Pioneer Select
Mid Cap Growth Fund
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Annual Report | November 30, 2012
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Ticker Symbols:
Class A PMCTX
Class C PMTCX
Class Y PMTYX
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visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 25
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 40
Approval of Investment Advisory Agreement 41
Trustees, Officers and Service Providers 45
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
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 in actively
seeking out opportunities in undervalued securities and sectors around the
globe. 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. There is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite 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 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 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 Select Mid Cap Growth Fund | Annual Report | 11/30/12 3
Portfolio Management Discussion | 11/30/12
Pioneer Select Mid Cap Growth Fund delivered positive returns during the
12-month period ended November 30, 2012, but the Fund's results underperformed
those of its benchmark and Lipper peer group during the same period. Portfolio
underexposure to the stronger-performing sectors as well as unfavorable stock
selection results in some key areas combined to drag down the Fund's relative
performance. In the following interview, Ken Winston, vice president and
portfolio manager at Pioneer, offers insight about some of the positive and
negative influences on the portfolio during the 12-month period. Mr. Winston is
responsible for the day-to-day management of the Fund.
Q How would you describe the investment environment for equities during the
12-month period ended November 30, 2012?
A After a shaky start to 2012, stocks firmed during the spring as economic
data continued to improve. China's decelerating economy and the debt crises
in Europe undercut investors' appetite for risk during the summer, however,
and stock prices fell. After the summer swoon, increased investor confidence
that conditions in China and Europe would improve, combined with aggressive
action by the world's large central banks to free-up the credit markets, led
to another stock-price rally. Late in the Fund's fiscal year ended November
30, 2012, however, uncertainty about the so-called "fiscal cliff" situation
in the U.S. and the approaching November presidential election once again
drove many equity investors to the sidelines. In response to the external
events troubling the markets, large groups of stocks rose and fell in
virtual lockstep, thus narrowing opportunities to identify market
inefficiencies and potentially undervalued stocks.
Q How did the Fund perform in that environment during the 12-month period
ended November 30, 2012?
A Pioneer Select Mid Cap Growth Fund's Class A shares returned 7.11% at net
asset value during the 12-month period ended November 30, 2012, while the
Fund's benchmark, the Russell Midcap Growth Index (the Russell Index),
returned 12.06%. During the same period, the average return of the 396
mutual funds in Lipper's Mid Cap Growth Funds category was 9.33%.
4 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Q Which investment decisions were most responsible for the Fund's
underperformance of the Russell Index benchmark during the 12-month period
ended November 30, 2012?
A About one-third of the Fund's benchmark-relative underperformance during the
12-month period can be traced to sector weighting decisions, with most of
that underperformance attributable to portfolio underexposure to the
period's top-performing sectors. The Fund's allocations to the telecom
services, materials, financials and consumer-related sectors, all of which
were strong performers during the period, were underweight compared with the
Russell Index's weightings and consequently held back relative performance.
In materials, it was the absence of housing-related stocks in the portfolio
that held back the Fund's relative returns. As the housing recovery began to
take shape, the stock prices of companies that supply a range of building
materials advanced quickly. In addition, chemical companies, including paint
makers, saw their costs decline with the steady drop in natural gas prices.
Normally, such businesses are very cyclical and our focus when investing the
Fund's assets typically is on companies that can deliver sustainable growth
in any business cycle.
One portfolio overweight--to the underperforming information technology
sector--also detracted from relative performance during the 12-month period.
Conversely, being overweight compared with the Russell Index in the
strong-performing health care sector was beneficial for the Fund's returns.
The balance of the Fund's underperformance during the 12-month period was
due to adverse stock selection results in materials, industrials and health
care. Stock selection results were favorable, however, in consumer staples
and financials, but those successes were not enough to offset disappointing
stock choices in other sectors.
Q Which individual stock selections were the biggest detractors from the
Fund's performance during the 12-month period ended November 30, 2012?
A OCZ Technology was the worst performer in the portfolio during the 12-month
period, and we subsequently eliminated the Fund's position. OCZ makes
solid-state drives, a technology that is rapidly displacing hard
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 5
drives in many devices. The company's products, however, did not enjoy as
big an advantage over its competitors as the market expected, and the stock
underperformed.
Spirit AeroSystems, a large holding in the Fund's portfolio, also cut into
performance during the 12-month period. Spirit is the sole supplier to
Boeing for certain aircraft parts and appeared in good position to take
advantage of an aerospace industry upswing. Unfortunately, an unexpected
statement that the company's cost-reduction efforts had fallen short of
objectives drove the company's share price down quickly. KBR, an energy
engineering and construction company, saw some of its projects delayed
against a background of falling natural gas prices, and the company's
underperformance also hurt the Fund's returns. We continue to hold KBR in
the portfolio.
Tangoe, another Fund holding, provides software and services that help
companies to manage their telecommunications expenses--a large and
underpenetrated market. The company's results have come in as expected, but
some hedge fund investors have expressed doubt about Tangoe's growth
potential, and that negative "buzz" dampened the share price's performance
during the period. We continue to hold Tangoe in the portfolio because of
its competitive advantage in its market space.
The Fund's shares of Rovi also declined in value during the 12-month period.
Rovi earns royalties from cable providers who use the company's on-screen
guides and other digital services. Rovi's strongest growth area is overseas,
where the move from analog to digital television is in the early stages, but
new concepts in program delivery may allow broadcasters to bypass Rovi as
they build their own internet-based systems, and that uncertainty caused the
company's stock price to take a hit during the period.
In health care, the Fund's position in drug-maker Questcor declined in value
when a major insurer stopped paying for Acthar, the company's drug that
targets a number of orphan diseases. Acthar has proven especially effective
in treating flare-ups in patients with Multiple Sclerosis (MS). The MS
market for Acthar has been growing dramatically, but the FDA had never
reviewed trials on that particular use for the drug, even though it is an
on-label application that doctors continue to favor. We sold Questcor on
concerns that other insurers might follow suit and stop paying for Acthar.
6 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
VeriFone, which supplies payment terminals for retailers, appeared set for a
product upgrade cycle because of new regulations requiring shoppers to enter
a PIN number in addition to swiping their credit cards. Unfortunately, new
technologies have developed which facilitate purchases by using smart phones
or tablets as payment terminals. We are skeptical about the widespread
acceptance of new payment methods, but we also believe the threat will be a
cloud overhanging VeriFone for years, and so we sold the Fund's shares in
the company.
