs) 4.0
High Yield Bonds 8.0
Bonds 11.0
Short Term Bonds 15.0
Cash Equivalents 6.0
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks 49.06% International Stocks 14.34%
Pioneer Fund 12.79 Pioneer International Equity 11.67
Pioneer Research 5.33 Pioneer Emerging Markets 2.67
Pioneer Oak Ridge Large Cap Growth 3.20 Bonds 36.60%
Pioneer Value 11.72 Pioneer High Yield 6.37
Pioneer Mid Cap Value 9.64 Pioneer Bond 14.34
Pioneer Small Cap Value 2.15 Pioneer Short Term Income 15.89
Pioneer Real Estate 4.23
This list excludes temporary cash and derivative instruments. Portfolio holdings
will vary for other periods.
12
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.63 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$0.0433 $ - $0.2339
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund at public offering
price, compared to that of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
Net Asset Public Offering Moderate Standard & Poor's
Period Value Price (POP) Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 9.04% 2.77% 1/05 $10,277 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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.
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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
13
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.32 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ - $ - $0.2339
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
If If Moderate Standard & Poor's
Period Held Redeemed Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 5.51% 1.51% 1/05 $10,151 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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 redeemed" returns reflect the deduction of applicable contingent deferred
sales charge (CSDC). Effective December 1, 2004, the period during which a CDSC
is applied to withdrawals was shortened to 5 years. The maximum CDSC for class B
shares continues to be 4%. For more complete information, please see the
prospectus for details. Note: Shares purchased prior to December 1, 2004 remain
subject to the CDSC in effect at the time you purchased those shares. For
performance information for shares purchased prior to December 1, 2004, please
visit www.pioneerfunds.com/bshares.
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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
14
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.23 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ 0.011 $ - $0.2339
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
If If Moderate Standard & Poor's
Period Held Redeemed Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 4.72% 3.72% 1/05 $10,372 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. 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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
15
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 1/31/05
- --------------------------------------------------------------------------------
Target Asset Allocations
- --------------------------------------------------------------------------------
[The following data was represented as a pie chart in the printed material]
Large Cap Growth Stocks 14.5%
Large Cap Value Stocks 18.5
Mid/Small Cap Growth Stocks 3.0
Mid/Small Cap Value Stocks 13.0
International Stocks 16.0
Emerging Markets 4.0
Real Estate (REITs) 6.0
High Yield Bonds 5.0
Bonds 9.5
Short Term Bonds 10.5
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks 55.09% International Stocks 19.99%
Pioneer Fund 14.53 Pioneer International Equity 14.97
Pioneer Research 5.51 Pioneer Emerging Markets 5.02
Pioneer Oak Ridge Large Cap Growth 3.00 Bonds 24.92%
Pioneer Value 12.02 Pioneer High Yield 3.99
Pioneer Mid Cap Value 11.07 Pioneer Bond 10.97
Pioneer Small Cap Value 3.02 Pioneer Short Term Income 9.96
Pioneer Real Estate 5.94
This list excludes temporary cash and derivative instruments. Portfolio holdings
will vary for other periods.
16
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.84 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ 0.0342 $ - $0.249
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund at public offering
price, compared to that of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
Net Asset Public Offering Growth Standard & Poor's
Period Value Price (POP) Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 11.19% 4.80% 1/05 $10,480 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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.
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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
17
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$ 9.95 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ - $ - $0.249
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
If If Growth Standard & Poor's
Period Held Redeemed Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 1.95% -2.03% 1/05 $ 9,797 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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 redeemed" returns reflect the deduction of applicable contingent deferred
sales charge (CSDC). Effective December 1, 2004, the period during which a CDSC
is applied to withdrawals was shortened to 5 years. The maximum CDSC for class B
shares continues to be 4%. For more complete information, please see the
prospectus for details. Note: Shares purchased prior to December 1, 2004 remain
subject to the CDSC in effect at the time you purchased those shares. For
performance information for shares purchased prior to December 1, 2004, please
visit www.pioneerfunds.com/bshares.
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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
18
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.51 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ 0.0073 $ - $0.249
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
If If Growth Standard & Poor's
Period Held Redeemed Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 7.62% 6.62% 1/05 $10,662 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. 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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
19
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 1/31/05
- --------------------------------------------------------------------------------
Target Asset Allocations
- --------------------------------------------------------------------------------
[The following data was represented as a pie chart in the printed material]
Large Cap Growth Stocks 16.0%
Large Cap Value Stocks 20.0
Mid/Small Cap Growth Stocks 4.0
Mid/Small Cap Value Stocks 16.0
International Stocks 21.0
Emerging Markets 5.0
Real Estate (REITs) 8.0
High Yield Bonds 2.0
Bonds 8.0
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks 65.07% International Stocks 25.96%
Pioneer Fund 14.02 Pioneer International Equity 19.94
Pioneer Research 7.01 Pioneer Emerging Markets 6.02
Pioneer Oak Ridge Large Cap Growth 3.00 Bonds 8.97%
Pioneer Value 15.01 Pioneer Bond 8.97
Pioneer Mid Cap Value 13.08
Pioneer Small Cap Value 5.04
Pioneer Real Estate 7.91
This list excludes temporary cash and derivative instruments. Portfolio holdings
will vary for other periods.
20
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$11.04 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ 0.0218 $ - $0.2979
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund at public
offering price, compared to that of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
Net Asset Public Offering Aggressive Standard & Poor's
Period Value Price (POP) Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 13.54% 7.02% 1/05 $10,702 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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.
