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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 811-0000863334
Pioneer Mid Cap Value Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Joseph P. Barri, Hale and Dorr LLP, 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: April 30
Date of reporting period: November 1, 2002 through April 30, 2003
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.
PIONEER
-----------------------
MID CAP VALUE
FUND
Semiannual
Report
4/30/03
[LOGO]
Table of Contents
- --------------------------------------------------------------------------------
Letter to Shareowners 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 8
Schedule of Investments 11
Financial Statements 18
Notes to Financial Statements 27
Trustees, Officers and Service Providers 33
Results of Shareowner Meeting 34
Programs and Services for Shareowners 36
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
LETTER TO SHAREOWNERS 4/30/03
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
World events drove markets early this year. Uncertainty over war in Iraq
brought steep declines in equities and a continued flight to bonds, especially
government issues. Stocks rallied when the war began, sagged for a time, then
rose modestly as the successful military campaign wound down.
Investors soon turned their attention to domestic concerns, not all of them
tied to the war: sagging consumer confidence, rising unemployment made worse by
call-ups of reservists and the uncertain outlook for corporate earnings. In
addition, a long, harsh winter hampered economic activity, as did the high
prices Americans were paying to power their cars, homes and businesses.
The Federal Reserve Board appears committed to keeping interest rates low to
prevent the economy from slumping further. A weaker U.S. dollar may also act as
a stimulus, as American export goods become more affordable for overseas
buyers.
Independent research remains the key
Pioneer is not in the business of forecasting economic trends or predicting
geopolitical events. Our focus remains, as it has for over 75 years, on
intensive analysis of hundreds of companies to find the best values for our
shareowners; this slow economic period has brought many valuations to what we
believe are attractive levels. Our managers and analysts are concentrating on
companies with demonstrably strong finances and positive prospects. Financially
strong companies have greater potential to prosper when the economy eventually
rights itself. Pioneer's fixed-income experts are also finding bonds, both here
and overseas, that offer good current yields and the potential for higher
prices.
Consult a trusted advisor
It's tempting to change course in turbulent times while world news dominates
our consciousness. But timing the market - moving in and out with short-term
factors - can be costly in terms of lost opportunities; there's no predicting
when a rebound might begin. You can temper that risk by relying on
dispassionate professional advice. So invest the time it takes to meet with a
trusted financial advisor who brings the dual advantages of knowledge and
experience to the table.
All of us at Pioneer thank you for your continued business.
Respectfully,
/s/ John A. Carey
John A. Carey
Executive Vice President
Director of Portfolio Management U.S.
Pioneer Investment Management, Inc.
1
Pioneer Mid Cap Value Fund
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PORTFOLIO SUMMARY 4/30/03
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 91.1%
Temporary Cash Investments 5.5%
Depositary Receipts for International Stocks 3.4%
Sector Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 19.5%
Consumer Discretionary 17.5%
Industrials 16.0%
Health Care 13.4%
Information Technology 7.8%
Materials 7.0%
Energy 6.8%
Consumer Staples 4.7%
Utilities 3.8%
Telecommunication Services 3.5%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
1. Sears, Roebuck & Co. 2.14%
2. Manor Care, Inc. 2.06%
3. Foot Locker, Inc. 1.99%
4. CVS Corp. 1.93%
5. John H. Harland Co. 1.91%
6. Telephone & Data Systems, Inc. 1.87%
7. Outback Steakhouse, Inc. 1.78%
8. IVAX 1.77%
9. Yum Brands Inc. 1.76%
10. Renaissance RE Holdings Ltd. 1.72%
Top 10 holdings exclude money market instruments. Fund holdings will vary for
other periods.
