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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 811-21781
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, 2012 through July 31, 2013
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 STOCKHOLDERS.
Pioneer Ibbotson Asset
Allocation Series
--------------------------------------------------------------------------------
Annual Report | July 31, 2013
--------------------------------------------------------------------------------
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
Investment(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Fund Reviews 8
Comparing Ongoing Fund Expenses 10
Prices and Distributions 18
Portfolio Summary & Performance Update 21
Schedule of Investments 41
Financial Statements 49
Notes to Financial Statements 71
Report of Independent Registered Public Accounting Firm 82
Trustees, Officers and Service Providers 83
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 3
Portfolio Management Discussion | 7/31/13
In the following interview, portfolio manager Brian Huckstep, CFA, Ibbotson
Associates, Inc., sub-adviser to the Pioneer Ibbotson Asset Allocation Series
funds, discusses the market environment and the investment strategies that
applied to the funds during the 12 months ended July 31, 2013.
Q How would you characterize the economic and market backdrop during the 12
months ended July 31, 2013?
A For much of the 12-month period, markets appeared unfazed by the political
dysfunction as well as the underlying structural issues confronting the
global economy. As the period began in August 2012, concern over the
European sovereign-debt crisis continued to constrain investor sentiment.
However, markets increasingly began to anticipate accommodative policy
measures from global central banks. The expectations were met in September
2012 as the European Central Bank lowered its overnight deposit rate to zero
and announced a plan for open-ended purchases of short-term bonds issued by
countries requesting aid, a move that greatly diminished the risk of
sovereign defaults. Then, citing worrisome employment data, the U.S. Federal
Reserve (the Fed) announced plans for another program of monthly bond
purchases (QE3) and declared its intention to maintain short-term rates at
near-zero levels for an undetermined amount of time (most investors assumed
that meant at least into 2014, and perhaps beyond). The prospect of
prolonged monetary support for the global economy led to an increase in risk
appetites and boosted stock valuations.
The upward momentum for risk assets was tempered following the November 2012
U.S. elections, as markets began to focus on the political stalemate that
threatened the U.S. economy with automatic budget cuts and tax increases
scheduled to take effect at the end of 2012 (the so-called "fiscal cliff").
While the standoff affected equities around the world, U.S. stocks
materially underperformed international stocks late in 2012. The "fiscal
cliff" was ultimately averted, and stocks resumed their upward momentum in
January of 2013, supported by continued improvements in U.S. auto and
housing data. Indications that economic growth in China would remain at
levels sufficient to meaningfully bolster the global outlook further
supported riskier assets.
The U.S. economy would continue to surprise to the upside, despite the tax
hike at the beginning of 2013 and the automatic spending cuts that went into
effect under the "sequestration" agreement at the beginning of March.
Domestic economic highlights included positive news on consumer spending,
private hiring and business investment. In Europe, the sovereign-debt
crisis continued to be papered over, although events in Cyprus during March
served as a warning to policymakers that much heavy lifting remained before
the problem could be considered under control.
4 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
On the monetary policy front, the Fed continued to pursue measures designed
to maintain extraordinarily low interest rates, and central banks in Europe
and Japan followed suit. Despite the level of monetary accommodation,
inflation remained modest.
As the 12-month period progressed and economic data continued to be
encouraging, markets increasingly speculated over the extent to which the
Fed would maintain its level of policy support. As a result, interest rates
began to trend higher and stocks began to slide. The anxiety reached a
pinnacle in late June of 2013 as Fed Chairman Bernanke confirmed earlier
comments to the effect that the stabilizing economy might soon permit a
"tapering" of QE3. Foreign stocks were additionally affected by recessionary
data in the euro zone. As the 12-month period drew to a close, stock prices
resumed their upward trend as investors seemed to put the likely extent and
effect of any Fed policy shift into perspective--a view aided by the fact
that Mr. Bernanke, in mid-summer, implied that future U.S. economic data
releases would be a determining factor with regard to any tapering of QE3.
During the 12-month period ended July 31, 2013, the U.S. equity market
returned 24.98%, as measured by the Standard & Poor's 500 Index (the S&P
500), while international equities, as measured by the Morgan Stanley
Capital International (MSCI) Europe, Australasia, Far East (EAFE) ND Index,
returned 23.48%. Within the U.S. market, small-capitalization stocks
outperformed large-cap stocks, and value-oriented stocks outperformed their
growth counterparts. Domestic bonds returned -1.90% during the 12-month
period, as measured by the Barclays Aggregate Bond Index (the Barclays
Index), the most popular measure of the performance of the U.S. bond market.
Q What were the considerations and tactical shifts that you applied to the
Pioneer funds in allocating assets during the 12 months ended July 31, 2013?
A Overall, our tactical emphases within the funds' portfolios were defensive,
and that approach detracted from the funds' performance during the 12-month
period. Throughout the period, we maintained an underweight to equities and
an overweight to bonds in the funds' portfolios. The positioning was
initially driven by our concerns over the subpar U.S. economic recovery as
well as the difficulties in Europe. We have maintained the underweight to
equities in view of what appears to be a trend of weakening company
fundamentals, in aggregate. The portfolios' tilt towards bonds acted as a
constraint on the funds' returns during the period as equities turned in
strong performance over the full 12 months, largely in response to the
extraordinarily accommodative policies of the world's central banks.
We also implemented a tilt in favor of international stocks over domestic
stocks within the portfolios' overall equity allocations, as we believe U.S.
stock valuations to be stretched. The shift was a more or less neutral
factor in the funds' performance during the 12-month period, as
international
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 5
stocks roughly kept pace with U.S. stock returns. We continue to view
international stocks as more attractively valued than domestic equities. At
the end of June 2013, we added a slight overweight to emerging markets
equities in the funds, based on our belief that markets overreacted to news
of a slowdown of growth in China that occurred in May and June.
Within the U.S. equity portions of the funds, we have been favoring larger-
cap stocks while, in turn, maintaining somewhat reduced exposure to
smaller-cap stocks and real estate investment trusts (REITs). The
positioning reflects our view that large-cap companies, in general, are not
only in the best position to weather an uncertain climate, but also are
displaying the most attractive valuations within the U.S. equity market. The
tilt away from REITs added to the funds' performance during the period,
while reduced exposure to small-cap equities constrained returns. We
continue to believe that large-cap company fundamentals will be rewarded on
a relative basis as we navigate a period of higher-than-usual economic
uncertainty and market volatility. We also continue to believe that U.S.
property stocks are trading at valuations that may be difficult to sustain
and that are hard to justify by fundamentals.
Q What factors are you watching most closely as you determine strategy for the
funds going forward?
A In our view the fundamental picture for most companies continues to be on
the decline, as reflected in the increasing number of earnings revisions and
negative outlook statements. While governments continue to provide economic
stimulus, a weakening corporate picture appears to be emerging and we
believe it is likely to mostly counterbalance the ongoing policy support of
central banks. In addition, we believe fiscal policy will most likely be
less expansionary going forward, with slightly higher taxes and some
restraints on government spending.
In the United States, the good news is that the economy seems to have
surmounted a number of obstacles. With that said, in our view U.S. stock
valuations are high by historical measures and expectations are quite
positive for the U.S. economy and corporate earnings. We feel that all of
those factors add to the downside risk for U.S. stocks and support the
reasoning behind our underweighting of stocks in general, and domestic
equities in particular.
In short, we are comfortable with our continued bias towards reducing risk
in the funds' portfolios. The uncertain near-term environment continues to
reinforce the importance of maintaining a diversified* investment portfolio
consistent with one's long-term objectives. We will continue to closely
monitor the economic backdrop as we manage the funds within their strategic
asset allocation guidelines.
* Diversification does not guarantee a profit nor protect against loss in a
declining market.
6 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Please refer to the Schedule of Investments on pages 41-48 for a full listing of
fund securities.
Each portfolio in the Ibbotson Asset Allocation Series is a "fund-of-funds"
which seeks to achieve its investment objectives by investing in other funds,
rather than direct positions in securities. In addition to the Fund's operating
expenses, investors will indirectly bear the operating expenses of investments
in any underlying funds. The Fund's performance depends on the adviser's skill
in determining the strategic asset allocations, the mix of underlying Pioneer
funds, as well as the performance of those underlying funds. The underlying
funds' performance may be lower than the performance of the asset class that
they were selected to represent. Each of the underlying funds has its own
investment risks. Stocks and bonds can decline due to adverse issuer, market,
regulatory, or economic developments. International markets are subject to
additional risks, including that they may be less liquid and more volatile than
U.S. markets; these risks may be magnified in emerging markets. Some of the
underlying funds can invest in high-yield securities and/or small/emerging
growth companies, which are generally subject to greater volatility than
higher-grade securities and/or more-established companies.
These risks may increase share price volatility.
Before making an investment in any fund, you should consider all the risks
associated with it. Please see the Fund Reviews beginning on page 8 for
information on specific weightings and performance for each of the four funds in
the Pioneer Ibbotson Asset Allocation Series.
Any information in this shareowner report regarding market or economic trends or
the factors influencing each fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 7
Fund Reviews | 7/31/13
Pioneer Ibbotson Conservative Allocation Fund
The Fund's Class A shares returned 8.72% at net asset value during the 12 months
ended July 31, 2013, while the S&P 500 returned 24.98% and the Barclays Index
returned -1.90%. During the same period, the average return of the 724 mutual
funds in Morningstar's Conservative Allocation category was 6.94%.
At period end, the Fund was targeting an asset allocation of 29% equities and
71% fixed income, versus a neutral allocation of 30% equities and 70% fixed
income. Within the fixed-income portion of the Fund, the largest holding at the
end of the period was in Pioneer Bond Fund, at 22.8% of assets, followed by
Pioneer Short Term Income Fund, at 16.1%. The next-largest position was also a
fixed-income fund, Pioneer Strategic Income Fund, at 10% of assets, while the
largest equity position was Pioneer International Value Fund, at 8.3% of assets.
Pioneer Ibbotson Moderate Allocation Fund
The Fund's Class A shares returned 14.32% at net asset value during the 12
months ended July 31, 2013, while the S&P 500 returned 24.98% and the Barclays
Index returned -1.90%. During the same period, the average return of the 890
mutual funds in Morningstar's Moderate Allocation category was 14.67%.
At period end, the Fund was targeting an asset allocation of 57% equities and
43% fixed income, versus a neutral allocation of 60% equities, 40% fixed income.
Within the fixed-income portion of the Fund, the largest holding at the end of
the period was in Pioneer Bond Fund, at 11.2% of assets, followed Pioneer Short
Term Income Fund, at 10.6% of assets. Within the equity portion of the Fund,
Pioneer International Value Fund was the largest holding, at 12.2% of assets.
Pioneer Global Equity Fund was the next-largest equity holding, at 8.9% of
assets, followed by Pioneer Mid Cap Value Fund, at 7.2%.
Pioneer Ibbotson Growth Allocation Fund
The Fund's Class A shares returned 16.40% at net asset value during the 12
months ended July 31, 2013, while the S&P 500 returned 24.98% and the Barclays
Index returned -1.90%. During the same period, the average return of the 414
mutual funds in Morningstar's Aggressive Allocation category was 18.67%.
At period end, the Fund was targeting an asset allocation of 70% equities and
30% fixed income. Within the equity portion of the Fund, Pioneer International
Value Fund was the largest holding, at 14.2% of assets. Pioneer Global Equity
Fund was the next-largest equity holding, at 10.0% of assets, followed by
Pioneer Mid Cap Value Fund, at 7.9%. Within the fixed-income portion of the
Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at
9.6% of assets, followed by Pioneer Short Term Income Fund, at 7.4%.
8 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Pioneer Ibbotson Aggressive Allocation Fund
The Fund's Class A shares returned 18.86% at net asset value during the 12
months ended July 31, 2013, while the S&P 500 returned 24.98% and the Barclays
Index returned -1.90%. During the same period, the average return of the 414
mutual funds in Morningstar's Aggressive Allocation category was 18.67%.
At period end, the Fund was targeting an asset allocation of 83.5% equities and
16.5% fixed income, versus a neutral allocation of 90% equities and 10% fixed
income. Within the equity portion of the Fund, Pioneer International Value Fund
was the largest holding, at 19.4% of assets. Pioneer Global Equity Fund was the
next-largest equity holding, at 11.4% of assets, followed by Pioneer Mid Cap
Value Fund, at 10.8%. The largest fixed-income position in the portfolio was
Pioneer Bond Fund, at 5.7% of assets.
