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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01835
Pioneer Value Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: September 30
Date of reporting period: October 1, 2010 through September 30, 2011
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
[GRAPHIC MAP]
Pioneer Value Fund
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Annual Report | September 30, 2011
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Ticker Symbols:
Class A PIOTX
Class B PBOTX
Class C PCOTX
Class Y PVFYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 41
Trustees, Officers and Service Providers 42
Pioneer Value Fund | Annual Report | 9/30/11 1
President's Letter
Dear Shareowner,
During the first three quarters of 2011, the U.S. economy struggled to gain
solid footing. The economy went through a soft patch in the first half, and the
second half, so far, has been highlighted by the U.S. government's battle over
the debt ceiling and Standard & Poor's downgrade of the U.S. Treasury's credit
rating from the top rating of "AAA" for the first time in history. After
rallying nicely in the first half, U.S. equity markets reacted sharply this
summer to the political stalemate and the downgrade. There has been continued
pressure on equities due to concerns about the growing European sovereign-debt
crisis and its potential impact on the global economy.
Despite legitimate reasons for concern, we believe there are also reasons for
optimism that the U.S. economy will continue to exhibit low to flat growth and
not head into a severe recession. Corporations continue to post solid earnings
and, for the most part, are maintaining their positive earnings outlooks. They
also have strong balance sheets with improved net leverage and high cash
levels. Auto production has rebounded following the Japanese supply chain
interruptions caused by the earthquake and tsunami last spring. Retail sales
growth year-over-year has remained strong despite low consumer confidence. And
despite high unemployment in the U.S., private sector employment has grown
consistently since February 2010. There are certainly risks to our outlook,
including possible contagion from the European sovereign-debt and banking
crisis, the fiscal drag from federal and state budget cuts in the U.S., as well
as potential "negative feedback loops" from capital market volatility. But
broadly speaking, we think this subpar economic recovery is consistent with
recoveries from other "balance sheet"-caused recessions.
The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach 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.
2 Pioneer Value Fund | Annual Report | 9/30/11
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. 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.
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 shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Value Fund | Annual Report | 9/30/11 3
Portfolio Management Discussion | 9/30/11
In the following discussion, John Peckham, senior vice president and portfolio
manager at Pioneer Investments, and Rod Wright, senior vice president and
portfolio manager at Pioneer Investments, review recent market events and
describe the factors that affected Pioneer Value Fund's performance during the
12 months ended September 30, 2011. Mr. Peckham is responsible for the
day-to-day management of the Fund's portfolio. He is supported by Mr. Wright.
Q Over the 12 months ended September 30, 2011, value stocks underperformed
growth stocks. Could you discuss the investment environment for value
stocks over the 12-month period and explain why they underperformed the
growth stock universe?
A Value underperformed growth over the 12-month period largely due to the
poor performance of the financials sector. Within financials, banks
returned -11%, insurance stocks returned -12%, and diversified financials
returned -29%. The one safe haven in financials was real estate investment
trusts (REITs), which had a slightly positive return for the year.
In 2011, financials proved the text book definition of value traps - stocks
that appear to be cheap but turn out to be very expensive. As we began the
Fund's fiscal year, it was easy to make the case that stocks of banks and
brokers were cheap. After all, on traditional valuation measures like
price-to-book value and price-to-earnings, the stocks appeared very
inexpensive compared with their history and compared with stocks in other
sectors.
Unfortunately, the projected earnings failed to materialize and doubts
emerged regarding the quality of reported book values. Regarding earnings,
a host of issues hurt the sector, including slow loan growth and new
regulations. With respect to book values, questions largely focused on what
financial institutions held in mortgages, European sovereign bonds, and
derivatives.
However, the primary issue for the financials sector over the 12-month
period was weak economic growth. In the end, financials are a levered bet
on the economy. When the economy is weak, financials struggle to perform,
as few people or businesses need to take out new loans, and those with
loans struggle to repay them. We think with a better economy, earnings
likely would have materialized and investors would have had more confidence
in reported book values.
Q How did the Fund perform in that environment over the 12 months ended
September 30, 2011?
A Pioneer Value Fund Class A shares returned -5.39% over the 12 months ended
September 30, 2011, while the Fund's benchmark, the Russell 1000 Value
Index, returned -1.89%. Over the same period, the average return of
4 Pioneer Value Fund | Annual Report | 9/30/11
the 501 mutual funds in Lipper's Large-Cap Value Funds category was -3.54%.
Q The Fund underperformed both the Russell 1000 Value Index and its Lipper
peers over the 12-month period. Could you highlight some of the factors
behind the Fund's underperformance relative to the overall market?
A The Fund's primary downfall over the past 12 months was our misplaced
optimism on the pace of the global economic recovery. We mistakenly
believed the economic recovery would follow the path of other post-war
recoveries, with growth smartly reverting to trend-line rates. We
positioned the Fund's portfolio accordingly. This, of course, proved
incorrect as structural issues, policy mistakes, and several exogenous
events hampered the recovery.
The largest structural issue was, and remains, high debt levels. Consumers
have been reducing debt from very high levels, and that undoubtedly hurt
the biggest component of gross domestic product (GDP): consumer spending.
Governments, in contrast, have continued to add debt at a furious pace,
raising concerns about an ultimate day of reckoning when budgets are
slashed and taxes raised. In sum, we misjudged the debt headwind.
On the policy front, it is not clear that the Federal Reserve's (the Fed's)
actions to stimulate the economy did much except to raise the cost of
energy and food, while punishing savers. Similarly, the government's nearly
$1 trillion stimulus program has failed to stimulate much growth and has
had little obvious impact on the very high unemployment rate. In addition,
a torrent of new and proposed laws and regulations have added an additional
layer of business uncertainty. Looking back, it appears that we gave policy
makers too much credit.
The list of economically damaging exogenous events occurring in 2011 is
noteworthy. The Japanese earthquake/tsunami tragedy last March disrupted
the global supply chain and, in particular, hurt the automotive and
technology industries. The so-called "Arab Spring" in the Middle East,
which saw several longstanding authoritarian regimes overthrown through
popular uprisings, likely contributed to a spike in oil prices. In the
United States, floods in the Midwest, drought in the southwest, and a major
hurricane hitting the east coast as well as numerous other severe weather
events likely dampened economic activity. Thailand also has been suffering
from terrible flooding that has further disrupted technology and automotive
supply chains. We believe a stronger global economy would have likely
powered through this streak of bad luck. Our mistake in managing the Fund
over the 12 months ended September 30, 2011, was not adequately accounting
for the effects of such events in light of a weaker-than-expected recovery.
Pioneer Value Fund | Annual Report | 9/30/11 5
Q What specific sector allocations or portfolio holdings aided or detracted
from the Fund's relative performance over the 12-month period ended
September 30, 2011?
A The Fund's sector weightings were a modest drag on performance over the
period. In general, the Fund was overweight the cyclical sectors and
underweight defensive sectors. This proved to be the wrong call as
materials, industrials, and technology underperformed, while health care,
consumer staples, telecommunications, and utilities outperformed. The Fund
did benefit by our decision to overweight consumer discretionary and
energy, while remaining underweight the difficult financials sector.
Our stock picks proved the biggest drag on the Fund's performance over the
12-month period. Not surprisingly, the list of "bottom 10" performers held
in the portfolio is dominated by cyclical names that suffered due to a
combination of real and feared macroeconomic concerns, regulatory fallout,
and self-inflicted wounds.