Q Which individual stock selections made a positive contribution to the Fund's
performance during the 12-month period ended November 30, 2012?
A Green Mountain Coffee, which makes Keurig one-cup coffee brewers and coffee
packs, was the period's biggest contributor to Fund returns thanks to our
timely sale and repurchase of the company's shares. Green Mountain's shares
had suffered as new competitors entered the market and some patents expired;
however, we think the competitors will struggle against Green Mountain's
well-established brand, and the company reported strong earnings results for
the most recent quarter-end period.
Success Factors, marketers of business software, was acquired at a premium
during the 12-month period by a large overseas company, and the Fund's
holding benefited from the transaction. SS&C Holdings, specialists in
back-office solutions for financial services firms, was another Fund holding
that made a solid contribution to performance during the period. Clients
turn to SS&C to help them manage increasingly complex regulatory and
compliance obligations.
Ross Stores, the country's second-largest off-price retailer and one of the
Fund's larger holdings, also contributed to results during the 12-month
period. Ross has been taking market share from department and specialty
stores while at the same time improving its systems and merchandising
capabilities. Ross acquires seasonal apparel from suppliers during
off-season periods and then sells the apparel at very competitive prices
when the appropriate season comes around again. Currently operating in just
25 states, we believe that Ross has ample room for further growth.
A position in Fomento Economico Mexicano, or FEMSA, also added to the Fund's
performance during the period. FEMSA is the Mexican bottler of Coca-Cola and
holds an interest in Heineken, but the company's real growth potential lies
in its fast-growing and highly profitable chain of OXXO convenience stores.
OXXO offers a one-stop shopping destination
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 7
where consumers can buy groceries and liquor as well as access banking and
other services. The Fund's position in another consumer company, Whole Foods
Markets, enjoyed a year of strong sales growth as it continued to open new
stores and expand its market share.
Q What is your outlook for the upcoming quarters?
A We believe that any tax increases that emerge from the "fiscal cliff"
negotiations could hold back corporate earnings growth, and we also feel
that year-over-year profit increases will be hard to come by after their
robust expansion in recent years. On the other hand, China's economy may be
recovering, a factor which could brighten global business conditions.
In light of attractive equity valuations and record-high bond values,
reallocations away from bonds and into stocks in individual and
institutional investment portfolios could provide a boost to equity
performance over the next several quarters.
We think the housing recovery in the U.S. will gain steam. In addition, the
U.S. is steadily becoming more energy independent, which should aid the
nascent manufacturing renaissance and lead to job creation. We believe that
improvements in the energy, manufacturing and housing sectors have the
potential to offset slower overall economic growth.
Please refer to the Schedule of Investments on pages 17-24 for a full listing of
Fund securities.
8 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Investing in mid-sized companies may offer the potential for higher returns, but
such companies are also subject to greater short-term price fluctuations than
larger, more-established companies.
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 these
industries or sectors.
These risks may increase share price volatility.
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 statements should not
be relied upon for any other purposes.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 9
Portfolio Summary | 11/30/12
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 87.7%
International Common Stocks 8.0%
Depositary Receipts for International Stocks 2.9%
Temporary Cash Investments 1.4%
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 22.2%
Consumer Discretionary 20.1%
Health Care 16.2%
Industrials 13.6%
Energy 8.2%
Financials 6.6%
Materials 6.0%
Consumer Staples 5.9%
Telecommunication Services 1.2%
10 Largest Holdings
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(As a percentage of equity holdings)*
1. LKQ Corp. 1.98%
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2. Jazz Pharmaceuticals Plc 1.81
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3. Cabot Oil & Gas Corp. 1.72
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4. Fomento Economico Mexicano SAB de CV (A.D.R.) 1.70
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5. Green Mountain Coffee Roasters, Inc. 1.56
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6. Watson Pharmaceuticals, Inc. 1.45
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7. Hologic, Inc. 1.44
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8. Ensco Plc 1.44
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9. TJX Companies, Inc. 1.44
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10. Mastercard, Inc. 1.43
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* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommen-dations to buy or
sell any security listed.
10 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Prices and Distributions | 11/30/12
Net Asset Value per Share
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Class 11/30/12 11/30/11
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A $18.99 $17.73
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C $17.36 $16.37
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Y $19.54 $18.16
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Distributions per Share: 12/1/11-11/30/12
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Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $ -- $ -- $ --
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C $ -- $ -- $ --
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Y $ -- $ -- $ --
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Index Definition
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The Russell Midcap Growth Index measures the performance of U.S. mid-cap growth
stocks. 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 12-14.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 11
Performance Update | 11/30/12 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 Select Mid Cap Growth Fund at public offering price,
compared to that of the Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2012)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
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10 Years 9.11% 8.46%
5 Years 3.01 1.80
1 Year 7.11 0.96
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Expense Ratio
(Per prospectus dated April 1, 2012)
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Gross
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1.15%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Select Mid Russell Midcap
Cap Growth Fund Growth Index
11/30/2002 $ 9,425 $ 10,000
11/30/2003 $ 12,178 $ 13,264
11/30/2004 $ 13,027 $ 14,777
11/30/2005 $ 15,491 $ 17,170
11/30/2006 $ 17,081 $ 19,381
11/30/2007 $ 19,425 $ 21,344
11/30/2008 $ 11,307 $ 11,493
11/30/2009 $ 16,446 $ 16,416
11/30/2010 $ 19,888 $ 20,738
11/30/2011 $ 21,039 $ 21,997
11/30/2012 $ 22,534 $ 24,650
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 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 Select Mid Cap Growth Fund was established in connection with the
reorganization of predecessor fund Regions Morgan Keegan Select Mid Cap Growth
Fund into the Fund on May 15, 2009. The performance shown for Class A shares
of the Fund for periods prior to May 15, 2009 is the performance of Regions
Morgan Keegan Select Mid Cap Growth Fund's Class A shares, which has been
restated to reflect differences in any applicable sales charges (but not
differences in expenses). This adjustment has the effect of reducing the
previously reported performance of Regions Morgan Keegan Select Mid Cap Growth
Fund. A different investment adviser served as the adviser of Regions Morgan
Keegan Select Mid Cap Growth Fund.