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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
21
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.68 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ - $ - $0.2979
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
If If Aggressive Standard & Poor's
Period Held Redeemed Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 9.73% 5.73% 1/05 $10,573 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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 redeemed" returns reflect the deduction of applicable contingent deferred
sales charge (CSDC). Effective December 1, 2004, the period during which a CDSC
is applied to withdrawals was shortened to 5 years. The maximum CDSC for class B
shares continues to be 4%. For more complete information, please see the
prospectus for details. Note: Shares purchased prior to December 1, 2004 remain
subject to the CDSC in effect at the time you purchased those shares. For
performance information for shares purchased prior to December 1, 2004, please
visit www.pioneerfunds.com/bshares.
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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
22
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 1/31/05 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 1/31/05 8/9/04
$10.82 $10.00
Distributions per Share Short-Term Long-Term
(8/9/04 - 1/31/05) Dividends Capital Gains Capital Gains
$ - $ - $0.2979
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index.
Average Annual Total Returns
(As of January 31, 2005)
Pioneer Ibbotson
If If Aggressive Standard & Poor's
Period Held Redeemed Date Allocation Fund 500 Stock Index
Life-of-Class 8/04 $10,000 $10,000
(8/9/04) 11.12% 10.12% 1/05 $11,013 $11,186
Call 1-800-225-6292 or visit www.pioneerfunds.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). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. 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 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.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Index.
23
Pioneer Ibbotson Moderate Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 1/31/05 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
MUTUAL FUNDS - 93.8%
PIONEER FUNDS - 93.8%
319,848 Pioneer Bond Fund Class Y $ 2,987,384
------------
27,969 Pioneer Emerging Markets Fund Class Y 556,856
------------
64,861 Pioneer Fund Class Y 2,665,159
------------
116,404 Pioneer High Yield Fund Class Y 1,328,170
------------
117,613 Pioneer International Equity Fund Class Y 2,432,234
------------
79,993 Pioneer Mid-Cap Value Fund Class Y 2,007,816
------------
39,411 Pioneer Real Estate Shares Fund Class Y 882,024
------------
123,009 Pioneer Research Fund Class Y 1,110,772
------------
14,263 Pioneer Small Cap Value Fund Class Y 446,997
------------
54,133 Pioneer Oak Ridge Large Cap Growth Fund Class Y 665,836
------------
334,195 Pioneer Short Term Income Fund Class Y 3,311,872
------------
139,993 Pioneer Value Fund Class Y 2,441,477
------------
TOTAL INVESTMENTS IN SECURITIES - 93.8%
(Cost $20,643,507)(a) $ 20,836,597
OTHER ASSETS AND LIABILITIES - 6.2% 1,376,254
------------
TOTAL NET ASSETS - 100.0% $ 22,212,851
============
(a) At January 31, 2005, the net unrealized gain on investments based on cost
for federal tax purposes of $20,643,507 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 384,224
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (191,134)
---------
Net unrealized gain $ 193,090
=========
Purchases and sales of securities (excluding temporary cash investments) for the
period ended January 31, 2005 aggregated $21,547,565 and $903,486, respectively.
The accompanying notes are an integral part of these financial statements.
24
Pioneer Ibbotson Growth Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 1/31/05 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
MUTUAL FUNDS - 99.5%
PIONEER FUNDS - 99.5%
244,346 Pioneer Bond Fund Class Y $ 2,282,192
------------
52,438 Pioneer Emerging Markets Fund Class Y 1,044,033
------------
73,587 Pioneer Fund Class Y 3,023,672
------------
72,812 Pioneer High Yield Fund Class Y 830,779
------------
150,598 Pioneer International Equity Fund Class Y 3,114,360
------------
91,786 Pioneer Mid-Cap Value Fund Class Y 2,303,824
------------
55,206 Pioneer Real Estate Shares Fund Class Y 1,235,516
------------
127,025 Pioneer Research Fund Class Y 1,147,035
------------
20,085 Pioneer Small Cap Value Fund Class Y 629,469
------------
50,829 Pioneer Oak Ridge Large Cap Growth Fund Class Y 625,195
------------
209,081 Pioneer Short Term Income Fund Class Y 2,071,993
------------
143,380 Pioneer Value Fund Class Y 2,500,551
------------
TOTAL INVESTMENTS IN SECURITIES - 99.5%
(Cost $20,669,200)(a) $ 20,808,619
OTHER ASSETS AND LIABILITIES - 0.5% 103,378
------------
TOTAL NET ASSETS - 100.0% $ 20,911,997
============
(a) At January 31, 2005, the net unrealized gain on investments based on cost
for federal tax purposes of $20,669,200 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 322,020
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (182,601)
---------
Net unrealized gain $ 134,419
=========
Purchases and sales of securities (excluding temporary cash investments) for the
period ended January 31, 2005 aggregated $21,148,080 and $477,147, respectively.
The accompanying notes are an integral part of these financial statements.
