EX-99.(17)(D) 10 ex9917d.txt COMBINED SEMI-ANNUAL REPORT Pioneer Ibbotson Asset Allocation Series -------------------------------------------------------------------------------- Semiannual Report | January 31, 2014 -------------------------------------------------------------------------------- Ticker Symbols: Conservative Moderate Growth Aggressive Allocation Allocation Allocation Allocation Class Fund Fund Fund Fund ----- ---- ---- ---- ---- A PIAVX PIALX GRAAX PIAAX B PIBVX PIBLX GRABX IALBX C PICVX PIDCX GRACX IALCX Y IBBCX IMOYX IBGYX IBAYX [LOGO] PIONEER Investments(R) visit us: 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 Approval of Investment Advisory and Sub-Advisory Agreements 82 Trustees, Officers and Service Providers 102
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 1 President's Letter Dear Shareowner, When we look into 2014, we foresee U.S. economic growth matching or exceeding 2013 levels. While unemployment remains high, employment has been rising steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only moderately, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. Tax hikes, spending restraint and a better economy have meaningfully cut the federal budget deficit. A modestly improving European economy, continuing economic improvement in Japan, and a "soft landing" of growth in China appear likely to result in improving global growth in 2014, further supporting the U.S. economy. In addition, we feel that continuing slack in labor markets and capacity utilization offers the potential for continuing growth without bottlenecks and rising inflation, making it possible for the Federal Reserve (the Fed) to continue its accommodative monetary policies. After observing the strengthening economic trends, the Fed decided in December 2013 to start scaling back its QE (quantitative easing) program, but 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. The U.S. government's partial shutdown in October 2013 rattled the markets to a degree, but does not appear to have had a significant negative impact on the economy or capital markets. As the year drew to a close, leaders in Washington reached a bipartisan budget agreement that establishes top-line government spending levels for the next two fiscal years, a move which should help to defuse the threat of another shutdown. That certainly was welcome news for investors who had grown weary of infighting in Washington and wary of the risks the policy uncertainty caused. There are certainly risks and uncertainties facing the global economy as we head into 2014. The European economy, while improving, remains weak, the Japanese economy faces a tax hike this spring, and a number of emerging market countries are experiencing difficulties. There are also geopolitical worries abroad and the aforementioned political fights at home. While most of the widely recognized risks we've outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. * Dividends are not guaranteed. 2 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification 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 seek to balance potential risks and reward 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 | Semiannual Report | 1/31/14 3 Portfolio Management Discussion | 1/31/14 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 six-month period ended January 31, 2014. Q How would you describe the economic and market backdrop during the six-month period ended January 31, 2014? A As the period opened, investors seemed to have put into perspective the likely extent and impact of the inevitable reduction in monetary policy accommodation by the Federal Reserve (the Fed). U.S. Treasury rates generally drifted higher during the period, but the change did not impede equity market gains. Positive market sentiment was supported by continued signs of strengthening in the U.S. economy. Abroad, while slowing economic growth in China remained a concern, a consensus seemed to emerge that Europe was finally pulling out of recession. The good news on the domestic economic front was capped in December 2013 by an upward revision in gross domestic product (GDP) growth for the third quarter, to 4.1%. Also in December, the improved tone among lawmakers in Washington concerning U.S. budget talks, which resulted in a bipartisan agreement establishing top-line spending levels for the next two fiscal years, also fueled optimism. The net result was a strong finish to 2013 for stocks, with most broad U.S. equity indices providing returns in the 10% range for the final three months of the year. Market sentiment would change, however, in January 2014. U.S. economic data, as gauged by key employment and manufacturing indicators, came in below expectations; China's manufacturing data showed also signs of contracting, causing emerging markets equities to swoon and yield spreads on sovereign-debt instruments to widen. As emerging markets currencies dipped along with other asset classes tied to the emerging economies, many investors saw a threat to the profitability of U.S. multinational corporations doing business in those nations. The net result was that in January most broad stock market indices gave up roughly half their gains attained during the first five months of the six-month period. For the full six-month period, the U.S. equity market, as measured by the Standard & Poor's 500 Index (the S&P 500), returned 6.85%, modestly lagging international equities, which gained 7.51% as measured by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) ND Index. Within the U.S. market, small-capitalization stocks modestly outperformed their large-cap counterparts, while growth stocks significantly outperformed across all market capitalizations. Domestic bonds, as measured by the Barclays Aggregate Bond Index (the Barclays Index), the most popular measure of the performance of the U.S. bond market, returned 1.78% for the six-month period. 4 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Q What were the considerations and tactical shifts that you applied to the Pioneer portfolios in allocating their assets during the six-month period ended January 31, 2014? A Overall during the six-month period, our tactical emphases within the portfolios continued to be defensive, which detracted from benchmark- relative performance. Throughout the period, we maintained an underweight to equities within the portfolios. The positioning decision was initially driven by our concerns over the subpar U.S. economic recovery (as of the beginning of the period last summer), as well as the ongoing economic difficulties in Europe. While the tilt away from equities helped to mitigate the negative effects on the portfolios of the equity market reversal in January 2014, it constrained the funds' returns, to a certain degree, during the full six-month period. We have maintained the overall underweight to equities within the portfolios, in light of what appears to be a softening in company fundamentals combined with what, in our view, are excessive equity valuations. Within domestic equities, the portfolios are overweight to large caps as compared with both small caps and real estate investment trusts (REITs). The positioning reflects our view that large-cap firms, overall, are in the best position to weather an uncertain economic climate and a potential lowering of earnings expectations. While underweighting the portfolios to REITs proved beneficial for the funds' performance during the six-month period, that positive factor was offset somewhat by our decision to underweight small-cap stocks in relation to large caps. Finally, we have long viewed international equities as offering somewhat better value than the U.S. equity market, and so we maintained a tilt within the portfolios' overall equity allocations in favor of international stocks. That positioning had more or less a neutral effect on the funds' returns during the six-month period given that performance of both the broad international stock market and the U.S. markets were roughly comparable. Within the fixed-income sleeves of the portfolios, we underweighted longer-term bonds. The underweight helped the funds' relative returns for most of the six-month period as bonds with longer maturities were negatively affected by rising interest rates. For the full six-month period, however, the positioning was a relatively neutral performance factor given the decline in Treasury yields during January 2014. Our decision to trim the portfolios' exposures to lower-rated, high-yield corporate bonds was a modest negative performance factor, as having more exposure to credit sectors was rewarded in the optimistic market environment driven by an improving economy, which prevailed for most of the period. Q What factors are you watching most closely as you determine strategy for the Portfolios going forward? A For some time, we have viewed key sentiment indicators in the equity markets as pointing to excessive optimism. January's decline aside, investor positioning overall also has appeared strongly biased towards further Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 5 strength in stock markets. This is against a backdrop of what we see as challenged corporate fundamentals, with moderate earnings growth and stretched margins prevailing across most industries. As a consequence, the recent upward move in equity markets has mostly come from significant multiple expansions. Overall, stocks continue to appear to us to be trading at significantly overvalued levels, with U.S. stocks the most overvalued. Valuations of international stocks, we believe, continue to be more reasonable than those of U.S. stocks, but have become less attractive following their recent strong performance. Emerging markets equities have lagged the developed markets, as sustained outflows from the asset class have taken their toll. While growth has slowed across the emerging economies, based on our assessment of fair value, equities in the emerging markets are attractive relative to those in the developed markets. Within fixed-income, the risk/reward profile for most assets remains unattractive in our view. Investment-grade corporate bonds continue to offer better value than government bonds, but tighter credit spreads and a growing focus on the part of companies on increasing returns to equity shareholders have reduced their appeal. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) High-yield and emerging markets bonds are somewhat more attractively valued within the context of current low default rates, but these assets present meaningful downside risks over the longer term as default rates eventually normalize. Against this backdrop, we expect to maintain the portfolios' exposures to short-term bonds at levels above our long-term strategic targets. It is possible that the recent levels of investor exuberance may continue in the short term as fundamentals are seemingly overlooked and central banks continue to take strong measures to act as a backstop for the markets. At some point, however, the focus will return to the true fundamental quality of assets. We expect the result will be to highlight for investors how expensive many assets have become, particularly given the significant challenges faced by the global economy. Given this outlook, we believe is it is wise to allow for a margin of safety in positioning the Pioneer portfolios. We will continue to closely monitor the economic backdrop as we manage the portfolios within their strategic asset allocation guidelines. 6 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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. 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 | Semiannual Report | 1/31/14 7 Fund Reviews | 1/31/14 Portfolio Reviews Conservative Allocation The Fund's Class A shares returned 3.12% at net asset value during the six- month period ended January 31, 2014, while the S&P 500 returned 6.85% and the Barclays Index returned 1.78%. During the same period, the average return of the 739 mutual funds in Morningstar's Conservative Allocation Funds category was 2.93%, and the average return of the 364 mutual funds in Lipper's Mixed-Asset Target Conservative Allocation Funds category was 2.97%. At period end, the Fund was targeting an asset allocation of 31% to equities and 69% to fixed income, compared with a neutral allocation of 30% equities and 70% fixed income. Within the fixed-income portion of the portfolio, the largest position was in Pioneer Bond Fund, at 24.5% of total invested assets on January 31, 2014, followed by Pioneer Short Term Income Fund, at 16%, and Pioneer Strategic Income Fund, at 10.6%. The largest equity position in the portfolio at period end was in Pioneer International Value Fund, at 8.2% of total invested assets. Moderate Allocation The Fund's Class A shares returned 4.67% at net asset value during the six- month period ended January 31, 2014, while the S&P 500 returned 6.85% and the Barclays Index returned 1.78%. During the same period, the average return of the 902 mutual funds in Morningstar's Moderate Allocation Funds category was 4.53%, and the average return of the 546 mutual funds in Lipper's Mixed-Asset Target Moderate Allocation Funds category was 4.24%. At period end, the Fund was targeting an asset allocation of 61% to equities and 39% to fixed income, compared with a neutral allocation of 60% equities and 40% fixed income. Within the fixed-income portion of the portfolio, the largest position was in Pioneer Bond Fund, at 12.1% of total invested assets on January 31, 2014, followed by Pioneer Short Term Income Fund, at 10.2%. The largest equity position in the portfolio at period end was in Pioneer International Value Fund, at 12.7% of total invested assets, followed by Pioneer Global Equity Fund, at 8.9%, and Pioneer Mid Cap Value Fund, at 6.3%. Growth Allocation The Fund's Class A shares returned 5.21% at net asset value during the six- month period ended January 31, 2014, while the S&P 500 returned 6.85% and the Barclays Index returned 1.78%. During the same period, the average return of the 420 mutual funds in Morningstar's Aggressive Allocation Funds category was 5.51%, and the average return of the 581 mutual funds in Lipper's Mixed-Asset Target Growth Allocation Funds category was 5.10%. 8 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 At period end, the Fund was targeting an asset allocation of 74% to equities and 26% to fixed income, compared with a neutral allocation of 70% equities and 30% fixed income. Within the equity portion of the portfolio, the largest position was in Pioneer International Value Fund, at 14.3% of total invested assets on January 31, 2014, followed by Pioneer Global Equity Fund, at 10.2%, and Pioneer Mid Cap Value Fund, at 7.1%. Within the fixed-income portion of the portfolio, the largest position at period end was in Pioneer Bond Fund, at 10.2% of total invested assets, followed by Pioneer Short Term Income Fund, at 6.9%. Aggressive Allocation The Fund's Class A shares returned 5.59% at net asset value during the six- month period ended January 31, 2014, while the S&P 500 returned 6.85% and the Barclays Index returned 1.78%. During the same period, the average return of the 420 mutual funds in Morningstar's Aggressive Allocation Funds category was 5.51%, and the average return of the 834 mutual funds in Lipper's Multi-Cap Core Funds category was 7.32%. At period end, the Fund was targeting an asset allocation of 88% to equities and 12% to fixed income, compared with a neutral allocation of 90% equities and 10% fixed income. Within the equity portion of the portfolio, the largest position was in Pioneer International Value Fund, at 19.1% of total invested assets on January 31, 2014, followed by Pioneer Global Equity Fund, at 11.5%, and Pioneer Mid Cap Value Fund, at 9.5%. Within the fixed-income portion of the portfolio, the largest position at period end was in Pioneer Bond Fund, at 5.5% of total invested assets. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,031.20 $1,027.90 $1,028.10 $1,032.50 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.73 $ 12.37 $ 11.40 $7.24 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 1.51%, 2.42%, 2.23% and 1.42% 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 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 10 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,017.59 $1,013.01 $1,013.96 $1,018.05 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.68 $ 12.28 $ 11.32 $ 7.22 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 1.51%, 2.42%, 2.23% and 1.42% 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 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,046.70 $1,042.80 $1,043.20 $1,047.50 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.53 $ 12.05 $ 11.07 $ 5.99 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 1.46%, 2.34%, 2.15% and 1.16% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 12 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,017.85 $1,013.41 $1,014.37 $1,019.36 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.43 $ 11.88 $ 10.92 $ 5.90 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 1.46%, 2.34%, 2.15% and 1.16% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,052.10 $1,047.70 $1,048.50 $1,053.80 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.81 $ 12.49 $ 11.36 $ 6.16 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 1.51%, 2.42%, 2.20% and 1.19% 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 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 14 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,017.59 $1,013.01 $1,014.12 $1,019.21 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.68 $ 12.28 $ 11.17 $ 6.06 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 1.51%, 2.42%, 2.20% and 1.19% 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 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,055.90 $1,052.00 $1,052.20 $1,058.40 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 8.71 $ 13.09 $ 12.31 $ 7.00 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 1.68%, 2.53%, 2.38% and 1.35% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 16 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 August 1, 2013 through January 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 8/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,016.74 $1,012.45 $1,013.21 $1,018.40 (after expenses) on 1/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 8.54 $ 12.83 $ 12.08 $ 6.87 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 1.68%, 2.53%, 2.38% and 1.35% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 184/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 17 Prices and Distributions | 1/31/14 Net Asset Value per Share -------------------------------------------------------------------------------- Conservative Allocation Fund
