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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01835
Pioneer Value Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: September 30
Date of reporting period: October 1, 2008 through March 31, 2009
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Value Fund
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Semiannual Report | March 31, 2009
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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 26
Notes to Financial Statements 34
Trustees, Officers and Service Providers 41
Pioneer Value Fund | Semiannual Report | 3/31/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have been experiencing one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated team approach and is designed to carefully balance risk and reward.
While we
2 Pioneer Value Fund | Semiannual Report | 3/31/09
see potential chances for making money in many corners of the market, it takes
research and experience to separate solid investment opportunities from
speculation.
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. Thank you for investing with Pioneer.
Respectfully,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Value Fund | Semiannual Report | 3/31/09 3
Portfolio Management Discussion | 3/31/09
In the following discussion, Rod Wright, lead portfolio manager, reviews
recent market events and discusses the factors that affected Pioneer Value
Fund's performance during the six-month period ended March 31, 2009
Q How did the U.S. stock market perform during the six-months ended March 31,
2009?
A Stocks generated an extremely poor performance during the six months ended
March 31, 2009, as measured by the -35.22% return of the Fund's benchmark,
the Russell 1000 Value Index. Investors remained highly risk-averse in an
environment characterized by slowing economic growth, rising unemployment,
and the U.S. government's often muddled approach to alleviating the financial
crisis. Perhaps the most significant factor prompting investors to avoid
equities during the period was the fact that there emerged few signs that the
downturn in the economy was decelerating. In fact, many leading economic
indicators, such as housing prices and the unemployment rate, continued to
worsen as the winter months progressed. Stocks managed to close the six-month
period with a strong rally in the final three weeks of March, but the market
nevertheless finished the six months ended March 31, 2009, deeply in the red.
Value stocks underperformed growth stocks over the period, perhaps reflecting
investors' preference for companies seen as having the more reliable
earnings.
Q How did the Fund perform during the six months ended March 31, 2009?
A Class A shares of Pioneer Value Fund produced a return of -30.26% at net
asset value during the six months ended March 31, 2009. While the result
certainly was disappointing to us, the Fund did manage to outperform its
benchmark, the Russell 1000 Value Index (the Russell Index), over the six
months. The Russell Index, as we noted above, returned -35.22% during the six
months ended March 31, 2009. The Fund also outpaced the average return of
-32.00% for the 608 funds in Lipper's Large-Cap Value Fund category over the
same six-month period.
The current management team took over the Fund on April 30, 2008, meaning
that we have been at the helm for 11 of the past 12 months. Upon assuming
the Fund's management duties, we sought to reverse its previous
underperformance by taking three steps: first, we cut the Fund's exposure
to many of its underperforming positions; second, we added higher-quality
holdings to improve the overall strength of the Fund's portfolio; and,
third, we increased diversification in an attempt to reduce risk. This
approach aided the Fund's performance relative to the Russell Index during
both the
4 Pioneer Value Fund | Semiannual Report | 3/31/09
six-month and one-year periods ended March 31, 2009. (The Fund's 12-month
return of -38.44% at net asset value for Class A shares outpaced the
-42.42% return of the Russell Index over the same 12-month period.)
Q What were some of the broad factors that helped the Fund's performance during
the six-month period ended March 31, 2009?
A The Fund was helped by both sector allocations and stock selection during the
six-month period. In terms of allocations, the Fund's performance relative to
the Russell Index was boosted by the fact that it held an underweight in
financials. While the benchmark held an average weight of nearly 22.5% in the
troubled sector during the period, the Fund's average weight was nearly six
percentage points less, at 16.7%. Given that financials was the
worst-performing sector in the Russell Index, with a loss of nearly 54% --
more than 18 percentage points worse than the broader market -- the Fund's
underweight was a significant positive for relative performance over the six
months ended March 31, 2009.
In terms of general stock selection, the Fund benefited from avoiding many
of the worst-performing stocks in the market. Because we select stocks for
the Fund based not only on fundamentals and valuations, but also on the
quality of the businesses in which each portfolio holding operates, the
Fund was able to dodge many potential landmines during the period. We try
to avoid companies in businesses that are highly cyclical, lack pricing
power, and have low profit margins and returns on equity. This typically
leads us to avoid purchasing companies for the Fund in classic "value"
sectors, such as airlines or steel, and instead to focus the Fund's assets
on high-margin businesses, such as technology companies Cisco Systems and
Microsoft, especially when they can be purchased at attractive valuations.
In our view, this is the best way to manage a value portfolio, and not just
during a recessionary period, but across full market cycles. We believe the
focus on quality assisted the Fund's benchmark-relative performance during
the six-month period ended March 31, 2009.
Q What specific factors, such as individual stock selection, aided the Fund's
performance during the six-month period ended March 31, 2009?
A When discussing performance, it is important to keep in mind that we're
looking at how the Fund fared relative to the benchmark Russell Index.
However, as would be expected amid such a difficult time for the markets,
virtually all of the Fund's holdings lost ground on an absolute basis -- a
disappointing outcome.
On a relative basis, the Fund generated the largest margin of
outperformance versus the benchmark in the financials sector. Upon taking
over the Fund last year, we elected to sell all portfolio holdings that we
believed were at risk due to the evolving financial crisis. Included in the
group were AIG,
Pioneer Value Fund | Semiannual Report | 3/31/09 5
Lehman Brothers, Freddie Mac and Fannie Mae, Citigroup, Bank of America,
and Morgan Stanley. All of those stocks subsequently cratered in the second
half of 2008, and so the decision to sell them added a great deal of value
to the Fund's relative performance. We instead focused the Fund's positions
within financials on stocks with more reliable revenues and lower credit
risk, including asset managers, insurance companies, and exchange stocks.
While those holdings all delivered negative returns, they held up much
better than the overall financials sector during the six-month period,
which was a positive for the Fund. On the negative side, the Fund's overall
performance in financials was hampered somewhat by a large position in the
insurer Unum Group, which fell by nearly 50% during the period.
The next-best sector was industrials, where again the Fund was helped both
by what it owned as well as what it did not. The Fund benefited from
holding positions in a number of stocks that outperformed the poor return
of the broader industrials sector. Included in the group were 3M, Northrop
Grumman, and W.W. Grainger, which sells products used for facilities
management -- a relatively recession-resistant business. On the other side
of the ledger, the Fund benefited from an underweight, relative to the
Russell Index, in General Electric (GE). Our case for not owning GE was
that its large financials business meant that it was potentially exposed to
as much credit risk as several enterprises typically categorized as
financials stocks. Underweighting GE paid off for the Fund, as the stock
has declined sharply during the past year.
