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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21569
Pioneer Ibbotson Asset Allocation Series
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: July 31
Date of reporting period: August 1, 2008 through July 31, 2009
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Ibbotson Asset Allocation Series
- --------------------------------------------------------------------------------
Annual Report | July 31, 2009
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Ticker Symbols:
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Class Fund Fund Fund Fund
- ------- -------------- ------------ ------------ -----------
A PIAVX PIALX GRAAX PIAAX
B PIBVX PIBLX GRABX IALBX
C PICVX PIDCX GRACX IALCX
Y IBBCX IMOYX IBGYX IBAYX
[LOGO]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Market Overview and Outlook 4
Portfolio Reviews 8
Comparing Ongoing Fund Expenses 11
Prices and Distributions 19
Portfolio Summary & Performance Update 21
Schedule of Investments 41
Financial Statements 49
Notes to Financial Statements 71
Report of Independent Registered Public Accounting Firm 78
Trustees, Officers and Service Providers 79
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have been experiencing one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated
2 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
team approach and is designed to carefully balance risk and reward. While we
see potential chances for making money in many corners of the market, it takes
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Respectfully,
/s/Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, 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.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 3
Market Overview and Outlook | 7/31/09
In the following interview, portfolio manager Dr. Peng Chen, President of
Ibbotson Associates, sub-advisor of the Pioneer Ibbotson Asset Allocation
Series, discusses the market environment and investment strategies applied to
the portfolios in the Pioneer Ibbotson Asset Allocation Series for the annual
reporting period ended July 31, 2009.
Q Could you characterize the economic and market backdrop during the 12-month
period ended July 31, 2009?
A What began in the summer of 2007 as a U.S. subprime real estate mortgage
crisis became a full-blown financial crisis affecting all markets, leading
to worldwide asset price deflation that extended into 2009. The crisis only
seemed to worsen despite bailouts of leading financial institutions, new
U.S. government oversight and a Presidential election. In the United
States, the U.S. Treasury and Federal Reserve (the Fed) took drastic
action, whether it meant cutting short-term lending rates, restricting
short sales, providing capital, arranging bank mergers or guaranteeing
deposits. The U.S. Congress did its part by approving a mammoth financial
institution bailout package.
Despite these efforts, the lack of trust in the debt markets spread beyond
the financial system's paper economy to the real economy, and on a global
scale. A weak job market and devalued homes had a predictable impact on
consumers, leading to record-low readings in the Consumer Confidence Index
as 2008 drew to a close. In the U.S., the National Bureau of Economic
Research declared that the United States had entered into a recession in
late 2007, confirming what many had suspected.
In keeping with this backdrop, the stock markets fell sharply early in the
annual reporting period, with most of the damage occurring in October and
November of 2008. Most bond markets fell as well, especially those where
any credit or counterparty risk was involved. While December 2008 saw some
apparent stabilization, equity returns were dismal in January and February
of 2009, as the flight to quality driven by the financial crisis continued
unabated.
Beginning in March of 2009, market participants began to believe that the
unprecedented efforts of global governments to end the financial crisis
were gaining traction, and that the worst case scenarios had been averted.
The result was an explosive rally in all of the major asset classes. In
addition to the appearance of financial market stability, we attribute a
large portion of these gains to the market's favorable response to what has
been characterized as "less bad" news, rather than an actual improvement in
economic conditions.
4 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
For the full 12 months ended July 31, 2009, the U.S. equity market returned
-19.95%, as measured by the Standard and Poor's 500 Index (the S&P 500),
while international equities returned -22.16%, as gauged by the Morgan
Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE)
Index. Within the U.S. market, large-cap and small-cap stocks performed
very much in line with each other, while growth equities outperformed value
modestly within the large-cap segment. The Barclays Capital (formerly
Lehman Brothers) Aggregate Bond Index, the most popular measure of the
performance of the U.S. bond market, was up by 7.85% for the 12 months
ended July 31, 2009.
Q What were the strategic considerations that you applied to the four
portfolios in allocating assets during the 12 months ended July 31, 2009?
A For each portfolio, assets have been invested in keeping with its broad asset
allocation and specific mutual fund targets. Given the unprecedented market
volatility that has prevailed, we have maintained a neutral posture for the
most part with respect to weighting various investment styles within the
portfolios. On the broadest level, we maintained a neutral breakdown
between equity and fixed-income assets. In addition, the equity portions of
the portfolios were positioned neutrally with respect to the various equity
categories (i.e., small-cap versus large-cap and growth versus value). We
have also maintained neutral target weightings in the non-U.S. equity
market alternatives, both developed and emerging.
Within fixed income, we implemented an overweighting near the middle of the
period of U.S. investment-grade corporate bonds relative to cash and U.S.
Treasury bills. The shift was made in view of the very low yields offered
by cash and U.S. Treasury bills. In addition, the lending environment has
improved since the October 2008 collapse, supported by strong central bank
actions, suggesting to us that investor interest in debt issued by higher-
quality corporations could recover. The shift into corporates helped the
portfolios' returns as the credit markets rebounded beginning in March
2009. As the fiscal period drew to a close at the end of July, we returned
the portfolios to a neutral weighting between corporate and government
bonds, as the market sectors appeared to have been brought back into
relative balance. Within the corporate segment, we have implemented an
increased weighting in lower-quality, high-yield bonds, given the
exceptionally wide yield spreads they have been providing compared with
investment-grade issues.
We increased the portfolios' allocations to Treasury Inflation Protected
Securities (TIPS) around the middle of the period, given their strong
valuations relative to Treasury bonds. This helped the portfolios' returns,
as TIPS outperformed Treasury bonds by a substantial margin on the strength
of
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 5
inflation fears raised by government borrowing to re-float the financial
sector. We have since trimmed the portfolios' TIPS exposure to a neutral
weighting.
For several quarters we have underweighted REITs (Real Estate Investment
Trusts) within the portfolios in favor of traditional equities. REITs
generally carry more leverage than most companies and have faced a
difficult environment in which to obtain and refinance debt in light of the
credit crisis. From a fundamental perspective, hotel occupancy rates are
down, businesses are contracting and retailers are declaring bankruptcy.
The underweighting of REITs helped the portfolios' returns early in the
period as the asset class fell sharply, although REITS made up some of that
lost ground later in the period. Late in the period, we returned the
portfolios to a neutral posture with respect to REITS.
Finally, in May of 2009, we increased the portfolios' allocations to
emerging market bonds in local currency terms, using the Pioneer Global
High Yield Fund. We did this in order to take advantage of faster growth in
emerging markets and a weakening U.S. dollar. This move helped the
portfolios' returns late in the period, and we are maintaining the
overweighting.
Q What factors are you watching most closely as you determine strategy for the
portfolios going forward?
A The big question continues to be where we are in the business cycle. Given
the factors weighing against a rapid return to robust growth --
principally, the need for de-leveraging the U.S. economy -- it may be some
time before we feel that meaningful shifts in the direction of more
risk-sensitive asset classes are merited.
U.S. consumers continue to try to clean up their balance sheets, but the
lack of consumer confidence and the closing of the home-equity "ATMs" mean
that any eventual recovery will not be powered by consumers. The U.S.
government's balance sheet is in no better condition. At the heart of the
balance sheet woes are housing prices. Housing-price stability is a key
ingredient to future economic growth, and we will be watching that factor
closely.
After extremely positive results, we decided to close most of the
portfolios' overweight positions towards the end of the annual reporting
period. The decision was based on growing uncertainty regarding asset
valuations after a market rally that took place against a less-than-stellar
economic backdrop. When we do not have a strong opinion about the direction
of the economy and the markets, we typically revert to our strategic
long-term asset allocations for the portfolios.
In the past, we have seen rallies for more volatile stocks such as those in
the small-cap and growth segments near the end of recessions. We may
overweight those segments if we will feel that the macroeconomic framework
is
6 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
improving. Another potential overweighting is in emerging market stocks.
Emerging markets have been affected less by the global financial crisis, as
many of them had limited government and private sector debt. With no bank
bailouts required and substantial savings in the bank accounts of many
households, those countries may bounce back faster than the debt-ridden
industrialized markets.
Please refer to the Schedule of Investments on pages 41-48 for a full listing
of Portfolio securities.
A Portfolio's performance depends on the adviser's skill in determining the
strategic asset class allocations, the mix of underlying Pioneer funds, as well
as the performance of those underlying funds. The underlying funds' performance
may be lower than the performance of the asset class that they were selected to
represent.
Stocks and bonds can decline due to adverse issuer, market, regulatory, or
economic developments. International markets may be less liquid and can be more
volatile than U.S. markets. These risk factors, including those associated with
currency exchange rates, also apply to investments in international markets,
all of which make international markets more volatile and less liquid than
investments in domestic markets. Some of the underlying funds can invest in
either high-yield securities or small/emerging growth companies. Investments in
these types of securities generally are subject to greater volatility than
either higher-grade securities or more-established companies, respectively.
Before making an investment in any portfolio, you should consider all the risks
associated with it. Please see the Portfolio Reviews beginning on page 8 for
information on specific weightings and performance for each of the four
portfolios in the Pioneer Ibbotson Asset Allocation Series.
Any information in this shareowner report regarding market or economic trends
or the factors influencing each portfolios' historical or future performance
are statements of the opinion of the portfolio's 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.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 7
Portfolio Reviews | 7/31/09
Pioneer Ibbotson Conservative Allocation Fund
The Fund's Class A shares had a total return of -4.44% at net asset value for
the 12 months ended July 31, 2009. Over the same period, the Fund's benchmarks,
the Standard and Poor's 500 Index and the Barclays Capital (formerly Lehman
Brothers) Aggregate Bond Index returned -19.95% and 7.85%, respectively, while
the average return for the 427 funds in Lipper's Mixed-Asset Target
Allocation/Conservative category was -4.33%.
The Fund targeted an asset allocation of 30% equities and 70% fixed-income
during the period. At the end of the period, the Fund was positioned neutrally
with respect to the breakdown between equities and fixed income. Within the
fixed-income portion of the Fund, the largest holding at the end of the period
was Pioneer Short Term Income Fund at 24.30% of assets, followed by Pioneer
Bond Fund at 23.63% of assets. Within the equity portion of the Fund, Pioneer
Fund was the largest holding at 5.65% of assets on July 31, 2009. Pioneer
Cullen Value Fund was the next-largest equity holding at 3.21% of assets.
Pioneer Ibbotson Moderate Allocation Fund
The Fund's Class A shares returned -11.20% at net asset value for the 12 months
ended July 31, 2009. Over the same period, the Fund's benchmarks, the Standard
and Poor's 500 Index and the Barclays Capital (formerly Lehman Brothers)
Aggregate Bond Index returned -19.95% and 7.85%, respectively, while the
average return for the 510 funds in Lipper's Mixed-Asset Target
Allocation/Moderate category was -9.65%.
The Fund targeted an asset allocation of 60% equities, 40% fixed income during
the period. At the end of the period, the Fund was positioned neutrally with
respect to the breakdown between equities and fixed income. Within the equity
portion of the Fund, Pioneer Fund was the largest holding at 8.74% of assets on
July 31, 2009. Pioneer Fundamental Growth Fund was the next-largest equity
holding at 5.88% of assets. Within the fixed-income portion of the Fund, the
largest holding at the end of the period was Pioneer Bond Fund at 14.01% of
assets, closely followed by Pioneer Short Term Income Fund at 13.35% of assets.
Pioneer Ibbotson Growth Allocation Fund
The Fund's Class A shares returned -15.49% at net asset value for the 12 months
ended July 31, 2009. Over the same period, the Fund's benchmarks, the Standard
and Poor's 500 Index and the Barclays Capital (formerly Lehman Brothers)
Aggregate Bond Index returned -19.95% and 7.85%, respectively,
8 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
while the average return for the 661 funds in Lipper's Mixed-Asset Target
Allocation/Growth category was -13.05%.
The Fund targeted an asset allocation of 75% equities, 25% fixed income during
the period. At the end of the period, the Fund was positioned neutrally with
respect to the breakdown between equities and fixed income. Within the equity
portion of the Fund, Pioneer Fund was the largest holding at 9.25% of assets on
July 31, 2009. Pioneer Fundamental Growth Fund was the next-largest equity
holding at 6.19% of assets. Within the fixed-income portion of the Fund, the
largest holding at the end of the period was Pioneer Bond Fund at 10.85% of
assets, followed by a shorter duration bond fund, Pioneer Short Term Income
Fund, at 5.74% of assets.
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's Class A shares returned -19.05% at net asset value for the 12 months
ended July 31, 2009. Over the same period, the Fund's benchmarks, the Standard
and Poor's 500 Index and the Barclays Capital (formerly Lehman Brothers)
Aggregate Bond Index returned -19.95% and 7.85%, respectively, while the
average return for the 757 funds in Lipper's Multi-Cap Core category was
- -19.29%.
The Fund targeted an asset allocation of 90% equities, 10% fixed income during
the period. At the end of the period, the Fund was positioned neutrally with
respect to the breakdown between equities and fixed income. Within the equity
portion of the Fund, Pioneer Fund was the largest holding at 9.55% of assets on
July 31, 2009. Pioneer Fundamental Growth Fund was the next-largest equity
holding at 7.68% of assets. The fixed-income portion of the Fund was mainly
invested in a long-term bond fund, Pioneer Bond Fund, at 6.60% of assets.