2
Pioneer Mid Cap Value Fund
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PERFORMANCE UPDATE 4/30/03 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value
per Share 4/30/03 10/31/02
$17.79 $16.93
Distributions per Share Income Short-Term Long-Term
(11/01/02 - 4/30/03) Dividends Capital Gains Capital Gains
$ - $ - $
-
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund at public offering price,
compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2003)
Net Asset Public Offering
Period Value Price*
10 Years 10.12% 9.47%
5 Years 1.26 0.07
1 Year -14.22 -19.17
* Reflects deduction of the maximum 5.75% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Russell
Mid Cap Midcap
Value Value
Fund* Index
4/93 $9,425 $10,000
$10,345 $10,761
10/94 $12,314 $10,985
$14,694 $13,451
10/96 $16,621 $16,297
$20,389 $21,588
10/98 $18,608 $22,830
$20,473 $24,131
10/00 $24,568 $26,992
$25,023 $26,623
10/02 $23,523 $25,831
4/03 $24,718 $27,672
The Russell Midcap Value Index measures the performance of those Russell Midcap
companies with lower price-to-book and lower forecasted growth values. Index
returns assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. You cannot invest directly in the
Index.
Past performance does not guarantee future results. Returns and principal
values fluctuate, and your shares, when redeemed, may be worth more or less
than original cost.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
3
Pioneer Mid Cap Value Fund
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PERFORMANCE UPDATE 4/30/03 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value
per Share 4/30/03 10/31/02
$16.45 $15.72
Distributions per Share Income Short-Term Long-Term
(11/01/02 - 4/30/03) Dividends Capital Gains Capital Gains
$ - $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund, compared to that of the Russell
Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2003)
If If
Period Held Redeemed*
Life-of-Class
(4/4/94) 8.87% 8.87%
5 Years 0.45 0.31
1 Year -14.94 -18.35
* Reflects deduction of the maximum applicable contingent deferred sales charge
(CDSC) at the end of the period and assumes reinvestment of distributions. The
maximum CDSC of 4% declines over six years.
Value of $10,000 Investment+
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Russell
Mid Cap Midcap
Value Value
Fund* Index
4/94 $10,000 $10,000
$11,154 $10,260
10/95 $13,209 $12,563
$14,829 $15,222
10/97 $18,047 $20,163
$16,356 $21,323
10/99 $17,847 $22,538
$21,246 $25,211
10/01 $21,461 $24,866
$20,011 $24,126
4/03 $20,940 $25,844
+ Index comparison begin 4/30/94. The Russell Midcap Value Index measures the
performance of those Russell Midcap companies with lower price-to-book and
lower forecasted growth values. Index returns assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
You cannot invest directly in the Index.
Past performance does not guarantee future results. Return and principal value
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
4
Pioneer Mid Cap Value Fund
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PERFORMANCE UPDATE 4/30/03 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value
per Share 4/30/03 10/31/02
$16.34 $15.61
Distributions per Share Income Short-Term Long-Term
(11/01/02 - 4/30/03) Dividends Capital Gains Capital Gains
$ - $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund at public offering price,
compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2003)
Net Asset Public Offering
Period Value Price/CDSC*
Life-of-Class
(1/31/96) 5.47% 5.32%
5 Years 0.38 0.19
1 Year -14.99 -15.82
* Reflects deduction of the 1% sales charge at the beginning of the period and
assumes reinvestment of distribu- tions. The 1% contingent deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Russell
Mid Cap Midcap
Value Value
Fund* Index
1/96 $9,900 $10,000
$10,344 $11,094
10/97 $12,593 $14,696
$11,411 $15,541
10/99 $12,441 $16,427
$14,795 $18,374
10/01 $14,937 $18,123
$13,913 $17,584
4/03 $14,564 $18,838
The Russell Midcap Value Index measures the performance of those Russell Midcap
companies with lower price-to-book and lower forecasted growth values. Index
returns assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. You cannot invest directly in the
Index.
