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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01835
Pioneer Value Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: September 30
Date of reporting period: October 1, 2009 through September 30, 2010
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, 2010
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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 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 41
Trustees, Officers and Service Providers 43
Pioneer Value Fund | Annual Report | 9/30/10 1
President's Letter
Dear Shareowner,
Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.
Pioneer has not changed the basic 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. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
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.
2 Pioneer Value Fund | Annual Report | 9/30/10
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
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of 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 | 9/30/10 3
Portfolio Management Discussion | 9/30/10
In the following discussion, John Peckham, senior vice president and portfolio
manager at Pioneer Investments, and Rod Wright, senior vice president and
portfolio manager at Pioneer Investments, review recent market events and
describe the factors that affected Pioneer Value Fund's performance during the
12 months ended September 30, 2010. Mr. Peckham is responsible for the
day-to-day management of the Fund's portfolio. He is supported by Mr. Wright.
Q How did the Fund perform over the 12 months ended September 30, 2010?
A The Fund's Class A shares returned 3.72% at net asset value over the 12
months ended September 30, 2010, while the Fund's benchmark, the Russell
1000 Value Index, returned 8.90%. Over the same 12-month period, the
average return of the 530 mutual funds in Lipper's Large Cap Value mutual
funds category was 7.05%.
Q Value stocks generated very solid performance over the 12 months ended
September 30, 2010, but they underperformed growth stocks over that same
time period. How would you characterize the investment environment for
value stocks over the Fund's fiscal year?
A The main driver of the relative underperformance of value versus growth
stocks over the past year was the underperformance of the financial
services sector versus the information technology sector.
The financial services sector constitutes nearly 30% of the "value world,"
while the information technology sector accounts for a similar portion of
the "growth world." Over the 12 months ended September 30, 2010, the market
experienced a dramatic bifurcation in returns, with the financial services
component of the Russell 1000 Value Index (large-cap value stocks) losing
nearly 2%, while the information technology component of the Russell 1000
Growth Index (large-cap growth stocks) returned just over 12%.
Multiple factors weighed on the performance of financial stocks over the
12-month period. From a macroeconomic perspective, the slow economic
recovery weighed on loan growth, declining interest rates and a flattening
yield curve hurt lending profitability, and decreased buying and selling of
securities diminished trading-desk profitability. Numerous regulatory
factors also weighed on the financials sector, including new rules for
debit and credit cards, new overdraft rules for checking accounts,
restrictions on proprietary trading, and new capital requirements. Investor
concerns about the macro environment and the new regulations were important
factors in the
4 Pioneer Value Fund | Annual Report | 9/30/10
poor performance of the financial services sector over the 12 months ended
September 30, 2010.
In contrast, the information technology sector enjoyed strong returns, as
investors focused on the attractive prospects for many technology stocks.
The growing importance of "cloud computing" drove much of the enthusiasm
for tech stocks. Cloud computing is an ill-defined term that generally
includes outsourcing, simplification, and consolidation of technology
hardware and software. Another factor that drove technology performance was
the strong merger and acquisition (M&A) environment, as larger, more mature
tech companies showed a willingness to bid for smaller, faster-growing
"cloud" players. Finally, the importance of one technology stock, Apple,
should not be discounted. Apple's large market capitalization and strong
stock price performance combined to help drive the technology sector higher
over the past year.
Q The Fund underperformed its benchmark, the Russell 1000 Value Index, over the
12-month period ended September 30, 2010. What were the main reasons for
this?
A Poor stock selection drove the Fund's underperformance over the past 12
months ended September 30, 2010. Our decision to underweight the Fund to
the telecommunication services sector also hurt performance.
The strong performance of the telecommunication services sector was a
surprise to us. We did not expect that the wireless segment would perform
as well as it did, given high levels of market penetration, and we
underestimated the companies' ability to stem wireline losses and grow
video subscribers. Of course, investors' quest for yield was another
important factor in the sector's strong performance.
Sector allocation, overall, however, was a modest positive for performance,
driven by the Fund's underweight position in financials for the entire
year, and our decision to overweight the Fund to the utilities sector in
the latter part of the year.
Our decision to underweight the Fund to financials was driven by the
challenging prospects for many financial services companies. As noted
previously, the macro and regulatory environment for financials produced
material headwinds for the sector. Our decision to overweight the Fund to
utilities was driven by the attractive total return prospects for the
sector. The combination of reasonable valuations, potential for higher
earnings, and strong dividends were the key factors in our positive
assessment of the sector's total return prospects.
Pioneer Value Fund | Annual Report | 9/30/10 5
Q Can you discuss any individual holdings that had the most influence on the
Fund's performance, either positively or negatively, over the 12 months
ended September 30, 2010?
A Biotechnology company Genzyme was the Fund's top performer over the past 12
months. We purchased the stock after determining that it was materially
undervalued following a series of drug manufacturing failures. In our view,
the company's problems were fixable and management was proceeding on a
sensible course to correct them. Shortly after we added Genzyme to the
Fund's portfolio, the pharmaceutical company Sanofi-Aventis reached a
similar conclusion and made an offer to buy Genzyme at a substantial
premium.
Gold company Newmont Mining also was a top performer for the Fund, as gold
prices rallied to new highs on global macroeconomic concerns.
Utility company Questar performed well over the past 12 months. We added
the stock to the Fund's portfolio after concluding the company's parts were
worth more than its whole. The Fund was rewarded this year after the
company decided to realize value by spinning out its natural gas
exploration and production business.
Several Fund holdings in the energy sector were material underperformers
over the 12 months ended September 30, 2010. The underperformers included
deepwater driller Transocean and natural gas exploration and production
company Southwestern Energy.
Transocean owned the ill-fated Deepwater Horizon oil rig that was at the
center of this year's massive B.P. oil spill in the Gulf of Mexico. We sold
the stock from the Fund's portfolio shortly after the spill occurred, but
not fast enough to avoid damaging Fund returns.
Southwestern Energy proved a poor investment over the past year, as natural
gas prices remained weak. We had expected that natural gas prices would
improve as a growing economy drove higher demand and a reduction in
drilling diminished supply. Unfortunately, prices continued to fall as the
economic recovery stalled and natural gas production continued to rise.
Southwestern still has several attractive attributes, including high growth
and low costs. None proved sufficient, however, to overcome the drag of low
natural gas prices.
In addition to the Fund's struggles in the energy sector, several stocks in
the financials sector were material underperformers. These included
regional bank Zions, investment bank Morgan Stanley and discount brokers TD
Ameritrade and Charles Schwab.
In the cases of Zions and Morgan Stanley, we overestimated the companies'
ability to surmount numerous hurdles, including the macro and regulatory
6 Pioneer Value Fund | Annual Report | 9/30/10
factors we discussed earlier in this interview. In addition, Zions' Nevada,
Arizona and California loan books failed to recover as fast as we had
hoped; and Morgan Stanley's trading business failed to keep pace with some
of its peers, while its real estate portfolio proved a larger drag than we
had expected.
