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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)
Dorothy E. Bourassa, 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, 2008 through September 30, 2009
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.
- --------------------------------------------------------------------------------
Pioneer Value Fund
- --------------------------------------------------------------------------------
Annual Report | September 30, 2009
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PIOTX
Class B PBOTX
Class C PCOTX
Class Y PVFYX
[Logo]PIONEER
Investments(R)
visit 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 24
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 40
Trustees, Officers and Service Providers 42
Pioneer Value Fund | Annual Report | 9/30/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover this year from
one of their most tumultuous periods in history. This is a welcome relief, and
we are generally optimistic about the prospects for the economy going forward.
Still, challenges remain. Unemployment is high. Consumer demand and loan growth
are weak. And housing has not yet returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover this year as the Dow Jones Industrial Average
climbed back towards the 10,000 level. Many bond investors have similarly seen
a strong rebound, with a broad-based recovery across many different fixed-income
asset classes. The riskiest asset classes, such as high-yield bonds,
outperformed other fixed-income asset classes through the first eight months of
2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
2 Pioneer Value Fund | Annual Report | 9/30/09
www.pioneerinvestments.com. We greatly appreciate you putting your trust in us
and we thank you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Value Fund | Annual Report | 9/30/09 3
Portfolio Management Discussion | 9/30/09
In the following discussion, Lead Portfolio Manager Rod Wright reviews the
market events and describes the factors that affected Pioneer Value Fund's
performance during the 12-month period ended September 30, 2009.
Q How did the U.S. stock market and Pioneer Value Fund perform during the 12
months ended September 30, 2009?
A Pioneer Value Fund's Class A shares produced a return of -9.49% at net
asset value for the 12 months ended September 30, 2009, compared with a
-10.62% return for the Fund's benchmark, the Russell 1000 Value Index (the
Russell Index). Over the same 12 months, the average return of the 548
funds in Lipper's Large-Cap Value category was -7.92%.
In analyzing the Fund's performance during the past 12 months, it helps to
look at the year as being made up of two distinct periods. In the first
half of the Fund's fiscal year, from October 1, 2008, through March 31,
2009, the Fund lost more than 30%, while the Russell Index declined by more
than 35%, as the market rout brought on by the worst financial crisis in
decades took a heavy toll. In the second half of the Fund's fiscal year,
from April 1, 2009, through September 30, 2009, the Fund returned 29.77% at
net asset value, while the Russell Index returned 37.99%, the result of a
market rally that began in March 2009, which was fueled by investors'
renewed appetite for riskier assets.
The reason for this divergence in performance between the Fund and the
Russell Index benchmark is our emphasis on higher-quality stocks; that is,
those with steady earnings, strong balance sheets, high returns on equity,
and sustainable business models. In the first half of the period through
March 31, 2009, a time that was characterized by extremely poor market
performance and concerns that the global economy was on the verge of
slipping into a depression, such stocks were in extremely high demand, as
frightened investors sought out relatively "safe havens" in which they
could preserve capital. Our investment approach for the Fund, therefore,
helped mitigate some of the market's poor performance during the worst
phase of the downturn.
In the second half of the Fund's fiscal year (April 1, 2009 through
September 30), the market rallied, bringing "green shoots" of growth,
improved liquidity, and a strong revival in investor optimism; the top
performers during the rally generally were the lowest-quality stocks in the
market. This was an indication that investors were becoming less concerned
about company fundamentals and more focused on reaching for investments
with the
4 Pioneer Value Fund | Annual Report | 9/30/09
strongest return potential. The result was underperformance of the market
for the types of fundamentally sound, reasonably valued stocks that we
strive to hold in the Fund's portfolio.
We are pleased that the Fund outperformed its benchmark over the full 12
months ended September 30, 2009, despite the substantial shortfall of
higher-quality stocks in the second half of the period. We believe the
results help to illustrate how our emphasis on fundamentals and valuations
can add value when measured over a full market cycle.
Q What were some specific holdings that performed well for the Fund over the
12 months ended September 30, 2009?
A The diverse nature of the Fund's top contributors demonstrates how value
can be found anywhere in the market. The Fund's leading performer was
Goldman Sachs, whose operations encompass investment banking, trading, and
wealth management. The stock plummeted to its all-time low during the
depths of the financial crisis in late 2008, reaching a single-digit
price-to-earnings ratio for the only time in its 10-plus year history as a
public company. We purchased shares in Goldman Sachs when the price was
depressed, as we believed the company would emerge as one of the survivors
of the brokerage industry's collapse. At September 30, 2009, the stock was
up by about 40% from our average purchase price, and we continue to hold
the stock in the Fund's portfolio.
The Fund's second-largest contributor was Cisco Systems, another stock we
added to the portfolio in the first half of the year when the bear market
provided us with an attractive entry point. Cisco is a classic
"high-quality" company, with a clean balance sheet, robust profitability,
and a dominant franchise. Cisco's shares also rallied by about 40% from our
average cost once fuller valuations returned to the market.
The story was similar with Time Warner, a dominant media company with great
assets; and Pfizer, one of the leading pharmaceutical companies in the
United States. Both stocks traded down to what we saw as very low
valuations during the market's downturn, enabling us to buy each at
attractive prices and the Fund to benefit as the stocks subsequently
recovered.
The Fund's fifth-largest contributor, Freeport McMoRan Copper & Gold, was a
stock that the Fund owned prior to the market collapse in late 2008.
Freeport-McMoRan, therefore, cost the Fund some performance in the first
half of the 12-month period, but we maintained the position in the
portfolio due to the company's high-quality assets, clean balance sheet,
and capable management team. The stock roared back once investors became
more confident in the outlook for the economy, validating our decision to
hold on to an undervalued stock through an unfavorable market.
Pioneer Value Fund | Annual Report | 9/30/09 5
Q What holdings detracted the most from the Fund's performance over the 12
months ended September 30, 2009?
A The majority of the Fund's largest detractors were stocks that generated a
solid performance, but that simply failed to keep pace with the rally in
lower-quality stocks. In Financials, for instance, the Fund lost ground
relative to the Russell Index when Unum Group and PNC Financial Services --
both of which outpaced the broader sector on the way down -- underperformed
the industry's weaker players during the second half rally. We remain
positive on the longer-term prospects for Unum and PNC, and we continue to
hold both in the Fund's portfolio. Similarly, the Fund's position in
Medtronic, a developer and manufacturer of medical devices, lagged the
market during the rally, despite being an industry leader with a strong
balance sheet and consistent profitability. Based on these attributes,
Medtronic also remains a Fund holding.
The Fund also experienced a shortfall in Dow Chemical due to the timing of
our buys and sells. In the first half of the period from October 1, 2008,
through March 31, 2009, the stock was hit not just by the weakness in the
broader market, but also by what proved to be an ill-timed acquisition of
its competitor, Rohm & Haas. We sold Dow Chemical near its low price, and
then waited too long to reenter the position, which we did once the
financing of the deal, the overall economic backdrop, and Dow's
balance-sheet issues all became more manageable. We think Dow has excellent
longer-term potential.
Another of the Fund's key detractors was a stock that we sold near its low:
asset manager Legg Mason. We viewed the company as being on the lower end
of the high-quality spectrum, and so we eliminated it from the portfolio
when the outlook for financials became very dicey during the first quarter
of 2009. The stock rallied by nearly 300% from its low, but our decision to
sell it from the Fund meant that we were unable to participate in the
rebound.
Q Do you have any closing thoughts for investors?
