EX-99.17(C) 3 ex9917c.txt ANNUAL REPORT Pioneer Ibbotson Asset Allocation Series -------------------------------------------------------------------------------- Annual Report | July 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 (See Note to Shareholders on page 4 for important information regarding impending changes to the portfolios' day-to-day management, asset allocation strategies and product offerings.) [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 Report of Independent Registered Public Accounting Firm 83 Trustees, Officers and Service Providers 84
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 1 President's Letter Dear Shareowner, As we move into the final few months of 2014, we remain confident that U.S. economic growth remains sustainable, if moderately paced. The weather-related slowdown in the first quarter is behind us and labor market data continues to show steady improvement. The number of people filing initial unemployment claims is at the lowest level since the boom years of 2005-06, the number of job openings is at the highest level since 2001, and unemployment is down to just over 6%. Barring an external shock, we think it is likely that the domestic economic expansion will continue until the economy reaches full employment. Until then, remaining labor market slack and moderate capacity utilization offer the potential for continuing non-inflationary growth. The global economic picture is somewhat less rosy, as the Russia/Ukraine conflict is exacting a toll on the European economy, Japan is working through the impact of a large tax increase, and the growth of China's investment-driven economy is slowing. On balance, though, we expect the global economy to continue to grow in the second half of 2014, further supporting the U.S. economy. While our outlook is constructive, the risk of an adverse "external" shock, such as a military conflict, remains. While many such risks may already be "priced into" the market, we caution against complacency and believe investors should always be prepared for possible market volatility. 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 your trusted financial advisor to discuss your goals and develop an overall investment plan or framework that addresses both your short- and long-term goals. 2 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 On August 11, 2014, I joined Pioneer as the new President and CEO of Pioneer Investment Management USA, Inc. Since 1928, Pioneer's investment professionals have worked on behalf of our shareholders to find attractive investment opportunities, incorporating our proprietary research and prudent risk management techniques to construct our portfolios. In my role, I will focus on preserving many of the rich qualities of our history, while maintaining balance with the demands of this ever-changing global world in which we live. We greatly appreciate your trust in us and we encourage you to seek investment guidance and advice from your financial advisor. Sincerely, /s/ Lisa M. Jones Lisa M. Jones President and CEO Pioneer Investment Management USA, Inc. Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 3 Portfolio Management Discussion | 7/31/14 Note to Shareholders: The Board of Trustees ("the Board") of Pioneer Ibbotson Asset Allocation Series ("the Funds") has determined that Pioneer, the Funds' investment adviser, will assume direct responsibility for the day-to-day management of each Fund's portfolio during the fourth quarter of 2014. Each Fund's asset allocation strategies will be modified in connection with Pioneer's assumption of day-to-day management responsibilities. Ibbotson Associates, Inc. will continue to serve as the Funds' sub-adviser until Pioneer assumes day-to-day management responsibilities for the Funds. The Board also has approved the reorganization of Pioneer Ibbotson Aggressive Allocation Fund into Pioneer Ibbotson Growth Allocation Fund ("the Reorganization"). The Reorganization does not require shareholder approval and is expected to be completed during the fourth quarter of 2014. In the following interview, portfolio manager Brian Huckstep, CFA, Ibbotson Associates, Inc., sub-adviser to the Pioneer Ibbotson Asset Allocation Series funds, discusses the market environment and the investment strategies that applied to the funds during the 12-month period ended July 31, 2014. Q How would you characterize the economic and market backdrop during the 12-month period ended July 31, 2014? A As the period opened in August 2013, investors seemed to have put into perspective the likely extent and impact of the inevitable reduction in policy accommodation by the U.S. Federal Reserve (the Fed). U.S. Treasury rates generally drifted higher, but the increase did not impede equity market gains. Positive 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 economic front was capped in December 2013 by an upward revision in third quarter gross domestic product (GDP) growth to 4.1%. An improved tenor in U.S. budget talks leading to a bipartisan two-year deal late in the calendar year further fueled market optimism. The net result was a strong finish to 2013 for stocks, with most broad U.S. indices providing returns in the 10% range for the fourth quarter of the year. The mood of the market would shift in January 2014. U.S. economic data, as gauged by key employment and manufacturing indicators, came in below expectations. Meanwhile, China's manufacturing data showed signs of contracting, causing emerging markets equities to swoon and sovereign-debt spreads to widen (credit spreads reflect the yield differences between different types of fixed-income securities with similar maturities). As emerging markets currencies dipped along with other asset classes in the 4 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 developing economies, investors saw a threat to the profitability of U.S. multinational companies. The net result was that January 2014 saw most broad stock indices give up a substantial portion of their gains from the final portion of 2013. Stocks would recover in February on somewhat more encouraging economic data and the Fed's messaging that any changes to monetary policy would be gradual. The Fed had, by that time, already begun to taper its quantitative easing (QE) bond-purchasing program, but sent clear signals that any increase in the Federal funds rate would be driven by economic data and likely would not occur until after the tapering of QE was complete. The geopolitical backdrop became less benign in March 2014, as investors monitored developments in the Ukraine, which had the potential to put the U.S. and Europe at loggerheads with Russia. However, global equity markets soon resumed their upward trend despite those tensions as well as tepid U.S. growth, which was tamped down by severe weather throughout most of the continental United States. Support for equities was found both in the accommodative policies of global central banks and very low bond yields. As the 12-month period drew to a close, however, stocks dipped, in large part due to a confluence of geopolitical concerns. They included: alarming developments in Syria and Iraq with the potential to disrupt regional stability and the global energy supply; deepening tensions between the U.S. and Russia as a passenger airline was shot down over the Ukraine and Russia continued its aggressive stance in the region; and the escalating Israeli-Palestinian conflict. Over the full 12 months, the U.S. equity market returned 16.92%, as measured by the Standard & Poor's 500 Index (the S&P 500). International equities returned 15.07%, as gauged by the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index. Within the U.S. market, large-capitalization stocks significantly outperformed their small-cap counterparts, while growth stocks modestly outperformed their value counterparts. Bonds returned 3.97% for the 12-month period, as gauged by the Barclays Aggregate Bond Index (the Barclays Index), the most popular measure of U.S. bond market performance. Q What were the considerations and tactical shifts that you applied to the portfolios in allocating assets during the 12-month period ended July 31, 2014, and how did your decisions affect the Funds' performance? A Overall, our tactical emphases within the portfolios continued to be defensive during the 12-month period, and the positioning detracted from the funds' performance. Throughout the period, we maintained an underweight to equities in the portfolios. The positioning was initially driven by our concerns over the sub-par U.S. economic recovery as well as Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 5 the ongoing difficulties in Europe. While the tilt away from equities helped to mitigate the impact of the stock market reversals in January and July of 2014, it constrained the funds' returns to a degree over the full 12-month period as global equities provided double-digit returns. We have maintained the overall underweight to equities in the portfolios, however, as we continue to view company fundamentals as softening and equity valuations as stretched. Within domestic equities, the portfolios are overweight to large caps versus small caps. The overweight to large caps reflects our continued view that such stocks, overall, are in the best position to weather an uncertain economic climate and a potential lowering of corporate earnings expectations. The overweight to large caps proved helpful to the funds' performance during the period as large caps outperformed small caps by a substantial margin. The portfolios also have been underweight to real estate investment trusts (REITs), with a corresponding overweight to emerging markets equities. While both asset classes provided strong absolute returns during the period, the weightings added to the funds' performance as emerging markets outperformed REITs over the full 12 months. Finally, we have long viewed international equities as offering somewhat better value than U.S. stocks, and we maintained a tilt within the portfolios' equity allocations in favor of international stocks. The positioning caused a slight drag on the funds' returns over the full 12-month period, although both domestic and international equities experienced strong absolute returns. Within the fixed-income portion of the portfolios, we have underweighted longer-term bonds. The underweight had a modest negative effect on the funds' relative returns during the period as yields fell and bond prices rose for securities with longer maturities. In addition, our decision to trim the portfolios' exposure to lower-rated, high-yield corporate bonds was a constraint on the funds' performance during a period when having more exposure to credit-sensitive debt was rewarded in an environment of very low interest rates, which spurred a search for yield on the part of investors. Q What factors are you watching most closely as you determine strategy for the portfolios going forward? A Economic data across the developed world remains mixed, although the outlook remains for improved growth through the second half of 2014. In our view, this improvement appears to have already been factored into the markets, thereby increasing the potential for disappointments. U.S. equities appear to be overvalued, while emerging markets are one of the few asset classes with an attractive return outlook; although in the developing markets, macroeconomic and currency risks remain. Recent market sentiment has been 6 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 more positive towards yield-focused equities, including REITs. Most fixed-income categories have become less attractive as yields have fallen, but continue to have some relative appeal given stretched equity valuations. Given this outlook, we believe it is wise to allow for a margin of safety in positioning the portfolios. We will continue to closely monitor the economic backdrop as we manage the portfolios within their strategic asset allocation guidelines. 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. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareowner report regarding market or economic trends or the factors influencing each fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 7 Fund Reviews | 7/31/14 Portfolio Reviews Conservative Allocation The Fund's Class A shares returned 7.10% at net asset value during the 12-month period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays Index returned 3.97%. During the same period, the average return of the 708 mutual funds in Morningstar's Conservative Allocation Funds category was 7.47%, and the average return of the 360 mutual funds in Lipper's Mixed-Asset Target Conservative Allocation Funds category was 7.35%. At period end, the Fund was targeting an asset allocation of 28.75% equities and 71.25% fixed income, compared with a neutral allocation of 30% equities and 70% fixed income. Within the fixed-income portion of the Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at 24.4% of assets, followed by Pioneer Short Term Income Fund, at 15.9%, and Pioneer Strategic Income Fund, at 10.6%. The largest equity position in the Fund at period end was Pioneer International Value Fund, at 7.3% of assets. Moderate Allocation The Fund's Class A shares returned 10.48% at net asset value during the 12-month period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays Index returned 3.97%. During the same period, the average return of the 843 mutual funds in Morningstar's Moderate Allocation Funds category was 10.59%, and the average return of the 524 mutual funds in Lipper's Mixed-Asset Target Moderate Allocation Funds category was 9.77%. At period end, the Fund was targeting an asset allocation of 57% equities and 43% fixed income, compared with a neutral allocation of 60% equities, 40% fixed income. Within the fixed-income portion of the Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at 12.2% of assets, followed by Pioneer Short Term Income Fund, at 10.1%. Within the equity portion of the Fund, Pioneer International Value Fund was the largest holding, at 13.3% of assets on July 31, 2014. Pioneer Global Equity Fund was the next-largest equity holding, at 8.9% of assets, followed by Pioneer Mid Cap Value Fund, at 6.2%. Growth Allocation The Fund's Class A shares returned 11.96% at net asset value during the 12-month period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays Index returned 3.97%. During the same period, the average return of the 401 mutual funds in Morningstar's Aggressive Allocation Funds category was 12.28%, and the average return of the 591 mutual funds in Lipper's Mixed-Asset Target Growth Allocation Funds category was 11.56%. 8 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 At period end, the Fund was targeting an asset allocation of 69.75% equities and 30.25% fixed income, compared with a neutral allocation of 70% equities and 30% fixed income. Within the equity portion of the Fund, Pioneer International Value Fund was the largest holding, at 14.9% of assets on July 31, 2014. Pioneer Global Equity Fund was the next-largest equity holding, at 11.0% of assets, followed by Pioneer Mid Cap Value Fund, at 7.4%. Within the fixed-income portion of the Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at 10.3%, followed by Pioneer Short Term Income Fund, at 6.3% of assets. Aggressive Allocation The Fund's Class A shares returned 13.12% at net asset value during the 12-month period ended July 31, 2014, while the S&P 500 returned 16.92% and the Barclays Index returned 3.97%. During the same period, the average return of the 401 mutual funds in Morningstar's Aggressive Allocation Funds category was 12.28%, and the average return of the 805 mutual funds in Lipper's Multi-Cap Core Funds category was 15.35%. At period end, the Fund was targeting an asset allocation of 83.5% equities and 16.5% fixed income, compared with a neutral allocation of 90% equities and 10% fixed income. Within the equity portion of the fund, Pioneer International Value Fund was the largest holding, at 19.1% of assets on July 31, 2014. Pioneer Global Equity Fund was the next-largest equity holding, at 12.1% of assets, followed by Pioneer Emerging Markets Fund at 10.4%. As of July 31, 2014, the largest fixed-income position in the Fund was Pioneer Bond Fund, at 5.1% of assets. Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,038.60 $1,033.76 $1,035.11 $1,034.67 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.38 $ 12.00 $ 11.05 $ 8.48 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%, 2.38%, 2.19% and 1.68% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 10 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,017.55 $1,012.99 $1,013.93 $1,016.46 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.30 $ 11.88 $ 10.94 $ 8.40 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%, 2.38%, 2.19% and 1.68% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,055.51 $1,050.15 $1,051.57 $1,056.61 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.29 $ 11.74 $ 10.78 $ 6.07 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 1.43%, 2.31%, 2.12% 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 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 12 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,017.70 $1,013.34 $1,014.28 $1,018.89 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.15 $ 11.53 $ 10.59 $ 5.96 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the expense ratios of the underlying funds. These combined totals were 1.43%, 2.31%, 2.12% 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 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,064.16 $1,058.60 $1,059.51 $1,065.19 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.73 $ 12.25 $ 11.23 $ 6.30 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%, 2.40%, 2.20% and 1.23% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 14 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,017.31 $1,012.89 $1,013.88 $1,018.70 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 7.55 $ 11.98 $ 10.99 $ 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%, 2.40%, 2.20% and 1.23% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,071.31 $1,066.54 $1,067.76 $1,072.32 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 8.53 $ 12.86 $ 12.10 $ 7.04 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 1.66%, 2.51%, 2.36% and 1.37% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. 16 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 February 1, 2014 through July 31, 2014.