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 9
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Conservative Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
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, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,024.21 $1,019.22 $1,021.21 $1,018.68
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.43 $ 11.62 $ 11.13 $ 10.71
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.48%,
2.32%, 2.22% and 2.14% 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 | 7/31/13
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 Conservative Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,017.46 $1,013.29 $1,013.79 $1,014.18
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.40 $ 11.58 $ 11.08 $ 10.69
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.48%,
2.32%, 2.22% and 2.14% 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 | 7/31/13 11
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Moderate Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on actual returns from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,054.03 $1,049.17 $1,050.99 $1,056.08
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.38 $ 11.74 $ 10.83 $ 5.86
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.45%,
2.31%, 2.13% and 1.15% 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 | 7/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Moderate Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,017.60 $1,013.34 $1,014.23 $1,019.09
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.25 $ 11.53 $ 10.64 $ 5.76
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.45%,
2.31%, 2.13% and 1.15% 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 | 7/31/13 13
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Growth Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Growth Allocation Fund
Based on actual returns from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,063.99 $1,059.07 $1,059.98 $1,064.39
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.83 $ 12.30 $ 11.44 $ 6.55
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.53%,
2.41%, 2.24% and 1.28% 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 | 7/31/13
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, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,017.21 $1,012.84 $1,013.69 $1,018.45
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 7.65 $ 12.03 $ 11.18 $ 6.41
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.53%,
2.41%, 2.24% and 1.28% 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 | 7/31/13 15
Comparing Ongoing Fund Expenses
Pioneer Ibbotson Aggressive Allocation Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Ibbotson Aggressive Allocation
Fund
Based on actual returns from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,072.26 $1,067.42 $1,068.67 $1,071.19
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 8.73 $ 12.92 $ 12.26 $ 7.96
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.70%,
2.52%, 2.39% and 1.55% 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 | 7/31/13
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 Aggressive Allocation
Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,016.36 $1,012.30 $1,012.94 $1,017.11
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 8.50 $ 12.57 $ 11.93 $ 7.75
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.70%,
2.52%, 2.39% and 1.55% 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 | 7/31/13 17
Prices and Distributions | 7/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.42 $10.73
--------------------------------------------------------------------------------
B $11.18 $10.51
--------------------------------------------------------------------------------
C $11.09 $10.44
--------------------------------------------------------------------------------
Y $10.86 $10.21
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.72 $10.46
--------------------------------------------------------------------------------
B $11.31 $10.04
--------------------------------------------------------------------------------
C $10.92 $ 9.77
--------------------------------------------------------------------------------
Y $11.86 $10.58
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $12.32 $10.75
--------------------------------------------------------------------------------
B $10.93 $ 9.52
--------------------------------------------------------------------------------
C $11.65 $10.18
--------------------------------------------------------------------------------
Y $12.56 $10.95
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $12.47 $10.60
--------------------------------------------------------------------------------
B $11.72 $ 9.95
--------------------------------------------------------------------------------
C $11.83 $10.07
--------------------------------------------------------------------------------
Y $12.49 $10.65
--------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Distributions per Share: 8/1/12-7/31/13
--------------------------------------------------------------------------------
Conservative Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.2343 $ -- $ --
--------------------------------------------------------------------------------
B $ 0.1261 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.1603 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.1599 $ -- $ --
--------------------------------------------------------------------------------
Moderate Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.2164 $ -- $ --
--------------------------------------------------------------------------------
B $ 0.0610 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.1603 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.2481 $ -- $ --
--------------------------------------------------------------------------------
Growth Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.1726 $ -- $ --
--------------------------------------------------------------------------------
B $ 0.0560 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.1047 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.1955 $ -- $ --
--------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.1136 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ 0.0443 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.1494 $ -- $ --
--------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 19
Prices and Distributions | 7/31/13 (continued)
Index Definitions
--------------------------------------------------------------------------------
The Standard & Poor's 500 Index (the S&P 500) is an unmanaged, commonly used
measure of the broad U.S. stock market. The Barclays Aggregate Bond Index is an
unmanaged measure of the U.S. bond market. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 22-25, 27-30, 32-35 and 37-40.
20 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Portfolio Summary | 7/31/13
Pioneer Ibbotson Conservative Allocation Fund
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Target Asset Allocations
--------------------------------------------------------------------------------
Fixed Income 70%
Equity 30%
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Actual Asset Allocations
--------------------------------------------------------------------------------
Fixed Income 67.3%
U.S. Equity 19.1%
International Equity 13.6%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 3.62%
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.29
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 2.25
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 2.18
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 2.18
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 1.42
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 1.09
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.04
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 1.02
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 0.98
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 8.29%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 4.28
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 1.01
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 22.81%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 16.10
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 10.00
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 6.14
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 4.10
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 4.09
--------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund Class Y 2.05
--------------------------------------------------------------------------------
Pioneer Floating Rate Fund Class Y 1.03
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund Class Y 1.03
--------------------------------------------------------------------------------
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 | 7/31/13 21
Performance Update | 7/31/13 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 Index and the
Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 4.64% 3.89%
5 Years 5.24 4.00
1 Year 8.72 2.42
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.52% 1.48%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Conservative Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 9,599 $ 10,387 $ 9,963
7/31/2006 $ 9,919 $ 10,945 $ 10,108
7/31/2007 $ 10,800 $ 12,710 $ 10,672
7/31/2008 $ 10,490 $ 11,300 $ 11,329
7/31/2009 $ 10,024 $ 9,046 $ 12,217
7/31/2010 $ 11,215 $ 10,298 $ 13,306
7/31/2011 $ 12,230 $ 12,322 $ 13,896
7/31/2012 $ 12,456 $ 13,444 $ 14,904
7/31/2013 $ 13,542 $ 16,802 $ 14,620
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, 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.
22 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.72% 3.72%
5 Years 4.29 4.29
1 Year 7.63 3.63
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.41% 2.38%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Conservative Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 10,178 $ 10,387 $ 9,963
7/31/2006 $ 10,409 $ 10,945 $ 10,108
7/31/2007 $ 11,250 $ 12,710 $ 10,672
7/31/2008 $ 10,832 $ 11,300 $ 11,329
7/31/2009 $ 10,257 $ 9,046 $ 12,217
7/31/2010 $ 11,364 $ 10,298 $ 13,306
7/31/2011 $ 12,290 $ 12,322 $ 13,896
7/31/2012 $ 12,419 $ 13,444 $ 14,904
7/31/2013 $ 13,366 $ 16,802 $ 14,620
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 23
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.74% 3.74%
5 Years 4.33 4.33
1 Year 7.83 7.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.26%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Conservative Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 10,168 $ 10,387 $ 9,963
7/31/2006 $ 10,419 $ 10,945 $ 10,108
7/31/2007 $ 11,253 $ 12,710 $ 10,672
7/31/2008 $ 10,844 $ 11,300 $ 11,329
7/31/2009 $ 10,244 $ 9,046 $ 12,217
7/31/2010 $ 11,362 $ 10,298 $ 13,306
7/31/2011 $ 12,291 $ 12,322 $ 13,896
7/31/2012 $ 12,433 $ 13,444 $ 14,904
7/31/2013 $ 13,407 $ 16,802 $ 14,620
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
24 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
5/12/2005 3.47% 3.47%
5 Years 3.41 3.41
1 Year 8.00 8.00
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.96%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Conservative Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
5/31/2005 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,094,059 $ 5,193,292 $ 4,981,499
7/31/2006 $ 5,268,849 $ 5,472,491 $ 5,054,204
7/31/2007 $ 5,738,328 $ 6,354,930 $ 5,336,140
7/31/2008 $ 5,541,848 $ 5,650,116 $ 5,664,329
7/31/2009 $ 4,950,847 $ 4,522,985 $ 6,108,716
7/31/2010 $ 5,539,507 $ 5,149,094 $ 6,652,993
7/31/2011 $ 6,047,788 $ 6,160,781 $ 6,948,116
7/31/2012 $ 6,068,113 $ 6,721,766 $ 7,452,144
7/31/2013 $ 6,553,856 $ 8,401,029 $ 7,310,182
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on October 5, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 25
Portfolio Summary | 7/31/13
Pioneer Ibbotson Moderate Allocation Fund
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Target Asset Allocations
--------------------------------------------------------------------------------
Equity 60%
Fixed Income 40%
Actual Asset Allocations
--------------------------------------------------------------------------------
U.S. Equity 38.3%
Fixed Income 37.0%
International Equity 24.7%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 7.22%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 6.41
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 4.55
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 4.55
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.50
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.46
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 2.32
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.25
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 2.25
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 1.78
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 12.22%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 8.88
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 3.64
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 11.19%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 10.64
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 4.49
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 3.02
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 2.84
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 2.12
--------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund Class Y 1.77
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund Class Y 0.90
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
26 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.52% 4.82%
5 Years 5.30 4.07
1 Year 14.32 7.72
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.50%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Moderate Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 10,570 $ 11,359 $ 10,283
7/31/2006 $ 11,097 $ 11,970 $ 10,433
7/31/2007 $ 12,493 $ 13,900 $ 11,015
7/31/2008 $ 11,560 $ 12,358 $ 11,692
7/31/2009 $ 10,266 $ 9,893 $ 12,610
7/31/2010 $ 11,627 $ 11,262 $ 13,733
7/31/2011 $ 13,128 $ 13,475 $ 14,342
7/31/2012 $ 13,092 $ 14,702 $ 15,383
7/31/2013 $ 14,966 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 27
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.30% 4.30%
5 Years 4.47 4.47
1 Year 13.31 9.31
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.38% 2.30%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Moderate Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 10,978 $ 11,359 $ 10,283
7/31/2006 $ 11,417 $ 11,970 $ 10,433
7/31/2007 $ 12,753 $ 13,900 $ 11,015
7/31/2008 $ 11,691 $ 12,358 $ 11,692
7/31/2009 $ 10,311 $ 9,893 $ 12,610
7/31/2010 $ 11,588 $ 11,262 $ 13,733
7/31/2011 $ 12,967 $ 13,475 $ 14,342
7/31/2012 $ 12,838 $ 14,702 $ 15,383
7/31/2013 $ 14,547 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
28 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.29% 4.29%
5 Years 4.54 4.54
1 Year 13.56 13.56
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.19%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Moderate Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,122 $ 11,359 $ 10,283
7/31/2006 $ 11,573 $ 11,970 $ 10,433
7/31/2007 $ 12,941 $ 13,900 $ 11,015
7/31/2008 $ 11,882 $ 12,358 $ 11,692
7/31/2009 $ 10,474 $ 9,893 $ 12,610
7/31/2010 $ 11,776 $ 11,262 $ 13,733
7/31/2011 $ 13,203 $ 13,475 $ 14,342
7/31/2012 $ 13,061 $ 14,702 $ 15,383
7/31/2013 $ 14,833 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 29
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.97% 5.97%
5 Years 5.86 5.86
1 Year 14.68 14.68
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.16%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Moderate Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,606,494 $ 5,679,424 $ 5,141,454
7/31/2006 $ 5,913,111 $ 5,984,757 $ 5,216,493
7/31/2007 $ 6,680,624 $ 6,949,801 $ 5,507,482
7/31/2008 $ 6,206,468 $ 6,179,011 $ 5,846,209
7/31/2009 $ 5,580,029 $ 4,946,373 $ 6,304,865
7/31/2010 $ 6,347,323 $ 5,631,091 $ 6,866,618
7/31/2011 $ 7,195,925 $ 6,737,480 $ 7,171,216
7/31/2012 $ 7,195,817 $ 7,350,977 $ 7,691,429
7/31/2013 $ 8,252,035 $ 9,187,432 $ 7,544,908
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 23, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
30 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Portfolio Summary | 7/31/13
Pioneer Ibbotson Growth Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
Equity 70%
Fixed Income 30%
Actual Asset Allocations
--------------------------------------------------------------------------------