-------------------------------------------------------------------------------- Class 1/31/14 7/31/13 -------------------------------------------------------------------------------- A $11.42 $11.42 -------------------------------------------------------------------------------- B $11.27 $11.18 -------------------------------------------------------------------------------- C $11.12 $11.09 -------------------------------------------------------------------------------- Y $10.94 $10.86 -------------------------------------------------------------------------------- Moderate Allocation Fund -------------------------------------------------------------------------------- Class 1/31/14 7/31/13 -------------------------------------------------------------------------------- A $12.06 $11.72 -------------------------------------------------------------------------------- B $11.75 $11.31 -------------------------------------------------------------------------------- C $11.24 $10.92 -------------------------------------------------------------------------------- Y $12.19 $11.86 -------------------------------------------------------------------------------- Growth Allocation Fund -------------------------------------------------------------------------------- Class 1/31/14 7/31/13 -------------------------------------------------------------------------------- A $12.78 $12.32 -------------------------------------------------------------------------------- B $11.43 $10.93 -------------------------------------------------------------------------------- C $12.10 $11.65 -------------------------------------------------------------------------------- Y $13.03 $12.56 -------------------------------------------------------------------------------- Aggressive Allocation Fund -------------------------------------------------------------------------------- Class 1/31/14 7/31/13 -------------------------------------------------------------------------------- A $13.04 $12.47 -------------------------------------------------------------------------------- B $12.33 $11.72 -------------------------------------------------------------------------------- C $12.39 $11.83 -------------------------------------------------------------------------------- Y $13.12 $12.49 --------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Distributions per Share: 7/31/13-1/31/14 -------------------------------------------------------------------------------- Conservative Allocation Fund
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.3586 $-- $-- -------------------------------------------------------------------------------- B $0.2232 $-- $-- -------------------------------------------------------------------------------- C $0.2834 $-- $-- -------------------------------------------------------------------------------- Y $0.2724 $-- $-- -------------------------------------------------------------------------------- Moderate Allocation Fund -------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2108 $-- $-- -------------------------------------------------------------------------------- B $0.0445 $-- $-- -------------------------------------------------------------------------------- C $0.1539 $-- $-- -------------------------------------------------------------------------------- Y $0.2380 $-- $-- -------------------------------------------------------------------------------- Growth Allocation Fund -------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1855 $-- $-- -------------------------------------------------------------------------------- B $0.0218 $-- $-- -------------------------------------------------------------------------------- C $0.1181 $-- $-- -------------------------------------------------------------------------------- Y $0.2097 $-- $-- -------------------------------------------------------------------------------- Aggressive Allocation Fund -------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1308 $-- $-- -------------------------------------------------------------------------------- B $ -- $-- $-- -------------------------------------------------------------------------------- C $0.0589 $-- $-- -------------------------------------------------------------------------------- Y $0.1020 $-- $-- --------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 19 Prices and Distributions | 1/31/14 (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 | Semiannual Report | 1/31/14 Portfolio Summary | 1/31/14 Pioneer Ibbotson Conservative Allocation Fund Target Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 70% Equity 30%
Actual Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 69.1% U.S. Equity 17.6% International Equity 13.3%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.10% -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 3.06 -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 2.07 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 2.07 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 2.07 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 1.07 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 1.03 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 8.16% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 4.12 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 1.02 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 24.54% -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 15.98 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 10.62 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 6.32 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 4.24 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 3.17 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 2.12 -------------------------------------------------------------------------------- Pioneer Floating Rate Fund Class Y 1.06 -------------------------------------------------------------------------------- Pioneer Multi-Asset Ultrashort Income Fund Class Y 1.06 --------------------------------------------------------------------------------
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 | Semiannual Report | 1/31/14 21 Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Conservative Allocation Fund at public offering price during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- Public Net Asset Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 4.73% 4.03% 5 Years 10.14 8.85 1 Year 5.62 -0.45 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.48% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Conservative Allocation Fund Bond Index 500 Index 5/31/2005 $ 9,425 $ 10,000 $ 10,000 1/31/2006 $ 9,900 $ 10,047 $ 10,872 1/31/2007 $ 10,542 $ 10,477 $ 12,448 1/31/2008 $ 10,820 $ 11,400 $ 12,160 1/31/2009 $ 8,617 $ 11,695 $ 7,465 1/31/2010 $ 10,819 $ 12,690 $ 9,938 1/31/2011 $ 12,015 $ 13,332 $ 12,145 1/31/2012 $ 12,212 $ 14,487 $ 12,654 1/31/2013 $ 13,222 $ 14,862 $ 14,775 1/31/2014 $ 13,966 $ 14,880 $ 17,953
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 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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Conservative Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 3.83% 3.83% 5 Years 9.20 9.20 1 Year 4.76 0.76 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.32% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Conservative Allocation Fund Bond Index 500 Index 5/31/2005 $ 10,000 $ 10,000 $ 10,000 1/31/2006 $ 10,448 $ 10,047 $ 10,872 1/31/2007 $ 11,027 $ 10,477 $ 12,448 1/31/2008 $ 11,210 $ 11,400 $ 12,160 1/31/2009 $ 8,847 $ 11,695 $ 7,465 1/31/2010 $ 11,000 $ 12,690 $ 9,938 1/31/2011 $ 12,117 $ 13,332 $ 12,145 1/31/2012 $ 12,218 $ 14,487 $ 12,654 1/31/2013 $ 13,115 $ 14,862 $ 14,775 1/31/2014 $ 13,739 $ 14,880 $ 17,953
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 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 | Semiannual Report | 1/31/14 23 Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Conservative Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 3.85% 3.85% 5 Years 9.28 9.28 1 Year 4.99 4.99 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.22% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Conservative Allocation Fund Bond Index 500 Index 5/31/2005 $ 10,000 $ 10,000 $ 10,000 1/31/2006 $ 10,439 $ 10,047 $ 10,872 1/31/2007 $ 11,029 $ 10,477 $ 12,448 1/31/2008 $ 11,223 $ 11,400 $ 12,160 1/31/2009 $ 8,843 $ 11,695 $ 7,465 1/31/2010 $ 10,985 $ 12,690 $ 9,938 1/31/2011 $ 12,128 $ 13,332 $ 12,145 1/31/2012 $ 12,231 $ 14,487 $ 12,654 1/31/2013 $ 13,129 $ 14,862 $ 14,775 1/31/2014 $ 13,784 $ 14,880 $ 17,953
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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Conservative Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 3.65% 3.65% 5 Years 8.87 8.87 1 Year 5.18 5.18 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.14% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Conservative Allocation Fund Bond Index 500 Index 5/31/2005 $ 5,000,000 $ 5,000,000 $ 5,000,000 1/31/2006 $ 5,263,864 $ 5,023,369 $ 5,435,945 1/31/2007 $ 5,591,061 $ 5,238,604 $ 6,224,088 1/31/2008 $ 5,726,575 $ 5,700,033 $ 6,080,128 1/31/2009 $ 4,423,927 $ 5,847,553 $ 3,732,378 1/31/2010 $ 5,330,149 $ 6,344,969 $ 4,969,179 1/31/2011 $ 5,937,406 $ 6,666,058 $ 6,072,375 1/31/2012 $ 6,008,680 $ 7,243,481 $ 6,326,910 1/31/2013 $ 6,433,159 $ 7,430,763 $ 7,387,467 1/31/2014 $ 6,766,675 $ 7,439,973 $ 8,976,294
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 | Semiannual Report | 1/31/14 25 Portfolio Summary | 1/31/14 Pioneer Ibbotson Moderate Allocation Fund Target Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 60% Fixed Income 40%
Actual Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 39.0% U.S. Equity 35.0% International Equity 26.0%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 6.26% -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.66 -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 5.13 -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.32 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 3.25 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 3.19 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 2.53 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 2.17 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 2.12 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 1.39 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 12.71% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 8.88 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 4.45 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 12.06% -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 10.16 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 4.15 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 3.80 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 3.78 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 2.04 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 1.96 -------------------------------------------------------------------------------- Pioneer Multi-Asset Ultrashort Income Fund Class Y 0.99 --------------------------------------------------------------------------------
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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Moderate Allocation Fund at public offering price during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- Public Net Asset Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 5.72% 5.07% 5 Years 13.12 11.80 1 Year 10.32 3.96 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.45% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Moderate Allocation Fund Bond Index 500 Index 8/31/2004 $ 9,425 $ 10,000 $ 10,000 1/31/2005 $ 10,077 $ 10,186 $ 10,772 1/31/2006 $ 11,175 $ 10,369 $ 11,890 1/31/2007 $ 12,183 $ 10,814 $ 13,613 1/31/2008 $ 12,134 $ 11,766 $ 13,299 1/31/2009 $ 8,455 $ 12,071 $ 8,164 1/31/2010 $ 11,158 $ 13,097 $ 10,869 1/31/2011 $ 12,883 $ 13,760 $ 13,282 1/31/2012 $ 12,954 $ 14,952 $ 13,838 1/31/2013 $ 14,200 $ 15,339 $ 16,158 1/31/2014 $ 15,665 $ 15,358 $ 19,633
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 | Semiannual Report | 1/31/14 27 Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Moderate Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.53% 4.53% 5 Years 12.23 12.23 1 Year 9.40 5.40 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.37% 2.31% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Moderate Allocation Fund Bond Index 500 Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 1/31/2005 $ 10,519 $ 10,186 $ 10,772 1/31/2006 $ 11,553 $ 10,369 $ 11,890 1/31/2007 $ 12,486 $ 10,814 $ 13,613 1/31/2008 $ 12,332 $ 11,766 $ 13,299 1/31/2009 $ 8,521 $ 12,071 $ 8,164 1/31/2010 $ 11,162 $ 13,097 $ 10,869 1/31/2011 $ 12,777 $ 13,760 $ 13,282 1/31/2012 $ 12,736 $ 14,952 $ 13,838 1/31/2013 $ 13,866 $ 15,339 $ 16,158 1/31/2014 $ 15,169 $ 15,358 $ 19,633
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 the contractual expense limitation currently in effect through December 1, 2015, 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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Moderate Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.52% 4.52% 5 Years 12.32 12.32 1 Year 9.64 9.64 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.13% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Moderate Allocation Fund Bond Index 500 Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 1/31/2005 $ 10,653 $ 10,186 $ 10,772 1/31/2006 $ 11,701 $ 10,369 $ 11,890 1/31/2007 $ 12,658 $ 10,814 $ 13,613 1/31/2008 $ 12,517 $ 11,766 $ 13,299 1/31/2009 $ 8,655 $ 12,071 $ 8,164 1/31/2010 $ 11,336 $ 13,097 $ 10,869 1/31/2011 $ 12,993 $ 13,760 $ 13,282 1/31/2012 $ 12,968 $ 14,952 $ 13,838 1/31/2013 $ 14,113 $ 15,339 $ 16,158 1/31/2014 $ 15,473 $ 15,358 $ 19,633
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 | Semiannual Report | 1/31/14 29 Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Moderate Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.17% 6.17% 5 Years 13.60 13.60 1 Year 10.63 10.63 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.15% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Moderate Allocation Fund Bond Index 500 Index 8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000 1/31/2005 $ 5,345,025 $ 5,093,214 $ 5,385,956 1/31/2006 $ 5,944,151 $ 5,184,668 $ 5,944,789 1/31/2007 $ 6,504,958 $ 5,406,815 $ 6,806,710 1/31/2008 $ 6,501,474 $ 5,883,059 $ 6,649,275 1/31/2009 $ 4,569,473 $ 6,035,316 $ 4,081,758 1/31/2010 $ 6,075,295 $ 6,548,703 $ 5,434,335 1/31/2011 $ 7,043,805 $ 6,880,102 $ 6,640,799 1/31/2012 $ 7,107,400 $ 7,476,066 $ 6,919,159 1/31/2013 $ 7,813,689 $ 7,669,361 $ 8,078,994 1/31/2014 $ 8,644,438 $ 7,678,866 $ 9,816,546
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 | Semiannual Report | 1/31/14 Portfolio Summary | 1/31/14 Pioneer Ibbotson Growth Allocation Fund Target Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 70% Fixed Income 30%
Actual Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Equity 43.6% International Equity 30.7% Fixed Income 25.7%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 7.14% -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 5.83 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 5.48 -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.47 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 3.72 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 3.68 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 3.34 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 3.28 -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.25 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 2.38 -------------------------------------------------------------------------------- Pioneer Oak Ridge Large Cap Growth Fund Class Y 0.01 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 14.32% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 10.19 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 6.16 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 10.23% -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 6.90 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 3.39 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 1.92 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 1.81 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 0.94 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 0.56 --------------------------------------------------------------------------------