-------------------------------------------------------------------------------- Share Class A B C Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/14 -------------------------------------------------------------------------------- Ending Account Value $1,016.56 $1,012.35 $1,013.09 $1,018.00 (after expenses) on 7/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 8.30 $ 12.52 $ 11.78 $ 6.85 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 1.66%, 2.51%, 2.36% and 1.37% for Class A, Class B, Class C and Class Y shares, respectively. These combined ratios were multiplied by the average account value over the period, and then multiplied by 181/365 (to reflect the one-half year period) to calculate the "Expenses Paid During Period" in the table above. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 17 Prices and Distributions | 7/31/14 Net Asset Value per Share -------------------------------------------------------------------------------- Conservative Allocation Fund
-------------------------------------------------------------------------------- Class 7/31/14 7/31/13 -------------------------------------------------------------------------------- A $11.86 $11.42 -------------------------------------------------------------------------------- B $11.65 $11.18 -------------------------------------------------------------------------------- C $11.51 $11.09 -------------------------------------------------------------------------------- Y $11.32 $10.86 --------------------------------------------------------------------------------
Moderate Allocation Fund
-------------------------------------------------------------------------------- Class 7/31/14 7/31/13 -------------------------------------------------------------------------------- A $12.73 $11.72 -------------------------------------------------------------------------------- B $12.34 $11.31 -------------------------------------------------------------------------------- C $11.82 $10.92 -------------------------------------------------------------------------------- Y $12.88 $11.86 --------------------------------------------------------------------------------
Growth Allocation Fund
-------------------------------------------------------------------------------- Class 7/31/14 7/31/13 -------------------------------------------------------------------------------- A $13.60 $12.32 -------------------------------------------------------------------------------- B $12.10 $10.93 -------------------------------------------------------------------------------- C $12.82 $11.65 -------------------------------------------------------------------------------- Y $13.88 $12.56 --------------------------------------------------------------------------------
Aggressive Allocation Fund
-------------------------------------------------------------------------------- Class 7/31/14 7/31/13 -------------------------------------------------------------------------------- A $13.97 $12.47 -------------------------------------------------------------------------------- B $13.15 $11.72 -------------------------------------------------------------------------------- C $13.23 $11.83 -------------------------------------------------------------------------------- Y $14.07 $12.49 --------------------------------------------------------------------------------
18 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Distributions per Share: 8/1/13-7/31/14 -------------------------------------------------------------------------------- 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 | Annual Report | 7/31/14 19 Prices and Distributions | 7/31/14 (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 | Annual Report | 7/31/14 Portfolio Summary | 7/31/14 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 69.0% U.S. Equity 18.6% International Equity 12.4%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 4.13% -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.10 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 2.08 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 2.07% -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 2.06 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 1.04 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 1.03 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 7.28% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 4.17 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 1.04 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 24.37% -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 15.94 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 10.60 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 6.32 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 4.25 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 3.16 -------------------------------------------------------------------------------- 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 | Annual Report | 7/31/14 21 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Net Public Barclays Standard Asset Offering Aggregate & Poor's Value Price Bond 500 Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 4.90% 4.23% 4.76% 7.81% 5 Years 7.67 6.39 4.47 16.78 1 Year 7.10 0.99 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Conservative & Poor's Aggregate Allocation Fund 500 Index Bond Index 5/31/2005 $ 9,425 $ 10,000 $ 10,000 7/31/2005 $ 9,599 $ 10,387 $ 9,963 7/31/2006 $ 9,919 $ 10,945 $ 10,108 7/31/2007 $ 10,800 $ 12,710 $ 10,672 7/31/2008 $ 10,490 $ 11,300 $ 11,329 7/31/2009 $ 10,024 $ 9,046 $ 12,217 7/31/2010 $ 11,215 $ 10,298 $ 13,306 7/31/2011 $ 12,230 $ 12,322 $ 13,896 7/31/2012 $ 12,456 $ 13,444 $ 14,904 7/31/2013 $ 13,542 $ 16,802 $ 14,620 7/31/2014 $ 14,504 $ 19,645 $ 15,201
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 | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 3.99% 3.99% 4.76% 7.81% 5 Years 6.72 6.72 4.47 16.78 1 Year 6.26 2.26 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Conservative & Poor's Aggregate Allocation Fund 500 Index Bond Index 5/31/2005 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 10,178 $ 10,387 $ 9,963 7/31/2006 $ 10,409 $ 10,945 $ 10,108 7/31/2007 $ 11,250 $ 12,710 $ 10,672 7/31/2008 $ 10,832 $ 11,300 $ 11,329 7/31/2009 $ 10,257 $ 9,046 $ 12,217 7/31/2010 $ 11,364 $ 10,298 $ 13,306 7/31/2011 $ 12,290 $ 12,322 $ 13,896 7/31/2012 $ 12,419 $ 13,444 $ 14,904 7/31/2013 $ 13,366 $ 16,802 $ 14,620 7/31/2014 $ 14,202 $ 19,645 $ 15,201
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 | Annual Report | 7/31/14 23 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 4.03% 4.03% 4.76% 7.81% 5 Years 6.85 6.85 4.47 16.78 1 Year 6.42 6.42 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Conservative & Poor's Aggregate Allocation Fund 500 Index Bond Index 5/31/2005 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 10,168 $ 10,387 $ 9,963 7/31/2006 $ 10,419 $ 10,945 $ 10,108 7/31/2007 $ 11,253 $ 12,710 $ 10,672 7/31/2008 $ 10,844 $ 11,300 $ 11,329 7/31/2009 $ 10,244 $ 9,046 $ 12,217 7/31/2010 $ 11,362 $ 10,298 $ 13,306 7/31/2011 $ 12,291 $ 12,322 $ 13,896 7/31/2012 $ 12,433 $ 13,444 $ 14,904 7/31/2013 $ 13,407 $ 16,802 $ 14,620 7/31/2014 $ 14,267 $ 19,645 $ 15,201
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 24 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 5/12/2005 3.83% 3.83% 4.76% 7.81% 5 Years 7.18 7.18 4.47 16.78 1 Year 6.83 6.83 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Conservative & Poor's Aggregate Allocation Fund 500 Index Bond Index 5/31/2005 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/31/2005 $ 5,094,059 $ 5,193,294 $ 4,981,499 7/31/2006 $ 5,268,849 $ 5,472,497 $ 5,054,204 7/31/2007 $ 5,738,328 $ 6,354,931 $ 5,336,140 7/31/2008 $ 5,541,848 $ 5,650,116 $ 5,664,329 7/31/2009 $ 4,950,847 $ 4,522,962 $ 6,108,716 7/31/2010 $ 5,539,507 $ 5,149,089 $ 6,652,993 7/31/2011 $ 6,047,788 $ 6,160,781 $ 6,948,116 7/31/2012 $ 6,068,113 $ 6,721,761 $ 7,452,144 7/31/2013 $ 6,553,856 $ 8,401,014 $ 7,310,182 7/31/2014 $ 7,001,715 $ 9,822,588 $ 7,600,355
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the inception of the Fund's Class Y shares on October 5, 2005, reflects the NAV performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance for Class Y shares prior to their inception would have been higher than the performance shown. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 25 Portfolio Summary | 7/31/14 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 39.3% U.S. Equity 33.4% International Equity 27.3%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 6.16% -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 6.02 -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.94 -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.10 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 2.60 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 2.23 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 2.17 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 2.07 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 2.02 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 1.09 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 13.25% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 8.86 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 5.15 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 12.15% -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 10.08 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 4.06 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 4.00 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 3.99 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 2.02 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 2.02 -------------------------------------------------------------------------------- Pioneer Multi-Asset Ultrashort Income Fund Class Y 1.00 --------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. 26 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Net Public Barclays Standard Asset Offering Aggregate & Poor's Value Price Bond 500 Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.00% 5.38% 4.69% 8.39% 5 Years 10.00 8.70 4.47 16.78 1 Year 10.48 4.09 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Moderate & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 9,425 $ 10,000 $ 10,000 7/31/2005 $ 10,570 $ 11,404 $ 10,479 7/31/2006 $ 11,097 $ 12,018 $ 10,632 7/31/2007 $ 12,493 $ 13,955 $ 11,225 7/31/2008 $ 11,560 $ 12,408 $ 11,915 7/31/2009 $ 10,266 $ 9,932 $ 12,850 7/31/2010 $ 11,627 $ 11,307 $ 13,995 7/31/2011 $ 13,128 $ 13,529 $ 14,616 7/31/2012 $ 13,092 $ 14,761 $ 15,676 7/31/2013 $ 14,966 $ 18,449 $ 15,378 7/31/2014 $ 16,535 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of the maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 27 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.81% 4.81% 4.69% 8.39% 5 Years 9.09 9.09 4.47 16.78 1 Year 9.51 5.51 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Moderate & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 10,978 $ 11,404 $ 10,479 7/31/2006 $ 11,417 $ 12,018 $ 10,632 7/31/2007 $ 12,753 $ 13,955 $ 11,225 7/31/2008 $ 11,691 $ 12,408 $ 11,915 7/31/2009 $ 10,311 $ 9,932 $ 12,850 7/31/2010 $ 11,588 $ 11,307 $ 13,995 7/31/2011 $ 12,967 $ 13,529 $ 14,616 7/31/2012 $ 12,838 $ 14,761 $ 15,676 7/31/2013 $ 14,547 $ 18,449 $ 15,378 7/31/2014 $ 15,931 $ 21,570 $ 15,988
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 | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.82% 4.82% 4.69% 8.39% 5 Years 9.21 9.21 4.47 16.78 1 Year 9.70 9.70 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Moderate & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 11,122 $ 11,404 $ 10,479 7/31/2006 $ 11,573 $ 12,018 $ 10,632 7/31/2007 $ 12,941 $ 13,955 $ 11,225 7/31/2008 $ 11,882 $ 12,408 $ 11,915 7/31/2009 $ 10,474 $ 9,932 $ 12,850 7/31/2010 $ 11,776 $ 11,307 $ 13,995 7/31/2011 $ 13,203 $ 13,529 $ 14,616 7/31/2012 $ 13,061 $ 14,761 $ 15,676 7/31/2013 $ 14,833 $ 18,449 $ 15,378 7/31/2014 $ 16,271 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 29 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.44% 6.44% 4.69% 8.39% 5 Years 10.36 10.36 4.47 16.78 1 Year 10.68 10.68 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Moderate & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/31/2005 $ 5,606,494 $ 5,702,219 $ 5,239,528 7/31/2006 $ 5,913,111 $ 6,008,783 $ 5,315,999 7/31/2007 $ 6,680,624 $ 6,977,694 $ 5,612,540 7/31/2008 $ 6,206,468 $ 6,203,810 $ 5,957,728 7/31/2009 $ 5,580,029 $ 4,966,198 $ 6,425,134 7/31/2010 $ 6,347,323 $ 5,653,685 $ 6,997,603 7/31/2011 $ 7,195,925 $ 6,764,521 $ 7,308,012 7/31/2012 $ 7,195,817 $ 7,380,477 $ 7,838,149 7/31/2013 $ 8,252,035 $ 9,224,292 $ 7,688,833 7/31/2014 $ 9,133,745 $ 10,785,178 $ 7,994,036
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the inception of the Fund's Class Y shares on September 23, 2005, reflects the NAV performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance for Class Y shares prior to their inception would have been higher than the performance shown. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 30 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Portfolio Summary | 7/31/14 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 41.1% International Equity 33.1% Fixed Income 25.5%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 7.32% -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 6.06 -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 5.76 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 3.74 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 3.61 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 3.43 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 3.40 -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.20 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 3.15 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 1.70 -------------------------------------------------------------------------------- Pioneer Oak Ridge Large Cap Growth Fund Class Y 0.00* -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 14.85% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 10.99 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 7.23 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 10.29% -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 6.33 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 3.53 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 1.91 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 1.85 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 0.93 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 0.68 --------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. * Rounds to less than 0.01%. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 31 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Net Public Barclays Standard Asset Offering Aggregate & Poor's Value Price Bond 500 Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.32% 5.69% 4.69% 8.39% 5 Years 10.96 9.64 4.47 16.78 1 Year 11.96 5.53 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Growth & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 9,425 $ 10,000 $ 10,000 7/31/2005 $ 10,892 $ 11,404 $ 10,479 7/31/2006 $ 11,577 $ 12,018 $ 10,632 7/31/2007 $ 13,281 $ 13,955 $ 11,225 7/31/2008 $ 11,969 $ 12,408 $ 11,915 7/31/2009 $ 10,115 $ 9,932 $ 12,850 7/31/2010 $ 11,520 $ 11,307 $ 13,995 7/31/2011 $ 13,231 $ 13,529 $ 14,616 7/31/2012 $ 13,058 $ 14,761 $ 15,676 7/31/2013 $ 15,199 $ 18,449 $ 15,378 7/31/2014 $ 17,016 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of the maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 32 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 4.58% 4.58% 4.69% 8.39% 5 Years 10.07 10.07 4.47 16.78 1 Year 10.91 6.91 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Growth & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 11,046 $ 11,404 $ 10,479 7/31/2006 $ 11,657 $ 12,018 $ 10,632 7/31/2007 $ 13,250 $ 13,955 $ 11,225 7/31/2008 $ 11,838 $ 12,408 $ 11,915 7/31/2009 $ 9,938 $ 9,932 $ 12,850 7/31/2010 $ 11,233 $ 11,307 $ 13,995 7/31/2011 $ 12,795 $ 13,529 $ 14,616 7/31/2012 $ 12,538 $ 14,761 $ 15,676 7/31/2013 $ 14,476 $ 18,449 $ 15,378 7/31/2014 $ 16,056 $ 21,570 $ 15,988