12 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Performance Update | 11/30/12 Class C 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 Select Mid Cap Growth Fund, compared to that of the
Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2012)
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If If
Period Held Redeemed
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10 Years 8.34% 8.34%
5 Years 2.07 2.07
1 Year 6.05 6.05
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Expense Ratio
(Per prospectus dated April 1, 2012)
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Gross
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2.07%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Select Mid Russell Midcap
Cap Growth Fund Growth Index
11/30/2002 $ 10,000 $ 10,000
11/30/2003 $ 12,827 $ 13,264
11/30/2004 $ 13,624 $ 14,777
11/30/2005 $ 16,149 $ 17,170
11/30/2006 $ 17,726 $ 19,381
11/30/2007 $ 20,114 $ 21,344
11/30/2008 $ 11,591 $ 11,493
11/30/2009 $ 16,741 $ 16,416
11/30/2010 $ 20,054 $ 20,738
11/30/2011 $ 21,016 $ 21,997
11/30/2012 $ 22,287 $ 24,650
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Select Mid Cap Growth Fund was established in connection with the
reorganization of predecessor fund Regions Morgan Keegan Select Mid Cap Growth
Fund into the Fund on May 15, 2009. The performance shown for Class C shares of
the Fund for periods prior to May 15, 2009 is the performance of Regions Morgan
Keegan Select Mid Cap Growth Fund's Class C shares, which has been restated to
reflect differences in any applicable sales charges (but not other differences
in expenses). This adjustment has the effect of reducing the previously reported
performance of Regions Morgan Keegan Select Mid Cap Growth Fund. A different
investment adviser served as the adviser of Regions Morgan Keegan Select Mid Cap
Growth Fund.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 13
Performance Update | 11/30/12 Class Y Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Select Mid Cap Growth Fund, compared to that of the
Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2012)
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If If
Period Held Redeemed
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Life-of-Class
(6/23/2004) 7.36% 7.36%
5 Years 3.43 3.43
1 Year 7.60 7.60
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Expense Ratio
(Per prospectus dated April 1, 2012)
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Gross
--------------------------------------------------------------------------------
0.71%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Select Mid Russell Midcap
Cap Growth Fund Growth Index
6/30/2004 $ 5,000,000 $ 5,000,000
11/30/2004 $ 5,110,906 $ 5,201,134
11/30/2005 $ 6,086,709 $ 6,043,464
11/30/2006 $ 6,727,271 $ 6,821,939
11/30/2007 $ 7,660,445 $ 7,512,741
11/30/2008 $ 4,471,893 $ 4,045,427
11/30/2009 $ 6,532,479 $ 5,778,163
11/30/2010 $ 7,933,622 $ 7,299,439
11/30/2011 $ 8,425,414 $ 7,742,438
11/30/2012 $ 9,065,671 $ 8,676,434
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 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.
Pioneer Select Mid Cap Growth Fund was established in connection with the
reorganization of predecessor fund Regions Morgan Keegan Select Mid Cap Growth
Fund into the Fund on May 15, 2009. The performance shown for Class Y shares
of the Fund for periods prior to May 15, 2009 is the performance of Regions
Morgan Keegan Select Mid Cap Growth Fund's Class I shares, which has not been
restated to reflect any differences in expenses. A different investment adviser
served as the adviser of Regions Morgan Keegan Select Mid Cap Growth Fund.
14 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
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
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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 Select Mid Cap Growth Fund
Based on actual returns from June 1, 2012, through November 30, 2012.
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Share Class A C Y
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Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 6/1/12
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Ending Account $1,029.31 $1,024.24 $1,031.64
Value (after expenses) on 11/30/12
--------------------------------------------------------------------------------
Expenses Paid $ 5.88 $ 10.93 $ 3.71
During Period*
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* Expenses are equal to the Fund's annualized net expense ratio of 1.16%,
2.16% and 0.73% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 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 Select Mid Cap Growth Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2012, through November 30, 2012.
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Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 6/1/12
--------------------------------------------------------------------------------
Ending Account $1,019.20 $1,014.20 $1,021.35
Value (after expenses) on 11/30/12
--------------------------------------------------------------------------------
Expenses Paid $ 5.86 $ 10.88 $ 3.69
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%,
2.16% and 0.73% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
16 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Schedule of Investments | 11/30/12
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
COMMON STOCKS -- 99.3%
ENERGY -- 8.2%
Oil & Gas Drilling -- 1.4%
111,224 Ensco Plc $ 6,476,574
-----------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.8%
68,000 Dresser-Rand Group, Inc.* $ 3,591,080
64,000 Oil States International, Inc.* 4,526,080
---------------
$ 8,117,160
-----------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.2%
163,394 Cabot Oil & Gas Corp. $ 7,695,857
51,000 Concho Resources, Inc.* 4,093,260
69,000 Gulfport Energy Corp.* 2,624,760
41,000 Range Resources Corp. 2,624,820
60,000 Trilogy Energy Corp. 1,730,514
---------------
$ 18,769,211
-----------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.8%
97,000 SemGroup Corp.* $ 3,654,960
---------------
Total Energy $ 37,017,905
-----------------------------------------------------------------------------------------
MATERIALS -- 6.1%
Industrial Gases -- 0.5%
25,000 Airgas, Inc. $ 2,214,250
-----------------------------------------------------------------------------------------
Specialty Chemicals -- 3.1%
77,000 Ecolab, Inc. $ 5,550,160
200,000 Flotek Industries, Inc.* 2,310,000