25
Pioneer Ibbotson Aggressive Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 1/31/05 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
MUTUAL FUNDS - 100.4%
PIONEER FUNDS - 100.4%
112,586 Pioneer Bond Fund Class Y $ 1,051,549
------------
35,440 Pioneer Emerging Markets Fund Class Y 705,620
------------
40,016 Pioneer Fund Class Y 1,644,246
------------
113,089 Pioneer International Equity Fund Class Y 2,338,683
------------
61,095 Pioneer Mid-Cap Value Fund Class Y 1,533,489
------------
41,455 Pioneer Real Estate Shares Fund Class Y 927,757
------------
91,054 Pioneer Research Fund Class Y 822,213
------------
18,854 Pioneer Small Cap Value Fund Class Y 590,891
------------
28,627 Pioneer Oak Ridge Large Cap Growth Fund Class Y 352,117
------------
100,942 Pioneer Value Fund Class Y 1,760,421
------------
TOTAL INVESTMENTS IN SECURITIES - 100.4%
(Cost $11,638,058)(a) $ 11,726,986
OTHER ASSETS AND LIABILITIES - (0.4)% (47,528)
------------
TOTAL NET ASSETS - 100.0% $ 11,679,458
============
(a) At January 31, 2005, the net unrealized gain on investments based on cost
for federal tax purposes of $11,638,058 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 201,764
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (112,836)
---------
Net unrealized gain $ 88,928
=========
Purchases and sales of securities (excluding temporary cash investments) for the
period ended January 31, 2005 aggregated $11,871,877 and $232,964, respectively.
The accompanying notes are an integral part of these financial statements.
26
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES 1/31/05 (unaudited)
- --------------------------------------------------------------------------------
Moderate Growth Aggressive
Allocation Allocation Allocation
Fund Fund Fund
ASSETS:
Investments in securities of affiliated issuers,
at value (at cost $20,643,507,
$20,669,200 and $11,638,058,
respectively) $ 20,836,597 $ 20,808,619 $ 11,726,986
Cash 1,309,838 671,139 246,566
Receivables for:
Investment securities sold 3,492 1,424 -
Capital stock sold 505,710 594,814 252,934
Reimbursement from Adviser 2,073 6,793 2,925
Miscellaneous assets - - 21
------------ ------------ ------------
Total assets $ 22,657,710 $ 22,082,789 $ 12,229,432
============ ============ ============
LIABILITIES:
Payables for:
Securities purchased $ 370,719 $ 962,750 $ 476,799
Capital stock redeemed 600 137,288 -
Due to affiliates 25,942 25,974 21,730
Accrued expenses and other liabilities 47,598 44,780 51,445
------------ ------------ ------------
Total liabilities $ 444,859 $ 1,170,792 $ 549,974
============ ============ ============
NET ASSETS:
Paid-in capital $ 22,020,166 $ 20,780,432 $ 11,599,365
Accumulated net investment income (loss) 3,731 (4,461) (7,522)
Accumulated net realized loss on investments (4,136) (3,393) (1,313)
Net unrealized gain on investments 193,090 139,419 88,928
------------ ------------ ------------
Total net assets $ 22,212,851 $ 20,911,997 $ 11,679,458
============ ============ ============
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares
authorized)
Net Assets of Class A Shares $ 13,611,579 $ 11,580,065 $ 6,603,999
Net Assets of Class B shares $ 3,274,310 $ 3,225,794 $ 1,962,490
Net Assets of Class C shares $ 5,326,962 $ 6,106,138 $ 3,112,969
============ ============ ============
Class A Shares outstanding 1,279,902 1,068,210 598,051
Class B Shares outstanding 317,293 324,239 183,796
Class C Shares outstanding 520,721 580,840 287,657
============ ============ ============
Net Asset Value - Class A Share $ 10.63 $ 10.84 $ 11.04
Net Asset Value - Class B Share $ 10.32 $ 9.95 $ 10.68
Net Asset Value - Class C Share $ 10.23 $ 10.51 $ 10.82
============ ============ ============
MAXIMUM OFFERING PRICE:
Class A (100 [divided by] 94.25 x net asset value per
share) $ 11.28 $ 11.50 $ 11.71
============ ============ ============
The accompanying notes are an integral part of these financial statements.
27
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (unaudited)
- --------------------------------------------------------------------------------
For the Period 8/9/04* to 1/31/05
Moderate Growth Aggressive
Allocation Allocation Allocation
Fund Fund Fund
INVESTMENT INCOME:
Dividends $ 110,115 $ 66,457 $ 24,993
Interest 6,103 2,848 1,344
--------- --------- ---------
Total investment income $ 116,218 $ 69,305 $ 26,337
--------- --------- ---------
EXPENSES:
Management fees $ 6,564 $ 4,709 $ 2,495
Transfer agent fees
Class A 6,030 6,050 6,921
Class B 7,022 6,521 6,475
Class C 6,022 8,021 6,275
Distribution fees
Class A 7,976 4,877 2,417
Class B 7,025 6,589 4,105
Class C 11,565 10,124 5,421
Custodian fees 23,024 23,024 23,024
Registration fees 46,268 46,268 46,268
Professional fees 31,719 29,072 30,877
Printing fees 9,915 9,915 9,915
Fees and expenses of nonaffiliated trustees 2,314 2,708 4,628
Insurance expense 410 577 410
Miscellaneous 661 661 661
--------- --------- ---------
Total expenses $ 166,515 $ 159,116 $ 149,892
--------- --------- ---------
Less fees paid indirectly and reimbursed by
Pioneer Investment Management, Inc. $(104,338) $(110,388) $(123,468)
--------- --------- ---------
Net expenses $ 62,177 $ 48,728 $ 26,424
--------- --------- ---------
Net investment income (loss) $ 54,041 $ 20,577 $ (87)
--------- --------- ---------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investments $ 395,762 $ 311,611 $ 193,444