A A number of positive factors continue to provide a firm underpinning for
stock prices. Economic fundamentals are slowly getting better, and the high
level of liquidity in the financial system, together with the relatively
easy earnings comparisons coming up in the quarters ahead, should continue
to provide support for the market. Still, much of the improvement already
has been factored into stock prices, given that the market is up by more
than 50% in just the past six months since April 1, 2009. We are therefore
maintaining a defensive positioning for the Fund and taking advantage of
favorable market conditions by booking profits in stocks that have reached
our price targets.
6 Pioneer Value Fund | Annual Report | 9/30/09
That said, it is important to keep in mind that the market always presents
opportunities for astute investors. The recent upward revaluation of lower-
quality businesses has left higher-quality companies at attractive
valuations, in both absolute and relative terms. As a result, we are
finding compelling opportunities in high-quality companies across all
segments of the market. The Consumer Staples, Information Technology and
Health Care sectors, in particular, are home to what we believe are a
growing number of interesting long-term investment candidates.
While the rally over the past six months has been a challenging time for
investors with a higher-quality bias, it is important to keep in mind that
rallies in lower-quality stocks have tended to be short-lived. We believe
our emphasis on fundamental analysis and traditional measures of valuation
should continue to add value for our shareholders over the long run.
Please refer to the Schedule of Investments on pages 16-23 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Value Fund | Annual Report | 9/30/09 7
Portfolio Summary | 9/30/09
Portfolio Diversification
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(As a percentage of total investment portfolio)
[The following data was represented by a pie chart in the printed material.]
U.S. Common Stocks 95.8%
Temporary Cash Investments 4.2%
Sector Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[The following data was represented by a pie chart in the printed material.]
Financials 22.1%
Energy 19.0%
Health Care 11.9%
Consumer Discretionary 11.6%
Industrials 9.6%
Information Technology 6.2%
Consumer Staples 6.2%
Telecommunication Services 5.9%
Utilities 4.7%
Materials 2.8%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Chevron Corp. 4.59%
2. Verizon Communications, Inc. 3.31
3. Wells Fargo & Co. 3.26
4. Exxon Mobil Corp. 2.95
5. Apache Corp. 2.88
6. JPMorgan Chase & Co. 2.86
7. Unum Group 2.77
8. Pfizer, Inc. 2.42
9. General Electric Co. 2.39
10. Goldman Sachs Group, Inc. 2.02
* This list excludes temporary cash 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 | Annual Report | 9/30/09
Prices and Distributions | 9/30/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
- ----------------------------------------------
Class 9/30/09 9/30/08
- ----------------------------------------------
A $ 10.12 $ 11.44
- ----------------------------------------------
B $ 9.24 $ 10.47
- ----------------------------------------------
C $ 9.21 $ 10.43
- ----------------------------------------------
Y $ 10.21 $ 11.54
- ----------------------------------------------
Distributions per Share: 10/1/08-9/30/09
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- ----------------------------------------------------------------------
A $ 0.2003 $ -- $ --
- ----------------------------------------------------------------------
B $ 0.0773 $ -- $ --
- ----------------------------------------------------------------------
C $ 0.1057 $ -- $ --
- ----------------------------------------------------------------------
Y $ 0.2488 $ -- $ --
- ----------------------------------------------------------------------
Index Definitions
- --------------------------------------------------------------------------------
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. You cannot invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" charts on
pages 10-13.
Pioneer Value Fund | Annual Report | 9/30/09 9
Performance Update | 9/30/09 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund at public offering price, compared to
that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of September 30, 2009)
- ----------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- ----------------------------------------------------------------------------
10 Years 1.38% 0.79%
5 Years -1.99 -3.15
1 Year -9.49 -14.71
- ----------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009, as
revised June 1, 2009)
- ----------------------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------------------
1.03% 1.03%
- ----------------------------------------------------------------------------
[The following data was represented by a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
9/99 9,425 10,000
10,961 10,891
9/01 9,988 9,921
8,312 8,240
9/03 10,219 10,247
11,960 12,350
9/05 13,611 14,410
14,686 16,517
9/07 17,255 18,904
11,948 14,451
9/09 10,815 12,916
Call 1-800-225-6292 or visit www.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 | Annual Report | 9/30/09
Performance Update | 9/30/09 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2009)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
10 Years 0.20% 0.20%
5 Years -3.15 -3.15
1 Year -10.89 -14.42
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009, as
revised June 1, 2009)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
2.40% 2.40%
- -------------------------------------------------------------------
[The following data was represented by a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
9/99 10,000 10,000
11,481 10,891
9/01 10,351 9,921
8,522 8,240
9/03 10,321 10,247
11,967 12,350
9/05 13,482 14,410
14,390 16,517
9/07 16,718 18,904
11,445 14,451
9/09 10,199 12,916
Call 1-800-225-6292 or visit www.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
continues to be 4%. 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
www.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 fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Value Fund | Annual Report | 9/30/09 11
Performance Update | 9/30/09 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2009)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
10 Years 0.24% 0.24%
5 Years -3.05 -3.05
1 Year -10.51 -10.51
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009, as
revised June 1, 2009)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
2.05% 2.05%
- -------------------------------------------------------------------
[The following data was represented by a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
9/99 10,000 10,000
11,483 10,891
9/01 10,337 9,921
8,499 8,240
9/03 10,335 10,247
11,953 12,350
9/05 13,460 14,410
14,359 16,517
9/07 16,700 18,904
11,441 14,451
9/09 10,238 12,916
Call 1-800-225-6292 or visit www.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 | Annual Report | 9/30/09
Performance Update | 9/30/09 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2009)
- ----------------------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------------------
10 Years 1.61% 1.61%
5 Years -1.57 -1.57
1 Year -9.00 -9.00
- ----------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009)
- ----------------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------------
0.53% 0.53%
- ----------------------------------------------------------------------
[The following data was represented by a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
9/99 10,000 10,000
11,629 10,891
9/01 10,597 9,921
8,819 8,240
9/03 10,842 10,247
12,696 12,350
9/05 14,524 14,410
15,732 16,517
9/07 18,552 18,904
12,893 14,451
9/09 11,733 12,916
Call 1-800-225-6292 or visit www.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 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
(August 11, 2004) 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 | Annual Report | 9/30/09 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 April 1, 2009 through September 30, 2009.
- -------------------------------------------------------------------------------------
Share Class A B C Y
- -------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 4/1/09
- -------------------------------------------------------------------------------------
Ending Account $ 1,297.82 $ 1,286.60 $ 1,287.81 $ 1,300.56
Value on 9/30/09
- -------------------------------------------------------------------------------------
Expenses Paid $ 6.11 $ 14.73 $ 12.50 $ 3.11
During Period*
- -------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.06%, 2.57%,
2.18% and 0.54% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
14 Pioneer Value Fund | Annual Report | 9/30/09
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2009 through September 30, 2009.
