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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, 2011 through March 31, 2012
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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Semiannual Report | March 31, 2012
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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 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 20
Notes to Financial Statements 28
Approval of Investment Advisory Agreement 36
Trustees, Officers and Service Providers 40
Pioneer Value Fund | Semiannual Report | 3/31/12 1
President's Letter
Dear Shareowner,
The U.S. economy continued its recovery through the first quarter of 2012, even
as broader global concerns weighed on investors. The U.S. unemployment rate
fell to 8.1% in April, and some indicators suggest that it may continue to
trend down. The housing market continued to improve, fueled in part by
record-low mortgage rates. The risk of rising oil prices appeared to recede.
The improved outlook helped U.S. equity markets to perform well in the first
quarter, with the Standard & Poor's 500 Index rising by 12%. For bond
investors, the riskier sectors of the bond market fared the best. The broad
bond market, as measured by the Barclays Capital Aggregate Bond Index, rose by
just 0.3%, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, rose by 5.15%.
We are cautiously optimistic that the U.S. economy will continue to improve.
But we are also closely monitoring macroeconomic concerns that could change the
market's direction, such as the lingering debt woes in Europe, the state of the
Chinese economy, and the U.S. government's fiscal situation. Clouds have
continued to hover over Europe, as the exit of Greece from the Euro-zone
remains a possibility. Meanwhile, China continues to face a potential slowdown
in economic growth. In the U.S., tax increases and spending cuts scheduled to
take effect at year-end should, unless fiscal policy changes, sharply reduce
the budget deficit -- which would be very good for the country in the longer
run -- but also could potentially stall U.S. economic growth in 2013. All of
these considerations may lead to further market volatility.
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.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy is to identify undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
monitor and analyze the relative valuations of different sectors and securities
2 Pioneer Value Fund | Semiannual Report | 3/31/12
globally to help build portfolios that we believe can help you achieve your
investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/S/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this 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 | Semiannual Report | 3/31/12 3
Portfolio Management Discussion | 3/31/12
In the following interview, portfolio managers Edward (Ned) T. Shadek, Jr., and
John Peckham discuss the environment for equities during the six months ended
March 31, 2012, and how the Pioneer Value Fund performed in that environment.
Mr. Shadek, senior vice president and portfolio manager, joined Pioneer
Investments and was named a portfolio manager of the Fund effective January 3,
2012, roughly midway through the Fund's semiannual reporting period ended March
31, 2012. Mr. Peckham, senior vice president and portfolio manager at Pioneer,
has been a manager of the Fund since 2010. Mr. Shadek and Mr. Peckham are
responsible for the day-to-day management of the Fund.
Q How would you describe the market environment for equities during the six
months ended March 31, 2012?
A Overall, the six months ended March 31, 2012, featured a great environment
for equity investors. After a slump in the late summer of 2011 brought
about by a divisive political debate in Washington over the raising of the
U.S. debt ceiling, a subsequent rating downgrade of U.S. Treasuries by
Standard & Poor's, consistently sluggish U.S. economic data and fears of an
implosion of the European debt situation, the equities market staged a
rally over the final few months of 2011 and the first three months of 2012.
Sparking the rally were investors' perceptions that Europe's leaders had
managed, at least temporarily, to stem the risk of terrible outcomes of the
region's sovereign-debt and banking woes, and improving economic data
releases in the U.S. near the end of 2011 and during the first few months
of 2012. Better news about the unemployment picture, in particular, was a
cause for investor sentiment to perk up.
The financials sector, which had seen terrible performance during the
market's slump, benefited considerably from the improved macroeconomic
environment during the six-month period. Cyclical stocks -- that is, stocks
of companies whose performance ups and downs are the most sensitive to
prevailing economic conditions -- also benefited from the market rally. On
the flip side, defensive names, such as those in the utilities sector, were
hurt the most by the improved market conditions.
Q How did the Fund perform in that environment during the six months ended
March 31, 2012?
A Pioneer Value Fund's Class A shares returned 24.63% at net asset value during
the six months ended March 31, 2012, while the Fund's benchmark, the
Russell 1000 Value Index (the Russell Index), returned 25.68%. During the
same period, the average return of the 538 mutual funds in Lipper's
Large-Cap Value Fund category was 25.51%.
4 Pioneer Value Fund | Semiannual Report | 3/31/12
Q How did the Fund's sector positioning and security selection decisions affect
performance relative to the Russell Index during the six months ended March
31, 2012?
A Sector weights in general were a positive for the Fund's benchmark-relative
performance, but security selection was an overall detractor and was the
main reason for the Fund's slight underperformance of the Russell Index
during the period. Selection in health care, information technology and
utilities had a particularly damaging impact on relative returns, while
selection in materials and financials benefited relative performance.