Change in net unrealized gain on investments 193,090 139,419 88,928
--------- --------- ---------
Net gain on investments $ 588,852 $ 451,030 $ 282,372
--------- --------- ---------
Net increase in net assets resulting from
operations $ 642,893 $ 471,607 $ 282,285
========= ========= =========
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
28
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
- --------------------------------------------------------------------------------
For the Period 8/9/04* to 1/31/05
Moderate Growth Aggressive
Allocation Allocation Allocation
Fund Fund Fund
FROM OPERATIONS:
Net investment income (loss) $ 54,041 $ 20,577 $ (87)
Net realized gain on investments 395,762 311,611 193,444
Change in net unrealized gain on investments 193,090 139,419 88,928
------------ ------------ ------------
Net increase in net assets resulting from
operations $ 642,893 $ 471,607 $ 282,285
------------ ------------ ------------
DISTRIBUTIONS TO SHAREOWNERS
Net investment income
Class A ($.04, $.03 and $.02,
per share, respectively) $ (45,923) $ (22,438) $ (7,435)
Class B - - -
Class C ($.01, $.01 and $0,
per share, respectively) (4,387) (2,600) -
Net realized gain on investments
Class A ($.23, $.25 and $.30,
per share, respectively) (248,071) (163,364) (101,596)
Class B ($.23, $.25 and $.30,
per share, respectively) (58,542) (62,965) (41,108)
Class C ($.23, $.25 and $.30,
per share, respectively) (93,285) (88,675) (52,053)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares 22,434,674 20,908,438 11,597,325
Reinvestment of distributions 294,903 285,838 168,962
Cost of shares repurchased (754,411) (458,844) (211,922)
------------ ------------ ------------
Net increase in net assets resulting
from fund share transactions $ 21,975,166 $ 20,735,432 $ 11,554,365
------------ ------------ ------------
Net increase in net assets $ 22,167,851 $ 20,866,997 $ 11,634,458
NET ASSETS:
Beginning of period (Initial capitalization-4,500
shares per fund) 45,000 45,000 45,000
------------ ------------ ------------
End of period (including accumulated net
investment income (loss) of $3,731,
$(4,461) and $(7,522), respectively) $ 22,212,851 $ 20,911,997 $ 11,679,458
============ ============ ============
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
29
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (unaudited) (continued)
- --------------------------------------------------------------------------------
For the Period 8/9/04* to 1/31/05
Moderate Growth Aggressive
Allocation Allocation Allocation
Fund Fund Fund
----------------------------- ----------------------------- -------------------------
Shares Amount Shares Amount Shares Amount
CLASS A
Shares sold 1,291,453 $13,606,159 1,072,122 $11,553,277 592,818 $6,533,783
Reinvestment of
distributions 17,263 185,747 15,346 168,809 8,741 98,166
Less shares repurchased (30,314) (321,456) (20,758) (226,143) (5,008) (55,662)
--------- ----------- --------- ----------- ------- ----------
Net increase 1,278,402 $13,470,450 1,066,710 $11,495,943 596,551 $6,576,287
========= =========== ========= =========== ======= ==========
CLASS B
Shares sold 327,222 $ 3,349,882 335,595 $ 3,316,349 184,854 $1,946,775
Reinvestment of
distributions 5,162 53,946 5,558 56,193 3,181 34,579
Less shares repurchased (16,591) (168,420) (18,414) (184,738) (5,739) (61,745)
--------- ----------- --------- ----------- ------- ----------
Net increase 315,793 $ 3,235,408 322,739 $ 3,187,804 182,296 $1,919,609
========= =========== ========= =========== ======= ==========
CLASS C
Shares sold 539,974 $ 5,478,633 578,182 $ 6,038,812 291,681 $3,116,767
Reinvestment of
distributions 5,329 55,210 5,702 60,836 3,286 36,217
Less shares repurchased (26,082) (264,535) (4,544) (47,963) (8,810) (94,515)
--------- ----------- --------- ----------- ------- ----------
Net increase 519,221 $ 5,269,308 579,340 $ 6,051,685 286,157 $3,058,469
========= =========== ========= =========== ======= ==========
* Commencement of public offering for Class A, Class B and Class C shares.
The accompanying notes are an integral part of these financial statements.
30
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
Moderate Allocation Fund
For the period 8/9/04(a) to 1/31/05
-----------------------------------------
Class A Class B Class C
Net asset value, beginning of period $ 10.00 $ 10.00 $ 10.00
-------- ------- --------
Increase (decrease) from investment operations:
Net investment income (loss) (b) $ 0.06 $ 0.01 $ 0.07
Net realized and unrealized gain (loss) on investments 0.84 0.54 0.40
-------- ------- --------
Net increase (decrease) from investment operations $ 0.90 $ 0.55 $ 0.47
-------- ------- --------
Distributions to shareowners:
Net investment income $ (0.04) $ - $ (0.01)
Net realized gain (0.23) (0.23) (0.23)
-------- ------- --------
Net increase (decrease) in net asset value $ 0.63 $ 0.32 $ 0.23
-------- ------- --------
Net asset value, end of period $ 10.63 $ 10.32 $ 10.23
======== ======= ========
Total return* 9.04% 5.51% 4.72%
Ratio of net expenses to average net assets**++ 0.90% 1.80% 1.80%
Ratio of net investment income to average net assets** 1.15% 0.19% 1.37%
Portfolio turnover rate** 20% 20% 20%
Net assets, end of period (in thousands) $ 13,612 $ 3,274 $ 5,327
(a) Commencement of operations.
(b) 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.