49,000 Valspar Corp. 3,076,220
47,000 WR Grace & Co.* 3,077,090
---------------
$ 14,013,470
-----------------------------------------------------------------------------------------
Construction Materials -- 1.1%
40,000 Eagle Materials, Inc. $ 2,128,800
50,000 Vulcan Materials Co. 2,642,000
---------------
$ 4,770,800
-----------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.9%
89,000 Ball Corp. $ 3,977,410
-----------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
35,000 Rock-Tenn Co. $ 2,276,400
---------------
Total Materials $ 27,252,330
-----------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.9%
Building Products -- 0.5%
70,000 Fortune Brands Home & Security, Inc.* $ 2,099,300
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 17
Schedule of Investments | 11/30/12 (continued)
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
Construction & Engineering -- 0.9%
139,400 KBR, Inc. $ 3,875,320
-----------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.6%
66,000 Joy Global, Inc. $ 3,761,340
225,000 The Manitowoc Co., Inc. 3,375,000
---------------
$ 7,136,340
-----------------------------------------------------------------------------------------
Industrial Machinery -- 3.2%
73,000 Chart Industries, Inc.* $ 4,415,040
130,000 Ingersoll-Rand Plc 6,341,400
57,073 SPX Corp. 3,887,813
---------------
$ 14,644,253
-----------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
45,700 MSC Industrial Direct Co., Inc. $ 3,320,562
---------------
Total Capital Goods $ 31,075,775
-----------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 4.0%
Diversified Support Services -- 1.3%
141,000 United Rentals, Inc.* $ 5,855,730
-----------------------------------------------------------------------------------------
Research & Consulting Services -- 2.7%
68,000 CoStar Group, Inc.* $ 5,906,480
15,300 IHS, Inc.* 1,409,742
176,000 Nielsen Holdings NV* 4,984,320
---------------
$ 12,300,542
---------------
Total Commercial Services & Supplies $ 18,156,272
-----------------------------------------------------------------------------------------
TRANSPORTATION -- 2.6%
Airlines -- 2.2%
45,000 Alaska Air Group, Inc.* $ 1,923,750
45,000 Copa Holdings SA 4,267,800
104,785 Spirit Airlines, Inc.* 1,758,292
138,300 US Airways Group, Inc.* 1,782,687
---------------
$ 9,732,529
-----------------------------------------------------------------------------------------
Railroads -- 0.4%
25,500 Kansas City Southern $ 1,992,825
---------------
Total Transportation $ 11,725,354
-----------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.7%
Auto Parts & Equipment -- 1.0%
96,000 Lear Corp. $ 4,192,320
-----------------------------------------------------------------------------------------
Motorcycle Manufacturers -- 0.7%
69,000 Harley-Davidson, Inc. $ 3,240,240
---------------
Total Automobiles & Components $ 7,432,560
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.0%
Apparel, Accessories & Luxury Goods -- 2.0%
17,000 Lululemon Athletica, Inc.* $ 1,220,260
180,000 True Religion Apparel, Inc. 4,696,200
20,000 VF Corp. 3,210,200
---------------
$ 9,126,660
---------------
Total Consumer Durables & Apparel $ 9,126,660
-----------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.0%
Hotels, Resorts & Cruise Lines -- 0.8%
76,800 Wyndham Worldwide Corp. $ 3,770,112
-----------------------------------------------------------------------------------------
Restaurants -- 1.2%
44,000 Buffalo Wild Wings, Inc.* $ 3,187,360
7,500 Chipotle Mexican Grill, Inc.* 1,978,350
---------------
$ 5,165,710
---------------
Total Consumer Services $ 8,935,822
-----------------------------------------------------------------------------------------
MEDIA -- 2.8%
Broadcasting -- 0.5%
40,000 Discovery Communications, Inc.* $ 2,416,400
-----------------------------------------------------------------------------------------
Movies & Entertainment -- 2.3%
225,000 Cinemark Holdings, Inc. $ 6,120,000
198,000 Imax Corp.* 4,286,700
---------------
$ 10,406,700
---------------
Total Media $ 12,823,100
-----------------------------------------------------------------------------------------
RETAILING -- 11.5%
Distributors -- 2.0%
405,600 LKQ Corp.* $ 8,890,752
-----------------------------------------------------------------------------------------
Internet Retail -- 0.7%
160,000 HomeAway, Inc.* $ 3,276,800
-----------------------------------------------------------------------------------------
General Merchandise Stores -- 1.6%
101,000 Dollar General Corp.* $ 5,050,000
50,962 Dollar Tree, Inc.* 2,127,154
---------------
$ 7,177,154
-----------------------------------------------------------------------------------------
Apparel Retail -- 3.4%
108,510 Francesca's Holdings Corp.* $ 2,824,515
68,400 Ross Stores, Inc. 3,893,328
146,000 TJX Companies, Inc. 6,473,640
55,800 Urban Outfitters, Inc.* 2,103,660
---------------
$ 15,295,143
-----------------------------------------------------------------------------------------
Home Improvement Retail -- 1.2%
145,000 Lowe's Companies, Inc. $ 5,233,050
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 19
Schedule of Investments | 11/30/12 (continued)
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
Specialty Stores -- 1.6%
65,600 GNC Holdings, Inc. $ 2,304,528
37,000 Tractor Supply Co.* 3,315,940
18,000 Ulta Salon Cosmetics & Fragrance, Inc. 1,805,040
---------------
$ 7,425,508
-----------------------------------------------------------------------------------------
Automotive Retail -- 1.0%
125,000 CarMax, Inc.* $ 4,532,500
---------------
Total Retailing $ 51,830,907
-----------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.1%
Food Retail -- 2.1%
75,000 The Fresh Market, Inc.* $ 3,887,250
58,921 Whole Foods Market, Inc. 5,500,865
---------------
$ 9,388,115
---------------
Total Food & Staples Retailing $ 9,388,115
-----------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.8%
Soft Drinks -- 1.7%
77,700 Fomento Economico Mexicano SAB de CV (A.D.R.) $ 7,620,816
-----------------------------------------------------------------------------------------
Agricultural Products -- 0.6%
41,000 Ingredion, Inc. $ 2,662,950
-----------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.5%
191,000 Green Mountain Coffee Roasters, Inc.* $ 7,003,970
---------------
Total Food, Beverage & Tobacco $ 17,287,736
-----------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.5%
Health Care Equipment -- 2.3%
73,700 ABIOMED, Inc.* $ 983,895
339,600 Hologic, Inc.* 6,479,568
5,200 Intuitive Surgical, Inc.* 2,750,800