The Fund's performance also benefited from a position in Verizon
Communications, whose stock declined only modestly in a bad market, and
Schering-Plough, the pharmaceutical giant that received a takeover bid from
Merck in early March of 2009.
Q What elements of the Fund's positioning hurt its performance during the
six-month period ended March 31, 2009?
A The Fund generated meaningful underperformance in two sectors during the
six-month period: health care and energy. In the former, the largest source
of underperformance was the Fund's underweight or zero-weightings in a number
of pharmaceutical stocks. The sector outperformed the broader market by a
wide margin during the six-month period, reflecting the fact that it is
typically one of the least economically sensitive sectors in the market. The
Fund also was hurt by holding a position in medical device maker Medtronic,
which lost more than 40%. That was more than double the average decline of
the broader health care sector. Medtronic fell after lowering its guidance
for 2009 earnings.
In energy, the largest hit to the Fund's performance came from its large
underweight in Exxon Mobil. With an average weight of about 7.7% during the
six-month period, the stock is by far the largest single position in the
6 Pioneer Value Fund | Semiannual Report | 3/31/09
benchmark Russell Index. The Fund's weighting in Exxon Mobil was less than
half that of the benchmark, meaning that the Fund was not able fully to
take advantage of the fact that Exxon Mobil's return of -11.4% was well
above the average return for both the overall energy sector and the broader
market during the six-month period ended March 31, 2009. The Fund's
underweight cost it more than a full percentage point of relative
performance versus the Russell Index.
Q Do you have any closing thoughts for investors?
A We believe the Fund was well-positioned for the type of environment that
characterized the past six months ended March 31, 2009, as our focus on
quality was in synch with investors' desire to seek shelter in stocks with
strong balance sheets, stable earnings power, high profit margins, and
attractive valuations. An emphasis on quality can be a double-edged sword, of
course, since the Fund can underperform its benchmark during rapidly rising,
momentum-driven markets that favor lower-quality companies, as was the case
in March 2009. Still, we aren't going to try to hit "home runs" by guessing
which stocks will avoid bankruptcy and survive the financial crisis. Instead,
our goal is to build a good portfolio for the Fund, featuring higher-quality
companies that we believe can deliver long-term outperformance. We believe
this approach will hold the Fund in good stead through what will likely be a
long and unsteady process of economic recovery.
Pioneer Value Fund | Semiannual Report | 3/31/09 7
Please refer to the Schedule of Investments on pages 17-25 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
8 Pioneer Value Fund | Semiannual Report | 3/31/09
Portfolio Summary | 3/31/09
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 90.3%
Temporary Cash Investments 9.7%
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]
Health Care 17.7%
Financials 15.6%
Energy 14.9%
Consumer Staples 12.6%
Industrials 9.7%
Information Technology 8.1%
Consumer Discretionary 7.2%
Telecommunication Services 6.7%
Utilities 5.0%
Materials 2.5%
10 Largest Holdings
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(As a percentage of equity holdings)*
1. Chevron Corp. 4.70%
2. Verizon Communications, Inc. 4.16
3. Exxon Mobil Corp. 3.59
4. Johnson & Johnson 3.55
5. Unum Group 3.18
6. AT&T Corp. 2.52
7. Apache Corp. 2.29
8. Pfizer, Inc. 2.24
9. J.P. Morgan Chase & Co. 1.93
10. Amgen, Inc. 1.88
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
Pioneer Value Fund | Semiannual Report | 3/31/09 9
Prices and Distributions | 3/31/09
Net Asset Value per Share
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- --------------------------------------------------------------------------------
Class 3/31/09 9/30/08
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A 7.86 $ 11.44
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B 7.19 $ 10.47
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C 7.17 $ 10.43
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Y 7.93 $ 11.54
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Distributions per Share: 10/1/08-3/31/09
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.1303 $-- $--
- --------------------------------------------------------------------------------
B $ 0.0673 $-- $--
- --------------------------------------------------------------------------------
C $ 0.0857 $-- $--
- --------------------------------------------------------------------------------
Y $ 0.1588 $-- $--
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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" charts on
pages 11-14.
10 Pioneer Value Fund | Semiannual Report | 3/31/09
Performance Update | 3/31/09 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund at public offering price, compared to
that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of March 31, 2009)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
10 Years -1.17% -1.76%
5 Years -6.80 -7.90
1 Year -38.44 -41.99
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
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0.94% 0.94%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
----------- ------------
3/99 9425 10000
10717 10634
3/01 11057 10662
11266 11130
3/03 8653 8593
11914 12101
3/05 13060 13694
14289 15517
3/07 15980 18128
13607 16317
3/09 8377 9396
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 | Semiannual Report | 3/31/09 11
Performance Update | 3/31/09 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years -2.30% -2.30%
5 Years -7.81 -7.81
1 Year -39.27 -41.67
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009)
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Gross Net
- --------------------------------------------------------------------------------
2.06% 2.06%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
----------- ------------
3/99 10000 10000
11226 10634
3/01 11451 10662
11545 11130
3/03 8760 8593
11894 12101
3/05 12930 13694
14001 15517
3/07 15486 18128
13045 16317
3/09 7922 9396
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus
for details.
Note: Shares purchased prior to December 1, 2004 remain subject to the CDSC in
effect at the time you purchased those shares. For performance information for
shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Value Fund | Semiannual Report | 3/31/09
Performance Update | 3/31/09 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years -2.26% -2.26%
5 Years -7.77 -7.77
1 Year -39.04 -39.04
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.92% 1.92%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
----------- ------------
3/99 10000 10000
11240 10634
3/01 11454 10662
11536 11130
3/03 8752 8593
11919 12101
3/05 12921 13694
13992 15517
3/07 15474 18128
13050 16317
3/09 7955 9396
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 | Semiannual Report | 3/31/09 13
Performance Update | 3/31/09 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years -0.97% -0.97%
5 Years -6.43 -6.43
1 Year -38.17 -38.17
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
0.53% 0.53%
- --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
----------- ------------
3/99 10000 10000
11371 10634
3/01 11732 10662
11953 11130
3/03 9181 8593
12641 12101
3/05 13906 13694
15285 15517
3/07 17156 18128
14668 16317
3/09 9069 9396
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Y shares reflects
the NAV performance of the Fund's Class A shares. The performance does not
reflect differences in expenses, including the 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
(8/11/04) 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 | Semiannual Report | 3/31/09
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Value Fund
Based on actual returns from October 1, 2008 through March 31, 2009.