Being underweight to utilities was a big plus for the Fund's benchmark-
relative performance as the sector was, by a significant margin, the worst
performer in the Russell Index during the six-month period. An underweight
to telecom services also was a solid contributor to the Fund's performance
relative to the Russell Index, as the sector was the benchmark's
second-worst performer during the period.
Q What were some of the individual stock positions that hurt the Fund's
performance during the six months ended March 31, 2012?
A The Fund's struggles in information technology were highlighted by a position
in Oracle, which was the worst individual performer in the portfolio during
the six-month period as the company reported disappointing earnings in
December 2011. Also in information technology, Hewlett-Packard stumbled
during the period as the company hired a new CEO and has been undergoing a
restructuring, which has taken longer than expected. In health care, the
Fund's position in Watson Pharmaceuticals was a significant detractor from
performance. Watson, one of the leading manufacturers of the generic
version of Lipitor, the cholesterol drug, saw its stock sell off during the
period after an earlier rally that was driven by the prospect of Lipitor's
pending patent expiration. We sold the Fund's position before period-end.
Also in health care, Cardinal Health and Johnson & Johnson were hurt by the
market's "risk on" attitude during the period, as both stocks were more
defensive plays in the sector.
While security selection results in financials were quite positive overall,
not owning Bank of America was a big detractor from the Fund's benchmark-
relative returns in the sector. We chose not to invest in Bank of America
because we preferred that the Fund own other names in financials, and we
have confidence in the portfolio's holdings in the sector. Two of the
Fund's utilities holdings, Exelon, a competitive power generator, and
American Electric Power, also struggled during the period. Exelon's stock
price declined along with the drop in natural gas-linked power prices
during the period, and we sold the position as part of our overall strategy
to reduce the portfolio's natural gas-related exposure. American Electric
Power struggled
Pioneer Value Fund | Semiannual Report | 3/31/12 5
during the period after regulators terminated a previously agreed upon
electric rate plan.
Q What were some of the individual stock positions that helped the Fund's
performance during the six months ended March 31, 2012?
A In materials, chemical company LyondellBasell Industries was the Fund's
best-performing stock holding during the six-month period. The company has
been a direct beneficiary of the steep drop in natural gas prices in North
America. In financials, the Fund's holdings in Discover Financial Services
and Invesco fared quite well during the period. Discover is a well-managed
company that has benefited from a good environment for credit card firms in
general, and also from specific initiatives such as its Discover Student
Loans division. Invesco's products have been churning out good performance
and the company has seen increased inflows as a result. In industrials, the
Fund's position in Cummins, a global power leader that designs,
manufactures, sells and services diesel engines and related technology
around the world, benefited from new orders for diesel engines.
Q With the addition of a new portfolio manager during the period, could you
highlight some of the changes that you made to the Fund's positioning
during the six months ended March 31, 2012?
A Since the end of the Fund's last annual reporting period on September 30,
2011, we have taken steps to increase weightings in certain sectors, but
have made the portfolio leaner in terms of the number of securities owned.
We've also been adding some very big information technology names --
Microsoft, for example, which went from a zero weighting in the portfolio
last October to roughly 4% by March 31, 2012 -- as well as big
pharmaceutical firms (Pfizer, Merck) that have been trading at extremely
attractive valuations. As value investors we are attracted to these types
of securities in this uncertain market.
The number of securities in the portfolio was reduced from 63 to 48 during
the six-month period, as we significantly lowered weightings in some
sectors, such as utilities. We also increased the Fund's financials
weighting and made significant bets on the energy, health care and
information technology sectors. The energy play hasn't worked out as well
as we'd hoped due to the sector's being quite volatile during the six-month
period. In fact, we slightly pared down the Fund's energy weighting towards
the end of the period, primarily by selling most of the natural gas-related
positions, as we discussed earlier. We added some large-cap integrated oil
names with good dividends, such as BP and Occidental Petroleum, in place of
the Fund's former natural gas-related holdings.
A prime example that reflects our changes to the Fund's sector positioning
during the period is the information technology stake, which jumped from
6 Pioneer Value Fund | Semiannual Report | 3/31/12
the eighth-largest sector weighting on September 30, 2011, to the
fourth-largest weighting as of March 31, 2012 (excluding cash).
Q What is your outlook?
A The market has had a very nice run over the past six months, yet we still
believe it is slightly undervalued. A look at the Fund's biggest individual
positions as of March 31, 2012, which feature large-cap names such as
Microsoft, Pfizer, JPMorgan Chase and Chevron, reflects our view that high-
quality, blue-chip stocks are trading at attractive valuations. That said,
we do anticipate that the current strong run for equities will moderate and
that we'll see a choppier market, with continued volatility. We don't
expect the next six-month period to be like the last, where returns of 20
percent or better were somewhat commonplace.
Our outlook in general is positive, but it is predicated on continued
gradual improvement in the U.S. and global economies. The European debt
situation, at the present time at least, is not deteriorating, and in the
emerging markets there have been some downturns, but we think the overall
outlook there remains solid.