---------------
$ 10,214,263
-----------------------------------------------------------------------------------------
Health Care Supplies -- 1.0%
170,000 Align Technology, Inc.* $ 4,656,300
-----------------------------------------------------------------------------------------
Health Care Services -- 1.5%
45,490 Catamaran Corp.* $ 2,214,908
26,000 DaVita HealthCare Partners, Inc.* 2,808,000
36,000 Express Scripts Holding Co.* 1,938,600
---------------
$ 6,961,508
-----------------------------------------------------------------------------------------
Health Care Facilities -- 0.7%
115,000 Brookdale Senior Living, Inc.* $ 2,939,400
---------------
Total Health Care Equipment & Services $ 24,771,471
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 10.6%
Biotechnology -- 5.4%
35,000 Alexion Pharmaceuticals, Inc.* $ 3,360,700
209,000 Alkermes Plc* 4,035,790
313,370 Amarin Corp Plc (A.D.R.)* 3,888,922
31,000 BioMarin Pharmaceutical, Inc.* 1,506,600
100,000 Cubist Pharmaceuticals, Inc.* 4,061,000
280,000 NPS Pharmaceuticals, Inc.* 2,864,400
19,000 Regeneron Pharmaceuticals, Inc.* 3,354,450
26,000 Vertex Pharmaceuticals, Inc.* 1,034,540
---------------
$ 24,106,402
-----------------------------------------------------------------------------------------
Pharmaceuticals -- 5.2%
185,000 Akorn, Inc.* $ 2,495,650
150,781 Jazz Pharmaceuticals Plc* 8,124,080
76,000 Salix Pharmaceuticals, Ltd.* 3,256,600
128,007 ViroPharma, Inc.* 3,173,294
74,000 Watson Pharmaceuticals, Inc.* 6,512,740
---------------
$ 23,562,364
---------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 47,668,766
-----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.0%
Consumer Finance -- 2.0%
86,140 Capital One Financial Corp. $ 4,961,664
100,000 Discover Financial Services, Inc. 4,161,000
---------------
$ 9,122,664
-----------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.6%
116,300 Invesco, Ltd. $ 2,906,337
100,669 Walter Investment Management Corp.* 4,256,285
---------------
$ 7,162,622
-----------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.4%
55,000 Evercore Partners, Inc. $ 1,510,850
---------------
Total Diversified Financials $ 17,796,136
-----------------------------------------------------------------------------------------
INSURANCE -- 0.8%
Property & Casualty Insurance -- 0.8%
140,000 Fidelity National Financial, Inc. $ 3,389,400
---------------
Total Insurance $ 3,389,400
-----------------------------------------------------------------------------------------
REAL ESTATE -- 1.9%
Residential REITs -- 0.8%
85,000 American Campus Communities, Inc. $ 3,723,000
-----------------------------------------------------------------------------------------
Real Estate Services -- 1.1%
58,800 Jones Lang LaSalle, Inc. $ 4,822,188
---------------
Total Real Estate $ 8,545,188
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 21
Schedule of Investments | 11/30/12 (continued)
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 15.5%
Internet Software & Services -- 5.9%
87,000 Akamai Technologies, Inc.* $ 3,185,940
77,000 eBay, Inc.* 4,067,140
150,012 ExactTarget, Inc.* 3,091,747
8,100 Google, Inc.* 5,656,797
21,000 LinkedIn Corp.* 2,270,940
70,000 Rackspace Hosting, Inc.* 4,838,400
202,915 SciQuest, Inc.* 3,305,485
---------------
$ 26,416,449
-----------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.5%
51,000 Gartner, Inc.* $ 2,441,880
-----------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 3.2%
31,300 Alliance Data Systems Corp.* $ 4,459,937
100,000 Genpact, Ltd. 1,605,000
13,100 Mastercard, Inc. 6,401,708
30,000 WEX, Inc.* 2,158,800
---------------
$ 14,625,445
-----------------------------------------------------------------------------------------
Application Software -- 5.1%
21,982 ANSYS, Inc.* $ 1,458,066
50,700 Citrix Systems, Inc.* 3,100,812
90,000 Nuance Communications, Inc.* 2,001,600
115,000 RealPage, Inc.* 2,275,850
31,000 Salesforce.com, Inc.* 4,887,770
161,320 SS&C Technologies Holdings, Inc.* 3,805,539
300,000 Tangoe, Inc.* 3,912,000
60,000 TIBCO Software, Inc.* 1,503,000
---------------
$ 22,944,637
-----------------------------------------------------------------------------------------
Systems Software -- 0.8%
70,000 Red Hat, Inc.* $ 3,458,000
---------------
Total Software & Services $ 69,886,411
-----------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.3%
Communications Equipment -- 1.6%
180,000 Aruba Networks, Inc.* $ 3,506,400
22,000 F5 Networks, Inc.* 2,060,960
75,802 Riverbed Technology, Inc.* 1,356,856
---------------
$ 6,924,216
-----------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.7%
84,089 SanDisk Corp.* $ 3,287,880
---------------
Total Technology Hardware & Equipment $ 10,212,096
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
-----------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 4.3%
Semiconductor Equipment -- 0.4%
27,797 ASML Holding NV (A.D.R.) $ 1,739,258
-----------------------------------------------------------------------------------------
Semiconductors -- 3.9%
90,000 Altera Corp. $ 2,915,100
90,000 Analog Devices, Inc. 3,654,000
115,000 Broadcom Corp. 3,723,700
80,000 Maxim Integrated Products, Inc. 2,335,200
130,000 Skyworks Solutions, Inc.* 2,944,500
65,000 Xilinx, Inc. 2,252,250
---------------
$ 17,824,750
---------------
Total Semiconductors & Semiconductor Equipment $ 19,564,008
-----------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.7%
Alternative Carriers -- 0.7%
125,000 tw telecom, Inc.* $ 3,211,250
---------------
Total Telecommunication Services $ 3,211,250
-----------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $375,279,523) $ 447,097,262
-----------------------------------------------------------------------------------------
Principal
Amount ($)
-----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.2%
Repurchase Agreement -- 1.2%
5,500,000 JPMorgan, Inc., 0.21%, dated 11/30/12, repurchase price
of $5,500,000 plus accrued interest on 12/3/12
collateralized by $5,666,756 Freddie Mac Gold Pool,
3.0%, 11/1/42 $ 5,500,000
------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $5,500,000) $ 5,500,000
------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.5%
(Cost $380,779,523) (a) $ 452,597,262
------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.5)% $ (2,091,830)
------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 450,505,432
==========================================================================================
* Non-income producing security.
REIT Real Estate Investment Trust.