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 | Semiannual Report | 1/31/14 31 Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Growth Allocation Fund at public offering price during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- Public Net Asset Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 5.96% 5.30% 5 Years 14.40 13.06 1 Year 11.93 5.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.53% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Growth Allocation Fund Bond Index 500 Index 8/31/2004 $ 9,425 $ 10,000 $ 10,000 1/31/2005 $ 10,267 $ 10,186 $ 10,772 1/31/2006 $ 11,702 $ 10,369 $ 11,890 1/31/2007 $ 12,897 $ 10,814 $ 13,613 1/31/2008 $ 12,687 $ 11,766 $ 13,299 1/31/2009 $ 8,159 $ 12,071 $ 8,164 1/31/2010 $ 11,013 $ 13,097 $ 10,869 1/31/2011 $ 12,980 $ 13,760 $ 13,282 1/31/2012 $ 12,961 $ 14,952 $ 13,838 1/31/2013 $ 14,286 $ 15,339 $ 16,158 1/31/2014 $ 15,990 $ 15,358 $ 19,633
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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Growth Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.20% 4.20% 5 Years 13.53 13.53 1 Year 10.96 6.96 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.44% 2.41% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Growth Allocation Fund Bond Index 500 Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 1/31/2005 $ 10,467 $ 10,186 $ 10,772 1/31/2006 $ 11,827 $ 10,369 $ 11,890 1/31/2007 $ 12,923 $ 10,814 $ 13,613 1/31/2008 $ 12,594 $ 11,766 $ 13,299 1/31/2009 $ 8,040 $ 12,071 $ 8,164 1/31/2010 $ 10,765 $ 13,097 $ 10,869 1/31/2011 $ 12,599 $ 13,760 $ 13,282 1/31/2012 $ 12,485 $ 14,952 $ 13,838 1/31/2013 $ 13,669 $ 15,339 $ 16,158 1/31/2014 $ 15,167 $ 15,358 $ 19,633
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 the contractual expense limitation currently in effect through December 1, 2015, 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 | Semiannual Report | 1/31/14 33 Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Growth Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.89% 4.89% 5 Years 13.60 13.60 1 Year 11.15 11.15 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.24% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Growth Allocation Fund Bond Index 500 Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 1/31/2005 $ 10,709 $ 10,186 $ 10,772 1/31/2006 $ 12,098 $ 10,369 $ 11,890 1/31/2007 $ 13,238 $ 10,814 $ 13,613 1/31/2008 $ 12,933 $ 11,766 $ 13,299 1/31/2009 $ 8,273 $ 12,071 $ 8,164 1/31/2010 $ 11,063 $ 13,097 $ 10,869 1/31/2011 $ 12,951 $ 13,760 $ 13,282 1/31/2012 $ 12,849 $ 14,952 $ 13,838 1/31/2013 $ 14,080 $ 15,339 $ 16,158 1/31/2014 $ 15,650 $ 15,358 $ 19,633
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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Growth Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.45% 6.45% 5 Years 14.47 14.47 1 Year 12.16 12.16 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.28% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Growth Allocation Fund Bond Index 500 Index 8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000 1/31/2005 $ 5,445,191 $ 5,093,214 $ 5,385,956 1/31/2006 $ 6,229,118 $ 5,184,668 $ 5,944,789 1/31/2007 $ 6,909,821 $ 5,406,815 $ 6,806,710 1/31/2008 $ 6,837,697 $ 5,883,059 $ 6,649,275 1/31/2009 $ 4,505,503 $ 6,035,316 $ 4,081,758 1/31/2010 $ 6,093,772 $ 6,548,703 $ 5,434,335 1/31/2011 $ 7,207,346 $ 6,880,102 $ 6,640,799 1/31/2012 $ 7,141,078 $ 7,476,066 $ 6,919,159 1/31/2013 $ 7,894,139 $ 7,669,361 $ 8,078,994 1/31/2014 $ 8,854,340 $ 7,678,866 $ 9,816,546
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 | Semiannual Report | 1/31/14 35 Portfolio Summary | 1/31/14 Pioneer Ibbotson Aggressive Allocation Fund Target Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Equity 90% Fixed Income 10%
Actual Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Equity 49.1% International Equity 39.2% Fixed Income 11.7%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 9.47% -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 7.54 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 6.10 -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 5.32 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 4.85 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 3.33 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 3.21 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 3.15 -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.12 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 2.93 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 19.07% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 11.45 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 8.73 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 5.49% -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 3.37 -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 2.87 --------------------------------------------------------------------------------
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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class A shares of Pioneer Ibbotson Aggressive Allocation Fund at public offering price during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- Public Net Asset Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.07% 5.41% 5 Years 15.28 13.92 1 Year 13.22 6.70 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.70% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Aggressive Allocation Fund Bond Index 500 Index 8/31/2004 $ 9,425 $ 10,000 $ 10,000 1/31/2005 $ 10,436 $ 10,186 $ 10,772 1/31/2006 $ 12,163 $ 10,369 $ 11,890 1/31/2007 $ 13,543 $ 10,814 $ 13,613 1/31/2008 $ 13,126 $ 11,766 $ 13,299 1/31/2009 $ 7,891 $ 12,071 $ 8,164 1/31/2010 $ 10,811 $ 13,097 $ 10,869 1/31/2011 $ 12,957 $ 13,760 $ 13,282 1/31/2012 $ 12,816 $ 14,952 $ 13,838 1/31/2013 $ 14,193 $ 15,339 $ 16,158 1/31/2014 $ 16,068 $ 15,358 $ 19,633
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 | Semiannual Report | 1/31/14 37 Performance Update | 1/31/14 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 Class B shares of Pioneer Ibbotson Aggressive Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.89% 4.89% 5 Years 14.38 14.38 1 Year 12.30 8.30 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.61% 2.52% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Aggressive Allocation Fund Bond Index 500 Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 1/31/2005 $ 10,962 $ 10,186 $ 10,772 1/31/2006 $ 12,676 $ 10,369 $ 11,890 1/31/2007 $ 13,990 $ 10,814 $ 13,613 1/31/2008 $ 13,455 $ 11,766 $ 13,299 1/31/2009 $ 8,022 $ 12,071 $ 8,164 1/31/2010 $ 10,914 $ 13,097 $ 10,869 1/31/2011 $ 12,961 $ 13,760 $ 13,282 1/31/2012 $ 12,726 $ 14,952 $ 13,838 1/31/2013 $ 13,987 $ 15,339 $ 16,158 1/31/2014 $ 15,707 $ 15,358 $ 19,633
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 the contractual expense limitation currently in effect through December 1, 2015, 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 | Semiannual Report | 1/31/14 Performance Update | 1/31/14 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 Class C shares of Pioneer Ibbotson Aggressive Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 5.10% 5.10% 5 Years 14.47 14.47 1 Year 12.44 12.44 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.39% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Aggressive Allocation Fund Bond Index 500 Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 1/31/2005 $ 10,841 $ 10,186 $ 10,772 1/31/2006 $ 12,525 $ 10,369 $ 11,890 1/31/2007 $ 13,848 $ 10,814 $ 13,613 1/31/2008 $ 13,342 $ 11,766 $ 13,299 1/31/2009 $ 7,956 $ 12,071 $ 8,164 1/31/2010 $ 10,804 $ 13,097 $ 10,869 1/31/2011 $ 12,858 $ 13,760 $ 13,282 1/31/2012 $ 12,647 $ 14,952 $ 13,838 1/31/2013 $ 13,906 $ 15,339 $ 16,158 1/31/2014 $ 15,636 $ 15,358 $ 19,633
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 | Semiannual Report | 1/31/14 39 Performance Update | 1/31/14 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 Class Y shares of Pioneer Ibbotson Aggressive Allocation Fund during the periods shown, compared to that of the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of January 31, 2014) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.34% 6.34% 5 Years 15.45 15.45 1 Year 13.37 13.37 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.55% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Ibbotson Barclays Aggregate Standard & Poor's Aggressive Allocation Fund Bond Index 500 Index 8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000 1/31/2005 $ 5,538,679 $ 5,093,214 $ 5,385,956 1/31/2006 $ 6,482,157 $ 5,184,668 $ 5,944,789 1/31/2007 $ 7,229,275 $ 5,406,815 $ 6,806,710 1/31/2008 $ 7,093,685 $ 5,883,059 $ 6,649,275 1/31/2009 $ 4,260,465 $ 6,035,316 $ 4,081,758 1/31/2010 $ 5,852,453 $ 6,548,703 $ 5,434,335 1/31/2011 $ 7,037,069 $ 6,880,102 $ 6,640,799 1/31/2012 $ 6,939,269 $ 7,476,066 $ 6,919,159 1/31/2013 $ 7,707,502 $ 7,669,361 $ 8,078,994 1/31/2014 $ 8,738,362 $ 7,678,866 $ 9,816,546
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 | Semiannual Report | 1/31/14 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Conservative Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 94.8% PIONEER FUNDS* -- 94.8% 1,635,956 Pioneer Bond Fund Class Y $ 15,754,257 86,597 Pioneer Core Equity Fund Class Y 1,329,264 41,312 Pioneer Disciplined Growth Fund Class Y 663,885 105,027 Pioneer Disciplined Value Fund Class Y 1,968,198 274,261 Pioneer Dynamic Credit Fund Class Y 2,720,667 27,203 Pioneer Emerging Markets Fund Class Y 652,605 19,892 Pioneer Equity Income Fund Class Y 665,592 97,943 Pioneer Floating Rate Fund Class Y 683,644 52,375 Pioneer Fund Class Y 1,990,758 82,103 Pioneer Fundamental Growth Fund Class Y 1,328,421 213,242 Pioneer Global Equity Fund Class Y 2,648,463 415,156 Pioneer Global High Yield Fund Class Y 4,060,225 125,604 Pioneer Global Multisector Income Fund Class Y 1,362,798 190,456 Pioneer High Yield Fund Class Y 2,037,881 243,258 Pioneer International Value Fund Class Y 5,239,788 50,332 Pioneer Mid Cap Value Fund Class Y 1,331,796 67,760 Pioneer Multi-Asset Ultrashort Income Fund Class Y 683,021 17,273 Pioneer Oak Ridge Small Cap Growth Fund Class Y 665,539 26,962 Pioneer Real Estate Shares Class Y 689,137 16,519 Pioneer Select Mid Cap Growth Fund Class Y 670,158 1,060,265 Pioneer Short Term Income Fund Class Y 10,252,765 627,208 Pioneer Strategic Income Fund Class Y 6,817,746 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $56,442,640) $ 64,216,608 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 94.8% (Cost $56,442,640) (a) $ 64,216,608 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 5.2% $ 3,496,893 -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 67,713,501 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At January 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $57,323,707 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $7,817,368 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (924,467) ---------- Net unrealized appreciation $6,892,901 ==========
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 41 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Conservative Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the six months ended January 31, 2014 aggregated $4,178,992 and $5,208,963, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit 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 January 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $64,216,608 $-- $-- $64,216,608 -------------------------------------------------------------------------------- Total $64,216,608 $-- $-- $64,216,608 ================================================================================
During the six months ended January 31, 2014, 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 | Semiannual Report | 1/31/14 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Moderate Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 98.4% PIONEER FUNDS* -- 98.4% 2,624,649 Pioneer Bond Fund Class Y $ 25,275,368 296,605 Pioneer Core Equity Fund Class Y 4,552,887 181,015 Pioneer Disciplined Growth Fund Class Y 2,908,908 574,076 Pioneer Disciplined Value Fund Class Y 10,758,186 797,905 Pioneer Dynamic Credit Fund Class Y 7,915,217 389,314 Pioneer Emerging Markets Fund Class Y 9,339,647 132,759 Pioneer Equity Income Fund Class Y 4,442,108 183,387 Pioneer Fund Class Y 6,970,554 421,070 Pioneer Fundamental Growth Fund Class Y 6,812,906 1,498,492 Pioneer Global Equity Fund Class Y 18,611,268 889,896 Pioneer Global High Yield Fund Class Y 8,703,179 378,844 Pioneer Global Multisector Income Fund Class Y 4,110,455 400,551 Pioneer High Yield Fund Class Y 4,285,900 1,236,672 Pioneer International Value Fund Class Y 26,637,907 496,232 Pioneer Mid Cap Value Fund Class Y 13,130,289 205,699 Pioneer Multi-Asset Ultrashort Income Fund Class Y 2,073,448 307,804 Pioneer Oak Ridge Small Cap Growth Fund Class Y 11,859,670 207,395 Pioneer Real Estate Shares Class Y 5,301,026 164,591 Pioneer Select Mid Cap Growth Fund Class Y 6,677,443 2,203,062 Pioneer Short Term Income Fund Class Y 21,303,613 733,651 Pioneer Strategic Income Fund Class Y 7,974,790 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $169,630,619) $209,644,769 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 98.4% (Cost $169,630,619) (a) $209,644,769 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 1.6% $ 3,482,747 -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $213,127,516 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At January 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $172,454,904 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $40,269,116 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (3,079,251) ----------- Net unrealized appreciation $37,189,865 ===========
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 43 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Moderate Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the six months ended January 31, 2014 aggregated $15,148,058 and $10,752,842, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit 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 January 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $209,644,769 $-- $-- $209,644,769 -------------------------------------------------------------------------------- Total $209,644,769 $-- $-- $209,644,769 ================================================================================
During the six months ended January 31, 2014, 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 | Semiannual Report | 1/31/14 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Growth Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 100.3% PIONEER FUNDS* -- 100.3% 2,438,071 Pioneer Bond Fund Class Y $ 23,478,622 499,456 Pioneer Core Equity Fund Class Y 7,666,645 339,583 Pioneer Disciplined Growth Fund Class Y 5,457,102 713,603 Pioneer Disciplined Value Fund Class Y 13,372,917 128,981 Pioneer Dynamic Credit Fund Class Y 1,279,487 588,759 Pioneer Emerging Markets Fund Class Y 14,124,326 224,978 Pioneer Equity Income Fund Class Y 7,527,770 196,223 Pioneer Fund Class Y 7,458,431 527,687 Pioneer Fundamental Growth Fund Class Y 8,537,974 1,882,304 Pioneer Global Equity Fund Class Y 23,378,219 450,057 Pioneer Global High Yield Fund Class Y 4,401,554 382,938 Pioneer Global Multisector Income Fund Class Y 4,154,876 201,751 Pioneer High Yield Fund Class Y 2,158,739 1,525,574 Pioneer International Value Fund Class Y 32,860,854 619,063 Pioneer Mid Cap Value Fund Class Y 16,380,405 597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 10,338 325,869 Pioneer Oak Ridge Small Cap Growth Fund Class Y 12,555,716 330,328 Pioneer Real Estate Shares Class Y 8,443,193 309,712 Pioneer Select Mid Cap Growth Fund Class Y 12,565,034 1,636,382 Pioneer Short Term Income Fund Class Y 15,823,818 716,538 Pioneer Strategic Income Fund Class Y 7,788,772 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $179,037,600) $229,424,792 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 100.3% (Cost $179,037,600) (a) $229,424,792 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- (0.3)% $ (605,583) -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $228,819,209 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At January 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $180,680,126 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $50,539,047 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (1,794,381) ----------- Net unrealized appreciation $48,744,666 ===========