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Any information in this shareowner report regarding market or economic trends
or the factors influencing each portfolios' historical or future performance
are statements of the opinion of the portfolios' management as of the date of
this report.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 9
Portfolio Reviews | 7/31/09 (continued)
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.
10 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Conservative Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
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Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Conservative
Allocation Fund
Based on actual returns from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
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Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,163.38 $ 1,159.28 $ 1,158.43 $ 1,119.13
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 7.94 $ 12.74 $ 12.74 $ 41.82
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.48%, 2.38%,
2.38% and 7.96% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Conservative
Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,017.46 $ 1,012.99 $ 1,012.99 $ 985.32
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 7.40 $ 11.88 $ 11.88 $ 39.18
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.48%, 2.38%,
2.38% and 7.96% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
12 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Moderate Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on actual returns from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,214.11 $ 1,210.07 $ 1,210.19 $ 1,221.27
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 8.62 $ 12.88 $ 12.88 $ 6.39
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.57%, 2.35%,
2.35% and 1.16% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,017.01 $ 1,013.14 $ 1,013.14 $ 1,019.04
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 7.85 $ 11.73 $ 11.73 $ 5.81
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.57%, 2.35%,
2.35% and 1.16% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
14 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Growth Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on actual returns from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,239.69 $ 1,236.01 $ 1,233.39 $ 1,239.70
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 9.22 $ 13.53 $ 13.51 $ 7.00
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.66%, 2.44%,
2.44% and 1.26% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,016.56 $ 1,012.69 $ 1,012.69 $ 1,018.55
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 8.30 $ 12.18 $ 12.18 $ 6.31
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.66%, 2.44%,
2.44% and 1.26% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
16 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Aggressive Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on actual returns from February 1, 2009 through July 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,259.33 $ 1,254.65 $ 1,254.34 $ 1,260.94
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 9.92 $ 14.31 $ 14.31 $ 7.57
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.77%, 2.56%,
2.56% and 1.35% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2009 through July, 31, 2009.
- -----------------------------------------------------------------------------------------
Share Class A B C Y
- -----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 2/1/09
- -----------------------------------------------------------------------------------------
Ending Account Value $ 1,016.02 $ 1,012.10 $ 1,012.10 $ 1,018.10
on 7/31/09
- -----------------------------------------------------------------------------------------
Expenses Paid $ 8.85 $ 12.77 $ 12.77 $ 6.76
During Period*
- -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.77%, 2.56%,
2.56% and 1.35% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
18 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Prices and Distributions | 7/31/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
Conservative Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/09 7/31/08
- --------------------------------------------------------------------------------
A $ 9.40 $ 10.48
- --------------------------------------------------------------------------------
B $ 9.24 $ 10.31
- --------------------------------------------------------------------------------
C $ 9.21 $ 10.30
- --------------------------------------------------------------------------------
Y $ 9.02 $ 10.50
- --------------------------------------------------------------------------------
Moderate Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/09 7/31/08
- --------------------------------------------------------------------------------
A $ 8.79 $ 10.89
- --------------------------------------------------------------------------------
B $ 8.41 $ 10.39
- --------------------------------------------------------------------------------
C $ 8.29 $ 10.30
- --------------------------------------------------------------------------------
Y $ 8.89 $ 10.94
- --------------------------------------------------------------------------------
Growth Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/09 7/31/08
- --------------------------------------------------------------------------------
A $ 8.74 $ 11.50
- --------------------------------------------------------------------------------
B $ 7.75 $ 10.33
- --------------------------------------------------------------------------------
C $ 8.30 $ 10.99
- --------------------------------------------------------------------------------
Y $ 9.00 $ 11.64
- --------------------------------------------------------------------------------
Aggressive Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/09 7/31/08
- --------------------------------------------------------------------------------
A $ 8.45 $ 11.85
- --------------------------------------------------------------------------------
B $ 7.93 $ 11.29
- --------------------------------------------------------------------------------
C $ 8.04 $ 11.43
- --------------------------------------------------------------------------------
Y $ 8.55 $ 12.02
- --------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 19
Prices and Distributions | 7/31/09 (continued)
Distributions per Share: 8/1/08-7/31/09
- --------------------------------------------------------------------------------
Conservative Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.3101 $ 0.0006 $ 0.2179
- --------------------------------------------------------------------------------
B $ 0.2332 $ 0.0006 $ 0.2179
- --------------------------------------------------------------------------------
C $ 0.2313 $ 0.0006 $ 0.2179
- --------------------------------------------------------------------------------
Y $ 0.1058 $ 0.0006 $ 0.2179
- --------------------------------------------------------------------------------
Moderate Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.1324 $ -- $ 0.6067
- --------------------------------------------------------------------------------
B $ 0.0283 $ -- $ 0.6067
- --------------------------------------------------------------------------------
C $ 0.0589 $ -- $ 0.6067
- --------------------------------------------------------------------------------
Y $ 0.1827 $ -- $ 0.6067
- --------------------------------------------------------------------------------
Growth Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.0441 $ -- $ 0.7701
- --------------------------------------------------------------------------------
B $ -- $ -- $ 0.7701
- --------------------------------------------------------------------------------
C $ -- $ -- $ 0.7701
- --------------------------------------------------------------------------------
Y $ 0.0979 $ -- $ 0.7701
- --------------------------------------------------------------------------------
Aggressive Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ -- $ -- $ 0.9465
- --------------------------------------------------------------------------------
B $ -- $ -- $ 0.9465
- --------------------------------------------------------------------------------
C $ -- $ -- $ 0.9465
- --------------------------------------------------------------------------------
Y $ -- $ -- $ 0.9465
- --------------------------------------------------------------------------------
20 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Portfolio Summary | 7/31/09
Pioneer Ibbotson Conservative Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 70%
Equity 30%
Short Term Bond Fund 27.00%
- ----------------------------------------
Domestic Corporate Bonds 17.00
- ----------------------------------------
Cash & Cash Equivalents 13.00
- ----------------------------------------
High-Yield Corporate Bonds 13.00
- ----------------------------------------
Large-Cap Growth 9.00
- ----------------------------------------
Large-Cap Value 9.00
- ----------------------------------------
International Equities 8.00
- ----------------------------------------
Mid/Small Cap Value 2.00
- ----------------------------------------
Mid/Small Cap Growth 2.00
- ----------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks International Stocks
- ---------------------------------------------------------------------------------------------
Pioneer Fund 5.65% Pioneer Global Equity 3.74%
- ---------------------------------------------------------------------------------------------
Pioneer Cullen Value 3.21 Pioneer International Value 3.00
- ---------------------------------------------------------------------------------------------
Pioneer Fundamental Growth 2.75 Pioneer Emerging Markets 1.25
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Growth 2.62 Bonds
- ---------------------------------------------------------------------------------------------
Pioneer Research 2.39 Pioneer Short Term Income 24.30%
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Value 2.15 Pioneer Bond 23.63
- ---------------------------------------------------------------------------------------------
Pioneer Growth Opportunities 1.15 Pioneer Strategic Income 6.31
- ---------------------------------------------------------------------------------------------
Pioneer Small Cap Value 1.15 Pioneer Global High Yield 5.87
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Growth 1.11 Pioneer High Yield 4.64
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Value 1.08 Pioneer Floating Rate 0.94
- ---------------------------------------------------------------------------------------------
Pioneer Equity Income 1.06
- ---------------------------------------------------------------------------------------------
Pioneer Real Estate Shares 0.83
- ---------------------------------------------------------------------------------------------
Pioneer Independence 0.54
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth 0.39
- ---------------------------------------------------------------------------------------------
Pioneer Value 0.24
- ---------------------------------------------------------------------------------------------
This list excludes temporary cash and derivative instruments. The portfolio is
actively managed, and current holdings may be different. The holdings listed
should not be considered recommendations to buy or sell any security listed.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 21
Performance Update | 7/31/09 Class A Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund at public
offering price, compared to that of the Standard & Poor's 500 Stock Index and
Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- --------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 1.72% 0.30%
1 Year -4.44 -9.94
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.54% 1.39%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Stock Index
- --------------------------------------------------------------------------------
5/05 $ 9,425 $10,000 $10,000
7/05 9,599 9,963 10,387
7/06 9,919 10,108 10,945
7/07 10,800 10,672 12,710
7/08 10,490 11,329 11,300
7/09 10,024 12,217 9,046
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 12/1/11 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
22 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class B Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 0.84% 0.63%
1 Year -5.31 -8.89
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.38% 2.29%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Stock Index
- --------------------------------------------------------------------------------
5/05 $10,000 $10,000 $10,000
7/05 10,178 9,963 10,387
7/06 10,409 10,108 10,945
7/07 11,250 10,672 12,710
7/08 10,832 11,329 11,300
7/09 10,166 12,217 9,046
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). 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.
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.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class B Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 23
Performance Update | 7/31/09 Class C Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 0.79% 0.79%
1 Year -5.53 -5.53
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.28% 2.28%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Stock Index
- --------------------------------------------------------------------------------
5/05 $10,000 $10,000 $10,000
7/05 10,168 9,963 10,387
7/06 10,419 10,108 10,945
7/07 11,253 10,672 12,710
7/08 10,844 11,329 11,300
7/09 10,244 12,217 9,046
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class C Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
24 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class Y Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05)* 0.00% 0.00%
1 Year -10.66 -10.66
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.90% 1.90%
- --------------------------------------------------------------------------------
* Inception date of Class A Shares.
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Stock Index
- --------------------------------------------------------------------------------
5/05 $10,000 $10,000 $10,000
7/05 10,188 9,963 10,387
7/06 10,538 10,108 10,945
7/07 11,477 10,672 12,710
7/08 11,084 11,329 11,300
7/09 9,902 12,217 9,046
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares on
10/5/05 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Y shares, the performance shown for Class Y shares
prior to their inception would have been higher. Class Y shares are not subject
to sales charges and are available for limited groups of eligible investors,
including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 25
Portfolio Summary | 7/31/09
Pioneer Ibbotson Moderate Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Equity 60%
Fixed Income 40%
Short Term Bond 17.00%
- --------------------------------------------------
Large-Cap Growth 15.50
- --------------------------------------------------
Large-Cap Value 15.50
- --------------------------------------------------
International Equities 12.00
- --------------------------------------------------
Domestic Corporate Bonds 9.00
- --------------------------------------------------
High-Yield Corporate Bonds 8.00
- --------------------------------------------------
Mid/Small Cap Value 6.00
- --------------------------------------------------
Cash & Cash Equivalents 6.00
- --------------------------------------------------
Mid/Small Cap Growth 6.00
- --------------------------------------------------
Real Estate Investment Trusts (REIT) 3.00
- --------------------------------------------------
Emerging Market 2.00
- --------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks International Stocks
- ---------------------------------------------------------------------------------------------
Pioneer Fund 8.74% Pioneer International Value 6.92%
- ---------------------------------------------------------------------------------------------
Pioneer Fundamental Growth 5.88 Pioneer Global Equity 6.34
- ---------------------------------------------------------------------------------------------
Pioneer Research 4.61 Pioneer Emerging Markets 2.47
- ---------------------------------------------------------------------------------------------
Pioneer Growth Opportunities 4.26 Bonds
- ---------------------------------------------------------------------------------------------
Pioneer Cullen Value 4.03 Pioneer Bond 14.01%
- ---------------------------------------------------------------------------------------------
Pioneer Real Estate Shares 3.22 Pioneer Short Term Income 13.35
- ---------------------------------------------------------------------------------------------
Pioneer Small Cap Value 3.17 Pioneer Global High Yield 4.26
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Value 3.08 Pioneer High Yield 3.32
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Growth 2.55 Pioneer Strategic Income 2.25
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Value 2.32 Pioneer Government Income 0.01
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Growth 2.10
- ---------------------------------------------------------------------------------------------
Pioneer Independence 1.13
- ---------------------------------------------------------------------------------------------
Pioneer Equity Income 0.99
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth 0.80
- ---------------------------------------------------------------------------------------------
Pioneer Value 0.19
- ---------------------------------------------------------------------------------------------
This list excludes temporary cash and derivative instruments. The portfolio is
actively managed, and current holdings may be different. The holdings listed
should not be considered recommendations to buy or sell any security listed.
26 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class A Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund at public offering
price, compared to that of the Standard & Poor's 500 Stock Index and Barclays
Capital Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- -------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- -------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.13% 0.93%
1 Year -11.20 -16.27
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
1.42% 1.42%
- -------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $9,425 $10,000 $10,000
7/05 10,570 10,283 11,359
7/06 11,097 10,433 11,970
7/07 12,493 11,015 13,900
7/08 11,560 11,692 12,358
7/09 10,266 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 12/1/11 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 27
Performance Update | 7/31/09 Class B Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04) 0.68% 0.51%
1 Year -11.81 -15.05
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.29% 2.25%
- ---------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 10,978 10,283 11,359
7/06 11,417 10,433 11,970
7/07 12,753 11,015 13,900
7/08 11,691 11,692 12,358
7/09 10,227 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). 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.
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.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class B Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
28 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class C Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04) 0.59% 0.59%
1 Year -11.85 -11.85
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.16% 2.16%
- ---------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,122 10,283 11,359
7/06 11,573 10,433 11,970
7/07 12,941 11,015 13,900
7/08 11,882 11,692 12,358
7/09 10,474 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class C Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 29
Performance Update | 7/31/09 Class Y Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04)* 2.64% 2.64%
1 Year -10.09 -10.09
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
1.04% 1.04%
- ---------------------------------------------------------------
* Inception date of Class A Shares.