Please refer to the Schedule of Investments on pages 16-19 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.
Pioneer Value Fund | Semiannual Report | 3/31/12 7
Portfolio Summary | 3/31/12
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THIS IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 90.2%
International Common Stocks 5.0%
Depositary Receipts for International Stocks 4.8%
Sector Distribution
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(As a percentage of equity holdings)
[THIS IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Financials 25.9%
Health Care 15.1%
Energy 14.0%
Information Technology 12.9%
Consumer Discretionary 9.5%
Industrials 8.5%
Consumer Staples 7.4%
Materials 3.0%
Telecommunication Services 2.0%
Utilities 1.7%
10 Largest Holdings
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(As a percentage of equity holdings)*
1. Microsoft Corp. 3.98%
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2. Pfizer, Inc. 3.79
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3. JPMorgan Chase & Co. 3.57
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4. Chevron Corp. 3.33
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5. Cisco Systems, Inc. 3.14
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6. ConocoPhillips, Inc. 3.02
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7. Wells Fargo & Co. 2.98
--------------------------------------------------------------------------------
8. PNC Financial Services Group, Inc. 2.80
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9. Wal-Mart Stores, Inc. 2.50
--------------------------------------------------------------------------------
10. Merck & Co, Inc. 2.48
--------------------------------------------------------------------------------
* 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.
8 Pioneer Value Fund | Semiannual Report | 3/31/12
Prices and Distributions | 3/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 3/31/12 9/30/11
A $ 11.94 $ 9.67
--------------------------------------------------------------------------------
B $ 10.89 $ 8.80
--------------------------------------------------------------------------------
C $ 10.82 $ 8.76
--------------------------------------------------------------------------------
Y $ 12.05 $ 9.76
--------------------------------------------------------------------------------
Distributions per Share: 10/1/11-3/31/12
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ 0.1015 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ 0.0430 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.1245 $ -- $ --
--------------------------------------------------------------------------------
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 10-13.
Pioneer Value Fund | Semiannual Report | 3/31/12 9
Performance Update | 3/31/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund at public offering price, compared to
that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of March 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 1.67% 1.07%
5 Years -3.61 -4.75
1 Year 0.47 -5.34
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.02% 1.02%
--------------------------------------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Value Russell 1000
Fund Value Index
3/02 $ 9,425 $10,000
$ 7,240 $ 7,721
3/04 $ 9,968 $10,873
$10,927 $12,304
3/06 $11,956 $13,941
$13,370 $16,288
3/08 $11,385 $14,660
$ 7,009 $ 8,442
3/10 $10,041 $12,963
$11,072 $14,927
3/12 $11,124 $15,642
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.
10 Pioneer Value Fund | Semiannual Report | 3/31/12
Performance Update | 3/31/12 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 March 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 0.40% 0.40%
5 Years -4.95 -4.95
1 Year -1.27 -5.22
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.62% 2.62%
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[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Value Russell 1000
Fund Value Index
3/02 $10,000 $10,000
$ 7,587 $ 7,721
3/04 $10,302 $10,873
$11,199 $12,304
3/06 $12,127 $13,941
$13,413 $16,288
3/08 $11,299 $14,660
$ 6,862 $ 8,442
3/10 $ 9,689 $12,963
$10,539 $14,927
3/12 $10,406 $15,642
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.
Pioneer Value Fund | Semiannual Report | 3/31/12 11
Performance Update | 3/31/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 0.55% 0.55%
5 Years -4.66 -4.66
1 Year -0.66 -0.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.14% 2.14%
--------------------------------------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Value Russell 1000
Fund Value Index
3/02 $10,000 $10,000
$ 7,586 $ 7,721
3/04 $10,332 $10,873
$11,201 $12,304
3/06 $12,129 $13,941
$13,413 $16,288
3/08 $11,312 $14,660
$ 6,896 $ 8,442
3/10 $ 9,762 $12,963
$10,639 $14,927
3/12 $10,569 $15,642
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.
12 Pioneer Value Fund | Semiannual Report | 3/31/12
Performance Update | 3/31/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 2.00% 2.00%
5 Years -3.21 -3.21
1 Year 0.85 0.85
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.61% 0.61%
--------------------------------------------------------------------------------
[THIS IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Value Russell 1000
Fund Value Index
3/02 $5,000,000 $5,000,000
$3,840,393 $3,860,440
3/04 $5,287,666 $5,436,281
$5,816,951 $6,152,100
3/06 $6,393,483 $6,970,746
$7,176,235 $8,143,949
3/08 $6,135,743 $7,330,022
$3,793,493 $4,220,870
3/10 $5,464,264 $6,481,362
$6,043,614 $7,463,448
3/12 $6,094,807 $7,820,868
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.