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 45 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Growth Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the six months ended January 31, 2014 aggregated $13,985,016 and $8,942,513, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit 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 January 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $229,424,792 $-- $-- $229,424,792 -------------------------------------------------------------------------------- Total $229,424,792 $-- $-- $229,424,792 ================================================================================
During the six months ended January 31, 2014, 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 | Semiannual Report | 1/31/14 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Aggressive Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 100.2% PIONEER FUNDS* -- 100.2% 701,037 Pioneer Bond Fund Class Y $ 6,750,989 257,540 Pioneer Core Equity Fund Class Y 3,953,234 223,844 Pioneer Disciplined Growth Fund Class Y 3,597,178 348,972 Pioneer Disciplined Value Fund Class Y 6,539,729 447,558 Pioneer Emerging Markets Fund Class Y 10,736,923 115,763 Pioneer Equity Income Fund Class Y 3,873,428 100,885 Pioneer Fund Class Y 3,834,622 252,768 Pioneer Fundamental Growth Fund Class Y 4,089,782 1,133,594 Pioneer Global Equity Fund Class Y 14,079,242 1,089,091 Pioneer International Value Fund Class Y 23,459,028 439,876 Pioneer Mid Cap Value Fund Class Y 11,639,123 240,643 Pioneer Oak Ridge Small Cap Growth Fund Class Y 9,271,989 233,549 Pioneer Real Estate Shares Class Y 5,969,502 184,921 Pioneer Select Mid Cap Growth Fund Class Y 7,502,250 364,817 Pioneer Short Term Income Fund Class Y 3,527,778 381,266 Pioneer Strategic Income Fund Class Y 4,144,361 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $90,606,702) $122,969,158 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 100.2% (Cost $90,606,702) (a) $122,969,158 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- (0.2)% $ (192,627) -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $122,776,531 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At January 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $92,242,830 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $32,362,456 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (1,636,128) ----------- Net unrealized appreciation $30,726,328 ===========
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 47 Schedule of Investments | 1/31/14 (unaudited) Pioneer Ibbotson Aggressive Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the six months ended January 31, 2014 aggregated $8,706,140 and $7,190,475, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit 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 January 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $122,969,158 $-- $-- $122,969,158 -------------------------------------------------------------------------------- Total $122,969,158 $-- $-- $122,969,158 ================================================================================
During the six months ended January 31, 2014, 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 | Semiannual Report | 1/31/14 Statements of Assets and Liabilities | 1/31/14 (unaudited)
---------------------------------------------------------------------------------------------------------- Conservative Moderate Growth Aggressive Allocation Allocation Allocation Allocation Fund Fund Fund Fund ---------------------------------------------------------------------------------------------------------- ASSETS: Investments in securities of affiliated issuers, at value (at cost $56,442,640, $169,630,619, $179,037,600 and $90,606,702, respectively) $64,216,608 $209,644,769 $229,424,792 $122,969,158 Cash 3,382,909 3,246,275 -- -- Receivables for: Investment Funds sold 149,266 264,468 370,870 294,772 Capital stock sold 6,845 79,277 147,421 62,856 Dividends 138,789 249,057 177,068 41,423 Other assets 30,519 30,984 33,688 23,110 ---------------------------------------------------------------------------------------------------------- Total assets $67,924,936 $213,514,830 $230,153,839 $123,391,319 ========================================================================================================== LIABILITIES: Payables for: Investment Funds purchased $ 30,921 $ 79,546 $ 46,319 $ 32,300 Capital stock redeemed 85,002 96,728 175,730 97,778 Due to affiliates 48,990 160,928 168,872 90,255 Due to Pioneer Investment Management, Inc. 3,879 4,932 6,879 2,941 Due to custodian -- -- 879,311 324,876 Accrued expenses and other liabilities 42,643 45,180 57,519 66,638 ---------------------------------------------------------------------------------------------------------- Total liabilities: $ 211,435 $ 387,314 $ 1,334,630 $ 614,788 ========================================================================================================== NET ASSETS: Paid-in capital $62,037,796 $198,893,496 $211,948,881 $116,559,044 Undistributed net investment income 87,492 2,225,423 2,184,734 1,034,842 Accumulated net realized loss on investments (2,185,755) (28,005,553) (35,701,598) (27,179,811) Net unrealized appreciation on investments 7,773,968 40,014,150 50,387,192 32,362,456 ---------------------------------------------------------------------------------------------------------- Total net assets $67,713,501 $213,127,516 $228,819,209 $122,776,531 ========================================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Net Assets of Class A shares $44,140,487 $130,751,452 $154,710,951 $ 94,074,263 Net Assets of Class B shares $ 2,655,976 $ 8,692,051 $ 14,449,956 $ 7,474,266 Net Assets of Class C shares $20,762,402 $ 70,491,291 $ 58,426,367 $ 20,822,320 Net Assets of Class Y shares $ 154,636 $ 3,192,722 $ 1,231,935 $ 405,682 Class A Shares outstanding 3,863,786 10,839,825 12,102,370 7,214,281 Class B Shares outstanding 235,735 740,037 1,264,708 606,158 Class C Shares outstanding 1,867,475 6,272,315 4,829,763 1,680,091 Class Y Shares outstanding 14,140 261,817 94,522 30,922 Net Asset Value -- Class A share $ 11.42 $ 12.06 $ 12.78 $ 13.04 Net Asset Value -- Class B share $ 11.27 $ 11.75 $ 11.43 $ 12.33 Net Asset Value -- Class C share $ 11.12 $ 11.24 $ 12.10 $ 12.39 Net Asset Value -- Class Y share $ 10.94 $ 12.19 $ 13.03 $ 13.12 MAXIMUM OFFERING PRICE: Class A (100/94.25 x net asset value per share) $ 12.12 $ 12.80 $ 13.56 $ 13.84 ==========================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 49 Statements of Operations (unaudited) For the Six Months Ended 1/31/14
------------------------------------------------------------------------------------------------ Conservative Moderate Growth Aggressive Allocation Allocation Allocation Allocation Fund Fund Fund Fund ------------------------------------------------------------------------------------------------ INVESTMENT INCOME: Dividend income from underlying affiliated funds $1,197,006 $3,175,424 $ 3,207,712 $1,631,851 Interest 522 663 76 54 ------------------------------------------------------------------------------------------------ Total Investment Income $1,197,528 $3,176,087 $ 3,207,788 $1,631,905 ================================================================================================ EXPENSES: Management fees $ 44,815 $ 138,611 $ 149,278 $ 80,346 Transfer agent fees Class A 18,147 63,214 101,607 75,755 Class B 2,814 11,753 21,775 12,372 Class C 5,919 17,027 20,580 11,004 Class Y 113 263 196 222 Distribution fees Class A 55,910 164,644 194,724 117,728 Class B 15,326 47,608 80,418 40,815 Class C 105,034 341,491 281,804 103,822 Shareholder communications expense 13,373 52,732 61,445 42,587 Administrative fees 16,675 40,148 41,562 25,139 Custodian fees 9,818 5,068 2,119 8,510 Registration fees 32,633 34,557 32,403 49,282 Professional fees 20,228 22,794 22,402 20,675 Printing fees 5,321 6,510 9,723 6,957 Fees and expenses of non-affiliated Trustees 3,567 3,632 3,300 2,913 Insurance expense 424 1,142 1,480 757 Miscellaneous 1,326 1,425 1,375 1,977 ------------------------------------------------------------------------------------------------ Total expenses $ 351,443 $ 952,619 $ 1,026,191 $ 600,861 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. $ -- $ (2,300) $ (3,730) $ (4,297) ------------------------------------------------------------------------------------------------ Net expenses $ 351,443 $ 950,319 $ 1,022,461 $ 596,564 ------------------------------------------------------------------------------------------------ Net investment income $ 846,085 $2,225,768 $ 2,185,327 $1,035,341 ------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on underlying affiliated funds $ 597,450 $2,098,945 $ 1,845,316 $1,466,091 Capital gain distributions from underlying affiliated funds 885,970 5,204,261 6,371,225 3,662,699 ------------------------------------------------------------------------------------------------ $1,483,420 $7,303,206 $ 8,216,541 $5,128,790 ------------------------------------------------------------------------------------------------ Change in net unrealized appreciation (depreciation) on investments $ (250,364) $ (277,239) $ 861,399 $ 399,456 ------------------------------------------------------------------------------------------------ Net gain on investments $1,233,056 $7,025,967 $ 9,077,940 $5,528,246 ------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations $2,079,141 $9,251,735 $11,263,267 $6,563,587 ================================================================================================
The accompanying notes are an integral part of these financial statements. 50 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------ Conservative Moderate Allocation Fund Allocation Fund ---------------------------- ---------------------------- Six Months Six Months Ended Year Ended Year 1/31/2014 Ended 1/31/2014 Ended (unaudited) 7/31/13 (unaudited) 7/31/13 ------------------------------------------------------------------------------------------------ FROM OPERATIONS: Net investment income $ 846,085 $ 1,480,666 $ 2,225,768 $ 3,192,855 Net realized gain on investments 1,483,420 1,632,532 7,303,206 6,864,167 Change in net unrealized appreciation (depreciation) on investments (250,364) 2,220,532 (277,239) 16,019,476 ------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations $ 2,079,141 $ 5,333,730 $ 9,251,735 $ 26,076,498 ------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.36, $0.23, $0.21 and $0.22, respectively) $ (1,350,144) $ (955,483) $ (2,249,407) $ (2,347,138) Class B ($0.22, $0.13, $0.04 and $0.06, respectively) (55,077) (49,375) (34,305) (76,356) Class C ($0.28, $0.16, $0.15 and $0.16, respectively) (519,914) (270,274) (947,689) (878,923) Class Y ($0.27, $0.16, $0.24 and $0.25, respectively) (3,739) (1,718) (65,977) (113,775) ------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (1,928,874) $ (1,276,850) $ (3,297,378) $ (3,416,192) ------------------------------------------------------------------------------------------------ FROM FUND SHARE TRANSACTIONS: Net proceeds from sales or exchange of shares $ 7,962,119 $ 19,342,329 $ 20,361,899 $ 38,645,530 Reinvestment of distributions 1,723,528 1,169,434 3,035,991 3,147,019 Cost of shares repurchased (10,384,161) (19,670,549) (23,840,068) (50,543,688) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets resulting from Fund share transactions (698,514) 841,214 (442,178) (8,751,139) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets $ (548,247) $ 4,898,094 $ 5,512,179 $ 13,909,167 NET ASSETS: Beginning of period 68,261,748 63,363,654 207,615,337 193,706,170 ------------------------------------------------------------------------------------------------ End of period $ 67,713,501 $ 68,261,748 $213,127,516 $207,615,337 ------------------------------------------------------------------------------------------------ Undistributed net investment income, end of period $ 87,492 $ 1,170,281 $ 2,225,423 $ 3,297,033 ================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 51 Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------ Growth Aggressive Allocation Fund Allocation Fund ---------------------------- ---------------------------- Six Months Six Months Ended Year Ended Year 1/31/2014 Ended 1/31/2014 Ended (unaudited) 7/31/13 (unaudited) 7/31/13 ------------------------------------------------------------------------------------------------ FROM OPERATIONS: Net investment income $ 2,185,327 $ 2,678,896 $ 1,035,341 $ 957,800 Net realized gain on investments 8,216,541 8,430,071 5,128,790 5,353,388 Change in net unrealized appreciation on investments 861,399 20,860,423 399,456 13,474,283 ------------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations $ 11,263,267 $ 31,969,390 $ 6,563,587 $ 19,785,471 ------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.19, $0.17, $0.13 and $0.11, respectively) $ (2,221,392) $ (2,100,205) $ (940,355) $ (843,947) Class B ($0.02, $0.06, $0.00 and $0.00, respectively) (28,898) (124,014) -- -- Class C ($0.12, $0.10, $0.06 and $0.04, respectively) (555,724) (463,365) (97,900) (74,121) Class Y ($0.21, $0.20, $0.10 and $0.15, respectively) (23,647) (28,499) (3,926) (16,667) ------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (2,829,661) $ (2,716,083) $ (1,042,181) $ (934,735) ------------------------------------------------------------------------------------------------ FROM FUND SHARE TRANSACTIONS: Net proceeds from sales or exchange of shares $ 18,501,384 $ 34,726,733 $ 9,210,511 $ 16,103,690 Reinvestment of distributions 2,677,939 2,589,712 1,011,947 904,418 Cost of shares repurchased (22,166,780) (52,707,882) (12,454,880) (29,890,561) ------------------------------------------------------------------------------------------------ Net decrease in net assets resulting from Fund share transactions (987,457) (15,391,437) (2,232,422) (12,882,453) ------------------------------------------------------------------------------------------------ Net increase in net assets $ 7,446,149 $ 13,861,870 $ 3,288,984 $ 5,968,283 NET ASSETS: Beginning of period 221,373,060 207,511,190 119,487,547 113,519,264 ------------------------------------------------------------------------------------------------ End of period $228,819,209 $221,373,060 $122,776,531 $119,487,547 ------------------------------------------------------------------------------------------------ Undistributed net investment income, end of period $ 2,184,734 $ 2,829,068 $ 1,034,842 $ 1,041,682 ================================================================================================
The accompanying notes are an integral part of these financial statements. 52 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------ Conservative Allocation Fund ------------------------------------------------------------ '14 Shares '14 Amount (unaudited) (unaudited) '13 Shares '13 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 428,808 $ 4,934,037 1,020,934 $ 11,402,241 Reinvestment of distributions 114,328 1,312,494 85,658 931,997 Less shares repurchased (554,844) (6,395,208) (1,200,704) (13,407,002) ------------------------------------------------------------------------------------------------ Net decrease (11,708) $ (148,677) (94,112) $ (1,072,764) ================================================================================================ Class B Shares sold or exchanged 4,406 $ 50,078 18,697 $ 204,015 Reinvestment of distributions 4,767 54,004 4,413 47,265 Less shares repurchased (72,093) (816,920) (146,078) (1,606,168) ------------------------------------------------------------------------------------------------ Net decrease (62,920) $ (712,838) (122,968) $ (1,354,888) ================================================================================================ Class C Shares sold 264,179 $ 2,962,629 705,703 $ 7,658,490 Reinvestment of distributions 31,902 356,669 17,918 190,116 Less shares repurchased (281,582) (3,168,765) (428,536) (4,649,918) ------------------------------------------------------------------------------------------------ Net increase 14,499 $ 150,533 295,085 $ 3,198,688 ================================================================================================ Class Y Shares sold 1,390 $ 15,375 7,322 $ 77,583 Reinvestment of distributions 33 361 5 56 Less shares repurchased (301) (3,268) (704) (7,461) ------------------------------------------------------------------------------------------------ Net increase 1,122 $ 12,468 6,623 $ 70,178 ================================================================================================
