Pioneer Research
Fund
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Annual Report | December 31, 2012
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Ticker Symbols:
Class A PATMX
Class B PBTMX
Class C PCTMX
Class Y PRFYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 39
Approval of Investment Advisory Agreement 40
Trustees, Officers and Service Providers 44
Pioneer Research Fund | Annual Report | 12/31/12 1
President's Letter
Dear Shareowner,
Pioneer has been cautiously optimistic about the U.S. economy from the start of
the year, and the data continues to be encouraging. Employment continues to
rise, albeit slowly, and we believe it should continue to do so in 2013, barring
a negative shock to the system. The housing and auto sectors continue to
recover, benefiting from record-low interest rates. Banks' willingness to lend
to consumers and businesses also continues to rise, broad measures of inflation
remain subdued, and, if the weather improves in 2013, that should help to bring
food prices back down. While corporate profit growth has slowed, many U.S.
companies still have strong balance sheets and continue to display the ability
to both pay and increase dividends*.
While the so-called "fiscal cliff " scheduled to take effect at year-end
dominated the media in December--and while no deal was struck before markets
closed for the year--investors who owned financial assets like equities and
high-yield corporate bonds generally enjoyed good returns in 2012. The Standard
& Poor's 500 Index returned 16% in 2012, and the Bank of America Merrill Lynch
High Yield Master II Index returned 15.6%. Meanwhile, the higher-quality
Barclays Capital Aggregate Bond Index gained 4.2% for the year, the safer-still
Barclays Capital Intermediate Treasuries Index returned 3.9%, and 3-month
Treasury bills, generally regarded as essentially "risk free" by the markets,
returned just 0.1% in 2012.
Despite generally improving economic conditions and positive market returns in
2012, investors still face daunting challenges in the year ahead, although we
remain optimistic that the underlying economic trends are moving in the right
direction. The year-end "fiscal cliff " deal did not eliminate the risk of
further tax increases or spending cuts, nor did it eliminate the risk that the
U.S. could face further downgrades to its credit rating from one or more of the
major ratings agencies.The Federal Reserve Board continues to provide
extraordinary support to the U.S. economy and the bond market, but will not do
so indefinitely. Europe has made progress towards dampening its sovereign-debt
crisis, but has not resolved the problem as yet; the region also was mired in a
recession as 2012 drew to a close. In Asia, Japan continues to struggle with low
economic growth,
* Dividends are not guaranteed.
2 Pioneer Research Fund | Annual Report | 12/31/12
deflation, high levels of debt, and an aging population. In the emerging
markets, China and other developing economies, while generally in better shape
than most "developed" markets, also face a range of ongoing challenges.
While most of the risks outlined above are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility tied to these factors.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
In 2013, Pioneer proudly celebrates its 85th anniversary. Since 1928, our
investment teams have sought out attractive opportunities in global equity and
bond markets, using in-depth research to identify undervalued individual
securities, and using thoughtful risk management to construct portfolios which
balance potential risks and reward in an ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Research Fund | Annual Report | 12/31/12 3
Portfolio Management Discussion | 12/31/12
Despite a host of concerns about the health of the U.S. economy, domestic
equities delivered generally solid performance during the 12 months ended
December 31, 2012. In the following interview, Paul Cloonan discusses the
investment environment during the 12-month period and the factors that affected
the performance of Pioneer Research Fund. Mr. Cloonan, senior vice president and
co-head of equity research at Pioneer, is part of the investment team
responsible for the day-to-day management of the Fund.
Q How would you describe the investment environment for equities during the
12 months ended December 31, 2012?
A While a number of worries hovered over the equity market and created
intermittent periods of volatility, stocks, in general, produced solid
returns during the 12-month period.
Among the issues causing investors to worry during the period were evidence
of slowing global economic growth trends, decelerating corporate earnings
growth rates, and a stubbornly high U.S. jobless rate. Anxieties about the
U.S. election in November and uncertainties about how political infighting
in Washington could affect fiscal decisions also unsettled investors.
Nevertheless, the stock market fared well over the 12-month period as
equities continued to look attractive relative to other asset classes,
including fixed-income securities, which were, by and large, offering very
low yields.
Near year-end, especially, investors increasingly looked forward and saw
more reason for optimism than pessimism regarding stocks. The reasons for
optimism included steady, if modest, economic growth trends, slight
improvements in unemployment figures, and pro-growth monetary policies
implemented by central banks located in major economies, including the
United States, China and Europe.
By industry in 2012, the strongest absolute returns in the equity market
came from the diversified financials, media and retailing groups, while the
weakest performance came from companies in the semiconductor, utilities,
consumer services and energy categories.
Q How did the Fund perform in that environment during the 12 months ended
December 31, 2012?
A Pioneer Research Fund's Class A shares returned 14.51% at net asset value
during the 12 months ended December 31, 2012, while the Fund's benchmark,
the Standard & Poor's 500 Index (the S&P 500), returned 15.99%. During the
same period, the average return of the 944 mutual funds in Lipper's Large
Cap Core Funds category was 14.95%.
4 Pioneer Research Fund | Annual Report | 12/31/12
Q What were the reasons behind the Fund's underperformance of the S&P 500
during the 12 months ended December 31, 2012, and which investments
produced the most disappointing results?
A The Fund's benchmark-relative results during the 12-month period were hurt
the most by underperforming stock selections in the information technology
and materials sectors--in particular, within information technology, the
Fund's investments in software and technology hardware were its weakest
performers during the period.
In software, the major detractor from relative returns was the Fund's
position in Rovi, which we eliminated from the portfolio in July after the
company lowered its earnings forecasts for the second quarter, and for the
overall year. The disappointing earnings announcement came after Rovi's
prospects had been called into question when Cisco Systems acquired one of
its competitors, and after Rovi had moved to increase the company's
indebtedness. During the period, we also sold the Fund's position in
another major disappointment from the information technology sector:
Hewlett-Packard (HP). We had become increasingly worried about HP's
ability to turn around its many businesses and also fretted about the
prospects for HP's personal computer business, which was losing ground in
an industry segment that is under constant attack from newer technologies,
including tablets.
Another underperforming investment that we eliminated from the portfolio
during the 12-month period was Celanese, from the materials sector.
Celanese, a major chemical company, was registering disappointing results
from its acetate business, while taking an unexpectedly long time to
develop a new technology for the production of ethanol.
Stock selection in energy also detracted from the Fund's benchmark-relative
returns during the period, with a position in Anadarko Petroleum, an energy
exploration and production company, the weakest relative performer in the
sector. We sold the portfolio's position after the stock performed poorly
and as Anadarko faced uncertainty about the outcome of a major lawsuit
filed against the company.