Pioneer Value Fund | Semiannual Report | 3/31/12 13
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 October 1, 2011, through March 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/11
--------------------------------------------------------------------------------
Ending Account $1,246.30 $1,237.50 $1,240.60 $1,248.70
Value (after expenses)
on 3/31/12
--------------------------------------------------------------------------------
Expenses Paid $ 5.62 $ 14.43 $ 11.37 $ 3.37
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 2.58%,
2.03% and 0.60% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
14 Pioneer Value Fund | Semiannual Report | 3/31/12
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 October 1, 2011, through March 31, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/11
--------------------------------------------------------------------------------
Ending Account $1,020.00 $1,021.10 $1,014.85 $1,022.00
Value (after expenses)
on 3/31/12
--------------------------------------------------------------------------------
Expenses Paid $ 5.05 $ 12.98 $ 10.23 $ 3.03
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 2.58%,
2.03% and 0.60% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
Pioneer Value Fund | Semiannual Report | 3/31/12 15
Schedule of Investments | 3/31/12 (unaudited)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS -- 99.7%
ENERGY -- 13.8%
Oil & Gas Drilling -- 0.7%
187,100 Ensco Plc (A.D.R.) $ 9,903,203
--------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.7%
125,300 National Oilwell Varco, Inc. $ 9,957,591
--------------------------------------------------------------------------------
Integrated Oil & Gas -- 10.5%
661,900 BP Plc (A.D.R.) $ 29,785,500
438,600 Chevron Corp. 47,035,464
561,200 ConocoPhillips, Inc. 42,656,812
296,500 Occidental Petroleum Corp. 28,235,695
--------------
$ 147,713,471
--------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.9%
874,700 Marathon Oil Corp. $ 27,727,990
--------------
Total Energy $ 195,302,255
--------------------------------------------------------------------------------
MATERIALS -- 3.0%
Diversified Chemicals -- 1.6%
498,400 LyondellBasell Industries NV $ 21,755,160
--------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.4%
534,300 Freeport-McMoRan Copper & Gold, Inc. $ 20,324,772
--------------
Total Materials $ 42,079,932
--------------------------------------------------------------------------------
CAPITAL GOODS -- 7.0%
Aerospace & Defense -- 2.0%
339,600 United Technologies Corp. $ 28,166,424
--------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.0%
174,500 Rockwell Automation, Inc. $ 13,907,650
--------------------------------------------------------------------------------
Industrial Conglomerates -- 2.0%
1,405,500 General Electric Co. $ 28,208,385
--------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.0%
237,000 Cummins, Inc. $ 28,449,480
--------------
Total Capital Goods $ 98,731,939
--------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Railroads -- 1.5%
196,100 Union Pacific Corp. $ 21,076,828
--------------
Total Transportation $ 21,076,828
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.5%
Restaurants -- 1.5%
212,700 McDonald's Corp. $ 20,865,870
--------------
Total Consumer Services $ 20,865,870
--------------------------------------------------------------------------------
MEDIA -- 6.1%
Cable & Satellite -- 2.0%
951,200 Comcast Corp. $ 28,545,512
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Value Fund | Semiannual Report | 3/31/12
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
Movies & Entertainment -- 4.1%
1,349,500 News Corp. $ 26,571,655
723,500 The Walt Disney Co. 31,674,830
--------------
$ 58,246,485
--------------
Total Media $ 86,791,997
---------------------------------------------------------------------------------------
RETAILING -- 1.8%
Apparel Retail -- 1.8%
657,000 TJX Companies, Inc. $ 26,089,470
--------------
Total Retailing $ 26,089,470
---------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.5%
Hypermarkets & Super Centers -- 2.5%
577,100 Wal-Mart Stores, Inc. $ 35,318,520
--------------
Total Food & Staples Retailing $ 35,318,520
---------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.9%
Soft Drinks -- 1.6%
295,400 The Coca-Cola Co. $ 21,862,554
---------------------------------------------------------------------------------------
Tobacco -- 3.3%
727,000 Altria Group, Inc. $ 22,442,490
273,700 Philip Morris International, Inc. 24,252,557
--------------
$ 46,695,047
--------------
Total Food, Beverage & Tobacco $ 68,557,601
---------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.5%
Health Care Equipment -- 1.6%
399,000 Covidien Plc $ 21,817,320
---------------------------------------------------------------------------------------
Health Care Distributors -- 1.5%
491,400 Cardinal Health, Inc. $ 21,184,254
---------------------------------------------------------------------------------------
Managed Health Care -- 2.4%
582,800 UnitedHealth Group, Inc. $ 34,350,232
--------------
Total Health Care Equipment & Services $ 77,351,806
---------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 9.6%
Biotechnology -- 1.3%
271,600 Amgen, Inc. $ 18,466,084
---------------------------------------------------------------------------------------
Pharmaceuticals -- 8.3%
432,800 Johnson & Johnson, Inc. $ 28,547,488
911,900 Merck & Co, Inc. 35,016,960
2,358,800 Pfizer, Inc. 53,450,408
--------------
$ 117,014,856
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 135,480,940
---------------------------------------------------------------------------------------