- --------------------------------------------------------------------------------------
Share Class A B C Y
- --------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 10/1/08
- --------------------------------------------------------------------------------------
Ending Account $ 697.40 $ 692.60 $ 694.90 $ 699.70
Value on 3/31/09
- --------------------------------------------------------------------------------------
Expenses Paid $ 4.36 $ 10.13 $ 8.66 $ 2.29
During Period*
- --------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.03%, 2.40%,
2.05% and 0.54% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
Pioneer Value Fund | Semiannual Report | 3/31/09 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 October 1, 2008 through March 31, 2009.
- --------------------------------------------------------------------------------------
Share Class A B C Y
- --------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 10/1/08
- --------------------------------------------------------------------------------------
Ending Account $ 1,019.80 $ 1,012.96 $ 1,014.71 $ 1,022.24
Value on 3/31/09
- --------------------------------------------------------------------------------------
Expenses Paid $ 5.19 $ 12.04 $ 10.30 $ 2.72
During Period*
- --------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.03%, 2.40%,
2.05%, and 0.54%, for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
16 Pioneer Value Fund | Semiannual Report | 3/31/09
Schedule of Investments | 3/31/09 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS -- 97.8%
ENERGY -- 14.6%
Integrated Oil & Gas -- 8.1%
961,600 Chevron Corp. $ 64,657,984
725,600 Exxon Mobil Corp. (b) 49,413,360
--------------
$ 114,071,344
- --------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.0%
235,500 Transocean Ltd.*(b) $ 13,856,820
- --------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.2%
409,500 Halliburton Co.*(b) $ 6,334,965
883,400 Weatherford International, Inc.*(b) 9,779,238
--------------
$ 16,114,203
- --------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 3.9%
491,100 Apache Corp. $ 31,474,599
770,758 XTO Energy, Inc. 23,600,610
--------------
$ 55,075,209
- --------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.4%
970,000 El Paso Corp. (b) $ 6,062,500
--------------
Total Energy $ 205,180,076
- --------------------------------------------------------------------------------
MATERIALS -- 2.5%
Diversified Metals & Mining -- 0.6%
230,900 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 8,799,599
- --------------------------------------------------------------------------------
Gold -- 1.9%
304,400 Agnico Eagle Mines Ltd. (b) $ 17,326,448
192,466 Newmont Mining Corp. 8,614,778
--------------
$ 25,941,226
--------------
Total Materials $ 34,740,825
- --------------------------------------------------------------------------------
CAPITAL GOODS -- 7.0%
Aerospace & Defense -- 3.4%
175,000 Boeing Co. (b) $ 6,226,500
500,000 Northrop Grumman Corp.* 21,820,000
462,300 United Technologies Corp. 19,869,654
--------------
$ 47,916,154
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 2.8%
395,500 3M Co. $ 19,664,260
2,000,000 General Electric Co. (b) 20,220,000
--------------
$ 39,884,260
- --------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
150,000 W.W. Grainger, Inc. $ 10,527,000
--------------
Total Capital Goods $ 98,327,414
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 17
Schedule of Investments | 3/31/09 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.3%
Environmental & Facilities Services -- 1.3%
720,166 Waste Management, Inc.*(b) $ 18,436,250
--------------
Total Commercial Services & Supplies $ 18,436,250
- --------------------------------------------------------------------------------
TRANSPORTATION -- 1.2%
Railroads -- 1.2%
512,003 Norfolk Southern Corp. (b) $ 17,280,101
--------------
Total Transportation $ 17,280,101
- --------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
105,700 Johnson Controls, Inc. $ 1,268,400
--------------
Total Automobiles & Components $ 1,268,400
- --------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Footwear -- 0.2%
55,300 Nike, Inc. $ 2,593,017
--------------
Total Consumer Durables & Apparel $ 2,593,017
- --------------------------------------------------------------------------------
MEDIA -- 4.2%
Cable & Satellite -- 0.4%
201,217 Time Warner Cable, Inc.* $ 4,990,182
- --------------------------------------------------------------------------------
Movies & Entertainment -- 3.8%
880,900 The Walt Disney Co. (b) $ 15,997,144
801,633 Time Warner, Inc. 15,471,523
1,284,900 Viacom, Inc. (Class B)*(b) 22,331,562
--------------
$ 53,800,229
--------------
Total Media $ 58,790,411
- --------------------------------------------------------------------------------
RETAILING -- 2.5%
Apparel Retail -- 0.9%
1,007,200 Gap, Inc. $ 13,083,528
--------------
Department Stores -- 0.3%
205,800 J.C. Penney Co., Inc. (b) $ 4,130,406
--------------
Home Improvement Retail -- 1.3%
800,000 Home Depot, Inc. $ 18,848,000
--------------
Total Retailing $ 36,061,934
- --------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 4.4%
Drug Retail -- 1.0%
492,600 CVS/Caremark Corp. $ 13,541,574
- --------------------------------------------------------------------------------
Food Retail -- 2.0%
680,770 Kroger Co. (b) $ 14,445,939
691,300 Safeway, Inc. (b) 13,957,347
--------------
$ 28,403,286
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Value Fund | Semiannual Report | 3/31/09
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Hypermarkets & Supercenters -- 1.4%
375,000 Wal-Mart Stores, Inc. $ 19,537,500
--------------
Total Food & Drug Retailing $ 61,482,360
- --------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.9%
Packaged Foods & Meats -- 2.5%
407,038 General Mills, Inc. $ 20,303,055
705,200 Kraft Foods, Inc. 15,718,908
--------------
$ 36,021,963
- --------------------------------------------------------------------------------
Soft Drinks -- 2.3%
455,800 Coca-Cola Co. $ 20,032,410
237,700 PepsiCo, Inc. 12,236,796
--------------
$ 32,269,206
- --------------------------------------------------------------------------------
Tobacco -- 3.1%
800,000 Altria Group, Inc. (b) $ 12,816,000
240,100 Lorillard, Inc. 14,823,774
446,100 Philip Morris International, Inc. 15,872,238
--------------
$ 43,512,012
--------------
Total Food, Beverage & Tobacco $ 111,803,181
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.1%
Health Care Distributors -- 1.0%
445,107 Cardinal Health, Inc. $ 14,011,968
- --------------------------------------------------------------------------------
Health Care Equipment -- 2.7%
744,600 Medtronic, Inc. $ 21,943,362
453,500 Zimmer Holdings, Inc.* 16,552,750
--------------
$ 38,496,112
- --------------------------------------------------------------------------------