Discount brokers TD Ameritrade and Charles Schwab underperformed largely
due to lower-than-expected interest rates and diminished trading activity.
In a low-interest-rate environment, the discount brokers subsidized their
money market mutual funds to guarantee that investors received a positive
return. Not surprisingly, the subsidies produced a meaningful earnings
drag. Also, high levels of equity market volatility caused by several
factors, including the "flash crash" last May, contributed to diminished
trading activity in the equity markets.
Q What is your outlook for value investing and for the U.S. economy in general?
A We remain optimistic regarding the prospects for value investing,
particularly in light of recent underperformance. In general, we believe
that equity valuations remain attractive and we believe value stocks are
particularly attractive, as many combine lower-than-average valuations,
better-than-average returns on equity, meaningful international exposure,
and solid dividend yields.
We expect that the U.S economy will continue to expand at a modest pace,
but will be hampered by the prospect of higher taxes, lower government
spending, and continued de-leveraging by consumers. In addition, it is not
obvious when the housing market will materially improve.
We also believe the Federal Reserve Board's proposed "easing" actions could
keep interest rates low and the dollar weak. In that environment, less
expensive, higher-quality stocks with solid international growth prospects
and attractive yields could outperform.
Please refer to the Schedule of Investments on pages 17-23 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
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 | 9/30/10 7
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.
8 Pioneer Value Fund | Annual Report | 9/30/10
Portfolio Summary | 9/30/10
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 97.2%
Temporary Cash Investments 2.8%
Sector Distribution
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(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 18.9%
Consumer Staples 12.1%
Health Care 11.6%
Industrials 11.4%
Utilities 10.2%
Information Technology 10.0%
Energy 9.6%
Consumer Discretionary 7.9%
Telecommunication Services 5.0%
Materials 3.3%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Pfizer, Inc. 3.54%
2. JPMorgan Chase & Co. 3.28
3. Verizon Communications, Inc. 2.88
4. ConocoPhillips, Inc. 2.84
5. Chevron Corp. 2.80
6. Procter & Gamble Co. 2.78
7. Kraft Foods, Inc. 2.50
8. Microsoft Corp. 2.39
9. Johnson & Johnson Co. 2.38
10. Amgen, Inc. 2.26
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Value Fund | Annual Report | 9/30/10 9
Prices and Distributions | 9/30/10
Net Asset Value per Share
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Class 9/30/10 9/30/09
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A $ 10.37 $ 10.12
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B $ 9.45 $ 9.24
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C $ 9.43 $ 9.21
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Y $ 10.46 $ 10.21
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Distributions per Share: 10/1/09-9/30/10
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- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ 0.1269 $ -- $ --
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B $ -- $ -- $ --
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C $ 0.0240 $ -- $ --
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Y $ 0.1714 $ -- $ --
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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" and "Value
of $5,000,000 Investment" charts on pages 11-14.
10 Pioneer Value Fund | Annual Report | 9/30/10
Performance Update | 9/30/10 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, 2010)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
- ----------------------------------------------------------------------
10 Years 0.23% -0.36%
5 Years -3.80 -4.93
1 Year 3.72 -2.27
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Expense Ratio
(Per prospectus dated February 1, 2010)
- ----------------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------------
1.06% 1.06%
- ----------------------------------------------------------------------
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
---------- -----------
9/00 9,425 10,000
8,590 9,109
9/02 7,148 7,565
8,788 9,408
9/04 10,285 11,339
11,706 13,231
9/06 12,630 15,165
14,839 17,357
9/08 10,276 13,268
9,300 11,859
9/10 9,646 12,914
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.
Pioneer Value Fund | Annual Report | 9/30/10 11
Performance Update | 9/30/10 Class B 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, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2010)
- ---------------------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------------------
10 Years -0.96% -0.96%
5 Years -5.00 -5.00
1 Year 2.27 -1.73
- ---------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2010)
- ---------------------------------------------------------------
Gross Net
- ---------------------------------------------------------------
2.57% 2.57%
- ---------------------------------------------------------------
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
---------- -----------
9/00 10,000 10,000
9,016 9,109
9/02 7,422 7,565
8,989 9,408
9/04 10,423 11,339
11,742 13,231
9/06 12,533 15,165
14,561 17,357
9/08 9,968 13,268
8,883 11,859
9/10 9,085 12,914
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 is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004, remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Value Fund | Annual Report | 9/30/10
Performance Update | 9/30/10 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2010)
- ----------------------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------------------
10 Years -0.88% -0.88%
5 Years -4.83 -4.83
1 Year 2.65 2.65
- ----------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2010)
- ----------------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------------
2.18% 2.18%
- ----------------------------------------------------------------------
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
---------- -----------
9/00 10,000 10,000
9,002 9,109
9/02 7,401 7,565
9,000 9,408
9/04 10,409 11,339
11,721 13,231
9/06 12,504 15,165
14,543 17,357
9/08 9,964 13,268
8,916 11,859
9/10 9,152 12,914
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.
Pioneer Value Fund | Annual Report | 9/30/10 13
Performance Update | 9/30/10 Class Y Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of September 30, 2010)
- ----------------------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------------------
10 Years 0.49% 0.49%
5 Years -3.40 -3.40
1 Year 4.12 4.12
- ----------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2010)
- ----------------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------------
0.54% 0.54%
- ----------------------------------------------------------------------
Value of $5,000,000 Investment
Pioneer Russell 1000
Value Fund Value Index
---------- -----------
9/00 5,000,000 5,000,000
4,556,242 4,554,432
9/02 3,791,683 3,782,544
4,661,446 4,704,240
9/04 5,458,693 5,669,337
6,244,574 6,615,440
9/06 6,763,805 7,582,637
7,976,211 8,678,267
9/08 5,543,169 6,633,868
5,044,536 5,929,399
9/10 5,252,569 6,456,977
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 on
August 11, 2004 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Y shares, the performance for Class Y shares prior
to their inception would have been higher than the performance shown. Class Y
shares are not subject to sales charges and are available to limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Value Fund | Annual Report | 9/30/10
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, 2010, through September 30, 2010.
Share Class A B C Y
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 4/1/10
- --------------------------------------------------------------------------------------
Ending Account $ 939.58 $ 931.19 $ 933.69 $ 940.05
Value on 9/30/10
- --------------------------------------------------------------------------------------
Expenses Paid $ 4.91 $ 11.91 $ 10.47 $ 2.87
During Period*
- --------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.01%, 2.46%,
2.16% and 0.59% 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 | 9/30/10 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2010, through September 30, 2010.