U.S. Equity 46.1%
International Equity 29.2%
Fixed Income 24.7%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 7.85%
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 7.31
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 6.41
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 4.15
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 4.04
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.63
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.53
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.39
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 3.38
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.42
--------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth Fund Class Y 0.00*
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 14.15%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 9.95
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 5.09
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 9.61%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 7.43
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 2.94
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 1.92
--------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund Class Y 1.70
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 0.94
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 0.16
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
* Rounds to less than 0.01%.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 31
Performance Update | 7/31/13 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 Index and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.71% 5.01%
5 Years 4.89 3.66
1 Year 16.40 9.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.58%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Standard & Poor's Barclays Aggregate
Growth Allocation Fund 500 Index Bond Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 10,892 $ 11,359 $ 10,283
7/31/2006 $ 11,577 $ 11,970 $ 10,433
7/31/2007 $ 13,281 $ 13,900 $ 11,015
7/31/2008 $ 11,969 $ 12,358 $ 11,692
7/31/2009 $ 10,115 $ 9,893 $ 12,610
7/31/2010 $ 11,520 $ 11,262 $ 13,733
7/31/2011 $ 13,231 $ 13,475 $ 14,342
7/31/2012 $ 13,058 $ 14,702 $ 15,383
7/31/2013 $ 15,199 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
32 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 3.90% 3.90%
5 Years 4.11 4.11
1 Year 15.46 11.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.48% 2.39%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Standard & Poor's Barclays Aggregate
Growth Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,046 $ 11,359 $ 10,283
7/31/2006 $ 11,657 $ 11,970 $ 10,433
7/31/2007 $ 13,250 $ 13,900 $ 11,015
7/31/2008 $ 11,838 $ 12,358 $ 11,692
7/31/2009 $ 9,938 $ 9,893 $ 12,610
7/31/2010 $ 11,233 $ 11,262 $ 13,733
7/31/2011 $ 12,795 $ 13,475 $ 14,342
7/31/2012 $ 12,538 $ 14,702 $ 15,383
7/31/2013 $ 14,476 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 33
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.62% 4.62%
5 Years 4.19 4.19
1 Year 15.58 15.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.28%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson Standard & Poor's Barclays Aggregate
Growth Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,310 $ 11,359 $ 10,283
7/31/2006 $ 11,933 $ 11,970 $ 10,433
7/31/2007 $ 13,575 $ 13,900 $ 11,015
7/31/2008 $ 12,158 $ 12,358 $ 11,692
7/31/2009 $ 10,203 $ 9,893 $ 12,610
7/31/2010 $ 11,537 $ 11,262 $ 13,733
7/31/2011 $ 13,164 $ 13,475 $ 14,342
7/31/2012 $ 12,913 $ 14,702 $ 15,383
7/31/2013 $ 14,925 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
34 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.20% 6.20%
5 Years 5.36 5.36
1 Year 16.70 16.70
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.32%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson Standard & Poor's Barclays Aggregate
Growth Allocation Fund 500 Index Bond Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,776,725 $ 5,679,424 $ 5,141,454
7/31/2006 $ 6,193,377 $ 5,984,757 $ 5,216,493
7/31/2007 $ 7,114,596 $ 6,949,801 $ 5,507,482
7/31/2008 $ 6,470,796 $ 6,179,011 $ 5,846,209
7/31/2009 $ 5,585,334 $ 4,946,373 $ 6,304,865
7/31/2010 $ 6,385,461 $ 5,631,091 $ 6,866,618
7/31/2011 $ 7,368,224 $ 6,737,480 $ 7,171,216
7/31/2012 $ 7,200,258 $ 7,350,977 $ 7,691,429
7/31/2013 $ 8,402,575 $ 9,187,432 $ 7,544,908
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 26, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 35
Portfolio Summary | 7/31/13
Pioneer Ibbotson Aggressive Allocation Fund
Target Asset Allocations
--------------------------------------------------------------------------------
Equity 90%
Fixed Income 10%
Actual Asset Allocations
--------------------------------------------------------------------------------
U.S. Equity 51.4%
International Equity 37.6%
Fixed Income 11.0%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. Stocks
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class Y 10.80%
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund Class Y 7.55
--------------------------------------------------------------------------------
Pioneer Disciplined Value Fund Class Y 6.68
--------------------------------------------------------------------------------
Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.70
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 4.52
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund Class Y 3.57
--------------------------------------------------------------------------------
Pioneer Fund Class Y 3.48
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class Y 3.39
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 3.22
--------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund Class Y 2.49
--------------------------------------------------------------------------------
International Stocks
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 19.40%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class Y 11.35
--------------------------------------------------------------------------------
Pioneer Emerging Markets Fund Class Y 6.84
--------------------------------------------------------------------------------
Bonds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class Y 5.69%
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class Y 2.72
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class Y 2.60
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
36 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the
Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Public
Net Asset Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 5.78% 5.08%
5 Years 4.39 3.16
1 Year 18.86 11.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.72% 1.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Aggressive Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 9,425 $ 10,000 $ 10,000
7/31/2005 $ 11,173 $ 11,359 $ 10,283
7/31/2006 $ 11,989 $ 11,970 $ 10,433
7/31/2007 $ 13,956 $ 13,900 $ 11,015
7/31/2008 $ 12,276 $ 12,358 $ 11,692
7/31/2009 $ 9,938 $ 9,893 $ 12,610
7/31/2010 $ 11,345 $ 11,262 $ 13,733
7/31/2011 $ 13,208 $ 13,475 $ 14,342
7/31/2012 $ 12,804 $ 14,702 $ 15,383
7/31/2013 $ 15,218 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, 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.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 37
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.58% 4.58%
5 Years 3.56 3.56
1 Year 17.79 13.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.62% 2.49%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Aggressive Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,690 $ 11,359 $ 10,283
7/31/2006 $ 12,434 $ 11,970 $ 10,433
7/31/2007 $ 14,361 $ 13,900 $ 11,015
7/31/2008 $ 12,534 $ 12,358 $ 11,692
7/31/2009 $ 10,066 $ 9,893 $ 12,610
7/31/2010 $ 11,397 $ 11,262 $ 13,733
7/31/2011 $ 13,165 $ 13,475 $ 14,342
7/31/2012 $ 12,675 $ 14,702 $ 15,383
7/31/2013 $ 14,929 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
38 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 4.80% 4.80%
5 Years 3.64 3.64
1 Year 17.97 17.97
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.41%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Ibbotson
Aggressive Standard & Poor's Barclays Aggregate
Allocation Fund 500 Index Bond Index
8/31/2004 $ 10,000 $ 10,000 $ 10,000
7/31/2005 $ 11,563 $ 11,359 $ 10,283
7/31/2006 $ 12,299 $ 11,970 $ 10,433
7/31/2007 $ 14,221 $ 13,900 $ 11,015
7/31/2008 $ 12,429 $ 12,358 $ 11,692
7/31/2009 $ 9,979 $ 9,893 $ 12,610
7/31/2010 $ 11,302 $ 11,262 $ 13,733
7/31/2011 $ 13,069 $ 13,475 $ 14,342
7/31/2012 $ 12,597 $ 14,702 $ 15,383
7/31/2013 $ 14,861 $ 18,375 $ 15,090
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 39
Performance Update | 7/31/13 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 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
8/9/2004 6.04% 6.04%
5 Years 4.39 4.39
1 Year 18.87 18.87
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Ibbotson
Aggressive Barclays Aggregate Standard & Poor's
Allocation Fund Bond Index 500 Index
8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2005 $ 5,929,998 $ 5,141,454 $ 5,679,424
7/31/2006 $ 6,379,347 $ 5,216,493 $ 5,984,757
7/31/2007 $ 7,470,251 $ 5,507,482 $ 6,949,801
7/31/2008 $ 6,661,413 $ 5,846,209 $ 6,179,011
7/31/2009 $ 5,372,710 $ 6,304,865 $ 4,946,373
7/31/2010 $ 6,151,437 $ 6,866,618 $ 5,631,091
7/31/2011 $ 7,216,848 $ 7,171,216 $ 6,737,480
7/31/2012 $ 6,945,791 $ 7,691,429 $ 7,350,977
7/31/2013 $ 8,256,149 $ 7,544,908 $ 9,187,432
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 23, 2005 reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
40 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Schedule of Investments | 7/31/13
Pioneer Ibbotson Conservative Allocation Fund
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
MUTUAL FUNDS -- 95.1%
PIONEER FUNDS* -- 95.1%
1,548,643 Pioneer Bond Fund Class Y $ 14,805,024
98,861 Pioneer Core Equity Fund Class Y 1,417,667
45,907 Pioneer Disciplined Growth Fund Class Y 676,665
113,201 Pioneer Disciplined Value Fund Class Y 2,350,063
269,721 Pioneer Dynamic Credit Fund Class Y 2,656,747
27,575 Pioneer Emerging Markets Fund Class Y 654,901
21,310 Pioneer Equity Income Fund Class Y 710,249
96,168 Pioneer Floating Rate Fund Class Y 670,293
54,532 Pioneer Fund Class Y 2,133,294
91,257 Pioneer Fundamental Growth Fund Class Y 1,412,661
120,905 Pioneer Global Aggregate Bond Fund Class Y 1,327,531
238,910 Pioneer Global Equity Fund Class Y 2,778,521
402,965 Pioneer Global High Yield Fund Class Y 3,981,293
245,139 Pioneer High Yield Fund Class Y 2,662,214
256,804 Pioneer International Value Fund Class Y 5,382,618
53,075 Pioneer Mid Cap Value Fund Class Y 1,459,570
66,345 Pioneer Multi-Asset Ultrashort Income Fund Class Y 667,433
17,226 Pioneer Oak Ridge Small Cap Growth Fund Class Y 635,122
25,358 Pioneer Real Estate Shares Class Y 658,542
24,463 Pioneer Select Mid Cap Growth Fund Class Y 921,515
1,082,933 Pioneer Short Term Income Fund Class Y 10,450,302
589,216 Pioneer Strategic Income Fund Class Y 6,487,267
-------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $56,875,160) $ 64,899,492
-------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 95.1%
(Cost $56,875,160) (a) $ 64,899,492
-------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 4.9% $ 3,362,256
-------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 68,261,748
=====================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2013, the net unrealized appreciation on investments
based on cost for federal tax purposes of $57,756,227 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 8,054,364
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (911,099)
-----------
Net unrealized appreciation $ 7,143,265
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 41
Schedule of Investments | 7/31/13
Pioneer Ibbotson Conservative Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2013 aggregated $12,163,155 and $10,462,993, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $64,899,492 $ -- $ -- $64,899,492
--------------------------------------------------------------------------------
Total $64,899,492 $ -- $ -- $64,899,492
================================================================================
During the year ended July 31, 2013, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Schedule of Investments | 7/31/13
Pioneer Ibbotson Moderate Allocation Fund
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
MUTUAL FUNDS -- 98.0%
PIONEER FUNDS* -- 98.0%
2,381,615 Pioneer Bond Fund Class Y $ 22,768,238
318,554 Pioneer Core Equity Fund Class Y 4,568,064
245,880 Pioneer Disciplined Growth Fund Class Y 3,624,266
627,827 Pioneer Disciplined Value Fund Class Y 13,033,686
587,132 Pioneer Dynamic Credit Fund Class Y 5,783,250
311,641 Pioneer Emerging Markets Fund Class Y 7,401,474
141,847 Pioneer Equity Income Fund Class Y 4,727,765
180,119 Pioneer Fund Class Y 7,046,239
459,807 Pioneer Fundamental Growth Fund Class Y 7,117,807
328,579 Pioneer Global Aggregate Bond Fund Class Y 3,607,802
1,552,569 Pioneer Global Equity Fund Class Y 18,056,376
924,837 Pioneer Global High Yield Fund Class Y 9,137,388
396,720 Pioneer High Yield Fund Class Y 4,308,375
1,186,270 Pioneer International Value Fund Class Y 24,864,225
533,860 Pioneer Mid Cap Value Fund Class Y 14,681,144
182,130 Pioneer Multi-Asset Ultrashort Income Fund Class Y 1,832,227
250,990 Pioneer Oak Ridge Small Cap Growth Fund Class Y 9,254,015
175,992 Pioneer Real Estate Shares Class Y 4,570,507
245,795 Pioneer Select Mid Cap Growth Fund Class Y 9,259,096
2,243,233 Pioneer Short Term Income Fund Class Y 21,647,196
557,557 Pioneer Strategic Income Fund Class Y 6,138,707
-------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $163,136,458) $203,427,847
-------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.0%
(Cost $163,136,458) (a) $203,427,847
-------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.0% $ 4,187,490
-------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $207,615,337
=====================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2013, the net unrealized appreciation on investments
based on cost for federal tax purposes of $165,960,743 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $37,616,584
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (149,480)
-----------
Net unrealized appreciation $37,467,104
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 43
Schedule of Investments | 7/31/13
Pioneer Ibbotson Moderate Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2013 aggregated $18,075,444 and $21,942,285, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $203,427,847 $ -- $ -- $203,427,847
--------------------------------------------------------------------------------
Total $203,427,847 $ -- $ -- $203,427,847
================================================================================
During the year ended July 31, 2013, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Schedule of Investments | 7/31/13
Pioneer Ibbotson Growth Allocation Fund
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
MUTUAL FUNDS -- 100.1%
PIONEER FUNDS* -- 100.1%
2,229,163 Pioneer Bond Fund Class Y $ 21,310,800
521,874 Pioneer Core Equity Fund Class Y 7,483,672
363,811 Pioneer Disciplined Growth Fund Class Y 5,362,579
780,471 Pioneer Disciplined Value Fund Class Y 16,202,568
35,382 Pioneer Dynamic Credit Fund Class Y 348,514
475,550 Pioneer Emerging Markets Fund Class Y 11,294,303
234,993 Pioneer Equity Income Fund Class Y 7,832,301
205,658 Pioneer Fund Class Y 8,045,339
578,521 Pioneer Fundamental Growth Fund Class Y 8,955,509
343,220 Pioneer Global Aggregate Bond Fund Class Y 3,768,553
1,895,863 Pioneer Global Equity Fund Class Y 22,048,889
430,640 Pioneer Global High Yield Fund Class Y 4,254,728
190,861 Pioneer High Yield Fund Class Y 2,072,752
1,496,636 Pioneer International Value Fund Class Y 31,369,491
632,892 Pioneer Mid Cap Value Fund Class Y 17,404,527
597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 9,627
249,458 Pioneer Oak Ridge Small Cap Growth Fund Class Y 9,197,515
289,590 Pioneer Real Estate Shares Class Y 7,520,639
377,365 Pioneer Select Mid Cap Growth Fund Class Y 14,215,336
1,705,742 Pioneer Short Term Income Fund Class Y 16,460,406
592,011 Pioneer Strategic Income Fund Class Y 6,518,044
-------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $172,150,299) $221,676,092
-------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.1%
(Cost $172,150,299) (a) $221,676,092
-------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.1)% $ (303,032)