Managed Health Care -- 1.4%
292,100 Aetna, Inc. $ 7,106,793
415,400 CIGNA Corp. 7,306,886
150,000 Wellpoint, Inc.* 5,695,500
--------------
$ 20,109,179
--------------
Total Health Care Equipment & Services $ 72,617,259
- --------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 12.2%
Biotechnology -- 1.9%
523,700 Amgen, Inc.* $ 25,933,624
- --------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.4%
561,900 Thermo Fisher Scientific, Inc.*(b) $ 20,042,973
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 19
Schedule of Investments | 3/31/09 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Pharmaceuticals -- 8.9%
211,800 Abbott Laboratories Ltd. $ 10,102,860
654,100 Bristol-Myers Squibb Co. 14,337,872
930,076 Johnson & Johnson 48,921,998
800,000 Merck & Co., Inc. 21,400,000
2,264,800 Pfizer, Inc. 30,846,576
--------------
$ 125,609,306
--------------
Total Pharmaceuticals & Biotechnology $ 171,585,903
- --------------------------------------------------------------------------------
BANKS -- 2.6%
Diversified Banks -- 0.5%
481,300 Wells Fargo & Co. (b) $ 6,853,712
- --------------------------------------------------------------------------------
Regional Banks -- 1.3%
454,200 First Horizon National Corp.*(b) $ 4,878,108
344,900 PNC Bank Corp. 10,102,121
361,517 Zions Bancorporation (b) 3,553,712
--------------
$ 18,533,941
- --------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.8%
994,000 New York Community Bancorp, Inc. (b) $ 11,063,220
--------------
Total Banks $ 36,450,873
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.6%
Asset Management & Custody Banks -- 3.9%
330,700 Franklin Resources, Inc. $ 17,814,809
1,448,966 Invesco Ltd. 20,082,669
619,100 The Bank of New York Mellon Corp. 17,489,575
--------------
$ 55,387,053
- --------------------------------------------------------------------------------
Diversified Financial Services -- 1.9%
1,000,000 J.P. Morgan Chase & Co. $ 26,580,000
- --------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
67,900 Goldman Sachs Group, Inc. $ 7,198,758
- --------------------------------------------------------------------------------
Specialized Finance -- 1.3%
71,900 CME Group, Inc. (b) $ 17,715,441
--------------
Total Diversified Financials $ 106,881,252
- --------------------------------------------------------------------------------
INSURANCE -- 5.1%
Insurance Brokers -- 0.3%
193,300 Marsh & McLennan Co., Inc.* $ 3,914,325
- --------------------------------------------------------------------------------
Life & Health Insurance -- 3.1%
3,500,000 Unum Group $ 43,750,000
- --------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.7%
559,800 Chubb Corp. $ 23,690,736
--------------
Total Insurance $ 71,355,061
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Value Fund | Semiannual Report | 3/31/09
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.1%
Systems Software -- 2.1%
954,100 Microsoft Corp. $ 17,526,817
669,700 Oracle Corp.* 12,101,479
--------------
$ 29,628,296
--------------
Total Software & Services $ 29,628,296
- --------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.4%
Communications Equipment -- 1.5%
1,280,200 Cisco Systems, Inc.* $ 21,468,954
- --------------------------------------------------------------------------------
Computer Hardware -- 1.9%
746,000 Dell, Inc.* $ 7,072,080
336,215 Hewlett-Packard Co. 10,779,053
85,100 IBM Corp.*(b) 8,245,339
--------------
$ 26,096,472
--------------
Total Technology Hardware & Equipment $ 47,565,426
- --------------------------------------------------------------------------------
SEMICONDUCTORS -- 2.4%
Semiconductor Equipment -- 0.9%
1,271,200 Applied Materials, Inc. (b) $ 13,665,400
- --------------------------------------------------------------------------------
Semiconductors -- 1.5%
1,386,700 Intel Corp. $ 20,869,835
--------------
Total Semiconductors $ 34,535,235
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.5%
Integrated Telecommunication Services -- 6.5%
1,375,300 AT&T Corp. $ 34,657,560
1,895,400 Verizon Communications, Inc. 57,241,080
--------------
$ 91,898,640
--------------
Total Telecommunication Services $ 91,898,640
- --------------------------------------------------------------------------------
UTILITIES -- 4.9%
Electric Utilities -- 2.4%
400,000 Edison International, LLC $ 11,524,000
200,000 FirstEnergy Corp. (b) 7,720,000
457,800 Southern Co. 14,017,836
--------------
$ 33,261,836
- --------------------------------------------------------------------------------
Gas Utilities -- 0.5%
235,400 Questar Corp. $ 6,927,822
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 21
Schedule of Investments | 3/31/09 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Multi-Utilities -- 2.0%
250,000 NSTAR (b) $ 7,970,000
302,100 Public Service Enterprise Group, Inc. 8,902,887
244,400 Sempra Energy (b) 11,301,056
--------------
$ 28,173,943
--------------
Total Utilities $ 68,363,601
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,858,131,062) $1,376,845,515
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Principal
Amount
- ---------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 10.5%
Repurchase Agreements -- 1.7%
$ 7,750,000 Barclays Plc, 0.24%, dated 3/31/09, repurchase price of
$7,750,000 plus accrued interest on 4/1/09 collateralized
by the following:
$3,677,978 Federal National Mortgage Association,
6.0 - 7.0%, 7/1/37 - 8/1/37
$548,558 Federal Home Loan Mortgage Corp.,
6.505%, 7/1/36
$1,935,898 Freddie Mac Giant, 5.5%, 7/1/37
$1,742,566 Federal National Mortgage Association
(ARM), 4.36%, 4/1/38 $ 7,750,000
7,750,000 Deutsche Bank, 0.25%, dated 3/31/09, repurchase price of
$7,750,000 plus accrued interest on 4/1/09 collateralized
by the following:
$1,466,746 Freddie Mac Giant, 5.5 - 7.0%,
11/1/35 - 7/1/38
$563,438 Federal Home Loan Mortgage Corp.,
5.842 - 6.729%, 5/1/36 - 9/1/36
$506,549 Federal National Mortgage Association (ARM),
5.685 - 6.259%, 6/1/36 - 4/1/37
$4,295,678 Federal National Mortgage Association,
5.5 - 7.5%, 2/1/27 - 12/1/38
$1,072,589 Government National Mortgage Association,
6.0 - 7.0%, 5/15/36 - 2/15/39 7,750,000
7,750,000 JPMorgan, 0.25%, dated 3/31/09, repurchase price of
$7,750,000 plus accrued interest on 4/1/09 collateralized
by $7,873,388 Federal National Mortgage Association,
5.0%, 3/1/38 - 4/1/38 7,750,000
--------------
$ 23,250,000
- ---------------------------------------------------------------------------------------------
Securities Lending Collateral -- 8.8% (c)
Certificates of Deposit:
3,041,891 Abbey National Plc, 1.58%, 8/13/09 $ 3,041,891
3,041,778 Bank of Nova Scotia, 1.58%, 5/5/09 3,041,778
4,864,571 Bank of Scotland NY, 1.45%, 6/5/09 4,864,571
5,475,404 Barclays Bank, 1.13%, 5/27/09 5,475,404
The accompanying notes are an integral part of these financial statements.