Q What types of investments had the greatest positive influence on the Fund's
performance relative to the S&P 500 during the 12 months ended December 31,
2012?
A The Fund's investments in the consumer sectors performed quite well during
the 12-month period, with holdings in the media, and food, beverage and
tobacco industries contributing significantly to relative returns. In
addition, while the Fund's holdings in the information technology sector
underperformed the benchmark's sector holdings during the period, the
portfolio did own some stocks in the semiconductor field that contributed
to relative returns.
Pioneer Research Fund | Annual Report | 12/31/12 5
The top individual contributor to benchmark-relative results during the
period was the portfolio's position in Constellation Brands from the food,
beverage and tobacco group. Constellation Brands, which owns a number of
wine companies as well as interests in beer and beer distributors,
performed especially well at the end of the year when the company announced
that it planned to increase its stake in and acquire full control of Crown
Imports, which distributes Corona and other popular beer brands in the U.S.
Also in the food, beverage and tobacco group, the Fund's investment in
Fomento Economico Mexicana (FEMSA) rose in value during the period on
strong results from the company's Coca-Cola soft drink distribution
operations in Mexico and Central America.
In the media group, the portfolio's top performer was Comcast, while Disney
and Time Warner also contributed to returns. All three companies were able
to improve their earnings during the period, while demonstrating strong
pricing power. Comcast has pricing power in its broadband data service,
while Disney and Time Warner have pricing power for their entertainment
content with advertisers and distributors.
Among the Fund's semiconductor holdings, ASML's positive performance during
the period was notable, as the company gained in value by advancing its
technology and improving its competitive position. Three of ASML's major
customers (Intel, Taiwan Semiconductor and Samsung Electronics) are now
long-term shareholders in the company, and each has committed to
contributing funding to ASML's research and development efforts over the
next few years. We sold the Fund's position in ASML at the end of the year,
after the stock had appreciated significantly.
In addition to the healthy returns coming from the top three groups, the
Fund's relative performance also received major support from portfolio
investments in credit card company Discover Financial Services and in
capital goods company Manitowoc, which produces goods for both the
construction and food services industries.
Q Could you discuss some of the changes you made to the Fund's portfolio
during the 12 months ended December 31, 2012?
A Two of the most prominent additions we made to the portfolio during 2012
were two major financial institutions: Citigroup and Goldman Sachs. We were
attracted by the low stock valuation of Citigroup, a major global banking
institution, at a time when regulatory issues that earlier had clouded the
company's prospects were becoming resolved. Citigroup's prospects also
appeared to be brightening as the global markets started stabilizing. In
addition, the Fund acquired a stake in Goldman Sachs, another global
company selling at an attractive share price. The large investment bank
appeared to be in a stronger competitive position as expectations grew that
some of Goldman Sachs' European competitors might scale back their
operations.
6 Pioneer Research Fund | Annual Report | 12/31/12
In the retail industry, we added two prominent national hardware and home
improvement product chains to the Fund during the period: Home Depot and
Lowe's. We believe both companies to be well positioned to benefit from the
recovery in the housing industry as well as from increased home renovation
and repair activity.
In the energy sector, we added oil services company Schlumberger and
exploration-and-production company Marathon Oil to the Fund during the
period. We viewed Schlumberger as a key beneficiary of the strengthening
market for oil services operations, while Marathon was selling at a cheap
valuation and appeared poised to improve its operating performance.
While we added Schlumberger and Marathon during the period, we sold the
Fund's stake in diversified energy company ExxonMobil. While the company
had performed well when the Fund owned it, we thought there were better
opportunities available in other energy-related companies. We also
eliminated the Fund's positions in diversified financials company JPMorgan
Chase after major problems emerged in the company's London trading
operations; and in pharmaceutical company Merck, because we saw fewer
opportunities in the company's pipeline of new drug products.
Q What is your investment outlook?
A Our investment methodology for the Fund is built upon bottom-up analysis
and stock selection, rather than analysis of macroeconomic trends and
patterns. Nevertheless, we think the equity market overall remains
attractive relative to other asset classes. Stocks valuations have remained
appealing, and we think it makes sense that more investor capital should
start moving into equities this year, following an extended period (several
years) during which more investor assets have been flowing into
fixed-income investments.
Our approach to stock-picking emphasizes fundamental analysis. We believe
the approach is durable and repeatable and can deliver reasonable
investment results for the Fund at different periods within the business
cycle, and under a variety of market conditions.
Note to shareholders: Pioneer's Board of Trustees has approved the
reorganization of Pioneer Research Fund into Pioneer Value Fund. It is
expected that the reorganization will be completed in April or May 2013.
The combined fund will have the same investment strategies and policies as,
and be managed by the management team of, Pioneer Research Fund (led by
Paul Cloonan, Pioneer's co-head of equity research, U.S.). It is
anticipated that the performance history of the combined fund will be that
of Pioneer Research Fund. The combined fund will be named Pioneer Core
Equity Fund. Subject to shareholder approval, Pioneer Value Fund also will
adopt a new management fee, and the current investment objective of Pioneer
Research Fund, which is long-term capital growth. These changes would be
effective at the time of the reorganization.
Pioneer Research Fund | Annual Report | 12/31/12 7
Please refer to the Schedule of Investments on pages 17-23 for a full listing of
Fund securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder 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 opinions should not
be relied upon for any other purposes.
8 Pioneer Research Fund | Annual Report | 12/31/12
Portfolio Summary | 12/31/12
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 95.2%
International Common Stocks 3.3%
Depositary Receipts for International Stocks 1.5%
Sector Distribution
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(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 19.0%
Financials 15.5%
Health Care 12.2%
Consumer Discretionary 11.4%
Consumer Staples 10.8%
Energy 10.7%
Industrials 10.2%
Telecommunication Services 3.6%
Materials 3.3%
Utilities 3.3%
10 Largest Holdings
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(As a percentage of equity holdings)*
1. Apple, Inc. 4.93%
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2. Chevron Corp. 2.96
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3. Google, Inc. 2.47
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4. Citigroup, Inc. 2.39
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5. Verizon Communications, Inc. 2.23
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6. Pfizer, Inc. 2.12
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7. Microsoft Corp. 2.07
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8. PNC Financial Services Group, Inc. 2.01
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9. 3M Co. 1.91
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10. Johnson & Johnson Co. 1.89
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* This list excludes temporary cash investments and derivative instruments.