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 | Annual Report | 7/31/14 33 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 5.25% 5.25% 4.69% 8.39% 5 Years 10.20 10.20 4.47 16.78 1 Year 11.09 11.09 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Growth & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 11,310 $ 11,404 $ 10,479 7/31/2006 $ 11,933 $ 12,018 $ 10,632 7/31/2007 $ 13,575 $ 13,955 $ 11,225 7/31/2008 $ 12,158 $ 12,408 $ 11,915 7/31/2009 $ 10,203 $ 9,932 $ 12,850 7/31/2010 $ 11,537 $ 11,307 $ 13,995 7/31/2011 $ 13,164 $ 13,529 $ 14,616 7/31/2012 $ 12,913 $ 14,761 $ 15,676 7/31/2013 $ 14,925 $ 18,449 $ 15,378 7/31/2014 $ 16,581 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 34 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.79% 6.79% 4.69% 8.39% 5 Years 11.05 11.05 4.47 16.78 1 Year 12.25 12.25 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Growth & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/31/2005 $ 5,776,725 $ 5,702,219 $ 5,239,528 7/31/2006 $ 6,193,377 $ 6,008,783 $ 5,315,999 7/31/2007 $ 7,114,596 $ 6,977,694 $ 5,612,540 7/31/2008 $ 6,470,796 $ 6,203,810 $ 5,957,728 7/31/2009 $ 5,585,334 $ 4,966,198 $ 6,425,134 7/31/2010 $ 6,385,461 $ 5,653,685 $ 6,997,603 7/31/2011 $ 7,368,224 $ 6,764,521 $ 7,308,012 7/31/2012 $ 7,200,258 $ 7,380,477 $ 7,838,149 7/31/2013 $ 8,402,575 $ 9,224,292 $ 7,688,833 7/31/2014 $ 9,431,945 $ 10,785,178 $ 7,994,036
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the inception of the Fund's Class Y shares on September 26, 2005, reflects the NAV performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance for Class Y shares prior to their inception would have been higher than the performance shown. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 35 Portfolio Summary | 7/31/14 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 46.8% International Equity 41.6% Fixed Income 11.6%
Actual Portfolio Holdings (based on total portfolio) --------------------------------------------------------------------------------
U.S. Stocks -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class Y 9.38% -------------------------------------------------------------------------------- Pioneer Oak Ridge Small Cap Growth Fund Class Y 7.95 -------------------------------------------------------------------------------- Pioneer Disciplined Value Fund Class Y 5.72 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 4.51 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class Y 4.19 -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 3.62 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class Y 3.19 -------------------------------------------------------------------------------- Pioneer Fund Class Y 3.08 -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class Y 3.03 -------------------------------------------------------------------------------- Pioneer Disciplined Growth Fund Class Y 2.18 -------------------------------------------------------------------------------- International Stocks -------------------------------------------------------------------------------- Pioneer International Value Fund Class Y 19.12% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class Y 12.10 -------------------------------------------------------------------------------- Pioneer Emerging Markets Fund Class Y 10.37 -------------------------------------------------------------------------------- Bonds -------------------------------------------------------------------------------- Pioneer Bond Fund Class Y 5.12% -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class Y 3.61 -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class Y 2.83 --------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. 36 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Net Public Barclays Standard Asset Offering Aggregate & Poor's Value Price Bond 500 Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.49% 5.86% 4.69% 8.39% 5 Years 11.61 10.29 4.47 16.78 1 Year 13.12 6.62 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Aggressive & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 9,425 $ 10,000 $ 10,000 7/31/2005 $ 11,173 $ 11,404 $ 10,479 7/31/2006 $ 11,989 $ 12,018 $ 10,632 7/31/2007 $ 13,956 $ 13,955 $ 11,225 7/31/2008 $ 12,276 $ 12,408 $ 11,915 7/31/2009 $ 9,938 $ 9,932 $ 12,850 7/31/2010 $ 11,345 $ 11,307 $ 13,995 7/31/2011 $ 13,208 $ 13,529 $ 14,616 7/31/2012 $ 12,804 $ 14,761 $ 15,676 7/31/2013 $ 15,218 $ 18,449 $ 15,378 7/31/2014 $ 17,214 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of the maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 37 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 5.32% 5.32% 4.69% 8.39% 5 Years 10.72 10.72 4.47 16.78 1 Year 12.20 8.20 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Aggressive & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 11,690 $ 11,404 $ 10,479 7/31/2006 $ 12,434 $ 12,018 $ 10,632 7/31/2007 $ 14,361 $ 13,955 $ 11,225 7/31/2008 $ 12,534 $ 12,408 $ 11,915 7/31/2009 $ 10,066 $ 9,932 $ 12,850 7/31/2010 $ 11,397 $ 11,307 $ 13,995 7/31/2011 $ 13,165 $ 13,529 $ 14,616 7/31/2012 $ 12,675 $ 14,761 $ 15,676 7/31/2013 $ 14,929 $ 18,449 $ 15,378 7/31/2014 $ 16,751 $ 21,570 $ 15,988
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 | Annual Report | 7/31/14 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 5.53% 5.53% 4.69% 8.39% 5 Years 10.84 10.84 4.47 16.78 1 Year 12.35 12.35 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Aggressive & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 10,000 $ 10,000 $ 10,000 7/31/2005 $ 11,563 $ 11,404 $ 10,479 7/31/2006 $ 12,299 $ 12,018 $ 10,632 7/31/2007 $ 14,221 $ 13,955 $ 11,225 7/31/2008 $ 12,429 $ 12,408 $ 11,915 7/31/2009 $ 9,979 $ 9,932 $ 12,850 7/31/2010 $ 11,302 $ 11,307 $ 13,995 7/31/2011 $ 13,069 $ 13,529 $ 14,616 7/31/2012 $ 12,597 $ 14,761 $ 15,676 7/31/2013 $ 14,861 $ 18,449 $ 15,378 7/31/2014 $ 16,697 $ 21,570 $ 15,988
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 39 Performance Update | 7/31/14 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 July 31, 2014) -------------------------------------------------------------------------------- Barclays Standard Aggregate & Poor's If If Bond 500 Period Held Redeemed Index Index -------------------------------------------------------------------------------- Life-of-Class 8/9/2004 6.76% 6.76% 4.69% 8.39% 5 Years 11.77 11.77 4.47 16.78 1 Year 13.50 13.50 3.97 16.92 -------------------------------------------------------------------------------- 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 Standard Barclays Aggressive & Poor's Aggregate Allocation Fund 500 Index Bond Index 8/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/31/2005 $ 5,929,998 $ 5,702,219 $ 5,239,528 7/31/2006 $ 6,379,347 $ 6,008,783 $ 5,315,999 7/31/2007 $ 7,470,251 $ 6,977,694 $ 5,612,540 7/31/2008 $ 6,661,413 $ 6,203,810 $ 5,957,728 7/31/2009 $ 5,372,710 $ 4,966,198 $ 6,425,134 7/31/2010 $ 6,151,437 $ 5,653,685 $ 6,997,603 7/31/2011 $ 7,216,848 $ 6,764,521 $ 7,308,012 7/31/2012 $ 6,945,791 $ 7,380,477 $ 7,838,149 7/31/2013 $ 8,256,149 $ 9,224,292 $ 7,688,833 7/31/2014 $ 9,371,094 $ 10,785,178 $ 7,994,036
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the inception of the Fund's Class Y shares on September 23, 2005 reflects the NAV performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance for Class Y shares prior to their inception would have been higher than the performance shown. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 40 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Schedule of Investments | 7/31/14 Pioneer Ibbotson Conservative Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 94.9% PIONEER FUNDS* -- 94.9% 1,686,460 Pioneer Bond Fund Class Y $ 16,459,845 85,125 Pioneer Core Equity Fund Class Y 1,398,604 40,153 Pioneer Disciplined Growth Fund Class Y 703,085 137,391 Pioneer Disciplined Value Fund Class Y 2,787,657 285,961 Pioneer Dynamic Credit Fund Class Y 2,868,189 25,794 Pioneer Emerging Markets Fund Class Y 704,189 19,793 Pioneer Equity Income Fund Class Y 697,114 102,989 Pioneer Floating Rate Fund Class Y 715,772 51,306 Pioneer Fund Class Y 2,097,392 80,095 Pioneer Fundamental Growth Fund Class Y 1,406,475 204,577 Pioneer Global Equity Fund Class Y 2,814,973 429,821 Pioneer Global High Yield Fund Class Y 4,272,424 128,640 Pioneer Global Multisector Income Fund Class Y 1,429,190 196,990 Pioneer High Yield Fund Class Y 2,131,428 213,873 Pioneer International Value Fund Class Y 4,916,947 47,879 Pioneer Mid Cap Value Fund Class Y 1,394,235 71,202 Pioneer Multi-Asset Ultrashort Income Fund 717,004 Class Y 18,273 Pioneer Oak Ridge Small Cap Growth Fund 703,523 Class Y 24,862 Pioneer Real Estate Shares Class Y 705,573 16,637 Pioneer Select Mid Cap Growth Fund Class Y 701,741 1,116,706 Pioneer Short Term Income Fund Class Y 10,765,049 646,085 Pioneer Strategic Income Fund Class Y 7,158,616 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $58,085,357) $ 67,549,025 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 94.9% (Cost $58,085,357) (a) $ 67,549,025 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 5.1% $ 3,635,606 -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 71,184,631 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At July 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $58,961,237 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $8,597,306 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (9,518) ---------- Net unrealized appreciation $8,587,788 ==========
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 41 Schedule of Investments | 7/31/14 Pioneer Ibbotson Conservative Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2014 aggregated $8,258,130 and $8,011,888, 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.). 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 or broker-dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of July 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $67,549,025 $ -- $ -- $67,549,025 -------------------------------------------------------------------------------- Total $67,549,025 $ -- $ -- $67,549,025 ================================================================================
During the year ended July 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 | Annual Report | 7/31/14 Schedule of Investments | 7/31/14 Pioneer Ibbotson Moderate Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 98.4% PIONEER FUNDS* -- 98.4% 2,717,659 Pioneer Bond Fund Class Y $ 26,524,356 274,648 Pioneer Core Equity Fund Class Y 4,512,459 135,761 Pioneer Disciplined Growth Fund Class Y 2,377,178 647,431 Pioneer Disciplined Value Fund Class Y 13,136,369 868,250 Pioneer Dynamic Credit Fund Class Y 8,708,547 411,785 Pioneer Emerging Markets Fund Class Y 11,241,734 125,210 Pioneer Equity Income Fund Class Y 4,409,891 165,627 Pioneer Fund Class Y 6,770,838 277,576 Pioneer Fundamental Growth Fund Class Y 4,874,229 1,404,875 Pioneer Global Equity Fund Class Y 19,331,081 892,387 Pioneer Global High Yield Fund Class Y 8,870,329 396,944 Pioneer Global Multisector Income Fund Class Y 4,410,048 407,607 Pioneer High Yield Fund Class Y 4,410,307 1,257,978 Pioneer International Value Fund Class Y 28,920,905 461,877 Pioneer Mid Cap Value Fund Class Y 13,449,857 217,409 Pioneer Multi-Asset Ultrashort Income Fund Class Y 2,189,312 336,699 Pioneer Oak Ridge Small Cap Growth Fund Class Y 12,962,905 200,085 Pioneer Real Estate Shares Class Y 5,678,400 112,473 Pioneer Select Mid Cap Growth Fund Class Y 4,744,092 2,282,340 Pioneer Short Term Income Fund Class Y 22,001,760 788,862 Pioneer Strategic Income Fund Class Y 8,740,590 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $170,693,912) $218,265,187 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 98.4% (Cost $170,693,912) (a) $218,265,187 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 1.6% $ 3,623,343 -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $221,888,530 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At July 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $173,281,530 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $45,011,943 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (28,286) ----------- Net unrealized appreciation $44,983,657 ===========
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 43 Schedule of Investments | 7/31/14 Pioneer Ibbotson Moderate Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2014 aggregated $22,591,660 and $20,539,212, 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.). 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 or broker-dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of July 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $218,265,187 $ -- $ -- $218,265,187 -------------------------------------------------------------------------------- Total $218,265,187 $ -- $ -- $218,265,187 ================================================================================
During the year ended July 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 | Annual Report | 7/31/14 Schedule of Investments | 7/31/14 Pioneer Ibbotson Growth Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 99.8% PIONEER FUNDS* -- 99.8% 2,514,354 Pioneer Bond Fund Class Y $ 24,540,092 524,733 Pioneer Core Equity Fund Class Y 8,621,367 232,223 Pioneer Disciplined Growth Fund Class Y 4,066,218 712,776 Pioneer Disciplined Value Fund Class Y 14,462,222 161,684 Pioneer Dynamic Credit Fund Class Y 1,621,692 631,523 Pioneer Emerging Markets Fund Class Y 17,240,577 213,458 Pioneer Equity Income Fund Class Y 7,517,992 186,671 Pioneer Fund Class Y 7,631,112 462,549 Pioneer Fundamental Growth Fund Class Y 8,122,354 1,906,318 Pioneer Global Equity Fund Class Y 26,230,942 458,523 Pioneer Global High Yield Fund Class Y 4,557,715 397,586 Pioneer Global Multisector Income Fund Class Y 4,417,180 206,145 Pioneer High Yield Fund Class Y 2,230,487 1,541,503 Pioneer International Value Fund Class Y 35,439,157 599,996 Pioneer Mid Cap Value Fund Class Y 17,471,897 597 Pioneer Oak Ridge Large Cap Growth Fund Class Y 10,839 357,066 Pioneer Oak Ridge Small Cap Growth Fund Class Y 13,747,035 288,635 Pioneer Real Estate Shares Class Y 8,191,473 211,426 Pioneer Select Mid Cap Growth Fund Class Y 8,917,933 1,567,403 Pioneer Short Term Income Fund Class Y 15,109,768 760,500 Pioneer Strategic Income Fund Class Y 8,426,340 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $176,944,380) $238,574,392 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 99.8% (Cost $176,944,380) (a) $238,574,392 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 0.2% $ 408,565 -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $238,982,957 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At July 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $178,562,042 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 60,063,548 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (51,198) ------------ Net unrealized appreciation $ 60,012,350 ============
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 45 Schedule of Investments | 7/31/14 Pioneer Ibbotson Growth Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2014 aggregated $19,259,251 and $19,239,764, 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.). 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 or broker-dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of July 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $238,574,392 $ -- $ -- $238,574,392 -------------------------------------------------------------------------------- Total $238,574,392 $ -- $ -- $238,574,392 ================================================================================
