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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21569
Pioneer Ibbotson Asset Allocation Series
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: July 31
Date of reporting period: August 1, 2009 through July 31, 2010
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, 2010
- --------------------------------------------------------------------------------
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
Portfolio Management Discussion 4
Fund Reviews 7
Comparing Ongoing Fund Expenses 9
Prices and Distributions 17
Portfolio Summary & Performance Update 19
Schedule of Investments 39
Financial Statements 47
Notes to Financial Statements 69
Report of Independent Registered Public Accounting Firm 76
Trustees, Officers and Service Providers 77
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain. Unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
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. We greatly appreciate your trust in us and we 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 | 7/31/10 3
Portfolio Management Discussion | 7/31/10
In the following interview, portfolio manager Dr. Peng Chen, CFA, President,
Ibbotson Associates Advisors, LLC, discusses the market environment and
investment strategies and how they affected the funds in the Pioneer Ibbotson
Asset Allocation Series for the 12 months ended July 31, 2010.
Q Could you characterize the economic and market backdrop during the 12 months
ended July 31, 2010?
A As we entered August of 2009, the rally in riskier assets that had begun
earlier in the year remained in place. Investor sentiment was supported by
the unprecedented efforts of global governments to end the financial crisis
and the conviction that the worst-case economic scenarios had been averted.
In addition to a more stable financial backdrop, we attributed a large
portion of the gains to the market's favorable response to "less bad" news,
rather than a return to pre-crisis economic conditions.
The trend toward improving economic data continued through the first
quarter of 2010. By the end of the quarter, on March 31, 2010, there was
speculation that the National Bureau of Economic Research was only a good
data point away from declaring the end of the recession that had begun in
December of 2007. In keeping with that backdrop, the U.S. government took
its first steps towards the withdrawal of the massive economic stimulus
employed throughout 2009.
A series of negative data readings over the second quarter of 2010,
however, changed market sentiment rather dramatically, with many economists
declaring that the various stimulus programs had failed to jumpstart the
private sector. Concerns over the health of the global economic recovery
and continued sovereign debt issues in the so-called P.I.I.G.S nations
(Portugal, Italy, Ireland, Greece, and Spain) triggered a sharp rise in
investor risk aversion and a flight into Treasuries. The result was a
plunge in global equities over the second quarter of 2010 and a rally in
U.S. Treasuries that drove 10-year Treasury yields below 3%.
July of 2010 saw the funds' fiscal year close (on July 31, 2010) with a
significant rebound in equities. That was somewhat surprising in view of
the Federal Reserve Board's (the Fed's) negative revisions for 2010
economic growth and unemployment, a disappointing gross domestic product
(GDP) growth figure for the second quarter of 2010 and further downgrades
of European sovereign debt. Markets were encouraged by the results of
European bank "stress tests" and a strong start to the earnings reporting
season for the second quarter.
4 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
For the full 12 months ended July 31, 2010, the U.S. equity market was up
13.84%, as measured by the Standard & Poor's 500 Index (the S&P 500).
Within the U.S. market, while all styles and market capitalizations
provided strong positive returns, small-cap stocks outperformed large-cap
and value outperformed growth for the year. The Barclays Capital Aggregate
Bond Index, the most popular measure of the performance of the U.S. bond
market, returned 8.91% for the 12 months ended July 31, 2010.
Q What were the strategic considerations that you applied to the four Pioneer
funds in allocating assets over the 12 months ended July 31, 2010, and how
did they affect the funds' performance?
A For each fund, assets were invested in keeping with their broad asset
allocation and specific mutual fund targets. We entered the 12-month period
with a neutral breakdown between equity and fixed-income assets in each of
the portfolios. Toward the end of March 2010, we implemented an
overweighting of bonds and a corresponding underweighting of equities in
each of the funds, as we believed equity valuations had become stretched
relative to the prevailing economic headwinds. That strategy added to the
relative performance of the funds when equities plunged in the second
quarter and high-quality bonds provided positive returns.
In addition to adjusting the proportion of stock to bond holdings in the
funds, we also make tactical shifts within the equity portions of the funds
from time to time. In that vein, we maintained neutral target weightings in
the non-U.S. equity market investment alternatives, both developed and
emerging. Within the U.S. portion of the stock portfolios, however, for
much of the 12-month period we maintained an overweighting of U.S.
large-cap stocks and a corresponding underweighting of U.S. small-cap
stocks. We believed large-cap stocks had the potential to be more resilient
in the face of short-term market volatility given their globally
diversified businesses and more stable cash flows, earnings, and financing
sources. However, the tilt constrained the relative performance of the
funds, as large-cap companies were caught in the global downdraft of the
second quarter and small-cap stocks outperformed.
Q What factors are you watching most closely as you determine strategy for the
funds going forward?
A Given the growing fear of a "double-dip" recession, or at least the prospect
of a very slow recovery, inflation expectations have shifted down. We
believe the growing global push on the part of governments for fiscal
austerity is more likely to result in deflation, rather than inflation. In
the U.S., the prospect is for cuts in government spending and increases in
taxes. In addition, the anemic state of the job market should keep both
wage growth and inflation low in the short term. Given the Fed's dual
mandate of maintaining
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 5
employment and anchoring inflation, we expect that it will be a
considerable period before Chairman Bernanke feels compelled to raise
interest rates. We therefore expect very low interest rates from the Fed
for at least another year.
The decline in most equity markets during the second quarter has helped
partially to mitigate our concerns over equity overvaluations. Given the
extremely low yields currently available from bonds, we believe it is
unlikely that bonds will outperform stocks over the next several years. As
a result, we will be evaluating opportunities to increase the stock
weightings in the funds.
We will continue to monitor closely the economic backdrop as we manage the
funds within their strategic asset allocation guidelines.
Please refer to the Schedule of Investments on pages 39-46 for a full listing
of fund securities.
A fund's performance depends on the adviser's skill in determining the
strategic asset class allocations, the mix of underlying Pioneer funds, as well
as the performance of those underlying funds. The underlying funds' performance
may be lower than the performance of the asset class that they were selected to
represent.
Stocks and bonds can decline due to adverse issuer, market, regulatory, or
economic developments. International markets may be less liquid and can be more
volatile than U.S. markets. These risk factors, including those associated with
currency exchange rates, also apply to investments in international markets,
all of which make 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 fund, you should consider all the risks
associated with it. Please see the Fund Reviews beginning on page 8 for
information on specific weightings and performance for each of the four funds
in the Pioneer Ibbotson Asset Allocation Series.
Any information in this shareowner report regarding market or economic trends
or the factors influencing each fund's historical or future performance are
statements of the opinion of the fund'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.
6 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Fund Reviews | 7/31/10
Pioneer Ibbotson Conservative Allocation Fund
The Fund's Class A shares had a total return of 11.88% at net asset value for
the 12 months ended July 31, 2010, while the Fund's benchmarks, the S&P 500 and
the Barclays Capital Aggregate Bond Index, returned 13.84% and 8.91%,
respectively. Over the same period, the average return of the 454 mutual funds
in Lipper's Mixed-Asset Target Allocation/Conservative Funds category was
11.54%.
The Fund targeted an asset allocation of 30% equities and 70% fixed income
during the period. Within the equity portion of the Fund, Pioneer Fund was the
largest holding, at 5.32% of assets on July 31, 2010. Pioneer Global Equity
Fund was the next largest equity holding, at 4.14% of assets. Within the fixed-
income portion of the Fund, the largest holding at the end of the period was in
Pioneer Bond Fund, at 25.06% of assets, followed by a shorter-term fund,
Pioneer Short Term Income Fund, at 24.95%.
Pioneer Ibbotson Moderate Allocation Fund
The Fund's Class A shares had a total return of 13.26% at net asset value for
the 12 months ended July 31, 2010, while the Fund's benchmarks, the S&P 500 and
the Barclays Capital Aggregate Bond Index, returned 13.84% and 8.91%,
respectively. Over the same period, the average return of the 502 mutual funds
in Lipper's Mixed-Asset Target Allocation/Moderate Funds category was 11.87%.
The Fund targeted an asset allocation of 60% equities, 40% fixed income during
the period. Within the equity portion of the Fund, Pioneer Fund was the largest
holding, at 8.33% of assets on July 31, 2010. Pioneer International Value Fund
was the next largest equity holding, at 7.16% of assets. Within the fixed-income
portion of the Fund, the largest holding at the end of the period was in
Pioneer Bond Fund, at 17.20% of assets, followed by a shorter-term fund,
Pioneer Short Term Income Fund, at 14.24%.
Pioneer Ibbotson Growth Allocation Fund
The Fund's Class A shares had a total return of 13.90% at net asset value for
the 12 months ended July 31, 2010, while the Fund's benchmarks, the S&P 500 and
the Barclays Capital Aggregate Bond Index, returned 13.84% and 8.91%,
respectively. Over the same period, the average return of the 578 mutual funds
in Lipper's Mixed-Asset Target Allocation/Growth Fund category was 12.01%.
The Fund targeted an asset allocation of 75% equities, 25% fixed income during
the period. Within the equity portion of the Fund, Pioneer International Value
Fund was the largest holding, at 8.31% of assets on July 31, 2010. Pioneer
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 7
Fund Reviews | 7/31/10 (continued)
Fund was the next largest equity holding, at 8.02% of assets. Within the fixed-
income portion of the Fund, the largest holding at the end of the period was in
Pioneer Bond Fund, at 14.00% of assets, followed by a shorter-term fund,
Pioneer Short Term Income Fund, at 7.05%.
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's Class A shares had a total return of 14.16% at net asset value over
the 12 months ended July 31, 2010, while the Fund's benchmarks, the S&P 500 and
the Barclays Capital Aggregate Bond Index, returned 13.84% and 8.91%,
respectively. Over the same period, the average return of the 863 mutual funds
in Lipper's Multi-Cap Core Funds category was 13.92%.
The Fund targeted an asset allocation of 90% equities, 10% fixed income during
the period. Within the equity portion of the Fund, Pioneer International Value
Fund was the largest holding, at 12.07% of assets on July 31, 2010. On the
domestic side, Pioneer Mid Cap Value Fund, at 8.86% of assets and Pioneer Fund,
at 8.21% of assets, were the largest holdings. The bulk of the fixed-income
portion of the Fund was invested in an intermediate-term bond fund, Pioneer
Bond Fund, at 9.77% 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 fund's historical or future performance are
statements of the opinion of the fund'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.
8 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Conservative Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Conservative
Allocation Fund
Based on actual returns from February 1, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,036.60 $1,033.10 $1,034.22 $1,039.29
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 7.32 $ 11.85 $ 11.40 $ 6.57
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.45%, 2.35%,
2.26% and 1.30% 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 | 7/31/10 9
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, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,017.60 $1,013.14 $1,013.59 $1,018.35
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 7.25 $ 11.73 $ 11.28 $ 6.51
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.45%, 2.35%,
2.26% and 1.30% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 181/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
10 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
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, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,041.95 $1,038.15 $1,038.81 $1,044.73
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 7.65 $ 11.62 $ 11.22 $ 5.63
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.51%, 2.30%,
2.22% and 1.11% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 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 | 7/31/10 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 Moderate Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/2010
- ------------------------------------------------------------------------------------------
Ending Account Value $1,017.31 $1,013.39 $1,013.79 $1,019.29
(after expenses)
on 7/31/2010
- ------------------------------------------------------------------------------------------
Expenses Paid $ 7.55 $ 11.48 $ 11.08 $ 5.56
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.51%, 2.30%,
2.22% and 1.11% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 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 | 7/31/10
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, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,046.11 $1,043.48 $1,042.79 $1,047.94
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 8.27 $ 12.21 $ 11.90 $ 4.32
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.63%, 2.41%,
2.35% and 0.85% 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 | 7/31/10 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,016.71 $1,012.84 $1,013.14 $1,020.58
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 8.15 $ 12.03 $ 11.73 $ 4.26
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.63%, 2.41%,
2.35% and 0.85% 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 | 7/31/10
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, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,049.36 $1,044.27 $1,046.09 $1,051.04
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 8.84 $ 12.82 $ 12.53 $ 6.66
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.74%, 2.53%,
2.47% and 1.31% 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 | 7/31/10 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 Aggressive Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2010 through July 31, 2010.