The Fund 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 Research Fund | Annual Report | 12/31/12 9
Prices and Distributions | 12/31/12
Net Asset Value per Share
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Class 12/31/12 12/31/11
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A $10.77 $9.47
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B $10.14 $8.94
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C $10.19 $9.00
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Y $10.87 $9.55
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Distributions per Share: 1/1/12-12/31/12
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.0744 $ -- $ --
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B $ -- $ -- $ --
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C $0.0131 $ -- $ --
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Y $0.0947 $ -- $ --
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Index Definition
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The Standard & Poor's 500 Index is a commonly used measure of the broad U.S.
stock market. Index returns 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 index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-14.
10 Pioneer Research Fund | Annual Report | 12/31/12
Performance Update | 12/31/12 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Research Fund at public offering price, compared to
that of the Standard & Poor's 500 Index.
Average Annual Total Returns
(As of December 31, 2012)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
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10 Years 7.43% 6.79%
5 Years 2.25 1.04
1 Year 14.51 7.90
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Expense Ratio
(Per prospectus dated May 1, 2012)
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Gross Net
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1.55% 1.25%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Research Fund Standard & Poor's 500 Index
12/31/2002 $ 9,425 $ 10,000
12/31/2003 $ 11,740 $ 12,867
12/31/2004 $ 13,076 $ 14,266
12/31/2005 $ 14,017 $ 14,966
12/31/2006 $ 16,135 $ 17,328
12/31/2007 $ 17,261 $ 18,279
12/31/2008 $ 11,181 $ 11,518
12/31/2009 $ 14,436 $ 14,566
12/31/2010 $ 16,685 $ 16,764
12/31/2011 $ 16,847 $ 17,114
12/31/2012 $ 19,292 $ 19,850
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 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 May 1, 2014, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Research Fund | Annual Report | 12/31/12 11
Performance Update | 12/31/12 Class B Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Research Fund, compared to that of the Standard &
Poor's 500 Index.
Average Annual Total Returns
(As of December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.48% 6.48%
5 Years 1.32 1.32
1 Year 13.42 9.42
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Expense Ratio
(Per prospectus dated May 1, 2012)
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Gross Net
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2.52% 2.15%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Research Fund Standard & Poor's 500 Index
12/31/2002 $ 10,000 $ 10,000
12/31/2003 $ 12,354 $ 12,867
12/31/2004 $ 13,652 $ 14,266
12/31/2005 $ 14,498 $ 14,966
12/31/2006 $ 16,534 $ 17,328
12/31/2007 $ 17,549 $ 18,279
12/31/2008 $ 11,262 $ 11,518
12/31/2009 $ 14,413 $ 14,566
12/31/2010 $ 16,501 $ 16,764
12/31/2011 $ 16,520 $ 17,114
12/31/2012 $ 18,737 $ 19,850
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 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 May 1, 2014, for Class B shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Research Fund | Annual Report | 12/31/12
Performance Update | 12/31/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Research Fund, compared to that of the Standard &
Poor's 500 Index.
Average Annual Total Returns
(As of December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.51% 6.51%
5 Years 1.34 1.34
1 Year 13.37 13.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.35% 2.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Research Fund Standard & Poor's 500 Index
12/31/2002 $ 10,000 $ 10,000
12/31/2003 $ 12,358 $ 12,867
12/31/2004 $ 13,668 $ 14,266
12/31/2005 $ 14,510 $ 14,966
12/31/2006 $ 16,548 $ 17,328
12/31/2007 $ 17,574 $ 18,279
12/31/2008 $ 11,296 $ 11,518
12/31/2009 $ 14,451 $ 14,566
12/31/2010 $ 16,549 $ 16,764
12/31/2011 $ 16,568 $ 17,114
12/31/2012 $ 18,783 $ 19,850
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). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "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 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 May 1, 2014, for Class C shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Research Fund | Annual Report | 12/31/12 13
Performance Update | 12/31/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Research Fund, compared to that of the Standard &
Poor's 500 Index.
Average Annual Total Returns
(As of December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 7.69% 7.69%
5 Years 2.55 2.55
1 Year 14.81 14.81
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.97%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Research Fund Standard & Poor's 500 Index
12/31/2002 $ 5,000,000 $ 5,000,000
12/31/2003 $ 6,231,231 $ 6,433,342
12/31/2004 $ 6,945,926 $ 7,132,916
12/31/2005 $ 7,456,457 $ 7,482,983
12/31/2006 $ 8,596,586 $ 8,663,877
12/31/2007 $ 9,246,551 $ 9,139,486
12/31/2008 $ 6,014,201 $ 5,758,767
12/31/2009 $ 7,786,146 $ 7,283,193
12/31/2010 $ 9,023,558 $ 8,381,801
12/31/2011 $ 9,132,058 $ 8,556,777
12/31/2012 $ 10,484,679 $ 9,924,809
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 Class Y shares on August
11, 2004, 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 on August 11, 2004, would have been higher than that 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 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.
14 Pioneer Research Fund | Annual Report | 12/31/12
Comparing Ongoing Fund Expenses
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 Research Fund
Based on actual returns from July 1, 2012, through December 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 7/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,049.78 $1,045.35 $1,044.31 $1,051.28
(after expenses)
on 12/31/12
--------------------------------------------------------------------------------
Expenses Paid $6.44 $11.05 $11.05 $5.26
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.25%, 2.15%,
2.15%, and 1.02% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/366 (to reflect the one-half year period).
Pioneer Research Fund | Annual Report | 12/31/12 15
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 Research Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from July 1, 2012, through December 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 7/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,018.85 $1,014.33 $1,014.33 $1,020.01
(after expenses)
on 12/31/12
--------------------------------------------------------------------------------
Expenses Paid $6.34 $10.89 $10.89 $5.18
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.25%, 2.15%,
2.15%, and 1.02% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/366 (to reflect the one-half year period).