(A.D.R.) American Depositary Receipts.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 23
Schedule of Investments | 11/30/12 (continued)
(a) At November 30, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $384,189,212 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 82,383,668
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (13,975,618)
---------------
Net unrealized gain $ 68,408,050
===============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2012 aggregated $396,064,530 and $434,200,563,
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) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of November 30, 2012, in
valuing the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $447,097,262 $ -- $ -- $447,097,262
Repurchase Agreement -- 5,500,000 -- 5,500,000
--------------------------------------------------------------------------------
Total $447,097,262 $5,500,000 $ -- $452,597,262
================================================================================
During the year ended November 30, 2012, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Statement of Assets and Liabilities | 11/30/12
ASSETS:
Investment in securities (cost $380,779,523) $452,597,262
Cash 1,919,819
Receivables --
Investment securities sold 11,341,292
Fund shares sold 441,800
Dividends 208,717
Other 22,844
--------------------------------------------------------------------------------
Total assets $466,531,734
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 15,247,583
Fund shares repurchased 523,363
Due to affiliates 113,393
Accrued expenses 141,963
--------------------------------------------------------------------------------
Total liabilities $ 16,026,302
================================================================================
NET ASSETS:
Paid-in capital $368,439,883
Undistributed net investment income 71,932
Accumulated net realized gain on investments 10,176,142
Net unrealized gain on investments 71,817,739
Net unrealized loss on assets and liabilities denominated in
foreign currencies (264)
--------------------------------------------------------------------------------
Total net assets $450,505,432
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $335,701,617/17,679,626 shares) $ 18.99
Class C (based on $12,761,405/735,154 shares) $ 17.36
Class Y (based on $102,042,410/5,222,273 shares) $ 19.54
MAXIMUM OFFERING PRICE:
Class A ($18.99 (divided by) 94.25%) $ 20.15
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 25
Statement of Operations
For the Year Ended 11/30/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $5,585) $ 2,920,970
Interest 2,977
Income from securities loaned, net 1,987
-------------------------------------------------------------------------------------------------
Total investment income $ 2,925,934
=================================================================================================
EXPENSES:
Management fees $ 2,954,259
Transfer agent fees and expenses
Class A 493,176
Class C 33,567
Class Y 3,977
Distribution fees
Class A 904,938
Class C 134,156
Shareholder communication expense 249,290
Administrative reimbursements 134,013
Custodian fees 16,616
Registration fees 126,614
Professional fees 67,219
Printing expense 40,412
Fees and expenses of nonaffiliated Trustees 16,006
Miscellaneous 29,634
-------------------------------------------------------------------------------------------------
Total expenses $ 5,203,877
-------------------------------------------------------------------------------------------------
Net investment loss $ (2,277,943)
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments $ 36,413,468
Class actions 310,365 $ 36,723,833
-------------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $ (1,536,066)
Other assets and liabilities denominated in
foreign currencies (264) $ (1,536,330)
-------------------------------------------------------------------------------------------------
Net gain on investments $ 35,187,503
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 32,909,560
=================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/12 11/30/11
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment loss $ (2,277,943) $ (1,948,261)
Net realized gain on investments and class actions 36,723,833 68,114,236
Change in net unrealized gain (loss) on investments
and foreign currency transactions (1,536,330) (33,233,237)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 32,909,560 $ 32,932,738
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 49,740,808 $ 41,572,669
Cost of shares repurchased (91,199,301) (123,923,153)
-------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $(41,458,493) $ (82,350,484)
-------------------------------------------------------------------------------------------------
Net decrease in net assets $ (8,548,933) $ (49,417,746)
NET ASSETS:
Beginning of year 459,054,365 508,472,111
-------------------------------------------------------------------------------------------------
End of year $450,505,432 $ 459,054,365
-------------------------------------------------------------------------------------------------
Undistributed net investment income $ 71,932 $ --
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 27
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
-------------------------------------------------------------------------------------------------
Class A
Shares sold 1,038,018 $ 19,718,219 1,638,594 $ 29,818,613
Less shares repurchased (3,809,031) (72,535,773) (4,280,133) (78,343,287)
-------------------------------------------------------------------------------------------------
Net decrease (2,771,013) $ (52,817,554) (2,641,539) $ (48,524,674)
=================================================================================================
Class C
Shares sold 160,369 $ 2,791,454 191,038 $ 3,197,803
Less shares repurchased (224,962) (4,046,284) (259,705) (4,315,020)
-------------------------------------------------------------------------------------------------
Net decrease (64,593) $ (1,254,830) (68,667) $ (1,117,217)
=================================================================================================
Class Y
Shares sold 1,371,609 $ 27,231,135 483,384 $ 8,556,253
Less shares repurchased (744,633) (14,617,244) (2,197,318) (41,264,846)
-------------------------------------------------------------------------------------------------
Net increase (decrease) 626,976 $ 12,613,891 (1,713,934) $ (32,708,593)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 (a) 11/30/08
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 17.73 $ 16.76 $ 13.86 $ 9.59 $ 18.63
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.11) $ (0.09) $ (0.08) $ (0.06) $ (0.05)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.37 1.06 2.98 4.39 (6.84)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.26 $ 0.97 $ 2.90 $ 4.33 $ (6.89)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain -- -- -- (0.06) (2.15)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.26 $ 0.97 $ 2.90 $ 4.27 $ (9.04)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.99 $ 17.73 $ 16.76 $ 13.86 $ 9.59
============================================================================================================================
Total return* 7.11%(c) 5.79%(b) 20.92% 45.46% (41.79)%
Ratio of net expenses to average net assets 1.16% 1.15% 1.21% 1.29% 1.25%
Ratio of net investment loss to average net assets (0.54)% (0.44)% (0.61)% (0.39)% (0.25)%
Portfolio turnover rate 86% 81% 88% 91% 38%
Net assets, end of period (in thousands) $335,702 $362,504 $387,037 $73,077 $97,154
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.16% 1.15% 1.21% 1.29% 1.25%
Net investment loss (0.54)% (0.44)% (0.61)% (0.39)% (0.25)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.16% 1.15% 1.21% 1.29% 1.25%
Net investment loss (0.54)% (0.44)% (0.61)% (0.39)% (0.25)%
============================================================================================================================
* 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.
(a) Effective May 15, 2009, Pioneer Investment Management, Inc. became the
adviser of the Fund.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2011, the total return would have been
5.61%.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2012, the total return would have been
7.02%.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 29
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 (a) 11/30/08
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 16.37 $ 15.62 $ 13.04 $ 9.09 $ 17.93
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.28) $ (0.24) $ (0.20) $ (0.17) $ (0.17)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.27 0.99 2.78 4.18 (6.52)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.99 $ 0.75 $ 2.58 $ 4.01 $ (6.69)
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain -- -- -- (0.06) (2.15)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.99 $ 0.75 $ 2.58 $ 3.95 $ (8.84)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.36 $ 16.37 $ 15.62 $ 13.04 $ 9.09
=========================================================================================================================
Total return* 6.05%(c) 4.80%(b) 19.79% 44.43% (42.37)%
Ratio of net expenses to average net assets 2.16% 2.07% 2.14% 2.31% 2.00%
Ratio of net investment loss to average net assets (1.54)% (1.37)% (1.54)% (1.44)% (1.00)%
Portfolio turnover rate 86% 81% 88% 91% 38%
Net assets, end of period (in thousands) $12,761 $13,090 $13,565 $ 5,017 $ 4,457
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.16% 2.07% 2.25% 2.31% 2.00%
Net investment loss (1.54)% (1.37)% (1.64)% (1.44)% (1.00)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.16% 2.07% 2.14% 2.31% 2.00%
Net investment loss (1.54)% (1.37)% (1.54)% (1.44)% (1.00)%
=========================================================================================================================
* 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.