-------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $221,373,060
=====================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2013, the net unrealized appreciation on investments
based on cost for federal tax purposes of $173,792,825 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $47,995,800
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (112,533)
-----------
Net unrealized appreciation $47,883,267
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 45
Schedule of Investments | 7/31/13
Pioneer Ibbotson Growth Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2013 aggregated $13,593,543 and $22,681,829, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $221,676,092 $ -- $ -- $221,676,092
--------------------------------------------------------------------------------
Total $221,676,092 $ -- $ -- $221,676,092
================================================================================
During the year ended July 31, 2013, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Schedule of Investments | 7/31/13
Pioneer Ibbotson Aggressive Allocation Fund
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
MUTUAL FUNDS -- 100.1%
PIONEER FUNDS* -- 100.1%
711,759 Pioneer Bond Fund Class Y $ 6,804,417
268,530 Pioneer Core Equity Fund Class Y 3,850,720
202,305 Pioneer Disciplined Growth Fund Class Y 2,981,983
384,654 Pioneer Disciplined Value Fund Class Y 7,985,411
344,399 Pioneer Emerging Markets Fund Class Y 8,179,467
121,608 Pioneer Equity Income Fund Class Y 4,053,180
106,445 Pioneer Fund Class Y 4,164,138
275,621 Pioneer Fundamental Growth Fund Class Y 4,266,615
1,166,639 Pioneer Global Equity Fund Class Y 13,568,011
1,106,954 Pioneer International Value Fund Class Y 23,201,758
469,757 Pioneer Mid Cap Value Fund Class Y 12,918,306
184,764 Pioneer Oak Ridge Small Cap Growth Fund Class Y 6,812,237
208,201 Pioneer Real Estate Shares Class Y 5,406,978
239,740 Pioneer Select Mid Cap Growth Fund Class Y 9,031,022
337,445 Pioneer Short Term Income Fund Class Y 3,256,345
282,231 Pioneer Strategic Income Fund Class Y 3,107,358
---------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $87,624,946) $ 119,587,946
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 100.1%
(Cost $87,624,946) (a) $ 119,587,946
---------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.1)% $ (100,399)
---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 119,487,547
=======================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
(a) At July 31, 2013, the net unrealized appreciation on investments
based on cost for federal tax purposes of $89,261,074 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $30,326,872
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value --
-----------
Net unrealized appreciation $30,326,872
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 47
Schedule of Investments | 7/31/13
Pioneer Ibbotson Aggressive Allocation Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2013 aggregated $6,706,912 and $16,326,902, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $119,587,946 $-- $-- $119,587,946
--------------------------------------------------------------------------------
Total $119,587,946 $-- $-- $119,587,946
================================================================================
During the year ended July 31, 2013, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Statements of Assets and Liabilities | 7/31/13
---------------------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
---------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of
underlying affiliated funds, at
value (at cost $56,875,160,
$163,136,458, $172,150,299
and $87,624,946, respectively) $64,899,492 $203,427,847 $ 221,676,092 $119,587,946
Cash 3,310,925 4,216,849 -- 129,311
Receivables for:
Investment Funds sold 6,653 11,289 245,161 97,772
Capital stock sold 41,497 18,026 30,928 73,281
Dividends 138,296 236,466 166,631 39,076
Due from Pioneer Investment
Management, Inc. -- 1,574 2,173 2,898
Other assets 48,143 49,109 49,201 55,398
---------------------------------------------------------------------------------------------------------------------
Total assets $68,445,006 $207,961,160 $ 222,170,186 $119,985,682
=====================================================================================================================
LIABILITIES:
Payables for:
Investments Fund purchased $ 13,300 $ 82,702 $ -- $ 49,972
Capital stock redeemed 70,269 39,949 477,944 288,089
Due to affiliates 55,453 169,218 178,412 91,126
Due to custodian -- -- 74,164 --
Accrued expenses and
other liabilities 44,236 53,954 66,606 68,948
---------------------------------------------------------------------------------------------------------------------
Total liabilities: $ 183,258 $ 345,823 $ 797,126 $ 498,135
=====================================================================================================================
NET ASSETS:
Paid-in capital $62,736,310 $199,335,674 $ 212,936,338 $118,791,466
Undistributed net investment income 1,170,281 3,297,033 2,829,068 1,041,682
Accumulated net realized loss
on investments (3,669,175) (35,308,759) (43,918,139) (32,308,601)
Net unrealized appreciation on
investments 8,024,332 40,291,389 49,525,793 31,963,000
---------------------------------------------------------------------------------------------------------------------
Total net assets $68,261,748 $207,615,337 $ 221,373,060 $119,487,547
=====================================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Net Assets of Class A shares $44,238,769 $128,424,721 $ 149,585,853 $ 90,921,491
Net Assets of Class B shares $ 3,339,887 $ 10,067,617 $ 17,441,388 $ 8,495,309
Net Assets of Class C shares $20,541,699 $ 64,988,623 $ 53,031,848 $ 19,581,873
Net Assets of Class Y shares $ 141,393 $ 4,134,376 $ 1,313,971 $ 488,874
Class A Shares outstanding 3,875,494 10,955,453 12,140,314 7,293,606
Class B Shares outstanding 298,655 889,851 1,595,947 724,630
Class C Shares outstanding 1,852,976 5,951,362 4,553,071 1,655,440
Class Y Shares outstanding 13,018 348,743 104,607 39,148
Net Asset Value - Class A share $ 11.42 $ 11.72 $ 12.32 $ 12.47
Net Asset Value - Class B share $ 11.18 $ 11.31 $ 10.93 $ 11.72
Net Asset Value - Class C share $ 11.09 $ 10.92 $ 11.65 $ 11.83
Net Asset Value - Class Y share $ 10.86 $ 11.86 $ 12.56 $ 12.49
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset
value per share) $ 12.12 $ 12.44 $ 13.07 $ 13.23
=====================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 49
Statements of Operations
For the Year Ended 7/31/13
-----------------------------------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Allocation Allocation Allocation Allocation
Fund Fund Fund Fund
-----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from underlying
affiliated funds $ 2,164,342 $ 5,008,286 $ 4,699,043 $ 2,119,590
Interest 1,015 1,460 230 93
-----------------------------------------------------------------------------------------------------------
Total investment income $ 2,165,357 $ 5,009,746 $ 4,699,273 $ 2,119,683
-----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 86,296 $ 259,507 $ 278,714 $ 151,063
Transfer agent fees
Class A 37,845 139,145 220,676 167,771
Class B 7,042 33,635 61,211 34,874
Class C 12,386 35,307 43,721 24,075
Class Y 279 636 575 567
Distribution fees
Class A 109,188 307,391 354,231 215,982
Class B 40,893 129,587 216,901 105,368
Class C 185,044 588,876 493,228 183,475
Shareholder communications
expense 38,049 123,194 131,773 79,264
Administrative fees 33,546 72,827 77,291 48,938
Custodian fees 10,467 5,305 2,459 3,449
Registration fees 55,743 58,262 58,390 58,248
Professional fees 37,824 26,664 40,675 38,165
Printing fees 18,758 30,234 31,875 46,852
Fees and expenses of
non-affiliated Trustees 6,318 7,340 6,754 6,927
Insurance expense 943 2,914 3,556 1,684
Miscellaneous 4,070 4,360 5,610 4,743
-----------------------------------------------------------------------------------------------------------
Total expenses $ 684,691 $ 1,825,184 $ 2,027,640 $ 1,171,445
Less fees waived and expenses
reimbursed by Pioneer
Investment Management, Inc. $ -- $ (8,293) $ (7,263) $ (9,562)
-----------------------------------------------------------------------------------------------------------
Net expenses $ 684,691 $ 1,816,891 $ 2,020,377 $ 1,161,883
-----------------------------------------------------------------------------------------------------------
Net investment income $ 1,480,666 $ 3,192,855 $ 2,678,896 $ 957,800
-----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on underlying
affiliated funds $ 897,703 $ 3,185,087 $ 3,800,620 $ 2,728,735
Capital gain distributions from
underlying affiliated funds 734,829 3,679,080 4,629,451 2,624,653
-----------------------------------------------------------------------------------------------------------
$ 1,632,532 $ 6,864,167 $ 8,430,071 $ 5,353,388
-----------------------------------------------------------------------------------------------------------
Change in net unrealized
appreciation on investments $ 2,220,532 $16,019,476 $20,860,423 $13,474,283
-----------------------------------------------------------------------------------------------------------
Net gain on investments $ 3,853,064 $22,883,643 $29,290,494 $18,827,671
-----------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 5,333,730 $26,076,498 $31,969,390 $19,785,471
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------
Conservative Moderate
Allocation Fund Allocation Fund
--------------------------- ----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/13 7/31/12 7/31/13 7/31/12
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,480,666 $ 1,498,635 $ 3,192,855 $ 2,977,148
Net realized gain on investments 1,632,532 444,562 6,864,167 3,159,731
Change in net unrealized
appreciation (depreciation)
on investments 2,220,532 (975,558) 16,019,476 (8,605,957)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting
from operations $ 5,333,730 $ 967,639 $ 26,076,498 $ (2,469,078)
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.23, $0.31, $0.22
and $0.24, respectively) $ (955,483) $ (1,183,335) $ (2,347,138) $ (2,675,027)
Class B ($0.13, $0.20, $0.06
and $0.11, respectively) (49,375) (91,836) (76,356) (244,751)
Class C ($0.16, $0.23, $0.16
and $0.18, respectively) (270,274) (352,605) (878,923) (951,582)
Class Y ($0.16, $0.23, $0.25
and $0.29, respectively) (1,718) (1,682) (113,775) (195,125)
------------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (1,276,850) $ (1,629,458) $ (3,416,192) $ (4,066,485)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE
TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 19,342,329 $ 15,727,021 $ 38,645,530 $ 35,940,163
Reinvestment of distributions 1,169,434 1,491,380 3,147,019 3,714,500
Cost of shares repurchased (19,670,549) (16,501,428) (50,543,688) (57,872,210)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Fund
share transactions 841,214 716,973 (8,751,139) (18,217,547)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ 4,898,094 $ 55,154 $ 13,909,167 $ (24,753,110)
NET ASSETS:
Beginning of year 63,363,654 63,308,500 193,706,170 218,459,280
------------------------------------------------------------------------------------------------------
End of year $ 68,261,748 $ 63,363,654 $207,615,337 $ 193,706,170
======================================================================================================
Undistributed net investment
income, end of year $ 1,170,281 $ 945,174 $ 3,297,033 $ 3,415,089
======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 51
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------
Growth Aggressive
Allocation Fund Allocation Fund
---------------------------- ----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/13 7/31/12 7/31/13 7/31/12
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,678,896 $ 2,187,731 $ 957,800 $ 662,809
Net realized gain on investments 8,430,071 3,249,263 5,353,388 2,916,441
Change in net unrealized
appreciation (depreciation)
on investments 20,860,423 (9,518,002) 13,474,283 (8,039,169)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting
from operations $ 31,969,390 $ (4,081,008) $ 19,785,471 $ (4,459,919)
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.17, $0.19, $0.11
and $0.13, respectively) $ (2,100,205) $ (2,327,559) $ (843,947) $ (1,026,414)
Class B ($0.06, $0.08, $0.00
and $0.01, respectively) (124,014) (254,128) -- (21,009)
Class C ($0.10, $0.11, $0.04
and $0.05, respectively) (463,365) (512,265) (74,121) (84,457)
Class Y ($0.20, $0.23, $0.15
and $0.16, respectively) (28,499) (41,853) (16,667) (17,652)
------------------------------------------------------------------------------------------------------
Total distributions to
shareowners $ (2,716,083) $ (3,135,805) $ (934,735) $ (1,149,532)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 34,726,733 $ 31,220,224 $ 16,103,690 $ 17,689,729
Reinvestment of distributions 2,589,712 2,989,892 904,418 1,113,126
Cost of shares repurchased (52,707,882) (46,561,663) (29,890,561) (30,405,283)
------------------------------------------------------------------------------------------------------
Net decrease in net
assets resulting from
Fund share transactions (15,391,437) (12,351,547) (12,882,453) (11,602,428)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ 13,861,870 $ (19,568,360) $ 5,968,283 $ (17,211,879)
NET ASSETS:
Beginning of year 207,511,190 227,079,550 113,519,264 130,731,143
------------------------------------------------------------------------------------------------------
End of year $221,373,060 $ 207,511,190 $119,487,547 $ 113,519,264
======================================================================================================
Undistributed net investment
income, end of year $ 2,829,068 $ 2,718,010 $ 1,041,682 $ 934,352
======================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-----------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 1,020,934 $ 11,402,241 997,333 $ 10,516,102
Reinvestment of distributions 85,658 931,997 111,770 1,145,640
Less shares repurchased (1,200,704) (13,407,002) (1,090,725) (11,477,406)
------------------------------------------------------------------------------------------------
Net increase (decrease) (94,112) $ (1,072,764) 18,378 $ 184,336
================================================================================================
Class B
Shares sold or exchanged 18,697 $ 204,015 65,405 $ 672,958
Reinvestment of distributions 4,413 47,265 8,527 85,946
Less shares repurchased (146,078) (1,606,168) (150,497) (1,547,463)
------------------------------------------------------------------------------------------------
Net decrease (122,968) $ (1,354,888) (76,565) $ (788,559)
================================================================================================
Class C
Shares sold 705,703 $ 7,658,490 442,570 $ 4,530,773
Reinvestment of distributions 17,918 190,116 25,946 259,717
Less shares repurchased (428,536) (4,649,918) (337,214) (3,463,432)
------------------------------------------------------------------------------------------------
Net increase 295,085 $ 3,198,688 131,302 $ 1,327,058
================================================================================================
Class Y
Shares sold 7,322 $ 77,583 719 $ 7,188
Reinvestment of distributions 5 56 8 77
Less shares repurchased (704) (7,461) (1,291) (13,127)
------------------------------------------------------------------------------------------------
Net increase (decrease) 6,623 $ 70,178 (564) $ (5,862)
================================================================================================
------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-----------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 1,920,609 $ 21,359,645 2,068,964 $ 21,265,053
Reinvestment of distributions 216,417 2,311,349 263,615 2,628,511
Less shares repurchased (2,541,970) (28,078,906) (3,275,964) (33,161,682)
------------------------------------------------------------------------------------------------
Net decrease (404,944) $ (4,407,912) (943,385) $ (9,268,118)
================================================================================================
Class B
Shares sold or exchanged 45,000 $ 485,670 43,190 $ 422,180
Reinvestment of distributions 7,130 73,866 24,677 236,900
Less shares repurchased (763,142) (8,143,861) (1,016,431) (10,005,913)
------------------------------------------------------------------------------------------------
Net decrease (711,012) $ (7,584,325) (948,564) $ (9,346,833)