Within financials, Fund positions in Bank of America, Goldman Sachs,
regional bank Comerica, and insurer/asset manager Ameriprise significantly
hurt returns. In the case of Bank of America, we misjudged the ongoing
effects of the firm's deeply troubled mortgage business. Regarding Goldman
Sachs, we underestimated the impact of regulatory reform. For Comerica, our
estimates for loan growth proved too optimistic. In contrast, we were
pleased with Ameriprise's business performance, however the market took a
different view. The Fund continues to hold Ameriprise, but we sold the
positions in the other stocks.
Within the commodity sensitive sectors, the Fund's holdings in chemical
maker LyondellBasell, refiner Marathon Petroleum, and miner Freeport
McMoRan Copper & Gold underperformed due to macroeconomic concerns.
However, the businesses have continued to perform well and we have
maintained the Fund's positions
Holdings in the technology sector proved especially disappointing for the
Fund over the last 12 months. Xerox failed to meet our expectations in its
core copier/printing business and its outsourced services segment. We
exited the Xerox position and added to the Fund's holdings in more
promising technology names, including Qualcomm and Oracle. Chip equipment
maker Applied Materials also disappointed as demand stalled due to
macroeconomic uncertainty. We continue to hold Applied Materials in the
Fund's portfolio, as we expect equipment demand will improve as chip makers
ramp up capital expenditures.
The Fund's top-performing stocks over the 12 months ended September 30,
2011, featured a mix of stable defensive names, including Verizon and Coca-
Cola, and a number of cyclical stocks in the media and energy industries.
6 Pioneer Value Fund | Annual Report | 9/30/11
In media, News Corp, CBS, and Comcast were top performers for the Fund.
News Corp was a very controversial stock during the period as the company
responded to charges of "phone hacking" by employees at one of its London
newspapers. Management wisely took strong action to reduce the negative
effects, including shutting down the paper, dramatically raising the
dividend, repurchasing a significant amount of stock, and making modest
changes to improve corporate governance.
In contrast, CBS and Comcast were far less controversial and outperformed
during the period, as both companies' management teams executed on their
core business strategies. In the case of CBS, the company benefited from a
strong advertising market and continued efforts to generate more money from
its hit TV shows. For Comcast, the company continued to find ways to boost
the profitability of its industry leading cable system. In addition, the
company purchased a stake in NBC Universal, a deal we believe will drive
profits for years to come.
In energy, integrated natural gas company Williams and oil company Chevron
were top performers for the Fund over the 12-month period. In 2010,
Williams changed CEOs, an event we judged would lead to a much-needed
restructuring of the company. We started buying the stock for the Fund
shortly after the CEO change. In early 2011, Williams announced it would
split into a pipeline company and an exploration & production company. As
we had hoped, the market reacted favorably to the news and unlocked the
value in Williams's stock. We subsequently sold the Fund's position at a
solid profit.
Chevron was a less-exciting investment for the Fund over the past 12
months, but nonetheless a very profitable one. While Chevron clearly
benefited from higher oil prices, management continued to drive
better-than-expected profitability and returns from the company's refining
and exploration & production segments. Along the way, Chevron raised its
dividend twice and repurchased a significant amount of stock. The Fund
continues to hold the stock as it remains cheap relative to the upside
potential we see when several major projects start generating profits in a
few years.
Q What is your outlook for the final quarter of 2011 and beyond?
A Stock markets fell apart in the third quarter of 2011 as pessimism
approached a peak. In our view, the market was pricing in a very high
probability of a global recession. We did not share the view, and used the
opportunity to add to the Fund's higher-conviction holdings and open new
positions in stocks that had suffered badly in recent months.
As we write, the final quarter of 2011 has gotten off to a good start,
including one of the best Octobers in the history of the equity market. So
far, economic data have failed to confirm a global recession. In addition,
Europe
Pioneer Value Fund | Annual Report | 9/30/11 7
has taken positive steps to address its debt crisis. Finally, third quarter
earnings reports from many of the Fund's holdings have been positive, with
outlooks generally better than feared. While nothing is certain, we remain
encouraged, as it appears that progress is being made and equity valuations
have remained attractive.
The Fund continues to focus on cheap, quality stocks with an emphasis on
names with low-valuation multiples, high returns on equity, solid free cash
flow, and reasonable debt levels. We maintain a bias towards cyclical
sectors in the portfolio, as that is where we have been finding the most
value.
Please refer to the Schedule of Investments on pages 17-23 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
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.
8 Pioneer Value Fund | Annual Report | 9/30/11
Portfolio Summary | 9/30/11
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THIS IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 89.4%
Temporary Cash Investments 4.9%
Depositary Receipts for International Stocks 3.6%
International Common Stocks 2.1%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THIS IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Financials 20.7%
Energy 16.0%
Health Care 13.8%
Industrials 10.7%
Consumer Discretionary 9.3%
Consumer Staples 8.7%
Utilities 8.2%
Information Technology 6.3%
Telecommunication Services 3.3%
Materials 3.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Johnson & Johnson, Inc. 3.64%
--------------------------------------------------------------------------------
2. Verizon Communications, Inc. 3.31
--------------------------------------------------------------------------------
3. Pfizer, Inc. 3.28
--------------------------------------------------------------------------------
4. Chevron Corp. 3.13
--------------------------------------------------------------------------------
5. ConocoPhillips, Inc. 2.71
--------------------------------------------------------------------------------
6. Altria Group, Inc. 2.34
--------------------------------------------------------------------------------
7. United Healthcare Group, Inc. 2.24
--------------------------------------------------------------------------------
8. JPMorgan Chase & Co. 2.19
--------------------------------------------------------------------------------
9. Exelon Corp. 2.19
--------------------------------------------------------------------------------
10. Union Pacific Corp. 2.16
--------------------------------------------------------------------------------
* 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 recommendations to buy or sell any
security listed.
Pioneer Value Fund | Annual Report | 9/30/11 9
Prices and Distributions | 9/30/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/11 9/30/10
--------------------------------------------------------------------------------
A $9.67 $10.37
--------------------------------------------------------------------------------
B $8.80 $ 9.45
--------------------------------------------------------------------------------
C $8.76 $ 9.43
--------------------------------------------------------------------------------
Y $9.76 $10.46
--------------------------------------------------------------------------------
Distributions per Share: 10/1/10-9/30/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1653 $ -- $ --
-------------------------------------------------------------------------------
B $ -- $ -- $ --
-------------------------------------------------------------------------------
C $0.0636 $ -- $ --
-------------------------------------------------------------------------------
Y $0.2085 $ -- $ --
-------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Russell 1000 Value Index measures the performance of large-cap U.S. value
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 11-14.
10 Pioneer Value Fund | Annual Report | 9/30/11
Performance Update | 9/30/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund at public offering price, compared to
that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of September 30, 2011)
--------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------
10 Years 0.61% 0.01%
5 Years -6.29 -7.39
1 Year -5.39 -10.81
--------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2011)
--------------------------------------------------
Gross Net
--------------------------------------------------
1.01% 1.01%
--------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Value Russell 1000
Fund Value Index
9/01 $ 9,425 $10,000
7,842 8,305
9/03 9,641 10,329
11,284 12,448
9/05 12,842 14,525
13,856 16,649
9/07 16,279 19,055
11,273 14,566
9/09 10,203 13,019
10,583 14,177
9/11 10,012 13,910
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 Value Fund | Annual Report | 9/30/11 11
Performance Update | 9/30/11 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2011)
--------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------
10 Years -0.63% -0.63%
5 Years -7.56 -7.56
1 Year -6.88 -10.60
--------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2011)
--------------------------------------------------
Gross Net
--------------------------------------------------
2.46% 2.46%
--------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Value Russell 1000
Fund Value Index
9/01 $10,000 $10,000
8,232 8,305
9/03 9,970 10,329
11,561 12,448
9/05 13,024 14,525
13,901 16,649
9/07 16,151 19,055
11,057 14,566
9/09 9,853 13,019
10,077 14,177
9/11 9,384 13,910
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004, remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
us.pioneerinvestments.com.