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Moderate Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,213 10,283 11,359
7/06 11,826 10,433 11,970
7/07 13,361 11,015 13,900
7/08 12,413 11,692 12,358
7/09 11,160 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares on
9/23/05 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Y shares, the performance shown for Class Y shares
prior to their inception would have been higher. Class Y shares are not subject
to sales charges and are available for limited groups of eligible investors,
including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
30 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Portfolio Summary | 7/31/09
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Equity 75%
Fixed Income 25%
Large-Cap Value 17.50%
- ---------------------------------------------------
Large-Cap Growth 16.50
- ---------------------------------------------------
International Equities 16.00
- ---------------------------------------------------
Short Term Bond 12.50
- ---------------------------------------------------
Mid/Small Cap Growth 8.50
- ---------------------------------------------------
Mid/Small Cap Value 8.50
- ---------------------------------------------------
Domestic Corporate Bonds 7.50
- ---------------------------------------------------
High-Yield Corporate Bonds 5.00
- ---------------------------------------------------
Emerging Market 4.00
- ---------------------------------------------------
Real Estate Investment Trusts (REIT) 4.00
- ---------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks International Stocks
Pioneer Fund 9.25% Pioneer International Value 8.38%
Pioneer Fundamental Growth 6.19 Pioneer Global Equity 7.85
Pioneer Mid Cap Value 4.88 Pioneer Emerging Markets 5.10
Pioneer Growth Opportunities 4.78 Bonds
Pioneer Small Cap Value 4.69 Pioneer Bond 10.85%
Pioneer Real Estate Shares 4.38 Pioneer Short Term Income 5.74
Pioneer Research 4.34 Pioneer High Yield 2.56
Pioneer Cullen Value 4.13 Pioneer Global High Yield 2.23
Pioneer Disciplined Growth 3.39 Pioneer Strategic Income 1.22
Pioneer Mid Cap Growth 3.02 Pioneer Government Income 0.01
Pioneer Equity Income 2.81
Pioneer Disciplined Value 2.49
Pioneer Oak Ridge Large Cap Growth 0.71
Pioneer Value 0.57
Pioneer Independence 0.43
This list excludes temporary cash and derivative instruments. The portfolio is
actively managed, and current holdings may be different. The holdings listed
should not be considered recommendations to buy or sell any security listed.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 31
Performance Update | 7/31/09 Class A Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund at public offering
price, compared to that of the Standard & Poor's 500 Stock Index and Barclays
Capital Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- -------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- -------------------------------------------------------------------
Life-of-Class
(8/9/04) 1.85% 0.64%
1 Year -15.49 -20.34
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
1.62% 1.59%
- -------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $9,425 $10,000 $10,000
7/05 10,892 10,283 11,359
7/06 11,577 10,433 11,970
7/07 13,281 11,015 13,900
7/08 11,969 11,692 12,358
7/09 10,115 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 12/1/11 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
32 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class B Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2009)
- ----------------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------------
Life-of-Class
(8/9/04) -0.65% -0.81%
1 Year -16.05 -19.05
- ----------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ----------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------
2.48% 2.37%
- ----------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,046 10,283 11,359
7/06 11,657 10,433 11,970
7/07 13,250 11,015 13,900
7/08 11,838 11,692 12,358
7/09 9,859 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). 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.
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.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class B Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 33
Performance Update | 7/31/09 Class C Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04) 0.50% 0.50%
1 Year -16.08 -16.08
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.32% 2.32%
- ---------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,310 10,283 11,359
7/06 11,933 10,433 11,970
7/07 13,575 11,015 13,900
7/08 12,158 11,692 12,358
7/09 10,203 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class C Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
34 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class Y Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04)* 2.68% 2.68%
1 Year -13.68 -13.68
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
1.18% 1.18%
- ---------------------------------------------------------------
* Inception date of Class A Shares.
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Growth Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,553 10,283 11,359
7/06 12,387 10,433 11,970
7/07 14,229 11,015 13,900
7/08 12,942 11,692 12,358
7/09 11,171 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares on
9/26/05 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Y shares, the performance shown for Class Y shares
prior to their inception would have been higher. Class Y shares are not subject
to sales charges and are available for limited groups of eligible investors,
including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance shown 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. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 35
Portfolio Summary | 7/31/09
Pioneer Ibbotson Aggressive Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Equity 90%
Fixed Income 10%
International Equities 21.00%
- ---------------------------------------------------
Large-Cap Growth 19.00
- ---------------------------------------------------
Large-Cap Value 19.00
- ---------------------------------------------------
Mid/Small Cap Growth 10.50
- ---------------------------------------------------
Mid/Small Cap Value 10.50
- ---------------------------------------------------
Domestic Corporate Bonds 7.00
- ---------------------------------------------------
Emerging Market 5.00
- ---------------------------------------------------
Real Estate Investment Trusts (REIT) 5.00
- ---------------------------------------------------
Short Term Bond 3.00
- ---------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- --------------------------------------------------------------------------------
U.S. Stocks International Stocks
- -------------------------------------------------------------------------------------------
Pioneer Fund 9.55% Pioneer International Value 11.70%
- -------------------------------------------------------------------------------------------
Pioneer Fundamental Growth 7.68 Pioneer Global Equity 10.12
- -------------------------------------------------------------------------------------------
Pioneer Small Cap Value 7.61 Pioneer Emerging Markets 6.08
- -------------------------------------------------------------------------------------------
Pioneer Growth Opportunities 6.40 Bonds
- -------------------------------------------------------------------------------------------
Pioneer Real Estate Shares 6.09 Pioneer Bond 6.60%
- -------------------------------------------------------------------------------------------
Pioneer Mid Cap Value 5.95 Pioneer High Yield 0.46
- -------------------------------------------------------------------------------------------
Pioneer Research 4.25
- -------------------------------------------------------------------------------------------
Pioneer Cullen Value 4.15
- -------------------------------------------------------------------------------------------
Pioneer Disciplined Growth 3.59
- -------------------------------------------------------------------------------------------
Pioneer Mid Cap Growth 3.08
- -------------------------------------------------------------------------------------------
Pioneer Disciplined Value 2.52
- -------------------------------------------------------------------------------------------
Pioneer Equity Income 2.46
- -------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth 1.12
- -------------------------------------------------------------------------------------------
Pioneer Value 0.30
- -------------------------------------------------------------------------------------------
Pioneer Independence 0.29
- -------------------------------------------------------------------------------------------
This list excludes temporary cash and derivative instruments. The portfolio is
actively managed, and current holdings may be different. The holdings listed
should not be considered recommendations to buy or sell any security listed.
36 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class A Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund at public
offering price, compared to that of the Standard & Poor's 500 Stock Index and
Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- -------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- -------------------------------------------------------------------
Life-of-Class
(8/9/04) 1.58% 0.38%
1 Year -19.05 -23.69
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
1.73% 1.70%
- -------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $9,425 $10,000 $10,000
7/05 11,173 10,283 11,359
7/06 11,989 10,433 11,970
7/07 13,956 11,015 13,900
7/08 12,276 11,692 12,358
7/09 9,938 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 12/1/11 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 37
Performance Update | 7/31/09 Class B Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04) 0.15% -0.01%
1 Year -19.69 -22.50
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.60% 2.49%
- ---------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,690 10,283 11,359
7/06 12,434 10,433 11,970
7/07 14,361 11,015 13,900
7/08 12,534 11,692 12,358
7/09 9,987 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). 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.
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.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class B Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
38 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Performance Update | 7/31/09 Class C Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04) 0.46% 0.46%
1 Year -19.71 -19.71
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.42% 2.42%
- ---------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,563 10,283 11,359
7/06 12,299 10,433 11,970
7/07 14,221 11,015 13,900
7/08 12,429 11,692 12,358
7/09 9,979 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/10 for Class C Shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 39
Performance Update | 7/31/09 Class Y Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2009)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
Life-of-Class
(8/9/04)* 1.96% 1.96%
1 Year -19.35 -19.35
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2008)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
1.24% 1.24%
- ---------------------------------------------------------------
* Inception date of Class A Shares.
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital Standard & Poor's
Aggressive Aggregate 500
Allocation Fund Bond Index Stock Index
8/04 $10,000 $10,000 $10,000
7/05 11,860 10,283 11,359
7/06 12,759 10,433 11,970
7/07 14,941 11,015 13,900
7/08 13,323 11,692 12,358
7/09 10,745 12,610 9,893
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares on
9/23/05 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Y shares, the performance shown for Class Y shares
prior to their inception would have been higher. Class Y shares are not subject
to sales charges and are available for limited groups of eligible investors,
including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure
of the broad U.S. stock market. The Barclays Capital Aggregate Bond Index is a
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an Index.
40 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Schedule of Investments | 7/31/09
Pioneer Ibbotson Conservative Allocation Fund
- ------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------
MUTUAL FUNDS -- 93.3%
PIONEER FUNDS* -- 93.3%
1,085,111 Pioneer Bond Fund Class Y $ 9,505,577
84,711 Pioneer Cullen Value Fund Class Y 1,290,990
125,700 Pioneer Disciplined Growth Fund Class Y 1,054,626
109,336 Pioneer Disciplined Value Fund Class Y 867,038
20,594 Pioneer Emerging Markets Fund Class Y 504,345
21,753 Pioneer Equity Income Fund Class Y 427,451
59,079 Pioneer Floating Rate Fund Class Y 377,515
71,637 Pioneer Fund Class Y 2,273,756
111,640 Pioneer Fundamental Growth Fund Class Y 1,106,348
183,817 Pioneer Global Equity Fund Class Y 1,505,457
285,210 Pioneer Global High Yield Fund Class Y 2,361,539
22,714 Pioneer Growth Opportunities Fund Class Y 465,182
230,818 Pioneer High Yield Fund Class Y 1,865,007
24,995 Pioneer Independence Fund Class Y 216,454
69,124 Pioneer International Value Fund Class Y 1,208,986
40,326 Pioneer Mid-Cap Growth Fund Class Y 444,800
25,530 Pioneer Mid-Cap Value Fund Class Y 433,491
15,383 Pioneer Oak Ridge Large Cap Growth Fund
Class Y 155,370
26,729 Pioneer Real Estate Shares Fund Class Y 334,114
131,031 Pioneer Research Fund Class Y 961,764
1,051,103 Pioneer Short Term Income Fund Class Y 9,775,254
25,961 Pioneer Small Cap Value Fund Class Y 464,183
258,677 Pioneer Strategic Income Fund Class Y 2,537,623
9,977 Pioneer Value Fund Class Y 95,383
- ------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 93.3%
(Cost $40,946,291) (a) $40,232,253
- ------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- 6.7% $ 2,909,598
- ------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $43,141,851
========================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2009, the net unrealized loss on investments based on cost for
federal tax purposes of $42,044,102 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 1,060,747
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (2,872,596)
-----------
Net unrealized loss $(1,811,849)
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2009 aggregated $19,516,045 and $21,329,831,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 41
Schedule of Investments | 7/31/09
Pioneer Ibbotson Conservative Allocation Fund (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of July 31, 2009, in valuing
the Fund's assets:
- -------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -------------------------------------------------------------------------
Mutual Funds $40,232,253 $ -- $ -- $40,232,253
- -------------------------------------------------------------------------
Total $40,232,253 $ -- $ -- $40,232,253
=========================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Schedule of Investments | 7/31/09
Pioneer Ibbotson Moderate Allocation Fund
- -------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------
MUTUAL FUNDS -- 99.1%
PIONEER FUNDS* -- 99.1%
