Pioneer Ibbotson Asset Allocation Series



    Amendment to the Amended and Restated Agreement and Declaration of Trust

                                       of

                    Pioneer Ibbotson Asset Allocation Series



     The  undersigned,  being at least a  majority  of the  Trustees  of Pioneer
Ibbotson Asset Allocation Series, a Delaware  statutory trust (the "Trust"),  do
hereby amend the  Agreement  and  Declaration  of Trust,  dated May 22, 2004, as
amended (the "Declaration"),  as follows,  such amendment to be effective on the
date hereof:

     Pursuant to Article IX, Section 8 of the Declaration,  the Series set forth
on Annex A is added as a series of the Trust, such series to have Class A, Class
B, Class C, Class R and Class Y shares,  such shares to have the relative rights
and  limitations  set  forth  in  the  Declaration  of  Trust  and  the  Trust's
Registration Statement on Form N-1A with respect to such series.




     IN WITNESS  WHEREOF,  the  undersigned  being all the Trustees of the Trust
have executed this instrument as of this 4th day of January, 2005.



/s/ John F. Cogan, Jr.                      /s/ Osbert M. Hood
John F. Cogan, Jr.                          Osbert M. Hood




/s/ David R. Bock                           /s/ Marguerite A. Piret
David R. Bock                               Marguerite A. Piret




/s/ Mary K. Bush                            /s/ Stephen K. West
Mary K. Bush                                Stephen K. West



/s/ Margaret B.W. Graham                    /s/ John Winthrop
Margaret B.W. Graham                        John Winthrop



                                    The address of each Trustee is
                                    c/o Pioneer Investment Management, Inc
                                    60 State Street, Boston, Massachusetts 02109



Annex A



Pioneer Ibbotson Conservative Allocation Series