Past performance does not guarantee future results. Returns and principal
values fluctuate, and your shares, when redeemed, may be worth more or less
than original cost.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
5
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/03 CLASS R SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value
per Share 4/30/03 4/01/03
$17.79 $16.81
Distributions per Share Income Short-Term Long-Term
(4/01/03 - 4/30/03) Dividends Capital Gains Capital Gains
$ - $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund at public offering price,
compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2003)
If If
Period Held Redeemed*
10 years** 9.59% 9.59%
5 Years 0.83 0.83
1 Year -14.22 -15.08
* Reflects deduction of the 1% CDSC. Shares sold within 18 months of purchase
may be subject to the CDSC.
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Russell
Mid Cap Midcap
Value Value
Fund* Index
4/93 $10,000 $10,000
$10,941 $10,761
10/94 $12,978 $10,985
$15,492 $13,451
10/96 $17,346 $16,297
$21,138 $21,588
10/98 $19,129 $22,830
$20,885 $24,131
10/00 $24,944 $26,992
$25,309 $26,623
10/02 $23,778 $25,831
4/03 $24,986 $27,672
** Class R shares have no front-end load, may be subject to a back-end load and
are available to certain retirement plans. The performance of Class R shares
for the period prior to the commencement of operations of Class R shares on
April 1, 2003 is based on the performance of Class A shares, reduced to
reflect the higher distribution and service fees of Class R shares. You do
not pay a sales charge on purchases of Class R shares, but will pay a CDSC if
you sell your shares within 18 months of purchase, unless you qualify for a
waiver.
The Russell Midcap Value Index measures the performance of those Russell
Midcap companies with lower price-to-book and lower forecasted growth values.
Index returns assume reinvestment of dividends and, unlike Fund returns, do
not reflect any fees, expenses or sales charges. You cannot invest directly
in the Index.
Past performance does not guarantee future results. Returns and principal
values fluctuate, and your shares, when redeemed, may be worth more or less
than original cost.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
6
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/03 CLASS Y SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value
per Share 4/30/03 10/31/02
$18.13 $17.21
Distributions per Share Income Short-Term Long-Term
(11/01/02 - 4/30/03) Dividends Capital Gains Capital Gains
$ - $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund, compared to that of the Russell
Midcap Value Index.
Average Annual Total Returns*
(As of April 30, 2003)
If If
Period Held Redeemed
Life-of-Class
(7/2/98) 2.47% 2.47%
1 Year -13.79 -13.79
* Assumes reinvestment of distributions.
Value of $10,000 Investment+
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Russell
Mid Cap Midcap
Value Value
Fund* Index
7/98 $10,000 $10,000
$8,861 $9,685
10/99 $9,795 $10,237
$11,809 $11,451
10/01 $12,088 $11,295
$11,418 $10,959
4/03 $12,029 $11,738
+ Index comparison begin 7/31/98. The Russell Midcap Value Index measures the
performance of those Russell Midcap companies with lower price-to-book and
lower forecasted growth values. Index returns assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in the Index.
Past performance does not guarantee future results. Return and principal
value fluctuate, and your shares, when redeemed, may be worth more or less
than their original cost.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
7
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/03
- --------------------------------------------------------------------------------
The domestic stock market slumped in late 2002 and the first weeks of 2003 amid
worries about the impending war in Iraq and continued signs of weakness in the
economy. However, equities rose sharply from early March through the end of
April on evidence that the war was ending quickly and apparently successfully.
In the following discussion, Rod Wright, who is responsible for day-to-day
portfolio supervision for Pioneer Mid Cap Value Fund, provides an update on the
Fund, its investment strategies and the economic environment during the
six-month period ended April 30, 2003.
Q: How did the Fund perform?
A: The Fund's Class A shares had a total return of 5.08% for the six months
ended April 30, 2003, while Class B shares returned 4.64%, Class C shares
had a total return of 4.68% and Class R shares returned 5.83%, all at net
asset value. During the same period, the Standard & Poor's 500 Index,
which reflects the performance of the large-cap stock market, returned
4.47%, while the Russell Midcap Value Index had a return of 7.13%.