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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Value Fund | Annual Report | 9/30/11
Performance Update | 9/30/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2011)
--------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------
10 Years -0.51% -0.51%
5 Years -7.31 -7.31
1 Year -6.53 -6.53
--------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2011)
--------------------------------------------------
Gross Net
--------------------------------------------------
2.16% 2.16%
--------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Value Russell 1000
Fund Value Index
9/01 $10,000 $10,000
8,221 8,305
9/03 9,998 10,329
11,563 12,448
9/05 13,020 14,525
13,890 16,649
9/07 16,155 19,055
11,068 14,566
9/09 9,904 13,019
10,167 14,177
9/11 9,502 13,910
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The 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 Value Fund | Annual Report | 9/30/11 13
Performance Update | 9/30/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 Million
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2011)
--------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------
10 Years 0.91% 0.91%
5 Years -5.90 -5.90
1 Year -4.99 -4.99
--------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2011)
--------------------------------------------------
Gross Net
--------------------------------------------------
0.59% 0.59%
--------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Value Russell 1000
Fund Value Index
9/01 $5,000,000 $5,000,000
4,160,976 4,152,598
9/03 5,115,450 5,164,465
5,990,346 6,223,979
9/05 6,852,768 7,262,642
7,422,570 8,324,464
9/07 8,753,059 9,527,284
6,083,049 7,282,878
9/09 5,535,853 6,509,487
5,764,146 7,088,680
9/11 5,476,629 6,954,909
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Y shares on
August 11, 2004, reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Y shares, the performance for Class Y shares prior
to their inception would have been higher than the performance shown. Class Y
shares are not subject to sales charges and are available to limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Value Fund | Annual Report | 9/30/11
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 Value Fund
Based on actual returns from April 1, 2011, through September 30, 2011.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/11
-------------------------------------------------------------------------------------
Ending Account $806.08 $797.81 $800.81 $807.56
Value (after expenses)
on 9/30/11
-------------------------------------------------------------------------------------
Expenses Paid $4.62 $11.81 $9.66 $2.76
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.02%, 2.62%,
2.14% and 0.61% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Pioneer Value Fund | Annual Report | 9/30/11 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 Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2011, through September 30, 2011.
-------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/11
-------------------------------------------------------------------------------------
Ending Account $1,019.95 $1,011.93 $1,014.34 $1,022.01
Value (after expenses)
on 9/30/11
-------------------------------------------------------------------------------------
Expenses Paid $5.16 $13.21 $10.81 $3.09
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.02%, 2.62%,
2.14% and 0.61% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Value Fund | Annual Report | 9/30/11
Schedule of Investments | 9/30/11
--------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------
COMMON STOCKS -- 98.0%
ENERGY -- 15.7%
Integrated Oil & Gas -- 8.1%
406,400 Chevron Corp. $ 37,600,128
514,800 ConocoPhillips, Inc. 32,597,136
228,100 Occidental Petroleum Corp. 16,309,150
473,000 QEP Resources, Inc. 12,804,110
--------------
$ 99,310,524
--------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.0%
322,700 Ensco Plc $ 13,046,761
--------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 2.2%
262,200 Baker Hughes, Inc. $ 12,103,152
285,700 National-Oilwell Varco, Inc. 14,633,554
--------------
$ 26,736,706
--------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.2%
499,500 Chesapeake Energy Corp. $ 12,762,225
647,300 Marathon Oil Corp. 13,968,734
--------------
$ 26,730,959
--------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.0%
440,400 Marathon Petroleum Corp. $ 11,917,224
--------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.2%
575,400 Kinder Morgan Holdco, Inc. (b) $ 14,897,106
--------------
Total Energy $ 192,639,280
--------------------------------------------------------------------------------------------
MATERIALS -- 2.9%
Diversified Chemical -- 2.2%
392,500 E.I. du Pont de Nemours and Co. $ 15,688,225
456,800 LyondellBasell Industries NV 11,159,624
--------------
$ 26,847,849
--------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.7%
302,500 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 9,211,125
--------------
Total Materials $ 36,058,974
--------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.7%
Aerospace & Defense -- 1.7%
295,300 United Technologies Corp. $ 20,777,308
--------------------------------------------------------------------------------------------
Construction & Engineering -- 1.3%
339,800 Fluor Corp. $ 15,817,690
--------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2. 5%
215,700 Cummins, Inc. $ 17,614,062
204,100 Deere & Co. 13,178,737
--------------
$ 30,792,799
--------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 1.2%
370,800 Emerson Electric Co. $ 15,317,748
--------------
Total Capital Goods $ 82,705,545
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 17
Schedule of Investments | 9/30/11 (continued)
--------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------
TRANSPORTATION -- 3.8%
Railroads -- 3.8%
1,089,300 CSX Corp. $ 20,337,231
317,300 Union Pacific Corp. 25,913,891
--------------
$ 46,251,122
--------------
Total Transportation $ 46,251,122
--------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.1%
Auto Parts & Equipment -- 1.1%
327,000 Lear Corp. $ 14,028,300
--------------
Total Automobiles & Components $ 14,028,300
--------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.5%
Restaurants -- 1.5%
212,700 McDonald's Corp. $ 18,679,314
--------------
Total Consumer Services $ 18,679,314
--------------------------------------------------------------------------------------------
MEDIA -- 5.0%
Broadcasting -- 1.4%
803,200 CBS Corp. (Class B) $ 16,369,216
--------------------------------------------------------------------------------------------
Cable & Satellite -- 1.9%
1,125,600 Comcast Corp. $ 23,525,040
--------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.7%
1,349,500 News Corp. $ 20,876,765
--------------
Total Media $ 60,771,021
--------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Apparel Retail -- 1.5%
328,500 TJX Companies, Inc. $ 18,221,895
--------------
Total Retailing $ 18,221,895
--------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 8.5%
Distillers & Vintners -- 1.1%
765,200 Constellation Brands, Inc.* $ 13,773,600
--------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.4%
474,500 Campbell Soup Co. (b) $ 15,359,565
236,700 Hershey Foods Corp. 14,022,108
--------------
$ 29,381,673
--------------------------------------------------------------------------------------------
Soft Drinks -- 1.7%
310,500 Coca-Cola Co. $ 20,977,380
--------------------------------------------------------------------------------------------
Tobacco -- 3.3%
1,047,200 Altria Group, Inc. $ 28,075,432
203,200 Philip Morris International, Inc. 12,675,616
--------------
$ 40,751,048
--------------
Total Food, Beverage & Tobacco $ 104,883,701
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Value Fund | Annual Report | 9/30/11
--------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.1%
Health Care Distributors -- 2.9%
439,300 Cardinal Health, Inc. $ 18,397,884
236,900 McKesson Corp. 17,222,630
--------------
$ 35,620,514
--------------------------------------------------------------------------------------------
Managed Health Care -- 2.2%
582,800 United Healthcare Group, Inc. $ 26,878,736
--------------
Total Health Care Equipment & Services $ 62,499,250