------------------------------------------------------------------------------------------------ Moderate Allocation Fund ------------------------------------------------------------ '14 Shares '14 Amount (unaudited) (unaudited) '13 Shares '13 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 875,008 $ 10,558,488 1,920,609 $ 21,359,645 Reinvestment of distributions 181,366 2,225,349 216,417 2,311,349 Less shares repurchased (1,172,002) (14,113,104) (2,541,970) (28,078,906) ------------------------------------------------------------------------------------------------ Net decrease (115,628) $ (1,329,267) (404,944) $ (4,407,912) ================================================================================================ Class B Shares sold or exchanged 22,140 $ 258,799 45,000 $ 485,670 Reinvestment of distributions 2,819 33,719 7,130 73,866 Less shares repurchased (174,773) (2,032,724) (763,142) (8,143,861) ------------------------------------------------------------------------------------------------ Net decrease (149,814) $ (1,740,206) (711,012) $ (7,584,325) ================================================================================================ Class C Shares sold 827,733 $ 9,337,364 1,549,226 $ 16,124,813 Reinvestment of distributions 63,297 724,114 66,229 661,627 Less shares repurchased (570,077) (6,382,136) (1,149,577) (11,914,231) ------------------------------------------------------------------------------------------------ Net increase 320,953 $ 3,679,342 465,878 $ 4,872,209 ================================================================================================ Class Y Shares sold 16,969 $ 207,248 60,167 $ 675,402 Reinvestment of distributions 4,258 52,809 9,293 100,177 Less shares repurchased (108,153) (1,312,104) (213,103) (2,406,690) ------------------------------------------------------------------------------------------------ Net decrease (86,926) $ (1,052,047) (143,643) $ (1,631,111) ================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 53 Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------ Growth Allocation Fund ------------------------------------------------------------ '14 Shares '14 Amount (unaudited) (unaudited) '13 Shares '13 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 845,542 $ 10,769,330 1,955,642 $ 22,648,749 Reinvestment of distributions 168,985 2,208,632 188,344 2,079,338 Less shares repurchased (1,052,471) (13,459,778) (2,559,993) (29,481,905) ------------------------------------------------------------------------------------------------ Net decrease (37,944) $ (481,816) (416,007) $ (4,753,818) ================================================================================================ Class B Shares sold or exchanged 8,413 $ 94,830 20,819 $ 210,358 Reinvestment of distributions 2,458 28,738 12,344 121,589 Less shares repurchased (342,110) (3,856,533) (1,055,789) (10,840,758) ------------------------------------------------------------------------------------------------ Net decrease (331,239) $ (3,732,965) (1,022,626) $ (10,508,811) ================================================================================================ Class C Shares sold 606,982 $ 7,337,416 1,054,542 $ 11,590,420 Reinvestment of distributions 34,448 426,110 35,111 368,013 Less shares repurchased (364,738) (4,396,376) (1,014,165) (11,149,890) ------------------------------------------------------------------------------------------------ Net increase 276,692 $ 3,367,150 75,488 $ 808,543 ================================================================================================ Class Y Shares sold 23,002 $ 299,808 23,464 $ 277,206 Reinvestment of distributions 1,086 14,459 1,848 20,772 Less shares repurchased (34,173) (454,093) (104,455) (1,235,329) ------------------------------------------------------------------------------------------------ Net decrease (10,085) $ (139,826) (79,143) $ (937,351) ================================================================================================
------------------------------------------------------------------------------------------------ Aggressive Allocation Fund ------------------------------------------------------------ '14 Shares '14 Amount (unaudited) (unaudited) '13 Shares '13 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 475,868 $ 6,162,429 1,058,283 $ 12,251,455 Reinvestment of distributions 69,780 935,742 75,771 834,246 Less shares repurchased (624,973) (8,078,738) (1,662,968) (19,104,816) ------------------------------------------------------------------------------------------------ Net decrease (79,325) $ (980,567) (528,914) $ (6,019,115) ================================================================================================ Class B Shares sold or exchanged 8,267 $ 99,928 10,143 $ 111,293 Reinvestment of distributions -- -- -- -- Less shares repurchased (126,739) (1,547,440) (498,768) (5,436,594) ------------------------------------------------------------------------------------------------ Net decrease (118,472) $ (1,447,512) (488,625) $ (5,325,301) ================================================================================================ Class C Shares sold 237,137 $ 2,922,188 323,630 $ 3,543,347 Reinvestment of distributions 5,764 73,490 5,445 57,135 Less shares repurchased (218,250) (2,689,861) (393,437) (4,286,335) ------------------------------------------------------------------------------------------------ Net increase (decrease) 24,651 $ 305,817 (64,362) $ (685,853) ================================================================================================ Class Y Shares sold 1,986 $ 25,966 16,401 $ 197,595 Reinvestment of distributions 202 2,715 1,182 13,037 Less shares repurchased (10,414) (138,841) (90,026) (1,062,816) ------------------------------------------------------------------------------------------------ Net decrease (8,226) $ (110,160) (72,443) $ (852,184) ================================================================================================
The accompanying notes are an integral part of these financial statements. 54 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------- Conservative Allocation Fund -------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 -------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40 $ 10.48 -------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.16 $ 0.28 $ 0.28 $ 0.26 $ 0.25 $ 0.39 Net realized and unrealized gain (loss) on investments 0.20 0.64 (0.09) 0.65 0.86 (0.94) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.36 $ 0.92 $ 0.19 $ 0.91 $ 1.11 $ (0.55) -------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.31) Net realized gain -- -- -- -- -- (0.22) -------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32) $ (0.53) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.00(b) $ 0.69 $ (0.12) $ 0.66 $ 0.79 $ (1.08) -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.42 $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40 ================================================================================================================================ Total return* 3.12%** 8.72% 1.85% 9.04% 11.88% (4.44)% Ratio of net expenses to average net assets+ 0.76%*** 0.77% 0.78% 0.78% 0.78% 0.78% Ratio of net investment income to average net assets+ 2.73%*** 2.51% 2.69% 2.47% 2.55% 4.43% Portfolio turnover rate 6%*** 17% 20% 15% 13% 53% Net assets, end of period (in thousands) $44,140 $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 0.76%*** 0.77% 0.82% 0.80% 0.84% 1.09% Net investment income 2.73%*** 2.51% 2.65% 2.45% 2.49% 4.12% ================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 55 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------- Conservative Allocation Fund -------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ----------------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24 $ 10.31 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.09 $ 0.18 $ 0.19 $ 0.17 $ 0.16 $ 0.31 Net realized and unrealized gain (loss) on investments 0.22 0.62 (0.09) 0.64 0.83 (0.93) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.31 $ 0.80 $ 0.10 $ 0.81 $ 0.99 $ (0.62) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.23) Net realized gain -- -- -- -- -- (0.22) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24) $ (0.45) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.09 $ 0.67 $ (0.10) $ 0.62 $ 0.75 $ (1.07) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.27 $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24 =================================================================================================================================== Total return* 2.79%** 7.63% 1.04% 8.15% 10.80% (5.31)% Ratio of net expenses to average net assets+ 1.67%*** 1.61% 1.68% 1.64% 1.68% 1.68% Ratio of net investment income to average net assets+ 1.60%*** 1.67% 1.82% 1.62% 1.67% 3.58% Portfolio turnover rate 6%*** 17% 20% 15% 13% 53% Net assets, end of period (in thousands) $ 2,656 $ 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 1.67%*** 1.61% 1.71% 1.64% 1.70% 1.90% Net investment income 1.60%*** 1.67% 1.79% 1.62% 1.64% 3.36% ===================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 56 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
-------------------------------------------------------------------------------------------------------------------------------- Conservative Allocation Fund -------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 -------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21 $ 10.30 -------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.11 $ 0.18 $ 0.20 $ 0.18 $ 0.17 $ 0.31 Net realized and unrealized gain (loss) on investments 0.20 0.63 (0.09) 0.63 0.83 (0.95) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.31 $ 0.81 $ 0.11 $ 0.81 $ 1.00 $ (0.64) -------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.23) Net realized gain -- -- -- -- -- (0.22) -------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25) $ (0.45) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.03 $ 0.65 $ (0.12) $ 0.60 $ 0.75 $ (1.09) -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.12 $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21 ================================================================================================================================ Total return* 2.81%** 7.83% 1.16% 8.18% 10.91% (5.53)% Ratio of net expenses to average net assets+ 1.48%*** 1.51% 1.56% 1.55% 1.59% 1.68% Ratio of net investment income to average net assets+ 2.00%*** 1.70% 1.91% 1.71% 1.73% 3.54% Portfolio turnover rate 6%*** 17% 20% 15% 13% 53% Net assets, end of period (in thousands) $20,762 $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 1.48%*** 1.51% 1.56% 1.55% 1.59% 1.80% Net investment income 2.00%*** 1.70% 1.91% 1.71% 1.73% 3.43% ================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 57 Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------- Conservative Allocation Fund -------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 -------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02 $ 10.50 -------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.16 $ 0.20 $ 0.13 $ 0.24 $ 0.28 $ (0.18) Net realized and unrealized gain (loss) on investments 0.19 0.61 (0.10) 0.65 0.78 (0.97) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.35 $ 0.81 $ 0.03 $ 0.89 $ 1.06 $ (1.15) -------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.11) Net realized gain -- -- -- -- -- (0.22) -------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29) $ (0.33) -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.08 $ 0.65 $ (0.20) $ 0.62 $ 0.77 $ (1.48) -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.94 $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02 ================================================================================================================================ Total return* 3.25%** 8.00% 0.34% 9.18% 11.89% (10.66)% Ratio of net expenses to average net assets+ 0.67%*** 1.43% 2.26% 0.82% 0.63% 7.26% Ratio of net investment income to average net assets+ 2.83%*** 1.88% 1.28% 2.36% 2.94% (2.03)% Portfolio turnover rate 6%*** 17% 20% 15% 13% 53% Net assets, end of period (in thousands) $ 155 $ 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 0.67%*** 1.43% 2.26% 0.82% 0.63% 7.26% Net investment income (loss) 2.83%*** 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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 58 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------ Moderate Allocation Fund --------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79 $ 10.89 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (a) $ 0.14 $ 0.21 $ 0.18 $ 0.17 $ 0.16 $ 0.27 Net realized and unrealized gain (loss) on investments 0.41 1.27 (0.22) 1.07 1.00 (1.63) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.55 $ 1.48 $ (0.04) $ 1.24 $ 1.16 $ (1.36) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.13) Net realized gain -- -- -- -- -- (0.61) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27) $ (0.74) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.34 $ 1.26 $ (0.28) $ 1.06 $ 0.89 $ (2.10) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 12.06 $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79 ==================================================================================================================================== Total return* 4.67%** 14.32% (0.27)% 12.91% 13.26% (11.20)% Ratio of net expenses to average net assets+ 0.64%*** 0.66% 0.72% 0.71% 0.73% 0.74% Ratio of net investment income to average net assets+ 2.35%*** 1.85% 1.75% 1.59% 1.70% 3.20% Portfolio turnover rate 5%*** 9% 9% 14% 10% 44% Net assets, end of period (in thousands) $130,751 $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 0.64%*** 0.66% 0.72% 0.71% 0.73% 0.76% Net investment income 2.35%*** 1.85% 1.75% 1.59% 1.70% 3.18% ====================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 59 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------- Moderate Allocation Fund --------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ----------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41 $ 10.39 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.07 $ 0.11 $ 0.11 $ 0.08 $ 0.08 $ 0.19 Net realized and unrealized gain (loss) on investments 0.41 1.22 (0.22) 1.02 0.96 (1.53) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.48 $ 1.33 $ (0.11) $ 1.10 $ 1.04 $ (1.34) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.03) Net realized gain -- -- -- -- -- (0.61) ----------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20) $ (0.64) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.44 $ 1.27 $ (0.22) $ 1.01 $ 0.84 $ (1.98) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.75 $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41 ============================================================================================================================= Total return* 4.28%** 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% 1.52% Ratio of net investment income to average net assets+ 1.27%*** 1.06% 1.11% 0.83% 0.92% 2.44% Portfolio turnover rate 5%*** 9% 9% 14% 10% 44% Net assets, end of period (in thousands) $ 8,692 $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 1.57%*** 1.58% 1.60% 1.53% 1.56% 1.63% Net investment income 1.22%*** 0.99% 1.03% 0.82% 0.88% 2.33% =============================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 60 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
--------------------------------------------------------------------------------------------------------------------------------- Moderate Allocation Fund --------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 --------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29 $ 10.30 --------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.10 $ 0.12 $ 0.10 $ 0.09 $ 0.09 $ 0.19 Net realized and unrealized gain (loss) on investments 0.37 1.19 (0.22) 1.01 0.94 (1.53) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.47 $ 1.31 $ (0.12) $ 1.10 $ 1.03 $ (1.34) --------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.06) Net realized gain -- -- -- -- -- (0.61) --------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22) $ (0.67) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.32 $ 1.15 $ (0.30) $ 0.97 $ 0.81 $ (2.01) --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.24 $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29 ================================================================================================================================= Total return* 4.32%** 13.56% (1.08)% 12.12% 12.43% (11.85)% Ratio of net expenses to average net assets+ 1.33%*** 1.34% 1.41% 1.40% 1.44% 1.52% Ratio of net investment income to average net assets+ 1.69%*** 1.15% 1.06% 0.89% 0.98% 2.44% Portfolio turnover rate 5%*** 9% 9% 14% 10% 44% Net assets, end of period (in thousands) $70,491 $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 1.33%*** 1.34% 1.41% 1.40% 1.44% 1.52% Net investment income 1.69%*** 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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 61 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------- Moderate Allocation Fund ----------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ----------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89 $ 10.94 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.14 $ 0.25 $ 0.22 $ 0.21 $ 0.20 $ 0.29 Net realized and unrealized gain (loss) on investments 0.43 1.28 (0.23) 1.09 1.02 (1.55) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.57 $ 1.53 $ (0.01) $ 1.30 $ 1.22 $ (1.26) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.18) Net realized gain -- -- -- -- -- (0.61) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31) $ (0.79) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.33 $ 1.28 $ (0.30) $ 1.08 $ 0.91 $ (2.05) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.19 $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89 =================================================================================================================================== Total return* 4.75%** 14.68% 0.00%(b) 13.37% 13.75% (10.09)% Ratio of net expenses to average net assets+ 0.34%*** 0.36% 0.38% 0.32% 0.33% 0.33% Ratio of