During the year ended July 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 | Annual Report | 7/31/14 Schedule of Investments | 7/31/14 Pioneer Ibbotson Aggressive Allocation Fund
-------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------- MUTUAL FUNDS -- 99.9% PIONEER FUNDS* -- 99.9% 685,024 Pioneer Bond Fund Class Y $ 6,685,831 288,095 Pioneer Core Equity Fund Class Y 4,733,408 162,703 Pioneer Disciplined Growth Fund Class Y 2,848,930 368,543 Pioneer Disciplined Value Fund Class Y 7,477,729 496,569 Pioneer Emerging Markets Fund Class Y 13,556,335 112,385 Pioneer Equity Income Fund Class Y 3,958,198 98,377 Pioneer Fund Class Y 4,021,666 237,535 Pioneer Fundamental Growth Fund Class Y 4,171,110 1,149,071 Pioneer Global Equity Fund Class Y 15,811,224 1,086,767 Pioneer International Value Fund Class Y 24,984,776 421,073 Pioneer Mid Cap Value Fund Class Y 12,261,641 269,745 Pioneer Oak Ridge Small Cap Growth Fund Class Y 10,385,175 207,910 Pioneer Real Estate Shares Class Y 5,900,481 129,846 Pioneer Select Mid Cap Growth Fund Class Y 5,476,915 384,212 Pioneer Short Term Income Fund Class Y 3,703,806 425,373 Pioneer Strategic Income Fund Class Y 4,713,138 -------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $90,927,490) $130,690,363 -------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 99.9% (Cost $90,927,490) (a) $130,690,363 -------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 0.1% $ 196,002 -------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $130,886,365 ================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. (a) At July 31, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $92,521,691 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 38,168,672 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value -- ------------ Net unrealized appreciation $ 38,168,672 ============
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 47 Schedule of Investments | 7/31/14 Pioneer Ibbotson Aggressive Allocation Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2014 aggregated $12,900,585 and $12,556,606, 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.). 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 or broker-dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of July 31, 2014, in valuing the Fund's assets:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Mutual Funds $130,690,363 $ -- $ -- $130,690,363 -------------------------------------------------------------------------------- Total $130,690,363 $ -- $ -- $130,690,363 ================================================================================
During the year ended July 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 | Annual Report | 7/31/14 Statements of Assets and Liabilities | 7/31/14
----------------------------------------------------------------------------------------------------- Conservative Moderate Growth Aggressive Allocation Allocation Allocation Allocation Fund Fund Fund Fund ----------------------------------------------------------------------------------------------------- ASSETS: Investments in securities of affiliated issuers, at value (at cost $58,085,357, $170,693,912, $176,944,380 and $90,927,490, respectively) $67,549,025 $218,265,187 $238,574,392 $130,690,363 Cash 3,499,672 4,055,135 229,990 487,743 Receivables for: Investment Funds sold 4,115 231,426 249,743 95,071 Capital stock sold 195,010 165,927 83,785 7,301 Dividends 122,458 222,473 159,355 38,206 Due from Pioneer Investment Management, Inc. 529 649 278 1,899 Other assets 46,474 50,240 31,184 36,534 ----------------------------------------------------------------------------------------------- Total assets $71,417,283 $222,991,037 $239,328,727 $131,357,117 =============================================================================================== LIABILITIES: Payables for: Investments Funds purchased $ 92,342 $ 38,989 $ -- $ -- Capital stock redeemed 50,776 844,075 105,399 308,092 Due to affiliates 51,738 173,621 184,847 97,699 Accrued expenses and other liabilities 37,796 45,822 55,524 64,961 ----------------------------------------------------------------------------------------------- Total liabilities: $ 232,652 $ 1,102,507 $ 345,770 $ 470,752 =============================================================================================== NET ASSETS: Paid-in capital $62,996,574 $196,097,702 $207,770,074 $116,002,034 Undistributed net investment income 558,475 2,876,795 2,422,529 842,780 Accumulated net realized loss on investments (1,834,086) (24,657,242) (32,839,658) (25,721,322) Net unrealized gains on investments 9,463,668 47,571,275 61,630,012 39,762,873 ----------------------------------------------------------------------------------------------- Total net assets $71,184,631 $221,888,530 $238,982,957 $130,886,365 =============================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Net Assets of Class A shares $46,872,701 $136,511,322 $163,348,541 $101,176,799 Net Assets of Class B shares $ 1,898,181 $ 6,761,021 $ 11,269,874 $ 6,159,183 Net Assets of Class C shares $22,290,456 $ 75,376,745 $ 63,333,344 $ 23,204,915 Net Assets of Class Y shares $ 123,293 $ 3,239,442 $ 1,031,198 $ 345,468 Class A Shares outstanding 3,950,721 10,727,055 12,011,758 7,242,939 Class B Shares outstanding 162,980 547,990 931,248 468,268 Class C Shares outstanding 1,937,449 6,378,937 4,938,372 1,753,889 Class Y Shares outstanding 10,888 251,570 74,291 24,551 Net Asset Value -- Class A share $ 11.86 $ 12.73 $ 13.60 $ 13.97 Net Asset Value -- Class B share $ 11.65 $ 12.34 $ 12.10 $ 13.15 Net Asset Value -- Class C share $ 11.51 $ 11.82 $ 12.82 $ 13.23 Net Asset Value -- Class Y share $ 11.32 $ 12.88 $ 13.88 $ 14.07 MAXIMUM OFFERING PRICE: Class A (100/94.25 x net asset value per share) $ 12.58 $ 13.51 $ 14.43 $ 14.82 ===============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 49 Statements of Operations For the Year Ended 7/31/14
----------------------------------------------------------------------------------------------------- Conservative Moderate Growth Aggressive Allocation Allocation Allocation Allocation Fund Fund Fund Fund ----------------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividend income from underlying affiliated funds $2,006,320 $ 4,767,314 $ 4,471,763 $ 2,022,078 Interest 1,053 1,259 114 89 ----------------------------------------------------------------------------------------------------- Total Investment Income $2,007,373 $ 4,768,573 $ 4,471,877 $ 2,022,167 ----------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 89,709 $ 281,992 $ 303,089 $ 163,915 Transfer agent fees Class A 36,369 128,242 204,495 152,724 Class B 5,619 23,326 42,590 24,356 Class C 11,854 34,775 42,008 22,821 Class Y 235 463 391 433 Distribution fees Class A 112,194 334,080 396,235 241,554 Class B 26,619 85,679 144,203 75,100 Class C 213,341 712,327 589,368 215,295 Shareholder communications expense 34,080 116,643 145,034 92,346 Administrative fees 35,675 85,151 89,654 54,454 Custodian fees 17,187 15,561 11,844 16,586 Registration fees 58,723 59,765 58,095 78,500 Professional fees 36,816 42,638 67,915 49,818 Printing fees 16,576 21,934 17,334 20,129 Fees and expenses of non-affiliated trustees 6,370 7,273 6,956 6,272 Insurance expense 841 2,745 2,491 1,539 Miscellaneous 4,654 5,400 10,608 7,418 ----------------------------------------------------------------------------------------------------- Total expenses $ 706,862 $ 1,957,994 $ 2,132,310 $ 1,223,260 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. $ (1,025) $ (8,415) $ (14,450) $ (10,386) ----------------------------------------------------------------------------------------------------- Net expenses $ 705,837 $ 1,949,579 $ 2,117,860 $ 1,212,874 ----------------------------------------------------------------------------------------------------- Net investment income $1,301,536 $ 2,818,994 $ 2,354,017 $ 809,293 ----------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on underlying affiliated funds $ 964,652 $ 5,505,402 $ 4,776,361 $ 2,958,565 Capital gain on distributions from underlying affiliated funds $ 885,970 $ 5,204,261 $ 6,371,225 $ 3,662,700 ----------------------------------------------------------------------------------------------------- $1,850,622 $10,709,663 $11,147,586 $ 6,621,265 ----------------------------------------------------------------------------------------------------- Change in net unrealized appreciation on investments $1,439,336 $ 7,279,886 $12,104,219 $ 7,799,873 ----------------------------------------------------------------------------------------------------- Net increase on investments $3,289,958 $17,989,549 $23,251,805 $14,421,138 ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $4,591,494 $20,808,543 $25,605,822 $15,230,431 =====================================================================================================
The accompanying notes are an integral part of these financial statements. 50 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Statements of Changes in Net Assets --------------------------------------------------------------------------------------------------- Conservative Moderate Allocation Fund Allocation Fund ----------------------------- ------------------------------- Year Year Year Year Ended Ended Ended Ended 7/31/14 7/31/13 7/31/14 7/31/13 --------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 1,301,536 $ 1,480,666 $ 2,818,994 $ 3,192,855 Net realized gain on investments 1,850,622 1,632,532 10,709,663 6,864,167 Change in net unrealized appreciation on investments 1,439,336 2,220,532 7,279,886 16,019,476 --------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 4,591,494 $ 5,333,730 $ 20,808,543 $ 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) $ (2,249,406) $ (2,347,138) Class B ($0.22, $0.13, $0.04 and $0.06, respectively) (55,077) (49,375) (34,306) (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 $ 16,042,138 $ 19,342,329 $ 39,270,319 $ 38,645,530 Reinvestment of distributions 1,723,597 1,169,434 3,036,320 3,147,019 Cost of shares repurchased (17,505,472) (19,670,549) (45,544,611) (50,543,688) --------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions 260,263 841,214 (3,237,972) (8,751,139) --------------------------------------------------------------------------------------------------- Net increase in net assets $ 2,922,883 $ 4,898,094 $ 14,273,193 $ 13,909,167 NET ASSETS: Beginning of year 68,261,748 63,363,654 207,615,337 193,706,170 --------------------------------------------------------------------------------------------------- End of year $ 71,184,631 $ 68,261,748 $221,888,530 $207,615,337 --------------------------------------------------------------------------------------------------- Undistributed net investment income, end of year $ 558,475 $ 1,170,281 $ 2,876,795 $ 3,297,033 ===================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 51 Statements of Changes in Net Assets (continued) ------------------------------------------------------------------------------------------------- Growth Aggressive Allocation Fund Allocation Fund ----------------------------- ----------------------------- Year Year Year Year Ended Ended Ended Ended 7/31/14 7/31/13 7/31/14 7/31/13 ------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 2,354,017 $ 2,678,896 $ 809,293 $ 957,800 Net realized gain on investments 11,147,586 8,430,071 6,621,265 5,353,388 Change in net unrealized appreciation on investments 12,104,219 20,860,423 7,799,873 13,474,283 ------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 25,605,822 $ 31,969,390 $ 15,230,431 $ 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 $ 38,239,391 $ 34,726,733 $ 20,243,654 $ 16,103,690 Reinvestment of distributions 2,678,217 2,589,712 1,012,146 904,418 Cost of shares repurchased (46,083,872) (52,707,882) (24,045,232) (29,890,561) ------------------------------------------------------------------------------------------------- Net decrease in net assets resulting from Fund share transactions (5,166,264) (15,391,437) (2,789,432) (12,882,453) ------------------------------------------------------------------------------------------------- Net increase in net assets $ 17,609,897 $ 13,861,870 $ 11,398,818 $ 5,968,283 NET ASSETS: Beginning of year 221,373,060 207,511,190 119,487,547 113,519,264 ------------------------------------------------------------------------------------------------- End of year $238,982,957 $221,373,060 $130,886,365 $119,487,547 ------------------------------------------------------------------------------------------------- Undistributed net investment income, end of year $ 2,422,529 $ 2,829,068 $ 842,780 $ 1,041,682 =================================================================================================
The accompanying notes are an integral part of these financial statements. 52 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
--------------------------------------------------------------------------------------------------------- Conservative Allocation Fund ------------------------------------------------------------------ '14 Shares '14 Amount '13 Shares '13 Amount --------------------------------------------------------------------------------------------------------- Class A Shares sold 887,243 $ 10,329,684 1,020,934 $ 11,402,241 Reinvestment of distributions 114,334 1,312,556 85,658 931,997 Less shares repurchased (926,350) (10,750,423) (1,200,704) (13,407,002) --------------------------------------------------------------------------------------------------------- Net increase (decrease) 75,227 $ 891,817 (94,112) $ (1,072,764) ========================================================================================================= Class B Shares sold 8,303 $ 94,672 18,697 $ 204,015 Reinvestment of distributions 4,767 54,011 4,413 47,265 Less shares repurchased (148,745) (1,699,869) (146,078) (1,606,168) --------------------------------------------------------------------------------------------------------- Net decrease (135,675) $ (1,551,186) (122,968) $ (1,354,888) ========================================================================================================= Class C Shares sold 494,388 $ 5,586,236 705,703 $ 7,658,490 Reinvestment of distributions 31,902 356,669 17,918 190,116 Less shares repurchased (441,817) (5,000,197) (428,536) (4,649,918) --------------------------------------------------------------------------------------------------------- Net increase 84,473 $ 942,708 295,085 $ 3,198,688 ========================================================================================================= Class Y Shares sold 2,819 $ 31,546 7,322 $ 77,583 Reinvestment of distributions 33 361 5 56 Less shares repurchased (4,982) (54,983) (704) (7,461) --------------------------------------------------------------------------------------------------------- Net increase (decrease) (2,130) $ (23,076) 6,623 $ 70,178 ========================================================================================================= Moderate Allocation Fund ------------------------------------------------------------------ '14 Shares '14 Amount '13 Shares '13 Amount --------------------------------------------------------------------------------------------------------- Class A Shares sold 1,730,399 $ 21,244,963 1,920,609 $ 21,359,645 Reinvestment of distributions 181,389 2,225,640 216,417 2,311,349 Less shares repurchased (2,140,186) (26,312,690) (2,541,970) (28,078,906) --------------------------------------------------------------------------------------------------------- Net decrease (228,398) $ (2,842,087) (404,944) $ (4,407,912) ========================================================================================================= Class B Shares sold 24,572 $ 288,491 45,000 $ 485,670 Reinvestment of distributions 