BANKS -- 5.8%
Diversified Banks -- 3.0%
1,230,600 Wells Fargo & Co. $ 42,012,684
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/12 17
Schedule of Investments | 3/31/12 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
Regional Banks -- 2.8%
612,300 PNC Financial Services Group, Inc. $ 39,487,227
--------------
Total Banks $ 81,499,911
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 12.2%
Other Diversified Financial Services -- 5.8%
867,300 Citigroup, Inc. $ 31,699,815
1,095,500 JPMorgan Chase & Co. 50,371,090
--------------
$ 82,070,905
--------------------------------------------------------------------------------
Consumer Finance -- 4.3%
621,400 Capital One Financial Corp. $ 34,636,836
765,500 Discover Financial Services, Inc. 25,521,770
--------------
$ 60,158,606
--------------------------------------------------------------------------------
Asset Management & Custody Banks -- 2.1%
1,108,200 Invesco, Ltd. $ 29,555,694
--------------
Total Diversified Financials $ 171,785,205
--------------------------------------------------------------------------------
INSURANCE -- 7.9%
Life & Health Insurance -- 2.2%
487,100 Prudential Financial, Inc. $ 30,877,269
--------------------------------------------------------------------------------
Property & Casualty Insurance -- 5.7%
361,900 ACE, Ltd. $ 26,491,080
381,100 The Chubb Corp. 26,337,821
472,800 The Travelers Companies, Inc. 27,989,760
--------------
$ 80,818,661
--------------
Total Insurance $ 111,695,930
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.0%
Systems Software -- 6.0%
1,742,500 Microsoft Corp. $ 56,195,625
973,200 Oracle Corp. 28,378,512
--------------
$ 84,574,137
--------------
Total Software & Services $ 84,574,137
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 4.8%
Communications Equipment -- 3.2%
2,098,500 Cisco Systems, Inc. $ 44,383,275
--------------------------------------------------------------------------------
Computer Hardware -- 1.6%
961,000 Hewlett-Packard Co. $ 22,900,630
--------------
Total Technology Hardware & Equipment $ 67,283,905
--------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.1%
Semiconductors -- 2.1%
1,077,200 Intel Corp. $ 30,280,092
--------------
Total Semiconductors & Semiconductor Equipment $ 30,280,092
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Value Fund | Semiannual Report | 3/31/12
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.0%
Wireless Telecommunication Services -- 2.0%
1,005,800 Vodafone Group Plc (A.D.R.) $ 27,830,486
--------------
Total Telecommunication Services $ 27,830,486
--------------------------------------------------------------------------------
UTILITIES -- 1.7%
Electric Utilities -- 1.7%
615,900 American Electric Power Co., Inc. $ 23,761,422
--------------
Total Utilities $ 23,761,422
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,214,639,545) $1,406,358,246
--------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.7%
(Cost $1,214,639,545) (a) $1,406,358,246
--------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.3% $ 4,909,362
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,411,267,608
================================================================================
(A.D.R.) American Depositary Receipt.
(a) At March 31, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,215,370,574 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $202,043,636
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (11,055,964)
------------
Net unrealized gain $190,987,672
============
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended March 31, 2012 aggregated $680,958,922 and $736,916,417,
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 (other than prices supplied by independent pricing services) are
categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of March 31, 2012, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $1,406,358,246 $ -- $ -- $1,406,358,246
--------------------------------------------------------------------------------
Total $ -- $ -- $ -- $ --
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/12 19
Statement of Assets and Liabilities | 3/31/12 (unaudited)
ASSETS:
Investment in securities
(cost $1,214,639,545) $1,406,358,246
Cash 2,726,286
Receivables --
Investment securities sold 27,264,613
Fund shares sold 77,334
Dividends, interest and foreign taxes withheld 2,241,252
Other 30,803
--------------------------------------------------------------------------------------
Total assets $1,438,698,534
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 25,422,380
Fund shares repurchased 1,339,927
Due to affiliates 614,361
Accrued expenses 54,258
--------------------------------------------------------------------------------------
Total liabilities $ 27,430,926
--------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,893,067,064
Undistributed net investment income 7,012,503
Accumulated net realized loss on investments and foreign currency
transactions (680,530,660)
Net unrealized gain on investments 191,718,701
--------------------------------------------------------------------------------------
Total net assets $1,411,267,608
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,394,531,008/116,809,476 shares) $ 11.94
Class B (based on $3,174,908/291,551 shares) $ 10.89
Class C (based on $4,071,786/376,337 shares) $ 10.82
Class Y (based on $9,489,906/787,358 shares) $ 12.05
MAXIMUM OFFERING PRICE:
Class A ($11.94 [divided by] 94.25%) $ 12.67
======================================================================================
The accompanying notes are an integral part of these financial statements.