** Annualized.
++ In the absence of expense reimbursement, expenses on an annualized basis
would have been 2.84%, 4.35% and 3.92% of average net assets, respectively,
for Class A, Class B and Class C shares.
The accompanying notes are an integral part of these financial statements.
31
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
Growth Allocation Fund
For the period 8/9/04(a) to 1/31/05
-----------------------------------------
Class A Class B Class C
Net asset value, beginning of period $ 10.00 $ 10.00 $ 10.00
-------- -------- --------
Increase (decrease) from investment operations:
Net investment income (loss) (b) $ 0.03 $ 0.04 $ 0.02
Net realized and unrealized gain (loss) on investments 1.09 0.16 0.75
-------- -------- --------
Net increase (decrease) from investment operations $ 1.12 $ 0.20 $ 0.77
-------- -------- --------
Distributions to shareowners:
Net investment income $ (0.03) $ - $ (0.01)
Net realized gain (0.25) (0.25) (0.25)
-------- -------- --------
Net increase (decrease) in net asset value $ 0.84 $ (0.05) $ 0.51
-------- -------- --------
Net asset value, end of period $ 10.84 $ 9.95 $ 10.51
======== ======== ========
Total return* 11.19% 1.95% 7.62%
Ratio of net expenses to average net assets**++ 0.93% 1.83% 1.83%
Ratio of net investment income to average net assets** 0.62% 0.72% 0.37%
Portfolio turnover rate** 13% 13% 13%
Net assets, end of period (in thousands) $ 11,580 $ 3,226 $ 6,106
(a) Commencement of operations.
(b) 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.
** Annualized.
++ In the absence of expense reimbursement, expenses on an annualized basis
would have been 3.73%, 5.34% and 5.05% of average net assets, respectively,
for Class A, Class B and Class C shares.
The accompanying notes are an integral part of these financial statements.
32
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
Aggressive Allocation Fund
For the period 8/9/04(a) to 1/31/05
-----------------------------------------
Class A Class B Class C
Net asset value, beginning of period $ 10.00 $ 10.00 $ 10.00
------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) (b) $ - $ 0.01 $ (0.01)
Net realized and unrealized gain (loss) on investments 1.36 0.97 1.13
------- ------- -------
Net increase (decrease) from investment operations $ 1.36 $ 0.98 $ 1.12
------- ------- -------
Distributions to shareowners:
Net investment income $ (0.02) $ - $ -
Net realized gain (0.30) (0.30) (0.30)
------- ------- -------
Net increase (decrease) in net asset value $ 1.04 $ 0.68 $ 0.82
------- ------- -------
Net asset value, end of period $ 11.04 $ 10.68 $ 10.82
======= ======= =======
Total return* 13.54% 9.73% 11.12%
Ratio of net expenses to average net assets**++ 0.93% 1.83% 1.83%
Ratio of net investment income (loss) to average net assets** (0.02)% 0.18% (0.11)%
Portfolio turnover rate** 12% 12% 12%
Net assets, end of period (in thousands) $ 6,604 $ 1,962 $ 3,113
(a) Commencement of operations.
(b) 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.
** Annualized.
++ In the absence of expense reimbursement, expenses on an annualized basis
would have been 6.66%, 9.32% and 8.70% of average net assets, respectively,
for Class A, Class B and Class C shares.
The accompanying notes are an integral part of these financial statements.
33
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 1/31/05 (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Ibbotson Asset Allocation Series (the Trust) was organized as a Delaware
statutory trust on April 22, 2004 (amended July 1, 2004) and was 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 three separate non-diversified funds, each issuing three classes of shares
(collectively, the Funds, individually, the Fund) as follows:
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 Moderate Fund is to seek a balance between
long-term capital growth and current income. The Growth Fund seeks a balance
between long-term capital growth and current income. The Aggressive Fund seeks
long-term capital growth.
Each Fund is a "fund of funds," which means that it seeks to achieve its
investment objective by investing in other funds ("underlying funds") rather
than direct investment in securities. 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.
All initial fund shares outstanding at July 12, 2004, were owned by Pioneer
Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a
wholly owned indirect subsidiary of UniCredito Italiano S.p.A. (UniCredito
Italiano). In addition, Pioneer Investment Management, Inc. reimbursed each Fund
for all organizational costs of the Funds.
Each Fund intends to qualify as a regulated investment company under Subchapter
M of the Internal Revenue Code of 1986, as amended.
The financial statements have been prepared in accordance with United States
generally accepted accounting principles that require the management of the Fund
to 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 consistently followed by the Trust in the preparation of its financial
statements, which are in conformity with those generally accepted in the
investment company industry.
34
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 is
open, as of the close of regular trading on the Exchange. In computing the
net asset value, holdings of mutual fund shares are valued at the net asset
value of each fund. Holdings for which market quotations are not readily
available are valued at their fair values as determined by, or under the
direction of, the Board of Trustees. At January 31, 2005 there were no
holdings fair valued. Dividend income is recorded on the ex-dividend date.
Temporary cash investments are valued at amortized cost.
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 Service Code applicable to regulated investment companies and to
distribute all taxable income and net realized capital gains, if any, to
its shareholders. Therefore, no Federal income tax provisions are required.
The amount and characterization of distributions to shareowners for
financial reporting purposes is determined in accordance with federal
income tax rules. Therefore, the source of the Funds' distributions may be
shown in the accompanying financial statements as either from or in excess
of net investment income or net realized gain on investment transactions,
or 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 fiscal year.