- --------------------------------------------------------------------------------------
Share Class A B C Y
- --------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 4/1/09
- --------------------------------------------------------------------------------------
Ending Account $ 1,019.75 $ 1,012.18 $ 1,014.14 $ 1,022.36
Value on 9/30/09
- --------------------------------------------------------------------------------------
Expenses Paid $ 5.37 $ 12.96 $ 11.01 $ 2.74
During Period*
- --------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.06%, 2.57%,
2.18%, and 0.54%, for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Pioneer Value Fund | Annual Report | 9/30/09 15
Schedule of Investments | 9/30/09
- ---------------------------------------------------------------------------------
Shares Value
- ---------------------------------------------------------------------------------
COMMON STOCKS -- 99.2%
ENERGY -- 18.9%
Integrated Oil & Gas -- 9.0%
1,100,000 Chevron Corp. $ 77,473,000
725,600 Exxon Mobil Corp. 49,783,416
328,400 Occidental Petroleum Corp. 25,746,560
--------------
$ 153,002,976
- ---------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.2%
235,500 Transocean, Ltd.* $ 20,142,315
- ---------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.4%
904,200 Halliburton Co.* $ 24,521,904
- ---------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 6.5%
239,800 Anadarko Petroleum Corp. $ 15,042,654
529,300 Apache Corp. 48,605,619
450,700 Devon Energy Corp. 30,345,631
399,358 XTO Energy, Inc. 16,501,473
--------------
$ 110,495,377
- ---------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.8%
1,253,800 El Paso Corp. $ 12,939,216
--------------
Total Energy $ 321,101,788
- ---------------------------------------------------------------------------------
MATERIALS -- 2.8%
Diversified Chemical -- 0.5%
324,800 Dow Chemical Co. $ 8,467,536
- ---------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
192,600 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 13,214,286
- ---------------------------------------------------------------------------------
Gold -- 0.5%
192,466 Newmont Mining Corp. $ 8,472,353
- ---------------------------------------------------------------------------------
Steel -- 1.0%
355,600 Nucor Corp. (b) $ 16,716,756
--------------
Total Materials $ 46,870,931
- ---------------------------------------------------------------------------------
CAPITAL GOODS -- 9.0%
Aerospace & Defense -- 2.7%
350,000 Northrop Grumman Corp.* $ 18,112,500
462,300 United Technologies Corp. 28,167,939
--------------
$ 46,280,439
- ---------------------------------------------------------------------------------
Industrial Conglomerates -- 3.8%
330,300 3M Co. $ 24,376,140
2,450,400 General Electric Co. 40,235,568
--------------
$ 64,611,708
- ---------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Value Fund | Annual Report | 9/30/09
- -------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------
Industrial Machinery -- 1.7%
679,934 Kennametal, Inc. $ 16,733,176
192,100 SPX Corp. 11,769,967
--------------
$ 28,503,143
- -------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
150,000 W.W. Grainger, Inc. (b) $ 13,404,000
--------------
Total Capital Goods $ 152,799,290
- -------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Railroads -- 0.5%
200,000 Norfolk Southern Corp. $ 8,622,000
--------------
Total Transportation $ 8,622,000
- -------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.4%
294,100 Johnson Controls, Inc. $ 7,517,196
- -------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
1,134,226 Ford Motor Corp.* $ 8,177,769
--------------
Total Automobiles & Components $ 15,694,965
- -------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.0%
Footwear -- 0.6%
147,800 Nike, Inc. $ 9,562,660
- -------------------------------------------------------------------------
Homebuilding -- 0.4%
644,600 Pulte Homes, Inc.* (b) $ 7,084,154
--------------
Total Consumer Durables & Apparel $ 16,646,814
- -------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Restaurants -- 1.0%
300,000 McDonald's Corp. $ 17,121,000
--------------
Total Consumer Services $ 17,121,000
- -------------------------------------------------------------------------
MEDIA -- 4.5%
Cable & Satellite -- 1.6%
1,594,200 Comcast Corp.* $ 26,926,038
- -------------------------------------------------------------------------
Movies & Entertainment -- 2.9%
316,200 The Walt Disney Co. $ 8,682,852
650,000 Time Warner, Inc. 18,707,000
800,000 Viacom, Inc. (Class B)* 22,432,000
--------------
$ 49,821,852
--------------
Total Media $ 76,747,890
- -------------------------------------------------------------------------
RETAILING -- 4.0%
Apparel Retail -- 1.6%
1,264,700 Gap, Inc. $ 27,064,580
- -------------------------------------------------------------------------
Computer & Electronics Retail -- 0.7%
339,100 Best Buy Co., Inc. $ 12,723,032
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 17
Schedule of Investments | 9/30/09 (continued)
- -------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------
Department Stores -- 0.5%
266,100 J.C. Penney Co., Inc. $ 8,980,875
- -------------------------------------------------------------------------
Home Improvement Retail -- 1.2%
750,000 Home Depot, Inc. $ 19,980,000
--------------
Total Retailing $ 68,748,487
- -------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.6%
Drug Retail -- 1.0%
492,600 CVS/Caremark Corp. $ 17,605,524
- -------------------------------------------------------------------------
Food Retail -- 0.6%
450,000 Kroger Co. $ 9,288,000
--------------
Total Food & Drug Retailing $ 26,893,524
- -------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.2%
Packaged Foods & Meats -- 2.2%
300,000 General Mills, Inc. $ 19,314,000
705,200 Kraft Foods, Inc. 18,525,604
--------------
$ 37,839,604
- -------------------------------------------------------------------------
Soft Drinks -- 1.4%
455,800 Coca-Cola Co. (b) $ 24,476,460
- -------------------------------------------------------------------------
Tobacco -- 0.6%
200,000 Phillip Morris International, Inc. $ 9,748,000
--------------
Total Food, Beverage & Tobacco $ 72,064,064
- -------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Household Products -- 0.3%
73,300 Colgate-Palmolive Co. $ 5,591,324
--------------
Total Household & Personal Products $ 5,591,324
- -------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.1%
Health Care Equipment -- 0.9%
400,000 Medtronic, Inc.* $ 14,720,000
- -------------------------------------------------------------------------
Managed Health Care -- 2.2%
393,700 Aetna, Inc. $ 10,956,671
588,200 United Healthcare Group, Inc. 14,728,528
238,800 Wellpoint, Inc.* 11,309,568
--------------
$ 36,994,767
--------------
Total Health Care Equipment & Services $ 51,714,767
- -------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 8.7%
Biotechnology -- 1.1%
300,000 Amgen, Inc.* $ 18,069,000
- -------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.2%
483,100 Thermo Fisher Scientific, Inc.* (b) $ 21,096,977
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Value Fund | Annual Report | 9/30/09
- -------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------
Pharmaceuticals -- 6.4%
211,800 Abbott Laboratories, Inc. $ 10,477,746
654,100 Bristol-Myers Squibb Co. 14,730,332
300,000 Johnson & Johnson 18,267,000