net investment income to average net assets+ 2.30%*** 2.26% 2.14% 2.00% 2.10% 3.59% Portfolio turnover rate 5%*** 9% 9% 14% 10% 44% Net assets, end of period (in thousands) $ 3,193 $ 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 0.34%*** 0.36% 0.38% 0.32% 0.33% 0.33% Net investment income 2.30%*** 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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 62 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------ Growth Allocation Fund --------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ------------------------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74 $ 11.50 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (a) $ 0.14 $ 0.17 $ 0.14 $ 0.12 $ 0.11 $ 0.19 Net realized and unrealized gain (loss) on investments 0.51 1.57 (0.29) 1.33 1.10 (2.14) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.65 $ 1.74 $ (0.15) $ 1.45 $ 1.21 $ (1.95) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.04) Net realized gain -- -- -- -- -- (0.77) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18) $ (0.81) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.46 $ 1.57 $ (0.34) $ 1.32 $ 1.03 $ (2.76) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 12.78 $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74 ==================================================================================================================================== Total return* 5.21%** 16.40% (1.31)% 14.85% 13.90% (15.49)% Ratio of net expenses to average net assets+ 0.66%*** 0.69% 0.76% 0.76% 0.79% 0.79% Ratio of net investment income to average net assets+ 2.15%*** 1.50% 1.29% 1.11% 1.12% 2.24% Portfolio turnover rate 4%*** 6% 7% 12% 11% 49% Net assets, end of period (in thousands) $154,711 $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 0.66%*** 0.69% 0.76% 0.76% 0.80% 0.89% Net investment income 2.15%*** 1.50% 1.29% 1.11% 1.11% 2.14% ====================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 63 Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------- Growth Allocation Fund ---------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75 $ 10.33 ---------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.05 $ 0.07 $ 0.06 $ 0.03 $ 0.03 $ 0.11 Net realized and unrealized gain (loss) on investments 0.47 1.40 (0.26) 1.17 0.98 (1.92) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.52 $ 1.47 $ (0.20) $ 1.20 $ 1.01 $ (1.81) ---------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ -- Net realized gain -- -- -- -- -- (0.77) ---------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12) $ (0.77) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.50 $ 1.41 $ (0.28) $ 1.16 $ 0.89 $ (2.58) ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.43 $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75 ================================================================================================================================== Total return* 4.77%** 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% 1.57% Ratio of net investment income to average net assets+ 0.96%*** 0.68% 0.59% 0.35% 0.36% 1.47% Portfolio turnover rate 4%*** 6% 7% 12% 11% 49% Net assets, end of period (in thousands) $14,450 $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 1.62%*** 1.60% 1.66% 1.61% 1.66% 1.77% Net investment income 0.91%*** 0.64% 0.50% 0.31% 0.27% 1.27% ==================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 64 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------------------------------- Growth Allocation Fund ---------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30 $ 10.99 ---------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.09 $ 0.09 $ 0.06 $ 0.04 $ 0.04 $ 0.11 Net realized and unrealized gain (loss) on investments 0.48 1.48 (0.27) 1.26 1.04 (2.03) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.57 $ 1.57 $ (0.21) $ 1.30 $ 1.08 $ (1.92) ---------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ -- Net realized gain -- -- -- -- -- (0.77) ---------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12) $ (0.77) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.45 $ 1.47 $ (0.32) $ 1.24 $ 0.96 $ (2.69) ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.10 $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30 ================================================================================================================================== Total return* 4.85%** 15.58% (1.91)% 14.10% 13.08% (16.08)% Ratio of net expenses to average net assets+ 1.35%*** 1.40% 1.46% 1.46% 1.51% 1.57% Ratio of net investment income to average net assets+ 1.48%*** 0.78% 0.59% 0.40% 0.40% 1.44% Portfolio turnover rate 4%*** 6% 7% 12% 11% 49% Net assets, end of period (in thousands) $58,426 $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 1.35%*** 1.40% 1.46% 1.46% 1.51% 1.60% Net investment income 1.48%*** 0.78% 0.59% 0.40% 0.40% 1.40% ==================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 65 Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------- Growth Allocation Fund --------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 --------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00 $ 11.64 --------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.18 $ 0.20 $ 0.17 $ 0.17 $ 0.15 $ 0.20 Net realized and unrealized gain (loss) on investments 0.50 1.61 (0.44) 1.37 1.14 (1.97) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.68 $ 1.81 $ (0.27) $ 1.54 $ 1.29 $ (1.77) --------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.10) Net realized gain -- -- -- -- -- (0.77) --------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22) $ (0.87) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.47 $ 1.61 $ (0.50) $ 1.38 $ 1.07 $ (2.64) --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.03 $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00 ================================================================================================================================= Total return* 5.38%** 16.70% (2.28)% 15.39% 14.33% (13.68)% Ratio of net expenses to average net assets+ 0.34%*** 0.44% 0.50% 0.36% 0.39% 0.39% Ratio of net investment income to average net assets+ 2.71%*** 1.71% 1.60% 1.58% 1.54% 2.44% Portfolio turnover rate 4%*** 6% 7% 12% 11% 49% Net assets, end of period (in thousands) $ 1,232 $ 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 0.34%*** 0.44% 0.50% 0.36% 0.39% 0.39% Net investment income 2.71%*** 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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 66 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------------------------------- Aggressive Allocation Fund ---------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45 $ 11.85 ---------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.12 $ 0.11 $ 0.08 $ 0.06 $ 0.04 $ 0.09 Net realized and unrealized gain (loss) on investments 0.58 1.87 (0.42) 1.51 1.16 (2.54) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.70 $ 1.98 $ (0.34) $ 1.57 $ 1.20 $ (2.45) ---------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ -- Net realized gain -- -- -- -- -- (0.95) ---------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09) $ (0.95) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.57 $ 1.87 $ (0.47) $ 1.51 $ 1.11 $ (3.40) ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.04 $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45 ================================================================================================================================== Total return* 5.59%** 18.86% (3.06)% 16.42% 14.16% (19.05)% Ratio of net expenses to average net assets+ 0.79%*** 0.82% 0.85% 0.85% 0.85% 0.85% Ratio of net investment income to average net assets+ 1.85%*** 0.99% 0.76% 0.52% 0.44% 1.07% Portfolio turnover rate 6%*** 6% 7% 11% 12% 55% Net assets, end of period (in thousands) $94,074 $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 0.79%*** 0.82% 0.87% 0.85% 0.88% 1.01% Net investment income 1.85%*** 0.99% 0.74% 0.52% 0.41% 0.91% ==================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 67 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------- Aggressive Allocation Fund ------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ----------------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93 $ 11.29 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.05 $ 0.03 $ 0.01 $ (0.02) $ (0.03) $ 0.02 Net realized and unrealized gain (loss) on investments 0.56 1.74 (0.40) 1.41 1.08 (2.43) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.61 $ 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 $ 0.61 $ 1.77 $ (0.40) $ 1.39 $ 1.03 $ (3.36) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.33 $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93 =================================================================================================================================== Total return* 5.20%** 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% 1.64% Ratio of net investment income to average net assets+ 0.80%*** 0.25% 0.05% (0.21)% (0.33)% 0.28% Portfolio turnover rate 6%*** 6% 7% 11% 12% 55% Net assets, end of period (in thousands) $ 7,474 $ 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 1.75%*** 1.73% 1.77% 1.71% 1.76% 1.89% Net investment income (loss) 0.69%*** 0.16% (0.08)% (0.28)% (0.45)% 0.04% ===================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 68 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------ Aggressive Allocation Fund -------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ------------------------------------------------------------------------------------------------------------------------------------ Class C Net asset value, beginning of period $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04 $ 11.43 ------------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (a) $ 0.08 $ 0.03 $ 0.00(b) $ (0.01) $ (0.03) $ 0.02 Net realized and unrealized gain (loss) on investments 0.54 1.77 (0.38) 1.43 1.10 (2.46) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 0.62 $ 1.80 $ (0.38) $ 1.42 $ 1.07 $ (2.44) ------------------------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03) $ -- Net realized gain -- -- -- -- -- (0.95) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03) $ (0.95) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 0.56 $ 1.76 $ (0.43) $ 1.42 $ 1.04 $ (3.39) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 12.39 $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04 ==================================================================================================================================== Total return* 5.22%** 17.97% (3.61)% 15.64% 13.25% (19.71)% Ratio of net expenses to average net assets+ 1.49%*** 1.51% 1.56% 1.55% 1.58% 1.64% Ratio of net investment income to average net assets+ 1.23%*** 0.31% 0.01% (0.14)% (0.31)% 0.27% Portfolio turnover rate 6%*** 6% 7% 11% 12% 55% Net assets, end of period (in thousands) $20,822 $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 1.49%*** 1.51% 1.56% 1.55% 1.58% 1.70% Net investment income (loss) 1.23%*** 0.31% 0.01% (0.14)% (0.31)% 0.21% ====================================================================================================================================
(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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 69 Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------- Aggressive Allocation Fund ---------------------------------------------------------------- Six Months Ended Year Year Year Year Year 1/31/14 Ended Ended Ended Ended Ended (unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55 $ 12.02 ---------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.15 $ 0.22 $ 0.12 $ 0.11 $ 0.08 $ 0.13 Net realized and unrealized gain (loss) on investments 0.58 1.77 (0.55) 1.56 1.16 (2.65) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.73 $ 1.99 $ (0.43) $ 1.67 $ 1.24 $ (2.52) ---------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ -- Net realized gain -- -- -- -- -- (0.95) ---------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12) $ (0.95) ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.63 $ 1.84 $ (0.59) $ 1.57 $ 1.12 $ (3.47) ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.12 $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55 ================================================================================================================================== Total return* 5.84%** 18.87% (3.76)% 17.32% 14.49% (19.35)% Ratio of net expenses to average net assets+ 0.46%*** 0.67% 0.55% 0.46% 0.42% 0.43% Ratio of net investment income to average net assets+ 2.28%*** 1.89% 1.11% 0.99% 0.88% 1.58% Portfolio turnover rate 6%*** 6% 7% 11% 12% 55% Net assets, end of period (in thousands) $ 406 $ 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 0.46%*** 0.67% 0.55% 0.46% 0.42% 0.43% Net investment income 2.28%*** 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. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 70 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Notes to Financial Statements | 1/31/14 (unaudited) 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 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 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 71 entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares. Class B shares convert to Class A shares approximately eight years after the date of purchase. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Funds to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. The following is a summary of significant accounting policies followed by the Trust in preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: A. Security Valuation Security transactions are recorded as of the trade date. The net asset value is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. In computing the net asset value, holdings of mutual fund shares are valued at the net asset value of each fund held. Dividend income and realized capital gain distributions from investment company shares held are recorded on the ex-dividend date. Temporary cash investments are valued at amortized cost which approximates market value. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. B. Federal Income Taxes It is the Funds' policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all taxable income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax provisions are required. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. 72 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 The amounts and characterizations of distributions to shareowners for financial reporting purposes are determined in accordance with federal income tax rules. Therefore, the sources of the Funds' distributions may be shown in the accompanying financial statements as from or in excess of net investment income or as from net realized gain on investment transactions, or as from paid-in capital, depending on the type of book/tax differences that may exist. The tax character of current year distributions paid will be determined at the end of the current taxable year. 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
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 six months ended January 31, 2014:
---------------------------------------------------------------------------- Fund Amount ---------------------------------------------------------------------------- Conservative Fund $ 8,207 Moderate Fund $19,179 Growth Fund $31,750 Aggressive Fund $17,051
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 73 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 $2.5 billion 0.13% on investments in underlying funds managed by Pioneer (and cash); and 0.17% on other investments On the next $1.5 billion 0.11% on investments in underlying funds managed by Pioneer (and cash); and 0.14% on other investments On the next $1.5 billion 0.10% on investments in underlying funds managed by Pioneer (and cash); and 0.12% on other investments On the next $1.5 billion 0.08% on investments in underlying funds managed by Pioneer (and cash); and 0.10% on other investments Over $7 billion 0.08% on investments in underlying funds managed by Pioneer (and cash); and 0.09% on other investments
74 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 For the six months ended January 31, 2014, the effective management fee for each Fund was equivalent to 0.13% of the Fund's average daily net assets. Fees waived and expenses reimbursed during the six months ended January 31, 2014 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 Statement of Assets and Liabilities are the following amounts payable to PIM at January 31, 2014:
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $10,275 Moderate Fund $31,113 Growth Fund $33,088 Aggressive Fund $18,953
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, 2015. 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 January 31, 2014:
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $ 8,054 Moderate Fund $29,982 Growth Fund $36,145 Aggressive Fund $24,617
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 75 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 Statement of Assets and Liabilities are the following amounts in distribution fees payable to PFD at January 31, 2014.