- ------------------------------------------------------------------------------------------
Share Class A B C Y
- ------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/10
- ------------------------------------------------------------------------------------------
Ending Account Value $1,016.17 $1,012.25 $1,012.55 $1,018.30
(after expenses)
on 7/31/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 8.70 $ 12.62 $ 12.33 $ 6.56
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.74%, 2.53%,
2.47% and 1.31% 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 | 7/31/10
Prices and Distributions | 7/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
Conservative Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/10 7/31/09
- --------------------------------------------------------------------------------
A $10.19 $9.40
- --------------------------------------------------------------------------------
B $ 9.99 $9.24
- --------------------------------------------------------------------------------
C $ 9.96 $9.21
- --------------------------------------------------------------------------------
Y $ 9.79 $9.02
- --------------------------------------------------------------------------------
Moderate Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/10 7/31/09
- --------------------------------------------------------------------------------
A $9.68 $8.79
- --------------------------------------------------------------------------------
B $9.25 $8.41
- --------------------------------------------------------------------------------
C $9.10 $8.29
- --------------------------------------------------------------------------------
Y $9.80 $8.89
- --------------------------------------------------------------------------------
Growth Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/10 7/31/09
- --------------------------------------------------------------------------------
A $ 9.77 $8.74
- --------------------------------------------------------------------------------
B $ 8.64 $7.75
- --------------------------------------------------------------------------------
C $ 9.26 $8.30
- --------------------------------------------------------------------------------
Y $10.07 $9.00
- --------------------------------------------------------------------------------
Aggressive Allocation Fund
- --------------------------------------------------------------------------------
Class 7/31/10 7/31/09
- --------------------------------------------------------------------------------
A $9.56 $8.45
- --------------------------------------------------------------------------------
B $8.96 $7.93
- --------------------------------------------------------------------------------
C $9.08 $8.04
- --------------------------------------------------------------------------------
Y $9.67 $8.55
- --------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 17
Distributions per Share: 8/1/09-7/31/10
- --------------------------------------------------------------------------------
Conservative Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $0.3168 $-- $--
- --------------------------------------------------------------------------------
B $0.2413 $-- $--
- --------------------------------------------------------------------------------
C $0.2483 $-- $--
- --------------------------------------------------------------------------------
Y $0.2926 $-- $--
- --------------------------------------------------------------------------------
Moderate Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $0.2712 $-- $--
- --------------------------------------------------------------------------------
B $0.1999 $-- $--
- --------------------------------------------------------------------------------
C $0.2180 $-- $--
- --------------------------------------------------------------------------------
Y $0.3067 $-- $--
- --------------------------------------------------------------------------------
Growth Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $0.1829 $-- $--
- --------------------------------------------------------------------------------
B $0.1190 $-- $--
- --------------------------------------------------------------------------------
C $0.1247 $-- $--
- --------------------------------------------------------------------------------
Y $0.2169 $-- $--
- --------------------------------------------------------------------------------
Aggressive Allocation Fund
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $0.0865 $-- $--
- --------------------------------------------------------------------------------
B $0.0185 $-- $--
- --------------------------------------------------------------------------------
C $0.0256 $-- $--
- --------------------------------------------------------------------------------
Y $0.1190 $-- $--
- --------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Portfolio Summary | 7/31/10
Pioneer Ibbotson Conservative Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Fixed Income 70%
Equity 30%
Short Term Bonds 27.00%
- ------------------------------------------------
Domestic Corporate Bonds 17.00
- ------------------------------------------------
Cash & Cash Equivalent 13.00
- ------------------------------------------------
High-Yield Corporate Bonds 13.00
- ------------------------------------------------
Large Cap Growth 9.00
- ------------------------------------------------
Large Cap Value 9.00
- ------------------------------------------------
International Equities 8.00
- ------------------------------------------------
Mid/Small Cap Growth 2.00
- ------------------------------------------------
Mid/Small Cap Value 2.00
- ------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- ---------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
- ---------------------------------------------------------------------------------------------
Pioneer Fund 5.32% Pioneer Global Equity Fund 4.14%
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund 3.21 Pioneer International Value Fund 3.47
- ---------------------------------------------------------------------------------------------
Pioneer Research Fund 3.19 Pioneer Emerging Markets Fund 1.08
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund 2.13 Bonds
- ---------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund 2.12 Pioneer Bond Fund 25.06%
- ---------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund 2.10 Pioneer Short Term Income Fund 24.95
- ---------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Fund 1.10 Pioneer Strategic Income Fund 7.34
- ---------------------------------------------------------------------------------------------
Pioneer Equity Income Fund 1.06 Pioneer Global High Yield Fund 6.33
- ---------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund 1.06 Pioneer High Yield Fund 3.18
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund 1.06 Pioneer Floating Rate Fund 1.04
- ---------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund 1.06
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund 0.00
- ---------------------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 19
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 3.59% 2.42%
5 Years 3.16 1.94
1 Year 11.88 5.38
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.84% 1.53%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY 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 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
7/10 11,215 13,306 10,298
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.
20 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 2.68% 2.68%
5 Years 2.23 2.23
1 Year 10.80 6.80
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.65% 2.43%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY 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 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 10,257 12,217 9,046
7/10 11,364 13,306 10,298
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 1/1/11 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions.
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 | 7/31/10 21
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05) 2.65% 2.65%
5 Years 2.24 2.24
1 Year 10.91 10.91
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.55% 2.43%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY 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 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
7/10 11,362 13,306 10,298
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 1/1/11 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.
22 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 Class Y Shares
Pioneer Ibbotson Conservative Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Conservative Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/12/05)* 2.18% 2.18%
5 Years 1.69 1.69
1 Year 11.89 11.89
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
8.01% 8.01%
- --------------------------------------------------------------------------------
* Inception date of Class A Shares.
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5,000,000 Investment
Pioneer Ibbotson Barclays Capital
Conservative Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
5/05 5,000,000 5,000,000 5,000,000
7/05 5,094,059 4,981,499 5,19,3293
7/06 5,268,849 5,054,204 5,472,488
7/07 5,738,328 5,336,140 6,354,929
7/08 5,541,848 5,664,329 5,650,115
7/09 4,950,847 6,108,716 4,522,973
7/10 5,539,507 6,652,993 5,149,147
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 shown 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 for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
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 | 7/31/10 23
Portfolio Summary | 7/31/10
Pioneer Ibbotson Moderate Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Equity 60%
Fixed Income 40%
Short Term Bonds 17.00%
- ------------------------------------------------
Large Cap Growth 15.50
- ------------------------------------------------
Large Cap Value 15.50
- ------------------------------------------------
International Equities 12.00
- ------------------------------------------------
Domestic Corporate Bonds 9.00
- ------------------------------------------------
High-Yield Corporate Bonds 8.00
- ------------------------------------------------
Mid/Small Cap Growth 6.00
- ------------------------------------------------
Cash & Cash Equivalent 6.00
- ------------------------------------------------
Mid/Small Cap Value 6.00
- ------------------------------------------------
Real Estate Investment Trust (REIT) 3.00
- ------------------------------------------------
Emerging Markets 2.00
- ------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- ---------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
- ---------------------------------------------------------------------------------------------
Pioneer Fund 8.33% Pioneer International Value Fund 7.16%
- ---------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Fund 4.37 Pioneer Global Equity Fund 6.68
- ---------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund 4.14 Pioneer Emerging Markets Fund 3.98
- ---------------------------------------------------------------------------------------------
Pioneer Research Fund 4.10 Bonds
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund 4.02 Pioneer Bond Fund 17.20%
- ---------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund 3.69 Pioneer Short Term Income Fund 14.24
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund 3.63 Pioneer Global High Yield Fund 5.16
- ---------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund 3.25 Pioneer Strategic Income Fund 2.07
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund 3.10 Pioneer High Yield Fund 1.10
- ---------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund 2.05
- ---------------------------------------------------------------------------------------------
Pioneer Equity Income Fund 1.04
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 0.66
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund 0.02
- ---------------------------------------------------------------------------------------------
Pioneer Independence Fund 0.01
- ---------------------------------------------------------------------------------------------
Pioneer Value Fund 0.00
- ---------------------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
24 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.92% 2.89%
5 Years 1.92 0.72
1 Year 13.26 6.70
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.58% 1.56%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Moderate Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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
7/10 11,627 13,733 11,262
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 | 7/31/10 25
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.55% 2.55%
5 Years 1.09 1.09
1 Year 12.39 8.39
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.45% 2.34%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Moderate Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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 10,311 12,610 9,893
7/10 11,588 13,733 11,262
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 1/1/11 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions.
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.
26 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.48% 2.48%
5 Years 1.15 1.15
1 Year 12.43 12.43
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.34% 2.34%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Moderate Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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
7/10 11,776 13,733 11,262
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 1/1/11 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 | 7/31/10 27
Performance Update | 7/31/10 Class Y Shares
Pioneer Ibbotson Moderate Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Moderate Allocation Fund, compared to that
of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04)* 4.42% 4.42%
5 Years 2.51 2.51
1 Year 13.75 13.75
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.15% 1.15%
- --------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5,000,000 Investment
Pioneer Ibbotson Barclays Capital
Moderate Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/04 5,000,000 5,000,000 5,000,000
7/05 5,606,494 5,141,454 5,679,459
7/06 5,913,111 5,216,493 5,984,789
7/07 6,680,624 5,507,482 6,949,838
7/08 6,206,468 5,846,209 6,179,044
7/09 5,580,029 6,304,865 4,946,386
7/10 6,347,323 6,866,618 5,631,178
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 shown 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 for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
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 | 7/31/10
Portfolio Summary | 7/31/10
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Equity 75%
Fixed Income 25%
Large Cap Value 17.50%
- ------------------------------------------------
Large Cap Growth 16.50
- ------------------------------------------------
International Equities 16.00
- ------------------------------------------------
Short Term Bonds 12.50
- ------------------------------------------------
Mid/Small Cap Growth 8.50
- ------------------------------------------------
Mid/Small Cap Value 8.50
- ------------------------------------------------
Domestic Corporate Bonds 7.50
- ------------------------------------------------
High-Yield Corporate Bonds 5.00
- ------------------------------------------------
Emerging Markets 4.00
- ------------------------------------------------
Real Estate Investment Trust (REIT) 4.00
- ------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- ---------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
- ---------------------------------------------------------------------------------------------
Pioneer Fund 8.02% Pioneer International Value Fund 8.31%
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund 6.23 Pioneer Global Equity Fund 7.94
- ---------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund 5.97 Pioneer Emerging Markets Fund 5.87
- ---------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Fund 5.54 Bonds
- ---------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund 4.99 Pioneer Bond Fund 14.00%
- ---------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund 4.35 Pioneer Short Term Income Fund 7.05
- ---------------------------------------------------------------------------------------------
Pioneer Research Fund 4.06 Pioneer Global High Yield Fund 2.87
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund 3.58 Pioneer Strategic Income Fund 1.81
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund 3.19 Pioneer High Yield Fund 0.44
- ---------------------------------------------------------------------------------------------
Pioneer Equity Income Fund 3.02
- ---------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund 2.01
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 0.47
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund 0.12
- ---------------------------------------------------------------------------------------------
Pioneer Value Fund 0.09
- ---------------------------------------------------------------------------------------------
Pioneer Independence Fund 0.07
- ---------------------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 29
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.77% 2.75%
5 Years 1.13 -0.06
1 Year 13.90 7.27
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.76% 1.66%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Growth Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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
7/10 11,520 13,733 11,262
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.
30 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 1.52% 1.52%
5 Years 0.34 0.34
1 Year 13.03 9.03
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.64% 2.44%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Growth Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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 9,938 12,610 9,893
7/10 11,233 13,733 11,262
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 1/1/11 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions.
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 | 7/31/10 31
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.51% 2.51%
5 Years 0.40 0.40
1 Year 13.08 13.08
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.47% 2.44%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Growth Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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
7/10 11,537 13,733 11,262
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 1/1/11 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.
