Problem started when installed Xcode5 bundle. I\'m using Mavericks - not sure if that is relevant.
Cannot profile allocations in simulator. Instruments would load an
Also got this error: If the simulator was set to "iPhone" (iOS6), and active scheme was iOS7, then I got this error as well.
Solution: So either set your active scheme to an iOS6 device, or change hardware in the simulator to an iOS7 device.