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $30,661 Moderate Fund $99,833 Growth Fund $99,639 Aggressive Fund $46,685
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 12 months 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 six months ended January 31, 2014, the following CDSCs were paid to PFD:
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $5,339 Moderate Fund $6,919 Growth Fund $5,032 Aggressive Fund $1,525
76 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 Conservative Allocation Fund
--------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares --------------------------------------------------------------------------------------------- Pioneer Bond Fund 1,548,643 138,962 (51,649) 1,635,956 Pioneer Core Equity Fund 98,861 1,399 (13,663) 86,597 Pioneer Disciplined Growth Fund 45,907 784 (5,379) 41,312 Pioneer Disciplined Value Fund 113,201 11,665 (19,839) 105,027 Pioneer Dynamic Credit Fund 269,721 15,057 (10,517) 274,261 Pioneer Emerging Markets Fund 27,575 2,325 (2,697) 27,203 Pioneer Equity Income Fund 21,310 798 (2,216) 19,892 Pioneer Floating Rate Fund 96,168 4,687 (2,912) 97,943 Pioneer Fund 54,532 4,193 (6,350) 52,375 Pioneer Fundamental Growth Fund 91,257 2,497 (11,651) 82,103 Pioneer Global Equity Fund 238,910 4,112 (29,780) 213,242 Pioneer Global High Yield Fund 402,965 25,656 (13,465) 415,156 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) 120,905 8,572 (3,873) 125,604 Pioneer High Yield Fund 245,139 8,647 (63,330) 190,456 Pioneer International Value Fund 256,804 11,590 (25,136) 243,258 Pioneer Mid Cap Value Fund 53,075 4,620 (7,363) 50,332 Pioneer Multi-Asset Ultrashort Income Fund 66,345 3,266 (1,851) 67,760 Pioneer Oak Ridge Small Cap Growth Fund 17,226 1,535 (1,488) 17,273 Pioneer Real Estate Shares 25,358 4,533 (2,929) 26,962 Pioneer Select Mid Cap Growth Fund 24,463 784 (8,728) 16,519 Pioneer Short Term Income Fund 1,082,933 40,705 (63,373) 1,060,265 Pioneer Strategic Income Fund 589,216 58,345 (20,353) 627,208
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 77 Pioneer Ibbotson Conservative Allocation Fund (continued)
------------------------------------------------------------------------------------------------ Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value ------------------------------------------------------------------------------------------------ Pioneer Bond Fund $ (2,269) $ -- $ 359,388 $15,754,257 Pioneer Core Equity Fund 64,328 -- 7,355 1,329,264 Pioneer Disciplined Growth Fund 21,615 261,204 14,613 663,885 Pioneer Disciplined Value Fund 79,101 -- -- 1,968,198 Pioneer Dynamic Credit Fund (507) -- 54,263 2,720,667 Pioneer Emerging Markets Fund 975 -- 6,132 652,605 Pioneer Equity Income Fund 27,132 22,815 8,440 665,592 Pioneer Floating Rate Fund 56 -- 13,054 683,644 Pioneer Fund 9,225 175,268 13,561 1,990,758 Pioneer Fundamental Growth Fund 58,986 51,557 7,284 1,328,421 Pioneer Global Equity Fund 72,426 -- 54,716 2,648,463 Pioneer Global High Yield Fund (574) -- 150,486 4,060,225 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) (2,144) 7,756 25,020 1,362,798 Pioneer High Yield Fund 53,884 72,286 58,090 2,037,881 Pioneer International Value Fund 86,209 -- 143,393 5,239,788 Pioneer Mid Cap Value Fund 38,802 132,723 9,778 1,331,796 Pioneer Multi-Asset Ultrashort Income Fund (27) -- 3,908 683,021 Pioneer Oak Ridge Small Cap Growth Fund 2,606 33,336 -- 665,539 Pioneer Real Estate Shares 1,975 -- 9,300 689,137 Pioneer Select Mid Cap Growth Fund 97,515 29,881 -- 670,158 Pioneer Short Term Income Fund (4,971) -- 105,020 10,252,765 Pioneer Strategic Income Fund (6,893) 99,144 153,205 6,817,746 -------- -------- ---------- ----------- $597,450 $885,970 $1,197,006 $64,216,608 ======== ======== ========== ===========
78 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Pioneer Ibbotson Moderate Allocation Fund
--------------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares --------------------------------------------------------------------------------------------------- Pioneer Bond Fund 2,381,615 243,034 -- 2,624,649 Pioneer Core Equity Fund 318,554 -- (21,949) 296,605 Pioneer Disciplined Growth Fund 245,880 -- (64,865) 181,015 Pioneer Disciplined Value Fund 627,827 -- (53,751) 574,076 Pioneer Dynamic Credit Fund 587,132 210,773 -- 797,905 Pioneer Emerging Markets Fund 311,641 77,673 -- 389,314 Pioneer Equity Income Fund 141,847 -- (9,088) 132,759 Pioneer Fund 180,119 25,233 (21,965) 183,387 Pioneer Fundamental Growth Fund 459,807 -- (38,737) 421,070 Pioneer Global Equity Fund 1,552,569 -- (54,077) 1,498,492 Pioneer Global High Yield Fund 924,837 202 (35,143) 889,896 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) 328,579 50,265 -- 378,844 Pioneer High Yield Fund 396,720 8,575 (4,744) 400,551 Pioneer International Value Fund 1,186,270 50,402 -- 1,236,672 Pioneer Mid Cap Value Fund 533,860 -- (37,628) 496,232 Pioneer Multi-Asset Ultrashort Income Fund 182,130 23,569 -- 205,699 Pioneer Oak Ridge Small Cap Growth Fund 250,990 56,814 -- 307,804 Pioneer Real Estate Shares 175,992 31,403 -- 207,395 Pioneer Select Mid Cap Growth Fund 245,795 -- (81,204) 164,591 Pioneer Short Term Income Fund 2,243,233 87,016 (127,187) 2,203,062 Pioneer Strategic Income Fund 557,557 176,094 -- 733,651
------------------------------------------------------------------------------------------------ Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value ------------------------------------------------------------------------------------------------ Pioneer Bond Fund $ -- $ -- $ 541,177 $ 25,275,368 Pioneer Core Equity Fund 102,216 -- 25,140 4,552,887 Pioneer Disciplined Growth Fund 373,507 1,535,886 13,358 2,908,908 Pioneer Disciplined Value Fund 191,783 38,215 80,314 10,758,186 Pioneer Dynamic Credit Fund -- -- 131,368 7,915,217 Pioneer Emerging Markets Fund -- -- 86,509 9,339,647 Pioneer Equity Income Fund 56,064 155,457 56,352 4,442,108 Pioneer Fund 69,515 667,945 50,212 6,970,554 Pioneer Fundamental Growth Fund 286,776 270,638 37,534 6,812,906 Pioneer Global Equity Fund 121,807 -- 383,934 18,611,268 Pioneer Global High Yield Fund (28,236) -- 328,310 8,703,179 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) -- 21,245 69,783 4,110,455 Pioneer High Yield Fund 2,715 151,843 116,361 4,285,900 Pioneer International Value Fund -- -- 715,339 26,637,907 Pioneer Mid Cap Value Fund 105,022 1,403,761 95,266 13,130,289 Pioneer Multi-Asset Ultrashort Income Fund -- -- 11,052 2,073,448 Pioneer Oak Ridge Small Cap Growth Fund -- 521,394 -- 11,859,670 Pioneer Real Estate Shares -- -- 64,427 5,301,026 Pioneer Select Mid Cap Growth Fund 827,597 341,289 -- 6,677,443 Pioneer Short Term Income Fund (9,821) -- 214,452 21,303,613 Pioneer Strategic Income Fund -- 96,588 154,536 7,974,790 ---------- ---------- ---------- ------------ $5,204,261 $2,098,945 $3,175,424 $209,644,769 ========== ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 79 Pioneer Ibbotson Growth Allocation Fund
----------------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares ----------------------------------------------------------------------------------------------------- Pioneer Bond Fund 2,229,163 208,908 -- 2,438,071 Pioneer Core Equity Fund 521,874 -- (22,418) 499,456 Pioneer Disciplined Growth Fund 363,811 66,711 (90,939) 339,583 Pioneer Disciplined Value Fund 780,471 -- (66,868) 713,603 Pioneer Dynamic Credit Fund 35,382 93,599 -- 128,981 Pioneer Emerging Markets Fund 475,550 113,209 -- 588,759 Pioneer Equity Income Fund 234,993 -- (10,015) 224,978 Pioneer Fund 205,658 -- (9,435) 196,223 Pioneer Fundamental Growth Fund 578,521 -- (50,834) 527,687 Pioneer Global Equity Fund 1,895,863 -- (13,559) 1,882,304 Pioneer Global High Yield Fund 430,640 19,417 -- 450,057 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) 343,220 39,718 -- 382,938 Pioneer High Yield Fund 190,861 10,890 -- 201,751 Pioneer International Value Fund 1,496,636 28,938 -- 1,525,574 Pioneer Mid Cap Value Fund 632,892 -- (13,829) 619,063 Pioneer Oak Ridge Large Cap Growth Fund 597 -- -- 597 Pioneer Oak Ridge Small Cap Growth Fund 249,458 76,411 -- 325,869 Pioneer Real Estate Shares 289,590 40,738 -- 330,328 Pioneer Select Mid Cap Growth Fund 377,365 -- (67,653) 309,712 Pioneer Short Term Income Fund 1,705,742 42,150 (111,510) 1,636,382 Pioneer Strategic Income Fund 592,011 124,527 -- 716,538
---------------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value ---------------------------------------------------------------------------------------------------- Pioneer Bond Fund $ -- $ -- $ 504,699 $ 23,478,622 Pioneer Core Equity Fund 103,039 -- 42,037 7,666,645 Pioneer Disciplined Growth Fund 544,544 -- 24,761 5,457,102 Pioneer Disciplined Value Fund 95,025 2,008,339 100,639 13,372,917 Pioneer Dynamic Credit Fund -- -- 13,536 1,279,487 Pioneer Emerging Markets Fund -- -- 131,185 14,124,326 Pioneer Equity Income Fund 40,615 263,477 94,880 7,527,770 Pioneer Fund (12,262) 697,664 51,642 7,458,431 Pioneer Fundamental Growth Fund 380,916 344,295 47,123 8,537,974 Pioneer Global Equity Fund 31,470 -- 479,051 23,378,219 Pioneer Global High Yield Fund -- -- 159,222 4,401,554 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) -- 21,896 71,821 4,154,876 Pioneer High Yield Fund -- 74,314 57,280 2,158,739 Pioneer International Value Fund -- -- 888,744 32,860,854 Pioneer Mid Cap Value Fund 18,894 1,736,413 118,251 16,380,405 Pioneer Oak Ridge Large Cap Growth Fund -- -- -- 10,338 Pioneer Oak Ridge Small Cap Growth Fund -- 522,630 -- 12,555,716 Pioneer Real Estate Shares -- -- 104,025 8,443,193 Pioneer Select Mid Cap Growth Fund 651,157 603,585 -- 12,565,034 Pioneer Short Term Income Fund (8,082) -- 161,428 15,823,818 Pioneer Strategic Income Fund -- 98,612 157,388 7,788,772 ------------ ----------- ---------- ------------ $ 6,371,225 $ 1,845,316 $3,207,712 $229,424,792 ============ =========== ========== ============
80 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Pioneer Ibbotson Aggressive Allocation Fund
---------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares ---------------------------------------------------------------------------------------------- Pioneer Bond Fund 711,759 94,654 (105,376) 701,037 Pioneer Core Equity Fund 268,530 -- (10,990) 257,540 Pioneer Disciplined Growth Fund 202,305 66,711 (45,172) 223,844 Pioneer Disciplined Value Fund 384,654 -- (35,682) 348,972 Pioneer Emerging Markets Fund 344,399 103,159 -- 447,558 Pioneer Equity Income Fund 121,608 -- (5,845) 115,763 Pioneer Fund 106,445 -- (5,560) 100,885 Pioneer Fundamental Growth Fund 275,621 -- (22,853) 252,768 Pioneer Global Equity Fund 1,166,639 -- (33,045) 1,133,594 Pioneer International Value Fund 1,106,954 -- (17,863) 1,089,091 Pioneer Mid Cap Value Fund 469,757 -- (29,881) 439,876 Pioneer Oak Ridge Small Cap Growth Fund 184,764 55,879 -- 240,643 Pioneer Real Estate Shares 208,201 25,348 -- 233,549 Pioneer Select Mid Cap Growth Fund 239,740 -- (54,819) 184,921 Pioneer Short Term Income Fund 337,445 27,372 -- 364,817 Pioneer Strategic Income Fund 282,231 99,035 -- 381,266
------------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value ------------------------------------------------------------------------------------------------- Pioneer Bond Fund $ 86,517 $ -- $ 145,790 $ 6,750,989 Pioneer Core Equity Fund 47,856 -- 21,717 3,953,234 Pioneer Disciplined Growth Fund 275,066 -- 16,523 3,597,178 Pioneer Disciplined Value Fund 84,373 968,059 49,201 6,539,729 Pioneer Emerging Markets Fund -- -- 99,534 10,736,923 Pioneer Equity Income Fund 44,465 134,867 48,719 3,873,428 Pioneer Fund 12,225 162,595 22,621 3,834,622 Pioneer Fundamental Growth Fund 170,006 356,279 26,444 4,089,782 Pioneer Global Equity Fund 74,490 -- 290,032 14,079,242 Pioneer International Value Fund 34,323 -- 639,999 23,459,028 Pioneer Mid Cap Value Fund 85,061 1,246,515 84,610 11,639,123 Pioneer Oak Ridge Small Cap Growth Fund -- 383,182 -- 9,271,989 Pioneer Real Estate Shares -- -- 74,589 5,969,502 Pioneer Select Mid Cap Growth Fund 551,709 363,042 -- 7,502,250 Pioneer Short Term Income Fund -- -- 34,132 3,527,778 Pioneer Strategic Income Fund -- 48,160 77,940 4,144,361 ---------- ---------- ---------- ------------ $1,466,091 $3,662,699 $1,631,851 $122,969,158 ========== ========== ========== ============
Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 81 Pioneer Ibbotson Conservative Allocation Fund Approval of Investment Advisory and Sub-Advisory Agreements Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Ibbotson Conservative Allocation Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. PIM has retained Ibbotson Associates, Inc. (the Sub-Adviser) to serve as the sub-adviser to the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order for PIM and the Sub-Adviser to remain the investment adviser and sub-adviser of the Fund, respectively, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement and the sub- advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement and the sub-advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM, the Sub-Adviser and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement and the sub-advisory agreement for another year. In considering the renewal of the investment advisory agreement and the sub-advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreements. 82 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by each of PIM and the Sub-Adviser to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement and the sub-advisory agreement. With respect to PIM, the Trustees considered that PIM supervises and monitors the performance of the Sub-Adviser and the Fund's other service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees considered the non-investment resources and personnel of PIM involved in PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. With respect to the Sub-Adviser, the Trustees considered the Sub-Adviser's investment approach for the Fund and its research process. The Trustees considered the resources of the Sub-Adviser and the personnel of the Sub- Adviser who provide investment management services to the Fund. They noted that the Sub-Adviser does not provide investment advice with respect to the purchase and sale of individual portfolio securities by the Fund, and further noted that the Sub-Adviser's responsibilities are limited to developing the asset class model, selecting the underlying funds in the Pioneer family of funds in which the Fund invests, determining the allocations to those funds and changing those allocations from time to time. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by each of PIM and the Sub- Adviser to the Fund were satisfactory and consistent with the terms of the investment advisory agreement and the sub-advisory agreement, respectively. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 83 The Trustees considered that the Fund's annualized total return was in the second quintile of its Morningstar category for the one year period ended June 30, 2013, in the fourth quintile of its Morningstar category for the three year period ended June 30, 2013, and in the third quintile of its Morningstar category for the five year period ended June 30, 2013. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory and sub-advisory agreements. The Trustees considered reasons for the underperformance of the Fund relative to its peer group. The Trustees agreed that they would continue to closely monitor the Fund's performance. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The Trustees also considered that PIM, not the Fund, paid the Sub-Adviser pursuant to the sub-advisory agreement. The Trustees evaluated the fee under the sub-advisory agreement and the portion of the fee under the investment advisory agreement retained by PIM, and the services provided by the respective parties under such agreements. The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the third quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees considered that the Fund's expense ratio for the twelve months ended June 30, 2013 was in the fifth quintile relative to both its Morningstar peer group and its Strategic Insight peer group for the comparable period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to limit the ordinary operating expenses of the Fund. They noted the Fund's relatively small asset size compared to most of the other funds in its peer groups. The Trustees considered the impact of transfer agency, sub-transfer agency, and other non-management fee expenses on the expense ratios of the Fund. They noted that such non-management fee operating expenses generally are spread over a smaller asset base than the other funds in the peer group, which results in these fees being significantly higher as a percentage of assets. The Trustees noted that they separately review the Fund's 84 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 transfer agency, sub-transfer agency and intermediary arrangements. The Trustees also considered information showing significant expense reimbursements by the sponsors of the other funds in the peer groups. The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Sub-Adviser and the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund and Pioneer's management of the other client accounts. The Trustees reviewed management fees charged by the Sub-Adviser to its other clients. The Trustees noted that the sub-advisory fees paid to the Sub- Adviser with respect to the Fund were within the range of the fee rates charged by the Sub-Adviser to its other clients. The Trustees concluded that the management fee payable by the Fund to PIM, as well as the fees payable by PIM to the Sub-Adviser, were reasonable in relation to the nature and quality of the services provided by PIM and the Sub- Adviser to the Fund. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 85 noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits to each of PIM and the Sub-Adviser from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to each of PIM and the Sub-Adviser by virtue of its relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between each of PIM and the Sub-Adviser and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that each of the investment advisory agreement between PIM and the Fund and the sub-advisory agreement between PIM and the Sub-Adviser, including, in each case, the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of each of the investment advisory agreement and the sub-advisory agreement for the Fund. 86 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Pioneer Ibbotson Moderate Allocation Fund Approval of Investment Advisory and Sub-Advisory Agreements Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Ibbotson Moderate Allocation Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. PIM has retained Ibbotson Associates, Inc. (the Sub-Adviser) to serve as the sub-adviser to the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order for PIM and the Sub-Adviser to remain the investment adviser and sub-adviser of the Fund, respectively, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement and the sub-advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement and the sub-advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM, the Sub-Adviser and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement and the sub-advisory agreement for another year. In considering the renewal of the investment advisory agreement and the sub-advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 87 Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by each of PIM and the Sub-Adviser to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement and the sub-advisory agreement. With respect to PIM, the Trustees considered that PIM supervises and monitors the performance of the Sub-Adviser and the Fund's other service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees considered the non-investment resources and personnel of PIM involved in PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. With respect to the Sub-Adviser, the Trustees considered the Sub-Adviser's investment approach for the Fund and its research process. The Trustees considered the resources of the Sub-Adviser and the personnel of the Sub- Adviser who provide investment management services to the Fund. They noted that the Sub-Adviser does not provide investment advice with respect to the purchase and sale of individual portfolio securities by the Fund, and further noted that the Sub-Adviser's responsibilities are limited to developing the asset class model, selecting the underlying funds in the Pioneer family of funds in which the Fund invests, determining the allocations to those funds and changing those allocations from time to time. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by each of PIM and the Sub- Adviser to the Fund were satisfactory and consistent with the terms of the investment advisory agreement and the sub-advisory agreement, respectively. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. 88 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 The Trustees considered that the Fund's annualized total return was in the fourth quintile of its Morningstar category for the one and five year periods ended June 30, 2013, and in the fifth quintile of its Morningstar category for the three year period ended June 30, 2013. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory and sub-advisory agreements. The Trustees considered reasons for the underperformance of the Fund relative to its peer group. The Trustees agreed that they would continue to closely monitor the Fund's performance. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The Trustees also considered that PIM, not the Fund, paid the Sub-Adviser pursuant to the sub-advisory agreement. The Trustees evaluated the fee under the sub-advisory agreement and the portion of the fee under the investment advisory agreement retained by PIM, and the services provided by the respective parties under such agreements. The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the third quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees considered that the Fund's expense ratio for the twelve months ended June 30, 2013 was in the fifth quintile relative to both its Morningstar peer group and its Strategic Insight peer group for the comparable period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to limit the ordinary operating expenses of the Fund. They noted the Fund's relatively small asset size compared to most of the other funds in its peer groups. The Trustees considered the impact of transfer agency, sub-transfer agency, and other non-management fee expenses on the expense ratios of the Fund. They noted that such non-management fee operating expenses generally are spread over a smaller asset base than the other funds in the peer group, which results in these fees being significantly higher as a percentage of assets. The Trustees noted that they separately review the Fund's transfer agency, sub-transfer agency and intermediary arrangements. The Trustees also considered information showing significant expense reimbursements by the sponsors of the other funds in the peer groups. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 89 The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Sub-Adviser and the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund and Pioneer's management of the other client accounts. The Trustees reviewed management fees charged by the Sub-Adviser to its other clients. The Trustees noted that the sub-advisory fees paid to the Sub- Adviser with respect to the Fund were within the range of the fee rates charged by the Sub-Adviser to its other clients. The Trustees concluded that the management fee payable by the Fund to PIM, as well as the fees payable by PIM to the Sub-Adviser, were reasonable in relation to the nature and quality of the services provided by PIM and the Sub- Adviser to the Fund. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. 90 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits to each of PIM and the Sub-Adviser from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to each of PIM and the Sub-Adviser by virtue of its relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between each of PIM and the Sub-Adviser and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that each of the investment advisory agreement between PIM and the Fund and the sub-advisory agreement between PIM and the Sub-Adviser, including, in each case, the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of each of the investment advisory agreement and the sub-advisory agreement for the Fund. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 91 Pioneer Ibbotson Growth Allocation Fund Approval of Investment Advisory and Sub-Advisory Agreements Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Ibbotson Growth Allocation Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. PIM has retained Ibbotson Associates, Inc. (the Sub-Adviser) to serve as the sub-adviser to the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order for PIM and the Sub-Adviser to remain the investment adviser and sub-adviser of the Fund, respectively, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement and the sub-advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement and the sub-advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM, the Sub-Adviser and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement and the sub-advisory agreement for another year. In considering the renewal of the investment advisory agreement and the sub-advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreements. 92 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by each of PIM and the Sub-Adviser to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement and the sub-advisory agreement. With respect to PIM, the Trustees considered that PIM supervises and monitors the performance of the Sub-Adviser and the Fund's other service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees considered the non-investment resources and personnel of PIM involved in PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. With respect to the Sub-Adviser, the Trustees considered the Sub-Adviser's investment approach for the Fund and its research process. The Trustees considered the resources of the Sub-Adviser and the personnel of the Sub- Adviser who provide investment management services to the Fund. They noted that the Sub-Adviser does not provide investment advice with respect to the purchase and sale of individual portfolio securities by the Fund, and further noted that the Sub-Adviser's responsibilities are limited to developing the asset class model, selecting the underlying funds in the Pioneer family of funds in which the Fund invests, determining the allocations to those funds and changing those allocations from time to time. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by each of PIM and the Sub- Adviser to the Fund were satisfactory and consistent with the terms of the investment advisory agreement and the sub-advisory agreement, respectively. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 93 The Trustees considered that the Fund's annualized total return was in the fifth quintile of its Morningstar category for the one and three year periods ended June 30, 2013, and in the fourth quintile of its Morningstar category for the five year period ended June 30, 2013. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory and sub-advisory agreements. The Trustees considered reasons for the underperformance of the Fund relative to its peer group. The Trustees agreed that they would continue to closely monitor the Fund's performance. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The Trustees also considered that PIM, not the Fund, paid the Sub-Adviser pursuant to the sub-advisory agreement. The Trustees evaluated the fee under the sub-advisory agreement and the portion of the fee under the investment advisory agreement retained by PIM, and the services provided by the respective parties under such agreements. The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the third quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees considered that the Fund's expense ratio for the twelve months ended June 30, 2013 was in the fifth quintile relative to both its Morningstar peer group and its Strategic Insight peer group for the comparable period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to limit the ordinary operating expenses of the Fund. They noted the Fund's relatively small asset size compared to most of the other funds in its peer groups. The Trustees considered the impact of transfer agency, sub-transfer agency, and other non-management fee expenses on the expense ratios of the Fund. They noted that such non-management fee operating expenses generally are spread over a smaller asset base than the other funds in the peer group, which results in these fees being significantly higher as a percentage of assets. The Trustees noted that they separately review the Fund's transfer agency, sub-transfer agency and intermediary arrangements. The Trustees also considered information showing significant expense reimbursements by the sponsors of the other funds in the peer groups. 94 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Sub-Adviser and the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund and Pioneer's management of the other client accounts. The Trustees reviewed management fees charged by the Sub-Adviser to its other clients. The Trustees noted that the sub-advisory fees paid to the Sub- Adviser with respect to the Fund were within the range of the fee rates charged by the Sub-Adviser to its other clients. The Trustees concluded that the management fee payable by the Fund to PIM, as well as the fees payable by PIM to the Sub-Adviser, were reasonable in relation to the nature and quality of the services provided by PIM and the Sub- Adviser to the Fund. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 95 Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits to each of PIM and the Sub-Adviser from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to each of PIM and the Sub-Adviser by virtue of its relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between each of PIM and the Sub-Adviser and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that each of the investment advisory agreement between PIM and the Fund and the sub-advisory agreement between PIM and the Sub-Adviser, including, in each case, the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of each of the investment advisory agreement and the sub-advisory agreement for the Fund. 96 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Pioneer Ibbotson Aggressive Allocation Fund Approval of Investment Advisory and Sub-Advisory Agreements Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Ibbotson Aggressive Allocation Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. PIM has retained Ibbotson Associates, Inc. (the Sub-Adviser) to serve as the sub-adviser to the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser. In order for PIM and the Sub-Adviser to remain the investment adviser and sub-adviser of the Fund, respectively, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement and the sub-advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement and the sub-advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM, the Sub-Adviser and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement and the sub-advisory agreement for another year. In considering the renewal of the investment advisory agreement and the sub-advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreements. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 97 Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by each of PIM and the Sub-Adviser to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement and the sub-advisory agreement. With respect to PIM, the Trustees considered that PIM supervises and monitors the performance of the Sub-Adviser and the Fund's other service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees considered the non-investment resources and personnel of PIM involved in PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. With respect to the Sub-Adviser, the Trustees considered the Sub-Adviser's investment approach for the Fund and its research process. The Trustees considered the resources of the Sub-Adviser and the personnel of the Sub- Adviser who provide investment management services to the Fund. They noted that the Sub-Adviser does not provide investment advice with respect to the purchase and sale of individual portfolio securities by the Fund, and further noted that the Sub-Adviser's responsibilities are limited to developing the asset class model, selecting the underlying funds in the Pioneer family of funds in which the Fund invests, determining the allocations to those funds and changing those allocations from time to time. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by each of PIM and the Sub- Adviser to the Fund were satisfactory and consistent with the terms of the investment advisory agreement and the sub-advisory agreement, respectively. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. 98 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 The Trustees considered that the Fund's annualized total return was in the fourth quintile of its Morningstar category for the one, three and five year periods ended June 30, 2013. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory and sub-advisory agreements. The Trustees considered reasons for the underperformance of the Fund relative to its peer group. The Trustees agreed that they would continue to closely monitor the Fund's performance. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The Trustees also considered that PIM, not the Fund, paid the Sub-Adviser pursuant to the sub-advisory agreement. The Trustees evaluated the fee under the sub-advisory agreement and the portion of the fee under the investment advisory agreement retained by PIM, and the services provided by the respective parties under such agreements. The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the third quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees considered that the Fund's expense ratio for the twelve months ended June 30, 2013 was in the fifth quintile relative to both its Morningstar peer group and its Strategic Insight peer group for the comparable period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to limit the ordinary operating expenses of the Fund. They noted the Fund's relatively small asset size compared to most of the other funds in its peer groups. They also noted the lower average account size of shareholders in the Fund. The Trustees considered the impact of transfer agency, sub-transfer agency, and other non-management fee expenses on the expense ratios of the Fund. They noted that such non-management fee operating expenses generally are spread over a smaller asset base than the other funds in the peer group, which results in these fees being significantly higher as a percentage of assets. The Trustees noted that they separately review the Fund's transfer agency, sub-transfer agency and intermediary arrangements. The Trustees also considered information showing significant expense reimbursements by the sponsors of the other funds in the peer groups. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 99 The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Sub-Adviser and the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund and Pioneer's management of the other client accounts. The Trustees reviewed management fees charged by the Sub-Adviser to its other clients. The Trustees noted that the sub-advisory fees paid to the Sub-Adviser with respect to the Fund were within the range of the fee rates charged by the Sub-Adviser to its other clients. The Trustees concluded that the management fee payable by the Fund to PIM, as well as the fees payable by PIM to the Sub-Adviser, were reasonable in relation to the nature and quality of the services provided by PIM and the Sub- Adviser to the Fund. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. 100 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits to each of PIM and the Sub-Adviser from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to each of PIM and the Sub-Adviser by virtue of its relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between each of PIM and the Sub-Adviser and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that each of the investment advisory agreement between PIM and the Fund and the sub-advisory agreement between PIM and the Sub-Adviser, including, in each case, the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of each of the investment advisory agreement and the sub-advisory agreement for the Fund. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 101 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman Daniel K. Kingsbury, President* David R. Bock Mark D. Goodwin, Executive Benjamin M. Friedman Vice President Margaret B.W. Graham Mark E. Bradley, Treasurer** Daniel K. Kingsbury Christopher J. Kelley, Secretary Marc O. Mayer Marguerite A. Piret Kenneth J. Taubes Stephen K. West Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. 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. * Chief Executive Officer of the Fund. ** Chief Financial and Accounting Officer of the Fund. 102 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 This page for your notes. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 103 This page for your notes. 104 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 This page for your notes. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 105 This page for your notes. 106 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 This page for your notes. Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 107 This page for your notes. 108 Pioneer Ibbotson Asset Allocation Series | Semiannual Report | 1/31/14 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 Investments(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) 2014 Pioneer Investments 19016-08-0314