================================================================================================
Class C
Shares sold 1,549,226 $ 16,124,813 1,350,846 $ 13,060,006
Reinvestment of distributions 66,229 661,627 77,571 725,290
Less shares repurchased (1,149,577) (11,914,231) (1,114,511) (10,741,161)
------------------------------------------------------------------------------------------------
Net increase 465,878 $ 4,872,209 313,906 $ 3,044,135
================================================================================================
Class Y
Shares sold 60,167 $ 675,402 117,189 $ 1,192,924
Reinvestment of distributions 9,293 100,177 12,306 123,799
Less shares repurchased (213,103) (2,406,690) (378,802) (3,963,454)
------------------------------------------------------------------------------------------------
Net decrease (143,643) $ (1,631,111) (249,307) $ (2,646,731)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 53
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
Growth Allocation Fund
-----------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 1,955,642 $ 22,648,749 2,003,752 $ 21,129,016
Reinvestment of distributions 188,344 2,079,338 225,622 2,306,260
Less shares repurchased (2,559,993) (29,481,905) (2,384,121) (25,028,435)
------------------------------------------------------------------------------------------------
Net decrease (416,007) $ (4,753,818) (154,747) $ (1,593,159)
================================================================================================
Class B
Shares sold or exchanged 20,819 $ 210,358 34,878 $ 326,306
Reinvestment of distributions 12,344 121,589 27,418 249,232
Less shares repurchased (1,055,789) (10,840,758) (1,072,262) (9,989,741)
------------------------------------------------------------------------------------------------
Net decrease (1,022,626) $ (10,508,811) (1,009,966) $ (9,414,203)
================================================================================================
Class C
Shares sold 1,054,542 $ 11,590,420 896,095 $ 8,966,029
Reinvestment of distributions 35,111 368,013 41,731 405,623
Less shares repurchased (1,014,165) (11,149,890) (1,086,051) (10,818,416)
------------------------------------------------------------------------------------------------
Net increase (decrease) 75,488 $ 808,543 (148,225) $ (1,446,764)
================================================================================================
Class Y
Shares sold 23,464 $ 277,206 76,808 $ 798,873
Reinvestment of distributions 1,848 20,772 2,764 28,777
Less shares repurchased (104,455) (1,235,329) (65,844) (725,071)
------------------------------------------------------------------------------------------------
Net increase (decrease) (79,143) $ (937,351) 13,728 $ 102,579
================================================================================================
------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-----------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 1,058,283 $ 12,251,455 1,265,738 $ 13,140,808
Reinvestment of distributions 75,771 834,246 100,201 1,013,032
Less shares repurchased (1,662,968) (19,104,816) (1,931,678) (20,155,382)
------------------------------------------------------------------------------------------------
Net decrease (528,914) $ (6,019,115) (565,739) $ (6,001,542)
================================================================================================
Class B
Shares sold or exchanged 10,143 $ 111,293 14,573 $ 141,783
Reinvestment of distributions -- -- 2,120 20,203
Less shares repurchased (498,768) (5,436,594) (507,652) (4,947,628)
------------------------------------------------------------------------------------------------
Net decrease (488,625) $ (5,325,301) (490,959) $ (4,785,642)
================================================================================================
Class C
Shares sold 323,630 $ 3,543,347 411,387 $ 4,072,579
Reinvestment of distributions 5,445 57,135 7,028 67,759
Less shares repurchased (393,437) (4,286,335) (497,759) (4,886,040)
------------------------------------------------------------------------------------------------
Net decrease (64,362) $ (685,853) (79,344) $ (745,702)
================================================================================================
Class Y
Shares sold 16,401 $ 197,595 32,610 $ 334,559
Reinvestment of distributions 1,182 13,037 1,196 12,132
Less shares repurchased (90,026) (1,062,816) (38,940) (416,233)
------------------------------------------------------------------------------------------------
Net decrease (72,443) $ (852,184) (5,134) $ (69,542)
================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.73 $ 10.85 $ 10.19 $ 9.40 $ 10.48
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.28 $ 0.28 $ 0.26 $ 0.25 $ 0.39
Net realized and unrealized gain (loss) on investments 0.64 (0.09) 0.65 0.86 (0.94)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.92 $ 0.19 $ 0.91 $ 1.11 $ (0.55)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.31)
Net realized gain -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.53)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.69 $ (0.12) $ 0.66 $ 0.79 $ (1.08)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40
==========================================================================================================================
Total return* 8.72% 1.85% 9.04% 11.88% (4.44)%
Ratio of net expenses to average net assets+++ 0.77% 0.78% 0.78% 0.78% 0.78%
Ratio of net investment income to average net assets+++ 2.51% 2.69% 2.47% 2.55% 4.43%
Portfolio turnover rate 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $44,239 $42,613 $42,882 $35,986 $25,992
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.77% 0.82% 0.80% 0.84% 1.09%
Net investment income 2.51% 2.65% 2.45% 2.49% 4.12%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.77% 0.78% 0.78% 0.78% 0.78%
Net investment income 2.51% 2.69% 2.47% 2.55% 4.43%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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 | 7/31/13 55
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.51 $ 10.61 $ 9.99 $ 9.24 $ 10.31
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.18 $ 0.19 $ 0.17 $ 0.16 $ 0.31
Net realized and unrealized gain (loss) on investments 0.62 (0.09) 0.64 0.83 (0.93)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.80 $ 0.10 $ 0.81 $ 0.99 $ (0.62)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.23)
Net realized gain -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.45)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.67 $ (0.10) $ 0.62 $ 0.75 $ (1.07)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24
==========================================================================================================================
Total return* 7.63% 1.04% 8.15% 10.80% (5.31)%
Ratio of net expenses to average net assets+++ 1.61% 1.68% 1.64% 1.68% 1.68%
Ratio of net investment income to average net assets+++ 1.67% 1.82% 1.62% 1.67% 3.58%
Portfolio turnover rate 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $ 3,340 $ 4,429 $ 5,285 $ 6,214 $ 5,957
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.61% 1.71% 1.64% 1.70% 1.90%
Net investment income 1.67% 1.79% 1.62% 1.64% 3.36%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.61% 1.68% 1.64% 1.68% 1.68%
Net investment income 1.67% 1.82% 1.62% 1.67% 3.58%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, 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.
56 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.44 $ 10.56 $ 9.96 $ 9.21 $ 10.30
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.18 $ 0.20 $ 0.18 $ 0.17 $ 0.31
Net realized and unrealized gain (loss) on investments 0.63 (0.09) 0.63 0.83 (0.95)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.81 $ 0.11 $ 0.81 $ 1.00 $ (0.64)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.23)
Net realized gain -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.45)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.65 $ (0.12) $ 0.60 $ 0.75 $ (1.09)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21
==========================================================================================================================
Total return* 7.83% 1.16% 8.18% 10.91% (5.53)%
Ratio of net expenses to average net assets+++ 1.51% 1.56% 1.55% 1.59% 1.68%
Ratio of net investment income to average net assets+++ 1.70% 1.91% 1.71% 1.73% 3.54%
Portfolio turnover rate 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $20,542 $16,257 $15,068 $14,063 $11,184
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.51% 1.56% 1.55% 1.59% 1.80%
Net investment income 1.70% 1.91% 1.71% 1.73% 3.43%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.51% 1.56% 1.55% 1.59% 1.68%
Net investment income 1.70% 1.91% 1.71% 1.73% 3.54%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, 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 | 7/31/13 57
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.21 $ 10.41 $ 9.79 $ 9.02 $ 10.50
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.20 $ 0.13 $ 0.24 $ 0.28 $ (0.18)
Net realized and unrealized gain (loss) on investments 0.61 (0.10) 0.65 0.78 (0.97)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.81 $ 0.03 $ 0.89 $ 1.06 $ (1.15)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.11)
Net realized gain -- -- -- -- (0.22)
--------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.33)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.65 $ (0.20) $ 0.62 $ 0.77 $ (1.48)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02
==========================================================================================================================
Total return* 8.00% 0.34% 9.18% 11.89% (10.66)%
Ratio of net expenses to average net assets+++ 1.43% 2.26% 0.82% 0.63% 7.26%
Ratio of net investment income to average net assets+++ 1.88% 1.28% 2.36% 2.94% (2.03)%
Portfolio turnover rate 17% 20% 15% 13% 53%
Net assets, end of period (in thousands) $ 141 $ 65 $ 72 $ 119 $ 9
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.43% 2.26% 0.82% 0.63% 7.26%
Net investment income (loss) 1.88% 1.28% 2.36% 2.94% (2.03)%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.43% 2.26% 0.82% 0.63% 7.26%
Net investment income (loss) 1.88% 1.28% 2.36% 2.94% (2.03)%
==========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ 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 | 7/31/13
-------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
---------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.46 $ 10.74 $ 9.68 $ 8.79 $ 10.89
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.21 $ 0.18 $ 0.17 $ 0.16 $ 0.27
Net realized and unrealized gain (loss) on investments 1.27 (0.22) 1.07 1.00 (1.63)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.48 $ (0.04) $ 1.24 $ 1.16 $ (1.36)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.13)
Net realized gain -- -- -- -- (0.61)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.74)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.26 $ (0.28) $ 1.06 $ 0.89 $ (2.10)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79
=========================================================================================================================
Total return* 14.32% (0.27)% 12.91% 13.26% (11.20)%
Ratio of net expenses to average net assets+++ 0.66% 0.72% 0.71% 0.73% 0.74%
Ratio of net investment income to average net assets+++ 1.85% 1.75% 1.59% 1.70% 3.20%
Portfolio turnover rate 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $128,425 $118,833 $132,166 $125,354 $120,786
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.66% 0.72% 0.71% 0.73% 0.76%
Net investment income 1.85% 1.75% 1.59% 1.70% 3.18%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.66% 0.72% 0.71% 0.73% 0.74%
Net investment income 1.85% 1.75% 1.59% 1.70% 3.20%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ 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 | 7/31/13 59
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.04 $ 10.26 $ 9.25 $ 8.41 $ 10.39
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.11 $ 0.08 $ 0.08 $ 0.19
Net realized and unrealized gain (loss) on investments 1.22 (0.22) 1.02 0.96 (1.53)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.33 $ (0.11) $ 1.10 $ 1.04 $ (1.34)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.03)
Net realized gain -- -- -- -- (0.61)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.64)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.27 $ (0.22) $ 1.01 $ 0.84 $ (1.98)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41
=========================================================================================================================
Total return* 13.31% (0.99)% 11.89% 12.39% (11.81)%
Ratio of net expenses to average net assets+++ 1.52% 1.52% 1.52% 1.52% 1.52%
Ratio of net investment income to average net assets+++ 1.06% 1.11% 0.83% 0.92% 2.44%
Portfolio turnover rate 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $10,068 $16,072 $26,166 $33,115 $35,197
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.58% 1.60% 1.53% 1.56% 1.63%
Net investment income 0.99% 1.03% 0.82% 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% 1.52% 1.52% 1.52%
Net investment income 1.06% 1.11% 0.83% 0.92% 2.44%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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.
60 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.77 $ 10.07 $ 9.10 $ 8.29 $ 10.30
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.10 $ 0.09 $ 0.09 $ 0.19
Net realized and unrealized gain (loss) on investments 1.19 (0.22) 1.01 0.94 (1.53)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.31 $ (0.12) $ 1.10 $ 1.03 $ (1.34)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.06)
Net realized gain -- -- -- -- (0.61)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.67)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.15 $ (0.30) $ 0.97 $ 0.81 $ (2.01)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29
=========================================================================================================================
Total return* 13.56% (1.08)% 12.12% 12.43% (11.85)%
Ratio of net expenses to average net assets+++ 1.34% 1.41% 1.40% 1.44% 1.52%
Ratio of net investment income to average net assets+++ 1.15% 1.06% 0.89% 0.98% 2.44%
Portfolio turnover rate 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $64,989 $53,594 $52,059 $43,725 $37,513
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.34% 1.41% 1.40% 1.44% 1.52%
Net investment income 1.15% 1.06% 0.89% 0.98% 2.44%
Ratios with waiver of fees and assumption of expenses by the
Adviserand reduction for fees paid indirectly:
Net expenses 1.34% 1.41% 1.40% 1.44% 1.52%
Net investment income 1.15% 1.06% 0.89% 0.98% 2.44%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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 | 7/31/13 61
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------
Moderate Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.58 $ 10.88 $ 9.80 $ 8.89 $ 10.94
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.25 $ 0.22 $ 0.21 $ 0.20 $ 0.29
Net realized and unrealized gain (loss) on investments 1.28 (0.23) 1.09 1.02 (1.55)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.53 $ (0.01) $ 1.30 $ 1.22 $ (1.26)
-----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.18)
Net realized gain -- -- -- -- (0.61)
-----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.79)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.28 $ (0.30) $ 1.08 $ 0.91 $ (2.05)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89
=======================================================================================================================
Total return* 14.68% 0.00%(b) 13.37% 13.75% (10.09)%
Ratio of net expenses to average net assets+++ 0.36% 0.38% 0.32% 0.33% 0.33%
Ratio of net investment income to average net assets+++ 2.26% 2.14% 2.00% 2.10% 3.59%
Portfolio turnover rate 9% 9% 14% 10% 44%
Net assets, end of period (in thousands) $ 4,134 $ 5,208 $ 8,069 $ 8,120 $ 8,015
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.36% 0.38% 0.32% 0.33% 0.33%
Net investment income 2.26% 2.14% 2.00% 2.10% 3.59%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.36% 0.38% 0.32% 0.33% 0.33%
Net investment income 2.26% 2.14% 2.00% 2.10% 3.59%
=======================================================================================================================
(a) Calculated using average shares outstanding for the period.