800,000 Merck & Co., Inc. (b) 25,304,000
2,465,900 Pfizer, Inc. (b) 40,810,645
--------------
$ 109,589,723
--------------
Total Pharmaceuticals & Biotechnology $ 148,755,700
- -------------------------------------------------------------------------
BANKS -- 5.5%
Diversified Banks -- 3.2%
1,953,700 Wells Fargo & Co. (b) $ 55,055,266
- -------------------------------------------------------------------------
Regional Banks -- 2.3%
1,251,300 KeyCorp $ 8,133,450
376,700 PNC Bank Corp. 18,303,853
693,300 Zions Bancorporation (b) 12,458,601
--------------
$ 38,895,904
--------------
Total Banks $ 93,951,170
- -------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 10.4%
Asset Management & Custody Banks -- 3.2%
150,000 Franklin Resources, Inc. (b) $ 15,090,000
850,000 Invesco, Ltd. 19,346,000
667,100 The Bank of New York Mellon Corp. 19,339,229
--------------
$ 53,775,229
- -------------------------------------------------------------------------
Diversified Financial Services -- 3.8%
948,096 Bank of America Corp. $ 16,041,784
1,100,000 JPMorgan Chase & Co. 48,202,000
--------------
$ 64,243,784
- -------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.9%
185,000 Goldman Sachs Group, Inc. $ 34,104,750
500,000 Morgan Stanley 15,440,000
--------------
$ 49,544,750
- -------------------------------------------------------------------------
Specialized Finance -- 0.5%
25,000 CME Group, Inc. (b) $ 7,704,750
--------------
Total Diversified Financials $ 175,268,513
- -------------------------------------------------------------------------
INSURANCE -- 5.5%
Insurance Brokers -- 0.7%
507,800 Marsh & McLennan Co., Inc. $ 12,557,894
- -------------------------------------------------------------------------
Life & Health Insurance -- 3.3%
188,000 Prudential Financial, Inc.* $ 9,383,080
2,175,000 Unum Group 46,632,000
--------------
$ 56,015,080
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 19
Schedule of Investments | 9/30/09 (continued)
- -------------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.5%
500,000 Chubb Corp. $ 25,205,000
--------------
Total Insurance $ 93,777,974
- -------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Office Real Estate Investment Trusts -- 0.6%
157,075 Boston Properties, Inc. (b) $ 10,296,266
--------------
Total Real Estate $ 10,296,266
- -------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.9%
Systems Software -- 1.9%
794,000 Microsoft Corp. $ 20,556,660
600,000 Oracle Corp. 12,504,000
--------------
$ 33,060,660
--------------
Total Software & Services $ 33,060,660
- -------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.7%
Communications Equipment -- 1.4%
1,000,000 Cisco Systems, Inc.* $ 23,540,000
- -------------------------------------------------------------------------------
Computer Hardware -- 1.3%
250,000 Hewlett-Packard Co. $ 11,802,500
85,100 IBM Corp.* 10,178,811
--------------
$ 21,981,311
--------------
Total Technology Hardware & Equipment $ 45,521,311
- -------------------------------------------------------------------------------
SEMICONDUCTORS -- 1.6%
1,350,000 Intel Corp. $ 26,419,500
--------------
Total Semiconductors $ 26,419,500
- -------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.8%
Integrated Telecommunications Services -- 5.8%
1,200,000 AT&T Corp. $ 32,412,000
312,600 Century Telephone Enterprises, Inc. 10,503,360
1,844,000 Verizon Communications, Inc. 55,817,880
--------------
$ 98,733,240
--------------
Total Telecommunication Services $ 98,733,240
- -------------------------------------------------------------------------------
UTILITIES -- 4.7%
Electric Utilities -- 2.3%
400,000 Edison International, Inc. $ 13,432,000
298,100 FirstEnergy Corp. 13,629,132
400,000 Southern Co. 12,668,000
--------------
$ 39,729,132
- -------------------------------------------------------------------------------
Gas Utilities -- 0.8%
357,000 Questar Corp. $ 13,408,920
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Value Fund | Annual Report | 9/30/09
- -----------------------------------------------------------------------
Shares Value
- -----------------------------------------------------------------------
Multi-Utilities -- 1.6%
35,871 NSTAR $ 1,141,415
384,300 Public Service Enterprise Group, Inc. 12,082,393
271,500 Sempra Energy 13,523,415
--------------
$ 26,747,223
--------------
Total Utilities $ 79,885,275
- -----------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,705,941,483) $1,686,286,453
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
Principal
Amount
- -----------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 4.3%
Repurchase Agreement -- 0.6%
$ 9,825,000 Bank of America, 0.05%, dated 9/30/09, repurchase
price of $9,825,000 plus accrued interest on 10/1/09
collateralized by $10,021,500 Freddie Mac Giant, 5.0%,
9/1/39 $ 9,825,000
- -----------------------------------------------------------------------------------------
Securities Lending Collateral -- 3.7% (c)
Certificates of Deposit:
3,081,414 Bank of Nova Scotia 0.25%, 11/17/09 $ 3,081,414
3,252,603 BNP Paribas NY, 0.3%, 11/17/09 3,252,603
2,054,276 Rabobank Nederland NY, 0.24%, 12/11/09 2,054,276
2,054,276 Societe Generale, 0.27%, 12/4/09 2,054,276
2,054,276 Toronto Dominion, 0.23%, 12/16/09 2,054,276
--------------
$ 12,496,845
- -----------------------------------------------------------------------------------------
Commercial Paper:
3,422,524 BBVA London, 0.29%, 11/6/09 $ 3,422,524
2,052,905 CBA Financial, 0.27%, 12/29/09 2,052,905
2,052,992 HND AF, 0.30%, 12/15/09 2,052,992
1,711,189 HSBC, 0.24%, 12/2/09 1,711,189
342,236 HSBC, 0.24%, 12/3/09 342,236
3,079,751 NABPP, 0.29%, 12/7/09 3,079,751
3,423,791 Cafco, 0.40%, 10/1/09 3,423,791
2,567,759 Char FD, 0.30%, 10/5/09 2,567,759
855,782 Char FD, 0.28%, 10/26/09 855,782
1,026,639 Ciesco, 0.33%, 11/23/09 1,026,639
1,026,660 Ciesco, 0.25%, 12/7/09 1,026,660
1,574,787 Fasco, 0.20%, 10/19/09 1,574,787
1,711,536 Kithaw, 0.23%, 11/3/09 1,711,536
2,156,309 Old LLC, 0.30%, 10/16/09 2,156,309
1,370,682 Old LLC, 0.32%, 10/15/09 1,370,682
1,711,086 Ranger, 0.24%, 12/11/09 1,711,086
1,625,992 TB LLC, 0.20%, 10/5/09 1,625,992
691,815 GE, 0.23%, 10/26/09 691,815
1,194,992 Santander U.S. Debt, 0.37%, 11/20/09 1,194,992
--------------
$ 33,599,427
- -----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 21
Schedule of Investments | 9/30/09 (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
$ 9,929,000 Deutsche Bank, 0.06%, 10/1/09 $ 9,929,000
4,525,364 Barclays Capital Markets, 0.01%, 10/1/09 4,525,364
--------------
$ 14,454,364
- --------------------------------------------------------------------------------
Shares
- --------------------------------------------------------------------------------
Money Market Mutual Funds:
1,369,517 Dreyfus Preferred Money Market Fund $ 1,369,517
1,711,897 Fidelity Prime Money Market Fund 1,711,897
--------------
$ 3,081,414
--------------
Total Securities Lending Collateral $ 63,632,050
- --------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $73,457,050) $ 73,457,050
- --------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 103.5%
(Cost $1,779,398,533) (a) $1,759,743,503
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (3.5)% $ (58,758,036)
- --------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,700,985,467
- --------------------------------------------------------------------------------
* Non-income producing security.