16 Pioneer Research Fund | Annual Report | 12/31/12
Schedule of Investments | 12/31/12
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
COMMON STOCKS -- 99.3%
ENERGY -- 10.7%
Oil & Gas Drilling -- 0.6%
6,662 Ensco Plc $ 394,923
-------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 4.0%
25,373 Halliburton Co. $ 880,189
7,191 National Oilwell Varco, Inc. 491,505
15,932 Schlumberger, Ltd. 1,103,928
------------
$ 2,475,622
-------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 3.9%
17,010 Chevron Corp. $ 1,839,461
8,245 Occidental Petroleum Corp. 631,649
------------
$ 2,471,110
-------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.4%
28,884 Marathon Oil Corp. $ 885,583
-------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.8%
7,734 Marathon Petroleum Corp. $ 487,242
------------
Total Energy $ 6,714,480
-------------------------------------------------------------------------------------------
MATERIALS -- 3.4%
Fertilizers & Agricultural Chemicals -- 1.3%
14,065 The Mosaic Co. $ 796,501
-------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.3%
11,545 Ecolab, Inc. $ 830,086
-------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
14,054 Freeport-McMoRan Copper & Gold, Inc. $ 480,647
------------
Total Materials $ 2,107,234
-------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.5%
Aerospace & Defense -- 1.7%
13,331 United Technologies Corp. $ 1,093,275
-------------------------------------------------------------------------------------------
Construction & Engineering -- 0.8%
16,051 KBR, Inc. $ 480,246
-------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.9%
12,818 3M Co. $ 1,190,151
-------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.9%
5,893 Cummins, Inc. $ 638,507
9,171 Joy Global, Inc. 584,926
37,984 The Manitowoc Co., Inc. 595,589
------------
$ 1,819,022
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 17
Schedule of Investments | 12/31/12 (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Industrial Machinery -- 1.2%
10,424 Ingersoll-Rand Plc $ 499,935
3,205 SPX Corp. 224,831
------------
$ 724,766
------------
Total Capital Goods $ 5,307,460
-------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.7%
Air Freight & Logistics -- 0.8%
6,796 United Parcel Service, Inc. (Class B) $ 501,069
-------------------------------------------------------------------------------------------
Railroads -- 0.9%
4,342 Union Pacific Corp. $ 545,876
------------
Total Transportation $ 1,046,945
-------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.5%
Apparel, Accessories & Luxury Goods -- 0.5%
12,136 True Religion Apparel, Inc. $ 308,497
------------
Total Consumer Durables & Apparel $ 308,497
-------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.0%
Hotels, Resorts & Cruise Lines -- 0.5%
8,426 Marriott International, Inc. $ 314,037
-------------------------------------------------------------------------------------------
Restaurants -- 1.5%
1,299 Chipotle Mexican Grill, Inc.* $ 386,401
10,215 Starbucks Corp. 547,728
------------
$ 934,129
------------
Total Consumer Services $ 1,248,166
-------------------------------------------------------------------------------------------
MEDIA -- 4.2%
Cable & Satellite -- 1.6%
26,985 Comcast Corp. $ 1,008,699
-------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.6%
19,749 The Walt Disney Co. $ 983,303
14,132 Time Warner, Inc. 675,934
------------
$ 1,659,237
------------
Total Media $ 2,667,936
-------------------------------------------------------------------------------------------
RETAILING -- 4.7%
Internet Retail -- 1.1%
2,766 Amazon.com, Inc.* $ 694,653
-------------------------------------------------------------------------------------------
Department Stores -- 0.6%
9,958 Macy's, Inc. $ 388,561
-------------------------------------------------------------------------------------------
Apparel Retail -- 0.8%
8,600 Ross Stores, Inc. $ 465,690
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Research Fund | Annual Report | 12/31/12
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Home Improvement Retail -- 2.2%
16,441 Lowe's Companies, Inc. $ 583,984
12,794 The Home Depot, Inc. 791,309
------------
$ 1,375,293
------------
Total Retailing $ 2,924,197
-------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.5%
Drug Retail -- 1.2%
15,468 CVS Caremark Corp. $ 747,878
-------------------------------------------------------------------------------------------
Food Retail -- 1.3%
8,689 Whole Foods Market, Inc. $ 793,566
------------
Total Food & Staples Retailing $ 1,541,444
-------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.3%
Distillers & Vintners -- 1.1%
19,969 Constellation Brands, Inc.* $ 706,703
-------------------------------------------------------------------------------------------
Soft Drinks -- 1.4%
6,377 Fomento Economico Mexicano SAB de CV (A.D.R.) $ 642,164
4,166 Monster Beverage Corp.* 220,298
------------
$ 862,462
-------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.4%
13,605 Campbell Soup Co. $ 474,678
5,873 The Hershey Co. 424,148
------------
$ 898,826
-------------------------------------------------------------------------------------------
Tobacco -- 2.4%
18,739 Altria Group, Inc. $ 588,779
10,772 Philip Morris International, Inc. 900,970
------------
$ 1,489,749
------------
Total Food, Beverage & Tobacco $ 3,957,740
-------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 2.0%
Household Products -- 1.0%
6,227 Colgate-Palmolive Co. $ 650,971
-------------------------------------------------------------------------------------------
Personal Products -- 1.0%
10,017 The Estee Lauder Companies, Inc. $ 599,618
------------
Total Household & Personal Products $ 1,250,589
-------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.1%
Health Care Equipment -- 0.5%
5,845 Covidien Plc $ 337,490
-------------------------------------------------------------------------------------------
Health Care Distributors -- 0.2%
3,369 Cardinal Health, Inc. $ 138,735
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 19
Schedule of Investments | 12/31/12 (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Health Care Services -- 1.4%
3,561 DaVita HealthCare Partners, Inc.* $ 393,597
8,570 Express Scripts Holding Co.* 462,780
------------
$ 856,377
-------------------------------------------------------------------------------------------
Managed Health Care -- 1.0%
7,610 Aetna, Inc. $ 352,343
3,539 Humana, Inc. 242,882
------------
$ 595,225
------------
Total Health Care Equipment & Services $ 1,927,827
-------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 9.1%
Biotechnology -- 2.7%
3,494 Amgen, Inc. $ 301,602
5,457 Celgene Corp.* 429,575
7,844 Gilead Sciences, Inc.* 576,142
9,925 Vertex Pharmaceuticals, Inc.* 416,254
------------
$ 1,723,573
-------------------------------------------------------------------------------------------
Pharmaceuticals -- 6.1%
4,258 Allergan, Inc. $ 390,586
3,535 Jazz Pharmaceuticals Plc* 188,062
16,798 Johnson & Johnson Co. 1,177,540
52,577 Pfizer, Inc. 1,318,631
6,183 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 230,873
5,743 Watson Pharmaceuticals, Inc.* 493,898
------------
$ 3,799,590
-------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
4,801 Agilent Technologies, Inc. $ 196,553
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 5,719,716
-------------------------------------------------------------------------------------------
BANKS -- 3.8%
Diversified Banks -- 1.4%
25,056 Wells Fargo & Co. $ 856,414
-------------------------------------------------------------------------------------------
Regional Banks -- 2.4%
21,424 PNC Financial Services Group, Inc. $ 1,249,233
36,200 Regions Financial Corp. 257,744
------------
$ 1,506,977
------------
Total Banks $ 2,363,391
-------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.8%