3,191,824 Pioneer Bond Fund Class Y $ 27,960,381
527,905 Pioneer Cullen Value Fund Class Y 8,045,268
605,540 Pioneer Disciplined Growth Fund Class Y 5,080,482
582,879 Pioneer Disciplined Value Fund Class Y 4,622,227
201,734 Pioneer Emerging Markets Fund Class Y 4,940,459
101,053 Pioneer Equity Income Fund Class Y 1,985,697
549,733 Pioneer Fund Class Y 17,448,527
1,184,481 Pioneer Fundamental Growth Fund Class Y 11,738,207
1,544,907 Pioneer Global Equity Fund Class Y 12,652,789
1,027,036 Pioneer Global High Yield Fund Class Y 8,503,860
1,599 Pioneer Government Income Fund Class Y 15,720
415,695 Pioneer Growth Opportunities Fund Class Y 8,513,439
820,705 Pioneer High Yield Fund Class Y 6,631,300
260,282 Pioneer Independence Fund Class Y 2,254,038
790,376 Pioneer International Value Fund Class Y 13,823,685
379,435 Pioneer Mid-Cap Growth Fund Class Y 4,185,167
362,292 Pioneer Mid-Cap Value Fund Class Y 6,151,722
158,723 Pioneer Oak Ridge Large Cap Growth Fund
Class Y 1,603,102
514,558 Pioneer Real Estate Shares Fund Class Y 6,431,977
1,252,692 Pioneer Research Fund Class Y 9,194,762
2,866,238 Pioneer Short Term Income Fund Class Y 26,656,017
353,371 Pioneer Small Cap Value Fund Class Y 6,318,270
458,872 Pioneer Strategic Income Fund Class Y 4,501,539
39,510 Pioneer Value Fund Class Y 377,716
- -------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.1%
(Cost $214,290,207) (a) $199,636,351
- -------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- 0.9% $ 1,874,007
- -------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $201,510,358
=========================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2009, the net unrealized loss on investments based on cost for
federal tax purposes of $217,923,459 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 7,957,242
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (26,244,350)
------------
Net unrealized loss $(18,287,108)
============
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2009 aggregated $85,837,245 and $137,663,125,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 43
Schedule of Investments | 7/31/09
Pioneer Ibbotson Moderate Allocation Fund (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of July 31, 2009, in valuing
the Fund's assets:
- ---------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------
Mutual Funds $199,636,351 $ -- $ -- $199,636,351
- ---------------------------------------------------------------------------
Total $199,636,351 $ -- $ -- $199,636,351
===========================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Schedule of Investments | 7/31/09
Pioneer Ibbotson Growth Allocation Fund
- -------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------
MUTUAL FUNDS -- 99.6%
PIONEER FUNDS* -- 99.6%
2,380,169 Pioneer Bond Fund Class Y $ 20,850,284
521,339 Pioneer Cullen Value Fund Class Y 7,945,210
776,874 Pioneer Disciplined Growth Fund Class Y 6,517,971
602,910 Pioneer Disciplined Value Fund Class Y 4,781,077
400,137 Pioneer Emerging Markets Fund Class Y 9,799,348
275,364 Pioneer Equity Income Fund Class Y 5,410,898
560,368 Pioneer Fund Class Y 17,786,069
1,200,014 Pioneer Fundamental Growth Fund Class Y 11,892,139
1,841,989 Pioneer Global Equity Fund Class Y 15,085,888
517,077 Pioneer Global High Yield Fund Class Y 4,281,399
1,059 Pioneer Government Income Fund Class Y 10,408
448,852 Pioneer Growth Opportunities Fund Class Y 9,192,495
609,118 Pioneer High Yield Fund Class Y 4,921,672
94,655 Pioneer Independence Fund Class Y 819,714
921,032 Pioneer International Value Fund Class Y 16,108,858
526,449 Pioneer Mid-Cap Growth Fund Class Y 5,806,729
552,811 Pioneer Mid-Cap Value Fund Class Y 9,386,739
135,255 Pioneer Oak Ridge Large Cap Growth Fund
Class Y 1,366,071
673,507 Pioneer Real Estate Shares Fund Class Y 8,418,832
1,136,735 Pioneer Research Fund Class Y 8,343,637
1,187,353 Pioneer Short Term Income Fund Class Y 11,042,382
504,645 Pioneer Small Cap Value Fund Class Y 9,023,055
239,040 Pioneer Strategic Income Fund Class Y 2,344,979
114,118 Pioneer Value Fund Class Y 1,090,967
- -------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.6%
(Cost $211,542,523) (a) $192,226,821
- -------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- 0.4% $ 826,792
- -------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $193,053,613
=========================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2009, the net unrealized loss on investments based on cost for
federal tax purposes of $214,053,466 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 8,787,919
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (30,614,564)
------------
Net unrealized loss $(21,826,645)
============
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2009 aggregated $91,648,836 and $146,338,969,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 45
Schedule of Investments | 7/31/09
Pioneer Ibbotson Growth Allocation Fund (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of July 31, 2009, in valuing
the Fund's assets:
- ---------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------
Mutual Funds $192,226,821 $ -- $ -- $192,226,821
- ---------------------------------------------------------------------------
Total $192,226,821 $ -- $ -- $192,226,821
===========================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Schedule of Investments | 7/31/09
Pioneer Ibbotson Aggressive Allocation Fund
- ------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------
MUTUAL FUNDS -- 98.8%
PIONEER FUNDS* -- 98.8%
887,428 Pioneer Bond Fund Class Y $ 7,773,865
320,567 Pioneer Cullen Value Fund Class Y 4,885,437
503,752 Pioneer Disciplined Growth Fund Class Y 4,226,477
374,208 Pioneer Disciplined Value Fund Class Y 2,967,473
292,368 Pioneer Emerging Markets Fund Class Y 7,160,083
147,433 Pioneer Equity Income Fund Class Y 2,897,052
354,185 Pioneer Fund Class Y 11,241,821
912,076 Pioneer Fundamental Growth Fund Class Y 9,038,677
1,455,472 Pioneer Global Equity Fund Class Y 11,920,316
367,950 Pioneer Growth Opportunities Fund Class Y 7,535,622
66,668 Pioneer High Yield Fund Class Y 538,675
38,878 Pioneer Independence Fund Class Y 336,687
787,340 Pioneer International Value Fund Class Y 13,770,584
328,453 Pioneer Mid-Cap Growth Fund Class Y 3,622,838
412,958 Pioneer Mid-Cap Value Fund Class Y 7,012,025
131,212 Pioneer Oak Ridge Large Cap Growth Fund
Class Y 1,325,245
573,791 Pioneer Real Estate Shares Fund Class Y 7,172,391
681,156 Pioneer Research Fund Class Y 4,999,686
501,225 Pioneer Small Cap Value Fund Class Y 8,961,909
36,728 Pioneer Value Fund Class Y 351,121
- ------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.8%
(Cost $128,625,933) (a) $117,737,984
- ------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- 1.2% $ 1,423,558
- ------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $119,161,542
========================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2009, the net unrealized loss on investments based on cost for
federal tax purposes of $130,843,148 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 7,306,301
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (20,411,465)
------------
Net unrealized loss $(13,105,164)
============
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2009 aggregated $63,603,246 and $101,473,535,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 47
Schedule of Investments | 7/31/09
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of July 31, 2009, in valuing
the Fund's assets:
- ---------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------
Mutual Funds $117,737,984 $ -- $ -- $117,737,984
- ---------------------------------------------------------------------------
Total $117,737,984 $ -- $ -- $117,737,984
===========================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Statements of Assets and Liabilities | 7/31/09
- --------------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of affiliated
issuers, at value (at cost $40,946,291,
$214,290,207, $211,542,523 and
$128,625,933, respectively) $ 40,232,253 $ 199,636,351 $ 192,226,821 $ 117,737,984
Cash 2,904,540 1,806,052 637,341 1,782,830
Receivables for:
Investment Funds sold 6,554 82,824 212,333 85,564
Capital stock sold 44,073 120,528 128,290 149,423
Dividends 137,275 398,094 238,271 40,598
Due from Pioneer Investment
Management, Inc. 36,712 9,942 15,685 14,970
Other assets 42,508 34,847 40,880 39,218
- --------------------------------------------------------------------------------------------------------------
Total assets $ 43,403,915 $ 202,088,638 $ 193,499,621 $ 119,850,587
- --------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Investment Funds purchased $ 130,943 $ 158,433 $ 51,011 $ 35,909
Capital stock redeemed 32,249 183,103 133,465 472,025
Due to affiliates 36,747 151,051 169,979 109,292
Accrued expenses and other liabilities 62,125 85,693 91,553 71,819
- --------------------------------------------------------------------------------------------------------------
Total liabilities $ 262,064 $ 578,280 $ 446,008 $ 689,045
- --------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $ 48,540,564 $ 251,504,602 $ 256,901,838 $ 166,233,834
Undistributed net investment income 1,022,298 5,553,462 3,503,204 920,231
Accumulated net realized loss on
investments (5,706,973) (40,893,850) (48,035,727) (37,104,574)
Net unrealized loss on investments (714,038) (14,653,856) (19,315,702) (10,887,949)
- --------------------------------------------------------------------------------------------------------------
Total net assets $ 43,141,851 $ 201,510,358 $ 193,053,613 $ 119,161,542
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares
authorized)
Net Assets of Class A shares $ 25,992,179 $ 120,785,617 $ 111,447,384 $ 79,480,231
Net Assets of Class B shares $ 5,957,206 $ 35,196,716 $ 43,389,760 $ 20,884,194
Net Assets of Class C shares $ 11,183,937 $ 37,513,433 $ 36,602,112 $ 17,170,523
Net Assets of Class Y shares $ 8,529 $ 8,014,592 $ 1,614,357 $ 1,626,594
Class A Shares outstanding 2,763,802 13,738,581 12,744,689 9,403,278
Class B Shares outstanding 644,795 4,186,241 5,598,694 2,632,101
Class C Shares outstanding 1,214,646 4,527,360 4,407,788 2,135,617
Class Y Shares outstanding 945 901,756 179,277 190,225
Net Asset Value -- Class A share $ 9.40 $ 8.79 $ 8.74 $ 8.45
Net Asset Value -- Class B share $ 9.24 $ 8.41 $ 7.75 $ 7.93
Net Asset Value -- Class C share $ 9.21 $ 8.29 $ 8.30 $ 8.04
Net Asset Value -- Class Y share $ 9.02 $ 8.89 $ 9.00 $ 8.55
MAXIMUM OFFERING PRICE:
Class A (100 [divided by] 94.25 x net asset
value per share) $ 9.97 $ 9.33 $ 9.27 $ 8.97
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 49
Statements of Operations
For the Year Ended 7/31/09
- --------------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from securities of
affiliated issuers $ 1,987,543 $ 7,212,314 $ 5,376,988 $ 2,035,646
Interest 11,337 391,717 164,167 128,982
- --------------------------------------------------------------------------------------------------------------
Total investment income $ 1,998,880 $ 7,604,031 $ 5,541,155 $ 2,164,628
- --------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 49,787 $ 250,408 $ 238,192 $ 146,622
Transfer agent fees
Class A 28,567 147,627 261,347 218,412
Class B 11,800 92,719 157,636 87,763
Class C 12,234 47,024 65,659 36,497
Class Y 42 546 515 522
Distribution fees
Class A 57,357 279,948 259,948 184,963
Class B 55,842 357,736 434,787 208,844
Class C 97,623 348,081 342,522 161,345
Shareholder communications expense 33,587 114,817 131,296 110,660
Administrative fees 13,125 66,829 63,611 39,244
Custodian fees 21,674 91,948 82,056 45,135
Registration fees 48,638 55,253 55,974 54,862
Professional fees 55,402 61,964 64,540 61,980
Printing fees 34,392 47,456 55,534 45,665
Fees and expenses of nonaffiliated
trustees 5,967 7,664 7,582 5,874
Insurance expense 795 5,146 5,011 3,227
Miscellaneous 5,206 23,797 20,220 13,076
- --------------------------------------------------------------------------------------------------------------
Total expenses $ 532,038 $ 1,998,963 $ 2,246,430 $ 1,424,691
Less fees waived and expenses
reimbursed by Pioneer
Investment Management, Inc. (94,285) (62,600) (194,914) (178,229)
Less fees paid indirectly (380) (2,237) (3,817) (2,735)
- --------------------------------------------------------------------------------------------------------------
Net expenses $ 437,373 $ 1,934,126 $ 2,047,699 $ 1,243,727
- --------------------------------------------------------------------------------------------------------------
Net investment income $ 1,561,507 $ 5,669,905 $ 3,493,456 $ 920,901
- --------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized loss on investments $(5,669,115) $(40,717,604) $(48,693,006) $(37,118,215)
Realized gain distributions from
investment company shares $ 313,037 $ 1,792,111 $ 1,883,101 $ 1,321,159
- --------------------------------------------------------------------------------------------------------------
$(5,356,078) $(38,925,493) $(46,809,905) $(35,797,056)
- --------------------------------------------------------------------------------------------------------------
Change in net unrealized gain on
investments $ 1,726,015 $ 1,016,697 $ 1,721,765 $ 3,145,730
- --------------------------------------------------------------------------------------------------------------
Net loss on investments $(3,630,063) $(37,908,796) $(45,088,140) $(32,651,326)
- --------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from operations $(2,068,556) $(32,238,891) $(41,594,684) $(31,730,425)
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
------------------------------- ------------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/09 7/31/08 7/31/09 7/31/08
- --------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,561,507 $ 1,109,071 $ 5,669,905 $ 5,125,301
Net realized gain (loss) on investments (5,356,078) 941,283 (38,925,493) 17,111,917
Change in net unrealized gain (loss)
on investments 1,726,015 (3,369,151) 1,016,697 (45,111,196)
- --------------------------------------------------------------------------------------------------------
Net decrease in net assets
resulting from operations $(2,068,556) $(1,318,797) $(32,238,891) $(22,873,978)
- --------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class A ($0.31, $0.35, $0.13 and
$0.31, respectively) $ (747,663) $ (795,219) $ (1,669,230) $ (4,112,740)
Class B ($0.23, $0.25, $0.03 and
$0.21, respectively) (149,975) (115,429) (121,524) (1,070,630)
Class C ($0.23, $0.26, $0.06 and
$0.23, respectively) (248,688) (233,014) (247,061) (996,085)
Class Y ($0.11, $0.28, $0.18 and
$0.35, respectively) (100) (268) (201,422) (631,068)
Net realized gain on investments
Class A ($0.22, $0.15, $0.61 and
$0.44, respectively) (526,812) (347,880) (7,648,955) (5,859,816)
Class B ($0.22, $0.15, $0.61 and
$0.44, respectively) (140,521) (71,354) (2,605,257) (2,247,809)
Class C ($0.22, $0.15, $0.61 and
$0.44, respectively) (234,925) (138,267) (2,544,858) (1,863,711)
Class Y ($0.22, $0.15, $0.61 and
$0.44, respectively) (207) (144) (668,871) (783,810)
- --------------------------------------------------------------------------------------------------------
Total distributions to
shareowners $(2,048,891) $(1,701,575) $(15,707,178) $(17,565,669)