(a) At September 30, 2009, the net unrealized loss on investments based on
cost for federal income tax purposes of $1,781,538,644 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $121,559,858
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (143,354,999)
------------
Net unrealized loss $(21,795,141)
============
(b) At September 30, 2009, the following securities were out on loan:
-------------------------------------------------------------
Shares Security Value
-------------------------------------------------------------
48,000 Boston Properties, Inc. $ 3,146,400
2,200 CME Group, Inc. 678,018
22,000 Coca-Cola Co. 1,181,400
300 Franklin Resources, Inc. 30,180
470,100 Merck & Co., Inc. 14,869,263
29,000 Nucor Corp. 1,363,290
1,240,000 Pfizer, Inc. 20,522,000
185,600 Pulte Homes, Inc.* 2,039,744
24,800 Thermo Fisher Scientific, Inc.* 1,083,016
10,000 W.W. Grainger, Inc. 893,600
196,200 Wells Fargo & Co. 5,528,916
559,400 Zions Bancorporation 10,052,418
-------------------------------------------------------------
Total $61,388,245
-------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Value Fund | Annual Report | 9/30/09
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended September 30, 2009 aggregated $842,159,673 and $1,012,693,673,
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.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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)
The following is a summary of the inputs used as of September 30, 2009, in
valuing the Fund's assets:
- ----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ----------------------------------------------------------------------------------------
Common stocks $1,686,286,453 $ -- $-- $1,686,286,453
Temporary cash investments -- 70,375,636 -- 70,375,636
Money Market Mutual Funds 3,081,414 -- -- 3,081,414
- ----------------------------------------------------------------------------------------
Total $1,689,367,867 $70,375,636 $-- $1,759,743,503
- ----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 23
Statement of Assets and Liabilities | 9/30/09
ASSETS:
Investment in securities (including securities loaned of
$61,388,245) (cost $1,779,398,533) $1,759,743,503
Cash 7,272,962
Receivables --
Investment securities sold 15,502,027
Fund shares sold 79,928
Dividends, interest and foreign taxes withheld 2,158,699
Other 83,781
- -----------------------------------------------------------------------------
Total assets $1,784,840,900
- -----------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 18,344,753
Fund shares repurchased 1,293,450
Upon return of securities loaned 63,632,050
Due to affiliates 495,017
Accrued expenses 90,163
- -----------------------------------------------------------------------------
Total liabilities $ 83,855,433
- -----------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,433,570,828
Undistributed net investment income 12,572,373
Accumulated net realized loss on investments (725,502,704)
Net unrealized loss on investments (19,655,030)
- -----------------------------------------------------------------------------
Total net assets $1,700,985,467
- -----------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,649,437,775/163,045,274 shares) $ 10.12
Class B (based on $8,056,815/871,501 shares) $ 9.24
Class C (based on $4,370,558/474,362 shares) $ 9.21
Class Y (based on $39,120,319/3,831,421 shares) $ 10.21
MAXIMUM OFFERING PRICE:
Class A ($10.12 [divided by] 94.25%) $ 10.74
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Value Fund | Annual Report | 9/30/09
Statement of Operations
For the Year Ended 9/30/09
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $8,219) $ 45,434,454
Interest 157,166
Income from securities loaned, net 951,363
- ---------------------------------------------------------------------------------------------
Total investment income $ 46,542,983
- ---------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic Fee $ 9,457,083
Performance Adjustment (2,209,937)
Transfer agent fees
Class A 2,405,720
Class B 74,541
Class C 22,899
Class Y 3,740
Distribution fees
Class A 3,751,869
Class B 84,098
Class C 48,495
Shareholder communications expense 1,641,253
Administrative reimbursements 682,742
Custodian fees 75,628
Registration fees 72,077
Professional fees 160,524
Printing expense 97,548
Fees and expenses of nonaffiliated trustees 57,688
Miscellaneous 91,014
- ---------------------------------------------------------------------------------------------
Total expenses $ 16,516,982
Less fees paid indirectly (8,516)
- ---------------------------------------------------------------------------------------------
Net expenses $ 16,508,466
- ---------------------------------------------------------------------------------------------
Net investment income $ 30,034,517
- ---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments $(404,260,346)
Class action 12,075,375 $(392,184,971)
- ---------------------------------------------------------------------------------------------
Change in net unrealized gain on investments $ 103,799,323
- ---------------------------------------------------------------------------------------------
Net loss on investments $(288,385,648)
- ---------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(258,351,131)
- ---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 25
Statements of Changes in Net Assets
For the Years Ended 9/30/09 and 9/30/08, respectively
- ------------------------------------------------------------------------------------------------
Year Ended Year Ended
9/30/09 9/30/08
- ------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 30,034,517 $ 51,359,252
Net realized loss on investments and class action (392,184,971) (317,845,857)
Change in net unrealized gain (loss) on investments 103,799,323 (822,348,269)
- ------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (258,351,131) $(1,088,834,874)
- ------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.20 and $0.25 per share, respectively) $ (34,473,880) $ (50,294,291)
Class B ($0.08 and $0.10 per share, respectively) (87,148) (160,860)
Class C ($0.11 and $0.13 per share, respectively) (74,142) (97,670)
Class Y ($0.25 and $0.30 per share, respectively) (1,953,103) (3,580,443)
Net realized gain:
Class A ($0.00 and $1.37 per share, respectively) -- (261,794,286)
Class B ($0.00 and $1.37 per share, respectively) -- (2,352,305)
Class C ($0.00 and $1.37 per share, respectively) -- (999,619)
Class Y ($0.00 and $1.37 per share, respectively) -- (16,900,631)
- ------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (36,588,273) $ (336,180,105)
- ------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 35,447,427 $ 107,788,885
Reinvestment of distributions 32,635,153 307,535,467
Cost of shares repurchased (288,131,948) (624,773,394)
- ------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund share
transactions $ (220,049,368) $ (209,449,042)
- ------------------------------------------------------------------------------------------------
Net decrease in net assets $ (514,988,772) $(1,634,464,021)
NET ASSETS:
Beginning of year 2,215,974,239 3,850,438,260
- ------------------------------------------------------------------------------------------------
End of year $1,700,985,467 $ 2,215,974,239
- ------------------------------------------------------------------------------------------------
Undistributed net investment income $ 12,572,373 $ 19,126,106
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Value Fund | Annual Report | 9/30/09
- ----------------------------------------------------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
- ----------------------------------------------------------------------------------------------------------
Class A
Shares sold 3,336,175 $ 28,889,586 4,706,766 $ 67,233,587
Reinvestment of distributions 3,671,409 31,904,948 18,863,164 293,192,504
Less shares repurchased (26,071,806) (224,943,747) (36,761,033) (518,107,787)
- ----------------------------------------------------------------------------------------------------------
Net decrease (19,064,222) $(164,149,213) (13,191,103) $(157,681,696)
- ----------------------------------------------------------------------------------------------------------
Class B
Shares sold 86,791 $ 697,851 119,790 $ 1,563,555
Reinvestment of distributions 10,401 82,594 159,868 2,297,706
Less shares repurchased (516,811) (4,071,493) (789,625) (10,137,455)
- ----------------------------------------------------------------------------------------------------------
Net decrease (419,619) $ (3,291,048) (509,967) $ (6,276,194)
- ----------------------------------------------------------------------------------------------------------
Class C
Shares sold 146,462 $ 1,138,400 204,198 $ 2,638,167
Reinvestment of distributions 6,596 52,128 50,044 715,039
Less shares repurchased (393,750) (2,973,413) (287,970) (3,701,993)
- ----------------------------------------------------------------------------------------------------------
Net decrease (240,692) $ (1,782,885) (33,728) $ (348,787)
- ----------------------------------------------------------------------------------------------------------
Class Y
Shares sold 540,943 $ 4,721,590 2,572,286 $ 36,353,576
Reinvestment of distributions 68,424 595,483 719,630 11,330,218
Less shares repurchased (6,530,828) (56,143,295) (6,480,001) (92,826,159)
- ----------------------------------------------------------------------------------------------------------
Net decrease (5,921,461) $ (50,826,222) (3,188,085) $ (45,142,365)
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 27
Financial Highlights
Year Year
Ended Ended
9/30/09 9/30/08
Class A
Net asset value, beginning of period $ 11.44 $ 18.28
- ------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.17 $ 0.25
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.29) (5.47)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.12) $ (5.22)
Distributions to shareowners:
Net investment income (0.20) (0.25)
Net realized gain -- (1.37)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.32) $ (6.84)
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.12 $ 11.44
- ------------------------------------------------------------------------------------------------------------------------
Total return* (9.49)% (30.75)%
Ratio of net expenses to average net assets+ 1.06% 0.94%
Ratio of net investment income to average net assets+ 1.89% 1.73%
Portfolio turnover rate 53% 95%
Net assets, end of period (in thousands) $1,649,438 $2,082,427
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.06% 0.94%
Net investment income 1.89% 1.73%
- ------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
9/30/07 9/30/06 9/30/05
Class A
Net asset value, beginning of period $ 18.55 $ 17.55 $ 18.83
- ---------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.29 $ 0.28 $ 0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.60 1.09 2.26
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.89 $ 1.37 $ 2.40
Distributions to shareowners:
Net investment income (0.30) (0.25) (0.12)
Net realized gain (2.86) (0.12) (3.56)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.27) $ 1.00 $ (1.28)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.28 $ 18.55 $ 17.55
- ---------------------------------------------------------------------------------------------------------------------------------
Total return* 17.49% 7.89% 13.81%
Ratio of net expenses to average net assets+ 0.92% 0.94% 0.98%
Ratio of net investment income to average net assets+ 1.65% 1.44% 0.85%
Portfolio turnover rate 34% 86% 53%
Net assets, end of period (in thousands) $3,569,146 $3,852,832 $3,997,849
Ratios assuming reduction for fees paid indirectly:
Net expenses 0.92% 0.94% 0.97%
Net investment income 1.65% 1.44% 0.86%
- ---------------------------------------------------------------------------------------------------------------------------------
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales charges.