Other Diversified Financial Services -- 2.4%
37,612 Citigroup, Inc. $ 1,487,931
-------------------------------------------------------------------------------------------
Consumer Finance -- 1.3%
9,272 Capital One Financial Corp. $ 537,127
7,565 Discover Financial Services LLC 291,631
------------
$ 828,758
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Research Fund | Annual Report | 12/31/12
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.3%
11,441 Invesco, Ltd. $ 298,496
11,653 The Carlyle Group LP 303,328
5,413 Walter Investment Management Corp.* 232,867
------------
$ 834,691
-------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.8%
30,644 E*TRADE Financial Corp.* $ 274,264
6,708 The Goldman Sachs Group, Inc. 855,672
------------
$ 1,129,936
------------
Total Diversified Financials $ 4,281,316
-------------------------------------------------------------------------------------------
INSURANCE -- 3.9%
Life & Health Insurance -- 2.1%
12,498 Aflac, Inc. $ 663,894
12,069 MetLife, Inc. 397,553
13,960 Unum Group Co. 290,647
------------
$ 1,352,094
-------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.8%
8,028 ACE, Ltd. $ 640,634
12,083 The Allstate Corp. 485,374
------------
$ 1,126,008
------------
Total Insurance $ 2,478,102
-------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Residential REIT -- 0.9%
11,974 American Campus Communities, Inc. $ 552,361
------------
Total Real Estate $ 552,361
-------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 9.3%
Internet Software & Services -- 3.5%
2,166 Google, Inc.* $ 1,536,495
33,392 Yahoo!, Inc.* 664,501
------------
$ 2,200,996
-------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.8%
3,100 Visa, Inc. $ 469,898
-------------------------------------------------------------------------------------------
Application Software -- 1.2%
5,571 Citrix Systems, Inc.* $ 366,293
17,462 Nuance Communications, Inc.* 389,752
------------
$ 756,045
-------------------------------------------------------------------------------------------
Systems Software -- 3.8%
48,162 Microsoft Corp. $ 1,287,370
33,364 Oracle Corp. 1,111,688
------------
$ 2,399,058
------------
Total Software & Services $ 5,825,997
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 21
Schedule of Investments | 12/31/12 (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 7.4%
Communications Equipment -- 1.8%
4,152 F5 Networks, Inc.* $ 403,367
11,871 Qualcomm, Inc. 736,239
------------
$ 1,139,606
-------------------------------------------------------------------------------------------
Computer Hardware -- 4.9%
5,754 Apple, Inc. $ 3,067,061
-------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.7%
10,083 SanDisk Corp.* $ 439,215
------------
Total Technology Hardware & Equipment $ 4,645,882
-------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.2%
Semiconductors -- 2.2%
13,631 Analog Devices, Inc. $ 573,320
10,800 Maxim Integrated Products, Inc. 317,520
13,488 Xilinx, Inc. 484,219
------------
$ 1,375,059
------------
Total Semiconductors & Semiconductor Equipment $ 1,375,059
-------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.0%
Integrated Telecommunication Services -- 3.0%
12,712 CenturyLink, Inc. $ 497,293
31,986 Verizon Communications, Inc. 1,384,034
------------
$ 1,881,327
------------
Total Telecommunication Services $ 1,881,327
-------------------------------------------------------------------------------------------
UTILITIES -- 3.3%
Electric Utilities -- 2.2%
19,189 American Electric Power Co., Inc. $ 818,987
19,846 PPL Corp. 568,191
------------
$ 1,387,178
-------------------------------------------------------------------------------------------
Multi-Utilities -- 1.1%
22,470 Ameren Corp. $ 690,278
------------
Total Utilities $ 2,077,456
-------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $50,813,644) $ 62,203,122
-------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.3%
(Cost $50,813,644) (a) $ 62,203,122
-------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.7% $ 444,626
===========================================================================================
TOTAL NET ASSETS -- 100.0% $ 62,647,748
===========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Research Fund | Annual Report | 12/31/12
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
REIT Real Estate Investment Trust.
(a) At December 31, 2012, the net unrealized gain on investments based
on cost for federal income tax purposes of $51,348,688 was as
follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $11,275,767
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (421,333)
-----------
Net unrealized gain $10,854,434
===========
Purchases and sales of securities (excluding temporary cash investments) for the
year ended December 31, 2012 aggregated $39,168,815 and $33,871,794,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.) See Notes to Financial
Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
See Notes to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of December 31, 2012, in
valuing the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $62,203,122 $-- $-- $62,203,122
--------------------------------------------------------------------------------
Total $62,203,122 $-- $-- $62,203,122
================================================================================
During the year ended December 31, 2012, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 23
Statement of Assets and Liabilities | 12/31/12
ASSETS:
Investment in securities (cost $50,813,644) $ 62,203,122
Cash 482,570
Receivables --
Investment securities sold 42,420
Fund shares sold 164,422
Dividends 40,784
Due from Pioneer Investment Management, Inc. 9,492
Other 34,416
-------------------------------------------------------------------------------------------------------------
Total assets $ 62,977,226
=============================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 93,749
Fund shares repurchased 185,817
Due to affiliates 15,818
Accrued professional fees 18,139
Accrued expenses 15,955
-------------------------------------------------------------------------------------------------------------
Total liabilities $ 329,478
=============================================================================================================
NET ASSETS:
Paid-in capital $ 79,055,195
Undistributed net investment income 8,715
Accumulated net realized loss on investments and foreign currency transactions (27,805,640)
Net unrealized gain on investments 11,389,478
-------------------------------------------------------------------------------------------------------------
Total net assets $ 62,647,748
=============================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $23,907,116/2,219,595 shares) $ 10.77
Class B (based on $1,171,368/115,479 shares) $ 10.14
Class C (based on $3,694,552/362,485 shares) $ 10.19
Class Y (based on $33,874,712/3,116,754 shares) $ 10.87
MAXIMUM OFFERING PRICE:
Class A ($10.77 (divided by) 94.25%) $ 11.43
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Research Fund | Annual Report | 12/31/12
Statement of Operations
For the Year Ended 12/31/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $2,517) $1,157,936
Interest 1,230
-------------------------------------------------------------------------------------------------------------
Total investment income $ 1,159,166
-------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 377,390
Transfer agent fees
Class A 40,260
Class B 8,136
Class C 5,228
Class Y 1,015
Distribution fees
Class A 50,142
Class B 17,696
Class C 25,860
Shareholder communications expense 38,548
Administrative reimbursements 22,393
Custodian fees 14,976
Registration fees 71,806
Professional fees 45,836
Printing expense 35,124
Fees and expenses of nonaffiliated Trustees 7,206
Miscellaneous 6,956