20 Pioneer Value Fund | Semiannual Report | 3/31/12
Statement of Operations (unaudited)
For the Six Months Ended 3/31/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $399,314) $ 17,901,245
Interest 916
Income from securities loaned, net 14,823
-----------------------------------------------------------------------------------------------
Total investment income $ 17,916,984
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic Fee $ 3,271,508
Performance Adjustment 5,177
Transfer agent fees and expenses
Class A 768,364
Class B 15,026
Class C 6,551
Class Y 1,055
Distribution fees
Class A 1,667,826
Class B 16,362
Class C 19,488
Shareholder communications expense 699,934
Administrative reimbursement 194,021
Custodian fees 20,343
Registration fees 25,686
Professional fees 39,730
Fees and expenses of nonaffiliated trustees 20,896
Miscellaneous 19,265
-----------------------------------------------------------------------------------------------
Total expenses $ 6,791,232
------------
Net expenses $ 6,791,232
-----------------------------------------------------------------------------------------------
Net investment income $ 11,125,752
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 21,076,594
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (48,459)
Class action 1,667,453 $ 22,695,588
-----------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $260,082,183
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (179) $260,082,004
-----------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $282,777,592
------------
Net increase in net assets resulting from operations $293,903,344
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/12 21
Statements of Changes in Net Assets
Six Months
Ended
3/31/12 Year Ended
(unaudited) 9/30/11
FROM OPERATIONS:
Net investment income $ 11,125,752 $ 18,720,893
Net realized gain on investments and foreign currency
transactions 22,695,588 19,737,750
Change in net unrealized gain (loss) on investments foreign
currency transactions 260,082,004 (91,270,199)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ 293,903,344 $ (52,811,556)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.10 and $0.17 per share, respectively) $ (12,239,832) $ (22,104,873)
Class C ($0.04 and $0.06 per share, respectively) (16,852) (27,722)
Class Y ($0.12 and $0.21 per share, respectively) (103,941) (273,977)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (12,360,625) $ (22,406,572)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 6,645,861 $ 19,338,683
Reinvestment of distributions 11,592,203 20,888,119
Cost of shares repurchased (115,615,594) (220,590,282)
--------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund share
transactions $ (97,377,530) $ (180,363,480)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 184,165,189 $ (255,581,608)
NET ASSETS:
Beginning of period 1,227,102,419 1,482,684,027
--------------------------------------------------------------------------------------------------
End of period $1,411,267,608 $1,227,102,419
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 7,012,503 $ 8,247,376
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Value Fund | Semiannual Report | 3/31/12
'12 Shares '12 Amount '11 Shares '11 Amount
Class A
Shares sold 593,493 $ 5,949,137 1,500,628 $ 17,521,898
Reinvestment of distributions 1,067,191 11,536,326 1,826,737 20,785,131
Less shares repurchased (10,215,576) (112,697,439) (18,514,405) (209,182,823)
---------------------------------------------------------------------------------------------------------
Net decrease (8,554,892) $(95,211,976) (15,187,040) $(170,875,794)
=========================================================================================================
Class B
Shares sold or exchanged 3,053 $ 31,152 45,778 $ 462,747
Less shares repurchased (69,609) (701,552) (245,177) (2,530,504)
---------------------------------------------------------------------------------------------------------
Net decrease (66,556) $ (670,400) (199,399) $ (2,067,757)
=========================================================================================================
Class C
Shares sold 19,100 $ 188,710 58,953 $ 604,152
Reinvestment of distributions 1,584 15,553 2,458 25,487
Less shares repurchased (50,906) (505,632) (112,399) (1,151,468)
---------------------------------------------------------------------------------------------------------
Net decrease (30,222) $ (301,369) (50,988) $ (521,829)
=========================================================================================================
Class Y
Shares sold 41,152 $ 476,862 66,098 $ 749,886
Reinvestment of distributions 3,699 40,324 6,759 77,501
Less shares repurchased (153,975) (1,710,971) (669,823) (7,725,487)
---------------------------------------------------------------------------------------------------------
Net decrease (109,124) $ (1,193,785) (596,966) $ (6,898,100)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/12 23
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/12 Ended Ended Ended Ended Ended
(unaudited) 9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.67 $ 10.37 $ 10.12 $ 11.44 $ 18.28 $ 18.55
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.15 $ 0.14 $ 0.17 $ 0.25 $ 0.29
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.27 (0.68) 0.24 (1.29) (5.47) 2.60
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.37 $ (0.53) $ 0.38 $ (1.12) $ (5.22) $ 2.89
Distributions to shareowners:
Net investment income (0.10) (0.17) (0.13) (0.20) (0.25) (0.30)
Net realized gain -- -- -- -- (1.37) (2.86)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.27 $ (0.70) $ 0.25 $ (1.32) $ (6.84) $ (0.27)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.94 $ 9.67 $ 10.37 $ 10.12 $ 11.44 $ 18.28