Total return would be reduced if sales charges were taken into account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Value Fund | Annual Report | 9/30/09
Year Year
Ended Ended
9/30/09 9/30/08
Class B
Net asset value, beginning of period $ 10.47 $ 16.87
- --------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06 $ 0.11
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.21) (5.04)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.15) $ (4.93)
Distributions to shareowners:
Net investment income (0.08) (0.10)
Net realized gain -- (1.37)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.23) $ (6.40)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.24 $ 10.47
- --------------------------------------------------------------------------------------------------------------------
Total return* (10.89)% (31.54)%
Ratio of net expenses to average net assets+ 2.57% 2.06%
Ratio of net investment income (loss) to average net assets+ 0.41% 0.60%
Portfolio turnover rate 53% 95%
Net assets, end of period (in thousands) $ 8,057 $ 13,518
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.57% 2.04%
Net investment income (loss) 0.41% 0.62%
- --------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
9/30/07 9/30/06 9/30/05
Class B
Net asset value, beginning of period $ 17.36 $ 16.40 $ 17.87
- -----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.10 $ (0.04)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.39 1.00 2.13
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.49 $ 1.10 $ 2.09
Distributions to shareowners:
Net investment income (0.12) (0.02) --
Net realized gain (2.86) (0.12) (3.56)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.49) $ 0.96 $ (1.47)
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.87 $ 17.36 $ 16.40
- -----------------------------------------------------------------------------------------------------------------------------
Total return* 16.18% 6.74% 12.66%
Ratio of net expenses to average net assets+ 2.05% 2.03% 2.03%
Ratio of net investment income (loss) to average net assets+ 0.53% 0.32% (0.21)%
Portfolio turnover rate 34% 86% 53%
Net assets, end of period (in thousands) $ 30,378 $37,116 $51,164
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.02% 2.03% 2.02%
Net investment income (loss) 0.56% 0.32% (0.20)%
- -----------------------------------------------------------------------------------------------------------------------------
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales charges.
Total return would be reduced if sales charges were taken into account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 29
Financial Highlights (continued)
Year Year
Ended Ended
9/30/09 9/30/08
Class C
Net asset value, beginning of period $ 10.43 $ 16.84
- --------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08 $ 0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.19) (5.01)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.11) $ (4.91)
Distributions to shareowners:
Net investment income (0.11) (0.13)
Net realized gain -- (1.37)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.22) $ (6.41)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.21 $ 10.43
- --------------------------------------------------------------------------------------------------------------------
Total return* (10.51)% (31.49)%
Ratio of net expenses to average net assets+ 2.18% 1.92%
Ratio of net investment income (loss) to average net assets+ 0.83% 0.76%
Portfolio turnover rate 53% 95%
Net assets, end of period (in thousands) $ 4,371 $ 7,458
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.18% 1.91%
Net investment income (loss) 0.83% 0.77%
- --------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
9/30/07 9/30/06 9/30/05
Class C
Net asset value, beginning of period $ 17.33 $ 16.39 $ 17.87
- -----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07 $ 0.07 $ (0.04)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.43 1.02 2.12
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.50 $ 1.09 $ 2.08
Distributions to shareowners:
Net investment income (0.13) (0.03) --
Net realized gain (2.86) (0.12) (3.56)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.49) $ 0.94 $ (1.48)
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.84 $ 17.33 $ 16.39
- -----------------------------------------------------------------------------------------------------------------------------
Total return* 16.31% 6.68% 12.60%
Ratio of net expenses to average net assets+ 1.98% 2.03% 2.08%
Ratio of net investment income (loss) to average net assets+ 0.58% 0.34% (0.25)%
Portfolio turnover rate 34% 86% 53%
Net assets, end of period (in thousands) $ 12,606 $ 8,723 $ 8,926
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.96% 2.03% 2.07%
Net investment income (loss) 0.60% 0.34% (0.24)%
- -----------------------------------------------------------------------------------------------------------------------------
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales charges.
Total return would be reduced if sales charges were taken into account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Value Fund | Annual Report | 9/30/09
The accompanying notes are an integral part of these financial statements.
Year Year
Ended Ended
9/30/09 9/30/08
Class Y
Net asset value, beginning of period $ 11.54 $ 18.42
- -----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.30 $ 0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.38) (5.54)
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.08) $ (5.21)
Distributions to shareowners:
Net investment income (0.25) (0.30)
Net realized gain -- (1.37)
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.33) $ (6.88)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.21 $ 11.54
- -----------------------------------------------------------------------------------------------------------------
Total return* (9.00)% (30.50)%
Ratio of net expenses to average net assets+ 0.54% 0.53%
Ratio of net investment income to average net assets+ 2.51% 2.12%
Portfolio turnover rate 53% 95%
Net assets, end of period (in thousands) $39,120 $112,571
Ratios assuming reduction for fees paid indirectly:
Net expenses 0.54% 0.53%
Net investment income 2.51% 2.12%
- -----------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
9/30/07 9/30/06 9/30/05
Class Y
Net asset value, beginning of period $ 18.67 $ 17.59 $ 18.84
- -------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.39 $ 0.33 $ 0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.59 1.11 2.37
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.98 $ 1.44 $ 2.49
Distributions to shareowners:
Net investment income ( 0.37) ( 0.24) ( 0.18)
Net realized gain ( 2.86) ( 0.12) ( 3.56)
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ 1.08 $ (1.25)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.42 $ 18.67 $ 17.59
- -------------------------------------------------------------------------------------------------------------------------------
Total return* 17.92% 8.31% 14.40%
Ratio of net expenses to average net assets+ 0.54% 0.55% 0.59%
Ratio of net investment income to average net assets+ 2.04% 1.84% 1.50%
Portfolio turnover rate 34% 86% 53%
Net assets, end of period (in thousands) $238,308 $333,884 $311,272
Ratios assuming reduction for fees paid indirectly:
Net expenses 0.54% 0.55% 0.59%
Net investment income 2.04% 1.84% 1.51%
- -------------------------------------------------------------------------------------------------------------------------------
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 31
Notes to Financial Statements | 9/30/09
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. Class R shares were first publicly offered on April 1, 2003
and ceased operations on January 31, 2007. 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 eight years after the date of purchase.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's prospectuses contain unaudited information
regarding the Fund's principal risks. Please refer to those documents when
considering the Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
32 Pioneer Value Fund | Annual Report | 9/30/09
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Securities for which market
prices and/or quotations are not readily available or are considered to be
unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from
exchange prices. At September 30, 2009, there were no securities that were
valued using fair value methods. Short-term fixed-income securities with
remaining maturities of sixty days or less generally are valued at
amortized cost. Money market mutual funds are valued at net asset value.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
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 | Annual Report | 9/30/09 33
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At September 30, 2009, the Fund has reclassified $23 to increase
undistributed net investment income and $23 to increase accumulated net
realized loss on investments to reflect permanent book/tax differences. The
reclassification has no impact on the net asset value of the Fund and is
designed to present the Fund's capital accounts on a tax basis.