-------------------------------------------------------------------------------------------------------------
Total expenses $ 768,572
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (80,294)
-------------------------------------------------------------------------------------------------------------
Net expenses $ 688,278
-------------------------------------------------------------------------------------------------------------
Net investment income $ 470,888
-------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTIONS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $2,454,582
Class actions 816
Other assets and liabilities denominated in foreign currencies (94) $ 2,455,304
-------------------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $4,478,112
Other assets and liabilities denominated in foreign currencies 95 $ 4,478,207
-------------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 6,933,511
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,404,399
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 25
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
12/31/12 12/31/11
-------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 470,888 $ 377,651
Net realized gain on investments, class actions and foreign
currency transactions 2,455,304 8,270,647
Change in net unrealized gain (loss) on investments and
foreign currency transactions 4,478,207 (7,289,858)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,404,399 $ 1,358,440
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.07 and $0.06 per share, respectively) $ (165,303) $ (104,114)
Class C ($0.01 and $0.00 per share, respectively) (4,618) --
Class Y ($0.09 and $0.08 per share, respectively) (296,423) (274,407)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (466,344) $ (378,521)
-------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 20,385,338 $ 10,090,665
Reinvestment of distributions 223,399 124,447
Cost of shares repurchased (15,593,080) (27,265,188)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 5,015,657 $ (17,050,076)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 11,953,712 $ (16,070,157)
NET ASSETS:
Beginning of year $ 50,694,036 $ 66,764,193
-------------------------------------------------------------------------------------------------------------
End of year $ 62,647,748 $ 50,694,036
=============================================================================================================
Undistributed net investment income $ 8,715 $ --
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Research Fund | Annual Report | 12/31/12
-------------------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
-------------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,010,614 $ 10,720,968 559,185 $ 5,333,172
Reinvestment of distributions 13,768 148,549 10,324 98,429
Less shares repurchased (489,343) (5,137,526) (356,498) (3,406,360)
-------------------------------------------------------------------------------------------------------------
Net increase 535,039 $ 5,731,991 213,011 $ 2,025,241
=============================================================================================================
Class B
Shares sold or exchanged 65,127 $ 624,254 79,881 $ 729,136
Less shares repurchased (184,185) (1,848,710) (229,858) (2,073,050)
-------------------------------------------------------------------------------------------------------------
Net decrease (119,058) $ (1,224,456) (149,977) $ (1,343,914)
=============================================================================================================
Class C
Shares sold 268,658 $ 2,655,935 58,388 $ 535,815
Reinvestment of distributions 391 3,987 -- --
Less shares repurchased (109,950) (1,112,254) (36,319) (318,410)
-------------------------------------------------------------------------------------------------------------
Net increase 159,099 $ 1,547,668 22,069 $ 217,405
=============================================================================================================
Class Y
Shares sold 596,372 $ 6,384,181 353,599 $ 3,492,542
Reinvestment of distributions 6,507 70,863 2,708 26,018
Less shares repurchased (711,247) (7,494,590) (2,152,929) (21,467,368)
-------------------------------------------------------------------------------------------------------------
Net decrease (108,368) $ (1,039,546) (1,796,622) $ (17,948,808)
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 27
Financial Highlights
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/12 12/31/11 12/31/10 12/31/09 12/31/08
----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.47 $ 9.44 $ 8.21 $ 6.43 $ 10.09
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.07 $ 0.05 $ 0.05 $ 0.06 $ 0.09
Net realized and unrealized gain (loss) on investments 1.30 0.04 1.23 1.81 (3.65)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.37 $ 0.09 $ 1.28 $ 1.87 $ (3.56)
----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.07) (0.06) (0.05) (0.09) (0.10)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.30 $ 0.03 $ 1.23 $ 1.78 $ (3.66)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.77 $ 9.47 $ 9.44 $ 8.21 $ 6.43
======================================================================================================================
Total return* 14.51% 0.97% 15.58% 29.11% (35.22)%
Ratio of net expenses to average net assets+ 1.25% 1.25% 1.25% 1.25% 1.26%
Ratio of net investment income to average net assets+ 0.76% 0.59% 0.56% 0.90% 0.96%
Portfolio turnover rate 59% 57% 57% 90% 87%
Net assets, end of period (in thousands) $23,907 $15,957 $13,890 $13,866 $10,110
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.59% 1.55% 1.53% 1.62% 1.36%
Net investment income 0.42% 0.29% 0.28% 0.53% 0.85%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 0.76% 0.59% 0.56% 0.90% 0.96%
======================================================================================================================
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Research Fund | Annual Report | 12/31/12
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/12 12/31/11 12/31/10 12/31/09 12/31/08
----------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.94 $ 8.93 $ 7.80 $ 6.10 $ 9.52
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03)(b) $ (0.04) $ (0.03) 0.00(a) 0.00(a)
Net realized and unrealized gain (loss) on investments 1.23 0.05 1.16 1.71 (3.41)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.20 $ 0.01 $ 1.13 $ 1.71 $ (3.41)
----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income --(c) --(c) -- (0.01) (0.01)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.20 $ 0.01 $ 1.13 $ 1.70 $ (3.42)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.14 $ 8.94 $ 8.93 $ 7.80 $ 6.10
======================================================================================================================
Total return* 13.42% 0.11% 14.49% 27.98% (35.83)%
Ratio of net expenses to average net assets+ 2.15% 2.15% 2.15% 2.15% 2.16%
Ratio of net investment income (loss) to average net assets+ (0.22)% (0.36)% (0.36)% 0.03% 0.02%
Portfolio turnover rate 59% 57% 57% 90% 87%
Net assets, end of period (in thousands) $ 1,171 $ 2,097 $ 3,434 $4,453 $ 5,908
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.58% 2.52% 2.47% 2.54% 2.22%
Net investment loss (0.65)% (0.73)% (0.68)% (0.36)% (0.04)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.15% 2.15% 2.15% 2.15% 2.15%
Net investment income (loss) (0.22)% (0.36)% (0.36)% 0.03% 0.03%
======================================================================================================================
(a) Amounts round to less than $0.01 per share.
(b) The amount shown for a share outstanding does not correspond with the net
investment gain on the Statement of Operations for the period due to the
timing of the sales and repurchases of shares.
(c) 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.
