EX-99.(17)(C) 9 ex9917c.txt COMBINED ANNUAL REPORT 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