At September 30, 2009, the Fund had a net capital loss carryforward of
$403,358,897, which will expire in 2017 if not utilized.
The Fund has elected to defer approximately $320,003,696 of capital losses
recognized between November 1, 2008 and September 30, 2009 to its fiscal
year ending September 30, 2010.
The tax character of distributions paid during the years ended September
30, 2009 and September 30, 2008 was as follows:
- -------------------------------------------------------------
2009 2008
- -------------------------------------------------------------
Distributions paid from:
Ordinary income $36,588,273 $125,423,328
Long-term capital gain -- 210,756,777
- -------------------------------------------------------------
Total $36,588,273 $336,180,105
- -------------------------------------------------------------
34 Pioneer Value Fund | Annual Report | 9/30/09
The following shows the components of distributable earnings on a federal
income tax basis at September 30, 2009:
- -------------------------------------------------------------
2009
- -------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 12,572,373
Capital loss carryforward (403,358,897)
Post-October loss deferred (320,003,696)
Unrealized depreciation (21,795,141)
- -------------------------------------------------------------
Total $(732,585,361)
- -------------------------------------------------------------
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
As of September 30, 2009, the Fund had no outstanding settlement or
portfolio hedges.
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 approximately $104,984 in underwriting commissions on
the sale of Class A shares during the year ended September 30, 2009.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. During the fiscal year, the Fund recognized gains of
$12,075,375 in settlement of class action lawsuits from several different
companies, as reflected on the statement of operations.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, 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
Pioneer Value Fund | Annual Report | 9/30/09 35
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services, are allocated among the classes
of shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, Pioneer Investment Management, Inc.
(PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
H. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the fair value of the securities loaned, which is
invested in temporary investments. Credit Suisse AG, New York Branch, as
the Fund's securities lending agent, manages the Fund's securities lending
collateral. The income earned on the investment of collateral is shared
with the borrower and the lending agent in payment of any rebate due to the
borrower with respect to the securities loan, and in compensation for the
lending agent's services to the Fund. The Fund also continues to receive
payments in lieu of dividends or interest on the securities loaned. Gain or
loss on the fair value of the loaned securities that may occur during the
term of the loan will be for the account of the Fund. The amount of the
collateral is required to be adjusted daily to reflect any price
fluctuation in the fair value of the loaned securities. The Fund has the
right, under the lending agreement, to terminate the loan and recover the
securities from the borrower with prior notice. The Fund is required to
return the cash collateral to the borrower and could suffer a loss if the
fair value of the collateral, as invested, has declined.
36 Pioneer Value Fund | Annual Report | 9/30/09
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[RegTM] Value
Index. The performance comparison is made for a rolling 36-month period. In
addition, the fee is further limited to a maximum annualized rate adjustment of
up to 0.10%. For the year ended September 30, 2009, the aggregate performance
adjustment resulted in a decrease to the basic fee of $2,209,937. For the year
ended September 30, 2009, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.46% 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 are
$22,010 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2009.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended September 30, 2009, such out-of-pocket expenses by class of
shares were as follows:
- -------------------------------------------------------------
Shareholder Communications:
- -------------------------------------------------------------
Class A $1,618,171
Class B 12,593
Class C 8,447
Class Y 2,042
- -------------------------------------------------------------
Total $1,641,253
- -------------------------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $461,299, in transfer agent fees and out-of-pocket
reimbursements payable to PIMSS at September 30, 2009.
Pioneer Value Fund | Annual Report | 9/30/09 37
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, 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 are $11,708 in distribution fees payable to PFD at September
30, 2009.
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 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). Class B shares that are redeemed within five years of purchase
are subject to a CDSC at declining rates beginning at 4.00%, based on the lower
of cost or market value of shares being redeemed. Redemptions of Class C shares
within one year of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of
an exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the year ended September 30, 2009, CDSCs in the amount of
$14,163 were paid to PFD.
5. Commission Recapture and Expense Offset Arrangements
The Fund has entered into commission recapture arrangements with brokers with
whom PIM places trades on behalf of the Fund under which brokers provide
services to the Fund in addition to trade execution. These services included
payments of certain expenses on behalf of the Fund. However, for the year ended
September 30, 2009, the Fund's expenses were not reduced under these
arrangements. In addition, the Fund has entered into certain expense offset
arrangements with PIMSS resulting in a reduction in the Fund's total expenses
due to interest earned on cash held by PIMSS. For the year ended September 30,
2009, the Fund's expenses were reduced by $8,516 under such arrangements.
38 Pioneer Value Fund | Annual Report | 9/30/09
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the year ended
September 30, 2009, the Fund had no borrowings under this agreement.
7. Pending Litigation
The Fund currently is involved in a litigation matter in Germany. As of the
Fund's year end, it is reasonably possible that an adverse outcome may result.
Currently, the amount of any judgment cannot be reasonably 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.
8. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
subsequent events and transactions for potential recognition or disclosure
through November 23, 2009, and has determined that there were no subsequent
events requiring recognition or disclosure in the financial statements.
Pioneer Value Fund | Annual Report | 9/30/09 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareowners of
Pioneer Value Fund:
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Value Fund ("the Fund"), including the schedule of investments, as of September
30, 2009, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of September 30, 2009, by correspondence
with the custodian and brokers or by other appropriate auditing procedures
where replies from brokers were not received. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Value Fund at September 30, 2009, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young
Boston, Massachusetts
November 23, 2009
40 Pioneer Value Fund | Annual Report | 9/30/09
ADDITIONAL INFORMATION (unaudited)
For the year ended September 30, 2009, certain dividends paid by the Fund may
be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2009 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100.00%.
Pioneer Value Fund | Annual Report | 9/30/09 41
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Trustees and Officers
The Board of Trustees provides broad supervision over the Fund's affairs. The
officers of the Fund are responsible for the Fund's operations. The Trustees
and officers are listed below, together with their principal occupations during
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees, except Mr. West, serves as a Trustee of each of the 62
U.S. registered investment portfolios for which Pioneer serves as investment
adviser (the "Pioneer Funds"). Mr. West serves as a Trustee of 47 U.S.
registered investment portfolios for which Pioneer serves as investment
adviser. The address for all Trustees and all officers of the Fund is 60 State
Street, Boston, Massachusetts 02109.
42 Pioneer Value Fund | Annual Report | 9/30/09
Interested Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
John F. Cogan, Jr. (83)* Chairman of the Board, Trustee since 1982.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Daniel K. Kingsbury (51)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (83)* Deputy Chairman and a director of Pioneer Global Asset Manage- None
ment S.p.A. ("PGAM"); Non-Executive Chairman and a director of
Pioneer Investment Management USA Inc. ("PIM-USA"); Chair-
man and a director of Pioneer; Chairman and Director of Pioneer
Institutional Asset Management, Inc. (since 2006); Director of
Pioneer Alternative Investment Management Limited (Dublin);
President and a director of Pioneer Alternative Investment Man-
agement (Bermuda) Limited and affiliated funds; Director of
PIOGLOBAL Real Estate Investment Fund (Russia) (until June
2006); Director of Nano-C, Inc. (since 2003); Director of Cole
Management Inc. (since 2004); Director of Fiduciary Counseling,
Inc.; President and Director of Pioneer Funds Distributor, Inc.