(b) Amount rounds to less than 0.01%.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ 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 | 7/31/13
-------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
---------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.75 $ 11.09 $ 9.77 $ 8.74 $ 11.50
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.14 $ 0.12 $ 0.11 $ 0.19
Net realized and unrealized gain (loss) on investments 1.57 (0.29) 1.33 1.10 (2.14)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.74 $ (0.15) $ 1.45 $ 1.21 $ (1.95)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.04)
Net realized gain -- -- -- -- (0.77)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.81)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.57 $ (0.34) $ 1.32 $ 1.03 $ (2.76)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74
=========================================================================================================================
Total return* 16.40% (1.31)% 14.85% 13.90% (15.49)%
Ratio of net expenses to average net assets+++ 0.69% 0.76% 0.76% 0.79% 0.79%
Ratio of net investment income to average net assets+++ 1.50% 1.29% 1.11% 1.12% 2.24%
Portfolio turnover rate 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $149,586 $134,988 $140,979 $125,433 $111,447
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.69% 0.76% 0.76% 0.80% 0.89%
Net investment income 1.50% 1.29% 1.11% 1.11% 2.14%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.69% 0.76% 0.76% 0.79% 0.79%
Net investment income 1.50% 1.29% 1.11% 1.12% 2.24%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ 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 | 7/31/13 63
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.52 $ 9.80 $ 8.64 $ 7.75 $ 10.33
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.07 $ 0.06 $ 0.03 $ 0.03 $ 0.11
Net realized and unrealized gain (loss) on investments 1.40 (0.26) 1.17 0.98 (1.92)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.47 $ (0.20) $ 1.20 $ 1.01 $ (1.81)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ --
Net realized gain -- -- -- -- (0.77)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ (0.77)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.41 $ (0.28) $ 1.16 $ 0.89 $ (2.58)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75
=========================================================================================================================
Total return* 15.46% (2.01)% 13.90% 13.03% (16.05)%
Ratio of net expenses to average net assets+++ 1.57% 1.57% 1.57% 1.57% 1.57%
Ratio of net investment income to average net assets+++ 0.68% 0.59% 0.35% 0.36% 1.47%
Portfolio turnover rate 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $17,441 $24,941 $35,567 $39,902 $ 43,390
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.60% 1.66% 1.61% 1.66% 1.77%
Net investment income 0.64% 0.50% 0.31% 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% 1.57% 1.57% 1.57%
Net investment income 0.68% 0.59% 0.35% 0.36% 1.47%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.18 $ 10.50 $ 9.26 $ 8.30 $ 10.99
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.09 $ 0.06 $ 0.04 $ 0.04 $ 0.11
Net realized and unrealized gain (loss) on investments 1.48 (0.27) 1.26 1.04 (2.03)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.57 $ (0.21) $ 1.30 $ 1.08 $ (1.92)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ --
Net realized gain -- -- -- -- (0.77)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ (0.77)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.47 $ (0.32) $ 1.24 $ 0.96 $ (2.69)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30
=========================================================================================================================
Total return* 15.58% (1.91)% 14.10% 13.08% (16.08)%
Ratio of net expenses to average net assets+++ 1.40% 1.46% 1.46% 1.51% 1.57%
Ratio of net investment income to average net assets+++ 0.78% 0.59% 0.40% 0.40% 1.44%
Portfolio turnover rate 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $53,032 $45,570 $48,586 $43,087 $ 36,602
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.40% 1.46% 1.46% 1.51% 1.60%
Net investment income 0.78% 0.59% 0.40% 0.40% 1.40%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.40% 1.46% 1.46% 1.51% 1.57%
Net investment income 0.78% 0.59% 0.40% 0.40% 1.44%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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 | 7/31/13 65
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Growth Allocation Fund
------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.95 $ 11.45 $ 10.07 $ 9.00 $ 11.64
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.20 $ 0.17 $ 0.17 $ 0.15 $ 0.20
Net realized and unrealized gain (loss) on investments 1.61 (0.44) 1.37 1.14 (1.97)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.81 $ (0.27) $ 1.54 $ 1.29 $ (1.77)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.10)
Net realized gain -- -- -- -- (0.77)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.87)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.61 $ (0.50) $ 1.38 $ 1.07 $ (2.64)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00
=========================================================================================================================
Total return* 16.70% (2.28)% 15.39% 14.33% (13.68)%
Ratio of net expenses to average net assets+++ 0.44% 0.50% 0.36% 0.39% 0.39%
Ratio of net investment income to average net assets+++ 1.71% 1.60% 1.58% 1.54% 2.44%
Portfolio turnover rate 6% 7% 12% 11% 49%
Net assets, end of period (in thousands) $ 1,314 $ 2,012 $ 1,947 $ 2,508 $ 1,614
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.44% 0.50% 0.36% 0.39% 0.39%
Net investment income 1.71% 1.60% 1.58% 1.54% 2.44%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.44% 0.50% 0.36% 0.39% 0.39%
Net investment income 1.71% 1.60% 1.58% 1.54% 2.44%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ 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 | 7/31/13
-------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.60 $ 11.07 $ 9.56 $ 8.45 $ 11.85
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.11 $ 0.08 $ 0.06 $ 0.04 $ 0.09
Net realized and unrealized gain (loss) on investments 1.87 (0.42) 1.51 1.16 (2.54)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.98 $ (0.34) $ 1.57 $ 1.20 $ (2.45)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ --
Net realized gain -- -- -- -- (0.95)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ (0.95)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.87 $ (0.47) $ 1.51 $ 1.11 $ (3.40)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45
=========================================================================================================================
Total return* 18.86% (3.06)% 16.42% 14.16% (19.05)%
Ratio of net expenses to average net assets+++ 0.82% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income to average net assets+++ 0.99% 0.76% 0.52% 0.44% 1.07%
Portfolio turnover rate 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $90,921 $82,940 $92,878 $85,488 $ 79,480
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.82% 0.87% 0.85% 0.88% 1.01%
Net investment income 0.99% 0.74% 0.52% 0.41% 0.91%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.82% 0.85% 0.85% 0.85% 0.85%
Net investment income 0.99% 0.76% 0.52% 0.44% 1.07%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ 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 | 7/31/13 67
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
--------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.95 $ 10.35 $ 8.96 $ 7.93 $ 11.29
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.03 $ 0.01 $ (0.02) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 1.74 (0.40) 1.41 1.08 (2.43)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.77 $ (0.39) $ 1.39 $ 1.05 $ (2.41)
-----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.01) $ -- $ (0.02) $ --
Net realized gain -- -- -- -- (0.95)
-----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (0.01) $ -- $ (0.02) $ (0.95)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.77 $ (0.40) $ 1.39 $ 1.03 $ (3.36)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93
=======================================================================================================================
Total return* 17.79% (3.72)% 15.51% 13.22% (19.69)%
Ratio of net expenses to average net assets+++ 1.64% 1.64% 1.64% 1.64% 1.64%
Ratio of net investment income to average net assets+++ 0.25% 0.05% (0.21)% (0.33)% 0.28%
Portfolio turnover rate 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $ 8,495 $12,074 $ 17,642 $19,256 $ 20,884
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.73% 1.77% 1.71% 1.76% 1.89%
Net investment income (loss) 0.16% (0.08)% (0.28)% (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% 1.64% 1.64% 1.64%
Net investment income (loss) 0.25% 0.05% (0.21)% (0.33)% 0.28%
=======================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
++ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
----------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.07 $ 10.50 $ 9.08 $ 8.04 $ 11.43
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.03 0.00(b) $ (0.01) $ (0.03) $ 0.02
Net realized and unrealized gain (loss) on investments 1.77 (0.38) 1.43 1.10 (2.46)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.80 $ (0.38) $ 1.42 $ 1.07 $ (2.44)
----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.05) $ -- $ (0.03) $ --
Net realized gain -- -- -- -- (0.95)
----------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.04) $ (0.05) $ -- $ (0.03) $ (0.95)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.76 $ (0.43) $ 1.42 $ 1.04 $ (3.39)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04
======================================================================================================================
Total return* 17.97% (3.61)% 15.64% 13.25% (19.71)%
Ratio of net expenses to average net assets+++ 1.51% 1.56% 1.55% 1.58% 1.64%
Ratio of net investment income to average net assets+++ 0.31% 0.01% (0.14)% (0.31)% 0.27%
Portfolio turnover rate 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $19,582 $17,317 $ 18,899 $18,161 $ 17,171
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.51% 1.56% 1.55% 1.58% 1.70%
Net investment income (loss) 0.31% 0.01% (0.14)% (0.31)% 0.21%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.51% 1.56% 1.55% 1.58% 1.64%
Net investment income (loss) 0.31% 0.01% (0.14)% (0.31)% 0.27%
======================================================================================================================
(a) Calculated using average shares outstanding for the period.
(b) Amount rounds to less than $0.01.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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 | 7/31/13 69
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.65 $ 11.24 $ 9.67 $ 8.55 $ 12.02
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.22 $ 0.12 $ 0.11 $ 0.08 $ 0.13
Net realized and unrealized gain (loss) on investments 1.77 (0.55) 1.56 1.16 (2.65)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.99 $ (0.43) $ 1.67 $ 1.24 $ (2.52)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ --
Net realized gain -- -- -- -- (0.95)
-------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ (0.95)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.84 $ (0.59) $ 1.57 $ 1.12 $ (3.47)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55
=========================================================================================================================
Total return* 18.87% (3.76)% 17.32% 14.49% (19.35)%
Ratio of net expenses to average net assets+++ 0.67% 0.55% 0.46% 0.42% 0.43%
Ratio of net investment income to average net assets+++ 1.89% 1.11% 0.99% 0.88% 1.58%
Portfolio turnover rate 6% 7% 11% 12% 55%
Net assets, end of period (in thousands) $ 489 $ 1,189 $ 1,311 $ 1,868 $ 1,627
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.67% 0.55% 0.46% 0.42% 0.43%
Net investment income 1.89% 1.11% 0.99% 0.88% 1.58%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.67% 0.55% 0.46% 0.42% 0.43%
Net investment income 1.89% 1.11% 0.99% 0.88% 1.58%
=========================================================================================================================
(a) Calculated using average shares outstanding for the period.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ 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.
70 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Notes to Financial Statements | 7/31/13
1. Organization and Significant Accounting Policies
Pioneer Ibbotson Asset Allocation Series (the Trust) is organized as a Delaware
statutory trust and is registered with the Securities and Exchange Commission
under the Investment Company Act of 1940 (the 1940 Act) as an open-end
management investment company. The Trust consists of four separate funds, each
issuing four classes of shares (collectively, the Funds, individually, the Fund)
as follows:
Pioneer Ibbotson Conservative Allocation Fund (Conservative Fund)
Pioneer Ibbotson Moderate Allocation Fund (Moderate Fund)
Pioneer Ibbotson Growth Allocation Fund (Growth Fund)
Pioneer Ibbotson Aggressive Allocation Fund (Aggressive Fund)
The investment objective of the Conservative Fund, the Moderate Fund and the
Growth Fund is to seek long-term capital growth and current income. The
investment objective of the Aggressive Fund is to seek long-term capital growth.
Each Fund is a "fund of funds," which means that it seeks to achieve its
investment objective by investing exclusively in other Pioneer funds
("underlying funds") managed by Pioneer Investment Management, Inc. (PIM) rather
than by direct investment in securities. In the future, the Funds also may
invest in regulated investment companies that are not managed by PIM. The Funds
indirectly pay a portion of the expenses incurred by the underlying funds.
Consequently, an investment in the Funds entails more direct and indirect
expenses than direct investment in the underlying funds.
Effective as of the close of business on December 31, 2009, the Fund's Class B
shares are no longer offered to new or existing shareholders, except that
dividends and/or capital gain distributions may continue to be reinvested in
Class B shares, and shareholders may exchange their Class B shares for Class B
shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of each Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of each Fund gives the Board of Trustees 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
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 71
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 those estimates.
The following is a summary of significant accounting policies followed by the
Trust in the 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 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.
Dividend income and realized capital gain distributions from investment
company shares held are recorded on the ex-dividend date. Temporary cash
investments are valued at amortized cost which approximates market value.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
To obtain information on the investment policies of an underlying affiliated
fund, please refer to that fund's individual prospectus.
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 its
shareowners. Therefore, no provision for federal income tax is required. As
of July 31, 2013, the Fund did not have any interest and penalties related
to uncertain tax positions, which, if applicable, would be recorded as an
income tax expense on the Statement of Operations. Tax years for the prior
three fiscal years remain subject to examination by federal and state tax
authorities.
72 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in recognition or classification of income or distributions for
financial statement and tax purposes. Capital accounts within the financial
statements are adjusted for permanent book/tax differences to reflect tax
character, but are not adjusted for temporary differences.