32 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 Class Y Shares
Pioneer Ibbotson Growth Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Growth Allocation Fund, compared to that of
the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04)* 4.54% 4.54%
5 Years 2.02 2.02
1 Year 14.33 14.33
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.26% 1.26%
- --------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5,000,000 Investment
Pioneer Ibbotson Barclays Capital
Growth Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/04 5,000,000 5,000,000 5,000,000
7/05 5,776,725 5,141,454 5,679,459
7/06 6,193,377 5,216,493 5,984,789
7/07 7,114,596 5,507,482 6,949,838
7/08 6,470,796 5,846,209 6,179,044
7/09 5,585,334 6,304,865 4,946,386
7/10 6,385,461 6,866,618 5,631,178
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 shown 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 for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
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 | 7/31/10 33
Portfolio Summary | 7/31/10
Pioneer Ibbotson Aggressive Allocation Fund
Target Asset Allocations
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Equity 90%
Fixed Income 10%
International Equities 21.00%
- ------------------------------------------------
Large Cap Growth 19.00
- ------------------------------------------------
Large Cap Value 19.00
- ------------------------------------------------
Mid/Small Cap Growth 10.50
- ------------------------------------------------
Mid/Small Cap Value 10.50
- ------------------------------------------------
Domestic Corporate Bonds 7.00
- ------------------------------------------------
Real Estate Investment Trust (REIT) 5.00
- ------------------------------------------------
Emerging Markets 5.00
- ------------------------------------------------
Short Term Bond 3.00
- ------------------------------------------------
Actual Portfolio Holdings
(based on total portfolio)
- ---------------------------------------------------------------------------------------------
U.S. Stocks International Stocks
- ---------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund 8.86% Pioneer International Value Fund 12.07%
- ---------------------------------------------------------------------------------------------
Pioneer Fund 8.21 Pioneer Global Equity Fund 10.16
- ---------------------------------------------------------------------------------------------
Pioneer Real Estate Shares Fund 7.51 Pioneer Emerging Markets Fund 7.07
- ---------------------------------------------------------------------------------------------
Pioneer Growth Opportunities Fund 6.20 Bonds
- ---------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund 5.89 Pioneer Bond Fund 9.77%
- ---------------------------------------------------------------------------------------------
Pioneer Cullen Value Fund 5.08 Pioneer Strategic Income Fund 1.82
- ---------------------------------------------------------------------------------------------
Pioneer Research Fund 4.03 Pioneer High Yield Fund 0.02
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund 3.70
- ---------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund 3.03
- ---------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund 3.01
- ---------------------------------------------------------------------------------------------
Pioneer Equity Income Fund 3.01
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund 0.48
- ---------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund 0.04
- ---------------------------------------------------------------------------------------------
Pioneer Value Fund 0.02
- ---------------------------------------------------------------------------------------------
Pioneer Independence Fund 0.02
- ---------------------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
34 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 3.59% 2.56%
5 Years 0.31 -0.87
1 Year 14.16 7.54
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.93% 1.77%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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
7/10 11,345 13,733 11,262
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 | 7/31/10 35
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.23% 2.23%
5 Years -0.51 -0.51
1 Year 13.22 9.22
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.81% 2.56%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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 10,066 12,610 9,893
7/10 11,397 13,733 11,262
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 1/1/11 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions.
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.
36 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Performance Update | 7/31/10 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, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04) 2.49% 2.49%
5 Years -0.46 -0.46
1 Year 13.25 13.25
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.62% 2.56%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Aggregate Standard & Poor's
Allocation Fund Bond Index 500 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
7/10 11,302 13,733 11,262
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 1/1/11 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 | 7/31/10 37
Performance Update | 7/31/10 Class Y Shares
Pioneer Ibbotson Aggressive Allocation Fund
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Ibbotson Aggressive Allocation Fund, compared to
that of the Standard & Poor's 500 Stock Index and Barclays Capital Aggregate
Bond Index.
Average Annual Total Returns
(As of July 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(8/9/04)* 3.96% 3.96%
5 Years 0.74 0.74
1 Year 14.49 14.49
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.35% 1.35%
- --------------------------------------------------------------------------------
* Inception date of Class A shares.
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5,000,000 Investment
Pioneer Ibbotson Barclays Capital
Aggressive Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/04 5,000,000 5,000,000 5,000,000
7/05 5,929,998 5,141,454 5,679,459
7/06 6,379,347 5,216,493 5,984,789
7/07 7,470,251 5,507,482 6,949,838
7/08 6,661,413 5,846,209 6,179,044
7/09 5,372,710 6,304,865 4,946,386
7/10 6,151,437 6,866,618 5,631,178
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 shown 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 for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any
time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
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 | 7/31/10
Schedule of Investments | 7/31/10
Pioneer Ibbotson Conservative Allocation Fund
- ------------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------------
MUTUAL FUNDS -- 93.7%
PIONEER FUNDS* -- 93.7%
1,401,062 Pioneer Bond Fund Class Y $13,240,035
68,498 Pioneer Cullen Value Fund Class Y 1,118,566
121,287 Pioneer Disciplined Growth Fund Class Y 1,123,116
201,239 Pioneer Disciplined Value Fund Class Y 1,696,443
20,032 Pioneer Emerging Markets Fund Class Y 572,308
24,915 Pioneer Equity Income Fund Class Y 561,829
81,436 Pioneer Floating Rate Fund Class Y 550,509
79,835 Pioneer Fund Class Y 2,812,576
108,951 Pioneer Fundamental Growth Fund Class Y 1,109,121
243,746 Pioneer Global Equity Fund Class Y 2,186,398
339,199 Pioneer Global High Yield Fund Class Y 3,344,501
23,673 Pioneer Growth Opportunities Fund Class Y 561,041
181,010 Pioneer High Yield Fund Class Y 1,677,960
100,789 Pioneer International Value Fund Class Y 1,832,341
29,092 Pioneer Mid Cap Value Fund Class Y 560,602
19 Pioneer Oak Ridge Large Cap Growth Fund Class Y 211
30,661 Pioneer Real Estate Shares Class Y 578,887
205,318 Pioneer Research Fund Class Y 1,683,605
37,491 Pioneer Select Mid Cap Growth Fund Class Y 560,494
1,357,469 Pioneer Short Term Income Fund Class Y 13,181,022
360,016 Pioneer Strategic Income Fund Class Y 3,877,370
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 93.7%
(Cost $49,218,656) (a) $52,828,935
- ------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 6.3% $ 3,553,785
- ------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $56,382,720
==============================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2010, the net unrealized gain on investments based on cost
for federal tax purposes of $50,203,607 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $3,933,922
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,308,594)
----------
Net unrealized gain $2,625,328
==========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2010 aggregated $14,486,647 and $6,214,282,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 39
Schedule of Investments | 7/31/10
Pioneer Ibbotson Conservative Allocation Fund (continued)
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, 2010, in valuing
the Fund's assets:
- --------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- --------------------------------------------------------------------------------
Mutual Funds $52,828,935 $-- $-- $52,828,935
- --------------------------------------------------------------------------------
Total $52,828,935 $-- $-- $52,828,935
================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Schedule of Investments | 7/31/10
Pioneer Ibbotson Moderate Allocation Fund
- -------------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------------
MUTUAL FUNDS -- 97.4%
PIONEER FUNDS* -- 97.4%
3,726,495 Pioneer Bond Fund Class Y $ 35,215,376
518,696 Pioneer Cullen Value Fund Class Y 8,470,305
684,660 Pioneer Disciplined Growth Fund Class Y 6,339,950
882,985 Pioneer Disciplined Value Fund Class Y 7,443,564
285,656 Pioneer Emerging Markets Fund Class Y 8,161,191
94,058 Pioneer Equity Income Fund Class Y 2,121,018
484,004 Pioneer Fund Class Y 17,051,473
742,147 Pioneer Fundamental Growth Fund Class Y 7,555,059
1,525,284 Pioneer Global Equity Fund Class Y 13,681,793
1,070,915 Pioneer Global High Yield Fund Class Y 10,559,226
555 Pioneer Government Income Fund Class Y 5,644
281,235 Pioneer Growth Opportunities Fund Class Y 6,665,262
242,745 Pioneer High Yield Fund Class Y 2,250,248
1,756 Pioneer Independence Fund Class Y 16,592
806,750 Pioneer International Value Fund Class Y 14,666,718
426,902 Pioneer Mid Cap Value Fund Class Y 8,226,398
3,017 Pioneer Oak Ridge Large Cap Growth Fund Class Y 32,614
57,964 Pioneer Oak Ridge Small Cap Growth Fund Class Y 1,356,347
474,312 Pioneer Real Estate Shares Class Y 8,955,001
1,024,197 Pioneer Research Fund Class Y 8,398,418
280,473 Pioneer Select Mid Cap Growth Fund Class Y 4,193,067
3,003,930 Pioneer Short Term Income Fund Class Y 29,168,165
392,761 Pioneer Strategic Income Fund Class Y 4,230,033
793 Pioneer Value Fund Class Y 8,149
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 97.4%
(Cost $193,018,909) (a) $204,771,611
- -------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.6% $ 5,541,659
- -------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $210,313,270
===============================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2010, the net unrealized gain on investments based on cost
for federal tax purposes of $196,512,213 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $15,420,369
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (7,160,971)
-----------
Net unrealized gain $ 8,259,398
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2010 aggregated $19,740,164 and $41,011,462,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 41
Schedule of Investments | 7/31/10
Pioneer Ibbotson Moderate Allocation Fund (continued)
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, 2010, in valuing
the Fund's assets:
- --------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- --------------------------------------------------------------------------------
Mutual Funds $204,771,611 $-- $-- $204,771,611
- --------------------------------------------------------------------------------
Total $204,771,611 $-- $-- $204,771,611
================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Schedule of Investments | 7/31/10
Pioneer Ibbotson Growth Allocation Fund
- -------------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------------
MUTUAL FUNDS -- 99.8%
PIONEER FUNDS* -- 99.8%
3,118,860 Pioneer Bond Fund Class Y $ 29,473,230
643,570 Pioneer Cullen Value Fund Class Y 10,509,491
814,295 Pioneer Disciplined Growth Fund Class Y 7,540,370
797,413 Pioneer Disciplined Value Fund Class Y 6,722,191
432,290 Pioneer Emerging Markets Fund Class Y 12,350,526
282,222 Pioneer Equity Income Fund Class Y 6,364,109
479,171 Pioneer Fund Class Y 16,881,178
1,235,496 Pioneer Fundamental Growth Fund Class Y 12,577,345
1,863,611 Pioneer Global Equity Fund Class Y 16,716,592
613,269 Pioneer Global High Yield Fund Class Y 6,046,832
936 Pioneer Government Income Fund Class Y 9,506
386,367 Pioneer Growth Opportunities Fund Class Y 9,156,906
99,609 Pioneer High Yield Fund Class Y 923,372
15,768 Pioneer Independence Fund Class Y 149,012
962,176 Pioneer International Value Fund Class Y 17,492,361
680,417 Pioneer Mid Cap Value Fund Class Y 13,111,630
22,560 Pioneer Oak Ridge Large Cap Growth Fund Class Y 243,878
42,461 Pioneer Oak Ridge Small Cap Growth Fund Class Y 993,599
618,285 Pioneer Real Estate Shares Class Y 11,673,225
1,042,056 Pioneer Research Fund Class Y 8,544,863
282,565 Pioneer Select Mid Cap Growth Fund Class Y 4,224,348
1,528,230 Pioneer Short Term Income Fund Class Y 14,839,110
354,566 Pioneer Strategic Income Fund Class Y 3,818,672
18,927 Pioneer Value Fund Class Y 194,574
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 99.8%
(Cost $198,806,165) (a) $210,556,920
- -------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 373,299
- -------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $210,930,219
===============================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2010, the net unrealized gain on investments based on cost
for federal tax purposes of $201,059,942 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $18,337,140
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (8,840,162)
-----------
Net unrealized gain $ 9,496,978
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2010 aggregated $25,323,768 and $38,060,126,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 43
Schedule of Investments | 7/31/10
Pioneer Ibbotson Growth Allocation Fund (continued)
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, 2010, in valuing
the Fund's assets:
- --------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- --------------------------------------------------------------------------------
Mutual Funds $210,556,920 $-- $-- $210,556,920
- --------------------------------------------------------------------------------
Total $210,556,920 $-- $-- $210,556,920
================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Schedule of Investments | 7/31/10
Pioneer Ibbotson Aggressive Allocation Fund
- -------------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------------
MUTUAL FUNDS -- 100.0%
PIONEER FUNDS* -- 100.0%
1,289,380 Pioneer Bond Fund Class Y $ 12,184,636
387,780 Pioneer Cullen Value Fund Class Y 6,332,441
498,662 Pioneer Disciplined Growth Fund Class Y 4,617,614
447,545 Pioneer Disciplined Value Fund Class Y 3,772,807
308,732 Pioneer Emerging Markets Fund Class Y 8,820,476
166,297 Pioneer Equity Income Fund Class Y 3,750,008
290,663 Pioneer Fund Class Y 10,240,042
721,900 Pioneer Fundamental Growth Fund Class Y 7,348,945
1,413,064 Pioneer Global Equity Fund Class Y 12,675,188
326,043 Pioneer Growth Opportunities Fund Class Y 7,727,230
2,420 Pioneer High Yield Fund Class Y 22,435
2,010 Pioneer Independence Fund Class Y 18,994
828,348 Pioneer International Value Fund Class Y 15,059,370
573,235 Pioneer Mid Cap Value Fund Class Y 11,046,229
4,947 Pioneer Oak Ridge Large Cap Growth Fund Class Y 53,482
25,645 Pioneer Oak Ridge Small Cap Growth Fund Class Y 600,089
495,856 Pioneer Real Estate Shares Class Y 9,361,770
613,486 Pioneer Research Fund Class Y 5,030,588
251,318 Pioneer Select Mid Cap Growth Fund Class Y 3,757,200
211,250 Pioneer Strategic Income Fund Class Y 2,275,164
2,055 Pioneer Value Fund Class Y 21,123
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.0%
(Cost $115,690,163) (a) $124,715,831
- -------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0%** $ 57,595
- -------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $124,773,426
===============================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
** Amount rounds to less than 0.1%
(a) At July 31, 2010, the net unrealized gain on investments based on cost
for federal tax purposes of $117,684,813 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $12,604,859
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (5,573,841)
-----------
Net unrealized gain $ 7,031,018
===========
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2010 aggregated $15,635,167 and $28,570,938,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 45
Schedule of Investments | 7/31/10
Pioneer Ibbotson Aggressive Allocation Fund (continued)
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, 2010, in valuing
the Fund's assets:
- --------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- --------------------------------------------------------------------------------
Mutual Funds $124,715,831 $-- $-- $124,715,831
- --------------------------------------------------------------------------------
Total $124,715,831 $-- $-- $124,715,831
================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Statements of Assets and Liabilities | 7/31/10
- -------------------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of affiliated $52,828,935 $204,771,611 $210,556,920 $124,715,831
issuers, at value (at cost $49,218,656,
$193,018,909, $198,806,165 and
$115,690,163, respectively)
Cash 3,604,169 5,429,460 284,169 69,031
Receivables for:
Investment Funds sold 93,312 199,860 242,366 66,291
Capital stock sold 7,619 59,183 108,536 37,179
Dividends 131,332 304,321 210,132 56,453
Due from Pioneer Investment -- 1,951 3,015 --
Management, Inc.