Share Class A B C Y
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 4/1/10
- --------------------------------------------------------------------------------------
Ending Account $ 1,020.00 $ 1,012.73 $ 1,014.24 $ 1,022.11
Value on 9/30/10
- --------------------------------------------------------------------------------------
Expenses Paid $ 5.11 $ 12.41 $ 10.91 $ 2.99
During Period*
- --------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.01%, 2.46%,
2.16%, and 0.59%, for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Value Fund | Annual Report | 9/30/10
Schedule of Investments | 9/30/10
Shares Value
COMMON STOCKS -- 99.2%
ENERGY -- 9.6%
Integrated Oil & Gas -- 8.0%
508,900 Chevron Corp. $ 41,246,345
728,100 ConocoPhillips, Inc. 41,814,783
571,400 Marathon Oil Corp. 18,913,340
548,000 QEP Resources, Inc. 16,516,720
------------
$118,491,188
- ---------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.6%
355,200 Devon Energy Corp. $ 22,995,648
------------
Total Energy $141,486,836
- ---------------------------------------------------------------
MATERIALS -- 3.2%
Diversified Chemical -- 1.3%
452,200 E.I. du Pont de Nemours and Co. $ 20,177,164
- ---------------------------------------------------------------
Paper Products -- 1.2%
803,800 International Paper Co. $ 17,482,650
- ---------------------------------------------------------------
Steel -- 0.7%
271,300 Nucor Corp. $ 10,363,660
------------
Total Materials $ 48,023,474
- ---------------------------------------------------------------
CAPITAL GOODS -- 7.9%
Aerospace & Defense -- 1.2%
257,900 United Technologies Corp. $ 18,370,217
- ---------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 1.0%
220,500 Deere & Co. $ 15,386,490
- ---------------------------------------------------------------
Industrial Conglomerates -- 4.4%
193,400 3M Co. $ 16,769,714
1,819,400 General Electric Co. 29,565,250
525,300 Tyco International, Ltd.* 19,294,269
------------
$ 65,629,233
- ---------------------------------------------------------------
Industrial Machinery -- 1.3%
517,500 Ingersoll-Rand Plc (b) $ 18,479,925
------------
Total Capital Goods $117,865,865
- ---------------------------------------------------------------
TRANSPORTATION -- 3.3%
Railroads -- 3.3%
467,400 CSX Corp. $ 25,856,568
288,400 Union Pacific Corp. 23,591,120
------------
$ 49,447,688
------------
Total Transportation $ 49,447,688
- ---------------------------------------------------------------
CONSUMER SERVICES -- 1.3%
Hotels, Resorts & Cruise Lines -- 1.3%
511,000 Carnival Corp. $ 19,525,310
------------
Total Consumer Services $ 19,525,310
- ---------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/10 17
Schedule of Investments | 9/30/10 (continued)
Shares Value
MEDIA -- 5.2%
Broadcasting -- 1.5%
1,423,500 CBS Corp. (Class B) (b) $ 22,576,710
- ----------------------------------------------------------------------
Cable & Satellite -- 2.1%
1,749,300 Comcast Corp. $ 31,627,344
- ----------------------------------------------------------------------
Movies & Entertainment -- 1.6%
1,807,200 News Corp. $ 23,602,032
------------
Total Media $ 77,806,086
- ----------------------------------------------------------------------
RETAILING -- 1.3%
Department Stores -- 1.3%
840,900 Macys, Inc. $ 19,416,381
------------
Total Retailing $ 19,416,381
- ----------------------------------------------------------------------
FOOD & DRUG RETAILING -- 2.9%
Drug Retail -- 0.9%
414,700 Walgreen Co. $ 13,892,450
- ----------------------------------------------------------------------
Hypermarkets & Supercenters -- 2.0%
552,400 Wal-Mart Stores, Inc. $ 29,564,448
------------
Total Food & Drug Retailing $ 43,456,898
- ----------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.3%
Brewers -- 1.2%
320,100 Anheuser-Busch InBev NV $ 18,839,325
- ----------------------------------------------------------------------
Packaged Foods & Meats -- 2.5%
1,191,100 Kraft Foods, Inc. $ 36,757,346
- ----------------------------------------------------------------------
Soft Drinks -- 1.5%
376,900 Coca-Cola Co. $ 22,056,188
- ----------------------------------------------------------------------
Tobacco -- 1.1%
677,000 Altria Group, Inc. $ 16,261,540
------------
Total Food, Beverage & Tobacco $ 93,914,399
- ----------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 2.8%
Household Products -- 2.8%
682,200 Procter & Gamble Co. $ 40,911,534
------------
Total Household & Personal Products $ 40,911,534
- ----------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 11.5%
Biotechnology -- 2.3%
602,100 Amgen, Inc.* $ 33,181,731
- ----------------------------------------------------------------------
Pharmaceuticals -- 9.2%
990,800 Bristol-Myers Squibb Co. $ 26,860,588
564,300 Johnson & Johnson Co. 34,964,028
620,500 Merck & Co., Inc. 22,840,605
3,036,100 Pfizer, Inc. 52,129,837
------------
$136,795,058
------------
Total Pharmaceuticals & Biotechnology $169,976,789
- ----------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Value Fund | Annual Report | 9/30/10
Shares Value
BANKS -- 2.9%
Diversified Banks -- 1.8%
1,059,600 Wells Fargo & Co. $ 26,611,854
- ----------------------------------------------------------------------
Regional Banks -- 1.1%
307,200 PNC Bank Corp. $ 15,946,752
------------
Total Banks $ 42,558,606
- ----------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.8%
Asset Management & Custody Banks -- 1.1%
149,300 Franklin Resources, Inc. $ 15,960,170
- ----------------------------------------------------------------------
Diversified Finance Services -- 6.0%
1,426,896 Bank of America Corp. $ 18,706,607
5,771,100 Citigroup, Inc.* 22,507,290
1,268,000 JPMorgan Chase & Co. 48,272,760
------------
$ 89,486,657
- ----------------------------------------------------------------------
Investment Banking & Brokerage -- 1.4%
851,400 Morgan Stanley, Inc. $ 21,012,552
- ----------------------------------------------------------------------
Specialized Finance -- 1.3%
72,600 CME Group, Inc. $ 18,908,670
------------
Total Diversified Financials $145,368,049
- ----------------------------------------------------------------------
INSURANCE -- 6.1%
Property & Casualty Insurance -- 6.1%
387,800 ACE, Ltd. $ 22,589,350
611,700 Allstate Corp. 19,299,135
460,300 Chubb Corp. 26,232,497
420,600 The Travelers Companies, Inc. 21,913,260
------------
$ 90,034,242
------------
Total Insurance $ 90,034,242
- ----------------------------------------------------------------------
SOFTWARE & SERVICES -- 4.0%
IT Consulting & Other Services -- 1.6%
177,800 IBM Corp. $ 23,850,092
- ----------------------------------------------------------------------
Systems Software -- 2.4%
1,435,800 Microsoft Corp. $ 35,162,742
------------
Total Software & Services $ 59,012,834
- ----------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.7%
Computer Hardware -- 2.1%
739,100 Hewlett-Packard Co. $ 31,093,937
- ----------------------------------------------------------------------