The Conservative Fund, Moderate Fund, Growth Fund and Aggressive Fund have
net capital loss carryforwards of $2,788,108, $32,484,474, $42,274,920 and
$30,672,473, respectively, of which the following amounts will expire in
between 2018 and 2019 if not utilized:
--------------------------------------------------------------------------------
Conservative Moderate Growth Aggressive
Fund Fund Fund Fund
--------------------------------------------------------------------------------
2018 $2,788,108 $30,598,239 $37,717,045 $29,213,192
2019 -- 1,886,235 4,557,875 1,459,281
--------------------------------------------------------------------------------
$2,788,108 $32,484,474 $42,274,920 $30,672,473
--------------------------------------------------------------------------------
At July 31, 2013, 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
Paid in Investment Realized
Fund Capital Income Gain (Loss)
--------------------------------------------------------------------------------
Conservative Fund $ (4) $ 21,291 $ (21,287)
Moderate Fund -- 105,281 (105,281)
Growth Fund -- 148,245 (148,245)
Aggressive Fund 1 84,265 (84,266)
The tax character of distributions paid during the year ended July 31, 2013
was as follows:
--------------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
--------------------------------------------------------------------------------
Conservative Fund $1,276,850 $ -- $1,276,850
Moderate Fund 3,416,192 -- 3,416,192
Growth Fund 2,716,083 -- 2,716,083
Aggressive Fund 934,735 -- 934,735
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 73
The tax character of distributions paid during the year ended July 31, 2012
was as follows:
--------------------------------------------------------------------------------
Ordinary Long-Term
Fund Income Capital Gains Total
--------------------------------------------------------------------------------
Conservative Fund $1,629,458 $ -- $1,629,458
Moderate Fund 4,066,485 -- 4,066,485
Growth Fund 3,135,805 -- 3,135,805
Aggressive Fund 1,149,532 -- 1,149,532
The following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2013:
--------------------------------------------------------------------------------
Other Net
Undistributed Book/Tax Unrealized
Ordinary Capital Loss Temporary Appreciation
Fund Income Carryforward Differences (Depreciation)
--------------------------------------------------------------------------------
Conservative Fund $1,170,281 $ (2,788,108) $ -- $ 7,143,265
Moderate Fund 3,297,033 (32,484,474) -- 37,467,104
Growth Fund 2,828,375 (42,274,920) -- 47,883,267
Aggressive Fund 1,041,682 (30,672,473) -- 30,326,872
The differences between book-basis and tax-basis net unrealized appreciation
are attributable to the tax deferral of losses on wash sales.
C. Fund Shares
The Funds record sales and repurchases of Fund shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Funds and a wholly owned indirect subsidiary of UniCredit S.p.A.(UniCredit),
earned the following in underwriting commissions on the sale of Class A
shares during the year ended July 31, 2013:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $16,485
Moderate Fund $42,874
Growth Fund $52,482
Aggressive Fund $34,407
74 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. Distribution fees are calculated based on the average daily net
asset value attributable to Class A, Class B and Class C shares of each
Fund, respectively (see Note 4). Class Y shares do not pay distribution
fees. All expenses and fees paid to the transfer agent, Pioneer Investment
Management Shareholder Services, Inc. (PIMSS), for its services are
allocated among the class of shares based on the number of accounts in each
class and the ratable allocation of related out-of-pocket expenses (see Note
3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by each of the Funds with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
of each Fund can reflect different transfer agent and distribution expense
rates.
E. Risks
Some of the underlying funds can invest in either high yield securities or
small/emerging growth companies. Investments in these types of securities
generally are subject to greater volatility than either higher-grade
securities or more-established companies in more developed markets,
respectively. The Funds' prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Funds' principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Funds'
portfolios. Management fees are calculated daily at the following annual rates
for each Fund:
On assets up to 0.13% on investments in underlying funds managed by
$2.5 billion 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, 2013, the effective management fee for
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 75
each Fund was equivalent to 0.13% of the Fund's average daily net assets. Fees
waived and expenses reimbursed during the year ended July 31, 2013 are
reflected in the Statement of Operations.
PIM has entered into a sub-advisory agreement with Ibbotson Associates, Inc.
(Ibbotson). PIM, not the Funds, pays a portion of the fee it receives from each
Fund to Ibbotson as compensation for its services to the Funds.
In addition, under the PIM's management and administration agreements, certain
other services and costs, including accounting, regulatory reporting and
insurance premiums, are paid by the Funds as administrative reimbursements.
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts payable to PIM at July 31, 2013:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $10,948
Moderate Fund $31,559
Growth Fund $33,724
Aggressive Fund $19,258
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, 2014.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the date referred to above:
--------------------------------------------------------------------------------
Fund Class A Class B Class C
--------------------------------------------------------------------------------
Conservative Fund 0.78% 1.68% 1.68%
Moderate Fund 0.74% 1.52% 1.52%
Growth Fund 0.79% 1.57% 1.57%
Aggressive Fund 0.85% 1.64% 1.64%
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides
substantially all transfer agent and shareowner services to the Funds at
negotiated rates. Included in "Due to affiliates" reflected on the Statement of
Assets and Liabilities are the following amounts of transfer agent fees payable
to PIMSS at July 31, 2013:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $12,393
Moderate Fund $39,138
Growth Fund $44,936
Aggressive Fund $25,115
76 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
4. Distribution Plan
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940
Act with respect to Class A, Class B and Class C shares. Pursuant to the Plan,
each Fund pays PFD 0.25% of the Fund's average daily net assets attributable to
Class A shares as compensation for personal services and/or account maintenance
services or distribution services with respect to Class A shares. Pursuant to
the Plan, each Fund also pays PFD 1.00% of the average daily net assets
attributable to Class B and Class C shares. The fee for Class B and C consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class B and Class C shares. Included in "Due to affiliates"
reflected on the Statements of Assets and Liabilities are the following amounts
in distribution fees payable to PFD at July 31, 2013.
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $32,112
Moderate Fund $98,521
Growth Fund $99,752
Aggressive Fund $46,753
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five years
of purchase are subject to a CDSC at declining rates beginning at
4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y shares.
Proceeds from the CDSCs are paid to PFD.
For the year ended July 31, 2013, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 3,795
Moderate Fund $ 7,665
Growth Fund $14,536
Aggressive Fund $ 6,560
5. Transactions in Underlying Funds - Affiliated Issuers
An affiliated issuer may be considered one in which each Fund owns 5% or more of
the outstanding voting securities, or a company which is under common control.
For the purposes of this report, each Fund assumes the following to be
affiliated issuers:
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 77
Pioneer Ibbotson Conservative Allocation Fund
------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------
Pioneer Bond Fund 1,232,963 416,319 (100,639) 1,548,643
Pioneer Core Equity Fund * 122,519 6,212 (29,870)^ 98,861
Pioneer Disciplined Growth Fund * 127,353 4,197 (85,643)^ 45,907
Pioneer Disciplined Value Fund * 241,476 61,739 (190,014)^ 113,201
Pioneer Dynamic Credit Fund 260,971 27,303 (18,553) 269,721
Pioneer Emerging Markets Fund 25,329 4,432 (2,186) 27,575
Pioneer Equity Income Fund 29,515 1,008 (9,213) 21,310
Pioneer Floating Rate Fund 91,392 10,165 (5,389) 96,168
Pioneer Fund 51,083 13,932 (10,483) 54,532
Pioneer Fundamental Growth Fund 98,410 6,481 (13,634) 91,257
Pioneer Global Aggregate Bond Fund 111,467 15,765 (6,327) 120,905
Pioneer Global Equity Fund 249,168 21,128 (31,386) 238,910
Pioneer Global High Yield Fund 389,879 43,172 (30,086) 402,965
Pioneer High Yield Fund 248,164 18,901 (21,926) 245,139
Pioneer International Value Fund 205,544 73,015 (21,755) 256,804
Pioneer Mid Cap Value Fund 58,110 2,974 (8,009) 53,075
Pioneer Multi-Asset Ultrashort
Income Fund 62,498 7,296 (3,449) 66,345
Pioneer Oak Ridge Small Cap
Growth Fund -- 17,226 -- 17,226
Pioneer Real Estate Shares 18,643 9,369 (2,654) 25,358
Pioneer Select Mid Cap Growth Fund * 54,020 4,637 (34,194)^ 24,463
Pioneer Short Term Income Fund 1,331,421 90,011 (338,499) 1,082,933
Pioneer Strategic Income Fund 443,966 174,714 (29,464) 589,216
------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 74,365 $ -- $ 525,476 $14,805,024
Pioneer Core Equity Fund 59,346 -- 17,485 1,417,667
Pioneer Disciplined Growth Fund 163,118 96,048 10,185 676,665
Pioneer Disciplined Value Fund 175,412 105,454 89,669 2,350,063
Pioneer Dynamic Credit Fund 3,180 -- 148,423 2,656,747
Pioneer Emerging Markets Fund (3,348) 2,712 6,668 654,901
Pioneer Equity Income Fund 51,129 -- 24,470 710,249
Pioneer Floating Rate Fund 656 -- 31,371 670,293
Pioneer Fund (22,227) 443,238 29,281 2,133,294
Pioneer Fundamental Growth Fund 64,052 10,411 9,588 1,412,661
Pioneer Global Aggregate Bond Fund 991 10,897 45,215 1,327,531
Pioneer Global Equity Fund 59,676 -- 55,232 2,778,521
Pioneer Global High Yield Fund 15,249 -- 287,132 3,981,293
Pioneer High Yield Fund 14,893 -- 142,451 2,662,214
Pioneer International Value Fund 24,089 -- 98,734 5,382,618
Pioneer Mid Cap Value Fund 11,673 -- 15,804 1,459,570
Pioneer Multi-Asset Ultrashort
Income Fund 223 -- 10,105 667,433
Pioneer Oak Ridge Small Cap
Growth Fund -- -- -- 635,122
Pioneer Real Estate Shares 3,329 -- 15,593 658,542
Pioneer Select Mid Cap Growth Fund 201,107 66,069 -- 921,515
Pioneer Short Term Income Fund (10,404) -- 335,188 10,450,302
Pioneer Strategic Income Fund 11,194 -- 266,272 6,487,267
--------- -------- ---------- -----------
$ 897,703 $734,829 $2,164,342 $64,899,492
========= ======== ========== ===========
* The Fund was involved in a reorganization on June 7, 2013, please see the
Fund's prospectus for additional information.
^ Includes share adjustments related to the reorganization.
78 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Pioneer Ibbotson Moderate Allocation Fund
--------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
--------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,354,173 153,779 (126,337) 2,381,615
Pioneer Core Equity Fund * 398,069 -- (79,515)^ 318,554
Pioneer Disciplined Growth Fund * 739,321 -- (493,441)^ 245,880
Pioneer Disciplined Value Fund * 1,286,492 72,955 (731,620)^ 627,827
Pioneer Dynamic Credit Fund 520,922 66,210 -- 587,132
Pioneer Emerging Markets Fund 293,382 18,997 (738) 311,641
Pioneer Equity Income Fund 174,594 -- (32,747) 141,847
Pioneer Fund 243,002 -- (62,883) 180,119
Pioneer Fundamental Growth Fund 585,548 -- (125,741) 459,807
Pioneer Global Aggregate Bond Fund 266,852 61,727 -- 328,579
Pioneer Global Equity Fund 1,479,826 77,464 (4,721) 1,552,569
Pioneer Global High Yield Fund 779,217 149,012 (3,392) 924,837
Pioneer High Yield Fund 419,072 16,214 (38,566) 396,720
Pioneer International Value Fund 914,157 272,113 -- 1,186,270
Pioneer Mid Cap Value Fund 517,071 44,768 (27,979) 533,860
Pioneer Multi-Asset Ultrashort
Income Fund 141,624 40,506 -- 182,130
Pioneer Oak Ridge Small Cap
Growth Fund 202,273 56,117 (7,400) 250,990
Pioneer Real Estate Shares 126,821 49,171 -- 175,992
Pioneer Select Mid Cap Growth Fund * 417,940 -- (172,145)^ 245,795
Pioneer Short Term Income Fund 2,419,243 883 (176,893) 2,243,233
Pioneer Strategic Income Fund 405,682 151,875 -- 557,557
--------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
--------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 95,308 $ -- $ 893,408 $ 22,768,238
Pioneer Core Equity Fund 86,654 -- 54,530 4,568,064
Pioneer Disciplined Growth Fund 903,512 534,893 53,126 3,624,266
Pioneer Disciplined Value Fund 477,454 624,289 460,799 13,033,686
Pioneer Dynamic Credit Fund -- -- 308,411 5,783,250
Pioneer Emerging Markets Fund (3,515) 30,800 76,258 7,401,474
Pioneer Equity Income Fund 45,139 -- 161,511 4,727,765
Pioneer Fund 194,139 1,821,286 106,990 7,046,239
Pioneer Fundamental Growth Fund 644,057 54,019 48,579 7,117,807
Pioneer Global Aggregate Bond Fund -- 26,542 117,525 3,607,802
Pioneer Global Equity Fund 6,381 -- 318,119 18,056,376
Pioneer Global High Yield Fund (2,673) -- 627,547 9,137,388
Pioneer High Yield Fund 10,332 -- 233,981 4,308,375
Pioneer International Value Fund -- -- 410,482 24,864,225
Pioneer Mid Cap Value Fund 18,725 -- 143,504 14,681,144
Pioneer Multi-Asset Ultrashort
Income Fund -- -- 25,203 1,832,227
Pioneer Oak Ridge Small Cap
Growth Fund (9,847) 177,513 -- 9,254,015
Pioneer Real Estate Shares -- -- 94,301 4,570,507
Pioneer Select Mid Cap Growth Fund 723,055 409,738 -- 9,259,096
Pioneer Short Term Income Fund (3,634) -- 620,526 21,647,196
Pioneer Strategic Income Fund -- -- 253,486 6,138,707
----------- ----------- ---------- -------------
$ 3,679,080 $ 3,185,087 $5,008,286 $ 203,427,847
=========== =========== ========== =============
* The Fund was involved in a reorganization on June 7, 2013, please see the
Fund's prospectus for additional information.