Other assets 41,039 36,799 42,120 46,532
- -------------------------------------------------------------------------------------------------------------------
Total assets $56,706,406 $210,803,185 $211,447,258 $124,991,317
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Investments Funds purchased $ 99,792 $ -- $ 67,367 $ 814
Capital stock redeemed 115,746 260,456 194,372 46,105
Due to affiliates 39,949 154,824 175,067 102,828
Due to Pioneer Investment 8,927 -- -- 567
Management, Inc.
Accrued expenses and other liabilities 59,272 74,635 80,233 67,577
- -------------------------------------------------------------------------------------------------------------------
Total liabilities $ 323,686 $ 489,915 $ 517,039 $ 217,891
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $57,956,668 $240,725,074 $252,491,911 $156,474,041
Undistributed net investment income 767,374 3,428,122 2,125,250 519,786
Accumulated net realized loss on (5,951,601) (45,592,628) (55,437,697) (41,246,069)
investments
Net unrealized gains on investments 3,610,279 11,752,702 11,750,755 9,025,668
- -------------------------------------------------------------------------------------------------------------------
Total net assets $56,382,720 $210,313,270 $210,930,219 $124,773,426
===================================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares
authorized)
Net Assets of Class A shares $35,986,272 $125,353,718 $125,432,692 $ 85,487,885
Net Assets of Class B shares $ 6,214,169 $ 33,114,666 $ 39,901,777 $ 19,256,027
Net Assets of Class C shares $14,063,106 $ 43,725,056 $ 43,087,309 $ 18,161,046
Net Assets of Class Y shares $ 119,173 $ 8,119,830 $ 2,508,441 $ 1,868,468
Class A Shares outstanding 3,530,298 12,946,142 12,839,562 8,940,214
Class B Shares outstanding 621,749 3,580,840 4,618,947 2,148,004
Class C Shares outstanding 1,411,530 4,807,329 4,651,267 1,999,465
Class Y Shares outstanding 12,173 828,694 249,047 193,125
Net Asset Value -- Class A share $ 10.19 $ 9.68 $ 9.77 $ 9.56
Net Asset Value -- Class B share $ 9.99 $ 9.25 $ 8.64 $ 8.96
Net Asset Value -- Class C share $ 9.96 $ 9.10 $ 9.26 $ 9.08
Net Asset Value -- Class Y share $ 9.79 $ 9.80 $ 10.07 $ 9.67
MAXIMUM OFFERING PRICE:
Class A (100 [divided by] 94.25 x net asset value
per share) $ 10.81 $ 10.27 $ 10.37 $ 10.14
===================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 47
Statements of Operations
For the Year Ended 7/31/10
- -----------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from securities of
affiliated issuers $1,721,382 $ 5,116,897 $ 3,994,936 $ 1,652,669
Interest 1,050 1,326 255 93
- -----------------------------------------------------------------------------------------------------------
Total Investment Income $1,722,432 $ 5,118,223 $ 3,995,191 $ 1,652,762
- -----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 67,181 $ 273,553 $ 271,358 $ 166,038
Transfer agent fees
Class A 33,765 150,547 257,831 209,454
Class B 12,345 82,620 137,645 76,529
Class C 13,812 45,992 64,248 35,369
Class Y 69 523 563 573
Distribution fees
Class A 78,347 311,372 304,800 215,501
Class B 66,272 355,449 436,066 211,870
Class C 136,070 419,562 408,880 184,805
Shareholder communications expense 21,818 136,177 116,985 79,124
Administrative reimbursements 13,872 56,630 56,145 34,364
Custodian fees 24,162 93,611 89,694 61,206
Registration fees 58,068 60,339 59,122 53,052
Professional fees 58,075 70,097 60,788 56,602
Printing fees 535 26,128 44,803 35,593
Fees and expenses of nonaffiliated
trustees 7,797 7,895 7,723 7,787
Insurance expense 984 4,765 4,541 2,769
Miscellaneous 1,281 291 425 1,082
- -----------------------------------------------------------------------------------------------------------
Total expenses $ 594,453 $ 2,095,551 $ 2,321,617 $ 1,431,718
Less fees waived and expenses
reimbursed by Pioneer
Investment Management, Inc. (21,280) (13,781) (49,204) (50,626)
- -----------------------------------------------------------------------------------------------------------
Net expenses $ 573,173 $ 2,081,770 $ 2,272,413 $ 1,381,092
- -----------------------------------------------------------------------------------------------------------
Net investment income $1,149,259 $ 3,036,453 $ 1,722,778 $ 271,670
- -----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized loss on investments $ (320,589) $(5,275,077) $(8,084,401) $(4,653,983)
Realized gain on distributions from
investment company shares 142,535 968,503 1,083,627 761,721
- -----------------------------------------------------------------------------------------------------------
$ (178,054) $(4,306,574) $(7,000,774) $(3,892,262)
- -----------------------------------------------------------------------------------------------------------
Change in net unrealized gain on
investments $4,324,317 $26,406,558 $31,066,457 $19,913,617
- -----------------------------------------------------------------------------------------------------------
Net income on investments $4,146,263 $22,099,984 $24,065,683 $16,021,356
- -----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $5,295,522 $25,136,437 $25,788,461 $16,293,025
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Statements of Changes in Net Assets
For the Years Ended 7/31/10 and 7/31/09, respectively
- ----------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
----------------------------- -----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/10 7/31/09 7/31/10 7/31/09
- ----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,149,259 $ 1,561,507 $ 3,036,453 $ 5,669,905
Net realized loss on investments (178,054) (5,356,078) (4,306,574) (38,925,493)
Change in net unrealized gain on
investments 4,324,317 1,726,015 26,406,558 1,016,697
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations $ 5,295,522 $ (2,068,556) $ 25,136,437 $(32,238,891)
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class A ($0.32, $0.31, $0.27
and $0.13, respectively) $ (944,806) $ (747,663) $ (3,481,963) $ (1,669,230)
Class B ($0.24, $0.23, $0.20
and $0.03, respectively) (172,245) (149,975) (795,035) (121,524)
Class C ($0.25, $0.23, $0.22
and $0.06, respectively) (349,906) (248,688) (1,011,391) (247,061)
Class Y ($0.29, $0.11, $0.31
and $0.18, respectively) (3,800) (100) (265,608) (201,422)
Net realized gains on investments
Class A ($0.00, $0.22, $0.00
and $0.61, respectively) -- (526,812) -- (7,648,955)
Class B ($0.00, $0.22, $0.00
and $0.61, respectively) -- (140,521) -- (2,605,257)
Class C ($0.00, $0.22, $0.00
and $0.61, respectively) -- (234,925) -- (2,544,858)
Class Y ($0.00, $0.22, $0.00
and $0.61, respectively) -- (207) -- (668,871)
- ----------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (1,470,757) $ (2,048,891) $ (5,553,997) $(15,707,178)
- ----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 22,805,067 $ 19,287,993 $ 45,255,420 $ 41,171,734
Reinvestment of distributions 1,331,192 1,826,482 5,047,603 14,349,529
Cost of shares repurchased (14,720,155) (18,148,958) (61,082,551) (67,083,006)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from fund
share transactions $ 9,416,104 $ 2,965,517 $(10,779,528) $(11,561,743)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets $ 13,240,869 $ (1,151,930) $ 8,802,912 $(59,507,812)
NET ASSETS:
Beginning of year 43,141,851 44,293,781 201,510,358 261,018,170
- ----------------------------------------------------------------------------------------------------
End of year $ 56,382,720 $ 43,141,851 $210,313,270 $201,510,358
- ----------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of year $ 767,374 $ 1,022,298 $ 3,428,122 $ 5,553,462
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 49
Statements of Changes in Net Assets (continued)
- --------------------------------------------------------------------------------------------------
Aggressive
Growth Allocation Fund Allocation Fund
---------------------------- -----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/10 7/31/09 7/31/10 7/31/09
- --------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,722,778 $ 3,493,456 $ 271,670 $ 920,901
Net realized loss on investments (7,000,774) (46,809,905) (3,892,262) (35,797,056)
Change in net unrealized gain on
investments 31,066,457 1,721,765 19,913,617 3,145,730
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations $ 25,788,461 $(41,594,684) $ 16,293,025 $(31,730,425)
- --------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class A ($0.18, $0.04, $0.09
and $0.00, respectively) $ (2,276,887) $ (517,538) $ (799,436) $ --
Class B ($0.12, $0.00, $0.02
and $0.00, respectively) (626,895) -- (46,119) --
Class C ($0.12, $0.00, $0.03
and $0.00, respectively) (548,334) -- (52,825) --
Class Y ($0.22, $0.10, $0.12
and $0.00, respectively) (49,812) (12,756) (22,968) --
Net realized gains on investments
Class A ($0.00,$0.77, $0.00
and $0.95, respectively) -- (9,042,100) -- (8,008,516)
Class B ($0.00, $0.77, $0.00
and $0.95, respectively) -- (4,285,462) -- (2,418,500)
Class C ($0.00, $0.77, $0.00
and $0.95, respectively) -- (3,080,395) -- (1,816,045)
Class Y ($0.00, $0.77, $0.00
and $0.95, respectively) -- (100,341) -- (216,797)
- --------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (3,501,928) $(17,038,592) $ (921,348) $(12,459,858)
- --------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 40,428,087 $ 38,806,649 $ 22,571,282 $ 24,408,932
Reinvestment of distributions 3,299,908 15,852,835 884,792 11,779,918
Cost of shares repurchased (48,137,922) (54,927,329) (33,215,867) (32,217,796)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from fund
share transactions $ (4,409,927) $ (267,845) $ (9,759,793) $ 3,971,054
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets $ 17,876,606 $(58,901,121) $ 5,611,884 $(40,219,229)
NET ASSETS:
Beginning of year 193,053,613 251,954,734 119,161,542 159,380,771
- --------------------------------------------------------------------------------------------------
End of year $210,930,219 $193,053,613 $124,773,426 $119,161,542
- --------------------------------------------------------------------------------------------------
Undistributed net investment
income, end of year $ 2,125,250 $ 3,503,204 $ 519,785 $ 920,231
- --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
For the Years Ended 7/31/10 and 7/31/09, respectively
- ----------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 1,393,061 $13,906,520 1,046,972 $9,181,773
Reinvestment of distributions 92,742 916,289 150,728 1,217,886
Less shares repurchased (719,307) (7,165,148) (988,287) (8,821,594)
- ----------------------------------------------------------------------------------------------------
Net increase 766,496 $7,657,661 209,413 $1,578,065
====================================================================================================
Class B
Shares sold 209,249 $2,030,202 313,527 $2,691,195
Reinvestment of distributions 15,545 151,410 30,564 243,897
Less shares repurchased (247,840) (2,431,858) (317,104) (2,734,913)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) (23,046) $ (250,246) 26,987 $ 200,179
====================================================================================================
Class C
Shares sold 687,384 $6,724,201 854,431 $7,415,025
Reinvestment of distributions 27,164 263,493 45,816 364,699
Less shares repurchased (517,664) (5,083,087) (766,827) (6,592,451)
- ----------------------------------------------------------------------------------------------------
Net increase 196,884 $1,904,607 133,420 $1,187,273
====================================================================================================
Class Y
Shares sold 15,413 $ 144,144 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased (4,185) (40,062) -- --
- ----------------------------------------------------------------------------------------------------
Net increase 11,228 $ 104,082 -- $ --
====================================================================================================
- ----------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 2,887,199 $27,533,502 2,821,624 $23,293,246
Reinvestment of distributions 356,824 3,400,536 1,232,334 9,094,621
Less shares repurchased (4,036,462) (38,109,320) (3,817,424) (31,882,235)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) (792,439) $(7,175,282) 236,534 $ 505,632
====================================================================================================
Class B
Shares sold 385,358 $ 3,514,985 563,328 $ 4,411,845
Reinvestment of distributions 81,756 748,070 357,156 2,532,237
Less shares repurchased (1,072,515) (9,775,212) (1,594,459) (12,499,463)
- ----------------------------------------------------------------------------------------------------
Net decrease (605,401) $(5,512,157) (673,975) $(5,555,381)
====================================================================================================
Class C
Shares sold 1,424,845 $12,824,037 1,569,203 $12,180,557
Reinvestment of distributions 84,694 761,402 300,085 2,097,597
Less shares repurchased (1,229,570) (10,966,343) (1,767,600) (13,677,523)
- ----------------------------------------------------------------------------------------------------
Net increase 279,969 $ 2,619,096 101,688 $ 600,631
====================================================================================================
Class Y
Shares sold 146,088 $ 1,382,896 149,844 $ 1,286,086
Reinvestment of distributions 14,303 137,595 84,242 625,074
Less shares repurchased (233,453) (2,231,676) (968,281) (9,023,785)
- ----------------------------------------------------------------------------------------------------
Net decrease (73,062) $ (711,185) (734,195) $(7,112,625)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 51
Statements of Changes in Net Assets (continued)
For the Years Ended 7/31/10 and 7/31/09, respectively
- ----------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 2,547,743 $24,482,326 2,589,869 $21,222,690
Reinvestment of distributions 229,511 2,221,670 1,269,968 9,232,669