2,819 33,719 7,130 73,866 Less shares repurchased (369,252) (4,391,960) (763,142) (8,143,861) --------------------------------------------------------------------------------------------------------- Net decrease (341,861) $ (4,069,750) (711,012) $ (7,584,325) ========================================================================================================= Class C Shares sold 1,500,562 $ 17,145,235 1,549,226 $ 16,124,813 Reinvestment of distributions 63,300 724,152 66,229 661,627 Less shares repurchased (1,136,287) (13,011,583) (1,149,577) (11,914,231) --------------------------------------------------------------------------------------------------------- Net increase 427,575 $ 4,857,804 465,878 $ 4,872,209 ========================================================================================================= Class Y Shares sold 47,248 $ 591,630 60,167 $ 675,402 Reinvestment of distributions 4,259 52,809 9,293 100,177 Less shares repurchased (148,680) (1,828,378) (213,103) (2,406,690) --------------------------------------------------------------------------------------------------------- Net decrease (97,173) $ (1,183,939) (143,643) $ (1,631,111) =========================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 53 Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------------------- Growth Allocation Fund -------------------------------------------------------------------- '14 Shares '14 Amount '13 Shares '13 Amount --------------------------------------------------------------------------------------------------------- Class A Shares sold 1,736,995 $ 22,612,720 1,955,642 $ 22,648,749 Reinvestment of distributions 169,003 2,208,870 188,344 2,079,338 Less shares repurchased (2,034,554) (26,595,672) (2,559,993) (29,481,905) --------------------------------------------------------------------------------------------------------- Net decrease (128,556) $ (1,774,082) (416,007) $ (4,753,818) ========================================================================================================= Class B Shares sold 14,332 $ 164,771 20,819 $ 210,358 Reinvestment of distributions 2,462 28,776 12,344 121,589 Less shares repurchased (681,493) (7,889,671) (1,055,789) (10,840,758) --------------------------------------------------------------------------------------------------------- Net decrease (664,699) $ (7,696,124) (1,022,626) $(10,508,811) ========================================================================================================= Class C Shares sold 1,219,202 $ 15,073,934 1,054,542 $ 11,590,420 Reinvestment of distributions 34,448 426,113 35,111 368,013 Less shares repurchased (868,349) (10,778,809) (1,014,165) (11,149,890) --------------------------------------------------------------------------------------------------------- Net increase 385,301 $ 4,721,238 75,488 $ 808,543 ========================================================================================================= Class Y Shares sold 29,478 $ 387,966 23,464 $ 277,206 Reinvestment of distributions 1,086 14,458 1,848 20,772 Less shares repurchased (60,880) (819,720) (104,455) (1,235,329) --------------------------------------------------------------------------------------------------------- Net decrease (30,316) $ (417,296) (79,143) $ (937,351) ========================================================================================================= Aggressive Allocation Fund -------------------------------------------------------------------- '14 Shares '14 Amount '13 Shares '13 Amount --------------------------------------------------------------------------------------------------------- Class A Shares sold 1,023,474 $ 13,625,106 1,058,283 $ 12,251,455 Reinvestment of distributions 69,771 935,620 75,771 834,246 Less shares repurchased (1,143,912) (15,189,252) (1,662,968) (19,104,816) --------------------------------------------------------------------------------------------------------- Net decrease (50,667) $ (628,526) (528,914) $ (6,019,115) ========================================================================================================= Class B Shares sold 13,468 $ 166,238 10,143 $ 111,293 Reinvestment of distributions -- -- -- -- Less shares repurchased (269,830) (3,402,135) (498,768) (5,436,594) --------------------------------------------------------------------------------------------------------- Net decrease (256,362) $ (3,235,897) (488,625) $ (5,325,301) ========================================================================================================= Class C Shares sold 502,457 $ 6,358,709 323,630 $ 3,543,347 Reinvestment of distributions 5,789 73,811 5,445 57,135 Less shares repurchased (409,797) (5,163,008) (393,437) (4,286,335) --------------------------------------------------------------------------------------------------------- Net increase (decrease) 98,449 $ 1,269,512 (64,362) $ (685,853) ========================================================================================================= Class Y Shares sold 6,824 $ 93,601 16,401 $ 197,595 Reinvestment of distributions 202 2,715 1,182 13,037 Less shares repurchased (21,623) (290,837) (90,026) (1,062,816) --------------------------------------------------------------------------------------------------------- Net decrease (14,597) $ (194,521) (72,443) $ (852,184) =========================================================================================================
The accompanying notes are an integral part of these financial statements. 54 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Financial Highlights
---------------------------------------------------------------------------------------------------------- Conservative Allocation Fund ----------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ---------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 11.42 $ 10.73 $ 10.85 $ 10.19 $ 9.40 ---------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income (a) $ 0.25 $ 0.28 $ 0.28 $ 0.26 $ 0.25 Net realized and unrealized gain (loss) on investments 0.55 0.64 (0.09) 0.65 0.86 ---------------------------------------------------------------------------------------------------------- Net increase from investment operations $ 0.80 $ 0.92 $ 0.19 $ 0.91 $ 1.11 ---------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32) ---------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.36) $ (0.23) $ (0.31) $ (0.25) $ (0.32) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.44 $ 0.69 $ (0.12) $ 0.66 $ 0.79 ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.86 $ 11.42 $ 10.73 $ 10.85 $ 10.19 ========================================================================================================== Total return* 7.10% 8.72% 1.85% 9.04% 11.88% Ratio of net expenses to average net assets+ 0.76% 0.77% 0.78% 0.78% 0.78% Ratio of net investment income to average net assets+ 2.15% 2.51% 2.69% 2.47% 2.55% Portfolio turnover rate 12% 17% 20% 15% 13% Net assets, end of period (in thousands) $46,873 $44,239 $42,613 $42,882 $35,986 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.76% 0.77% 0.82% 0.80% 0.84% Net investment income 2.15% 2.51% 2.65% 2.45% 2.49% ==========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 55 Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------- Conservative Allocation Fund ----------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ---------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 11.18 $ 10.51 $ 10.61 $ 9.99 $ 9.24 ---------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income (a) $ 0.16 $ 0.18 $ 0.19 $ 0.17 $ 0.16 Net realized and unrealized gain (loss) on investments 0.53 0.62 (0.09) 0.64 0.83 ---------------------------------------------------------------------------------------------------------- Net increase from investment operations $ 0.69 $ 0.80 $ 0.10 $ 0.81 $ 0.99 ---------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24) ---------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.22) $ (0.13) $ (0.20) $ (0.19) $ (0.24) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.47 $ 0.67 $ (0.10) $ 0.62 $ 0.75 ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.65 $ 11.18 $ 10.51 $ 10.61 $ 9.99 ========================================================================================================== Total return* 6.26% 7.63% 1.04% 8.15% 10.80% Ratio of net expenses to average net assets+ 1.68% 1.61% 1.68% 1.64% 1.68% Ratio of net investment income to average net assets+ 1.40% 1.67% 1.82% 1.62% 1.67% Portfolio turnover rate 12% 17% 20% 15% 13% Net assets, end of period (in thousands) $ 1,898 $ 3,340 $ 4,429 $ 5,285 $ 6,214 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.72% 1.61% 1.71% 1.64% 1.70% Net investment income 1.36% 1.67% 1.79% 1.62% 1.64% ==========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 56 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
---------------------------------------------------------------------------------------------------------- Conservative Allocation Fund ----------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ---------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 11.09 $ 10.44 $ 10.56 $ 9.96 $ 9.21 ---------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income (a) $ 0.16 $ 0.18 $ 0.20 $ 0.18 $ 0.17 Net realized and unrealized gain (loss) on investments 0.54 0.63 (0.09) 0.63 0.83 ---------------------------------------------------------------------------------------------------------- Net increase from investment operations $ 0.70 $ 0.81 $ 0.11 $ 0.81 $ 1.00 ---------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25) ---------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.28) $ (0.16) $ (0.23) $ (0.21) $ (0.25) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.41 $ 0.65 $ (0.12) $ 0.60 $ 0.75 ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.51 $ 11.09 $ 10.44 $ 10.56 $ 9.96 ========================================================================================================== Total return* 6.42% 7.83% 1.16% 8.18% 10.91% Ratio of net expenses to average net assets+ 1.49% 1.51% 1.56% 1.55% 1.59% Ratio of net investment income to average net assets+ 1.40% 1.70% 1.91% 1.71% 1.73% Portfolio turnover rate 12% 17% 20% 15% 13% Net assets, end of period (in thousands) $22,290 $20,542 $16,257 $15,068 $14,063 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.49% 1.51% 1.56% 1.55% 1.59% Net investment income 1.40% 1.70% 1.91% 1.71% 1.73% ==========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 57 Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------- Conservative Allocation Fund ----------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ---------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 10.86 $ 10.21 $ 10.41 $ 9.79 $ 9.02 ---------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income (a) $ 0.24 $ 0.20 $ 0.13 $ 0.24 $ 0.28 Net realized and unrealized gain (loss) on investments 0.49 0.61 (0.10) 0.65 0.78 ---------------------------------------------------------------------------------------------------------- Net increase from investment operations $ 0.73 $ 0.81 $ 0.03 $ 0.89 $ 1.06 ---------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29) ---------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.27) $ (0.16) $ (0.23) $ (0.27) $ (0.29) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.46 $ 0.65 $ (0.20) $ 0.62 $ 0.77 ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.32 $ 10.86 $ 10.21 $ 10.41 $ 9.79 ========================================================================================================== Total return* 6.83% 8.00% 0.34% 9.18% 11.89% Ratio of net expenses to average net assets+ 0.98% 1.43% 2.26% 0.82% 0.63% Ratio of net investment income to average net assets+ 2.13% 1.88% 1.28% 2.36% 2.94% Portfolio turnover rate 12% 17% 20% 15% 13% Net assets, end of period (in thousands) $ 123 $ 141 $ 65 $ 72 $ 119 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.98% 1.43% 2.26% 0.82% 0.63% Net investment income 2.13% 1.88% 1.28% 2.36% 2.94% ==========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 58 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
---------------------------------------------------------------------------------------------------------------- Moderate Allocation Fund ----------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ---------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 11.72 $ 10.46 $ 10.74 $ 9.68 $ 8.79 ---------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.19 $ 0.21 $ 0.18 $ 0.17 $ 0.16 Net realized and unrealized gain (loss) on investments 1.03 1.27 (0.22) 1.07 1.00 ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.22 $ 1.48 $ (0.04) $ 1.24 $ 1.16 ---------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27) ---------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.21) $ (0.22) $ (0.24) $ (0.18) $ (0.27) ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.01 $ 1.26 $ (0.28) $ 1.06 $ 0.89 ---------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.73 $ 11.72 $ 10.46 $ 10.74 $ 9.68 ================================================================================================================ Total return* 10.48% 14.32% (0.27)% 12.91% 13.26% Ratio of net expenses to average net assets+ 0.64% 0.66% 0.72% 0.71% 0.73% Ratio of net investment income to average net assets+ 1.57% 1.85% 1.75% 1.59% 1.70% Portfolio turnover rate 10% 9% 9% 14% 10% Net assets, end of period (in thousands) $136,511 $128,425 $118,833 $132,166 $125,354 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.64% 0.66% 0.72% 0.71% 0.73% Net investment income 1.57% 1.85% 1.75% 1.59% 1.70% ================================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 59 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Moderate Allocation Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ----------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 11.31 $ 10.04 $ 10.26 $ 9.25 $ 8.41 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.12 $ 0.11 $ 0.11 $ 0.08 $ 0.08 Net realized and unrealized gain (loss) on investments 0.95 1.22 (0.22) 1.02 0.96 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.07 $ 1.33 $ (0.11) $ 1.10 $ 1.04 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20) ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.04) $ (0.06) $ (0.11) $ (0.09) $ (0.20) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.03 $ 1.27 $ (0.22) $ 1.01 $ 0.84 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.34 $ 11.31 $ 10.04 $ 10.26 $ 9.25 =========================================================================================================== Total return* 9.51% 13.31% (0.99)% 11.89% 12.39% Ratio of net expenses to average net assets+ 1.52% 1.52% 1.52% 1.52% 1.52% Ratio of net investment income to average net assets+ 0.99% 1.06% 1.11% 0.83% 0.92% Portfolio turnover rate 10% 9% 9% 14% 10% Net assets, end of period (in thousands) $ 6,761 $10,068 $16,072 $26,166 $33,115 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.62% 1.58% 1.60% 1.53% 1.56% Net investment income 0.89% 0.99% 1.03% 0.82% 0.88% ===========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 60 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