^ Includes share adjustments related to the reorganization.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 79
Pioneer Ibbotson Growth Allocation Fund
------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------
Pioneer Bond Fund 2,062,995 170,513 (4,345) 2,229,163
Pioneer Core Equity Fund * 647,219 -- (125,345)^ 521,874
Pioneer Disciplined Growth Fund * 967,921 -- (604,110)^ 363,811
Pioneer Disciplined Value Fund * 1,639,723 7,571 (866,823)^ 780,471
Pioneer Dynamic Credit Fund -- 35,382 -- 35,382
Pioneer Emerging Markets Fund 442,066 33,484 -- 475,550
Pioneer Equity Income Fund 283,723 -- (48,730) 234,993
Pioneer Fund 252,530 -- (46,872) 205,658
Pioneer Fundamental Growth Fund 869,642 -- (291,121) 578,521
Pioneer Global Aggregate Bond Fund 307,375 35,845 -- 343,220
Pioneer Global Equity Fund 1,752,987 142,876 -- 1,895,863
Pioneer Global High Yield Fund 444,668 621 (14,649) 430,640
Pioneer High Yield Fund 177,204 13,657 -- 190,861
Pioneer International Value Fund 1,323,293 173,343 -- 1,496,636
Pioneer Mid Cap Value Fund 649,261 1,261 (17,630) 632,892
Pioneer Oak Ridge Large Cap
Growth Fund 597 -- -- 597
Pioneer Oak Ridge Small Cap
Growth Fund 213,778 39,354 (3,674) 249,458
Pioneer Real Estate Shares 232,851 56,739 -- 289,590
Pioneer Select Mid Cap Growth Fund * 578,659 14,948 (216,242)^ 377,365
Pioneer Short Term Income Fund 1,768,363 12,956 (75,577) 1,705,742
Pioneer Strategic Income Fund 409,289 182,722 -- 592,011
------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 3,062 $ -- $ 829,826 $ 21,310,800
Pioneer Core Equity Fund 124,612 -- 89,121 7,483,672
Pioneer Disciplined Growth Fund 900,329 762,723 75,133 5,362,579
Pioneer Disciplined Value Fund 500,748 769,458 559,822 16,202,568
Pioneer Dynamic Credit Fund -- -- 3,224 348,514
Pioneer Emerging Markets Fund -- 46,496 116,896 11,294,303
Pioneer Equity Income Fund (16,863) -- 265,919 7,832,301
Pioneer Fund (116,882) 2,139,931 121,706 8,045,339
Pioneer Fundamental Growth Fund 1,485,851 74,840 65,734 8,955,509
Pioneer Global Aggregate Bond Fund -- 29,948 128,292 3,768,553
Pioneer Global Equity Fund -- -- 381,792 22,048,889
Pioneer Global High Yield Fund 36,100 -- 317,775 4,254,728
Pioneer High Yield Fund -- -- 104,554 2,072,752
Pioneer International Value Fund -- -- 567,159 31,369,491
Pioneer Mid Cap Value Fund (30,639) -- 171,831 17,404,527
Pioneer Oak Ridge Large Cap
Growth Fund -- -- -- 9,627
Pioneer Oak Ridge Small Cap
Growth Fund (8,972) 189,680 -- 9,197,515
Pioneer Real Estate Shares -- -- 161,846 7,520,639
Pioneer Select Mid Cap Growth Fund 924,286 616,375 -- 14,215,336
Pioneer Short Term Income Fund (1,012) -- 464,052 16,460,406
Pioneer Strategic Income Fund -- -- 274,361 6,518,044
---------- ---------- ---------- ------------
$3,800,620 $4,629,451 $4,699,043 $221,676,092
========== ========== ========== ============
* The Fund was involved in a reorganization on June 7, 2013, please see the
Fund's prospectus for additional information.
^ Includes share adjustments related to the reorganization.
80 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Pioneer Ibbotson Aggressive Allocation Fund
---------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares
---------------------------------------------------------------------------------------------------
Pioneer Bond Fund 741,519 1,368 (31,128) 711,759
Pioneer Core Equity Fund * 307,413 2,325 (41,208)^ 268,530
Pioneer Disciplined Growth Fund * 477,390 9,886 (284,971)^ 202,305
Pioneer Disciplined Value Fund * 894,773 9,864 (519,983)^ 384,654
Pioneer Emerging Markets Fund 323,695 20,704 -- 344,399
Pioneer Equity Income Fund 160,219 -- (38,611) 121,608
Pioneer Fund 150,102 -- (43,657) 106,445
Pioneer Fundamental Growth Fund 464,276 -- (188,655) 275,621
Pioneer Global Equity Fund 1,137,125 38,891 (9,377) 1,166,639
Pioneer International Value Fund 1,026,973 81,024 (1,043) 1,106,954
Pioneer Mid Cap Value Fund 536,100 -- (66,343) 469,757
Pioneer Oak Ridge Small Cap
Growth Fund 157,040 34,263 (6,539) 184,764
Pioneer Real Estate Shares 184,210 23,991 -- 208,201
Pioneer Select Mid Cap Growth Fund * 397,785 11,371 (169,416)^ 239,740
Pioneer Short Term Income Fund 225,815 111,630 -- 337,445
Pioneer Strategic Income Fund 217,619 70,955 (6,343) 282,231
---------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value
---------------------------------------------------------------------------------------------------
Pioneer Bond Fund $ 33,291 $ -- $ 278,801 $ 6,804,417
Pioneer Core Equity Fund 21,495 -- 44,799 3,850,720
Pioneer Disciplined Growth Fund 608,403 388,714 38,260 2,981,983
Pioneer Disciplined Value Fund 377,958 375,733 289,492 7,985,411
Pioneer Emerging Markets Fund -- 34,024 85,518 8,179,467
Pioneer Equity Income Fund 81,232 -- 142,257 4,053,180
Pioneer Fund (21,868) 1,190,414 66,354 4,164,138
Pioneer Fundamental Growth Fund 957,841 37,586 32,940 4,266,615
Pioneer Global Equity Fund 12,533 -- 242,660 13,568,011
Pioneer International Value Fund 930 -- 431,060 23,201,758
Pioneer Mid Cap Value Fund (116,211) -- 137,719 12,918,306
Pioneer Oak Ridge Small Cap
Growth Fund (11,375) 137,935 -- 6,812,237
Pioneer Real Estate Shares -- -- 120,971 5,406,978
Pioneer Select Mid Cap Growth Fund 783,228 460,247 -- 9,031,022
Pioneer Short Term Income Fund -- -- 77,137 3,256,345
Pioneer Strategic Income Fund 1,278 -- 131,622 3,107,358
---------- ----------- ---------- ------------
$2,728,735 $ 2,624,653 $2,119,590 $119,587,946
========== =========== ========== ============
* The Fund was involved in a reorganization on June 7, 2013, please see the
Fund's prospectus for additional information.
^ Includes share adjustments related to the reorganization.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 81
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 (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, the "Funds"), including the schedules of investments, as of
July 31, 2013, 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 five years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
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, 2013 by correspondence with the custodian and
others or by other appropriate auditing procedures where replies from others
were not received. 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, 2013, 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 five years in the
period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
September 24, 2013
82 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Investment Subadviser
Ibbotson Associates, Inc.
Custodian and Sub-Administrator
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.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 52 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 83
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Director, Broadridge Financial
Chairman of the Board Serves until a Officer, Quadriserv, Inc. Solutions, Inc. (investor
and Trustee successor trustee is (technology products for communications and securities
elected or earlier securities lending industry) processing provider for financial
retirement or (2008 - present); private services industry) (2009 - present);
removal. investor (2004 - 2008); and Director, Quadriserv, Inc. (2005 -
Senior Executive Vice present); and Commissioner, New
President, The Bank of New Jersey State Civil Service
York (financial and securities Commission (2011 - present)
services) (1986 - 2004)
-----------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Director of Enterprise Community
Trustee Serves until a Capital Advisors (corporate Investment, Inc. (privately-held
successor trustee is advisory services company) affordable housing finance company)
elected or earlier (1997 - 2004 and 2008 - (1985 - 2010); Director of Oxford
retirement or present); Interim Chief Analytica, Inc. (2008 - present);
removal. Executive Officer, Oxford Director of The Swiss Helvetia Fund,
Analytica, Inc. (privately Inc. (closed-end fund) (2010 -
held research and consulting present); and Director of New York
company) (2010); Executive Mortgage Trust (publicly traded
Vice President and Chief mortgage REIT) (2004 - 2009, 2012 -
Financial Officer, I-trax, present)
Inc. (publicly traded health
care services company) (2004 -
2007); and Executive Vice
President and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 - 2002)
-----------------------------------------------------------------------------------------------------------------------------
84 Pioneer Ibbotson Asset Allocation Series |Annual Report|7/31/13
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a Political Economy, Harvard Institutional Funds
successor trustee is University (1972 - present) Investment Trust and
elected or earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
-----------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2004. Founding Director, Vice President None
Trustee Serves until a and Corporate Secretary, The
successor trustee is Winthrop Group, Inc. (consulting
elected or earlier firm) (1982-present); Desautels
retirement or removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
-----------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2004. President and Chief Executive Director of New America
Trustee Serves until a Officer, Newbury, Piret & Company, High Income Fund, Inc.
successor trustee is Inc. (investment banking firm) (closed-end investment
elected or earlier (1981 - present) company) (2004 -
retirement or removal. present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2004. Senior Counsel, Sullivan & Director, The Swiss
Trustee Serves until a Cromwell LLP (law firm) (1998 - Helvetia Fund, Inc.
successor trustee is present); and Partner, Sullivan & (closed-end investment
elected or earlier Cromwell LLP (prior to 1998) company); and Director,
retirement or removal. Invesco, Ltd. (formerly
AMVESCAP, PLC)
(investment manager)
(1997-2005)
-----------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series |Annual Report|7/31/13 85
Interested Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 2004. Non-Executive Chairman and a director of None
Trustee, President and Chief Serves until a Pioneer Investment Management USA Inc.
Executive Officer of the Fund successor trustee is ("PIM-USA"); Chairman and a director of
elected or earlier Pioneer; Chairman and Director of
retirement or removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director 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
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
-----------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc.
retirement or removal. (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 Fund's investment adviser and certain of its
affiliates.
86 Pioneer Ibbotson Asset Allocation Series |Annual Report|7/31/13
Fund Officers
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2010. Serves at Vice President and Associate None
Secretary the discretion of the General Counsel of Pioneer since
Board. 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; and
Vice President and Senior Counsel
of Pioneer from July 2002 to
December 2007
-----------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2010. Serves at Fund Governance Director of None
Assistant Secretary the discretion of the Pioneer since December 2006 and
Board. Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Pioneer from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 None
Assistant Secretary the discretion of the and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; and
Vice President and Counsel at
State Street Bank from October
2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the
Financial and Board. Pioneer Funds since March 2008;
Accounting Officer of Deputy Treasurer of Pioneer from
the Fund March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
-----------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2004. Serves at Assistant Vice President - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2004. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series |Annual Report|7/31/13 87
Fund Officers(continued)
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November
2008; Assistant Treasurer of all
of the Pioneer Funds since January
2009; and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
-----------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at the Chief Compliance Officer of None
Chief Compliance Officer discretion of the Board. Pioneer and of all the Pioneer
Funds since March 2010; Director
of Adviser and Portfolio
Compliance at Pioneer since
October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
-----------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at the Director--Transfer Agency None
Anti-Money Laundering discretion of the Board. Compliance of Pioneer and
Officer Anti-Money Laundering Officer of
all the Pioneer Funds since 2006
-----------------------------------------------------------------------------------------------------------------------------
88 Pioneer Ibbotson Asset Allocation Series |Annual Report|7/31/13
This page for your notes.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 89
This page for your notes.
90 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
This page for your notes.
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13 91
This page for your notes.
92 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investment(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19417-07-0913
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 12(a)(1), 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 (see attachment);
(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.
Pioneer Ibbotson Asset Allocation Series:
Fees for audit services provided to the Funds, including fees associated with
the annual filing of its Form N-1A, totaled approximately $91,604 in 2013 and
$99,903 in 2012.
(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.
Pioneer Ibbotson Asset Allocation Series:
Audit-Related Fees
There were no fees for audit-related services
provided to the Funds during the fiscal years ended July 31,
2013 and 2012.
(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.
Pioneer Ibbotson Asset Allocation Series:
Fees for tax compliance services, primarily for tax returns, totaled
approximately $32,524 and $33,160 in 2013 and 2012, respectively.
(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.
Pioneer Ibbotson Asset Allocation Series:
Other Fees
There were no fees for other services
provided to the Funds during the fiscal years ended July 31,
2013 and 2012.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after
May 6, 2003, the effective date of the new SEC pre-approval rules,
the Funds audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services
are determined to have a direct impact on the operations or
financial reporting of the Funds. For the years ended July 31,
2013 and 2012, there were no services provided to an affiliate
that required the Funds audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
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 Funds and affiliates, as
previously defined,totaled approximately $32,524 in
2013 and $33,160 in 2012.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 Funds 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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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 27, 2013
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 27, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date September 27, 2013
* Print the name and title of each signing officer under his or her signature.