EX-99.17E 10 ex9917e.txt PIONEER SELECT MID CAP GROWTH FUND Pioneer Select Mid Cap Growth Fund -------------------------------------------------------------------------------- Annual Report | November 30, 2012 -------------------------------------------------------------------------------- Ticker Symbols: Class A PMCTX Class C PMTCX Class Y PMTYX [LOGO] PIONEER Investments(R) 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 -------------------------------------------------------------------------------- (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 -------------------------------------------------------------------------------- (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 -------------------------------------------------------------------------------- (As a percentage of equity holdings)*
1. LKQ Corp. 1.98% -------------------------------------------------------------------------------- 2. Jazz Pharmaceuticals Plc 1.81 -------------------------------------------------------------------------------- 3. Cabot Oil & Gas Corp. 1.72 -------------------------------------------------------------------------------- 4. Fomento Economico Mexicano SAB de CV (A.D.R.) 1.70 -------------------------------------------------------------------------------- 5. Green Mountain Coffee Roasters, Inc. 1.56 -------------------------------------------------------------------------------- 6. Watson Pharmaceuticals, Inc. 1.45 -------------------------------------------------------------------------------- 7. Hologic, Inc. 1.44 -------------------------------------------------------------------------------- 8. Ensco Plc 1.44 -------------------------------------------------------------------------------- 9. TJX Companies, Inc. 1.44 -------------------------------------------------------------------------------- 10. Mastercard, Inc. 1.43 --------------------------------------------------------------------------------
* 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 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 11/30/12 11/30/11 -------------------------------------------------------------------------------- A $18.99 $17.73 -------------------------------------------------------------------------------- C $17.36 $16.37 -------------------------------------------------------------------------------- Y $19.54 $18.16 --------------------------------------------------------------------------------
Distributions per Share: 12/1/11-11/30/12 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $ -- $ -- $ -- -------------------------------------------------------------------------------- C $ -- $ -- $ -- -------------------------------------------------------------------------------- Y $ -- $ -- $ -- --------------------------------------------------------------------------------
Index Definition -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- 10 Years 9.11% 8.46% 5 Years 3.01 1.80 1 Year 7.11 0.96 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated April 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.15% --------------------------------------------------------------------------------
[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 -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 8.34% 8.34% 5 Years 2.07 2.07 1 Year 6.05 6.05 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated April 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.07% --------------------------------------------------------------------------------
[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 -------------------------------------------------------------------------------- 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) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (6/23/2004) 7.36% 7.36% 5 Years 3.43 3.43 1 Year 7.60 7.60 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated April 1, 2012) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.71% --------------------------------------------------------------------------------
[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 -------------------------------------------------------------------------------- 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.
-------------------------------------------------------------------------------- Share Class A C Y -------------------------------------------------------------------------------- Beginning Account Value $1,000.00 $1,000.00 $1,000.00 on 6/1/12 -------------------------------------------------------------------------------- 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* --------------------------------------------------------------------------------
* 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.
-------------------------------------------------------------------------------- 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