C. Fund Shares
The Board of Trustees has authorized the issuance of three classes of
shares, designated as Class A, Class B and Class C. Additional classes of
shares have been authorized but are not referenced in the Fund's
prospectus. Class A, Class B and Class C shares were first offered for sale
to the public on August 9, 2004. Shares of each class represent an interest
in the same portfolio of investments of the Fund and have equal rights as
to voting, redemptions, dividends
35
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 1/31/05 (unaudited) (continued)
- --------------------------------------------------------------------------------
and liquidation, except that the level of transfer agent and distribution
fees may differ among classes. Class A, Class B and Class C shareowners
have exclusive voting rights with respect to distribution plans for each
class.
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 UniCredito Italiano S.p.A.
(UniCredito Italiano), earned the following in underwriting commissions
during the period ended January 31, 2005:
Fund Amount
---- ------
Moderate Fund $30,452
Growth Fund $31,716
Aggressive Fund $16,384
D. Class Allocations
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). Shareowners of each class share all expenses
and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services, which are allocated
based on the number of accounts in each class and the ratable allocation of
related out-of-pocket expenses (see Note 3). 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 the respective
percentage of adjusted net assets at the beginning of the day.
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, at the same time, and in the same
amount, except that Class A, Class B and Class C shares can bear different
transfer agent and distribution fees.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Funds, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of the
purchase. The collateral for all repurchase agreements is held in
safekeeping in the customer-only account of the
36
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Funds' custodian, or subcustodians. The Fund's investment adviser, Pioneer
Investment Management, Inc. (PIM) is responsible for determining that the
value of the collateral remains at least equal to the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredito Italiano, is the Funds'
investment adviser, and manages the Funds' portfolios. Management fees are
calculated daily at the following annual rates on Pioneer managed assets:
Management Fee as a Percentage
of each Fund's Average
Fund Daily Net Assets
---- ----------------
Moderate Fund 0.13%
Growth Fund 0.13%
Aggressive Fund 0.13%
For each Fund, management fees will be calculated daily at a 0.17% annual rate
on any Third Party managed assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, will be paid by the Funds. At January 31, 2005, the following fees
were payable to PIM relating to management fees and certain other services and
are included in due to affiliates:
Fund Amount
---- ------
Moderate Fund $2,314
Growth Fund $2,011
Aggressive Fund $1,115
From August 9, 2004 through January 31, 2005, PIM did not impose all or a
portion of its management fees and assumed other operating expenses of the Funds
to the extent necessary to limit Class A, Class B and Class C expenses to the
following annual expense limitations:
Fund Class A Class B Class C
- ----------------------------------------------------------------------------
Moderate Fund .90% 1.80% 1.80%
Growth Fund .93% 1.83% 1.83%
Aggressive Fund .93% 1.83% 1.83%
37
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 1/31/05 (unaudited) (continued)
- --------------------------------------------------------------------------------
Effective February 1, 2005, PIM has further agreed to not impose all or a
portion of its management fees and assume other operating expenses of the Funds
to the extent necessary to limit Class A, Class B and Class C expenses to the
following annual expense limitations:
Fund Class A Class B Class C
- ----------------------------------------------------------------------------
Moderate Fund .74% 1.64% 1.64%
Growth Fund .79% 1.69% 1.69%
Aggressive Fund .85% 1.75% 1.75%
3. Transfer Agent
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned
indirect subsidiary of UniCredito Italiano, provides substantially all transfer
agent and shareowner services to the Funds at negotiated rates. Included in due
to affiliates are the following amounts of transfer agent fees payable to PIMSS
at January 31, 2005:
Fund Amount
---- ------
Moderate Fund $14,193
Growth Fund $14,973
Aggressive Fund $15,656
4. Distribution and Service Plans
The Funds have adopted Plans of Distribution with respect to Class A, Class B
and Class C shares (Class A Plan, Class B Plan and Class C Plan, respectively)
in accordance with Rule 12b-1 of the Investment Company Act of 1940. Pursuant to
the Class A Plan, the Funds will pay PFD a service fee of up to 0.25% of the
Fund's average daily net assets attributable to Class A shares in reimbursement
of its actual expenditures to finance activities primarily intended to result in
the sale of Class A shares. Pursuant to the Class B Plan and the Class C Plan,
the Funds will pay PFD 1.00% of the average daily net assets attributable to
each class of shares. The fee 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. At January 31, 2005, the following fees were payable to PFD relating to
distribution and service fees and are included in due to affiliates:
38
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Fund Amount
---- ------
Moderate Fund $9,435
Growth Fund $8,990
Aggressive Fund $4,959
In addition, redemptions of each class of 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 one year of purchase.
Class B shares that are redeemed within six years of purchase will be 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%. For the period ended January
31, 2005, the following CDSC's were paid to PFD:
Fund Amount
---- ------
Moderate Fund $2,165
Growth Fund $ 70
Aggressive Fund $2,530
39
Pioneer Ibbotson Asset Allocation Funds
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Osbert M. Hood, Executive
Mary K. Bush Vice President
Margaret B.W. Graham Vincent Nave, Treasurer
Osbert M. Hood Dorothy E. Bourassa, Secretary
Marguerite A. Piret
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Wilmer Cutler Pickering Hale and Dorr 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 6-month period ended August 31, 2004 is publicly available to
shareowners at www.pioneerfunds.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
40
- --------------------------------------------------------------------------------
THE PIONEER FAMILY OF MUTUAL FUNDS
- --------------------------------------------------------------------------------
Please consider a fund's investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about a fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, contact your
advisor, call 1-800-225-6292 or visit our web site at www.pioneerfunds.com.