("PFD") (until May 2006); President of all of the Pioneer Funds;
and Of Counsel, Wilmer Cutler Pickering Hale and Dorr LLP
- ------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (51)* Director, CEO and President of Pioneer Investment Management None
USA Inc. (since February 2007); Director and President of
Pioneer Investment Management, Inc. and Pioneer Institutional
Asset Management, Inc. (since February 2007); Executive Vice
President of all of the Pioneer Funds (since March 2007); Direc-
tor of Pioneer Global Asset Management S.p.A. (since April
2007); Head of New Markets Division, Pioneer Global Asset Man-
agement S.p.A. (2000 - 2007)
- ------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
Pioneer Value Fund | Annual Report | 9/30/09 43
Independent Trustees
- ----------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- ----------------------------------------------------------------
David R. Bock (65) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------
Mary K. Bush (61) Trustee Trustee since 1997.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------
David R. Bock (65) Managing Partner, Federal City Capital Advisors (boutique mer- Director of Enterprise Com-
chant bank) (1997 to 2004 and 2008 - present); and Executive munity Investment, Inc.
Vice President and Chief Financial Officer, I-trax, Inc. (publicly (privately-held affordable
traded health care services company) (2004 - 2007) housing finance company);
Director of New York Mort-
gage Trust (publicly traded
mortgage REIT); and Direc-
tor of Oxford Analytica, Inc.
(privately-held research and
consulting company)
- ------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (61) President, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) tional, Inc.; Director of Dis-
cover Financial Services
(credit card issuer and elec-
tronic payment services);
Director of Briggs & Stratton
Co. (engine manufacturer);
Director of UAL Corporation
(airline holding company);
Director of Mantech Interna-
tional Corporation (national
security, defense, and intel-
ligence technology firm);
and Member, Board of Gov-
ernors, Investment Com-
pany Institute
- ------------------------------------------------------------------------------------------------------------------------
44 Pioneer Value Fund | Annual Report | 9/30/09
- -----------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- -----------------------------------------------------------------------
Benjamin M. Friedman (65) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -----------------------------------------------------------------------
Margaret B.W. Graham (62) Trustee Trustee since 1990.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -----------------------------------------------------------------------
Thomas J. Perna (58) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -----------------------------------------------------------------------
Marguerite A. Piret (61) Trustee Trustee since 1982.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -----------------------------------------------------------------------
Stephen K. West (81) Trustee Trustee since 1993.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- -----------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (65) Professor, Harvard University Trustee, Mellon Institutional
Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversees
17 portfolios in fund
complex)
- ----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (62) Founding Director, Vice-President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm); and Desautels Faculty of
Management, McGill University
- ----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (58) Chief Executive Officer, Quadriserv, Inc. (technology products for None
securities lending industry) (2008 - present); Private investor
(2004 - 2008); and Senior Executive Vice President, The Bank of
New York (financial and securities services) (1986 - 2004)
- ----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (61) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) High Income Fund, Inc.
(closed-end investment
company)
- ----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (81) Senior Counsel, Sullivan & Cromwell LLP (law firm) Director, The Swiss Helvetia
Fund, Inc. (closed-end
investment company)
- ----------------------------------------------------------------------------------------------------------------------------------
Pioneer Value Fund | Annual Report | 9/30/09 45
Fund Officers
- -----------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- -----------------------------------------------------------------------
Dorothy E. Bourassa (61) Secretary Since 2003. Serves at
the discretion of the
Board
- -----------------------------------------------------------------------
Christopher J. Kelley (44) Assistant Secretary Since 2003. Serves at
the discretion of the
Board
- -----------------------------------------------------------------------
Mark E. Bradley (49) Treasurer Since 2008. Serves at
the discretion of the
Board
- -----------------------------------------------------------------------
Luis I. Presutti (44) Assistant Treasurer Since 2000. Serves at
the discretion of the
Board
- -----------------------------------------------------------------------
Gary Sullivan (51) Assistant Treasurer Since 2002. Serves at
the discretion of the
Board
- -----------------------------------------------------------------------
David F. Johnson (29) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board
- -----------------------------------------------------------------------
Fund Officers
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Officer
- -----------------------------------------------------------------------------------------------------------------------
Dorothy E. Bourassa (61) Secretary of PIM-USA; Senior Vice President -- Legal of Pioneer; None
Secretary/Clerk of most of PIM-USA's subsidiaries; and Secretary
of all of the Pioneer Funds since September 2003 (Assistant
Secretary from November 2000 to September 2003)
- -----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (44) Associate General Counsel of Pioneer since January 2008 and None
Assistant Secretary of all of the Pioneer Funds since September
2003; Vice President and Senior Counsel of Pioneer from July
2002 to December 2007
- -----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (49) Vice President -- Fund Accounting, Administration and Controller- None
ship Services of Pioneer; and Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February 2008; and Treasurer
and Senior Vice President, CDC IXIS Asset Management Services,
from 2002 to 2003
- -----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (44) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- -----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (51) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- -----------------------------------------------------------------------------------------------------------------------
David F. Johnson (29) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008 and Assistant
Treasurer of all of the Pioneer Funds since January 2009; Client
Service Manager -- Institutional Investor Services at State Street
Bank from March 2003 to March 2007
- -----------------------------------------------------------------------------------------------------------------------
46 Pioneer Value Fund | Annual Report | 9/30/09
- ---------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- ---------------------------------------------------------------------------
Teri W. Anderholm (50) Chief Compliance Officer Since 2007. Serves at
the discretion of the
Board
- ---------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Officer
- ----------------------------------------------------------------------------------------------------------------
Teri W. Anderholm (50) Chief Compliance Officer of Pioneer since December 2006 and None
of all the Pioneer Funds since January 2007; Vice President and
Compliance Officer, MFS Investment Management (August 2005
to December 2006); Consultant, Fidelity Investments (February
2005 to July 2005); Independent Consultant (July 1997 to
February 2005)
- ----------------------------------------------------------------------------------------------------------------
Pioneer Value Fund | Annual Report | 9/30/09 47
This page for your notes.
48 Pioneer Value Fund | Annual Report | 9/30/09
This page for your notes.
Pioneer Value Fund | Annual Report | 9/30/09 49
This page for your notes.
50 Pioneer Value Fund | Annual Report | 9/30/09
This page for your notes.
Pioneer Value Fund | Annual Report | 9/30/09 51
This page for your notes.
52 Pioneer Value Fund | Annual Report | 9/30/09
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: pioneerinvestments.com
This report must be accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A,
totaled approximately $37,000 in 2009 and
approximately $36,700 in 2008.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no fees for audit-related services provided
to the Fund during the fiscal years ended September
30, 2009 and 2008.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 in 2009 and $8,290 in 2008.
(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.
All Other Fees
There were no fees for other services provided to the
Fund during the fiscal years ended September 30, 2009
and 2008.
(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.
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended September 30, 2009 and 2008, there were
no services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled approximately
$8,290 in 2009 and $8,290 in 2008.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Value Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date November 27, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date November 27, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date November 27, 2009
* Print the name and title of each signing officer under his or her signature.