(a) Effective May 15, 2009, Pioneer Investment Management, Inc. became the
adviser of the Fund.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2011, the total return would have been
4.67%.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2012, the total return would have been
5.97%.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 (a) 11/30/08
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 18.16 $ 17.10 $ 14.08 $ 9.70 $ 18.77
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.02) $ (0.00)(b) $ (0.02) $ (0.01) $ --
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.40 1.06 3.04 4.45 (6.92)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.38 $ 1.06 $ 3.02 $ 4.44 $ (6.92)
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain -- -- -- (0.06) (2.15)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.38 $ 1.06 $ 3.02 $ 4.38 $ (9.07)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.54 $ 18.16 $ 17.10 $ 14.08 $ 9.70
=================================================================================================================================
Total return* 7.60%(e) 6.20%(d) 21.45% 46.08% (41.62)%
Ratio of net expenses to average net assets 0.73% 0.71% 0.74% 0.97% 1.00%
Ratio of net investment loss to average net assets (0.11)% (0.00)%(c) (0.14)% (0.05)% --
Portfolio turnover rate 86% 81% 88% 91% 38%
Net assets, end of period (in thousands) $102,042 $83,460 $107,870 $81,580 $ 115,533
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.73% 0.71% 0.74% 0.97% 1.00%
Net investment loss (0.11)% (0.00)%(c) (0.14)% (0.05)% --
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.73% 0.71% 0.74% 0.97% 1.00%
Net investment loss (0.11)% (0.00)%(c) (0.14)% (0.05)% --
=================================================================================================================================
* 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.
(a) Effective May 15, 2009, Pioneer Investment Management, Inc. became the
adviser of the Fund.
(b) Rounds to less than $0.01 or $(0.01) per share.
(c) Rounds to less than 0.01% or (0.01)%.
(d) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2011, the total return would have been
6.08%.
(e) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2012, the total return would have been
7.52%.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 31
Notes to Financial Statements | 11/30/12
1. Organization and Significant Accounting Policies
Pioneer Select Mid Cap Growth Fund (the Fund) is one of three portfolios
comprising Pioneer Series Trust I, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The Fund acquired the assets and stated
liabilities of the Regions Morgan Keegan Select Mid Cap Growth Fund (the
predecessor fund) on May 15, 2009 pursuant to an agreement and plan of
reorganization (the reorganization) that was approved by the shareholders of the
predecessor fund on May 8, 2009. The predecessor fund exchanged all of its net
assets of Class A, Class C and Class I shares for the Fund's Class A, Class C
and Class Y shares, respectively, in a one-to-one exchange ratio. Accordingly,
the reorganization, which was a tax-free exchange, had no effect on the Fund's
operations. The investment objective of the Fund is long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. 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.
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 gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
32 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
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:
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 November 30, 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.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 33
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 data in
the exercise of reasonable diligence. Interest income 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. 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 November 30, 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.
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
November 30, 2012, the Fund reclassified $2,381,888 to decrease paid-in
capital, $2,349,875 to increase undistributed net investment income, and
$32,013 to increase accumulated net realized gain on investments to reflect
permanent book/tax differences. These adjustments have no impact on net
assets or the results of operations.
There were no distributions paid during the years ended November 30, 2012
and November 30, 2011.
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2012:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributable earnings:
Undistributed long-term gain $13,657,763
Net unrealized gain 68,407,786
----------------------------------------------------------------------------
Total $82,065,549
============================================================================
34 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales, the tax basis
adjustments on Real Estate Investment Trust (REIT) holdings and other
holdings.
C. 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 $24,269 in underwriting commissions on the sale of Class A shares
during the year ended November 30, 2012.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. During the period, the Fund recognized gains of $310,365 in
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 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 C and Class Y shares can
reflect different transfer agent and distribution expense rates.
E. 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 these industries or 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.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 35
F. Securities Lending
The Fund may lend securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive payments in
lieu of dividends or interest on the securities loaned. Gain or loss on the
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. If the required market value of the collateral is
less than the value of the loaned securities, the borrower is required to
deliver additional collateral for the account of the Fund prior to the close
of business on that day. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund is required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined. As of May 8, 2012, the Fund ended its
involvement in the securities lending program.
G. 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.
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 0.625% of
the Fund's average daily net assets up to $500 million, 0.60% of the next $500
million and 0.575% on assets over $1 billion. Prior to the reorganization,
Morgan Asset Management, Inc. (MAM) served as the investment adviser to
36 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
the predecessor fund through May 15, 2009. For the year ended November 30, 2012,
the effective management fee was equivalent to 0.63% of the Fund's average daily
net assets.
During prior periods, PIM contractually agreed to limit ordinary operating
expenses to the extent required to reduce Fund expenses to 1.25%, 2.15% and
1.00% of the average daily net assets attributable to Class A, Class C and Class
Y shares, respectively. These expense limitations were in effect through June 1,
2012 for Class A and Class Y shares, and through April 1, 2012 for Class C
shares. These expense limitations have not been extended.
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
$31,644 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 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 November 30, 2012, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $214,093
Class C 25,598
Class Y 9,599
--------------------------------------------------------------------------------
Total $249,290
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $76,486 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2012.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 37
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 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 C shares. The fee for 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 C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $5,263 in distribution fees payable to
PFD at November 30, 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. 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 November 30, 2012, CDSCs in the amount of $970 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 November 30, 2012, the Fund's expenses
were not reduced under such arrangements.
38 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on
an annualized basis or the Federal Funds Rate on the borrowing date plus 1.25%
on an annualized basis. The credit facility in effect as of February 15, 2012 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended November 30, 2012, the Fund had no borrowings
under a credit facility.