U.S. Equity Pioneer Ibbotson Growth
Pioneer Fund Allocation Fund
Pioneer Balanced Fund Pioneer Ibbotson Aggressive
Pioneer Cullen Value Fund Allocation Fund
Pioneer Equity Income Fund
Pioneer Equity Opportunity Fund
Pioneer Growth Opportunities Fund International/Global Equity
Pioneer Growth Shares Pioneer Emerging Markets Fund
Pioneer Mid Cap Growth Fund Pioneer Europe Select Fund
Pioneer Mid Cap Value Fund Pioneer Europe Fund
Pioneer Oak Ridge Large Cap Pioneer International Equity Fund
Growth Fund Pioneer International Value Fund
Pioneer Oak Ridge Small Cap
Growth Fund
Pioneer Papp America-Pacific Fixed Income
Rim Fund Pioneer America Income Trust
Pioneer Papp Small and Pioneer Bond Fund
Mid Cap Growth Fund Pioneer California Tax Free
Pioneer Papp Stock Fund Income Fund
Pioneer Papp Strategic Growth Fund Pioneer Global High Yield Fund
Pioneer Real Estate Shares Pioneer High Yield Fund
Pioneer Research Fund Pioneer Municipal Bond Fund
Pioneer Small Cap Value Fund Pioneer Short Term Income Fund
Pioneer Small Company Fund Pioneer Strategic Income Fund
Pioneer Value Fund Pioneer Tax Free Income Fund
Asset Allocation
Pioneer Ibbotson Moderate Money Market
Allocation Fund Pioneer Cash Reserves Fund*
Pioneer Tax Free Money Market Fund
* An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Fund.
41
- --------------------------------------------------------------------------------
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
- --------------------------------------------------------------------------------
Your investment professional can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-800-225-6292.
FactFone(SM)
This is our automated account information service, available to you 24 hours a
day, seven days a week. FactFone gives you a quick and easy way to check fund
share prices, yields, dividends and distributions, as well as information about
your own account. Simply call 1-800-225-4321. For specific account information,
have your account number, fund number and our personal identification number
(PIN) in hand. If this is your first time using FactFone, you will need to
establish a PIN.
Visit www.pioneerfunds.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 results 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 and can be rescinded at any time. See the
prospectus and financial statements for complete details.
90-Day Reinstatement Privilege (for Class A and Class B Shares)
Enables you to reinvest all or a portion of the money you redeemed from your
Pioneer account - without paying a sales charge - within 90 days from your
redemption. Upon your request, the shares will be reinvested into your choice of
any Class A fund with the same registration as the originating account. Please
note that you will need to meet fund minimum requirements.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. With this
feature, Pioneer will automatically draft a predetermined dollar amount,
specified by you, from your bank account and purchase shares into your
investments to grow using the dollar-cost averaging approach.
The use of a systematic investing program does not guarantee a profit or protect
against a loss in declining markets. You should consider your financial ability
to continue to invest through periods of low prices.
42
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Payroll Investment Program (PIP)
This service enables you to fund your Pioneer investment directly through a
payroll deduction. After completing Pioneer's authorization form, your employer
will deduct a predetermined dollar amount from your paycheck to be invested at
Pioneer. When you invest through payroll, you're putting yourself at the top of
the list of those you pay. Many people find that "paying yourself first" is the
most sensible way to build a nest egg.
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just choose the amounts and dates for Pioneer to sell shares from your
original fund and use the proceeds to buy shares of the other funds you have
chosen. To establish this service, simply complete a Pioneer Account Options
form. (Automatic Exchange is available for originating accounts with a balance
of $5,000 or more.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
This service allows you to establish automatic withdrawals from your account at
set intervals. You decide the frequency and the day of the month. Pioneer will
send the proceeds by check to a designated address or electronically to your
bank account. You can also authorize Pioneer to make the redemptions payable to
someone else. Simply complete a Pioneer Account Options form to begin this
service.
Investing in mutual funds involves significant risks, for complete information
on the specific risks associated with each fund, please see the appropriate
fund's prospectus.
Please consider a fund's investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about a fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, contact your
adviser, call 800-225-6292 or visit www.pioneerfunds.com.
43
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This page for your notes.
44
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HOW TO CONTACT PIONEER
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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
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
PIMSS
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvest.com
(for general questions about Pioneer only)
Visit our website: www.pioneerfunds.com
Please consider the Fund's investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about the Fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, call
1-800-225-6292 or visit our website www.pioneerfunds.com.
The Fund files a complete statement 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
website at sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
www.pioneerfunds.com
16680-00-0305
(C) 2005 Pioneer Funds Distributor, Inc.
Underwriter of Pioneer mutual funds
Member SIPC
ITEM 2. CODE OF ETHICS.
(a) Not applicable.
(b) No answer required.
(c) Not applicable.
(d) Not applicable.
(e) Not applicable.
(f)
(1) Not applicable.
(2) Not applicable.
(3) Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) The registrant's Board of Trustees
has determined that the registrant
has at least one
audit committee financial expert.
(2) Ms. Marguerite A. Piret, an independent
Trustee, is such an audit committee
financial expert.
(3) Not applicable.
(b) No answer required.
(c) No answer required.
(d) No answer required.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
N/A for 1-31, required for Annual Filings only.