----------------------------------------------------------------------------------------------------------- Moderate Allocation Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ----------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 10.92 $ 9.77 $ 10.07 $ 9.10 $ 8.29 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.09 $ 0.12 $ 0.10 $ 0.09 $ 0.09 Net realized and unrealized gain (loss) on investments 0.96 1.19 (0.22) 1.01 0.94 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.05 $ 1.31 $ (0.12) $ 1.10 $ 1.03 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22) ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.15) $ (0.16) $ (0.18) $ (0.13) $ (0.22) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 0.90 $ 1.15 $ (0.30) $ 0.97 $ 0.81 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 11.82 $ 10.92 $ 9.77 $ 10.07 $ 9.10 =========================================================================================================== Total return* 9.70% 13.56% (1.08)% 12.12% 12.43% Ratio of net expenses to average net assets+ 1.33% 1.34% 1.41% 1.40% 1.44% Ratio of net investment income to average net assets+ 0.81% 1.15% 1.06% 0.89% 0.98% Portfolio turnover rate 10% 9% 9% 14% 10% Net assets, end of period (in thousands) $75,377 $64,989 $53,594 $52,059 $43,725 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.33% 1.34% 1.41% 1.40% 1.44% Net investment income 0.81% 1.15% 1.06% 0.89% 0.98% ===========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 61 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------- Moderate Allocation Fund -------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 11.86 $ 10.58 $ 10.88 $ 9.80 $ 8.89 ------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.23 $ 0.25 $ 0.22 $ 0.21 $ 0.20 Net realized and unrealized gain (loss) on investments 1.03 1.28 (0.23) 1.09 1.02 ------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.26 $ 1.53 $ (0.01) $ 1.30 $ 1.22 ------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31) ------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.24) $ (0.25) $ (0.29) $ (0.22) $ (0.31) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.02 $ 1.28 $ (0.30) $ 1.08 $ 0.91 ------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.88 $ 11.86 $ 10.58 $ 10.88 $ 9.80 ============================================================================================================= Total return* 10.68% 14.68% 0.00%(b) 13.37% 13.75% Ratio of net expenses to average net assets+ 0.40% 0.36% 0.38% 0.32% 0.33% Ratio of net investment income to average net assets+ 1.88% 2.26% 2.14% 2.00% 2.10% Portfolio turnover rate 10% 9% 9% 14% 10% Net assets, end of period (in thousands) $ 3,239 $ 4,134 $ 5,208 $ 8,069 $ 8,120 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.40% 0.36% 0.38% 0.32% 0.33% Net investment income 1.88% 2.26% 2.14% 2.00% 2.10% =============================================================================================================
(a) Calculated using average shares outstanding for the period. (b) Amount rounds to less than 0.01%. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 62 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
---------------------------------------------------------------------------------------------------------------- Growth Allocation Fund ----------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ---------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 12.32 $ 10.75 $ 11.09 $ 9.77 $ 8.74 ---------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.16 $ 0.17 $ 0.14 $ 0.12 $ 0.11 Net realized and unrealized gain (loss) on investments 1.31 1.57 (0.29) 1.33 1.10 ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.47 $ 1.74 $ (0.15) $ 1.45 $ 1.21 ---------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18) ---------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.19) $ (0.17) $ (0.19) $ (0.13) $ (0.18) ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.28 $ 1.57 $ (0.34) $ 1.32 $ 1.03 ---------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.60 $ 12.32 $ 10.75 $ 11.09 $ 9.77 ================================================================================================================ Total return* 11.96% 16.40% (1.31)% 14.85% 13.90% Ratio of net expenses to average net assets+ 0.68% 0.69% 0.76% 0.76% 0.79% Ratio of net investment income to average net assets+ 1.24% 1.50% 1.29% 1.11% 1.12% Portfolio turnover rate 8% 6% 7% 12% 11% Net assets, end of period (in thousands) $163,349 $149,586 $134,988 $140,979 $125,433 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.68% 0.69% 0.76% 0.76% 0.80% Net investment income 1.24% 1.50% 1.29% 1.11% 1.11% ================================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 63 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Growth Allocation Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ----------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 10.93 $ 9.52 $ 9.80 $ 8.64 $ 7.75 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.08 $ 0.07 $ 0.06 $ 0.03 $ 0.03 Net realized and unrealized gain (loss) on investments 1.11 1.40 (0.26) 1.17 0.98 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.19 $ 1.47 $ (0.20) $ 1.20 $ 1.01 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12) ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.02) $ (0.06) $ (0.08) $ (0.04) $ (0.12) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.17 $ 1.41 $ (0.28) $ 1.16 $ 0.89 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.10 $ 10.93 $ 9.52 $ 9.80 $ 8.64 =========================================================================================================== Total return* 10.91% 15.46% (2.01)% 13.90% 13.03% Ratio of net expenses to average net assets+ 1.57% 1.57% 1.57% 1.57% 1.57% Ratio of net investment income to average net assets+ 0.67% 0.68% 0.59% 0.35% 0.36% Portfolio turnover rate 8% 6% 7% 12% 11% Net assets, end of period (in thousands) $11,270 $17,441 $24,941 $35,567 $39,902 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.67% 1.60% 1.66% 1.61% 1.66% Net investment income 0.57% 0.64% 0.50% 0.31% 0.27% ===========================================================================================================
(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. + 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. The accompanying notes are an integral part of these financial statements. 64 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
----------------------------------------------------------------------------------------------------------- Growth Allocation Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ----------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 11.65 $ 10.18 $ 10.50 $ 9.26 $ 8.30 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.06 $ 0.09 $ 0.06 $ 0.04 $ 0.04 Net realized and unrealized gain (loss) on investments 1.23 1.48 (0.27) 1.26 1.04 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.29 $ 1.57 $ (0.21) $ 1.30 $ 1.08 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12) ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.12) $ (0.10) $ (0.11) $ (0.06) $ (0.12) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.17 $ 1.47 $ (0.32) $ 1.24 $ 0.96 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.82 $ 11.65 $ 10.18 $ 10.50 $ 9.26 =========================================================================================================== Total return* 11.09% 15.58% (1.91)% 14.10% 13.08% Ratio of net expenses to average net assets+ 1.37% 1.40% 1.46% 1.46% 1.51% Ratio of net investment income to average net assets+ 0.46% 0.78% 0.59% 0.40% 0.40% Portfolio turnover rate 8% 6% 7% 12% 11% Net assets, end of period (in thousands) $63,333 $53,032 $45,570 $48,586 $43,087 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.37% 1.40% 1.46% 1.46% 1.51% Net investment income 0.46% 0.78% 0.59% 0.40% 0.40% ===========================================================================================================
(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. + 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. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 65 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Growth Allocation Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ----------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 12.56 $ 10.95 $ 11.45 $ 10.07 $ 9.00 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.28 $ 0.20 $ 0.17 $ 0.17 $ 0.15 Net realized and unrealized gain (loss) on investments 1.25 1.61 (0.44) 1.37 1.14 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.53 $ 1.81 $ (0.27) $ 1.54 $ 1.29 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22) ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.21) $ (0.20) $ (0.23) $ (0.16) $ (0.22) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.32 $ 1.61 $ (0.50) $ 1.38 $ 1.07 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.88 $ 12.56 $ 10.95 $ 11.45 $ 10.07 =========================================================================================================== Total return* 12.25% 16.70% (2.28)% 15.39% 14.33% Ratio of net expenses to average net assets+ 0.40% 0.44% 0.50% 0.36% 0.39% Ratio of net investment income to average net assets+ 2.10% 1.71% 1.60% 1.58% 1.54% Portfolio turnover rate 8% 6% 7% 12% 11% Net assets, end of period (in thousands) $ 1,031 $ 1,314 $ 2,012 $ 1,947 $ 2,508 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.40% 0.44% 0.50% 0.36% 0.39% Net investment income 2.10% 1.71% 1.60% 1.58% 1.54% ===========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 66 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
------------------------------------------------------------------------------------------------------------ Aggressive Allocation Fund ------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of period $ 12.47 $ 10.60 $ 11.07 $ 9.56 $ 8.45 ------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (a) $ 0.11 $ 0.11 $ 0.08 $ 0.06 $ 0.04 Net realized and unrealized gain (loss) on investments 1.52 1.87 (0.42) 1.51 1.16 ------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 1.63 $ 1.98 $ (0.34) $ 1.57 $ 1.20 ------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09) ------------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (0.13) $ (0.11) $ (0.13) $ (0.06) $ (0.09) ------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 1.50 $ 1.87 $ (0.47) $ 1.51 $ 1.11 ------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 13.97 $ 12.47 $ 10.60 $ 11.07 $ 9.56 ============================================================================================================ Total return* 13.12% 18.86% (3.06)% 16.42% 14.16% Ratio of net expenses to average net assets+ 0.79% 0.82% 0.85% 0.85% 0.85% Ratio of net investment income to average net assets+ 0.79% 0.99% 0.76% 0.52% 0.44% Portfolio turnover rate 10% 6% 7% 11% 12% Net assets, end of period (in thousands) $101,177 $90,921 $82,940 $92,878 $85,488 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.79% 0.82% 0.87% 0.85% 0.88% Net investment income 0.79% 0.99% 0.74% 0.52% 0.41% ============================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 67 Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------- Aggressive Allocation Fund ---------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 --------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 11.72 $ 9.95 $ 10.35 $ 8.96 $ 7.93 --------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.03 $ 0.03 $ 0.01 $ (0.02) $ (0.03) Net realized and unrealized gain (loss) on investments 1.40 1.74 (0.40) 1.41 1.08 --------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.43 $ 1.77 $ (0.39) $ 1.39 $ 1.05 --------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ -- $ -- $ (0.01) $ -- $ (0.02) --------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ -- $ -- $ (0.01) $ -- $ (0.02) --------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.43 $ 1.77 $ (0.40) $ 1.39 $ 1.03 --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.15 $ 11.72 $ 9.95 $ 10.35 $ 8.96 =============================================================================================================== Total return* 12.20% 17.79% (3.72)% 15.51% 13.22% Ratio of net expenses to average net assets+ 1.64% 1.64% 1.64% 1.64% 1.64% Ratio of net investment income to average net assets+ 0.28% 0.25% 0.05% (0.21)% (0.33)% Portfolio turnover rate 10% 6% 7% 11% 12% Net assets, end of period (in thousands) $ 6,159 $ 8,495 $12,074 $ 17,642 $19,256 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.78% 1.73% 1.77% 1.71% 1.76% Net investment income (loss) 0.14% 0.16% (0.08)% (0.28)% (0.45)% ===============================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 68 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14
------------------------------------------------------------------------------------------------------------- Aggressive Allocation Fund -------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 11.83 $ 10.07 $ 10.50 $ 9.08 $ 8.04 ------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.01 $ 0.03 0.00(b) $ (0.01) $ (0.03) Net realized and unrealized gain (loss) on investments 1.45 1.77 (0.38) 1.43 1.10 ------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.46 $ 1.80 $ (0.38) $ 1.42 $ 1.07 ------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03) ------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.06) $ (0.04) $ (0.05) $ -- $ (0.03) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.40 $ 1.76 $ (0.43) $ 1.42 $ 1.04 ------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.23 $ 11.83 $ 10.07 $ 10.50 $ 9.08 ============================================================================================================= Total return* 12.35% 17.97% (3.61)% 15.64% 13.25% Ratio of net expenses to average net assets+ 1.49% 1.51% 1.56% 1.55% 1.58% Ratio of net investment income to average net assets+ 0.08% 0.31% 0.01% (0.14)% (0.31)% Portfolio turnover rate 10% 6% 7% 11% 12% Net assets, end of period (in thousands) $23,205 $19,582 $17,317 $18,899 $18,161 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 1.49% 1.51% 1.56% 1.55% 1.58% Net investment income (loss) 0.08% 0.31% 0.01% (0.14)% (0.31)% =============================================================================================================
(a) Calculated using average shares outstanding for the period. (b) Amount rounds to less than 0.1%. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 69 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Aggressive Allocation Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/14 7/31/13 7/31/12 7/31/11 7/31/10 ----------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 12.49 $ 10.65 $ 11.24 $ 9.67 $ 8.55 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.25 $ 0.22 $ 0.12 $ 0.11 $ 0.08 Net realized and unrealized gain (loss) on investments 1.43 1.77 (0.55) 1.56 1.16 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 1.68 $ 1.99 $ (0.43) $ 1.67 $ 1.24 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12) ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.10) $ (0.15) $ (0.16) $ (0.10) $ (0.12) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.58 $ 1.84 $ (0.59) $ 1.57 $ 1.12 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 14.07 $ 12.49 $ 10.65 $ 11.24 $ 9.67 =========================================================================================================== Total return* 13.50% 18.87% (3.76)% 17.32% 14.49% Ratio of net expenses to average net assets+ 0.50% 0.67% 0.55% 0.46% 0.42% Ratio of net investment income to average net assets+ 1.91% 1.89% 1.11% 0.99% 0.88% Portfolio turnover rate 10% 6% 7% 11% 12% Net assets, end of period (in thousands) $ 345 $ 489 $ 1,189 $ 1,311 $ 1,868 Ratios with no waivers of fees and assumption of expenses by the Adviser: Total expenses 0.50% 0.67% 0.55% 0.46% 0.42% Net investment income 1.91% 1.89% 1.11% 0.99% 0.88% ===========================================================================================================