22 Pioneer Value Fund | Semiannual Report | 3/31/09
- ---------------------------------------------------------------------------------------------
Principal
Amount Value
- ---------------------------------------------------------------------------------------------
Certificates of Deposit -- (continued):
$ 5,475,404 DnB NOR Bank ASA NY, 1.5%, 6/5/09 $ 5,475,404
5,572,744 Intesa SanPaolo S.p.A., 1.03%, 5/22/09 5,572,744
352,820 Nordea NY, 0.52%, 4/9/09 352,820
4,562,837 Royal Bank of Canada NY, 1.44%, 8/7/09 4,562,837
5,475,404 Svenska Bank NY, 1.73%, 7/8/09 5,475,404
--------------
$ 37,862,853
- ---------------------------------------------------------------------------------------------
Commercial Paper:
6,083,782 Monumental Global Funding, Ltd., 1.64%, 8/17/09 $ 6,083,782
3,041,891 CME Group, Inc., 1.44%, 8/6/09 3,041,891
5,974,274 American Honda Finance Corp., 1.29%, 7/14/09 5,974,274
6,083,782 CBA, 1.31%, 7/16/09 6,083,782
6,083,782 Societe Generale, 1.75%, 9/4/09 6,083,782
6,083,782 U.S. Bank NA, 1.35%, 8/24/09 6,083,782
6,083,782 HSBC Bank, Inc., 1.64%, 8/14/09 6,083,782
1,520,946 IBM, 1.47%, 9/25/09 1,520,946
5,475,404 MetLife Global Funding, 1.71%, 6/12/09 5,475,404
5,475,404 New York Life Global, 1.37%, 9/4/09 5,475,404
5,171,215 Westpac Banking Corp., 0.94%, 6/1/09 5,171,215
--------------
$ 57,078,044
- ---------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
18,251,346 Deutsche Bank, 0.21%, 4/1/09 $ 18,251,346
5,062,254 Barclays Capital Markets, 0.2%, 4/1/09 5,062,254
--------------
$ 23,313,601
- ---------------------------------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------------------------------
Money Market Mutual Fund:
6,083,782 JPMorgan, U.S. Government Money Market Fund $ 6,083,782
--------------
Total Securities Lending Collateral $ 124,338,280
- ---------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $147,588,280) $ 147,588,280
- ---------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 108.3%
(Cost $2,005,719,342) (a) $1,524,433,795
- ---------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (8.3)% $ (116,605,915)
- ---------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,407,827,880
- ---------------------------------------------------------------------------------------------
* Non-income producing security.
(a) At March 31, 2009, the net unrealized loss on investments based on cost
for federal income tax purposes of $2,009,313,618 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 12,260,096
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (497,139,919)
-------------
Net unrealized loss $(484,879,823)
=============
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 23
Schedule of Investments | 3/31/09 (unaudited) (continued)
(b) At March 31, 2009, the following securities were out on loan:
- --------------------------------------------------------------------------------
Shares Description Value
- --------------------------------------------------------------------------------
84,020 Agnico Eagle Mines Ltd. $ 4,782,418
633,400 Altria Group, Inc. 10,147,068
523,100 Applied Materials, Inc. 5,623,325
173,200 Boeing Co. 6,162,456
2,200 CME Group, Inc. 542,058
270,000 El Paso Corp. 1,687,500
20,000 Exxon Mobil Corp. 1,362,000
397,000 First Horizon National Corp.* 4,263,780
76,200 FirstEnergy Corp. 2,941,320
1,290,800 General Electric Co. 13,049,988
104,600 Halliburton Co.* 1,618,162
17,700 IBM Corp.* 1,714,953
46,900 J.C. Penney Co., Inc. 941,283
47,800 Kroger Co. 1,014,316
982,100 New York Community Bancorp, Inc. 10,930,773
189,700 Norfolk Southern Corp. 6,402,375
41,100 NSTAR 1,310,268
2,500 Safeway, Inc. 50,475
138,800 Sempra Energy 6,418,112
38,400 The Walt Disney Co. 697,344
38,000 Thermo Fisher Scientific, Inc.* 1,355,460
80,100 Transocean Ltd.* 4,713,084
300,000 Viacom, Inc. (Class B)* 5,214,000
661,400 Waste Management, Inc.* 16,931,840
309,400 Weatherford International, Inc.* 3,425,058
415,600 Wells Fargo & Co. 5,918,144
357,900 Zions Bancorporation 3,518,157
- --------------------------------------------------------------------------------
Total $122,735,717
- --------------------------------------------------------------------------------
(c) Securities lending collateral is managed by Credit Suisse, New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended March 31, 2009 aggregated $405,640,751 and $496,061,536,
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 accompanying notes are an integral part of these financial statements.