(a) Audit Fees N/A for 1-31, required for Annual Filings only
(b) Audit-Related Fees N/A for 1-31, required for Annual Filings only
(c) Tax Fees N/A for 1-31, required for Annual Filings only
(d) All Other Fees N/A for 1-31, required for Annual Filings only
(e) (1) N/A for 1-31, required for Annual Filings only
(2) N/A for 1-31, required for Annual Filings only
(f) N/A for 1-31, required for Annual Filings only
(g) N/A for 1-31, required for Annual Filings only
(h) N/A for 1-31, required for Annual Filings only
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) N/A for 1-31, required for Annual Filings only
(b) Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES
AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF
CLOSED-END MANAGEMENT INVESTMENT
COMPANY.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES
BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE
OF SECURITY HOLDERS.
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and
procedures as conducted within 90 days of the filing date of this Form
N-CSR, the registrant's principal financial officer and principal executive
officer have concluded that those disclosure controls and procedures
provide reasonable assurance that the material information required to be
disclosed by the registrant on this report is recorded, processed,
summarized and reported within the time periods specified in the Securities
and Exchange Commission's rules and forms.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent
to the date of their evaluation.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: A copy of
the code of ethics is available and can be mailed, free of charge, to
anyone by calling 1-800-225-6292.
(b) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2): Attached hereto.
[If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the Act (17 CFR
270.30a-2(b)) and Section 1350 of Chapter 63 of Title 18 of the United
States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for the purposes of
Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the
liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933
or the Exchange Act, except to the extent that the registrant specifically
incorporates it by reference: Attached hereto.][The submission of Section
906 certifications has been proposed by the SEC, but has not yet been
finalized. The SEC has encouraged issuers to submit Section 906
certifications as an exhibit to Form N-CSR until the final rule has been
adopted. Please see Proposed Rule: Certification of Disclosure in Certain
Exchange Act Reports, Release No. 33-8212 (March 21, 2003)].
I, John F. Cogan, Jr, certify that:
1. I have reviewed this report on Form N-CSR
of Pioneer Ibbotson Asset Allocation Series:
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this report;
3. Based on my knowledge, the financial statements and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for,
the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in rule 30a-2(c) under the Investment Company Act of 1940) for
the registrant and have:
a. designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this
report is being prepared;
b. evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date
of this report (the "Evaluation Date"); and
c. presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures based on our evaluation as of
the Evaluation Date;
5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the
audit committee of the registrant's board of trustees (or persons
performing the equivalent functions):
a. all significant deficiencies in the design or
operation of internal controls
which could adversely affect the registrant's
ability to record, process,
summarize, and report financial data and
have identified for the
registrant's auditors any material
weaknesses in internal controls; and
b. any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officer and I have indicated in this
report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.
Date: 3/30/05
/s/ John F. Cogan, Jr.
- -----------------------
John F. Cogan, Jr.
President
I, Vincent Nave, certify that:
1. I have reviewed this report on
Form N-CSR of Pioneer Ibbotson Asset
Allocation Series:
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the financial statements and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;
4. The registrant's other certifying
officer and I are responsible for
establishing and maintaining disclosure
controls and procedures (as defined in
rule 30a-2(c) under the Investment
Company Act of 1940) for the
registrant and have:
a. designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this
report is being prepared;
b. evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this report (the "Evaluation Date"); and
c. presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;
5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of the registrant's board of trustees (or persons performing
the equivalent functions):
a. all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize, and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and
b. any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6. The registrant's other certifying officer and I have indicated in this
report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
Date: 3/30/05
/s/ Vincent Nave
- ----------------
Vincent Nave
Treasurer
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C.ss. 1350, the undersigned
officer of Pioneer Ibbotson Asset Allocation
Series ("the Fund") hereby certifies, to the
best of his knowledge, that the Fund's Report
on Form N-CSR for the period ended 1/31/05
(the "Report") fully complies with the
requirements of Section 13(a) or 15(d),
as applicable, of the Securities and
Exchange Act of 1934 and that the
information contained in the Report
fairly presents, in all material
respects,the financial condition
and results of operations of the
Fund.
Dated: 3/30/05
/s/ John F. Cogan, Jr.
- -----------------------
John F. Cogan, Jr.
Title: President
This certification is being
furnished solely pursuant to
18 U.S.C.ss. 1350 and is not
being filed as part of
the Report or as a separate
disclosure document.
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C.ss. 1350,
the undersigned officer of
Pioneer Ibbotson Asset Allocation
Series ("the Fund")
hereby certifies, to the best
of his knowledge, that the
Fund's Report on Form N-CSR
for the period
ended 1/31/05 (the "Report")
fully complies with the
requirements of Section 13(a)
or 15(d), as applicable,
of the Securities and Exchange
Act of 1934 and that the information
contained in the Report fairly presents,
in all material respects,the
financial condition and results
of operations of the Fund.
Dated: 3/30/05
/s/ Vincent Nave
- ----------------
Vincent Nave
Title: Treasurer
This certification is being
furnished solely pursuant
to 18 U.S.C.ss. 1350 and
is not being filed as part of
the Report or as a separate
disclosure document.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Ibbotson Asset Allocation Series
-------------------------------------
By (Signature and Title)*
/s/ John F. Cogan, Jr.
---------------------
John F. Cogan, Jr.
President
Date: 3/30/05
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)
/s/ Vincent Nave
---------------
Vincent Nave
Treasurer
(Principal Financial Officer)
Date: 3/30/05
* Print name and title of each signing officer under his or her signature.