====================================================================================================================================
Total return* 24.63% (5.39)% 3.72% (9.49)% (30.75)% 17.49%
Ratio of net expenses to average net assets+ 1.00%** 1.02% 1.01% 1.06% 0.94% 0.92%
Ratio of net investment income to average net assets+ 1.65%** 1.23% 1.23% 1.89% 1.73% 1.65%
Portfolio turnover rate 102%** 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $1,394,531 $1,211,647 $1,457,472 $1,649,438 $2,082,427 $3,569,146
Ratios with reduction for fees paid indirectly:
Net expenses 1.00%** 1.02% 1.01% 1.06% 0.94% 0.92%
Net investment income 1.65%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Value Fund | Semiannual Report | 3/31/12
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/12 Ended Ended Ended Ended Ended
(unaudited) 9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.80 $ 9.45 $ 9.24 $ 10.47 $ 16.87 $ 17.36
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.02 $ -- $ 0.01 $ 0.06 $ 0.11 $ 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.07 (0.65) 0.20 (1.21) (5.04) 2.39
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.09 $ (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 $ 2.09 $ (0.65) $ 0.21 $ (1.23) $ (6.40) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.89 $ 8.80 $ 9.45 $ 9.24 $ 10.47 $ 16.87
====================================================================================================================================
Total return* 23.75% (6.88)% 2.27% (10.89)% (31.54)% 16.18%
Ratio of net expenses to average net assets+ 2.58%** 2.62% 2.46% 2.57% 2.06% 2.05%
Ratio of net investment income (loss) to average net assets+ 0.09%** (0.37)% (0.23)% 0.41% 0.60% 0.53%
Portfolio turnover rate 102%** 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $ 3,175 $ 3,151 $ 5,271 $ 8,057 $ 13,518 $ 30,378
Ratios with reduction for fees paid indirectly:
Net expenses 2.58%** 2.62% 2.46% 2.57% 2.04% 2.02%
Net investment income (loss) 0.09%** (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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/12 25
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/12 Ended Ended Ended Ended Ended
(unaudited) 9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.76 $ 9.43 $ 9.21 $ 10.43 $ 16.84 $ 17.33
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.02 $ 0.01 $ 0.08 $ 0.10 $ 0.07
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.07 (0.63) 0.23 (1.19) (5.01) 2.43
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.10 $ (0.61) $ 0.24 $ (1.11) $ (4.91) $ 2.50
Distributions to shareowners:
Net investment income (0.04) (0.06) (0.02) (0.11) (0.13) (0.13)
Net realized gain -- -- -- -- (1.37) (2.86)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.06 $ (0.67) $ 0.22 $ (1.22) $ (6.41) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.82 $ 8.76 $ 9.43 $ 9.21 $ 10.43 $ 16.84
====================================================================================================================================
Total return* 24.06% (6.53)% 2.65% (10.51)% (31.49)% 16.31%
Ratio of net expenses to average net assets+ 2.03%** 2.14% 2.16% 2.18% 1.92% 1.98%
Ratio of net investment income to average net assets+ 0.62%** 0.11% 0.08% 0.83% 0.76% 0.58%
Portfolio turnover rate 102%** 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $ 4,072 $ 3,560 $ 4,314 $ 4,371 $ 7,458 $ 12,606
Ratios with reduction for fees paid indirectly:
Net expenses 2.03%** 2.14% 2.16% 2.18% 1.91% 1.96%
Net investment income 0.62%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Value Fund | Semiannual Report | 3/31/12
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/12 Ended Ended Ended Ended Ended
(unaudited) 9/30/11 9/30/10 9/30/09 9/30/08 9/30/07
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.76 $ 10.46 $ 10.21 $ 11.54 $ 18.42 $ 18.67
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.22 $ 0.28 $ 0.30 $ 0.33 $ 0.39
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.28 (0.71) 0.14 (1.38) (5.54) 2.59
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.41 $ (0.49) $ 0.42 $ (1.08) $ (5.21) $ 2.98
Distributions to shareowners:
Net investment income (0.12) (0.21) (0.17) (0.25) (0.30) (0.37)
Net realized gain -- -- -- -- (1.37) (2.86)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.29 $ (0.70) $ 0.25 $ (1.33) $ (6.88) $ (0.25)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.05 $ 9.76 $ 10.46 $ 10.21 $ 11.54 $ 18.42
=================================================================================================================================
Total return* 24.87 % (4.99)% 4.12% (9.00)% (30.50)% 17.92%
Ratio of net expenses to average net assets+ 0.60%** 0.61% 0.59% 0.54% 0.53% 0.54%
Ratio of net investment income to average net assets+ 2.07%** 1.63% 1.63% 2.51% 2.12% 2.04%
Portfolio turnover rate 102%** 84% 111% 53% 95% 34%
Net assets, end of period (in thousands) $ 9,490 $ 8,745 $15,628 $39,120 $112,571 $238,308
Ratios with reduction for fees paid indirectly:
Net expenses 0.60%** 0.61% 0.59% 0.54% 0.53% 0.54%
Net investment income 2.07%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/12 27
Notes to Financial Statements | 3/31/12 (unaudited)
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.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
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:
28 Pioneer Value Fund | Semiannual Report | 3/31/12
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
at the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued at the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Money market mutual funds are valued at net asset value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities for which 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. The Fund
may use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from exchange
prices.