Computer Storage & Peripherals -- 0.7%
370,700 Western Digital Corp.* $ 10,524,173
- ----------------------------------------------------------------------
Office Electronics -- 0.9%
1,214,700 Xerox Corp. $ 12,572,145
------------
Total Technology Hardware & Equipment $ 54,190,255
- ----------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/10 19
Schedule of Investments | 9/30/10 (continued)
Shares Value
SEMICONDUCTORS -- 2.3%
1,097,400 Intel Corp. $ 21,103,002
491,500 Texas Instruments, Inc. 13,339,310
--------------
$ 34,442,312
--------------
Total Semiconductors $ 34,442,312
- ------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.0%
Integrated Telecommunication Services -- 5.0%
1,094,400 AT&T Corp. $ 31,299,840
1,298,900 Verizon Communications, Inc. 42,331,151
--------------
$ 73,630,991
--------------
Total Telecommunication Services $ 73,630,991
- ------------------------------------------------------------------------
UTILITIES -- 10.1%
Electric Utilities -- 3.9%
349,300 DPL, Inc. $ 9,127,209
745,300 PPL Corp. 20,294,519
755,300 Southern Co. 28,127,372
--------------
$ 57,549,100
- ------------------------------------------------------------------------
Gas Utilities -- 0.6%
537,700 Questar Corp. $ 9,425,881
- ------------------------------------------------------------------------
Multi-Utilities -- 5.6%
657,000 CMS Energy Corp. (b) $ 11,835,855
227,700 PG&E Corp. 10,342,134
679,700 Public Service Enterprise Group, Inc. 22,484,476
500,400 Sempra Energy Co. 26,921,520
188,400 Wisconsin Energy Corp. 10,889,520
--------------
$ 82,473,505
--------------
Total Utilities $ 149,448,486
- ------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,447,610,139) $1,470,517,035
- ------------------------------------------------------------------------
Principal
Amount ($)
TEMPORARY CASH INVESTMENTS -- 2.8%
REPURCHASE AGREEMENTS -- 1.6%
4,785,000 Bank of America, Inc., 0.19%, dated
9/30/10, repurchase price of $4,785,000
plus accrued interest on 10/1/10
collateralized by the following:
$1,200,481 U.S. Treasury Notes,
1.625%, 1/15/15
$3,680,221 U.S. Treasury Inflated
Notes, 2.125%, 11/30/14 $ 4,785,000
The accompanying notes are an integral part of these financial statements.
20 Pioneer Value Fund | Annual Report | 9/30/10
Principal
Amount ($) Value
Repurchase Agreements -- (continued)
4,785,000 Bank of America, Inc., 0.21%, dated 9/30/10, repurchase
price of $4,785,000 plus accrued interest on 10/1/10
collateralized by the following:
$4,880,700 Federal National Mortgage Association,
4.0%, 10/1/40 $ 4,785,000
4,785,000 Barclays Plc, 0.20%, dated 9/30/10, repurchase price of
$4,785,000 plus accrued interest on 10/1/10 collateralized
by $4,880,700 Government National Mortgage Association,
4.5%, 7/20/40 4,785,000
4,785,000 Barclays Plc, 0.19%, dated 9/30/10, repurchase price of
$4,785,000 plus accrued interest on 10/1/10 collateralized
by the following:
$1,338,414 U.S. Treasury Notes, 3.5%, 2/15/18
$3,542,293 U.S. Treasury Bond, 6.25%, 5/15/30 4,785,000
4,785,000 SG Americas Securities LLC, 0.22%, dated 9/30/10,
repurchase price of $4,785,000 plus accrued interest on
10/1/10 collateralized by the following:
$1,756,789 Federal National Mortgage Association,
5.0% - 5.5%, 6/1/23 - 3/1/40
$1,543,237 Federal National Mortgage Association
(ARM), 2.835% - 3.352%, 4/1/35 - 4/1/36
$1,580,674 Freddie Mac Giant, 5.0% - 6.0%,
3/1/34 - 1/1/36 4,785,000
-----------
Total Repurchase Agreements $23,925,000
- -----------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 1.2% (c)
Certificates of Deposit:
514,621 Bank of Nova Scotia, 0.37%, 9/29/10 $ 514,621
360,234 BBVA Group NY, 0.56%, 7/26/11 360,234
514,621 BNP Paribas Bank NY, 0.38%, 11/8/10 514,621
257,310 DNB Nor Bank ASA NY, 0.27%, 11/10/10 257,310
514,621 Nordea NY, 0.5%, 12/10/10 514,621
514,621 RoboBank Netherland NV NY, 0.44%, 8/8/11 514,621
514,621 Royal Bank of Canada NY, 0.26%, 1/21/11 514,621
514,621 SocGen NY, 0.34%, 11/10/10 514,621
257,310 Svenska NY, 0.275%, 11/12/10 257,310
-----------
$ 3,962,580
- -----------------------------------------------------------------------------------------
Commercial Paper:
308,772 American Honda Finance, 0.28%, 5/4/11 $ 308,772
207,010 American Honda Finance, 1.04%, 6/20/11 207,010
189,337 Australia & New Zealand Banking Group, 1.04%, 8/4/11 189,337
525,276 Caterpillar Financial Services Corp., 1.04%, 6/24/11 525,276
566,083 CBA, 0.31%, 1/3/11 566,083
102,909 CHARFD, 0.38%, 10/15/10 102,909
360,005 CHARFD, 0.31%, 12/14/10 360,005
205,830 CLIPPR, 0.45%, 10/8/10 205,830
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/10 21
Schedule of Investments | 9/30/10 (continued)
Principal
Amount ($) Value
Commercial Paper -- (continued)
308,626 CLIPPR, 0.28%, 12/1/10 $ 308,626
166,148 FAIRPP, 0.45%, 11/9/10 166,148
287,852 FAIRPP, 0.3%, 11/9/10 287,852
205,754 FASCO, 0.27%, 12/1/10 205,754
514,690 Federal Home Loan Bank, 0.37%, 6/1/11 514,690
257,296 GE Corp., 0.55%, 1/26/11 257,296
51,430 General Electric Capital Corp., 0.37%, 6/6/11 51,430
55,703 General Electric Capital Corp., 0.59%, 10/6/10 55,703
56,093 General Electric Capital Corp., 0.62%, 10/21/10 56,093
205,754 OLDLLC, 0.27%, 12/1/10 205,754
281,912 OLDLLC, 0.27%, 12/2/10 281,912
411,593 SANTANDER, 0.43%, 10/22/10 411,593
102,912 SRCPP, 0.38%, 10/12/10 102,912
257,183 SRCPP, 0.27%, 12/6/10 257,183
154,382 STRAIT, 0.36%, 10/4/10 154,382
385,999 STRAIT, 0.25%, 12/8/10 385,999
257,280 TBLLC, 0.38%, 10/12/10 257,280
257,191 TBLLC, 0.27%, 12/2/10 257,191
514,621 Toyota Motor Credit Corp., 0.44%, 9/8/11 514,621
514,501 VARFUN, 0.35%, 10/25/10 514,501
308,784 Wachovia, 0.39%, 3/22/11 308,784
514,621 Westpac, 0.5%, 7/29/11 514,621
205,834 WFC, 0.37%, 12/2/10 205,834
--------------
$ 8,741,381
- ---------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
374,808 Barclays Capital Markets, 0.2%, 10/1/10 $ 374,808
2,058,482 Deutsche Bank Securities, Inc., 0.25%, 10/1/10 2,058,482
514,621 HSBC Bank USA NA, 0.25% 10/1/10 514,621
308,772 JPMorgan, Inc., 0.22%, 10/1/10 308,772
514,621 RBS Securities, Inc., 0.25%, 10/1/10 514,621
--------------
$ 3,771,304
- ---------------------------------------------------------------------------------------
Shares
Money Market Mutual Funds
514,620 Blackrock Liquidity Temporary Cash Fund $ 514,620
514,620 Dreyfus Preferred Money Market Fund 514,620
514,620 Fidelity Prime Money Market Fund 514,620
--------------
$ 1,543,860
--------------
Total Securities Lending Collateral $ 18,019,125
- ---------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $41,944,125) $ 41,944,125
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 102.0%
(Cost $1,489,554,264) (a) $1,512,461,160
- ---------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (2.0)% $ (29,777,133)
- ---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,482,684,027
=======================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Value Fund | Annual Report | 9/30/10
* Non-income producing security.