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 29
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/12 12/31/11 12/31/10 12/31/09 12/31/08
----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.00 $ 8.99 $ 7.85 $ 6.16 $ 9.60
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01)(b) $ (0.03) $ (0.03) 0.00(a) $ 0.02
Net realized and unrealized gain (loss) on investments 1.21 0.04 1.17 1.72 (3.45)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.20 $ 0.01 $ 1.14 $ 1.72 $ (3.43)
----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.01) -- -- (0.03) (0.01)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.19 $ 0.01 $ 1.14 $ 1.69 $ (3.44)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.19 $ 9.00 $ 8.99 $ 7.85 $ 6.16
======================================================================================================================
Total return* 13.37% 0.11% 14.52% 27.93% (35.72)%
Ratio of net expenses to average net assets+ 2.15% 2.15% 2.15% 2.15% 2.05%
Ratio of net investment income (loss) to average net assets+ (0.14)% (0.32)% (0.33)% 0.01% 0.14%
Portfolio turnover rate 59% 57% 57% 90% 87%
Net assets, end of period (in thousands) $ 3,695 $ 1,829 $ 1,630 $1,422 $ 1,230
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.31% 2.35% 2.38% 2.50% 2.05%
Net investment income (loss) (0.30)% (0.52)% (0.56)% (0.34)% 0.14%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.15% 2.15% 2.15% 2.15% 2.05%
Net investment income (loss) (0.14)% (0.32)% (0.33)% 0.01% 0.14%
======================================================================================================================
(a) Amounts round to less than $0.01 per share.
(b) The amount shown for a share outstanding does not correspond with the net
investment gain on the Statement of Operations due to the timing of the
sales and repurchases of shares.
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Research Fund | Annual Report | 12/31/12
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/12 12/31/11 12/31/10 12/31/09 12/31/08
----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.55 $ 9.52 $ 8.28 $ 6.48 $ 10.19
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.09 $ 0.08 $ 0.12 $ 0.14
Net realized and unrealized gain (loss) on investments 1.31 0.03 1.24 1.79 (3.71)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.41 $ 0.12 $ 1.32 $ 1.91 $ (3.57)
----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.09) (0.09) (0.08) (0.11) (0.14)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.32 $ 0.03 $ 1.24 $ 1.80 $ (3.71)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.87 $ 9.55 $ 9.52 $ 8.28 $ 6.48
======================================================================================================================
Total return* 14.81% 1.20% 15.89% 29.46% (34.96)%
Ratio of net expenses to average net assets+ 1.02% 0.97% 0.96% 0.97% 0.82%
Ratio of net investment income to average net assets+ 0.97% 0.81% 0.86% 1.22% 1.36%
Portfolio turnover rate 59% 57% 57% 90% 87%
Net assets, end of period (in thousands) $33,875 $30,811 $47,810 $44,744 $73,947
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.02% 0.97% 0.96% 0.97% 0.82%
Net investment income 0.97% 0.81% 0.86% 1.22% 1.36%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.02% 0.97% 0.96% 0.97% 0.82%
Net investment income 0.97% 0.81% 0.86% 1.22% 1.36%
======================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Research Fund | Annual Report | 12/31/12 31
Notes to Financial Statements | 12/31/12
1. Organization and Significant Accounting Policies
Pioneer Research Fund (the Fund) is a Delaware statutory trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek long-term
capital growth.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Effective as of the close of business on December 31, 2009,
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 the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the 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 the 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 Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
32 Pioneer Research Fund | Annual Report | 12/31/12
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund 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, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Short-term fixed-income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost. Shares of money market mutual funds are valued at
their net asset value.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At December 31, 2012, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services). Inputs used when applying fair value
methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
Pioneer Research Fund | Annual Report | 12/31/12 33
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in market price of those securities, but are
included with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
The Fund had no outstanding portfolio or settlement hedges as of December
31, 2012.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of December 31, 2012, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years are subject to examination by Federal and State
tax authorities.
34 Pioneer Research Fund | Annual Report | 12/31/12
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
December 31, 2012, the Fund reclassified $10,572 to decrease paid-in
capital, $4,171 to increase undistributed net investment income, and $6,401
to decrease accumulated net realized loss on investments to reflect
permanent book/tax differences. These adjustments have no impact on net
assets or the results of operations.
At December 31, 2012, the Fund had a net capital loss carryforward of
$27,261,881 of which the following amounts will expire in 2016 and 2017 if
not utilized: $990,872 in 2016 and $26,271,009 in 2017.
The tax character of distributions paid during the years ended December 31,
2012 and December 31, 2011 was as follows:
---------------------------------------------------------------------------
2012 2011
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $466,344 $378,521
---------------------------------------------------------------------------
Total $466,344 $378,521
===========================================================================
The following shows components of distributable earnings on a federal
income tax basis at December 31, 2012:
---------------------------------------------------------------------------
2012
---------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $(27,261,881)
Net unrealized gain 10,854,434
---------------------------------------------------------------------------
Total $(16,407,447)
===========================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales, tax basis
adjustments on Real Estate Investment Trust (REIT) holdings, partnerships
and other holdings.
Pioneer Research Fund | Annual Report | 12/31/12 35
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $3,807 in underwriting commissions on the sale of Class
A shares during the year ended December 31, 2012.
F. 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. During the year ended December 31, 2012, the Fund recognized
gains of $816 in the settlement of class action lawsuits from several
different companies, as reflected on the Statement of Operations.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the 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 classes 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 the Fund 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
can reflect different transfer agent and distribution expense rates.
G. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
36 Pioneer Research Fund | Annual Report | 12/31/12
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.65% of
the Fund's average daily net assets up to $1 billion, 0.60% of the next $4
billion and 0.55% on assets over $5 billion. For the year ended December 31,
2012, the net management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.65% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.25%, 2.15% and 2.15% of the
average daily net assets attributable to Class A, Class B and Class C shares,
respectively. Class Y shares do not have an expense limitation. Fees waived and
expenses reimbursed during the year ended December 31, 2012 are reflected on the
Statement of Operations. These expense limitations are in effect through May 1,
2014. There can be no assurance that PIM will extend the expense limitation
agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$5,824 in management fees, administrative costs and certain other reimbursements
payable to PIM at December 31, 2012.
Effective March 5, 2012 PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended December 31, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $26,947
Class B 2,323
Class C 2,501
Class Y 6,777
--------------------------------------------------------------------------------
Total $38,548
================================================================================
Pioneer Research Fund | Annual Report | 12/31/12 37
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $8,824 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at December 31, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the 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 Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,170 in distribution fees payable to PFD at December 31, 2012.
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 December 31, 2012, CDSCs in the amount
of $1,157 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended December 31, 2012, the Fund's expenses
were not reduced under such arrangements.
38 Pioneer Research Fund | Annual Report | 12/31/12
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareowners of
Pioneer Research Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Research Fund (the "Fund"), including the schedule of investments, as of
December 31, 2012, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's 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 Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2012, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Research Fund at December 31, 2012, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and financial highlights for each of the five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 25, 2013
Pioneer Research Fund | Annual Report | 12/31/12 39
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Research Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex. In addition, the Trustees considered PIM's plans to
increase resources in its investment management function and other enhancements
to PIM's advisory capabilities.