--------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 8.4%
Pharmaceuticals -- 8.4%
686,700 Johnson & Johnson Co. $ 43,749,657
222,230,800 Pfizer, Inc. 39,440,544
295,800 Watson Pharmaceuticals, Inc.* (b) 20,188,350
--------------
$ 103,378,551
--------------
Total Pharmaceuticals & Biotechnology $ 103,378,551
--------------------------------------------------------------------------------------------
BANKS -- 7.0%
Diversified Banks -- 5.2%
340,600 HSBC Holdings Plc (b) $ 12,956,424
666,000 Standard Chartered Plc 13,393,702
111,016,500 United Overseas Bank, Ltd. 13,224,535
999,600 Wells Fargo & Co. 24,110,352
--------------
$ 63,685,013
--------------------------------------------------------------------------------------------
Regional Banks -- 1.8%
451,100 PNC Bank Corp. $ 21,738,509
--------------
Total Banks $ 85,423,522
--------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.4%
Asset Management & Custody Banks -- 1.2%
382,600 Ameriprise Financial, Inc. $ 15,059,136
--------------------------------------------------------------------------------------------
Consumer Finance -- 3.0%
481,900 Capital One Financial Corp. (b) $ 19,097,697
765,500 Discover Financial Services, Inc. 17,560,570
--------------
$ 36,658,267
--------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.2%
873,700 JPMorgan Chase & Co. $ 26,315,844
--------------
Total Diversified Financials $ 78,033,247
--------------------------------------------------------------------------------------------
INSURANCE -- 6.9%
Life & Health Insurance -- 1.6%
420,800 Prudential Financial, Inc. $ 19,718,688
--------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 5.3%
361,900 ACE, Ltd. $ 21,931,140
381,100 Chubb Corp. 22,862,189
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 19
Schedule of Investments | 9/30/11 (continued)
--------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------
Property & Casualty Insurance -- (continued)
420,600 The Travelers Companies, Inc. $ 20,495,838
--------------
$ 65,289,167
--------------
Total Insurance $ 85,007,855
--------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.9%
Systems Software -- 1.9%
792,900 Oracle Corp. $ 22,787,946
--------------
Total Software & Services $ 22,787,946
--------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.7%
Communications Equipment -- 1.7%
420,700 Qualcomm, Inc. $ 20,458,641
--------------
Total Technology Hardware & Equipment $ 20,458,641
--------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 2.7%
Semiconductor Equipment -- 2.7%
1,275,500 Applied Materials, Inc. $ 13,201,425
564,200 ASM Lithography Holdings NV 19,487,468
--------------
$ 32,688,893
--------------
Total Semiconductors $ 32,688,893
--------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.2%
Integrated Telecommunication Services -- 3.2%
1,082,200 Verizon Communications, Inc. $ 39,824,960
--------------
Total Telecommunication Services $ 39,824,960
--------------------------------------------------------------------------------------------
UTILITIES -- 8.0%
Electric Utilities -- 3.6%
616,800 Exelon Corp. $ 26,281,848
538,600 Northeast Utilities Co. (b) 18,123,890
--------------
$ 44,405,738
--------------------------------------------------------------------------------------------
Gas Utilities -- 1.6%
1,104,000 Questar Corp. $ 19,551,840
--------------------------------------------------------------------------------------------
Multi-Utilities -- 2.8%
789,600 CMS Energy Corp. (b) $ 15,626,184
585,100 Wisconsin Energy Corp. 18,307,779
--------------
$ 33,933,963
--------------
Total Utilities $ 97,891,541
--------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,270,597,040) $1,202,233,558
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Value Fund | Annual Report | 9/30/11
--------------------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.0%
SECURITIES LENDING COLLATERAL -- 5.0% (c)
Certificates of Deposit:
1,446,031 Bank of Montreal Chicago, 0.18%, 10/20/11 $ 1,446,559
1,446,482 Bank of Montreal Chicago, 0.38%, 9/26/12 1,446,559
1,445,907 Bank of Nova Scotia, 0.32%, 10/11/12 1,446,559
361,868 Bank of Nova Scotia Houston, 0.54%, 6/11/12 361,970
1,807,237 Canadian Imperial Bank of Commerce NY, 0.21%, 10/3/11 1,808,199
1,807,193 Dnb Nor Bank ASA NY, 0.22%, 11/14/11 1,808,088
1,626,431 JPMorgan Chase Bank NA, 0.28%, 10/17/12 1,627,379
903,595 National Australia Bank NY, 0.27%, 10/19/11 904,096
1,265,608 National Australia Bank NY, 0.31%, 1/9/12 1,265,739
1,988,771 RaboBank nederland, 0.32%, 4/2/12 1,989,233
903,818 Royal Bank of Canada NY, 0.48%, 9/10/12 904,099
1,806,348 Skandinav Enskilda Bank NY, 0.33%, 11/9/11 1,808,238
722,708 Wachovia Corp., 0.38%, 10/15/11 723,302
542,505 Wachovia Corp., 0.48%, 3/1/12 542,720
1,807,778 Westpac Banking Corp., NY, 0.33%, 12/6/11 1,808,199
--------------
$ 19,890,939
--------------------------------------------------------------------------------------------
Commercial Paper:
722,792 American Honda Finance, 0.30%, 1/11/12 $ 723,280
432,490 Chariot Funding LLC, 0.16%, 10/17/11 432,490
1,446,533 Chariot Funding LLC, 0.16%, 10/5/11 1,446,533
1,265,644 Chariot Funding LLC, 0.15%, 10/19/11 1,265,644
578,292 Commonwealth Bank of Australia, 0.28%, 12/15/11 578,292
1,101,810 Commonwealth Bank of Australia, 0.39%, 2/23/12 1,101,810
904,051 Falcon Asset Securitization Co., LLC, 0.16%, 10/13/11 904,051
1,808,151 Falcon Asset Securitization Co., LLC, 0.16%, 10/7/11 1,808,151
829,811 Federal Farm Credit, 0.18%, 8/20/12 829,990
1,300,809 General Electric Capital Corp., 0.37%, 4/10/12 1,301,895
180,556 General Electric Capital Corp., 0.42%, 7/27/12 180,696
198,850 General Electric Capital Corp., 0.48%, 11/21/11 198,956
904,090 National Australia Funding Delaware, Inc., 0.19%, 10/3/11 904,090
1,626,692 Nestle Capital Corp., 0.19%, 12/20/11 1,626,692
1,445,434 Nordea NA, 0.28%, 1/9/12 1,445,434
1,159,287 Old Line Funding LLC, 0.17%, 10/5/11 1,159,287
542,444 Old Line Funding LLC, 0.17%, 10/7/11 542,444
1,446,374 Procter & Gamble, 0.14%, 11/3/11 1,446,374
903,416 Royal Bank of Canada, 0.30%, 10/1/12 904,099
1,084,822 Sanofi Aventis SA, 0.17%, 10/20/11 1,084,822
401,599 Straight-a Funding LLC, 0.19%, 12/9/11 401,599
1,807,765 Svenska HandelsBanken, 0.38%, 10/5/12 1,808,199
969,651 Thunderbay Funding LLC, 0.17%, 10/12/11 969,651
724,314 Thunderbay Funding LLC, 0.18%, 10/5/11 724,314
361,478 Thunderbay Funding LLC, 0.22%, 12/13/11 361,478
722,992 Thunderbay Funding LLC, 0.22%, 12/5/11 722,992
904,014 Variable Funding Capital Co., LLC, 0.19%, 10/19/11 904,014
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 21
Schedule of Investments | 9/30/11 (continued)
--------------------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
903,746 Variable Funding Capital Co., LLC, 0.21%, 12/7/11 $ 903,746
361,516 Wells Fargo & Co., 0.34%, 1/24/12 361,750
--------------
$ 27,042,773
--------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
1,808,200 Merrill Lynch, Inc., 0.04%, dated 9/30/11, repurchase price
of $1,808,199 plus accrued interest on 10/3/11
collateralized by the following:
$356,509 U.S. Treasury Bond, 5.0%, 5/15/37
$1,487,556 U.S. Treasury Note, 1.75%, 5/31/16 $ 1,808,200
7,250,734 RBS Securities, Inc., 0.05%, dated 9/30/11, repurchase
price of $7,250,733 plus accrued interest on 10/3/11
collateralized by $7,395,923 Federal Home Loan Mortgage
Corp., 0.0%, 3/30/12 - 6/30/12 7,250,734
723,281 Barclays Capital Markets, 0.05%, dated 9/30/11,
repurchase price of $723,280 plus accrued interest on
10/3/11 collateralized by $737,745 U.S. Treasury Notes,
3.125 - 3.625%, 2/15/21 - 5/15/21 723,281
--------------
$ 9,782,215
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------
Money Market Mutual Funds:
2,712,299 Dreyfus Preferred Money Market Fund $ 2,712,299
2,712,299 Fidelity Prime Money Market Fund 2,712,299
--------------
$ 5,424,598
--------------
Total Securities Lending Collateral $ 62,140,525
--------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $62,140,520) $ 62,140,525
--------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 103.0%
(Cost $1,332,737,565) (a) $1,264,374,083
--------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (3.0)% $ (37,271,664)
--------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,227,102,419
============================================================================================
* Non-income producing security.