(a) At September 30, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,489,979,228 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $72,760,886
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (50,278,954)
-----------
Net unrealized gain $22,481,932
===========
(b) At September 30, 2010, the following securities were out on loan:
Shares Security Value
355,100 CBS Corp. (Class B) $ 5,631,886
650,000 CMS Energy Corp. 11,709,750
100 Ingersoll-Rand Plc 3,571
- ----------------------------------------------------
Total $17,345,207
====================================================
(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, 2010 aggregated $1,785,002,688 and $2,043,033,215,
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, 2010, in
valuing the Fund's assets:
Level 1 Level 2 Level 3 Total
Common stocks $1,470,517,035 $ -- $-- $1,470,517,035
Temporary cash investments -- 40,400,265 -- 40,400,265
Money market mutual funds 1,543,860 -- -- 1,543,860
- ----------------------------------------------------------------------------------------
Total $1,472,060,895 $40,400,265 $-- $1,512,461,160
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/10 23
Statement of Assets and Liabilities | 9/30/10
ASSETS:
Investment in securities (including securities loaned of $17,345,207)
(cost $1,489,554,264) $1,512,461,160
Cash 6,556,680
Receivables --
Investment securities sold 34,312,406
Fund shares sold 66,029
Dividends, interest and foreign taxes withheld 2,796,268
Other 119,590
- ------------------------------------------------------------------------------------------
Total assets $1,556,312,133
- ------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 53,782,299
Fund shares repurchased 1,453,204
Upon return of securities loaned 18,019,125
Dividends 3,960
Due to affiliates 264,788
Accrued expenses 104,730
- ------------------------------------------------------------------------------------------
Total liabilities $ 73,628,106
- ------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,170,808,074
Undistributed net investment income 12,417,938
Accumulated net realized loss on investments (723,448,881)
Net unrealized gain on investments 22,906,896
- ------------------------------------------------------------------------------------------
Total net assets $1,482,684,027
- ------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,457,471,798/140,551,408 shares) $ 10.37
Class B (based on $5,271,132/557,506 shares) $ 9.45
Class C (based on $4,313,533/457,547 shares) $ 9.43
Class Y (based on $15,627,564/1,493,448 shares) $ 10.46
MAXIMUM OFFERING PRICE:
Class A ($10.37 [divided by] 94.25%) $ 11.00
==========================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Value Fund | Annual Report | 9/30/10
Statement of Operations
For the Year Ended 9/30/10
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $6,142) $36,448,201
Interest 100,968
Income from securities loaned, net 48,269
- ------------------------------------------------------------------------------------------
Total investment income $36,597,438
- ------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic fee $ 9,823,916
Performance Adjustment (1,812,321)
Transfer agent fees and expenses
Class A 2,025,384
Class B 54,475
Class C 22,104
Class Y 3,365
Distribution fees
Class A 3,995,228
Class B 67,176
Class C 44,938
Shareholder communications expense 1,153,511
Administrative reimbursements 512,744
Custodian fees 46,998
Registration fees 69,538
Professional fees 212,303
Printing expense 126,483
Fees and expenses of nonaffiliated trustees 60,172
Miscellaneous 95,115
- ------------------------------------------------------------------------------------------
Total expenses $16,501,129
- ------------------------------------------------------------------------------------------
Net expenses $16,501,129
- ------------------------------------------------------------------------------------------
Net investment income $20,096,309
- ------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments $ (300,816)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 2,183
Class action 2,191,363 $ 1,892,730
- ------------------------------------------------------------------------------------------
Change in net unrealized loss on investments $42,561,926
- ------------------------------------------------------------------------------------------
Net gain on investments $44,454,656
- ------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $64,550,965
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/10 25
Statements of Changes in Net Assets
For the Years Ended 9/30/10 and 9/30/09, respectively
Year Ended Year Ended
9/30/10 9/30/09
FROM OPERATIONS:
Net investment income $ 20,096,309 $ 30,034,517
Net realized gain (loss) on investments and foreign
currency transactions 1,892,730 (392,184,971)
Change in net unrealized gain (loss) on investments 42,561,926 103,799,323
- ----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ 64,550,965 $ (258,351,131)
- ----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.13 and $0.20 per share, respectively) $ (19,614,139) $ (34,473,880)
Class B ($0.00 and $0.08 per share, respectively) -- (87,148)
Class C ($0.02 and $0.11 per share, respectively) (11,439) (74,142)
Class Y ($0.17 and $0.25 per share, respectively) (464,073) (1,953,103)
- ----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (20,089,651) $ (36,588,273)
- ----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 32,747,893 $ 35,447,427
Reinvestment of distributions 18,389,243 32,635,153
Cost of shares repurchased (313,899,890) (288,131,948)
- ----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund share
transactions $ (262,762,754) $ (220,049,368)
- ----------------------------------------------------------------------------------------------
Net decrease in net assets $ (218,301,440) $ (514,988,772)
NET ASSETS:
Beginning of year 1,700,985,467 2,215,974,239
- ----------------------------------------------------------------------------------------------
End of year $1,482,684,027 $1,700,985,467
- ----------------------------------------------------------------------------------------------
Undistributed net investment income $ 12,417,938 $ 12,572,373
==============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Value Fund | Annual Report | 9/30/10
'10 Shares '10 Amount '09 Shares '09 Amount
Class A
Shares sold 2,797,315 $ 29,449,210 3,336,175 $ 28,889,586
Reinvestment of distributions 1,751,728 18,287,903 3,671,409 31,904,948
Less shares repurchased (27,042,909) (282,831,187) (26,071,806) (224,943,747)
- ---------------------------------------------------------------------------------------------------------
Net decrease (22,493,866) $(235,094,074) (19,064,222) $(164,149,213)
- ---------------------------------------------------------------------------------------------------------
Class B
Shares sold 25,693 $ 244,671 86,791 $ 697,851
Reinvestment of distributions -- -- 10,401 82,594
Less shares repurchased (339,688) (3,264,426) (516,811) (4,071,493)
- ---------------------------------------------------------------------------------------------------------
Net decrease (313,995) $ (3,019,755) (419,619) $ (3,291,048)
- ---------------------------------------------------------------------------------------------------------
Class C
Shares sold 132,262 $ 1,264,378 146,462 $ 1,138,400
Reinvestment of distributions 1,107 10,516 6,596 52,128
Less shares repurchased (150,184) (1,434,924) (393,750) (2,973,413)
- ---------------------------------------------------------------------------------------------------------
Net decrease (16,815) $ (160,030) (240,692) $ (1,782,885)
- ---------------------------------------------------------------------------------------------------------
Class Y
Shares sold 169,295 $ 1,789,634 540,943 $ 4,721,590