At March 31, 2012, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services). Inputs used when applying fair value
methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income is recorded on the
accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. 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.
Pioneer Value Fund | Semiannual Report | 3/31/12 29
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 federal
and state 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended September 30, 2011 was as follows:
---------------------------------------------
2011
---------------------------------------------
Distributions paid from:
Ordinary income $22,406,572
Long-term capital gain --
---------------------------------------------
Total $22,406,572
=============================================
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)
Net unrealized loss (69,094,332)
-----------------------------------------------
Total $(763,342,175)
===============================================
The difference between book-basis and tax-basis net unrealized loss is
attributable to the tax deferral of losses on wash sales.
30 Pioneer Value Fund | Semiannual Report | 3/31/12
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).
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 $26,466 in underwriting commissions on the sale of Class A shares
during the six months ended March 31, 2012. During the period, the Fund
recognized gains of $1,667,453 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. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
Pioneer Value Fund | Semiannual Report | 3/31/12 31
risks affecting those industries and sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. 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.
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 six months
ended March 31, 2012, the aggregate performance adjustment resulted in a
increase to the basic fee of $5,177. For the six months ended March 31, 2012,
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
$64,667 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2012.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
32 Pioneer Value Fund | Semiannual Report | 3/31/12
For the six months ended March 31, 2012, such out-of-pocket expenses by class
of shares were as follows:
Shareholder Communications:
Class A $692,920
Class B 2,004
Class C 3,086
Class Y 1,924
-----------------------------------------
Total $699,934
=========================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $520,660 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2012.
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 $29,034 in distribution fees payable to PFD at March 31,
2012.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five
years of purchase are subject to a CDSC at declining rates beginning at 4.00%,
based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y shares.
Proceeds from the CDSCs are paid to PFD. For the six months ended March 31,
2012, CDSCs in the amount of $1,218 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest
Pioneer Value Fund | Semiannual Report | 3/31/12 33
earned on cash held by PIMSS. For the six months ended March 31, 2012, 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 committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25%
on an annualized basis or the Federal Funds Rate on the borrowing date plus
1.25% on an annualized basis. The credit facility in effect as of February 15,
2015 is in the amount of $215 million. Under such facility, depending on the
type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended March 31, 2012, the Fund had
no outstanding borrowings.
7. Forward Foreign Currency Contracts
At March 31, 2012, 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 value of contracts open during the
one month in the period ended March 31, 2012 was $886,875. There were no open
portfolio or settlement hedges at March 31, 2012.
34 Pioneer Value Fund | Semiannual Report | 3/31/12
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2012, was as follows:
------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments or (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized loss on forward foreign $84,974
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 the period ended March 31, 2012, 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.
Pioneer Value Fund | Semiannual Report | 3/31/12 35
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Value Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the
36 Pioneer Value Fund | Semiannual Report | 3/31/12
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2011. (In all
quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Fund's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees discussed the Fund's performance record and PIM's plan
for improving the Fund's performance. The Trustees agreed that they would
closely monitor the implementation of PIM's plan for improving the Fund's
performance
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the first quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered that the Fund's management fee is adjusted upward
or downward based on the Fund's performance and considered the breakpoints in
the management fee schedule and the reduced fee rates above certain asset
levels. The Trustees considered that the Fund's expense ratio for
Pioneer Value Fund | Semiannual Report | 3/31/12 37
the twelve months ended June 30, 2011 was in the first quintile relative to its
Strategic Insight peer group for the comparable period. The Trustees noted that
the Fund's low management fee and expense ratio relative to other funds in its
Morningstar and Strategic Insight peer groups were related to the Fund's
underperformance.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify,
rarely
38 Pioneer Value Fund | Semiannual Report | 3/31/12
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent
difficult periods for financial markets, as the level of services was
maintained notwithstanding a significant decline in PIM's fee revenues from the
Funds. Accordingly, the Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Value Fund | Semiannual Report | 3/31/12 39
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Christopher J. Kelley, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
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.
40 Pioneer Value Fund | Semiannual Report | 3/31/12
This page for your notes.
Pioneer Value Fund | Semiannual Report | 3/31/12 41
This page for your notes.
42 Pioneer Value Fund | Semiannual Report | 3/31/12
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Pioneer Value Fund | Semiannual Report | 3/31/12 43
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44 Pioneer Value Fund | Semiannual Report | 3/31/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
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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 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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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 May 30, 2012
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 May 30, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 30, 2012
* Print the name and title of each signing officer under his or her signature.