- --------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $19,287,993 $26,850,562 $ 41,171,734 $ 74,617,312
Reinvestment of distributions 1,826,482 1,306,808 14,349,529 15,706,508
Cost of shares repurchased (18,148,958) (18,721,233) (67,083,006) (86,203,476)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund share
transactions $ 2,965,517 $ 9,436,137 $(11,561,743) $ 4,120,344
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets $(1,151,930) $ 6,415,765 $(59,507,812) $(36,319,303)
NET ASSETS:
Beginning of period 44,293,781 37,878,016 261,018,170 297,337,473
- --------------------------------------------------------------------------------------------------------
End of period $43,141,851 $44,293,781 $201,510,358 $261,018,170
- --------------------------------------------------------------------------------------------------------
Undistributed net investment income,
end of period $ 1,022,298 $ 592,800 $ 5,553,462 $ 2,097,791
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 51
Statements of Changes in Net Assets (continued)
- -----------------------------------------------------------------------------------------------------------
Aggressive
Growth Allocation Fund Allocation Fund
--------------------------------- ------------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/09 7/31/08 7/31/09 7/31/08
- -----------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,493,456 $ 2,591,000 $ 920,901 $ 532,660
Net realized gain (loss) on investments (46,809,905) 20,223,530 (35,797,056) 15,468,007
Change in net unrealized gain (loss) on
investments 1,721,765 (52,590,535) 3,145,730 (38,638,792)
- -----------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
operations $(41,594,684) $(29,776,005) $(31,730,425) $(22,638,125)
- -----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class A ($0.04, $0.25, $0.00 and
$0.23, respectively) $ (517,538) $ (2,937,370) $ -- $ (1,951,184)
Class B ($0.00, $0.14, $0.00 and
$0.12, respectively) -- (885,892) -- (315,424)
Class C ($0.00, $0.17, $0.00 and
$0.16, respectively) -- (707,330) -- (288,248)
Class Y ($0.10, $0.30, $0.00 and
$0.29 respectively) (12,756) (68,685) -- (86,685)
Net realized gain on investments
Class A ($0.77, $0.47, $0.95 and
$0.50, respectively) (9,042,100) (5,579,580) (8,008,516) (4,180,871)
Class B ($0.77, $0.47, $0.95 and
$0.50, respectively) (4,285,462) (2,897,772) (2,418,500) (1,361,602)
Class C ($0.77, $0.47, $0.95 and
$0.50, respectively) (3,080,395) (2,003,251) (1,816,045) (934,623)
Class Y ($0.77, $0.47, $0.95 and
$0.50, respectively) (100,341) (109,224) (216,797) (148,937)
- -----------------------------------------------------------------------------------------------------------
Total distributions to
shareowners $(17,038,592) $(15,189,104) $(12,459,858) $ (9,267,574)
- -----------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 38,806,649 $ 73,007,583 $ 24,408,932 $ 45,683,649
Reinvestment of distributions 15,852,835 14,017,659 11,779,918 8,711,466
Cost of shares repurchased (54,927,329) (79,470,673) (32,217,796) (41,665,902)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund share
transactions $ (267,845) $ 7,554,569 $ 3,971,054 $ 12,729,213
- -----------------------------------------------------------------------------------------------------------
Net decrease in net assets $(58,901,121) $(37,410,540) $(40,219,229) $(19,176,486)
NET ASSETS:
Beginning of period 251,954,734 289,365,274 159,380,771 178,557,257
- -----------------------------------------------------------------------------------------------------------
End of period $193,053,613 $251,954,734 $119,161,542 $159,380,771
- -----------------------------------------------------------------------------------------------------------
Undistributed net investment income,
end of period $ 3,503,204 $ 530,131 $ 920,231 $ --
- -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
For the Years Ended 7/31/09 and 7/31/08
- -------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
- -------------------------------------------------------------------------------------------------
Class A
Shares sold 1,046,972 $9,181,773 1,492,458 $16,447,805
Reinvestment of distributions 150,728 1,217,886 86,381 953,643
Less shares repurchased (988,287) (8,821,594) (1,091,471) (12,090,392)
- -------------------------------------------------------------------------------------------------
Net increase 209,413 $1,578,065 487,368 $ 5,311,056
=================================================================================================
Class B
Shares sold 313,527 $2,691,195 310,489 $ 3,337,164
Reinvestment of distributions 30,564 243,897 14,331 156,352
Less shares repurchased (317,104) (2,734,913) (132,895) (1,434,789)
- -------------------------------------------------------------------------------------------------
Net increase 26,987 $ 200,179 191,925 $ 2,058,727
=================================================================================================
Class C
Shares sold 854,431 $7,415,025 657,247 $ 7,065,593
Reinvestment of distributions 45,816 364,699 18,056 196,813
Less shares repurchased (766,827) (6,592,451) (479,030) (5,196,052)
- -------------------------------------------------------------------------------------------------
Net increase 133,420 $1,187,273 196,273 $ 2,066,354
=================================================================================================
- ----------------------------------------------------------------------------------------------------
Moderate Allocation Fund
---------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 2,821,624 $23,293,246 3,598,773 $43,102,735
Reinvestment of distributions 1,232,334 9,094,621 795,383 9,512,778
Less shares repurchased (3,817,424) (31,882,235) (4,097,693) (48,301,775)
- ----------------------------------------------------------------------------------------------------
Net increase 236,534 $ 505,632 296,463 $ 4,313,738
====================================================================================================
Class B
Shares sold 563,328 $ 4,411,845 754,664 $ 8,728,338
Reinvestment of distributions 357,156 2,532,237 263,378 3,023,582
Less shares repurchased (1,594,459) (12,499,463) (1,238,207) (13,808,834)
- ----------------------------------------------------------------------------------------------------
Net decrease (673,975) $(5,555,381) (220,165) $(2,056,914)
====================================================================================================
Class C
Shares sold 1,569,203 $12,180,557 1,811,017 $20,460,013
Reinvestment of distributions 300,085 2,097,597 175,060 1,988,684
Less shares repurchased (1,767,600) (13,677,523) (1,552,139) (17,224,907)
- ----------------------------------------------------------------------------------------------------
Net increase 101,688 $ 600,631 433,938 $ 5,223,790
====================================================================================================
Class Y
Shares sold 149,844 $ 1,286,086 192,451 $ 2,326,226
Reinvestment of distributions 84,242 625,074 98,537 1,181,464
Less shares repurchased (968,281) (9,023,785) (570,437) (6,867,960)
- ----------------------------------------------------------------------------------------------------
Net decrease (734,195) $(7,112,625) (279,449) $(3,360,270)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 53
Statements of Changes in Net Assets (continued)
- ----------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 2,589,869 $21,222,690 3,395,525 $43,734,999
Reinvestment of distributions 1,269,968 9,232,669 630,691 8,161,140
Less shares repurchased (3,263,979) (26,769,055) (3,570,650) (45,171,530)
- ----------------------------------------------------------------------------------------------------
Net increase 595,858 $ 3,686,304 455,566 $ 6,724,609
====================================================================================================
Class B
Shares sold 723,670 $ 5,311,140 823,011 $ 9,473,075
Reinvestment of distributions 634,620 4,105,994 309,971 3,623,560
Less shares repurchased (1,730,142) (12,362,572) (1,416,326) (15,983,450)
- ----------------------------------------------------------------------------------------------------
Net decrease (371,852) $(2,945,438) (283,344) $(2,886,815)
====================================================================================================
Class C
Shares sold 1,416,333 $10,929,968 1,519,021 $18,651,049
Reinvestment of distributions 355,761 2,465,427 168,686 2,093,396
Less shares repurchased (1,724,566) (13,850,941) (1,424,326) (17,176,694)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) 47,528 $ (455,546) 263,381 $ 3,567,751
====================================================================================================
Class Y
Shares sold 158,272 $ 1,342,851 87,438 $ 1,148,460
Reinvestment of distributions 6,534 48,745 10,695 139,563
Less shares repurchased (215,970) (1,944,761) (85,865) (1,138,999)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) (51,164) $ (553,165) 12,268 $ 149,024
====================================================================================================
- ----------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
---------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 2,135,342 $16,907,966 2,256,034 $30,115,692
Reinvestment of distributions 1,119,839 7,838,875 437,593 5,964,389
Less shares repurchased (2,536,617) (20,125,237) (2,041,754) (26,733,582)
- ----------------------------------------------------------------------------------------------------
Net increase 718,564 $ 4,621,604 651,873 $ 9,346,499
====================================================================================================
Class B
Shares sold 321,078 $ 2,411,590 371,057 $ 4,699,127
Reinvestment of distributions 347,880 2,296,007 121,796 1,589,433
Less shares repurchased (729,085) (5,288,157) (586,736) (7,366,091)
- ----------------------------------------------------------------------------------------------------
Net decrease (60,127) $ (580,560) (93,883) $(1,077,531)
====================================================================================================
Class C
Shares sold 587,589 $ 4,479,431 709,025 $ 9,135,614
Reinvestment of distributions 228,896 1,531,312 75,540 997,888
Less shares repurchased (686,801) (5,383,113) (495,830) (6,226,149)
- ----------------------------------------------------------------------------------------------------
Net increase 129,684 $ 627,630 288,735 $ 3,907,353
====================================================================================================
Class Y
Shares sold 72,124 $ 609,945 125,798 $ 1,733,216
Reinvestment of distributions 16,085 113,724 11,627 159,756
Less shares repurchased (156,302) (1,421,289) (101,522) (1,340,080)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) (68,093) $ (697,620) 35,903 $ 552,892
====================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Financial Highlights
- ------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------------------------------------------
Year Year Year Year 5/12/05(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.48 $ 11.28 $ 10.56 $ 10.29 $ 10.00
- ------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.39 $ 0.33 $ 0.32 $ 0.25 $ 0.05
Net realized and unrealized gain
(loss) on investments (0.94) (0.63) 0.61 0.09 0.24
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (0.55) $ (0.30) $ 0.93 $ 0.34 $ 0.29
- ------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.35) $ (0.19) $ (0.06) $ --
Net realized gain (0.22) (0.15) (0.02) (0.01) --
- ------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.53) $ (0.50) $ (0.21) $ (0.07) $ --
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (1.08) $ (0.80) $ 0.72 $ 0.27 $ 0.29
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.40 $ 10.48 $ 11.28 $ 10.56 $ 10.29
============================================================================================================
Total return* (4.44)% (2.88)% 8.89% 3.33% 2.90%**
Ratio of net expenses to average
net assets+++ 0.78% 0.78% 0.78% 0.78% 0.78%***
Ratio of net investment income to
average net assets+++ 4.43% 2.96% 2.90% 2.38% 2.26%***
Portfolio turnover rate 53% 29% 15% 15% 9%**
Net assets, end of period (in thousands) $25,992 $26,782 $23,324 $ 8,837 $ 877
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.09% 0.89% 0.98% 2.12% 40.41%***
Net investment income (loss) 4.12% 2.86% 2.70% 1.04% (37.37)%***
Ratios with waiver of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 0.78% 0.78% 0.78% 0.78% 0.78%***
Net investment income 4.43% 2.97% 2.90% 2.38% 2.26%***
============================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 55
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
Year Year Year Year 5/12/05(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.31 $ 11.10 $ 10.44 $ 10.28 $ 10.00
- ------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.31 $ 0.22 $ 0.21 $ 0.15 $ 0.03
Net realized and unrealized gain
(loss) on investments (0.93) (0.61) 0.63 0.08 0.25
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (0.62) $ (0.39) $ 0.84 $ 0.23 $ 0.28
- ------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income loss $ (0.23) $ (0.25) $ (0.16) $ (0.06) $ --
Net realized loss (0.22) (0.15) (0.02) (0.01) --
- ------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.45) $ (0.40) $ (0.18) $ (0.07) $ --
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (1.07) $ (0.79) $ 0.66 $ 0.16 $ 0.28
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.24 $ 10.31 $ 11.10 $ 10.44 $ 10.28
============================================================================================================
Total return* (5.31)% (3.72)% 8.09% 2.26% 2.80%**
Ratio of net expenses to average
net assets+++ 1.68% 1.69% 1.69% 1.68% 1.68%***
Ratio of net investment income to
average net assets+++ 3.58% 2.05% 1.91% 1.49% 1.23%***
Portfolio turnover rate 53% 29% 15% 15% 9%**
Net assets, end of period (in thousands) $ 5,957 $ 6,370 $ 4,729 $ 2,830 $ 221
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.90% 1.73% 1.91% 3.08% 38.96%***
Net investment income (loss) 3.36% 2.01% 1.69% 0.09% (36.05)%***
Ratios with waiver of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.68% 1.68% 1.68% 1.68% 1.68%***
Net investment income 3.58% 2.05% 1.92% 1.49% 1.23%***
============================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- ------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------
Year Year Year Year 5/12/05(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.30 $ 11.09 $ 10.44 $ 10.26 $ 10.00
- ------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.31 $ 0.23 $ 0.21 $ 0.15 $ 0.03
Net realized and unrealized gain
(loss) on investments (0.95) (0.61) 0.62 0.10 0.23
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (0.64) $ (0.38) $ 0.83 $ 0.25 $ 0.26
- ------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.26) $ (0.16) $ (0.06) $ --
Net realized gain (0.22) (0.15) (0.02) (0.01) --
- ------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.45) $ (0.41) $ (0.18) $ (0.07) $ --
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (1.09) $ (0.79) $ 0.65 $ 0.18 $ 0.26
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.21 $ 10.30 $ 11.09 $ 10.44 $ 10.26