Reinvestment of distributions 8,633 90,824 68,424 595,483
Less shares repurchased (2,515,901) (26,369,353) (6,530,828) (56,143,295)
- ---------------------------------------------------------------------------------------------------------
Net decrease (2,337,973) $ (24,488,895) (5,921,461) $ (50,826,222)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Annual Report | 9/30/10 27
Financial Highlights
Year Year
Ended Ended
9/30/10 9/30/09
Class A
Net asset value, beginning of period $ 10.12 $ 11.44
- -----------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.14 $ 0.17
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.24 (1.29)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.38 $ (1.12)
Distributions to shareowners:
Net investment income (0.13) (0.20)
Net realized gain -- --
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.25 $ (1.32)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.37 $ 10.12
- -----------------------------------------------------------------------------------------------------------------------
Total return* 3.72% (9.49)%
Ratio of net expenses to average net assets+ 1.01% 1.06%
Ratio of net investment income to average net assets+ 1.23% 1.89%
Portfolio turnover rate 111% 53%
Net assets, end of period (in thousands) $1,457,472 $1,649,438
Ratios with reduction for fees paid indirectly:
Net expenses 1.01% 1.06%
Net investment income 1.23% 1.89%
=======================================================================================================================
Year Year
Ended Ended
9/30/08 9/30/07
Class A
Net asset value, beginning of period $ 18.28 $ 18.55
- -----------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.25 $ 0.29
Net realized and unrealized gain (loss) on investments and foreign currency transactions (5.47) 2.60
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (5.22) $ 2.89
Distributions to shareowners:
Net investment income (0.25) (0.30)
Net realized gain (1.37) (2.86)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.84) $ (0.27)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.44 $ 18.28
- -----------------------------------------------------------------------------------------------------------------------
Total return* (30.75)% 17.49%
Ratio of net expenses to average net assets+ 0.94% 0.92%
Ratio of net investment income to average net assets+ 1.73% 1.65%
Portfolio turnover rate 95% 34%
Net assets, end of period (in thousands) $2,082,427 $3,569,146
Ratios with reduction for fees paid indirectly:
Net expenses 0.94% 0.92%
Net investment income 1.73% 1.65%
=======================================================================================================================
Year
Ended
9/30/06
Class A
Net asset value, beginning of period $ 17.55
- -------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.28
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.09
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.37
Distributions to shareowners:
Net investment income (0.25)
Net realized gain (0.12)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.00
- -------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.55
- -------------------------------------------------------------------------------------------------------
Total return* 7.89%
Ratio of net expenses to average net assets+ 0.94%
Ratio of net investment income to average net assets+ 1.44%
Portfolio turnover rate 86%
Net assets, end of period (in thousands) $3,852,832
Ratios with reduction for fees paid indirectly:
Net expenses 0.94%
Net investment income 1.44%
=======================================================================================================
* 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 | 9/30/10
Year Year
Ended Ended
9/30/10 9/30/09
Class B
Net asset value, beginning of period $ 9.24 $ 10.47
- -------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ 0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.20 (1.21)
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.21 $ (1.15)
Distributions to shareowners:
Net investment income -- (0.08)
Net realized gain -- --
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ (1.23)
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.45 $ 9.24
- -------------------------------------------------------------------------------------------------------------------
Total return* 2.27% (10.89)%
Ratio of net expenses to average net assets+ 2.46% 2.57%
Ratio of net investment income (loss) to average net assets+ (0.23)% 0.41%
Portfolio turnover rate 111% 53%
Net assets, end of period (in thousands) $ 5,271 $ 8,057
Ratios with reduction for fees paid indirectly:
Net expenses 2.46% 2.57%
Net investment income (loss) (0.23)% 0.41%
===================================================================================================================
Year Year Year
Ended Ended Ended
9/30/08 9/30/07 9/30/06
Class B
Net asset value, beginning of period $ 16.87 $ 17.36 $ 16.40
- ------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.10 $ 0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions (5.04) 2.39 1.00
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.93) $ 2.49 $ 1.10
Distributions to shareowners:
Net investment income (0.10) (0.12) (0.02)
Net realized gain (1.37) (2.86) (0.12)
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.40) $ (0.49) $ 0.96
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.47 $ 16.87 $ 17.36
- ------------------------------------------------------------------------------------------------------------------------------
Total return* (31.54)% 16.18% 6.74%
Ratio of net expenses to average net assets+ 2.06% 2.05% 2.03%
Ratio of net investment income (loss) to average net assets+ 0.60% 0.53% 0.32%
Portfolio turnover rate 95% 34% 86%
Net assets, end of period (in thousands) $ 13,518 $ 30,378 $37,116
Ratios with reduction for fees paid indirectly:
Net expenses 2.04% 2.02% 2.03%
Net investment income (loss) 0.62% 0.56% 0.32%
==============================================================================================================================
* 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 | 9/30/10 29
Financial Highlights (continued)
Year Year
Ended Ended
9/30/10 9/30/09
Class C
Net asset value, beginning of period $ 9.21 $ 10.43
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ 0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.23 (1.19)
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.24 $ (1.11)
Distributions to shareowners:
Net investment income (0.02) (0.11)
Net realized gain -- --
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.22 $ (1.22)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.43 $ 9.21
- -----------------------------------------------------------------------------------------------------------------
Total return* 2.65% (10.51)%
Ratio of net expenses to average net assets+ 2.16% 2.18%
Ratio of net investment income to average net assets+ 0.08% 0.83%
Portfolio turnover rate 111% 53%
Net assets, end of period (in thousands) $ 4,314 $ 4,371
Ratios with reduction for fees paid indirectly:
Net expenses 2.16% 2.18%
Net investment income 0.08% 0.83%
=================================================================================================================
Year Year Year
Ended Ended Ended
9/30/08 9/30/07 9/30/06
Class C
Net asset value, beginning of period $ 16.84 $ 17.33 $ 16.39
- ------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.07 $ 0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions (5.01) 2.43 1.02
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.91) $ 2.50 $ 1.09
Distributions to shareowners:
Net investment income (0.13) (0.13) (0.03)
Net realized gain (1.37) (2.86) (0.12)
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.41) $ (0.49) $ 0.94
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.43 $ 16.84 $ 17.33