(a) At September 30, 2011, the net unrealized loss on investments based on
cost for federal income tax purposes of $1,333,468,594 was as follows:
Aggregate gross unrealized gain for all investments in which there
is an excess of value over tax cost $ 46,981,586
Aggregate gross unrealized loss for all investments in which there
is an excess of tax cost over value (116,076,097)
--------------
Net unrealized loss $ (69,094,511)
==============
The accompanying notes are an integral part of these financial statements.
22 Pioneer Value Fund | Annual Report | 9/30/11
(b) At September 30, 2011, the following securities were out on loan:
--------------------------------------------------------------------------------------------
Shares Security Value
--------------------------------------------------------------------------------------------
396,200 Campbell Soup Co.* $12,824,994
340,000 Capital One Financial Corp. 13,474,200
700 CMS Energy Corp. 13,853
95,100 HSBC Holdings Plc 3,617,604
568,700 Kinder Morgan Holdco, Inc. 14,723,643
9,400 Northeast Utilities Co. 316,310
209,500 Watson Pharmaceuticals, Inc.* 14,298,375
--------------------------------------------------------------------------------------------
Total $59,268,979
============================================================================================
(c) Securities lending collateral is managed by Credit Suisse, New York Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended September 30, 2011, aggregated $1,269,681,942 and
$1,463,619,915, 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.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally equity securities are categorized as level 1, fixed income securities
and senior loans as level 2 and securities valued using fair value methods (see
Note 1A) are categorized as level 3.
The following is a summary of the inputs used as of September 30, 2011, in
valuing the Fund's assets:
--------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------
Common Stocks $1,202,233,558 $ -- $-- $1,202,233,558
Temporary Cash Investments -- 46,933,712 -- 46,933,712
Repurchase Agreements -- 9,782,215 -- 9,782,215
Money Market Mutual Funds 5,424,598 -- -- 5,424,598
--------------------------------------------------------------------------------------------
Total $1,207,658,156 $56,715,927 $-- $1,264,374,083
============================================================================================
Other Financial Instruments* $ -- $ (10,716) $-- $ (10,716)
--------------------------------------------------------------------------------------------
* Other Financial Instruments include foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 23
Statement of Assets and Liabilities | 9/30/11
ASSETS:
Investment in securities (including securities loaned of
$59,268,979) (cost $1,332,737,565) $1,264,374,083
Cash 14,570,329
Receivables --
Investment securities sold 13,029,630
Fund shares sold 149,388
Dividends, interest and foreign taxes withheld 2,294,343
Other 620,605
-----------------------------------------------------------------------------------------
Total assets $1,295,038,378
-----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 4,512,020
Fund shares repurchased 776,254
Upon return of securities loaned 62,140,525
Forward foreign currency settlement contracts, net 10,716
Due to affiliates 377,774
Accrued expenses 118,670
-----------------------------------------------------------------------------------------
Total liabilities $ 67,935,959
-----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,990,444,594
Undistributed net investment income 8,247,376
Accumulated net realized loss on investments and foreign currency
transactions (703,226,248)
Net unrealized loss on investments (68,363,482)
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 179
-----------------------------------------------------------------------------------------
Total net assets $1,227,102,419
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,211,646,619/125,364,368 shares) $ 9.67
Class B (based on $3,150,916/358,107 shares) $ 8.80
Class C (based on $3,559,699/406,559 shares) $ 8.76
Class Y (based on $8,745,185/896,482 shares) $ 9.76
MAXIMUM OFFERING PRICE:
Class A ($9.67 [divided by] 94.25%) $ 10.26
=========================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Value Fund | Annual Report | 9/30/11
Statement of Operations
For the Year Ended 9/30/11
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $80,211) $ 34,277,767
Interest 3,069
Income from securities loaned, net 114,076
------------------------------------------------------------------------------------------------
Total investment income $ 34,394,912
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic Fee $ 9,148,877
Performance Adjustment (1,597,791)
Transfer agent fees and expenses
Class A 1,757,628
Class B 40,276
Class C 18,191
Class Y 2,911
Distribution fees
Class A 3,753,644
Class B 46,668
Class C 44,255
Shareholder communications expense 1,491,312
Administrative reimbursement 458,973
Custodian fees 41,468
Registration fees 68,317
Professional fees 145,062
Printing expense 64,914
Fees and expenses of nonaffiliated trustees 51,303
Miscellaneous 138,011
------------------------------------------------------------------------------------------------
Total expenses $ 15,674,019
------------------------------------------------------------------------------------------------
Net expenses $ 15,674,019
------------------------------------------------------------------------------------------------
Net investment income $ 18,720,893
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 16,924,874
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (577,522)
Class actions 3,390,398 $ 19,737,750
------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ (91,270,378)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 179 $(91,270,199)
------------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $(71,532,449)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(52,811,556)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 25
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------
Year Ended Year Ended
9/30/11 9/30/10
-----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 18,720,893 $ 20,096,309
Net realized gain on investments and foreign currency
transactions 19,737,750 1,892,730
Change in net unrealized gain (loss) on investments and
foreign currency transactions (91,270,199) 42,561,926
-----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ (52,811,556) $ 64,550,965
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.17 and $0.13 per share, respectively) $ (22,104,873) $ (19,614,139)
Class B ($0.00 and $0.00 per share, respectively) -- --
Class C ($0.06 and $0.02 per share, respectively) (27,722) (11,439)
Class Y ($0.21 and $0.17 per share, respectively) (273,977) (464,073)
-----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (22,406,572) $ (20,089,651)
-----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 19,338,683 $ 32,747,893
Reinvestment of distributions 20,888,119 18,389,243
Cost of shares repurchased (220,590,282) (313,899,890)
-----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund share
transactions $ (180,363,480) $ (262,762,754)
-----------------------------------------------------------------------------------------------
Net decrease in net assets $ (255,581,608) $ (218,301,440)
NET ASSETS:
Beginning of year 1,482,684,027 1,700,985,467
-----------------------------------------------------------------------------------------------
End of year $1,227,102,419 $1,482,684,027
-----------------------------------------------------------------------------------------------
Undistributed net investment income $ 8,247,376 $ 12,417,938
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Value Fund | Annual Report | 9/30/11
'11 Shares '11 Amount '10 Shares '10 Amount
Class A
Shares sold 1,500,628 $ 17,521,898 2,797,315 $ 29,449,210
Reinvestment of distributions 1,826,737 20,785,131 1,751,728 18,287,903
Less shares repurchased (18,514,405) (209,182,823) (27,042,909) (282,831,187)
----------------------------------------------------------------------------------------------------
Net decrease (15,187,040) $(170,875,794) (22,493,866) $(235,094,074)
====================================================================================================
Class B
Shares sold or exchanged 45,778 $ 462,747 25,693 $ 244,671
Less shares repurchased (245,177) (2,530,504) (339,688) (3,264,426)
----------------------------------------------------------------------------------------------------
Net decrease (199,399) $ (2,067,757) (313,995) $ (3,019,755)