============================================================================================================
Total return* (5.53)% (3.63)% 8.00% 2.46% 2.60%**
Ratio of net expenses to average
net assets+++ 1.68% 1.63% 1.68% 1.68% 1.68%***
Ratio of net investment income to
average net assets+++ 3.54% 2.10% 1.92% 1.48% 1.17%***
Portfolio turnover rate 53% 29% 15% 15% 9%**
Net assets, end of period (in thousands) $11,184 $11,132 $ 9,814 $ 5,201 $ 679
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.80% 1.63% 1.76% 2.80% 45.38%***
Net investment income (loss) 3.43% 2.10% 1.84% 0.36% (42.53)%***
Ratios with waiver of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.68% 1.63% 1.68% 1.68% 1.68%***
Net investment income 3.54% 2.11% 1.92% 1.48% 1.17%***
============================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 57
Financial Highlights (continued)
- ---------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------
Year Year Year 10/5/05(a)
Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06
- ---------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.50 $ 11.30 $ 10.57 $ 10.32
- ---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (b) $ (0.18) $ 0.28 $ 0.29 $ 0.16
Net realized and unrealized gain (loss) on
investments (0.97) (0.65) 0.65 0.16
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ (1.15) $ (0.37) $ 0.94 $ 0.32
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.28) $ (0.19) $ (0.06)
Net realized gain (0.22) (0.15) (0.02) (0.01)
- ---------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.33) $ (0.43) $ (0.21) $ (0.07)
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.48) $ (0.80) $ 0.73 $ 0.25
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.02 $ 10.50 $ 11.30 $ 10.57
===============================================================================================================
Total return* (10.66)% (3.42)% 8.91% 3.13%**
Ratio of net expenses to average net assets+++ 7.26% 1.25% 0.90% 1.23%***
Ratio of net investment income (loss) to average
net assets+++ (2.03)% 2.50% 2.64% 1.96%***
Portfolio turnover rate 53% 29% 15% 15%**
Net assets, end of period (in thousands) $ 9 $ 10 $ 11 $ 10
Ratios with no waivers of management fees and
assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 7.26% 1.25% 0.90% 2.19%***
Net investment income (loss) (2.03)% 2.50% 2.64% 0.98%***
Ratios with waivers of management fees and
assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 7.26% 1.23% 0.88% 1.23%***
Net investment income (loss) (2.03)% 2.52% 2.66% 1.96%***
===============================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- ----------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.89 $ 12.50 $ 11.39 $ 11.15 $ 10.00
- ----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.27 $ 0.24 $ 0.21 $ 0.16 $ 0.15
Net realized and unrealized gain
(loss) on investments (1.63) (1.10) 1.21 0.38 1.27
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (1.36) $ (0.86) $ 1.42 $ 0.54 $ 1.42
- ----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.31) $ (0.28) $ (0.06) $ (0.04)
Net realized gain (0.61) (0.44) (0.03) (0.24) (0.23)
- ----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.74) $ (0.75) $ (0.31) $ (0.30) $ (0.27)
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (2.10) $ (1.61) $ 1.11 $ 0.24 $ 1.15
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.79 $ 10.89 $ 12.50 $ 11.39 $ 11.15
================================================================================================================
Total return* (11.20)% (7.47)% 12.58% 4.98% 14.37%**
Ratio of net expenses to average
net assets+++ 0.74% 0.65% 0.65% 0.63% 0.77%***
Ratio of net investment income to
average net assets+++ 3.20% 2.03% 1.75% 1.40% 1.37%***
Portfolio turnover rate 44% 21% 19% 52% 19%**
Net assets, end of period (in thousands) $120,786 $147,004 $165,090 $148,495 $32,893
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 0.76% 0.65% 0.65% 0.63% 1.26%***
Net investment income 3.18% 2.03% 1.75% 1.40% 0.88%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 0.74% 0.65% 0.65% 0.63% 0.77%***
Net investment income 3.20% 2.03% 1.75% 1.40% 1.37%***
================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 59
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- -----------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.39 $ 11.97 $ 10.92 $ 10.77 $ 10.00
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.19 $ 0.13 $ 0.11 $ 0.06 $ 0.02
Net realized and unrealized gain
(loss) on investments (1.53) (1.06) 1.16 0.36 0.98
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (1.34) $ (0.93) $ 1.27 $ 0.42 $ 1.00
- -----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.03) $ (0.21) $ (0.19) $ (0.03) $ --
Net realized gain (0.61) (0.44) (0.03) (0.24) (0.23)
- -----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.64) $ (0.65) $ (0.22) $ (0.27) $ (0.23)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (1.98) $ (1.58) $ 1.05 $ 0.15 $ 0.77
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.41 $ 10.39 $ 11.97 $ 10.92 $ 10.77
=======================================================================================================================
Total return* (11.81)% (8.32)% 11.70% 4.00% 10.11%**
Ratio of net expenses to average
net assets+++ 1.52% 1.52% 1.50% 1.51% 1.67%***
Ratio of net investment income to
average net assets+++ 2.44% 1.16% 0.91% 0.51% 0.16%***
Portfolio turnover rate 44% 21% 19% 52% 19%**
Net assets, end of period (in thousands) $ 35,197 $50,515 $60,796 $55,053 $ 9,781
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.63% 1.52% 1.50% 1.51% 2.08%***
Net investment income (loss) 2.33% 1.16% 0.91% 0.51% (0.25)%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.52% 1.51% 1.49% 1.51% 1.67%***
Net investment income 2.44% 1.17% 0.92% 0.51% 0.16%***
=======================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- ----------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.30 $ 11.88 $ 10.85 $ 10.68 $ 10.00
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.19 $ 0.14 $ 0.12 $ 0.07 $ 0.05
Net realized and unrealized gain
(loss) on investments (1.53) (1.05) 1.15 0.35 0.87
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (1.34) $ (0.91) $ 1.27 $ 0.42 $ 0.92
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.23) $ (0.21) $ (0.01) $ (0.01)
Net realized gain (0.61) (0.44) (0.03) (0.24) (0.23)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.67) $ (0.67) $ (0.24) $ (0.25) $ (0.24)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (2.01) $ (1.58) $ 1.03 $ 0.17 $ 0.68
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.29 $ 10.30 $ 11.88 $ 10.85 $ 10.68
======================================================================================================================
Total return* (11.85)% (8.19)% 11.83% 4.06% 9.32%**
Ratio of net expenses to average
net assets+++ 1.52% 1.39% 1.39% 1.42% 1.67%***
Ratio of net investment income to
average net assets+++ 2.44% 1.28% 1.03% 0.60% 0.44%***
Portfolio turnover rate 44% 21% 19% 52% 19%**
Net assets, end of period (in thousands) $ 37,513 $45,594 $ 47,405 $ 32,416 $ 15,223
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.52% 1.39% 1.39% 1.42% 2.03%***
Net investment income 2.44% 1.28% 1.03% 0.60% 0.08%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.52% 1.39% 1.38% 1.42% 1.67%***
Net investment income 2.44% 1.28% 1.04% 0.60% 0.44%***
======================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 61
Financial Highlights (continued)
- ---------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------
Year Year Year 9/23/05(a)
Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06
- ---------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.94 $ 12.55 $ 11.43 $ 11.18
- ---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.29 $ 0.29 $ 0.26 $ 0.17
Net realized and unrealized gain (loss) on
investments (1.55) (1.11) 1.21 0.40
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ (1.26) $ (0.82) $ 1.47 $ 0.57
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.35) $ (0.32) $ (0.08)
Net realized gain (0.61) (0.44) (0.03) (0.24)
- ---------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.79) $ (0.79) $ (0.35) $ (0.32)
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.05) $ (1.61) $ 1.12 $ 0.25
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.89 $ 10.94 $ 12.55 $ 11.43
===============================================================================================================
Total return* (10.09)% (7.10)% 12.98% 5.19%**
Ratio of net expenses to average net assets+++ 0.33% 0.27% 0.29% 0.28%***
Ratio of net investment income to average
net assets+++ 3.59% 2.40% 2.09% 1.79%***
Portfolio turnover rate 44% 21% 19% 52%**
Net assets, end of period (in thousands) $ 8,015 $17,905 $24,046 $27,792
Ratios with no waivers of management fees and
assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.33% 0.27% 0.29% 0.28%***
Net investment income 3.59% 2.40% 2.09% 1.79%***
Ratios with waivers of management fees and
assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.33% 0.27% 0.29% 0.28%***
Net investment income 3.59% 2.40% 2.09% 1.79%***
===============================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- ----------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.50 $ 13.47 $ 12.04 $ 11.50 $ 10.00
- ----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.19 $ 0.16 $ 0.15 $ 0.09 $ 0.08
Net realized and unrealized gain
(loss) on investments (2.14) (1.41) 1.61 0.63 1.70
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (1.95) $ (1.25) $ 1.76 $ 0.72 $ 1.78
- ----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.25) $ (0.23) $ (0.05) $ (0.03)
Net realized gain (0.77) (0.47) (0.10) (0.13) (0.25)
- ----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.81) $ (0.72) $ (0.33) $ (0.18) $ (0.28)
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (2.76) $ (1.97) $ 1.43 $ 0.54 $ 1.50
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.74 $ 11.50 $ 13.47 $ 12.04 $ 11.50
================================================================================================================
Total return* (15.49)% (9.88)% 14.73% 6.29% 17.96%**
Ratio of net expenses to average
net assets+++ 0.79% 0.78% 0.72% 0.74% 0.81%***
Ratio of net investment income to
average net assets+++ 2.24% 1.24% 1.09% 0.74% 0.69%***
Portfolio turnover rate 49% 20% 11% 27% 2%**
Net assets, end of period (in thousands) $111,447 $139,670 $157,453 $116,161 $31,212
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 0.89% 0.78% 0.72% 0.74% 1.42%***
Net investment income 2.14% 1.24% 1.09% 0.74% 0.08%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 0.79% 0.77% 0.71% 0.74% 0.81%***
Net investment income 2.24% 1.25% 1.10% 0.74% 0.69%***
================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 63
Financial Highlights (continued)
- --------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- --------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.33 $ 12.17 $ 10.93 $ 10.50 $ 10.00
- --------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (loss) (b) $ 0.11 $ 0.05 $ 0.03 $ (0.01) $ 0.01
Net realized and unrealized gain
(loss) on investments (1.92) (1.28) 1.45 0.59 0.74
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (1.81) $ (1.23) $ 1.48 $ 0.58 $ 0.75
- --------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.14) $ (0.14) $ (0.02) $ --
Net realized gain (0.77) (0.47) (0.10) (0.13) (0.25)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.77) $ (0.61) $ (0.24) $ (0.15) $ (0.25)
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (2.58) $ (1.84) $ 1.24 $ 0.43 $ 0.50
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.75 $ 10.33 $ 12.17 $ 10.93 $ 10.50
==========================================================================================================================
Total return* (16.05)% (10.66)% 13.67% 5.53% 7.59%**
Ratio of net expenses to average
net assets+++ 1.57% 1.58% 1.58% 1.57% 1.71%***
Ratio of net investment income to
average net assets+++ 1.47% 0.44% 0.23% (0.08)% 0.05%***
Portfolio turnover rate 49% 20% 11% 27% 2%**
Net assets, end of period (in thousands) $ 43,390 $ 61,704 $76,095 $61,373 $10,219
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.77% 1.64% 1.60% 1.62% 2.27%***
Net investment income (loss) 1.27% 0.38% 0.21% (0.13)% (0.51)%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.57% 1.57% 1.57% 1.57% 1.71%***
Net investment income (loss) 1.47% 0.45% 0.24% (0.08)% 0.05%***
==========================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- -------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-------------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- -------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.99 $ 12.90 $ 11.58 $ 11.10 $ 10.00
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (loss) (b) $ 0.11 $ 0.07 $ 0.05 $ -- $ (0.01)
Net realized and unrealized gain
(loss) on investments (2.03) (1.34) 1.53 0.61 1.37
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (1.92) $ (1.27) $ 1.58 $ 0.61 $ 1.36
- -------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.17) $ (0.16) $ -- $ (0.01)
Net realized gain (0.77) (0.47) (0.10) (0.13) (0.25)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.77) $ (0.64) $ (0.26) $ (0.13) $ (0.26)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (2.69) $ (1.91) $ 1.32 $ 0.48 $ 1.10
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.30 $ 10.99 $ 12.90 $ 11.58 $ 11.10
=========================================================================================================================
Total return* (16.08)% (10.43)% 13.75% 5.51% 13.67%**
Ratio of net expenses to average
net assets+++ 1.57% 1.48% 1.44% 1.46% 1.71%***
Ratio of net investment income to
average net assets+++ 1.44% 0.54% 0.37% 0.02% (0.07)%***
Portfolio turnover rate 49% 20% 11% 27% 2%**
Net assets, end of period (in thousands) $ 36,602 $ 47,898 $52,861 $33,315 $14,874
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.60% 1.48% 1.44% 1.46% 2.13%***
Net investment income (loss) 1.40% 0.54% 0.37% 0.02% (0.49)%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.57% 1.47% 1.43% 1.46% 1.71%***
Net investment income (loss) 1.44% 0.54% 0.38% 0.02% (0.07)%***
=========================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 65
Financial Highlights (continued)
- ---------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------
Year Year Year 9/26/05(a)
Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06
- ---------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.64 $ 13.55 $ 12.13 $ 11.54
- ---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.20 $ 0.22 $ 0.19 $ 0.13
Net realized and unrealized gain (loss) on
investments (1.97) (1.36) 1.60 0.65
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ (1.77) $ (1.14) $ 1.79 $ 0.78
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.30) $ (0.27) $ (0.06)
Net realized gain (0.77) (0.47) (0.10) (0.13)
- ---------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.87) $ (0.77) $ (0.37) $ (0.19)
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.64) $ (1.91) $ 1.42 $ 0.59
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.00 $ 11.64 $ 13.55 $ 12.13
===============================================================================================================