24 Pioneer Value Fund | Semiannual Report | 3/31/09
The following is a summary of the inputs used as of March 31, 2009, in valuing
the Fund's assets:
- --------------------------------------------------------------------------------
Other
Investments Financial
Valuation Inputs in Securities Instruments
- --------------------------------------------------------------------------------
Level 1 -- Quoted Prices $1,376,845,515 $--
Level 2 -- Other Significant Observable Inputs 147,588,280 --
Level 3 -- Significant Unobservable Inputs -- --
- --------------------------------------------------------------------------------
Total $1,524,433,795 $--
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 25
Statement of Assets and Liabilities | 3/31/09 (unaudited)
ASSETS:
Investment in securities, at value (including securities loaned of
$122,735,717) (cost $2,005,719,342) $1,524,433,795
Cash 5,977,319
Receivables --
Investment securities sold 2,430,217
Fund shares sold 234,606
Dividends, interest and foreign taxes withheld 3,014,549
Other 119,487
- ---------------------------------------------------------------------------------------
Total assets $1,536,209,973
- ---------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 2,535,491
Fund shares repurchased 1,141,512
Upon return of securities loaned 124,338,280
Due to affiliates 262,906
Accrued expenses 103,904
- ---------------------------------------------------------------------------------------
Total liabilities $ 128,382,093
- ---------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,531,419,413
Undistributed net investment income 12,909,112
Accumulated net realized loss on investments (655,215,098)
Net unrealized loss on investments (481,285,547)
- ---------------------------------------------------------------------------------------
Total net assets $1,407,827,880
=======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,335,807,943/169,929,269 shares) $ 7.86
Class B (based on $7,371,189/1,024,530 shares) $ 7.19
Class C (based on $4,671,214/651,890 shares) $ 7.17
Class Y (based on $59,977,534/7,563,360 shares) $ 7.93
MAXIMUM OFFERING PRICE:
Class A ($7.86 [divided by] 94.25%) $ 8.34
=======================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Value Fund | Semiannual Report | 3/31/09
Statement of Operations (unaudited)
For the Six Months Ended 3/31/09
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $8,219) $25,319,252
Interest 147,362
Income from securities loaned, net 759,524
- -----------------------------------------------------------------------------------------
Total investment income $ 26,226,138
- -----------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic Fee $ 459,257
Performance Adjustment 3,077,539
Transfer agent fees
Class A 1,192,841
Class B 36,841
Class C 11,412
Class Y 1,830
Distribution fees
Class A 1,856,402
Class B 44,644
Class C 27,359
Shareholder communications expense 628,473
Administrative reimbursements 356,649
Custodian fees 46,793
Registration fees 27,446
Professional fees 104,399
Printing expense 38,625
Fees and expenses of nonaffiliated trustees 41,283
Miscellaneous 58,319
- -----------------------------------------------------------------------------------------
Total expenses $ 8,010,112
Less fees paid indirectly (8,830)
- -----------------------------------------------------------------------------------------
Net expenses $ 8,001,282
=========================================================================================
Net investment income $ 18,224,856
=========================================================================================
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments $(321,897,388)
- -----------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on investments $(357,831,194)
- -----------------------------------------------------------------------------------------
Net loss on investments $(679,728,582)
- -----------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(661,503,726)
- -----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 27
Statements of Changes in Net Assets
For the Six Months Ended 3/31/09 and the Year Ended 9/30/08, respectively
- -----------------------------------------------------------------------------------------------
Six Months
Ended
3/31/09 Year Ended
(unaudited) 9/30/08
- -----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 18,224,856 $ 51,359,252
Net realized loss on investments (321,897,388) (317,845,857)
Change in net unrealized gain (loss) on investments (357,831,194) (822,348,269)
- -----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (661,503,726) $(1,088,834,874)
- -----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.13 and $0.25 per share, respectively) $ (22,834,752) $ (50,294,291)
Class B ($0.07 and $0.10 per share, respectively) (77,564) (160,860)
Class C ($0.09 and $0.13 per share, respectively) (64,131) (97,670)
Class Y ($0.16 and $0.30 per share, respectively) (1,465,403) (3,580,443)
Net realized gain:
Class A ($0.00 and $1.37 per share, respectively) -- (261,794,286)
Class B ($0.00 and $1.37 per share, respectively) -- (2,352,305)
Class C ($0.00 and $1.37 per share, respectively) -- (999,619)
Class Y ($0.00 and $1.37 per share, respectively) -- (16,900,631)
- -----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (24,441,850) $ (336,180,105)
- -----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 20,397,884 $ 107,788,885
Reinvestment of distributions 21,750,994 307,535,467
Cost of shares repurchased (164,349,661) (624,773,394)
- -----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (122,200,783) $ (209,449,042)
- -----------------------------------------------------------------------------------------------
Net decrease in net assets $ (808,146,359) $(1,634,464,021)
NET ASSETS:
Beginning of period 2,215,974,239 3,850,438,260
- -----------------------------------------------------------------------------------------------
End of period $1,407,827,880 $ 2,215,974,239
- -----------------------------------------------------------------------------------------------
Undistributed net investment income $ 12,909,112 $ 19,126,106
- -----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Value Fund | Semiannual Report | 3/31/09
- ---------------------------------------------------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
(unaudited) (unaudited)
- ---------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,905,012 $ 15,997,055 4,706,766 $ 67,233,587
Reinvestment of distributions 2,447,976 21,102,012 18,863,164 293,192,504
Less shares repurchased (16,533,216) (138,773,023) -- --
Redemptions in kind -- -- (36,761,033) (518,107,787)
- ---------------------------------------------------------------------------------------------------------
Net decrease (12,180,228) $(101,673,956) (13,191,103) $(157,681,696)
=========================================================================================================
CLASS B
Shares sold 50,450 $ 395,949 119,790 $ 1,563,555
Reinvestment of distributions 9,279 73,485 159,868 2,297,706
Less shares repurchased (326,319) (2,491,402) (789,625) (10,137,455)
- ---------------------------------------------------------------------------------------------------------
Net decrease (266,590) $ (2,021,968) (509,967) $ (6,276,194)
=========================================================================================================
CLASS C
Shares sold 122,562 $ 941,152 204,198 $ 2,638,167
Reinvestment of distributions 5,503 43,310 50,044 715,039
Less shares repurchased (191,229) (1,412,117) (287,970) (3,701,993)
- ---------------------------------------------------------------------------------------------------------