Less shares repurchased (2,682,381) (25,750,499) (3,263,979) (26,769,055)
- ----------------------------------------------------------------------------------------------------
Net increase 94,873 $ 953,497 595,858 $ 3,686,304
====================================================================================================
Class B
Shares sold 272,654 $ 2,286,636 723,670 $ 5,311,140
Reinvestment of distributions 70,491 606,220 634,620 4,105,994
Less shares repurchased (1,322,892) (11,197,637) (1,730,142) (12,362,572)
- ----------------------------------------------------------------------------------------------------
Net decrease (979,747) $(8,304,781) (371,852) $(2,945,438)
====================================================================================================
Class C
Shares sold 1,389,233 $12,715,246 1,416,333 $10,929,968
Reinvestment of distributions 48,570 447,815 355,761 2,465,427
Less shares repurchased (1,194,324) (10,882,905) (1,724,566) (13,850,941)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) 243,479 $ 2,280,156 47,528 $ (455,546)
====================================================================================================
Class Y
Shares sold 97,950 $ 943,879 158,272 $ 1,342,851
Reinvestment of distributions 2,430 24,203 6,534 48,745
Less shares repurchased (30,610) (306,881) (215,970) (1,944,761)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) 69,770 $ 661,201 (51,164) $ (553,165)
====================================================================================================
- ----------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
---------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 1,760,958 $16,475,367 2,135,342 $16,907,966
Reinvestment of distributions 82,301 785,915 1,119,839 7,838,875
Less shares repurchased (2,306,323) (21,546,569) (2,536,617) (20,125,237)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) (463,064) $(4,285,287) 718,564 $ 4,621,604
====================================================================================================
Class B
Shares sold 141,897 $ 1,235,373 321,078 $ 2,411,590
Reinvestment of distributions 4,939 44,456 347,880 2,296,007
Less shares repurchased (630,933) (5,573,218) (729,085) (5,288,157)
- ----------------------------------------------------------------------------------------------------
Net decrease (484,097) $(4,293,389) (60,127) $ (580,560)
====================================================================================================
Class C
Shares sold 497,963 $ 4,487,299 587,589 $ 4,479,431
Reinvestment of distributions 4,889 44,533 228,896 1,531,312
Less shares repurchased (639,004) (5,735,279) (686,801) (5,383,113)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) (136,152) $(1,203,447) 129,684 $ 627,630
====================================================================================================
Class Y
Shares sold 39,832 $ 373,243 72,124 $ 609,945
Reinvestment of distributions 1,024 9,888 16,085 113,724
Less shares repurchased (37,956) (360,801) (156,302) (1,421,289)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) 2,900 $ 22,330 (68,093) $ (697,620)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Financial Highlights
- ------------------------------------------------------------------------------------------------------------
Conservative
Allocation Fund
-------------------------
Year Ended Year Ended
7/31/10 7/31/09
- ------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 9.40 $ 10.48
- ------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.25 $ 0.39
Net realized and unrealized gain (loss) on investments 0.86 (0.94)
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.11 $ (0.55)
- ------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.32) $ (0.31)
Net realized gain -- (0.22)
- ------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.32) $ (0.53)
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.79 $ (1.08)
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.19 $ 9.40
============================================================================================================
Total return* 11.88% (4.44)%
Ratio of net expenses to average net assets+++ 0.78% 0.78%
Ratio of net investment income to average net assets+++ 2.55% 4.43%
Portfolio turnover rate 13% 53%
Net assets, end of year (in thousands) $35,986 $25,992
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.84% 1.09%
Net investment income 2.49% 4.12%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.78% 0.78%
Net investment income 2.55% 4.43%
============================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
----------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 11.28 $ 10.56 $10.29
- ---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.33 $ 0.32 $ 0.25
Net realized and unrealized gain (loss) on investments (0.63) 0.61 0.09
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.30) $ 0.93 $ 0.34
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.35) $ (0.19) $(0.06)
Net realized gain (0.15) (0.02) (0.01)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.50) $ (0.21) $(0.07)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.80) $ 0.72 $ 0.27
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.48 $ 11.28 $10.56
===========================================================================================================================
Total return* (2.88)% 8.89% 3.33%
Ratio of net expenses to average net assets+++ 0.78% 0.78% 0.78%
Ratio of net investment income to average net assets+++ 2.96% 2.90% 2.38%
Portfolio turnover rate 29% 15% 15%
Net assets, end of year (in thousands) $26,782 $23,324 $8,837
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.89% 0.98% 2.12%
Net investment income 2.86% 2.70% 1.04%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.78% 0.78% 0.78%
Net investment income 2.97% 2.90% 2.38%
===========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 53
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------
Conservative
Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 9.24 $10.31
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.31
Net realized and unrealized gain (loss) on investments 0.83 (0.93)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.99 $(0.62)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.24) $(0.23)
Net realized gain -- (0.22)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.24) $(0.45)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.75 $(1.07)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.99 $ 9.24
===========================================================================================================
Total return* 10.80% (5.31)%
Ratio of net expenses to average net assets+++ 1.68% 1.68%
Ratio of net investment income to average net assets+++ 1.67% 3.58%
Portfolio turnover rate 13% 53%
Net assets, end of year (in thousands) $6,214 $5,957
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.70% 1.90%
Net investment income 1.64% 3.36%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.68% 1.68%
Net investment income 1.67% 3.58%
===========================================================================================================
- -------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- -------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $11.10 $10.44 $10.28
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.22 $ 0.21 $ 0.15
Net realized and unrealized gain (loss) on investments (0.61) 0.63 0.08
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.39) $ 0.84 $ 0.23
- -------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.25) $(0.16) $(0.06)
Net realized gain (0.15) (0.02) (0.01)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.40) $(0.18) $(0.07)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.79) $ 0.66 $ 0.16
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $10.31 $11.10 $10.44
=========================================================================================================================
Total return* (3.72)% 8.09% 2.26%
Ratio of net expenses to average net assets+++ 1.69% 1.69% 1.68%
Ratio of net investment income to average net assets+++ 2.05% 1.91% 1.49%
Portfolio turnover rate 29% 15% 15%
Net assets, end of year (in thousands) $6,370 $4,729 $2,830
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.73% 1.91% 3.08%
Net investment income 2.01% 1.69% 0.09%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.68% 1.68% 1.68%
Net investment income 2.05% 1.92% 1.49%
=========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -----------------------------------------------------------------------------------------------------------
Conservative
Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 9.21 $ 10.30
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.31
Net realized and unrealized gain (loss) on investments 0.83 (0.95)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.00 $ (0.64)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.23)
Net realized gain -- (0.22)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.25) $ (0.45)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.75 $ (1.09)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.96 $ 9.21
===========================================================================================================
Total return* 10.91% (5.53)%
Ratio of net expenses to average net assets+++ 1.59% 1.68%
Ratio of net investment income to average net assets+++ 1.73% 3.54%
Portfolio turnover rate 13% 53%
Net assets, end of year (in thousands) $14,063 $11,184
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.59% 1.80%
Net investment income 1.73% 3.43%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.59% 1.68%
Net investment income 1.73% 3.54%
===========================================================================================================
- -------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- -------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 11.09 $10.44 $10.26
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.23 $ 0.21 $ 0.15
Net realized and unrealized gain (loss) on investments (0.61) 0.62 0.10
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.38) $ 0.83 $ 0.25
- -------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $(0.16) $(0.06)
Net realized gain (0.15) (0.02) (0.01)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.41) $(0.18) $(0.07)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.79) $ 0.65 $ 0.18
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.30 $11.09 $10.44
=========================================================================================================================
Total return* (3.63)% 8.00% 2.46%
Ratio of net expenses to average net assets+++ 1.63% 1.68% 1.68%
Ratio of net investment income to average net assets+++ 2.10% 1.92% 1.48%
Portfolio turnover rate 29% 15% 15%
Net assets, end of year (in thousands) $11,132 $9,814 $5,201
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.63% 1.76% 2.80%
Net investment income 2.10% 1.84% 0.36%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.63% 1.68% 1.68%
Net investment income 2.11% 1.92% 1.48%
=========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 55
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------
Conservative
Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.02 $ 10.50
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss)(b) $ 0.28 $ (0.18)
Net realized and unrealized gain (loss) on investments 0.78 (0.97)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.06 $ (1.15)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.29) $ (0.11)
Net realized gain -- (0.22)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.29) $ (0.33)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.77 $ (1.48)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.79 $ 9.02
===========================================================================================================
Total return* 11.89% (10.66)%
Ratio of net expenses to average net assets+++ 0.63% 7.26%
Ratio of net investment income to average net assets+++ 2.94% (2.03)%
Portfolio turnover rate 13% 53%
Net assets, end of period (in thousands) $ 119 $ 9
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.63% 7.26%
Net investment income (loss) 2.94% (2.03)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.63% 7.26%
Net investment income (loss) 2.94% (2.03)%
===========================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
---------------------------------------
Year Ended Year Ended 10/5/05 (a)
7/31/08 7/31/07 to 7/31/06
- --------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $11.30 $10.57 $10.32
- --------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss)(b) $ 0.28 $ 0.29 $ 0.16
Net realized and unrealized gain (loss) on investments (0.65) 0.65 0.16
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.37) $ 0.94 $ 0.32
- --------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.28) $(0.19) $(0.06)
Net realized gain (0.15) (0.02) (0.01)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.43) $(0.21) $(0.07)
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.80) $ 0.73 $ 0.25
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.50 $11.30 $10.57
==========================================================================================================================
Total return* (3.42)% 8.91% 3.13%**
Ratio of net expenses to average net assets+++ 1.25% 0.90% 1.23%***
Ratio of net investment income to average net assets+++ 2.50% 2.64% 1.96%***
Portfolio turnover rate 29% 15% 15%**
Net assets, end of period (in thousands) $ 10 $ 11 $ 10
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.25% 0.90% 2.19%***
Net investment income (loss) 2.50% 2.64% 0.98%***
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.23% 0.88% 1.23%***
Net investment income (loss) 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 and the complete redemption of the
investment at net asset value at the end of each period.