(a) Calculated using average shares outstanding for the period. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 70 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Notes to Financial Statements | 7/31/14 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. A copy of each financial statement is available without charge, upon request from the Fund's principal underwriter Pioneer Funds Distributor, Inc., by calling (1-800-225-6292). This information is also available on the EDGAR database on the Securities and Exchange Commission's web site (www.sec.gov).The filed forms 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. Effective as of the close of business on December 31, 2009, the Funds' 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. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 71 Differences in class specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of each Fund gives the Board the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of a Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares. Class B shares convert to Class A shares approximately eight years after the date of purchase. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Funds to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. The following is a summary of significant accounting policies followed by the Trust in preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: A. Security Valuation Security transactions are recorded as of the trade date. The net asset value is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. In computing the net asset value, holdings of mutual fund shares are valued at the net asset value of each fund held. Dividend income and realized capital gain distributions from investment company shares held are recorded on the ex-dividend date. Temporary cash investments are valued at amortized cost which approximates market value. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. B. Federal Income Taxes It is the Funds' policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all taxable income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax provisions are required. Tax years for the prior three fiscal years remain subject to examination by federal and state tax authorities. 72 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 7/31/2014 was as follows:
--------------------------------------------------------------------------- Ordinary Long-Term Fund Income Capital Gains Total --------------------------------------------------------------------------- Conservative Fund $ 1,928,874 $ -- $ 1,928,874 Moderate Fund 3,297,378 -- 3,297,378 Growth Fund 2,829,661 -- 2,829,661 Aggressive Fund 1,042,181 -- 1,042,181
The following table shows the components of distributable earnings on a federal income tax basis at 7/31/2014:
--------------------------------------------------------------------------- Other Net Undistributed Book/Tax Unrealized Ordinary Capital Loss Temporary Appreciation Fund Income Carryforward Differences Depreciation --------------------------------------------------------------------------- Conservative Fund $ 558,475 $ (958,206) $ (875,880) $ 9,463,668 Moderate Fund 2,876,795 (22,069,624) (2,587,618) 47,571,275 Growth Fund 2,422,301 (31,221,768) (1,617,662) 61,630,012 Aggressive Fund 842,780 (24,127,121) (1,594,201) 39,762,873
The differences between book-basis and tax-basis net unrealized appreciation are attributable to the tax deferral of losses on wash sales. C. Fund Shares The Funds record sales and repurchases of Fund shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Funds and a wholly owned indirect subsidiary of UniCredit S.p.A.(UniCredit), earned the following in underwriting commissions on the sale of Class A shares during the year ended July 31, 2014:
--------------------------------------------------------------------------- Fund Amount --------------------------------------------------------------------------- Conservative Fund $18,485 Moderate Fund $43,320 Growth Fund $59,944 Aggressive Fund $34,036
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 Funds' 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 | Annual Report | 7/31/14 Each Fund may pay management fees equal to 0.17% of average daily net assets attributable to investments in underlying funds that are not managed by Pioneer. For the year ended July 31, 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 year ended July 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 Associates as compensation for its services to the Funds. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Funds as administrative reimbursements. Included in "Due to affiliates" reflected on the Statements of Assets and Liabilities are the following amounts payable to PIM at July 31, 2014:
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $10,511 Moderate Fund $34,154 Growth Fund $36,052 Aggressive Fund $20,769
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 July 31, 2014: -------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $ 7,563 Moderate Fund $28,751 Growth Fund $38,835 Aggressive Fund $24,634
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 75 4. Distribution Plan The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to Class A, Class B and Class C shares. Pursuant to the Plan, each Fund pays PFD 0.25% of the Fund's average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with respect to Class A shares. Pursuant to the Plan, each Fund also pays PFD 1.00% of the average daily net assets attributable to Class B and Class C shares. The fee for Class B and C consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class B and Class C shares. Included in "Due to affiliates" reflected on the Statements of Assets and Liabilities are the following amounts in distribution fees payable to PFD at July 31, 2014. -------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $ 33,664 Moderate Fund $110,716 Growth Fund $109,960 Aggressive Fund $ 52,296
In addition, redemptions of each class of shares (except Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Class B shares that are redeemed within five years of purchase are subject to a CDSC at declining rates beginning at 4.00%, based on the lower of cost or market value of shares being redeemed. Redemptions of Class C shares within one year of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the year ended July 31, 2014, the following CDSCs were paid to PFD: -------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $ 6,101 Moderate Fund $12,894 Growth Fund $10,225 Aggressive Fund $ 3,169
76 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 1,548,643 225,016 (87,199) 1,686,460 Pioneer Core Equity Fund 98,861 6,145 (19,881) 85,125 Pioneer Disciplined Growth Fund 45,907 3,270 (9,024) 40,153 Pioneer Disciplined Value Fund 113,201 51,733 (27,543) 137,391 Pioneer Dynamic Credit Fund 269,721 30,399 (14,159) 285,961 Pioneer Emerging Markets Fund 27,575 3,442 (5,223) 25,794 Pioneer Equity Income Fund 21,310 1,691 (3,208) 19,793 Pioneer Floating Rate Fund 96,168 10,816 (3,995) 102,989 Pioneer Fund 54,532 6,648 (9,874) 51,306 Pioneer Fundamental Growth Fund 91,257 7,176 (18,338) 80,095 Pioneer Global Equity Fund 238,910 12,036 (46,369) 204,577 Pioneer Global High Yield Fund 402,965 47,620 (20,764) 429,821 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) 120,905 14,584 (6,849) 128,640 Pioneer High Yield Fund 245,139 17,831 (65,980) 196,990 Pioneer International Value Fund 256,804 17,375 (60,306) 213,873 Pioneer Mid Cap Value Fund 53,075 6,808 (12,004) 47,879 Pioneer Multi-Asset Ultrashort Income Fund 66,345 7,080 (2,223) 71,202 Pioneer Oak Ridge Small Cap Growth Fund 17,226 3,608 (2,561) 18,273 Pioneer Real Estate Shares 25,358 5,133 (5,629) 24,862 Pioneer Select Mid Cap Growth Fund 24,463 2,371 (10,197) 16,637 Pioneer Short Term Income Fund 1,082,933 109,783 (76,010) 1,116,706 Pioneer Strategic Income Fund 589,216 90,137 (33,268) 646,085
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 $ (8,315) $ -- $ 626,440 $ 16,459,845 Pioneer Core Equity Fund 108,379 -- 7,355 1,398,604 Pioneer Disciplined Growth Fund 42,344 -- 2,933 703,085 Pioneer Disciplined Value Fund 78,129 261,204 14,613 2,787,657 Pioneer Dynamic Credit Fund (831) -- 101,298 2,868,189 Pioneer Emerging Markets Fund 5,017 -- 6,132 704,189 Pioneer Equity Income Fund 42,684 22,815 17,079 697,114 Pioneer Floating Rate Fund 11 -- 25,995 715,772 Pioneer Fund 27,324 175,268 25,462 2,097,392 Pioneer Fundamental Growth Fund 108,725 51,557 7,284 1,406,475 Pioneer Global Equity Fund 139,740 -- 54,716 2,814,973 Pioneer Global High Yield Fund (2,273) -- 287,608 4,272,424 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) (3,505) 7,756 48,606 1,429,190 Pioneer High Yield Fund 54,350 72,286 104,173 2,131,428 Pioneer International Value Fund 188,216 -- 143,393 4,916,947 Pioneer Mid Cap Value Fund 68,789 132,723 9,778 1,394,235 Pioneer Multi-Asset Ultrashort Income Fund (34) -- 7,962 717,004 Pioneer Oak Ridge Small Cap Growth Fund 8,432 33,336 -- 703,523 Pioneer Real Estate Shares 8,725 -- 18,162 705,573 Pioneer Select Mid Cap Growth Fund 116,596 29,881 -- 701,741 Pioneer Short Term Income Fund (5,864) -- 196,421 10,765,049 Pioneer Strategic Income Fund (11,987) 99,144 300,910 7,158,616 -------- -------- ---------- ------------ $964,652 $885,970 $2,006,320 $ 67,549,025 -------- -------- ---------- ------------
78 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Pioneer Ibbotson Moderate Allocation Fund
------------------------------------------------------------------------------------------------ Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares ------------------------------------------------------------------------------------------------ Pioneer Bond Fund 2,381,615 336,218 (174) 2,717,659 Pioneer Core Equity Fund 318,554 -- (43,906) 274,648 Pioneer Disciplined Growth Fund 245,880 -- (110,119) 135,761 Pioneer Disciplined Value Fund 627,827 73,355 (53,751) 647,431 Pioneer Dynamic Credit Fund 587,132 281,118 -- 868,250 Pioneer Emerging Markets Fund 311,641 105,540 (5,396) 411,785 Pioneer Equity Income Fund 141,847 -- (16,637) 125,210 Pioneer Fund 180,119 25,233 (39,725) 165,627 Pioneer Fundamental Growth Fund 459,807 -- (182,231) 277,576 Pioneer Global Equity Fund 1,552,569 -- (147,694) 1,404,875 Pioneer Global High Yield Fund 924,837 5,752 (38,202) 892,387 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) 328,579 68,365 -- 396,944 Pioneer High Yield Fund 396,720 15,829 (4,942) 407,607 Pioneer International Value Fund 1,186,270 83,024 (11,316) 1,257,978 Pioneer Mid Cap Value Fund 533,860 -- (71,983) 461,877 Pioneer Multi-Asset Ultrashort Income Fund 182,130 35,279 -- 217,409 Pioneer Oak Ridge Small Cap Growth Fund 250,990 86,653 (944) 336,699 Pioneer Real Estate Shares 175,992 31,404 (7,311) 200,085 Pioneer Select Mid Cap Growth Fund 245,795 -- (133,322) 112,473 Pioneer Short Term Income Fund 2,243,233 167,225 (128,118) 2,282,340 Pioneer Strategic Income Fund 557,557 231,305 -- 788,862 ------------------------------------------------------------------------------------------------ Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value ------------------------------------------------------------------------------------------------ Pioneer Bond Fund $ (43) $ -- $ 978,822 $ 26,524,356 Pioneer Core Equity Fund 235,272 -- 25,140 4,512,459 Pioneer Disciplined Growth Fund 707,194 -- 13,358 2,377,178 Pioneer Disciplined Value Fund 191,783 1,574,101 80,314 13,136,369 Pioneer Dynamic Credit Fund -- -- 273,206 8,708,547 Pioneer Emerging Markets Fund (14,526) -- 86,509 11,241,734 Pioneer Equity Income Fund 121,280 155,457 113,145 4,409,891 Pioneer Fund 162,743 667,945 90,378 6,770,838 Pioneer Fundamental Growth Fund 1,514,630 270,638 37,534 4,874,229 Pioneer Global Equity Fund 478,798 -- 383,933 19,331,081 Pioneer Global High Yield Fund (30,773) -- 619,862 8,870,329 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) -- 21,245 142,731 4,410,048 Pioneer High Yield Fund 2,768 151,843 213,336 4,410,307 Pioneer International Value Fund 26,023 -- 715,339 28,920,905 Pioneer Mid Cap Value Fund 265,987 1,403,761 95,266 13,449,857 Pioneer Multi-Asset Ultrashort Income Fund -- -- 23,540 2,189,312 Pioneer Oak Ridge Small Cap Growth Fund 5,584 521,394 -- 12,962,905 Pioneer Real Estate Shares 12,619 -- 136,090 5,678,400 Pioneer Select Mid Cap Growth Fund 1,835,936 341,289 -- 4,744,092 Pioneer Short Term Income Fund (9,873) -- 404,607 22,001,760 Pioneer Strategic Income Fund -- 96,588 334,204 8,740,590 ---------- ---------- ---------- ------------- $5,505,402 $5,204,261 $4,767,314 $ 218,265,187 ---------- ---------- ---------- -------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 79 Pioneer Ibbotson Growth Allocation Fund
---------------------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares ---------------------------------------------------------------------------------------------------------- Pioneer Bond Fund 2,229,163 285,191 -- 2,514,354 Pioneer Core Equity Fund 521,874 25,277 (22,418) 524,733 Pioneer Disciplined Growth Fund 363,811 66,712 (198,300) 232,223 Pioneer Disciplined Growth Fund 780,471 1,770 (69,465) 712,776 Pioneer Dynamic Credit Fund 35,382 126,302 -- 161,684 Pioneer Emerging Markets Fund 475,550 155,973 -- 631,523 Pioneer Equity Income Fund 234,993 -- (21,535) 213,458 Pioneer Fund 205,658 -- (18,987) 186,671 Pioneer Fundamental Growth Fund 578,521 -- (115,972) 462,549 Pioneer Global Equity Fund 1,895,863 24,014 (13,559) 1,906,318 Pioneer Global High Yield Fund 430,640 27,883 -- 458,523 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) 343,220 54,366 -- 397,586 Pioneer High Yield Fund 190,861 15,284 -- 206,145 Pioneer International Value Fund 1,496,636 44,867 -- 1,541,503 Pioneer Mid Cap Value Fund 632,892 -- (32,896) 599,996 Pioneer Oak Ridge Large Cap Growth Fund 597 -- -- 597 Pioneer Oak Ridge Small Cap Growth Fund 249,458 107,608 -- 357,066 Pioneer Real Estate Shares 289,590 41,513 (42,468) 288,635 Pioneer Select Mid Cap Growth Fund 377,365 -- (165,939) 211,426 Pioneer Short Term Income Fund 1,705,742 42,150 (180,489) 1,567,403 Pioneer Strategic Income Fund 592,011 168,489 -- 760,500 ---------------------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value ---------------------------------------------------------------------------------------------------------- Pioneer Bond Fund $ -- $ -- $ 913,930 $ 24,540,092 Pioneer Core Equity Fund 104,805 -- 42,037 8,621,367 Pioneer Disciplined Growth Fund 1,319,525 -- 24,761 4,066,218 Pioneer Disciplined Value Fund 96,858 2,008,339 100,639 14,462,222 Pioneer Dynamic Credit Fund -- -- 38,280 1,621,692 Pioneer Emerging Markets Fund -- -- 131,185 17,240,577 Pioneer Equity Income Fund 110,355 263,477 191,619 7,517,992 Pioneer Fund (11,240) 697,664 95,845 7,631,112 Pioneer Fundamental Growth Fund 930,776 344,295 47,123 8,122,354 Pioneer Global Equity Fund 31,470 -- 479,051 26,230,942 Pioneer Global High Yield Fund -- -- 308,216 4,557,715 Pioneer Global Multisector Income Fund (FKA Pioneer Global Aggregate Bond Fund) -- 21,896 145,036 4,417,180 Pioneer High Yield Fund -- 74,314 106,277 2,230,487 Pioneer International Value Fund -- -- 888,744 35,439,157 Pioneer Mid Cap Value Fund 73,115 1,736,413 118,251 17,471,897 Pioneer Oak Ridge Large Cap Growth Fund -- -- -- 10,839 Pioneer Oak Ridge Small Cap Growth Fund -- 522,630 -- 13,747,035 Pioneer Real Estate Shares 108,194 -- 212,259 8,191,473 Pioneer Select Mid Cap Growth Fund 2,024,472 603,585 -- 8,917,933 Pioneer Short Term Income Fund (11,969) -- 297,562 15,109,768 Pioneer Strategic Income Fund -- 98,612 330,948 8,426,340 ----------- ------------ ------------- -------------- $ 4,776,361 $ 6,371,225 $ 4,471,763 $ 238,574,392 ----------- ------------ ------------- --------------
80 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Pioneer Ibbotson Aggressive Allocation Fund