====================================================================================================
Class C
Shares sold 58,953 $ 604,152 132,262 $ 1,264,378
Reinvestment of distributions 2,458 25,487 1,107 10,516
Less shares repurchased (112,399) (1,151,468) (150,184) (1,434,924)
----------------------------------------------------------------------------------------------------
Net decrease (50,988) $ (521,829) (16,815) $ (160,030)
====================================================================================================
Class Y
Shares sold 66,098 $ 749,886 169,295 $ 1,789,634
Reinvestment of distributions 6,759 77,501 8,633 90,824
Less shares repurchased (669,823) (7,725,487) (2,515,901) (26,369,353)
----------------------------------------------------------------------------------------------------
Net decrease (596,966) $ (6,898,100) (2,337,973) $ (24,488,895)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.37 $ 10.12 $ 11.44 $ 18.28 $ 18.55
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.14 $ 0.17 $ 0.25 $ 0.29
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.68) 0.24 (1.29) (5.47) 2.60
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.53) $ 0.38 $ (1.12) $ (5.22) $ 2.89
Distributions to shareowners:
Net investment income (0.17) (0.13) (0.20) (0.25) (0.30)
Net realized gain -- -- -- (1.37) (2.86)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.70) $ 0.25 $ (1.32) $ (6.84) $ (0.27)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 10.37 $ 10.12 $ 11.44 $ 18.28
====================================================================================================================================
Total return* (5.39)% 3.72% (9.49)% (30.75)% 17.49%
Ratio of net expenses to average net assets+ 1.02% 1.01% 1.06% 0.94% 0.92%
Ratio of net investment income to average net assets+ 1.23% 1.23% 1.89% 1.73% 1.65%
Portfolio turnover rate 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $1,211,647 $1,457,472 $1,649,438 $2,082,427 $3,569,146
Ratios with reduction for fees paid indirectly:
Net expenses 1.02% 1.01% 1.06% 0.94% 0.92%
Net investment income 1.23% 1.23% 1.89% 1.73% 1.65%
====================================================================================================================================
* 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.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Value Fund | Annual Report | 9/30/11
------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.45 $ 9.24 $ 10.47 $ 16.87 $ 17.36
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ -- $ 0.01 $ 0.06 $ 0.11 $ 0.10
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.65) 0.20 (1.21) (5.04) 2.39
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.65) $ 0.21 $ (1.15) $ (4.93) $ 2.49
Distributions to shareowners:
Net investment income -- -- (0.08) (0.10) (0.12)
Net realized gain -- -- -- (1.37) (2.86)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.65) $ 0.21 $ (1.23) $ (6.40) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.80 $ 9.45 $ 9.24 $ 10.47 $16.87
====================================================================================================================================
Total return* (6.88)% 2.27% (10.89)% (31.54)% 16.18%
Ratio of net expenses to average net assets+ 2.62% 2.46% 2.57% 2.06% 2.05%
Ratio of net investment income (loss) to average net assets+ (0.37)% (0.23)% 0.41% 0.60% 0.53%
Portfolio turnover rate 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $3,151 $5,271 $ 8,057 $13,518 $30,378
Ratios with reduction for fees paid indirectly:
Net expenses 2.62% 2.46% 2.57% 2.04% 2.02%
Net investment income (loss) (0.37)% (0.23)% 0.41% 0.62% 0.56%
====================================================================================================================================
* 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.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.43 $9.21 $ 10.43 $ 16.84 $ 17.33
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.02 $0.01 $ 0.08 $ 0.10 $ 0.07
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.63) 0.23 (1.19) (5.01) 2.43
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.61) $0.24 $ (1.11) $ (4.91) $ 2.50
Distributions to shareowners:
Net investment income (0.06) (0.02) (0.11) (0.13) (0.13)
Net realized gain -- -- -- (1.37) (2.86)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.67) $0.22 $ (1.22) $ (6.41) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.76 $9.43 $ 9.21 $ 10.43 $16.84
====================================================================================================================================
Total return* (6.53)% 2.65% (10.51)% (31.49)% 16.31%
Ratio of net expenses to average net assets+ 2.14% 2.16% 2.18% 1.92% 1.98%
Ratio of net investment income to average net assets+ 0.11% 0.08% 0.83% 0.76% 0.58%
Portfolio turnover rate 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $3,560 $4,314 $ 4,371 $ 7,458 $12,606
Ratios with reduction for fees paid indirectly:
Net expenses 2.14% 2.16% 2.18% 1.91% 1.96%
Net investment income 0.11% 0.08% 0.83% 0.77% 0.60%
====================================================================================================================================
* 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.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Value Fund | Annual Report | 9/30/11
------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $10.46 $ 10.21 $ 11.54 $ 18.42 $ 18.67
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.22 $ 0.28 $ 0.30 $ 0.33 $ 0.39
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.71) 0.14 (1.38) (5.54) 2.59
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.49) $ 0.42 $ (1.08) $ (5.21) $ 2.98
Distributions to shareowners:
Net investment income (0.21) (0.17) (0.25) (0.30) (0.37)
Net realized gain -- -- -- (1.37) (2.86)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.70) $ 0.25 $ (1.33) $ (6.88) $ (0.25)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.76 $ 10.46 $ 10.21 $ 11.54 $ 18.42
====================================================================================================================================
Total return* (4.99)% 4.12% (9.00)% (30.50)% 17.92%
Ratio of net expenses to average net assets+ 0.61% 0.59% 0.54% 0.53% 0.54%
Ratio of net investment income to average net assets+ 1.63% 1.63% 2.51% 2.12% 2.04%
Portfolio turnover rate 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $8,745 $15,628 $39,120 $112,571 $238,308
Ratios with reduction for fees paid indirectly:
Net expenses 0.61% 0.59% 0.54% 0.53% 0.54%
Net investment income 1.63% 1.63% 2.51% 2.12% 2.04%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/11 31
Notes to Financial Statements | 9/30/11
1. Organization and Significant Accounting Policies
Pioneer Value Fund (the Fund) is a Delaware statutory trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is reasonable income
and capital growth.
The Fund offers four classes of shares designated as Class A, Class B, Class C,
and Class Y shares. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
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
32 Pioneer Value Fund | Annual Report | 9/30/11
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.
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. Securities for which market
prices and/or quotations are not readily available or are considered to be
unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees.
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.
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. Thus, the valuation of the Fund's securities may differ from
exchange prices.
At September 30, 2011, 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. Short-term fixed income securities with remaining maturities of
sixty days or less generally are valued at amortized cost. Money market
mutual funds are valued at net asset value.
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.
Pioneer Value Fund | Annual Report | 9/30/11 33
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. 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 federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
Under the recently enacted Regulated Investment Company Modernization Act
of 2010, the Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after December 22, 2010 for an
unlimited period. However, any losses incurred during those future years
will be required to be utilized prior to the losses incurred in
pre-enactment tax years. As a result of this ordering rule, pre-enactment
capital loss carryforwards may be more likely to expire unused.