Net decrease (63,164) $ (427,655) (33,728) $ (348,787)
=========================================================================================================
CLASS Y
Shares sold 360,202 $ 3,063,728 2,572,286 $ 36,353,576
Reinvestment of distributions 61,312 532,187 719,630 11,330,218
Less shares repurchased (2,611,036) (21,673,119) (6,480,001) (92,826,159)
- ---------------------------------------------------------------------------------------------------------
Net decrease (2,189,522) $ (18,077,204) (3,188,085) $ (45,142,365)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 29
Financial Highlights
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/09 Ended Ended Ended Ended Ended
(unaudited) 9/30/08 9/30/07 9/30/06 9/30/05 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.44 $ 18.28 $ 18.55 $ 17.55 $ 18.83 $ 16.25
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.25 $ 0.29 $ 0.28 $ 0.14 $ 0.14
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (3.55) (5.47) 2.60 1.09 2.26 2.62
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ (3.45) $ (5.22) $ 2.89 $ 1.37 $ 2.40 $ 2.76
Distributions to shareowners:
Net investment income (0.13) (0.25) (0.30) (0.25) (0.12) (0.14)
Net realized gain -- (1.37) (2.86) (0.12) (3.56) (0.04)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.58) $ (6.84) $ (0.27) $ 1.00 $ (1.28) $ 2.58
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.86 $ 11.44 $ 18.28 $ 18.55 $ 17.55 $ 18.83
====================================================================================================================================
Total return* (30.26)% (30.75)% 17.49% 7.89% 13.81% 17.04%
Ratio of net expenses to average net assets+ 1.03%** 0.94% 0.92% 0.94% 0.98% 1.02%
Ratio of net investment income to average
net assets+ 2.30%** 1.73% 1.65% 1.44% 0.85% 0.72%
Portfolio turnover rate 51%** 95% 34% 86% 53% 40%
Net assets, end of period (in thousands) $1,335,808 $2,082,427 $3,569,146 $3,852,832 $3,997,849 $3,745,950
Ratios with reduction for fees paid indirectly:
Net expenses 1.03%** 0.94% 0.92% 0.94% 0.97% 1.02%
Net investment income 2.30%** 1.73% 1.65% 1.44% 0.86% 0.72%
- ------------------------------------------------------------------------------------------------------------------------------------
* 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Value Fund | Semiannual Report | 3/31/09
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/09 Ended Ended Ended Ended Ended
(unaudited) 9/30/08 9/30/07 9/30/06 9/30/05 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.47 $ 16.87 $ 17.36 $ 16.40 $ 17.87 $ 15.45
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.11 $ 0.10 $ 0.10 $ (0.04) $ (0.04)
Net realized and unrealized gain (loss) on
investments and foreign
currency transactions (3.26) (5.04) 2.39 1.00 2.13 2.50
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ (3.21) $ (4.93) $ 2.49 $ 1.10 $ 2.09 $ 2.46
Distributions to shareowners:
Net investment income (0.07) (0.10) (0.12) (0.02) -- --
Net realized gain -- (1.37) (2.86) (0.12) (3.56) (0.04)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.28) $ (6.40) $ (0.49) $ 0.96 $ (1.47) $ 2.42
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.19 $ 10.47 $ 16.87 $ 17.36 $ 16.40 $ 17.87
====================================================================================================================================
Total return* (30.74)% (31.54)% 16.18% 6.74% 12.66% 15.95%
Ratio of net expenses to average net assets+ 2.40%** 2.06% 2.05% 2.03% 2.03% 1.89%
Ratio of net investment income (loss) to
average net assets+ 0.93%** 0.60% 0.53% 0.32% (0.21)% (0.15)%
Portfolio turnover rate 51%** 95% 34% 86% 53% 40%
Net assets, end of period (in thousands) $ 7,371 $ 13,518 $ 30,378 $37,116 $51,164 $32,440
Ratios with reduction for fees paid indirectly:
Net expenses 2.40%** 2.04% 2.02% 2.03% 2.02% 1.89%
Net investment income (loss) 0.93%** 0.62% 0.56% 0.32% (0.20)% (0.15)%
- ------------------------------------------------------------------------------------------------------------------------------------
* 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 31
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
3/31/09 Ended Ended Ended Ended Ended
(unaudited) 9/30/08 9/30/07 9/30/06 9/30/05 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.43 $ 16.84 $ 17.33 $ 16.39 $ 17.87 $ 15.49
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.10 $ 0.07 $ 0.07 $ (0.04) $ (0.09)
Net realized and unrealized gain (loss) on
investments and foreign
currency transactions (3.22) (5.01) 2.43 1.02 2.12 2.51
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.17) $ (4.91) $ 2.50 $ 1.09 $ 2.08 $ 2.42
Distributions to shareowners:
Net investment income (0.09) (0.13) (0.13) (0.03) -- --
Net realized gain -- (1.37) (2.86) (0.12) (3.56) (0.04)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.26) $ (6.41) $ (0.49) $ 0.94 $ (1.48) $ 2.38
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.17 $ 10.43 $ 16.84 $ 17.33 $ 16.39 $ 17.87
====================================================================================================================================
Total return* (30.51)% (31.49)% 16.31% 6.68% 12.60% 15.66%
Ratio of net expenses to average net assets+ 2.05%** 1.92% 1.98% 2.03% 2.08% 2.21%
Ratio of net investment income (loss) to average
net assets+ 1.28%** 0.76% 0.58% 0.34% (0.25)% (0.47)%
Portfolio turnover rate 51%** 95% 34% 86% 53% 40%
Net assets, end of period (in thousands) $ 4,671 $ 7,458 $ 12,606 $ 8,723 $ 8,926 $ 9,168
Ratios with reduction for fees paid indirectly:
Net expenses 2.05%** 1.91% 1.96% 2.03% 2.07% 2.20%
Net investment income (loss) 1.28%** 0.77% 0.60% 0.34% ( 0.24)% ( 0.46)%
- ------------------------------------------------------------------------------------------------------------------------------------
* 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Value Fund | Semiannual Report | 3/31/09
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
3/31/09 Ended Ended Ended Ended 8/11/04(a)
(unaudited) 9/30/08 9/30/07 9/30/06 9/30/05 to 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.54 $ 18.42 $ 18.67 $ 17.59 $ 18.84 $ 18.16
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.33 $ 0.39 $ 0.33 $ 0.12 $ 0.02
Net realized and unrealized gain (loss) on
investments and foreign
currency transactions (3.59) ( 5.54) 2.59 1.11 2.37 0.66
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.45) $ (5.21) $ 2.98 $ 1.44 $ 2.49 $ 0.68
Distributions to shareowners:
Net investment income (0.16) (0.30) (0.37) (0.24) (0.18) --
Net realized gain -- (1.37) (2.86) (0.12) (3.56) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (3.61) $ (6.88) $ (0.25) $ 1.08 $ (1.25) $ 0.68
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.93 $ 11.54 $ 18.42 $ 18.67 $ 17.59 $ 18.84
====================================================================================================================================
Total return* (30.03)% (30.50)% 17.92% 8.31% 14.40% 3.74%(b)
Ratio of net expenses to average net assets+ 0.54%** 0.53% 0.54% 0.55% 0.59% 0.61%**
Ratio of net investment income to average
net assets+ 2.79%** 2.12% 2.04% 1.84% 1.50% 1.37%**
Portfolio turnover rate 51%** 95% 34% 86% 53% 40%(b)
Net assets, end of period (in thousands) $ 59,978 $112,571 $238,308 $333,884 $311,272 $ 1,872
Ratios with reduction for fees paid indirectly:
Net expenses 0.54% 0.53% 0.54% 0.55% 0.59% 0.61%**
Net investment income 2.79%** 2.12% 2.04% 1.84% 1.51% 1.37%**
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Class Y Shares were first publicly offered on August 11, 2004. * 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.