-------------------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) (Class Y) Shares Shares Shares Shares -------------------------------------------------------------------------------------------------------- Pioneer Bond Fund 711,759 95,099 (121,834) 685,024 Pioneer Core Equity Fund 268,530 30,666 (11,101) 288,095 Pioneer Disciplined Growth Fund 202,305 66,712 (106,314) 162,703 Pioneer Disciplined Value Fund 384,654 19,706 (35,817) 368,543 Pioneer Emerging Markets Fund 344,399 152,170 -- 496,569 Pioneer Equity Income Fund 121,608 -- (9,223) 112,385 Pioneer Fund 106,445 -- (8,068) 98,377 Pioneer Fundamental Growth Fund 275,621 -- (38,086) 237,535 Pioneer Global Equity Fund 1,166,639 15,985 (33,553) 1,149,071 Pioneer International Value Fund 1,106,954 2,304 (22,491) 1,086,767 Pioneer Mid Cap Value Fund 469,757 -- (48,684) 421,073 Pioneer Oak Ridge Small Cap Growth Fund 184,764 84,981 -- 269,745 Pioneer Real Estate Shares 208,201 25,398 (25,689) 207,910 Pioneer Select Mid Cap Growth Fund 239,740 -- (109,894) 129,846 Pioneer Short Term Income Fund 337,445 46,767 -- 384,212 Pioneer Strategic Income Fund 282,231 143,142 -- 425,373 -------------------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) (Class Y) Gain (Loss) Distributions Income Value -------------------------------------------------------------------------------------------------------- Pioneer Bond Fund $ 103,168 $ -- $ 258,954 $ 6,685,831 Pioneer Core Equity Fund 48,362 -- 21,718 4,733,408 Pioneer Disciplined Growth Fund 705,110 -- 16,523 2,848,930 Pioneer Disciplined Value Fund 84,401 968,058 49,200 7,477,729 Pioneer Emerging Markets Fund -- -- 99,534 13,556,335 Pioneer Equity Income Fund 76,348 134,867 98,847 3,958,198 Pioneer Fund 21,018 356,279 49,354 4,021,666 Pioneer Fundamental Growth Fund 299,262 162,595 22,621 4,171,110 Pioneer Global Equity Fund 75,687 -- 290,033 15,811,224 Pioneer International Value Fund 43,077 -- 639,999 24,984,776 Pioneer Mid Cap Value Fund 158,847 1,246,515 84,610 12,261,641 Pioneer Oak Ridge Small Cap Growth Fund -- 383,182 -- 10,385,175 Pioneer Real Estate Shares 73,812 -- 151,260 5,900,481 Pioneer Select Mid Cap Growth Fund 1,269,473 363,043 -- 5,476,915 Pioneer Short Term Income Fund -- -- 65,821 3,703,806 Pioneer Strategic Income Fund -- 48,161 173,604 4,713,138 ---------- ------------ ------------- ------------- $2,958,565 $ 3,662,700 $ 2,022,078 $130,690,363 ---------- ------------ ------------- -------------
6. Subsequent Events In preparing these financial statements, PIM has evaluated the impact of all events and transactions for potential recognition or disclosure and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 81 7. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Trust, with the approval and recommendation of the Audit Committee, appointed Deloitte & Touche LLP to serve as the Trust's independent registered public accounting firm for the fiscal year ending July 31, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as the Trust's independent registered public accounting firm, effective upon completion of the audit of the Trust's financial statements for the fiscal year ended July 31, 2013. During the periods that Ernst & Young LLP served as the Trust's independent registered public accounting firm, including the Trust's fiscal years ended July 31, 2013 and July 31, 2012, Ernst & Young LLP's reports on the financial statements of the Trust have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. 8. Subsequent Event Upcoming Conversion of Class B shares As of the close of business on November 10, 2014 (the "Conversion Date"), all outstanding Class B shares of the Pioneer funds will be converted to Class A shares. Shareholders may continue to hold their Class B shares until the Conversion Date. Prior to the Conversion Date, redemptions of Class B shares are subject to any applicable contingent deferred sales charges (CDSC's). Class A shares acquired through The conversion will not be subject to CDSCs, nor will any sales charges be assessed in connection with The conversion. After the Conversion Date, subsequent purchases of Class A shares will be subject to sales charges as described in the Fund's prospectus. 82 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Report of Independent Registered Public Accounting Firm To the Board of Trustees and the Shareowners of Pioneer Ibbotson Asset Allocation Series: -------------------------------------------------------------------------------- We have audited the accompanying statements of assets and liabilities of Pioneer Ibbotson Asset Allocation Series (comprised of the Pioneer Ibbotson Conservative Allocation Fund, the Pioneer Ibbotson Moderate Allocation Fund, the Pioneer Ibbotson Growth Allocation Fund and the Pioneer Ibbotson Aggressive Allocation Fund, the "Funds"), including the schedules of investments, as of July 31, 2014, and the related statements of operations and changes in net assets, and the financial highlights for year then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statement of changes in net assets of the Funds for the year ended July 31, 2013, and the financial highlights for the years ended July 31, 2013, 2012, 2011 and 2010 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated September 24, 2013. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2014, and the results of their operations, the changes in their net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ Deloitte & Touche LLP Boston, Massachusetts September 22, 2014 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 83 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Deloitte & Touche LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Bingham McCutchen LLP Shareowner Services and Transfer Agent Pioneer Investment Management Shareholder Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 53 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. 84 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Independent Trustees
-------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee -------------------------------------------------------------------------------------------------------------------------------- Thomas J. Perna (63) Trustee since 2006. Private investor (2004-2008 and Director, Broadridge Financial Chairman of the Board Serves until a 2013-present); Chairman (2008 - Solutions, Inc. (investor and Trustee successor trustee is 2013) and Chief Executive Officer communications and securities elected or earlier (2008 - 2012), Quadriserv, Inc. processing provider for financial retirement or removal. (technology products for securities services industry) (2009 - present); lending industry); and Senior Director, Quadriserv, Inc. (2005 - Executive Vice President, The Bank 2013); and Commissioner, New Jersey of New York (financial and State Civil Service Commission (2011 securities services) (1986 - 2004) - present) -------------------------------------------------------------------------------------------------------------------------------- David R. Bock (70) Trustee since 2005. Managing Partner, Federal City Director of Enterprise Community Trustee Serves until a Capital Advisors (corporate advisory Investment, Inc. (privately held successor trustee is services company) (1997 - 2004 and affordable housing finance company) elected or earlier 2008 - present); Interim Chief (1985 - 2010); Director of Oxford retirement or removal. Executive Officer, Oxford Analytica, Analytica, Inc. 2008 - present); Inc. (privately held research and Director of The Swiss (Helvetia Fund, consulting company) (2010); Inc. (closed-end fund) (2010 - Executive Vice President and Chief present); and Director of New York Financial Officer, I-trax, Inc. Mortgage Trust (publicly traded (publicly traded health care mortgage REIT) (2004 - 2009, 2012 - services company) (2004 - 2007); and present) Executive Vice President and Chief Financial Officer, Pedestal Inc. (internet-based mortgage trading company) (2000 - 2002) -------------------------------------------------------------------------------------------------------------------------------- Benjamin M. Friedman (69) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional Funds Trustee Serves until a Political Economy, Harvard Investment Trust and Mellon successor trustee is University (1972 - present) Institutional Funds Master Portfolio elected or earlier (oversaw 17 portfolios in fund retirement or removal. complex) (1989-2008) --------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 85 Independent Trustees (continued)
-------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee -------------------------------------------------------------------------------------------------------------------------------- Margaret B.W. Graham (67) Trustee since 2004. Founding Director, Vice President None Trustee Serves until a and Corporate Secretary, The successor trustee is Winthrop Group, Inc. (consulting elected or earlier firm) (1982 - present); Desautels retirement or removal. Faculty of Management, McGill University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) -------------------------------------------------------------------------------------------------------------------------------- Marguerite A. Piret (66) Trustee since 2004. President and Chief Executive Director of New America High Income Trustee Serves until a Officer, Newbury, Piret & Company, Fund, Inc. (closed-end investment successor trustee is Inc. (investment banking firm) (1981 company) (2004 - present); and elected or earlier - present) member, Board of Governors, retirement or removal. Investment Company Institute (2000 - 2006) --------------------------------------------------------------------------------------------------------------------------------
86 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Interested Trustee*
-------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee -------------------------------------------------------------------------------------------------------------------------------- Kenneth J. Taubes (56)** Trustee since 2014. Director and Executive Vice President (since 2008) None Trustee Serves until a and Chief Investment Officer, U.S. (since 2010), of successor trustee is PIM-USA; Executive Vice President of Pioneer (since elected or earlier 2008); Executive Vice President of Pioneer retirement or Institutional Asset Management, Inc. (since 2009); removal. Portfolio Manager of Pioneer (since 1999) --------------------------------------------------------------------------------------------------------------------------------
* Daniel K. Kingsbury served as Interested Trustee of the Fund, and as President and Chief Executive Officer or Executive Vice President of the Fund from 2007 - 2014. Mr. Kingsbury resigned from his positions effective August 8, 2014. ** Mr. Taubes is an Interested Trustee because he is an officer or director of the Fund's investment adviser and certain of its affiliates. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 87 Fund Officers
-------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer -------------------------------------------------------------------------------------------------------------------------------- Lisa M. Jones (52) Since 2014. Serves at Chair, Director, CEO and President of Pioneer None President and the discretion of the Investment Management USA (since September 2014); Chief Executive Officer Board. Chair, Director, CEO and President of Pioneer Investment Management, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Funds Distributor, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Institutional Asset Management, Inc. (since September 2014); and Chair, Director, and CEO of Pioneer Investment Management Shareholder Services, Inc. (since September 2014); Managing Director, Morgan Stanley Investment Management (2010 - 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010) -------------------------------------------------------------------------------------------------------------------------------- Mark D. Goodwin (49) Since 2014. Serves at Executive Vice President and Chief Operating Officer None Executive Vice President the discretion of the of Pioneer since 2005 and Executive Vice President Board. of all the Pioneer funds since 2014 -------------------------------------------------------------------------------------------------------------------------------- Christopher J. Kelley (49) Since 2004. Serves at Vice President and Associate General Counsel of None Secretary and Chief the discretion of the Pioneer since January 2008; Secretary and Chief Legal Officer Board. Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Pioneer from July 2002 to December 2007 -------------------------------------------------------------------------------------------------------------------------------- Carol B. Hannigan (53) Since 2010. Serves at Fund Governance Director of Pioneer since December None Assistant Secretary the discretion of the 2006 and Assistant Secretary of all the Pioneer Board. Funds since June 2010; Manager - Fund Governance of Pioneer from December 2003 to November 2006; and Senior Paralegal of Pioneer from January 2000 to November 2003 -------------------------------------------------------------------------------------------------------------------------------- Thomas Reyes (51) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and None Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds since Board. June 2010; Counsel of Pioneer from June 2007 to May 2013 -------------------------------------------------------------------------------------------------------------------------------- Mark E. Bradley (54) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer None Treasurer and Chief the discretion of the of all of the Pioneer Funds since March 2008; Deputy Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February Officer of the Fund 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 --------------------------------------------------------------------------------------------------------------------------------
88 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 Fund Officers (continued)
-------------------------------------------------------------------------------------------------------------------------------- Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer -------------------------------------------------------------------------------------------------------------------------------- Luis I. Presutti (49) Since 2004. Serves at Director - Fund Treasury of Pioneer; and Assistant None Assistant Treasurer the discretion of the Treasurer of all of the Pioneer Funds Board. -------------------------------------------------------------------------------------------------------------------------------- Gary Sullivan (56) Since 2004. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; None Assistant Treasurer the discretion of the and Assistant Treasurer of all of the Pioneer Funds Board. -------------------------------------------------------------------------------------------------------------------------------- David F. Johnson (34) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None Assistant Treasurer the discretion of the Pioneer since November 2008; Assistant Treasurer of Board. all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 -------------------------------------------------------------------------------------------------------------------------------- Jean M. Bradley (61) Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None Chief Compliance Officer the discretion of the Pioneer Funds since March 2010; Director of Adviser Board. and Portfolio Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 -------------------------------------------------------------------------------------------------------------------------------- Kelly O'Donnell (43) Since 2006. Serves at Director - Transfer Agency Compliance of Pioneer and None Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer Officer Board. funds since 2006 --------------------------------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 89 This page for your notes. 90 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 This page for your notes. Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 91 This page for your notes. 92 Pioneer Ibbotson Asset Allocation Series | Annual Report | 7/31/14 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 19417-08-0914