** Not annualized
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized
The accompanying notes are an integral part of these financial statements.
56 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
----------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 8.79 $ 10.89
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.27
Net realized and unrealized gain (loss) on investments 1.00 (1.63)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.16 $ (1.36)
- -------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.13)
Net realized gain -- (0.61)
- -------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.27) $ (0.74)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.89 $ (2.10)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.68 $ 8.79
=============================================================================================================
Total return* 13.26% (11.20)%
Ratio of net expenses to average net assets+++ 0.73% 0.74%
Ratio of net investment income to average net assets+++ 1.70% 3.20%
Portfolio turnover rate 10% 44%
Net assets, end of year (in thousands) $125,354 $120,786
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.73% 0.76%
Net investment income 1.70% 3.18%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.73% 0.74%
Net investment income 1.70% 3.20%
=============================================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- -----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 12.50 $ 11.39 $ 11.15
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.24 $ 0.21 $ 0.16
Net realized and unrealized gain (loss) on investments (1.10) 1.21 0.38
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.86) $ 1.42 $ 0.54
- -----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.28) $ (0.06)
Net realized gain (0.44) (0.03) (0.24)
- -----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.75) $ (0.31) $ (0.30)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.61) $ 1.11 $ 0.24
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.89 $ 12.50 $ 11.39
=======================================================================================================================
Total return* (7.47)% 12.58% 4.98%
Ratio of net expenses to average net assets+++ 0.65% 0.65% 0.63%
Ratio of net investment income to average net assets+++ 2.03% 1.75% 1.40%
Portfolio turnover rate 21% 19% 52%
Net assets, end of year (in thousands) $147,004 $165,090 $148,495
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.65% 0.65% 0.63%
Net investment income 2.03% 1.75% 1.40%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.65% 0.65% 0.63%
Net investment income 2.03% 1.75% 1.40%
=======================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 57
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 8.41 $10.39
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.08 $ 0.19
Net realized and unrealized gain (loss) on investments 0.96 (1.53)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $(1.34)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $(0.03)
Net realized gain -- (0.61)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.20) $(0.64)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.84 $(1.98)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.25 $ 8.41
===========================================================================================================
Total return* 12.39% (11.81)%
Ratio of net expenses to average net assets+++ 1.52% 1.52%
Ratio of net investment income to average net assets+++ 0.92% 2.44%
Portfolio turnover rate 10% 44%
Net assets, end of year (in thousands) $33,115 $35,197
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.56% 1.63%
Net investment income 0.88% 2.33%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.52% 1.52%
Net investment income 0.92% 2.44%
===========================================================================================================
- ------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 11.97 $ 10.92 $ 10.77
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.13 $ 0.11 $ 0.06
Net realized and unrealized gain (loss) on investments (1.06) 1.16 0.36
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.93) $ 1.27 $ 0.42
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.19) $ (0.03)
Net realized gain (0.44) (0.03) (0.24)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.65) $ (0.22) $ (0.27)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.58) $ 1.05 $ 0.15
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.39 $ 11.97 $ 10.92
========================================================================================================================
Total return* (8.32)% 11.70% 4.00%
Ratio of net expenses to average net assets+++ 1.52% 1.50% 1.51%
Ratio of net investment income to average net assets+++ 1.16% 0.91% 0.51%
Portfolio turnover rate 21% 19% 52%
Net assets, end of year (in thousands) $50,515 $60,796 $55,053
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.52% 1.50% 1.51%
Net investment income 1.16% 0.91% 0.51%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.51% 1.49% 1.51%
Net investment income 1.17% 0.92% 0.51%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -----------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 8.29 $ 10.30
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.19
Net realized and unrealized gain (loss) on investments 0.94 (1.53)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.03 $ (1.34)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.06)
Net realized gain -- (0.61)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.22) $ (0.67)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.81 $ (2.01)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.10 $ 8.29
===========================================================================================================
Total return* 12.43% (11.85)%
Ratio of net expenses to average net assets+++ 1.44% 1.52%
Ratio of net investment income to average net assets+++ 0.98% 2.44%
Portfolio turnover rate 10% 44%
Net assets, end of year (in thousands) $43,725 $37,513
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.44% 1.52%
Net investment income 0.98% 2.44%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.44% 1.52%
Net investment income 0.98% 2.44%
===========================================================================================================
- ------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 11.88 $ 10.85 $ 10.68
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.14 $ 0.12 $ 0.07
Net realized and unrealized gain (loss) on investments (1.05) 1.15 0.35
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.91) $ 1.27 $ 0.42
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.21) $ (0.01)
Net realized gain (0.44) (0.03) (0.24)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.67) $ (0.24) $ (0.25)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.58) $ 1.03 $ 0.17
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.30 $ 11.88 $ 10.85
========================================================================================================================
Total return* (8.19)% 11.83% 4.06%
Ratio of net expenses to average net assets+++ 1.39% 1.39% 1.42%
Ratio of net investment income to average net assets+++ 1.28% 1.03% 0.60%
Portfolio turnover rate 21% 19% 52%
Net assets, end of year (in thousands) $45,594 $47,405 $32,416
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.39% 1.39% 1.42%
Net investment income 1.28% 1.03% 0.60%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.39% 1.38% 1.42%
Net investment income 1.28% 1.04% 0.60%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 59
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.89 $ 10.94
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.20 $ 0.29
Net realized and unrealized gain (loss) on investments 1.02 (1.55)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.22 $ (1.26)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.31) $ (0.18)
Net realized gain -- (0.61)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.31) $ (0.79)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.91 $ (2.05)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.80 $ 8.89
===========================================================================================================
Total return* 13.75% (10.09)%
Ratio of net expenses to average net assets+++ 0.33% 0.33%
Ratio of net investment income to average net assets+++ 2.10% 3.59%
Portfolio turnover rate 10% 44%
Net assets, end of period (in thousands) $8,120 $ 8,015
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.33% 0.33%
Net investment income 2.10% 3.59%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.33% 0.33%
Net investment income 2.10% 3.59%
===========================================================================================================
- -------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
---------------------------------------
Year Ended Year Ended 9/23/05 (a)
7/31/08 7/31/07 to 7/31/06
- -------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.55 $ 11.43 $ 11.18
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.29 $ 0.26 $ 0.17
Net realized and unrealized gain (loss) on investments (1.11) 1.21 0.40
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.82) $ 1.47 $ 0.57
- -------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.35) $ (0.32) $ (0.08)
Net realized gain (0.44) (0.03) (0.24)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.79) $ (0.35) $ (0.32)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.61) $ 1.12 $ 0.25
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.94 $ 12.55 $ 11.43
=========================================================================================================================
Total return* (7.10)% 12.98% 5.19%**
Ratio of net expenses to average net assets+++ 0.27% 0.29% 0.28%***
Ratio of net investment income to average net assets+++ 2.40% 2.09% 1.79%***
Portfolio turnover rate 21% 19% 52%**
Net assets, end of period (in thousands) $17,905 $24,046 $27,792
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.27% 0.29% 0.28%***
Net investment income 2.40% 2.09% 1.79%***
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.27% 0.29% 0.28%***
Net investment income 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 and the complete redemption of the
investment at net asset value at the end of each period.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 8.74 $ 11.50
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.19
Net realized and unrealized gain (loss) on investments 1.10 (2.14)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.21 $ (1.95)
- -------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.04)
Net realized gain -- (0.77)
- -------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.18) $ (0.81)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.03 $ (2.76)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.77 $ 8.74
=============================================================================================================
Total return* 13.90% (15.49)%
Ratio of net expenses to average net assets+++ 0.79% 0.79%
Ratio of net investment income to average net assets+++ 1.12% 2.24%
Portfolio turnover rate 11% 49%
Net assets, end of year (in thousands) $125,433 $111,447
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.80% 0.89%
Net investment income 1.11% 2.14%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.79% 0.79%
Net investment income 1.12% 2.24%
=============================================================================================================
- ------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 13.47 $ 12.04 $ 11.50
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.16 $ 0.15 $ 0.09
Net realized and unrealized gain (loss) on investments (1.41) 1.61 0.63
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.25) $ 1.76 $ 0.72
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.23) $ (0.05)
Net realized gain (0.47) (0.10) (0.13)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.72) $ (0.33) $ (0.18)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.97) $ 1.43 $ 0.54
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.50 $ 13.47 $ 12.04
========================================================================================================================
Total return* (9.88)% 14.73% 6.29%
Ratio of net expenses to average net assets+++ 0.78% 0.72% 0.74%
Ratio of net investment income to average net assets+++ 1.24% 1.09% 0.74%
Portfolio turnover rate 20% 11% 27%
Net assets, end of year (in thousands) $139,670 $157,453 $116,161
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.78% 0.72% 0.74%
Net investment income 1.24% 1.09% 0.74%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.77% 0.71% 0.74%
Net investment income 1.25% 1.10% 0.74%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 61
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-------------------------
Year Ended Year Ended
7/31/10 7/31/09
- ------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 7.75 $ 10.33
- ------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.03 $ 0.11
Net realized and unrealized gain (loss) on investments 0.98 (1.92)
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.01 $ (1.81)
- ------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ --
Net realized gain -- (0.77)
- ------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.12) $ (0.77)
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.89 $ (2.58)
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 8.64 $ 7.75
============================================================================================================
Total return* 13.03% (16.05)%
Ratio of net expenses to average net assets+++ 1.57% 1.57%
Ratio of net investment income to average net assets+++ 0.36% 1.47%
Portfolio turnover rate 11% 49%
Net assets, end of year (in thousands) $39,902 $43,390
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.66% 1.77%
Net investment income (loss) 0.27% 1.27%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.57% 1.57%
Net investment income (loss) 0.36% 1.47%
============================================================================================================
- ------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 12.17 $ 10.93 $ 10.50
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.05 $ 0.03 $ (0.01)
Net realized and unrealized gain (loss) on investments (1.28) 1.45 0.59
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.23) $ 1.48 $ 0.58
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.14) $ (0.02)
Net realized gain (0.47) (0.10) (0.13)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.61) $ (0.24) $ (0.15)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.84) $ 1.24 $ 0.43
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.33 $ 12.17 $ 10.93
========================================================================================================================
Total return* (10.66)% 13.67% 5.53%
Ratio of net expenses to average net assets+++ 1.58% 1.58% 1.57%
Ratio of net investment income to average net assets+++ 0.44% 0.23% (0.08)%
Portfolio turnover rate 20% 11% 27%
Net assets, end of year (in thousands) $61,704 $76,095 $61,373
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.64% 1.60% 1.62%
Net investment income (loss) 0.38% 0.21% (0.13)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.57% 1.57% 1.57%
Net investment income (loss) 0.45% 0.24% (0.08)%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -----------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 8.30 $ 10.99