Total return* (13.68)% (9.05)% 14.87% 6.84%**
Ratio of net expenses to average net assets+++ 0.39% 0.34% 0.36% 0.32%***
Ratio of net investment income to average
net assets+++ 2.44% 1.67% 1.40% 1.23%***
Portfolio turnover rate 49% 20% 11% 27%**
Net assets, end of period (in thousands) $ 1,614 $ 2,683 $ 2,956 $ 3,068
Ratios with no waivers of management fees and
assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.39% 0.34% 0.36% 0.32%***
Net investment income 2.44% 1.67% 1.40% 1.23%***
Ratios with waivers of management fees and
assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.39% 0.34% 0.36% 0.32%***
Net investment income 2.44% 1.67% 1.40% 1.23%***
===============================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- ------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.85 $ 14.20 $ 12.39 $ 11.82 $ 10.00
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (b) $ 0.09 $ 0.07 $ 0.06 $ 0.01 $ --
Net realized and unrealized gain
(loss) on investments (2.54) (1.69) 1.97 0.85 2.14
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (2.45) $ (1.62) $ 2.03 $ 0.86 $ 2.14
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.23) $ (0.16) $ (0.02) $ --
Net realized gain (0.95) (0.50) (0.06) (0.27) (0.27)
Return of capital -- -- -- -- (0.05)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.95) $ (0.73) $ (0.22) $ (0.29) $ (0.32)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (3.40) $ (2.35) $ 1.81 $ 0.57 $ 1.82
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.45 $ 11.85 $ 14.20 $ 12.39 $ 11.82
========================================================================================================================
Total return* (19.05)% (12.03)% 16.41% 7.30% 21.57%**
Ratio of net expenses to average
net assets+++ 0.85% 0.84% 0.82% 0.82% 0.86%***
Ratio of net investment income to
average net assets+++ 1.07% 0.54% 0.44% 0.10% (0.04%)***
Portfolio turnover rate 55% 13% 18% 51% 3%**
Net assets, end of period (in
thousands) $ 79,480 $102,941 $114,054 $84,775 $ 20,689
Ratios with no waivers of management
fees and assumption of expenses
by the Adviser and no reduction for
fees paid indirectly:
Net expenses 1.01% 0.84% 0.82% 0.82% 2.14%***
Net investment income (loss) 0.91% 0.54% 0.44% 0.10% (1.31)%***
Ratios with waivers of management
fees and assumption of expenses
by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.85% 0.83% 0.81% 0.82% 0.86%***
Net investment income 1.07% 0.55% 0.45% 0.10% (0.04)%***
========================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 67
Financial Highlights (continued)
- ---------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
---------------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 11.29 $ 13.55 $ 11.84 $ 11.39 $ 10.00
- ---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (loss) (b) $ 0.02 $ (0.03) $ (0.05) $ (0.08) $ (0.03)
Net realized and unrealized gain
(loss) on investments (2.43) (1.61) 1.88 0.80 1.72
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (2.41) $ (1.64) $ 1.83 $ 0.72 $ 1.69
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.12) $ (0.06) $ -- $ --
Net realized gain (0.95) (0.50) (0.06) (0.27) (0.27)
Return of capital -- -- -- -- (0.03)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.95) $ (0.62) $ (0.12) $ (0.27) $ (0.30)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (3.36) $ (2.26) $ 1.71 $ 0.45 $ 1.39
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.93 $ 11.29 $ 13.55 $ 11.84 $ 11.39
===========================================================================================================================
Total return* (19.69)% (12.72)% 15.49% 6.36% 17.02%**
Ratio of net expenses to average
net assets+++ 1.64% 1.65% 1.66% 1.64% 1.76%***
Ratio of net investment income to
average net assets+++ 0.28% (0.28)% (0.39)% (0.70)% (0.26)%***
Portfolio turnover rate 55% 13% 18% 51% 3%**
Net assets, end of period (in thousands) $ 20,884 $ 30,405 $37,749 $30,382 $ 5,845
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.89% 1.71% 1.69% 1.69% 2.81%***
Net investment income (loss) 0.04% (0.34)% (0.42)% (0.75)% (1.31)%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.64% 1.64% 1.64% 1.64% 1.76%***
Net investment income 0.28% (0.27)% (0.38)% (0.70)% (0.26)%***
===========================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
- ---------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
---------------------------------------------------------------------------
Year Year Year Year 8/9/04(a)
Ended Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06 7/31/05
- ---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.43 $ 13.73 $ 12.00 $ 11.54 $ 10.00
- ---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income (loss) (b) $ 0.02 $ (0.02) $ (0.03) $ (0.08) $ (0.04)
Net realized and unrealized gain
(loss) on investments (2.46) (1.62) 1.90 0.81 1.88
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ (2.44) $ (1.64) $ 1.87 $ 0.73 $ 1.84
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.16) $ (0.08) $ -- $ --
Net realized gain (0.95) (0.50) (0.06) (0.27) (0.27)
Return of capital -- -- -- -- (0.03)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.95) $ (0.66) $ (0.14) $ (0.27) $ (0.30)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
asset value $ (3.39) $ (2.30) $ 1.73 $ 0.46 $ 1.54
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.04 $ 11.43 $ 13.73 $ 12.00 $ 11.54
===========================================================================================================================
Total return* (19.71)% (12.61)% 15.63% 6.37% 18.52%**
Ratio of net expenses to average
net assets+++ 1.64% 1.53% 1.52% 1.56% 1.76%***
Ratio of net investment income to
average net assets+++ 0.27% (0.16)% (0.26)% (0.64)% (0.39)%***
Portfolio turnover rate 55% 13% 18% 51% 3%**
Net assets, end of period (in thousands) $ 17,171 $ 22,930 $23,584 $15,524 $ 7,144
Ratios with no waivers of management
fees and assumption of expenses by
the Adviser and no reduction for fees
paid indirectly:
Net expenses 1.70% 1.53% 1.52% 1.56% 2.74%***
Net investment income (loss) 0.21% (0.16)% (0.26)% (0.64)% (1.37)%***
Ratios with waivers of management fees
and assumption of expenses by the
Adviser and reduction for fees paid
indirectly:
Net expenses 1.64% 1.52% 1.52% 1.56% 1.76%***
Net investment income 0.27% (0.15)% (0.26)% (0.64)% (0.39)%***
- ---------------------------------------------------------------------------------------------------------------------------
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 69
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------------------------
Year Year Year 9/23/05(a)
Ended Ended Ended to
7/31/09 7/31/08 7/31/07 7/31/06
- -----------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.02 $ 14.26 $ 12.41 $ 11.87
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.13 $ 0.15 $ 0.14 $ 0.06
Net realized and unrealized gain (loss) on
investments (2.65) (1.60) 1.97 0.78
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ (2.52) $ (1.45) $ 2.11 $ 0.84
- -----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.29) $ (0.20) $ (0.03)
Net realized gain (0.95) (0.50) (0.06) (0.27)
- -----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.95) $ (0.79) $ (0.26) $ (0.30)
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.47) $ (2.24) $ 1.85 $ 0.54
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.55 $ 12.02 $ 14.26 $ 12.41
=================================================================================================================
Total return* (19.35)% (10.83)% 17.10% 7.13%**
Ratio of net expenses to average net assets+++ 0.43% 0.35% 0.39% 0.37%***
Ratio of net investment income to average
net assets+++ 1.58% 1.06% 1.01% 0.63%***
Portfolio turnover rate 55% 13% 18% 51%**
Net assets, end of period (in thousands) $ 1,627 $ 3,105 $ 3,171 $ 4,607
Ratios with no waivers of management fees and
assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.43% 0.35% 0.39% 0.37%***
Net investment income 1.58% 1.06% 1.01% 0.63%***
Ratios with waivers of management fees and
assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.43% 0.35% 0.39% 0.37%***
Net investment income 1.58% 1.06% 1.01% 0.63%***
=================================================================================================================
(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.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Notes to Financial Statements | 7/31/09
1. Organization and Significant Accounting Policies
Pioneer Ibbotson Asset Allocation Series (the Trust) is organized as a Delaware
statutory trust and is registered with the Securities and Exchange Commission
under the Investment Company Act of 1940 (the 1940 Act) as an open-end
management investment company. The Trust consists of four separate funds, each
issuing four classes of shares (collectively, the Funds, individually, the
Fund) as follows:
Pioneer Ibbotson Conservative Allocation Fund (Conservative Fund)
Pioneer Ibbotson Moderate Allocation Fund (Moderate Fund)
Pioneer Ibbotson Growth Allocation Fund (Growth Fund)
Pioneer Ibbotson Aggressive Allocation Fund (Aggressive Fund)
The investment objective of each of the Conservative Fund, the Moderate Fund
and the Growth Fund is to seek long-term capital growth and current income. The
investment objective of the Aggressive Fund is to seek long-term capital
growth.
Each Fund is a "fund of funds," which means that it seeks to achieve its
investment objective by investing exclusively in other Pioneer funds
("underlying funds") managed by Pioneer Investment Management, Inc. (PIM)
rather than by direct investment in securities. In the future, the Funds also
may invest in regulated investment companies that are not managed by PIM. The
Funds indirectly pay a portion of the expenses incurred by the underlying
funds. Consequently, an investment in the Funds entails more direct and
indirect expenses than direct investment in the underlying funds.
Some of the underlying funds can invest in either high yield securities or
small/emerging growth companies. Investments in these types of securities
generally are subject to greater volatility than either higher-grade securities
or more-established companies in more developed markets, respectively. The
Fund's prospectuses contain unaudited information regarding the Fund's
principal risks. Please refer to those documents when considering the Funds'
principal risks.
The Board of Trustees has authorized the issuance of four classes of shares,
designated as Class A, Class B, Class C and Class Y. Additional classes of
shares have been authorized but are not referenced in the Fund's prospectus.
The Conservative Fund Class A, Class B and Class C shares were first offered
for sale to the public on May 12, 2005. Class Y shares were first offered for
sale to the public on October 5, 2005. The Moderate Fund, Growth Fund, and
Aggressive Fund Class A, Class B and Class C shares were first offered for sale
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 71
to the public on August 9, 2004. Class Y shares of Moderate Fund, Growth Fund,
and Aggressive Fund were first publicly offered on September 23, 2005. Each
class of shares represents an interest in the same portfolio of investments of
each Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends by
each class. The Amended and Restated Declaration of Trust of the Fund gives the
Board the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareholder approval. Under per-share
voting, each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareholder's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Share classes have exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
The financial statements have been prepared in accordance with U.S. generally
accepted accounting principles that require the management of the Funds to,
among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from these estimates.
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of the trade date. The net asset
value is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, holdings of mutual fund shares are valued at
the net asset value of each fund held. Dividend income and realized capital
gain distributions from investment company shares held are recorded on the
ex-dividend date. Temporary cash investments are valued at cost which
approximates market value.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and Federal income tax purposes.
72 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
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
shareholders. Therefore, no Federal income tax provisions are required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
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 as from net realized gain on investment
transactions, or as from paid-in capital, depending on the type of book/tax
differences that may exist.
At July 31, 2009, the Funds made reclassifications as listed below. These
reclassifications have no impact on the net asset values of the respective
Funds and are designed to present the Funds' capital accounts on a tax
basis.
------------------------------------------------------------------------------------------
Undistributed Net Accumulated
Investment Realized
Fund Paid in Capital Income (Loss) Gain (Loss)
------------------------------------------------------------------------------------------
Conservative Allocation Fund $ (6) $14,417 $ (14,411)
Moderate Allocation Fund -- 25,003 (25,003)
Growth Allocation Fund 3 9,912 (9,915)
Aggressive Allocation Fund -- (670) 670
The tax character of distributions paid during the year ended July 31, 2009
was as follows:
------------------------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
------------------------------------------------------------------------------------------
Conservative Fund $1,149,219 $ 899,672 $2,048,891
Moderate Fund 2,247,038 13,460,140 15,707,178
Growth Fund 536,834 16,501,758 17,038,592
Aggressive Fund 670 12,459,188 12,459,858
The tax character of distributions paid during the year ended July 31, 2008
was as follows:
------------------------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
------------------------------------------------------------------------------------------
Conservative Fund $1,194,758 $ 506,817 $1,701,575
Moderate Fund 7,307,685 10,257,984 17,565,669
Growth Fund 5,037,989 10,151,115 15,189,104
Aggressive Fund 2,304,144 6,963,430 9,267,574
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 73
The following table shows the components of distributable earnings on a
Federal income tax basis at July 31, 2009:
--------------------------------------------------------------------------------------
Undistributed Undistributed Net Unrealized
Ordinary Long-Term Appreciation
Fund Income Capital Gains (Depreciation) Total
--------------------------------------------------------------------------------------
Conservative Fund $1,022,298 $-- $ (1,811,849) $ (789,551)
Moderate Fund 5,553,462 -- (18,287,108) (12,733,646)
Growth Fund 3,500,232 -- (21,826,645) (18,326,413)
Aggressive Fund 920,231 -- (13,105,164) (12,184,933)
The differences between book-basis and tax-basis unrealized appreciation
are attributable to the tax deferral of losses on wash sales.