40 Pioneer Research Fund | Annual Report | 12/31/12
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the second quintile of its Morningstar
category for the one and three year periods ended June 30, 2012, and in the
first quintile of its Morningstar category for the five year period ended June
30, 2012. (In all quintile rankings referred to throughout this disclosure,
first quintile is most favorable to the Fund's shareowners. Thus, highest
relative performance would be first quintile and lowest relative expenses would
also be first quintile.) The Trustees concluded that the investment performance
of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2012 was in the third
quintile relative to its Strategic Insight peer group for the comparable period.
Pioneer Research Fund | Annual Report | 12/31/12 41
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds, U.S.
registered investment companies (in a sub-advisory capacity), and unaffiliated
foreign and domestic separate accounts. The Trustees also considered PIM's costs
in providing services to the Fund and to its other clients and considered the
differences in management fees and profit margins for PIM's Fund and non-Fund
services. In evaluating the fees associated with PIM's client accounts, the
Trustees took into account the respective demands, resources and complexity
associated with the Fund and client accounts. The Trustees noted that in some
instances the fee rates for those clients were lower than the management fee for
the Fund and considered that, under the investment advisory agreement with the
Fund, PIM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the different entrepreneurial risks associated with
PIM's management of the Fund and the other client accounts. The Trustees
concluded that the management fee payable by the Fund to PIM was reasonable in
relation to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to
42 Pioneer Research Fund | Annual Report | 12/31/12
identify and quantify, rarely identifiable on a Fund-by-Fund basis, and that,
among other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Research Fund | Annual Report | 12/31/12 43
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 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.
44 Pioneer Research Fund | Annual Report | 12/31/12
Independent Trustees
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
---------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board Serves until a Quadriserv, Inc. (technology products for Solutions, Inc. (investor
and Trustee successor trustee is securities lending industry) (2008 - communications and securities
elected or earlier present); private investor (2004 - 2008); processing provider for
retirement or removal. and Senior Executive Vice President, The financial services industry)
Bank of New York (financial and (2009 - present); Director,
securities services) (1986 - 2004) Quadriserv, Inc. (2005 -
present); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
---------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise Community
Trustee Serves until a Advisors (corporate advisory services Investment, Inc. (privately-held
successor trustee is company) (1997 - 2004 and 2008 - affordable housing finance
elected or earlier present); Interim Chief Executive company) (1985 - 2010); Director
retirement or removal. Officer, Oxford Analytica, Inc. of Oxford Analytica, Inc. (2008
(privately held research and consulting - present); Director of The
company) (2010); Executive Vice President Swiss Helvetia Fund, Inc.
and Chief Financial Officer, I-trax, Inc. (closed-end fund) (2010 -
(publicly traded health care services present); and Director of New
company) (2004 - 2007); and Executive York Mortgage Trust (publicly
Vice President and Chief Financial traded mortgage REIT) (2004 -
Officer, Pedestal Inc. (internet-based 2009, 2012 - present)
mortgage trading company) (2000 - 2002)
---------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a Political Economy, Harvard University Funds Investment Trust and
successor trustee is (1972 - present) Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
---------------------------------------------------------------------------------------------------------------------------------
Pioneer Research Fund | Annual Report | 12/31/12 45
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 (65) Trustee since 1999. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee is Inc. (consulting firm) (1982-present);
elected or earlier Desautels Faculty of Management, McGill
retirement or removal. University (1999 - present); and Manager
of Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
---------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 1999. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury, Piret & Company, Inc. Income Fund, Inc. (closed-end
successor trustee is (investment banking firm) (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board of
retirement or removal. Governors, Investment Company
Institute (2000 - 2006)
---------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 1999. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia
Trustee Serves until a (law firm) (1998 - present); and Partner, Fund, Inc. (closed-end
successor trustee is Sullivan & Cromwell LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or removal. (formerly AMVESCAP, PLC)
(investment manager) (1997-2005)
---------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Research Fund | Annual Report | 12/31/12
Interested Trustees
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
---------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 1999. Non-Executive Chairman and a director of None
Trustee, President and Serves until a Pioneer Investment Management USA Inc.
Chief Executive Officer of successor trustee is ("PIM-USA"); Chairman and a director of
the Fund elected or earlier Pioneer; Chairman and Director of Pioneer
retirement or removal. Institutional Asset Management, Inc.
(since 2006); Director of Pioneer
Alternative Investment Management Limited
(Dublin) (until October 2011); President
and a director of Pioneer Alternative
Investment Management (Bermuda) Limited
and affiliated funds; Deputy Chairman and
a director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until April
2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc.
(2004 - 2011); Director of Fiduciary
Counseling, Inc. (until December 2011);
President of all of the Pioneer Funds;
and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
---------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Vice Serves until a (since February 2007); Director and
President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc.
retirement or removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of New
Markets Division, PGAM (2005 - 2007)
---------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Research Fund | Annual Report | 12/31/12 47
Fund Officers
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
---------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2003. Serves at Vice President and Associate General None
Secretary the discretion of the Counsel of Pioneer since January 2008 and
Board. Secretary of all of the Pioneer Funds
since June 2010; Assistant Secretary of
all of the Pioneer Funds from September
2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002
to December 2007
---------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of
Board. all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from
December 2003 to November 2006; and Senior
Paralegal of Pioneer from January 2000 to
November 2003
---------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer
Board. Funds since June 2010; and Vice President
and Counsel at State Street Bank from
October 2004 to June 2007
---------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds
Financial and Accounting Board. since March 2008; Deputy Treasurer of
Officer of the Fund Pioneer from March 2004 to February 2008;
and Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February
2008
---------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2000. Serves at Assistant Vice President - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer; and Assistant Treasurer of all
Board. of the Pioneer Funds
---------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
---------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Research Fund | Annual Report | 12/31/12
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
---------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at Fund Administration Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer since November 2008;
Board. Assistant Treasurer of all of the Pioneer
Funds since January 2009; and Client
Service Manager - Institutional Investor
Services at State Street Bank from March
2003 to March 2007
---------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October
2003 to October 2005
---------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2006. Serves at Director--Transfer Agency Compliance of None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer
Officer Board. of all the Pioneer Funds since 2006
---------------------------------------------------------------------------------------------------------------------------------
Pioneer Research Fund | Annual Report | 12/31/12 49
This page for your notes.
50 Pioneer Research Fund | Annual Report | 12/31/12
This page for your notes.
Pioneer Research Fund | Annual Report | 12/31/12 51
This page for your notes.
52 Pioneer Research Fund | Annual Report | 12/31/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investment(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 18630-07-0213