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.04 $ 0.11
Net realized and unrealized gain (loss) on investments 1.04 (2.03)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.08 $ (1.92)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ --
Net realized gain -- (0.77)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.12) $ (0.77)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.96 $ (2.69)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.26 $ 8.30
===========================================================================================================
Total return* 13.08% (16.08)%
Ratio of net expenses to average net assets+++ 1.51% 1.57%
Ratio of net investment income to average net assets+++ 0.40% 1.44%
Portfolio turnover rate 11% 49%
Net assets, end of year (in thousands) $43,087 $36,602
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.51% 1.60%
Net investment income 0.40% 1.40%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.51% 1.57%
Net investment income 0.40% 1.44%
===========================================================================================================
- ------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 12.90 $ 11.58 $ 11.10
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.05 $ --
Net realized and unrealized gain (loss) on investments (1.34) 1.53 0.61
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.27) $ 1.58 $ 0.61
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.16) $ --
Net realized gain (0.47) (0.10) (0.13)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.64) $ (0.26) $ (0.13)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.91) $ 1.32 $ 0.48
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.99 $ 12.90 $ 11.58
========================================================================================================================
Total return* (10.43)% 13.75% 5.51%
Ratio of net expenses to average net assets+++ 1.48% 1.44% 1.46%
Ratio of net investment income to average net assets+++ 0.54% 0.37% 0.02%
Portfolio turnover rate 20% 11% 27%
Net assets, end of year (in thousands) $47,898 $52,861 $33,315
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.48% 1.44% 1.46%
Net investment income 0.54% 0.37% 0.02%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.47% 1.43% 1.46%
Net investment income 0.54% 0.38% 0.02%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 63
Financial Highlights (continued)
- -----------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.00 $ 11.64
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.15 $ 0.20
Net realized and unrealized gain (loss) on investments 1.14 (1.97)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.29 $ (1.77)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.22) $ (0.10)
Net realized gain -- (0.77)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.22) $ (0.87)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.07 $ (2.64)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.07 $ 9.00
===========================================================================================================
Total return* 14.33% (13.68)%
Ratio of net expenses to average net assets+++ 0.39% 0.39%
Ratio of net investment income to average net assets+++ 1.54% 2.44%
Portfolio turnover rate 11% 49%
Net assets, end of period (in thousands) $2,508 $ 1,614
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.39% 0.39%
Net investment income 1.54% 2.44%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.39% 0.39%
Net investment income 1.54% 2.44%
===========================================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------
9/26/05(a)
Year Ended Year Ended to
7/31/08 7/31/07 7/31/06
- ----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $13.55 $12.13 $11.54
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.22 $ 0.19 $ 0.13
Net realized and unrealized gain (loss) on investments (1.36) 1.60 0.65
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(1.14) $ 1.79 $ 0.78
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.30) $(0.27) $(0.06)
Net realized gain (0.47) (0.10) (0.13)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.77) $(0.37) $(0.19)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(1.91) $ 1.42 $ 0.59
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.64 $13.55 $12.13
======================================================================================================================
Total return* (9.05)% 14.87% 6.84%**
Ratio of net expenses to average net assets+++ 0.34% 0.36% 0.32%***
Ratio of net investment income to average net assets+++ 1.67% 1.40% 1.23%***
Portfolio turnover rate 20% 11% 27%**
Net assets, end of period (in thousands) $2,683 $2,956 $3,068
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.34% 0.36% 0.32%***
Net investment income 1.67% 1.40% 1.23%***
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.34% 0.36% 0.32%***
Net investment income 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 and the complete redemption of the
investment at net asset value at the end of each period.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 8.45 $ 11.85
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.04 $ 0.09
Net realized and unrealized gain (loss) on investments 1.16 (2.54)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.20 $ (2.45)
- -------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ --
Net realized gain -- (0.95)
- -------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.09) $ (0.95)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.11 $ (3.40)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.56 $ 8.45
=============================================================================================================
Total return* 14.16% (19.05)%
Ratio of net expenses to average net assets+++ 0.85% 0.85%
Ratio of net investment income to average net assets+++ 0.44% 1.07%
Portfolio turnover rate 12% 55%
Net assets, end of year (in thousands) $85,488 $79,480
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.88% 1.01%
Net investment income 0.41% 0.91%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.85% 0.85%
Net investment income 0.44% 1.07%
=============================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
----------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- --------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 14.20 $ 12.39 $ 11.82
- --------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.06 $ 0.01
Net realized and unrealized gain (loss) on investments (1.69) 1.97 0.85
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.62) $ 2.03 $ 0.86
- --------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.16) $ (0.02)
Net realized gain (0.50) (0.06) (0.27)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.73) $ (0.22) $ (0.29)
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.35) $ 1.81 $ 0.57
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.85 $ 14.20 $ 12.39
==========================================================================================================================
Total return* (12.03)% 16.41% 7.30%
Ratio of net expenses to average net assets+++ 0.84% 0.82% 0.82%
Ratio of net investment income to average net assets+++ 0.54% 0.44% 0.10%
Portfolio turnover rate 13% 18% 51%
Net assets, end of year (in thousands) $102,941 $114,054 $84,775
Ratios with no waivers of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 0.84% 0.82% 0.82%
Net investment income 0.54% 0.44% 0.10%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.83% 0.81% 0.82%
Net investment income 0.55% 0.45% 0.10%
==========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 65
Financial Highlights (continued)
- -------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 7.93 $ 11.29
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 1.08 (2.43)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.05 $ (2.41)
- -------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.02) $ --
Net realized gain -- (0.95)
- -------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.02) $ (0.95)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.03 $ (3.36)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 8.96 $ 7.93
=============================================================================================================
Total return* 13.22% (19.69)%
Ratio of net expenses to average net assets+++ 1.64% 1.64%
Ratio of net investment income to average net assets+++ (0.33)% 0.28%
Portfolio turnover rate 12% 55%
Net assets, end of year (in thousands) $19,256 $20,884
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.76% 1.89%
Net investment income (loss) (0.45)% 0.04%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.64% 1.64%
Net investment income (loss) (0.33)% 0.28%
=============================================================================================================
- ------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of year $ 13.55 $ 11.84 $ 11.39
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ (0.03) $ (0.05) $ (0.08)
Net realized and unrealized gain (loss) on investments (1.61) 1.88 0.80
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.64) $ 1.83 $ 0.72
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12) $ (0.06) $ --
Net realized gain (0.50) (0.06) (0.27)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.62) $ (0.12) $ (0.27)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.26) $ 1.71 $ 0.45
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.29 $ 13.55 $ 11.84
========================================================================================================================
Total return* (12.72)% 15.49% 6.36%
Ratio of net expenses to average net assets+++ 1.65% 1.66% 1.64%
Ratio of net investment income to average net assets+++ (0.28)% (0.39)% (0.70)%
Portfolio turnover rate 13% 18% 51%
Net assets, end of year (in thousands) $30,405 $37,749 $30,382
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.71% 1.69% 1.69%
Net investment income (loss) (0.34)% (0.42)% (0.75)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.64% 1.64% 1.64%
Net investment income (loss) (0.27)% (0.38)% (0.70)%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- -------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------
Year Ended Year Ended
7/31/10 7/31/09
- -------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 8.04 $ 11.43
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 1.10 (2.46)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.07 $ (2.44)
- -------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.03) $ --
Net realized gain -- (0.95)
- -------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.03) $ (0.95)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.04 $ (3.39)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.08 $ 8.04
=============================================================================================================
Total return* 13.25% (19.71)%
Ratio of net expenses to average net assets+++ 1.58% 1.64%
Ratio of net investment income to average net assets+++ (0.31)% 0.27%
Portfolio turnover rate 12% 55%
Net assets, end of year (in thousands) $18,161 $17,171
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.58% 1.70%
Net investment income (loss) (0.31)% 0.21%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.58% 1.64%
Net investment income (loss) (0.31)% 0.27%
- -------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------
Year Ended Year Ended Year Ended
7/31/08 7/31/07 7/31/06
- ------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 13.73 $ 12.00 $ 11.54
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ (0.02) $ (0.03) $ (0.08)
Net realized and unrealized gain (loss) on investments (1.62) 1.90 0.81
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.64) $ 1.87 $ 0.73
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.08) $ --
Net realized gain (0.50) (0.06) (0.27)
- ------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.66) $ (0.14) $ (0.27)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.30) $ 1.73 $ 0.46
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.43 $ 13.73 $ 12.00
========================================================================================================================
Total return* (12.61)% 15.63% 6.37%
Ratio of net expenses to average net assets+++ 1.53% 1.52% 1.56%
Ratio of net investment income to average net assets+++ (0.16)% (0.26)% (0.64)%
Portfolio turnover rate 13% 18% 51%
Net assets, end of year (in thousands) $22,930 $23,584 $15,524
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.53% 1.52% 1.56%
Net investment income (loss) (0.16)% (0.26)% (0.64)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.52% 1.52% 1.56%
Net investment income (loss) (0.15)% (0.26)% (0.64)%
========================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 67
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------
Year Ended Year Ended
7/31/10 7/31/09
- ------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.55 $ 12.02
- ------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.08 $ 0.13
Net realized and unrealized gain (loss) on investments 1.16 (2.65)
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.24 $ (2.52)
- ------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.12) $ --
Net realized gain -- (0.95)
- ------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(0.12) $ (0.95)
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.12 $ (3.47)
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 8.55
============================================================================================================
Total return* 14.49% (19.35)%
Ratio of net expenses to average net assets+++ 0.42% 0.43%
Ratio of net investment income to average net assets+++ 0.88% 1.58%
Portfolio turnover rate 12% 55%
Net assets, end of period (in thousands) $1,868 $ 1,627
Ratios with no waivers of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.42% 0.43%
Net investment income 0.88% 1.58%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.42% 0.43%
Net investment income 0.88% 1.58%
============================================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------
9/23/05(a)
Year Ended Year Ended to
7/31/08 7/31/07 7/31/06
- -----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.26 $12.41 $11.87
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (b) $ 0.15 $ 0.14 $ 0.06
Net realized and unrealized gain (loss) on investments (1.60) 1.97 0.78
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.45) $ 2.11 $ 0.84
- -----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $(0.20) $(0.03)
Net realized gain (0.50) (0.06) (0.27)
- -----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.79) $(0.26) $(0.30)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.24) $ 1.85 $ 0.54
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.02 $14.26 $12.41
=======================================================================================================================
Total return* (10.83)% 17.10% 7.13%**
Ratio of net expenses to average net assets+++ 0.35% 0.39% 0.37%***
Ratio of net investment income to average net assets+++ 1.06% 1.01% 0.63%***
Portfolio turnover rate 13% 18% 51%**
Net assets, end of period (in thousands) $ 3,105 $3,171 $4,607
Ratios with no waivers of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses 0.35% 0.39% 0.37%***
Net investment income 1.06% 1.01% 0.63%***
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.35% 0.39% 0.37%***
Net investment income 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 and the complete redemption of the
investment at net asset value at the end of each period.