- ------------------------------------------------------------------------------------------------------------------------------
Total return* (31.49)% 16.31% 6.68%
Ratio of net expenses to average net assets+ 1.92% 1.98% 2.03%
Ratio of net investment income to average net assets+ 0.76% 0.58% 0.34%
Portfolio turnover rate 95% 34% 86%
Net assets, end of period (in thousands) $ 7,458 $ 12,606 $ 8,723
Ratios with reduction for fees paid indirectly:
Net expenses 1.91% 1.96% 2.03%
Net investment income 0.77% 0.60% 0.34%
==============================================================================================================================
* 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 | 9/30/10
Year Year
Ended Ended
9/30/10 9/30/09
Class Y
Net asset value, beginning of period $ 10.21 $ 11.54
- ----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.28 $ 0.30
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.14 (1.38)
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.42 $ (1.08)
Distributions to shareowners:
Net investment income (0.17) (0.25)
Net realized gain -- --
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.25 $ (1.33)
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.46 $ 10.21
- ----------------------------------------------------------------------------------------------------------------
Total return* 4.12% (9.00)%
Ratio of net expenses to average net assets+ 0.59% 0.54%
Ratio of net investment income to average net assets+ 1.63% 2.51%
Portfolio turnover rate 111% 53%
Net assets, end of period (in thousands) $15,628 $39,120
Ratios with reduction for fees paid indirectly:
Net expenses 0.59% 0.54%
Net investment income 1.63% 2.51%
================================================================================================================
Year Year Year
Ended Ended Ended
9/30/08 9/30/07 9/30/06
Class Y
Net asset value, beginning of period $ 18.42 $ 18.67 $ 17.59
- -------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.33 $ 0.39 $ 0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions (5.54) 2.59 1.11
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (5.21) $ 2.98 $ 1.44
Distributions to shareowners:
Net investment income (0.30) (0.37) (0.24)
Net realized gain (1.37) (2.86) (0.12)
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.88) $ (0.25) $ 1.08
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.54 $ 18.42 $ 18.67
- -------------------------------------------------------------------------------------------------------------------------------
Total return* (30.50)% 17.92% 8.31%
Ratio of net expenses to average net assets+ 0.53% 0.54% 0.55%
Ratio of net investment income to average net assets+ 2.12% 2.04% 1.84%
Portfolio turnover rate 95% 34% 86%
Net assets, end of period (in thousands) $112,571 $238,308 $333,884
Ratios with reduction for fees paid indirectly:
Net expenses 0.53% 0.54% 0.55%
Net investment income 2.12% 2.04% 1.84%
===============================================================================================================================
* 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 | 9/30/10 31
Notes to Financial Statements | 9/30/10
1. Organization and Significant Accounting Policies
Pioneer Value Fund (the Fund) is a Delaware statutory trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is reasonable income
and capital growth.
The Fund offers four classes of shares designated as Class A, Class B, Class C,
and Class Y shares. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
32 Pioneer Value Fund | Annual Report | 9/30/10
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 year. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued at
the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued at the mean between
the last bid and asked prices. Securities for which market prices and/or
quotations are not readily available or are considered to be unreliable are
valued using fair value methods pursuant to procedures adopted by the Board
of Trustees.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At September 30, 2010, 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.
Pioneer Value Fund | Annual Report | 9/30/10 33
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
At September 30, 2010, The fund had a net capital loss carryforward of
$722,904,359, of which the following amounts will expire between 2017 and
2018 if not utilized: $403,358,897 in 2017 and $319,545,462 in 2018.
The Fund has elected to defer $119,558 in capital losses recognized between
November 1, 2009 and September 30, 2010 to its fiscal year ending September
30, 2011.
At September 30, 2010, the Fund has reclassified $161,093 to decrease
undistributed net investment income and $161,093 to decrease accumulated net
realized loss on investments, to reflect permanent book/tax differences. The
reclassification has no impact on the net assets of the Fund and presents the
Fund's capital accounts on a tax basis.
34 Pioneer Value Fund | Annual Report | 9/30/10
The tax character of distributions paid during the years ended September 30,
2010 and September 30, 2009 was as follows:
2010 2009
Distributions paid from:
Ordinary income $20,089,651 $36,588,273
Long-term capital gain -- --
- ------------------------------------------------------------
Total $20,089,651 $36,588,273
============================================================
The following shows the components of distributable earnings on a federal
income tax basis at September 30, 2010:
2010
Distributable earnings:
Undistributed ordinary income $ 12,417,938
Capital loss carryforward (722,904,359)
Current year post-October loss deferred (119,558)
Unrealized appreciation 22,481,932
- ------------------------------------------------------------
Total $(688,124,047)
============================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 7).
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 $86,954 in underwriting commissions on the sale of Class
A shares during the year ended September 30, 2010.
Pioneer Value Fund | Annual Report | 9/30/10 35
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 period, the Fund recognized gains of $2,191,363 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 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
36 Pioneer Value Fund | Annual Report | 9/30/10
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. If the required market value of the collateral is less than the
fair value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of
business on that day. The Fund has the right, under the lending agreement,
to terminate the loan and recover the securities from the borrower with
prior notice. The Fund is required to return the cash collateral to the
borrower and could suffer a loss if the value of the collateral, as
invested, has declined.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. PIM receives a basic fee that is calculated at the annual rate of
0.60% of the Fund's average daily net assets up to $5 billion, 0.575% on the
next $5 billion and 0.55% on the excess over $10 billion. The basic fee can
increase or decrease by a maximum of 0.10% based on the investment performance
of the Fund's Class A shares as compared to the Russell 1000 Value Index. The
performance comparison is made for a rolling 36-month period. In addition,
Pioneer contractually limits any positive adjustment of the Fund's management
fee to 0.10% of the Fund's average daily net assets on an annual basis (i.e.,
to a maximum of 0.70% after the performance adjustment). For the year ended
September 30, 2010, the aggregate performance adjustment resulted in a decrease
to the basic fee of $1,812,321. For the year ended September 30, 2010, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.49% of the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$26,744 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2010.