C. Fund Shares
The Funds record sales and repurchases of Fund shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Funds and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned the following in underwriting commissions during the year ended July
31, 2009:
------------------------------------------------------------------------------
Fund Amount
------------------------------------------------------------------------------
Conservative Fund $ 17,497
Moderate Fund $ 53,697
Growth Fund $ 75,170
Aggressive Fund $ 59,047
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on the respective percentage of adjusted net assets at the beginning of
the day. Distribution fees are calculated based on the average daily net
asset value attributable to Class A, Class B and Class C shares of each Fund,
respectively (see Note 4). Shareowners of each class participate in 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).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by each of the Funds with respect to each class of shares
are calculated in the same manner and at the same time, except that Class A,
Class B and Class C shares can bear different transfer agent and distribution
expense rates.
74 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Funds, the value of
the underlying securities (collateral), including accrued interest, is
required to be at least equal to or in excess of the value of the repurchase
agreement. The collateral for all repurchase agreements is held in
safekeeping in the customer-only account of the Funds' custodian or
subcustodians. The Fund's investment adviser, 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 UniCredit, is the Funds' investment
adviser, and manages the Funds' portfolios. Management fees are calculated
daily at the following annual rates for each Fund:
On assets up to $2.5 billion 0.13% on investments in underlying funds managed by Pioneer (and
cash); and 0.17% on other investments
On the next $1.5 billion 0.11% on investments in underlying funds managed by Pioneer (and
cash); and 0.14% on other investments
On the next $1.5 billion 0.10% on investments in underlying funds managed by Pioneer (and
cash); and 0.12% on other investments
On the next $1.5 billion 0.08% on investments in underlying funds managed by Pioneer (and
cash); and 0.10% on other investments
Over $7 billion 0.08% on investments in underlying funds managed by Pioneer (and
cash); and 0.09% on other investments
For each Fund, management fees will be calculated daily at a 0.17% annual rate
on any third party managed assets. For the year ended July 31, 2009, the
effective management fee was equivalent to 0.13% of each Fund's average daily
net assets.
PIM has entered into a sub-advisory agreement with Ibbotson Associates, LLC.
PIM, not the Funds, pays a portion of the fee it receives from each Fund to
Ibbotson Associates as compensation for its services to the Funds.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Funds. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities are the following amounts in management
fees, administrative costs and certain other fees payable to PIM at
July 31, 2009:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $ 6,115
Moderate Fund $28,705
Growth Fund $27,343
Aggressive Fund $16,769
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 75
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce fund expenses, other than underlying fund fees and expenses,
as follows. These expense limitations are in effect through December 1, 2011
for Class A shares and through January 1, 2010 for Class B and Class C shares:
- --------------------------------------------------------------------------------
Fund Class A Class B Class C
- --------------------------------------------------------------------------------
Conservative Fund 0.78% 1.68% 1.68%
Moderate Fund 0.74% 1.52% 1.52%
Growth Fund 0.79% 1.57% 1.57%
Aggressive Fund 0.85% 1.64% 1.64%
3.Transfer Agent
PIMSS provides substantially all transfer agent and shareowner services to the
Funds at negotiated rates. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities are the following amounts of transfer agent
fees payable to PIMSS at July 31, 2009:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $11,057
Moderate Fund $36,436
Growth Fund $52,625
Aggressive Fund $44,516
4. Distribution Plan
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, and Class
C shares. Pursuant to the Plan, each Fund pays PFD 0.25% of the Fund's average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
respect to Class A shares. Pursuant to the Plan, each Fund pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The
fee for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class
C shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities are the following amounts relating to distribution and service
fees payable to PFD at July 31, 2009.
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $19,575
Moderate Fund $85,910
Growth Fund $90,011
Aggressive Fund $48,007
76 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). Class B shares that are redeemed within five 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%, based on the
lower of cost or market value of shares being redeemed.
For the year ended July 31, 2009, the following CDSC's were paid to PFD:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $ 30,846
Moderate Fund $147,258
Growth Fund $152,753
Aggressive Fund $ 61,822
5. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
subsequent events and transactions for potential recognition or disclosure
through September 22, 2009, the date the financial statements were issued, and
has determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 77
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Ibbotson Asset Allocation Series:
- --------------------------------------------------------------------------------
We have audited the accompanying statements of assets and liabilities of
Pioneer Ibbotson Asset Allocation Series (the "Funds", comprising,
respectively, the Pioneer Ibbotson Conservative Allocation Fund, the Pioneer
Ibbotson Moderate Allocation Fund, the Pioneer Ibbotson Growth Allocation Fund
and the Pioneer Ibbotson Aggressive Allocation Fund), including the schedule of
investments, as of July 31, 2009, and the related statements of operations for
the year then ended, the statements of changes in net assets for each of the
two years in the period then ended, and the financial highlights for each of
the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Funds' internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Funds' internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of July 31, 2009 by correspondence with the
custodian and transfer agent of the underlying funds. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds constituting the Pioneer Ibbotson Asset Allocation
Series at July 31, 2009, the results of their operations for the year then
ended, the changes in their net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
September 22, 2009
78 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Trustees and Officers
The Board of Trustees provides broad supervision over the Funds' affairs. The
officers of the trust are responsible for the Funds' operations. The Trustees
and officers are listed below, together with their principal occupations during
the past five years. Trustees who are interested persons of the trust within
the meaning of the 1940 Act are referred to as Interested Trustees. Trustees
who are not interested persons of the trust are referred to as Independent
Trustees. Each of the Trustees, except Mr. West, serves as a Trustee of each of
the 67 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). Mr. West serves as a Trustee of 53
U.S. registered investment portfolios for which Pioneer serves as investment
adviser. The address for all Trustees and all officers of the fund is 60 State
Street, Boston, Massachusetts 02109.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 79
Interested Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Fund and Term of Office
- --------------------------------------------------------------------------------
John F. Cogan, Jr. (83)* Chairman of the Board, Trustee since 2004.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Daniel K. Kingsbury (50)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (83)* Deputy Chairman and a Director of Pioneer Global Asset Man- None
agement S.p.A. ("PGAM"); Non-Executive Chairman and a Direc-
tor of Pioneer Investment Management USA Inc. ("PIM-USA");
Chairman and a Director of Pioneer; Chairman and Director of
Pioneer Institutional Asset Management, Inc. (since 2006);
Director of Pioneer Alternative Investment Management Limited
(Dublin); President and a Director of Pioneer Alternative Invest-
ment Management (Bermuda) Limited and affiliated funds;
Director of PIOGLOBAL Real Estate Investment Fund (Russia)
(until June 2006); Director of Nano-C, Inc. (since 2003); Director
of Cole Management Inc. (since 2004); Director of Fiduciary
Counseling, Inc.; President and Director of Pioneer Funds Dis-
tributor, Inc. ("PFD") (until May 2006); President of all of the
Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale and
Dorr LLP
- -----------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (50)* Director, CEO and President of Pioneer Investment Management None
USA Inc. (since February 2007); Director and President of
Pioneer Investment Management, Inc. and Pioneer Institutional
Asset Management, Inc. (since February 2007); Executive Vice
President of all of the Pioneer Funds (since March 2007); Direc-
tor of Pioneer Global Asset Management S.p.A. (since April
2007); Head of New Markets Division, Pioneer Global Asset Man-
agement S.p.A. (2000 - 2007)
- -----------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment
adviser and certain of its affiliates.
80 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Independent Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Fund and Term of Office
- --------------------------------------------------------------------------------
David R. Bock (65) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Mary K. Bush (61) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------------
David R. Bock (65) Managing Partner, Federal City Capital Advisors (boutique mer- Director of Enterprise Com-
chant bank) (1997 to 2004 and 2008 - present); and Executive munity Investment, Inc.
Vice President and Chief Financial Officer, I-trax, Inc. (publicly (privately-held affordable
traded health care services company) (2004 - 2007) housing finance company);
Director of New York Mort-
gage Trust (publicly traded
mortgage REIT); and Direc-
tor of Oxford Analytica, Inc.
(privately-held research and
consulting company)
- -----------------------------------------------------------------------------------------------------------------------
Mary K. Bush (61) President, Bush International, LLC (international financial Director of Marriott Inter-
advisory firm) national, Inc.; Director of
Discover Financial Services
(credit card issuer and elec-
tronic payment services);
Director of Briggs & Stratton
Co. (engine manufacturer);
Director of UAL Corporation
(airline holding company);
Director of Mantech Interna-
tional Corporation (national
security, defense, and
intelligence technology
firm); and Member, Board
of Governors, Investment
Company Institute
- -----------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 81
Independent Trustees (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Fund and Term of Office
- --------------------------------------------------------------------------------
Benjamin M. Friedman (64) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Margaret B.W. Graham (62) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Thomas J. Perna (58) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Marguerite A. Piret (61) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Stephen K. West (80) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
- --------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (64) Professor, Harvard University Trustee, Mellon Institutional
Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversees 17
portfolios in fund complex)
- --------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (62) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm); and Desautels Faculty of
Management, McGill University
- --------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (58) Chief Executive Officer, Quadriserv, Inc. (technology products for None
securities lending industry) (2008 - present); Private investor
(2004 - 2008); and Senior Executive Vice President, The Bank of
New York (financial and securities services) (1986 - 2004)
- --------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (61) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) High Income Fund, Inc.
(closed-end investment
company)
- --------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (80) Senior Counsel, Sullivan & Cromwell LLP (law firm) Director, The Swiss Helvetia
Fund, Inc. (closed-end
investment company)
- --------------------------------------------------------------------------------------------------------------------------------
82 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
Fund Officers
- --------------------------------------------------------------------------------
Positions Held Length of Service
Name and Age With the Fund and Term of Office
- --------------------------------------------------------------------------------
Dorothy E. Bourassa (61) Secretary Since 2004. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Christopher J. Kelley (44) Assistant Secretary Since 2004. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Mark E. Bradley (49) Treasurer Since 2008. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Luis I. Presutti (44) Assistant Treasurer Since 2004. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Gary Sullivan (51) Assistant Treasurer Since 2004. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Officer
- ----------------------------------------------------------------------------------------------------------------------
Dorothy E. Bourassa (61) Secretary of PIM-USA; Senior Vice President- Legal of Pioneer; None
Secretary/Clerk of most of PIM-USA's subsidiaries; and Secretary
of all of the Pioneer Funds since September 2003 (Assistant
Secretary from November 2000 to September 2003)
- ----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (44) Associate General Counsel of Pioneer since January 2008 and None
Assistant Secretary of all of the Pioneer Funds since September
2003; Vice President and Senior Counsel of Pioneer from July
2002 to December 2007
- ----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (49) Vice President - Fund Accounting, Administration and Controller- None
ship Services of Pioneer; and Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February 2008; and Treasurer
and Senior Vice President, CDC IXIS Asset Management Services
from 2002 to 2003
- ----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (44) Assistant Vice President - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (51) Fund Accounting Manager - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09 83
Fund Officers (continued)
- --------------------------------------------------------------------------------
Positions Held Length of Service
Name and Age With the Fund and Term of Office
- --------------------------------------------------------------------------------
David F. Johnson (29) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Teri W. Anderholm (49) Chief Compliance Since 2007. Serves at
Officer the discretion of the
Board.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Officer
- -----------------------------------------------------------------------------------------------------------------
David F. Johnson (29) Fund Administration Manager - Fund Accounting, Administration None
and Controllership Services since November 2008 and Assistant
Treasurer of all of the Pioneer Funds since January 2009; Client
Service Manager - Institutional Investor Services at State Street
Bank from March 2003 to March 2007
- -----------------------------------------------------------------------------------------------------------------
Teri W. Anderholm (49) Chief Compliance Officer of Pioneer since December 2006 and of None
all the Pioneer Funds since January 2007; Vice President and
Compliance Officer, MFS Investment Management (August 2005
to December 2006); Consultant, Fidelity Investments (February
2005 to July 2005); Independent Consultant (July 1997 to
February 2005)
- -----------------------------------------------------------------------------------------------------------------
84 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/09
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- ------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
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@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our website: www.pioneerinvestments.com
This report must be accompanied by a prospectus.
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
web site at sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Series, including fees
associated with the filings of its Form N-1A, totaled
approximately $149,943 in 2009 and approximately
$142,000 in 2008.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no audit-related services in 2009 or 2008.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled $33,160 in 2009 and $33,160 in 2008.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no other services provided to the Series during
the fiscal years ended July 31, 2009 and 2008.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
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SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
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I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
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II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
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o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
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III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
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IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
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PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
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(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC pre-
approval rules, the Fund's audit committee is required to
pre-approve services to affiliates defined by SEC rules to the
extent that the services are determined to have a direct
impact on the operations or financial reporting of the Fund.
For the years ended July 31, 2009 and 2008, there were no
services provided to an affiliate that required the Fund's
audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $33,160 in 2009
and $31,280 in 2008.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Ibbotson Asset Allocation Series
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date September 28, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date September 28, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date September 28, 2009
* Print the name and title of each signing officer under his or her signature.