7. Subsequent Event
The Board of Trustees of Pioneer Select Mid Cap Growth Fund has approved the
reorganization of the Fund with and into Pioneer Growth Opportunities Fund (the
"Reorganization"). Each fund is managed by Pioneer Investment Management, Inc.
The Reorganization is expected to occur in the second quarter of 2013. The
Reorganization does not require shareholder approval.
The combined fund will be named Pioneer select Mid Cap Growth Fund, will be
managed by the same investment personnel as the Fund, and will have the same
investment policies and strategies as the Fund. It is anticipated that the
performance and accounting history of the Fund will become that of the combined
fund.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust I and the Shareowners of
Pioneer Select Mid Cap Growth Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Select Mid Cap Growth Fund (the "Fund")
(one of the portfolios constituting Pioneer Series Trust I) as of November 30,
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 four 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. The financial highlights for the year ended November 30, 2008 were
audited by another independent registered public accounting firm, whose report,
dated January 28, 2009, expressed an unqualified opinion on those financial
statements.
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 November 30, 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 Select Mid Cap Growth Fund at November 30, 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 the financial highlights for each of
the four years in the period then ended, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
January 25, 2013
40 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Select Mid Cap Growth 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
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 41
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.
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 year period ended June 30, 2012 and in the third quintile
of its Morningstar category for the three 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 first 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
42 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
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
first quintile relative to its Strategic Insight peer group for the comparable
period.
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
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 43
shareholders. The Trustees noted the breakpoints in the management fee schedule.
The Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the 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.
44 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
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.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 45
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 2009. Chairman and Chief Executive Officer, Quadriserv, Director, Broadridge Financial
Chairman of the Board Serves until a Inc. (technology products for securities lending Solutions, Inc. (investor
and Trustee successor trustee industry) (2008 - present); private investor communications and securities
is elected or (2004 - 2008); and Senior Executive Vice processing provider for
earlier retirement President, The Bank of New York (financial and financial services industry)
or removal. securities services) (1986 - 2004) (2009 - present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil Service
Commission (2011 - present)
-----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2009. Managing Partner, Federal City Capital Advisors Director of Enterprise
Trustee Serves until a (corporate advisory services company) (1997 - 2004 Community Investment, Inc.
successor trustee and 2008 - present); Interim Chief Executive (privately-held affordable
is elected or Officer, Oxford Analytica, Inc. (privately held housing finance company)
earlier retirement research and consulting company) (2010); Executive (1985 - 2010); Director of
or removal. Vice President and Chief Financial Officer, I-trax, Oxford Analytica, Inc. (2008 -
Inc. (publicly traded health care services present); Director of The
company) (2004 - 2007); and Executive Vice Swiss Helvetia Fund, Inc.
President and Chief Financial Officer, Pedestal (closed-end fund) (2010 -
Inc. (internet-based mortgage trading company) present); and Director of New
(2000 - 2002) York Mortgage Trust (publicly
traded mortgage REIT) (2004 -
2009, 2012 - present)
-----------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2009. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2009. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee firm) (1982-present); Desautels Faculty of
is elected or Management, McGill University (1999 - present);
earlier retirement and Manager of Research Operations and
or removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2009. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee (1981 - present) investment company) (2004 -
is elected or present); and member, Board of
earlier retirement Governors, Investment Company
or removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2012. Senior Counsel, Sullivan & Cromwell LLP (law firm) Director, The Swiss Helvetia
Trustee Serves until a (1998 - present); and Partner, Sullivan & Cromwell Fund, Inc. (closed-end
successor trustee LLP (prior to 1998) investment company); and
is elected or Director, Invesco, Ltd.
earlier retirement (formerly AMVESCAP, PLC)
or removal. (investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 47
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 2009. Non-Executive Chairman and a director of Pioneer None
Trustee, President and Serves until a Investment Management USA Inc. ("PIM-USA");
Chief Executive successor trustee Chairman and a director of Pioneer; Chairman and
Officer of the Fund is elected or Director of Pioneer Institutional Asset
earlier retirement Management, Inc. (since 2006); Director of Pioneer
or removal. 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 2009. Director, CEO and President of PIM-USA (since None
Trustee and Executive Serves until a February 2007); Director and President of Pioneer
Vice President successor trustee and Pioneer Institutional Asset Management, Inc.
is elected or (since February 2007); Executive Vice President of
earlier retirement all of the Pioneer Funds (since March 2007);
or removal. 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.
48 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
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 (47) Since 2009. Serves Vice President and Associate General Counsel of None
Secretary at the discretion Pioneer since January 2008 and Secretary of all of
of the Board. 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 Fund Governance Director of Pioneer since December None
Assistant Secretary at the discretion 2006 and Assistant Secretary of all the Pioneer
of the Board. Funds since June 2010; Manager - Fund Governance of
Pioneer from December 2003 to November 2006; and
Senior Paralegal of Pioneer from January 2000 to
November 2003
----------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves Counsel of Pioneer since June 2007 and Assistant None
Assistant Secretary at the discretion Secretary of all the Pioneer Funds since June 2010;
of the Board. and Vice President and Counsel at State Street Bank
from October 2004 to June 2007
----------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2009. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion Treasurer of all of the Pioneer Funds since March
Financial and Accounting of the Board. 2008; Deputy Treasurer of Pioneer from March 2004
Officer of the Fund to February 2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to February 2008
----------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2009. Serves Assistant Vice President - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of the
of the Board. Pioneer Funds
----------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2009. Serves Fund Accounting Manager - Fund Treasury of Pioneer; None
Assistant Treasurer at the discretion and Assistant Treasurer of all of the Pioneer Funds
of the Board.
----------------------------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 49
Fund Officers (continued)
----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
----------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer since November 2008; Assistant Treasurer of
of the Board. all of the Pioneer Funds since January 2009; and
Client Service Manager - Institutional Investor
Services at State Street Bank from March 2003 to
March 2007
----------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer at the discretion Pioneer Funds since March 2010; Director of Adviser
of the Board. 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 2009. Serves Director--Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering at the discretion Anti-Money Laundering Officer of all the Pioneer
Officer of the Board. Funds since 2006
----------------------------------------------------------------------------------------------------------------------------------
50 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
This page for your notes.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12 51
This page for your notes.
52 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/12
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
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2013 Pioneer Investments 23474-03-0113