(b) Not annualized.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/09 33
Notes to Financial Statements | 3/31/09 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Value Fund (the Fund), is a Delaware statutory trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is reasonable income
and capital growth.
The Fund currently offers four classes of shares designated as Class A, Class
B, Class C, and Class Y shares. Class R shares were first publicly offered on
April 1, 2003 and ceased operations on January 31, 2007. Each class of shares
represents an interest in the same portfolio of investments of the Fund and has
identical rights (based on relative net asset values) to assets and liquidation
proceeds. Share classes can bear different 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 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. Share classes have
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's prospectuses contain unaudited information
regarding the Fund's principal risks. Please refer to those documents when
considering the Fund's principal risks.
34 Pioneer Value Fund | Semiannual Report | 3/31/09
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities 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 generally
reported, are valued at the mean between the last bid and asked prices.
Securities for which market prices and/or quotations are not readily
available 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 also use fair value
methods to value a security, including a non-U.S. security, when the closing
market price on the principal exchange where the security is traded no longer
reflects the value of the security. At March 31, 2009, there were no
securities that were valued using fair value methods (other than securities
valued using prices supplied by independent pricing services). Temporary cash
investments are valued at cost which approximates market value.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income is recorded on the accrual
basis. Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
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
Pioneer Value Fund | Semiannual Report | 3/31/09 35
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.
The Fund has elected to defer approximately $329,723,434 of capital losses
recognized between November 1, 2007 and September 30, 2008 to its fiscal year
ending September 30, 2009.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended September 30, 2008 was as follows:
-----------------------------------------------------------------------------
2008
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $125,423,328
Long-term capital gain 210,756,777
-----------------------------------------------------------------------------
Total $336,180,105
=============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at September 30, 2008:
-----------------------------------------------------------------------------
2008
-----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 19,126,106
Current year post October loss deferred (329,723,434)
Unrealized depreciation (127,048,629)
-----------------------------------------------------------------------------
Total $(437,645,957)
=============================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales.
36 Pioneer Value Fund | Semiannual Report | 3/31/09
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 as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the time
a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar. As of March 31, 2009, the
Fund had no outstanding settlement or portfolio hedges.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $57,410 in underwriting commissions on the sale of Class A shares
during the six months ended March 31, 2009.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on the respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, and Class C shares of the Fund,
respectively (see Note 4). Class Y shares are not subject to a distribution
fee plan. Shareowners of each class participate in all expenses and fees paid
to the transfer agent, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), for its services, which are allocated 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 Class A,
Class B, Class C and Class Y shares can bear different transfer agent and
distribution expense rates.
Pioneer Value Fund | Semiannual Report | 3/31/09 37
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 at least equal to or in excess of the value of the repurchase
agreement. The collateral for all repurchase agreements is held in
safekeeping in the customer-only account of the Fund's custodian or
subcustodians. The Fund's investment adviser, Pioneer Investment Management,
Inc. (PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
H. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary cash
investments. Credit Suisse, 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 and
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. 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 will be 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[RegTM] Value
Index. The performance comparison is made for a rolling 36-month period. In
addition, the fee is further limited to a maximum annualized rate adjustment of
up to 0.10%. For the six months ended March 31, 2001, the aggregate performance
adjustment resulted in a decrease to the basic fee of $3,077,539. For the six
months ended March 31, 2009, the effective management fee was equivalent to
0.45% of the Fund's average daily net assets.
38 Pioneer Value Fund | Semiannual Report | 3/31/09
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $33,464 in management fees,
administrative costs and certain other services payable from PIM at March 31,
2009.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed PIMSS for out-of-pocket expenses related to
shareholder communications activities such as proxy and statement mailing,
outgoing phone calls and omnibus relationship contracts. For the six months
ended March 31, 2009, such out-of-pocket expenses by class of shares were as
follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $623,000
Class B $ 2,283
Class C $ 2,883
Class R $ 307
- --------------------------------------------------------------------------------
Total $628,473
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $287,002, in transfer agent fees and shareholder communications
expense payable to PIMSS at March 31, 2009.
4. Distribution Plan
The Fund 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 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. Prior to
February 1, 2008, PFD was reimbursed under the Distribution Plan for
distribution expenses in an amount of up to 0.25% of the average daily net
assets attributable to Class A shares. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $9,368 in distribution
fees payable to PFD at March 31, 2009.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may
Pioneer Value Fund | Semiannual Report | 3/31/09 39
be imposed on redemptions of certain net asset value purchases of Class A
shares within 18 months of purchase. Class B shares that are redeemed within
five years of purchase are subject to a CDSC at declining rates beginning at
4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Proceeds from the CDSCs are paid to PFD. For the six months ended March 31,
2009, CDSCs in the amount of $7,013 were paid to PFD.
5. Expense Offset Arrangements
Effective July 15, 2005, the Fund has entered into commission recapture
arrangements with brokers with whom PIM places trades on behalf of the Fund
where they provide services to the Fund in addition to trade execution. These
services included payments of certain expenses on behalf of the Fund. For the
six months ended March 31, 2009, expenses were not reduced under this
agreement. In addition, the Fund has entered into certain expense offset
arrangements with PIMSS resulting in a reduction in the Fund's total expenses
due to interest earned on cash held by PIMSS. For the six months ended March
31, 2009, the Fund's expenses were reduced by $8,830 under such arrangements.
6. Line of Credit
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate 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 $165 million or the
limits set for borrowing by the Fund's prospectus and the 1940 Act. Interest on
collective borrowings is payable as follows: if the London Interbank Offered
Rate (LIBOR) on the related borrowing date is greater than or equal to the
Federal Funds Rate on such date, the loan bears interest at the LIBOR rate plus
1.25% on an annualized basis, or if the LIBOR rate on the related borrowing
date is less then the Federal Funds Rate on such date, the loan bears interest
at the Federal Funds Rate 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 six months ended March 31, 2009, the Fund had no borrowings
under this agreement.
7. New Pronouncement
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities (SFAS 161), was issued and
is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
40 Pioneer Value Fund | Semiannual Report | 3/31/09
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Dorothy E. Bourassa, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Value Fund | Semiannual Report | 3/31/09 41
This page for your notes.
42 Pioneer Value Fund | Semiannual Report | 3/31/09
This page for your notes.
Pioneer Value Fund | Semiannual Report | 3/31/09 43
This page for your notes.
44 Pioneer Value Fund | Semiannual Report | 3/31/09
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: pioneerinvestments.com
This report must be accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Value Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date May 29, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date May 29, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date May 29, 2009
* Print the name and title of each signing officer under his or her signature.