** Not annualized.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
*** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Notes to Financial Statements | 7/31/10
1. Organization and Significant Accounting Policies
Pioneer Ibbotson Asset Allocation Series (the Trust) is organized as a Delaware
statutory trust and is registered with the Securities and Exchange Commission
under the Investment Company Act of 1940 (the 1940 Act) as an open-end
management investment company. The Trust consists of four separate funds, each
issuing four classes of shares (collectively, the Funds, individually, the
Fund) as follows:
Pioneer Ibbotson Conservative Allocation Fund (Conservative Fund)
Pioneer Ibbotson Moderate Allocation Fund (Moderate Fund)
Pioneer Ibbotson Growth Allocation Fund (Growth Fund)
Pioneer Ibbotson Aggressive Allocation Fund (Aggressive Fund)
The investment objective of the Conservative Fund, the Moderate Fund and the
Growth Fund is to seek long-term capital growth and current income. The
investment objective of the Aggressive Fund is to seek long-term capital
growth.
Each Fund is a "fund of funds," which means that it seeks to achieve its
investment objective by investing exclusively in other Pioneer funds
("underlying funds") managed by Pioneer Investment Management, Inc. (PIM)
rather than by direct investment in securities. In the future, the Funds also
may invest in regulated investment companies that are not managed by PIM. The
Funds indirectly pay a portion of the expenses incurred by the underlying
funds. Consequently, an investment in the Funds entails more direct and
indirect expenses than direct investment in the underlying funds.
Some of the underlying funds can invest in either high yield securities or
small/ emerging growth companies. Investments in these types of securities
generally are subject to greater volatility than either higher-grade securities
or more-established companies in more developed markets, respectively. The
Funds' prospectuses contain unaudited information regarding the Fund's
principal risks. Please refer to those documents when considering the Funds'
investment 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
to the
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 69
public on August 9, 2004. Class Y shares of Moderate Fund, Growth Fund, and
Aggressive Fund were first publicly offered on September 23, 2005.
Effective as of the close of business on December 31, 2009, Class B shares are
no longer offered to new or existing shareholders, except that dividends and/or
capital gain distributions may continue to be reinvested in Class B shares, and
shareholders may exchange their Class B shares for Class B shares of other
Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of each Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
each Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of a Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares. Class B shares
convert to Class A shares approximately eight years after the date of purchase.
The financial statements have been prepared in conformity with U.S. generally
accepted accounting principles that require the management of the Funds to,
among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from these estimates.
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of the trade date. The net asset value
is computed once daily, on each day the New York Stock Exchange (NYSE) is
open, as of the close of regular trading on the NYSE. In computing the net
asset value, holdings of mutual fund shares are valued at the net asset value
of each fund held. Dividend income and realized capital gain distributions
from investment company shares held are recorded on the ex-dividend date.
Temporary cash investments are valued at amortized cost which approximates
market value.
70 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and Federal income tax purposes.
B. Federal Income Taxes
It is the Funds' policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all taxable income and net realized capital gains, if any, to shareholders.
Therefore, no Federal income tax provisions are required. Tax years for the
prior three fiscal years remain subject to examination by 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 net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
At July 31, 2010, 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 Fund $-- $ 66,574 $ (66,574)
Moderate Fund -- 392,204 (392,204)
Growth Fund -- 401,196 (401,196)
Aggressive Fund -- 249,233 (249,233)
The tax character of distributions paid during the year ended July 31, 2010
was as follows:
------------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
------------------------------------------------------------------------------
Conservative Fund $1,470,757 $-- $1,470,757
Moderate Fund 5,553,997 -- 5,553,997
Growth Fund 3,501,928 -- 3,501,928
Aggressive Fund 921,348 -- 921,348
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 71
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 following table shows the components of distributable earnings on a
Federal income tax basis at July 31, 2010:
--------------------------------------------------------------------------------
Undistributed Undistributed Net Unrealized
Ordinary Long-Term Appreciation
Fund Income Capital Gains (Depreciation) Total
--------------------------------------------------------------------------------
Conservative Fund $ 767,291 $-- $2,625,328 $ 3,392,619
Moderate Fund 3,428,122 -- 8,259,398 11,687,520
Growth Fund 2,125,250 -- 9,496,978 11,622,228
Aggressive Fund 520,048 -- 7,031,017 7,551,065
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, 2010:
-----------------------------------------------------------------------------
Fund Amount
-----------------------------------------------------------------------------
Conservative Fund $30,535
Moderate Fund $55,797
Growth Fund $74,874
Aggressive Fund $50,056
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). Class Y shares do not pay distribution fees. All
expenses and
72 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
fees paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by each of the Funds with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B and Class C shares of each
fund can reflect different transfer agent and distribution expense rates.
E. Repurchase Agreements
With respect to repurchase agreements entered into by a Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of a Fund's custodian or a subcustodian of a Fund. The Funds'
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, 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
Each Fund may pay management fees equal to 0.17% of average daily net assets
attributable to investments in underlying funds that are not managed by
Pioneer. For the year ended July 31, 2010, the effective management fee for
each Fund was equivalent to 0.13% of the 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 services to the Funds.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Funds as administrative reimbursements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 73
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 reimbursements payable to PIM at July 31, 2010:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $7,592
Moderate Fund $28,343
Growth Fund $28,292
Aggressive Fund $16,624
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, 2011 for Class B and Class C shares.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the dates referred to above:
- --------------------------------------------------------------------------------
Fund Class A Class B Class C
- --------------------------------------------------------------------------------
Conservative Fund 0.78% 1.68% 1.68%
Moderate Fund 0.74% 1.52% 1.52%
Growth Fund 0.79% 1.57% 1.57%
Aggressive Fund 0.85% 1.64% 1.64%
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Funds at negotiated rates.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities are the following amounts of transfer agent fees payable to PIMSS
at July 31, 2010:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $7,035
Moderate Fund $33,181
Growth Fund $48,515
Aggressive Fund $36,092
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 also pays PFD 1.00%
of the average daily net assets attributable to Class B and Class C shares. The
74 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
fee for Class B and Class C consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class
C shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities are the following amounts relating to distribution and service
fees payable to PFD at July 31, 2010:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $25,322
Moderate Fund $93,300
Growth Fund $98,260
Aggressive Fund $50,112
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
are subject to a CDSC at declining rates beginning at 4.00%, based on the lower
of cost or market value of shares being redeemed. Redemptions of Class C shares
within one year of purchase are subject to a CDSC of 1.00% based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of
an exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares.
For the period ended July 31, 2010, the following CDSCs were paid to PFD:
- --------------------------------------------------------------------------------
Fund Amount
- --------------------------------------------------------------------------------
Conservative Fund $9,543
Moderate Fund $64,044
Growth Fund $93,545
Aggressive Fund $49,548
5. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 75
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, 2010, 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, 2010 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, 2010, 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 24, 2010
76 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
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 Funds' Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Funds within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Funds
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a Trustee of each of the 58 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a Trustee of 44 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 | 7/31/10 77
Interested Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- --------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* 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 (51)* 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(s) Held by this Trustee
- -------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Non-Executive Chairman and a Director of Pioneer Investment None
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 Direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a Director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); 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 Distributor, 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 (51)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice President
of all of the Pioneer Funds (since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe Division, PGAM (2000 - 2005);
Head of New Markets Division, PGAM (2005 - 2007)
- -------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Funds' investment
adviser and certain of its affiliates.
78 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Independent Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- --------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
- -------------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Interim Chief Executive Officer, Oxford Analytica, Inc. (privately- Director of Enterprise
held research and consulting company) (2010 - present); Managing Community Investment, Inc.
Partner, Federal City Capital Advisors (corporate advisory (privately-held affordable
services company) (1997 - 2004 and 2008 - present); Executive housing finance company)
Vice President and Chief Financial Officer, I-trax, Inc. (1985-present); Director of
(publicly traded health care services company) (2004 - 2007); and Oxford Analytica, Inc.
Executive Vice President and Chief Financial Officer, Pedestal Inc. (2008-present); Director of
(internet-based mortgage trading company) (2000 - 2002) New York Mortgage Trust
(publicly-traded mortgage
REIT) (2004 - 2009)
- -------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
79
Independent Trustees (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- --------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) President, Bush International, LLC (international financial Director of Marriott International, Inc.
advisory firm) (1991 - present); Managing Director, Federal (2008 - present); Director of Discover
Housing Finance Board (oversight of Federal Home Loan Financial Services (credit card issuer
Bank system) (1989 - 1991); Vice President and Head of and electronic payment services) (2007 -
International Finance, Federal National Mortgage Association present); Former Director of Briggs &
(1988 - 1989); U.S. Alternate Executive Director, Stratton Co. (engine manufacturer) (2004 -
International Monetary Fund (1984 - 1988); Executive 2009); Director of UAL Corporation
Assistant to Deputy Secretary of the U.S. Treasury, U.S. (airline holding company) (2006 -
Treasury Department (1982 - 1984); Vice President and Team present); Director of ManTech
Leader in Corporate Banking, Bankers Trust Co. International Corporation (national
(1976 - 1982) security, defense, and intelligence
technology firm) (2006 - present);
Member, Board of Governors, Investment
Company Institute (2007 - present);
Former Director of Brady Corporation
(2000 - 2007); Former Director of
Mortgage Guaranty Insurance Corporation
(1991 -2006); Former Director of
Millennium Chemicals, Inc. (commodity
chemicals) (2002 - 2005); Former
Director, R.J. Reynolds Tobacco Holdings,
Inc. (tobacco) (1999 - 2005); Former
Director of Texaco, Inc. (1997 - 2001)
- ------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- --------------------------------------------------------------------------------
Benjamin M. Friedman (65) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Thomas J. Perna (59) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (65) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund complex
(1989 - 2008)
- ------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Founding Director, Vice-President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm); and Desautels Faculty of
Management, McGill University (1999 - present); and Manager
of Research Operations and Organizational Learning, Xerox PARC,
Xerox's Advance Research Center (1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (59) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Financial
ogy products for securities lending industry) (2008 - present); Solutions, Inc. (investor
Private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securities
dent, The Bank of New York (financial and securities services) processing provider for
(1986 - 2004) financial services industry)
(2009 - present); Director,
Quadriserv, Inc.
(2005 - present)
- ------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
Member, Board of Governors,
Investment Company Institute
(2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10 81
Independent Trustees (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- --------------------------------------------------------------------------------
Stephen K. West (81) Trustee Trustee since 2004.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------
Stephen K. West (81) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company);
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
- -----------------------------------------------------------------------------------------------------------------
82 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
Fund Officers
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- --------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Thomas Reyes (47) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2004. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Fund Officers
- -----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
- -----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; Vice President and Senior Counsel
of Pioneer from July 2002 to December 2007
- -----------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from December 2003 to
November 2006; Senior Paralegal of Pioneer from January 2000
to November 2003
- -----------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; Vice President and
Counsel at State Street Bank from October 2004 to June 2007
- -----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Vice President - Fund Accounting, Administration and None
Controllership 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 (45) Assistant Vice President - 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 | 7/31/10 83
Fund Officers (continued)
- ---------------------------------------------------------------------------------
Position Held Length of Service
Name and Age With the Funds and Term of Office
- ---------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2004. Serves at
the discretion of the
Board.
- ---------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
- ---------------------------------------------------------------------------------
Jean M. Bradley (57) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
- ---------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
- -----------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Fund Accounting Manager - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- -----------------------------------------------------------------------------------------------------------------
David F. Johnson (30) 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
- -----------------------------------------------------------------------------------------------------------------
Jean M. Bradley (57) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; Senior Compliance Officer for
Columbia Management Advisers, Inc. from October 2003 to
October 2005
- -----------------------------------------------------------------------------------------------------------------
84 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS
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 preceded or 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.
[Logo]PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2010 Pioneer Investments 19417-04-0910
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 2010
and approximately $149,943 in
2009.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance
services, primarily for tax
returns, totaled $33,160 in 2010
and $33,160 in 2009.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
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.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for
the Fund and affiliates, as
previously defined, totaled
approximately $33,160 in 2010
and $33,160 in 2009.
(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 29, 2010
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 29, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date September 29, 2010
* Print the name and title of each signing officer under his or her signature.