Additionally, post enactment capital losses that are carried forward will
retain their character as either short-term or long-term capital losses
rather than being considered all short-term as under previous law.
34 Pioneer Value Fund | Annual Report | 9/30/11
At September 30, 2011, the Fund reclassified $484,883 to decrease net
investment income, and $484,883 to decrease accumulated net realized loss
on investments and foreign currency transactions to reflect permanent
book/tax differences. The reclassification has no impact on the net asset
value of the Fund and is designed to present the Fund's capital accounts on
a tax basis.
At September 30, 2011, the Fund had a net capital loss carryforward of
$702,495,219, of which the following amounts will expire between 2017 and
2018 if not utilized: $382,949,757 in 2017 and $319,545,462 in 2018.
The tax character of distributions paid during the years ended September
30, 2011, and September 30, 2010, were as follows:
---------------------------------------------------------------------------
2011 2010
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $22,406,572 $20,089,651
Long-term capital gain -- --
---------------------------------------------------------------------------
Total $22,406,572 $20,089,651
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at September 30, 2011:
---------------------------------------------------------------------------
2011
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 8,247,376
Capital loss carryforward (702,495,219)
Unrealized depreciation (69,094,332)
---------------------------------------------------------------------------
Total $ (763,342,175)
===========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 7).
Pioneer Value Fund | Annual Report | 9/30/11 35
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $65,594 in underwriting commissions on the sale of
Class A shares during the year ended September 30, 2011. During the year,
the Fund recognized gains of $3,390,398 in settlement of class action
lawsuits from several different companies, as reflected on the Statement of
Operations.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, and Class C shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
G. 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. The Fund's investment adviser, Pioneer Investment Management, Inc.
(PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
H. Securities Lending
The Fund lends 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.
36 Pioneer Value Fund | Annual Report | 9/30/11
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.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. PIM receives a basic fee that is calculated at the annual rate of
0.60% of the Fund's average daily net assets up to $5 billion, 0.575% on the
next $5 billion and 0.55% on the excess over $10 billion. The basic fee can
increase or decrease by a maximum of 0.10% based on the investment performance
of the Fund's Class A shares as compared to the Russell 1000 Value Index. The
performance comparison is made for a rolling 36-month period. In addition,
Pioneer contractually limits any positive adjustment of the Fund's management
fee to 0.10% of the Fund's average daily net assets on an annual basis (i.e.,
to a maximum of 0.70% after the performance adjustment). For the year ended
September 30, 2011, the aggregate performance adjustment resulted in a decrease
to the basic fee of $1,597,791. For the year ended September 30, 2011, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.50% of the Fund's average daily net assets.
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
$817 in management fees, administrative costs and certain other reimbursements
payable to PIM at September 30, 2011.
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.
Pioneer Value Fund | Annual Report | 9/30/11 37
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 September 30, 2011, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,469,870
Class B 9,329
Class C 7,675
Class Y 4,438
--------------------------------------------------------------------------------
Total $1,491,312
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $368,237 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2011.
4. Distribution Plan
The Fund has adopted a distribution plan ("the Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class B and
Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The
fee for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class
C shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $8,720 in distribution fees payable to PFD at September 30,
2011.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five
years of purchase are subject to a CDSC at declining rates beginning at 4.00%,
based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y shares.
Proceeds from the CDSCs are paid to PFD. For the year ended September 30, 2011,
CDSCs in the amount of $4,391 were paid to PFD.
38 Pioneer Value Fund | Annual Report | 9/30/11
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended September 30, 2011, the Fund's expenses
were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million 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. Interest on borrowings is 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 Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating funds based on an
allocation schedule set forth in the credit agreement. For the year ended
September 30, 2011, the Fund had no borrowings under this agreement.
7. Forward Foreign Currency Contracts
At September 30, 2011, the Fund had entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. The Fund's gross forward
currency settlement contracts receivable and payable were $886,875 and
$897,591, respectively, resulting in a net payable of $10,716. The average
value of contracts open during the year ended September 30, 2011 was
$1,379,043. There were no open portfolio hedges at September 30, 2011.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of September 30, 2011, were as follows:
-----------------------------------------------------------------------------------------------
Asset Derivatives 2011 Liabilities Derivatives 2011
--------------------------------------------------------
Balance Balance
Sheet Sheet
Derivatives Location Value Location Value
-----------------------------------------------------------------------------------------------
Forward Foreign Currency Contracts Receivables $-- Payables* $10,716
-----------------------------------------------------------------------------------------------
Total $-- $10,716
===============================================================================================
* Forward Foreign Currency Contracts are shown as a net payable on the
Statement of Assets and Liabilities.
Pioneer Value Fund | Annual Report | 9/30/11 39
The effect of derivative instruments on the Statement of Operations for the
year ended September 30, 2011, was as follows:
------------------------------------------------------------------------------------------------------
Change in
Realized Gain Unrealized
or (Loss) on Gain or (Loss)
Location of Gain or (Loss) Derivatives on Derivatives
on Derivatives Recognized Recognized Recognized
Derivatives in Income in Income in Income
------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized loss on forward foreign $(419,566)
currency contracts and other assets and
liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain on forward $179
foreign currency contracts and other
assets and liabilities denominated in
foreign currencies
9. Pending Litigation
The Fund is currently involved in a litigation matter in Germany. A German
financial intermediary, now deceased, apparently opened an account in the name
of the plaintiffs, a married couple, and later misappropriated the assets. The
plaintiffs filed a lawsuit against the Fund and an affiliate seeking recovery
for the misappropriated assets, alleging negligence and breach of contract. The
Fund believes that these claims are without merit and is defending the matter
vigorously. As of year ended September 30, 2011, it is reasonably possible that
an adverse outcome may result. Currently, the amount of any judgment cannot
reasonably be estimated. Under the terms of an indemnification agreement, PIM
and certain affiliates have agreed to indemnify the Fund for its losses and
costs related to this litigation should there be an adverse outcome.
10. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
40 Pioneer Value Fund | Annual Report | 9/30/11
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareowners of
Pioneer Value Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Value Fund ("the Fund"), including the schedule of investments, as of September
30, 2011, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of September 30, 2011, 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 Value Fund at September 30, 2011, 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 five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
November 23, 2011
Pioneer Value Fund | Annual Report | 9/30/11 41
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
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, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer
Funds"). Mr. West serves as a trustee of 44 U.S. registered investment
portfolios for which Pioneer serves as investment adviser. 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.
42 Pioneer Value Fund | Annual Report | 9/30/11
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 1982. Non-Executive Chairman and a None
Trustee and President Serves until a successor director of Pioneer Investment
trustee is elected or Management USA Inc.
earlier retirement or ("PIM-USA"); Chairman and a
removal. director of Pioneer; Chairman
and Director of Pioneer
Institutional Asset
Management, Inc. (since 2006);
Director of Pioneer
Alternative Investment
Management Limited (Dublin);
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 PIOGLOBAL Real Estate
Investment Fund (Russia)
(until June 2006); Director of
Nano-C, Inc. (since 2003);
Director of Cole Management
Inc. (since 2004); Director of
Fiduciary Counseling, Inc.;
President and Director of
Pioneer Funds Distributor,
Inc. ("PFD") (until May 2006);
President of all of the
Pioneer Funds; and Of Counsel,
Wilmer Cutler Pickering Hale
and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007. Director, CEO and President of None
Vice President Serves until a successor PIM-USA (since February 2007);
trustee is elected or Director and President of
earlier retirement or Pioneer and Pioneer
removal. Institutional Asset
Management, Inc. (since
February 2007); Executive Vice
Presi- dent of all of the
Pioneer Funds (since March
2007); Director of PGAM (2007
- 2010); Head of New Europe
Division, PGAM (2000 - 2005);
and Head of New Markets
Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment
adviser and certain of its affiliates.