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, 2010, such out-of-pocket expenses by class of
shares were as follows:
Pioneer Value Fund | Annual Report | 9/30/10 37
Shareholder Communications:
Class A $1,138,224
Class B 5,968
Class C 5,057
Class Y 4,262
- -------------------------------------------
Total $1,153,511
===========================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $227,755, in transfer agent fees and out-of-pocket
reimbursements payable to PIMSS at September 30, 2010.
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 is $10,289 in distribution fees payable to PFD at September 30,
2010.
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, 2010, CDSCs in the amount of
$6,221 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended September 30, 2010, the Fund's expenses
were not reduced under such arrangements.
38 Pioneer Value Fund | Annual Report | 9/30/10
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, 2010, the Fund had no borrowings under this agreement.
7. Forward Foreign Currency Contracts
At September 30, 2010, the Fund had entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. The number of contracts
open during the one month in the year ended September 30, 2010 was 52,799. As
of September 30, 2010, the Fund had no outstanding portfolio or settlement
hedges.
8. Pending Litigation
The Fund currently is involved in a litigation matter in Germany. The Fund
believes the claim is without merit and is defending it vigorously. 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.
Pioneer Value Fund | Annual Report | 9/30/10 39
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
The effect of derivative instruments on the Statement of Operations for the
year ended September 30, 2010 was as follows:
Derivatives Not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments or (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification On Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
Foreign Exchange Contracts Net realized gain on forward $2,183
foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
10. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
40 Pioneer Value Fund | Annual Report | 9/30/10
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, 2010, 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, 2010, 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, 2010, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst + Young LLP
Boston, Massachusetts
November 24, 2010
Pioneer Value Fund | Annual Report | 9/30/10 41
ADDITIONAL INFORMATION (unaudited)
For the year ended September 30, 2010, 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 2010 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100.0%.
42 Pioneer Value Fund | Annual Report | 9/30/10
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Fund within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a trustee of each of the 57 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a trustee of 44 U.S. registered investment portfolios for which
Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
Pioneer Value Fund | Annual Report | 9/30/10 43
Interested Trustees
Position Held Length of Service
Name and Age with the Fund and Term of Office
John F. Cogan, Jr. (84)* 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 (52)* 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 Held by this Trustee
John F. Cogan, Jr. (84)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman 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 direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund (Rus-
sia) (until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (since 2004); Director of Fidu-
ciary 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 (52)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM (2005
- 2007)
- ----------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
44 Pioneer Value Fund | Annual Report | 9/30/10
Independent Trustees
Position Held Length of Service
Name and Age with the Fund and Term of Office
David R. Bock (66) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 1997.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
David R. Bock (66) Interim Chief Executive Officer, Oxford Analytica, Inc. (privately Director of Enterprise Com-
held research and consulting company) (2010 - present); Man- munity Investment, Inc.
aging Partner, Federal City Capital Advisors (corporate advisory (privately held affordable
services company) (1997 - 2004 and 2008 - present); Execu- housing finance company)
tive Vice President and Chief Financial Officer, I-trax, Inc. (pub- (1985 - present); Director
licly traded health care services company) (2004 - 2007); and of Oxford Analytica, Inc.
Executive Vice President and Chief Financial Officer, Pedestal Inc. (2008 - present); and
(internet-based mortgage trading company) (2000 - 2002) Director of New York Mort-
gage Trust (publicly traded
mortgage REIT) (2004 -
2009)
- -------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) President, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Managing Director, Federal Housing tional, Inc. (2008 -
Finance Board (oversight of Federal Home Loan Bank system) present); Director of Dis-
(1989 - 1991); Vice President and Head of International cover Financial Services
Finance, Federal National Mortgage Association (1988 - 1989); (credit card issuer and elec-
U.S. Alternate Executive Director, International Monetary Fund tronic payment services)
(1984 - 1988); Executive Assistant to Deputy Secretary of the (2007 - present); Former
U.S. Treasury, U.S. Treasury Department (1982 - 1984); and Director of Briggs & Stratton
Vice President and Team Leader in Corporate Banking, Bankers Co. (engine manufacturer)
Trust Co. (1976 - 1982) (2004 - 2009); Director of
UAL Corporation (airline
holding company) (2006 -
present); Director of Man-
Tech International Corpora-
tion (national security,
Pioneer Value Fund | Annual Report | 9/30/10 45
Independent Trustees (continued)
Position Held Length of Service
Name and Age with the Fund and Term of Office
Mary K. Bush (continued)
- ----------------------------------------------------------------------
Benjamin M. Friedman (65) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
- -------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (65) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
- -------------------------------------------------------------------------------------------------------------------------
46 Pioneer Value Fund | Annual Report | 9/30/10
Position Held Length of Service
Name and Age with the Fund and Term of Office
Margaret B.W. Graham (63) Trustee Trustee since 1990.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Thomas J. Perna (59) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 1982.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 1993.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
Margaret B.W. Graham (63) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (59) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
Private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
- ------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and Member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
- ------------------------------------------------------------------------------------------------------------------------------
Pioneer Value Fund | Annual Report | 9/30/10 47
Fund Officers
Position Held Length of Service
Name and Age with the Fund and Term of Office
Christopher J. Kelley (45) Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Thomas Reyes (47) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2000. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2002. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
Christopher J. Kelley (45) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
- ----------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
- ----------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
- ----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) 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 (45) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
48 Pioneer Value Fund | Annual Report | 9/30/10
Position Held Length of Service
Name and Age with the Fund and Term of Office
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
David F. Johnson (30) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager -- Institutional Investor Services at State
Street Bank from March 2003 to March 2007
- ------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
- ------------------------------------------------------------------------------------------------------------------
Pioneer Value Fund | Annual Report | 9/30/10 49
This page for your notes.
50 Pioneer Value Fund | Annual Report | 9/30/10
This page for your notes.
Pioneer Value Fund | Annual Report | 9/30/10 51
This page for your notes.
52 Pioneer Value Fund | Annual Report | 9/30/10
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 preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(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.
Fees for audit services provided to the Fund, including fees associated with
the filings of its Form N-1A, totaled approximately $38,686 in
2010 and approximately $37,000 in 2009.
(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.
There were no fees for audit-related services provided to the Fund
during the fiscal years ended September 30, 2010 and 2009.
(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.
Fees for tax compliance services, primarily for tax returns,
totaled $8,290 in 2010 and $8,290 in 2009.
(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.
There were no fees for other services provided to the Fund
during the fiscal years ended September 30, 2010 and 2009.
(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 Funds 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, 2010 and 2009, there were no services provided
to an affiliate that required the Funds 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 2010 and $8,290 in 2009.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Value Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date November 29, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date November 29, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date November 29, 2010
* Print the name and title of each signing officer under his or her signature.