Pioneer Value Fund | Annual Report | 9/30/11 43
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005. Managing Partner, Federal City Director of Enterprise Com-
Serves until a successor Capital Advisors (corporate munity Investment, Inc.
trustee is elected or advi- sory services company) (privately held affordable
earlier retirement or (1997 - 2004 and 2008 - housing finance company) (1985
removal. present); Interim Chief - 2010); Director of Oxford
Executive Officer, Oxford Analytica, Inc. (2008 -
Analytica, Inc. (privately present); Director of The
held research and consulting Swiss Helvetia Fund, Inc.
company) (2010); Executive (closed-end fund) (2010 -
Vice President and Chief present); and Director of New
Financial Officer, I-trax, York Mortgage Trust (publicly
Inc. (publicly traded health traded mortgage REIT) (2004 -
care services company) (2004 - 2009)
2007); and Executive Vice
President and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 - 2002)
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 1997. Chairman, Bush International, Director of Marriott Interna-
Serves until a successor LLC (international financial tional, Inc. (2008 - present);
trustee is elected or advisory firm) (1991 - Director of Discover Financial
earlier retirement or present); Senior Managing Services (credit card issuer
removal. Director, Brock Capital Group, and electronic payment ser-
LLC (strategic business vices) (2007 - present);
advisors) (2010 - present); Former Director of Briggs &
Managing Director, Federal Stratton Co. (engine manu-
Housing Finance Board facturer) (2004 - 2009);
(oversight of Federal Home Former Director of UAL Cor-
Loan Bank system) (1989 - poration (airline holding
1991); Vice President and Head company) (2006 - 2010);
of International Finance, Director of ManTech Interna-
Federal National Mortgage tional Corporation (national
Association (1988 - 1989); security, defense, and
U.S. Alternate Executive
Director, International
Monetary Fund (1984 - 1988);
Executive Assistant to Deputy
Secretary of the U.S.
Treasury, U.S. Treasury
Department (1982 - 1984); and
Vice President and Team Leader
in Corporate Banking, Bankers
Trust Co. (1976 - 1982)
------------------------------------------------------------------------------------------------------------------------------------
44 Pioneer Value Fund | Annual Report | 9/30/11
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) intelligence technology firm)
(2006 - present); Member,
Board of Governors, Invest-
ment Company Institute (2007 -
present); Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insurance
Corporation (1991 - 2006);
Former Director of Millennium
Chemicals, Inc. (commodity
chemicals) (2002 - 2005);
Former Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005); and
Former Director of Texaco,
Inc. (1997 - 2001)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008. William Joseph Maier Professor Trustee, Mellon Institutional
Serves until a successor of Political Economy, Harvard Funds Investment Trust and
trustee is elected or University (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw
removal. 17 portfolios in fund com-
plex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Value Fund | Annual Report | 9/30/11 45
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 1990. Founding Director, Vice None
Serves until a successor President and Corporate
trustee is elected or Secretary, The Winthrop
earlier retirement or Group, Inc. (consulting
removal. firm) (1982 - present);
Desautels Faculty of
Management, McGill
University (1999 -
present); and Manager of
Research Operations and
Organiza- tional
Learning, Xerox PARC,
Xerox's Advance Research
Center (1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006. Chairman and Chief Director, Broadridge
Serves until a successor Executive Officer, Finan- cial Solutions,
trustee is elected or Quadriserv, Inc. Inc. (investor
earlier retirement or (technology products communications and
removal. for securities lending securities processing
industry) (2008 - provider for financial
present); private services industry) (2009
investor (2004 - 2008); - present); and Director,
and Senior Executive Vice Quadriserv, Inc. (2005 -
Presi- dent, The Bank of present)
New York (financial and
securities services)
(1986 - 2004)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 1982. President and Chief Director of New America
Serves until a successor Executive Officer, High Income Fund, Inc.
trustee is elected or Newbury, Piret & Company, (closed-end investment
earlier retirement or Inc. (investment banking company) (2004 -
removal. firm) (1981 - present) present); and member,
Board of Gov- ernors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee Trustee since 1993. Senior Counsel, Sullivan Director, The Swiss
Serves until a successor & Cromwell LLP (law firm) Helvetia Fund, Inc.
trustee is elected or (1998 - present); and (closed-end investment
earlier retirement or Partner, Sullivan & company); and Director,
removal. Cromwell LLP (prior to AMVESCAP, PLC (investment
1998) manager) (1997 - 2005)
------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Value Fund | Annual Report | 9/30/11
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at Vice President and None
the discretion of the Associate General Counsel
Board. of Pioneer since January
2008 and Secretary of all
of the Pioneer Funds
since June 2010;
Assistant Secretary of
all of the Pioneer Funds
from September 2003 to
May 2010; and Vice
President and Senior
Counsel of Pioneer from
July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at Fund Governance Director None
the discretion of the of Pioneer since December
Board. 2006 and Assistant
Secretary of all the
Pioneer Funds since June
2010; Manager -- Fund
Governance of Pioneer
from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from
January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at Counsel of Pioneer since None
the discretion of the June 2007 and Assistant
Board. Secretary of all the
Pioneer Funds since June
2010; and Vice President
and Counsel at State
Street Bank from October
2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at Vice President -- Fund None
the discretion of the Accounting,
Board. Administration and
Controllership Services
of Pioneer; Treasurer of
all of the Pioneer Funds
since March 2008; Deputy
Treasurer of Pioneer from
March 2004 to February
2008; and Assistant
Treasurer of all of the
Pioneer Funds from March
2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2000. Serves at Assistant Vice President None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
of Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2002. Serves at Fund Accounting Manager None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
of Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Value Fund | Annual Report | 9/30/11 47
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at Fund Administration None
the discretion of the Manager -- Fund
Board. Accounting,
Administration and
Controllership Services
since November 2008;
Assistant Treasurer of
all of the Pioneer Funds
since January 2009; and
Client Service Manager --
Institutional Investor
Services at State Street
Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Chief Compliance Since 2010. Serves at Chief Compliance Officer None
Officer the discretion of the of Pioneer and of all the
Board. Pioneer Funds since March
2010; Director of Adviser
and Portfolio Compliance
at Pioneer since October
2005; and Senior
Compliance Officer for
Columbia Management
Advisers, Inc. from
October 2003 to October
2005
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Value Fund | Annual Report | 9/30/11
This page for your notes.
Pioneer Value Fund | Annual Report | 9/30/11 49
This page for your notes.
50 Pioneer Value Fund | Annual Report | 9/30/11
This page for your notes.
Pioneer Value Fund | Annual Report | 9/30/11 51
This page for your notes.
52 Pioneer Value Fund | Annual Report | 9/30/11
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.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $38,686 in 2011 and approximately
$38,686 in 2010.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no fees for audit-related services provided to
the Fund during the fiscal years ended September 30,
2011 and 2010.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 in 2011 and $8,290 in 2010.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no fees for other services provided to the
Fund during the fiscal years ended September 30, 2011
and 2010.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into
on or after May 6, 2003, the effective date of the new
SEC pre-approval rules, the Fund's audit committee is
required to pre-approve services to affiliates defined by
SEC rules to the extent that the services are determined
to have a direct impact on the operations or financial
reporting of the Fund. For the years ended September
30, 2011 and 2010, there were no services provided to an
affiliate that required the Fund's audit committee pre-
approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,290 in
2011 and $8,290 in 2010.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Value Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date November 29, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date November 29, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2011
* Print the name and title of each signing officer under his or her signature.