Q: What factors influenced Fund performance during the period?
A: Our decision to keep the portfolio in a relatively defensive mode helped
the Fund's performance as the overall market lost ground during the first
four months of the six-month period. Unfortunately, this defensive posture
left the portfolio poorly positioned for the dramatic run-up in stock
prices that began on March 11 and continued through the end of the period
on April 30. This rally was led by many of the most volatile, speculative
industries, including semiconductors, biotechnology and other high-priced
growth areas. Prior to this late rally, the Fund performed well ahead of
the Russell Midcap Value Index by emphasizing defensive stocks in the
health care industry, including hospitals and HMOs.
To illustrate the extent of the volatility during the period, the S&P 500
Index lost almost 10% of its value between December 31, 2002 and March 11,
2003. It then turned around, gaining almost 15% between March 11 and April
30. Leading the charge were high-volatility sectors such as
semiconductors. The Philadelphia Exchange Semiconductor Index, gained more
than 18% in the March 11-April 30 period, even though evidence persisted
that demand for semiconductors was weakening.
8
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Q: What were your principal investment strategies during the period?
A: We continued to think the Fund's defensive positioning was appropriate and
we maintained that posture. We believed the rally in more speculative
stocks late in the period was unsustainable. We took advantage of that
surge to sell some of our technology positions that had run up in price.
We used the profits to become even more defensive, adding to our positions
in health care and materials.
Throughout the period, we also looked for opportunities in specific
companies whose stocks had fallen and where we thought there was an
opportunity for company managements to turn their businesses around.
In managing the portfolio, we rely primarily on individual analysis of
stocks, rather than top-down sector decisions. Our goal is to have
consistent performance, with less risk than competitor funds.
Q: What types of investments most influenced Fund performance?
A: Amdocs, a transaction processing company specializing in performing billing
operations for telecommunications companies, performed very well, as did
Freeport-McMoRan Copper & Gold, owner of the largest and lowest-cost mine
in the world, which benefited from the rising price of gold. Generic drug
manufacturers Ivax and Mylan Laboratories both contributed to the Fund's
return as did CIGNA Group, an industry leader in employee benefits, health
management and health insurance, which turned around its business. Other
positive performers included John H. Harland, which offers printing,
software and scanning services primarily to financial institutions, and
Storage Technology, which produces electronic data storage systems.
Triad Hospitals was a disappointment through no fault of its own. It fell
as HCA, a major hospital company that we did not own, pulled down the
entire industry by reporting disappointing earnings. Other investments
that detracted from returns included: ConAgra, a food processing company;
BJ's Wholesale Club, a discount retailer; and CVS, the pharmacy and retail
chain.
9
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/03 (continued)
- --------------------------------------------------------------------------------
Q: What is your investment outlook?
A: We are more optimistic about the long term, though we are still cautious
near term partially due to the brisk speculative activity in the market.
We think the market has a potential opportunity to enter a sustained
period of good performance - once the economy recovers. In general,
corporations have improved their financial balance sheets, and we believe
American companies are in a good position to prosper from low interest
rates, lower energy prices and a rebound in the economy.
Until we see evidence of that rebound, we intend to remain defensively
postured and to look for specific opportunities among attractively priced
companies that have the potential to repair their problems and turn their
businesses around.
10
Pioneer Mid Cap Value Fund
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SCHEDULE OF INVESTMENTS 4/30/03 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
COMMON STOCKS - 94.5%
Energy - 6.4%
Integrated Oil & Gas - 0.9%
375,000 Occidental Petroleum Corp. $ 11,193,750
--------------
Oil & Gas Drilling - 1.1%
275,000 ENSCO International, Inc. $ 6,985,000
175,000 Weatherford International, Inc.* 7,040,250
--------------
$ 14,025,250
--------------
Oil & Gas Exploration & Production - 2.3%
248,400 Devon Energy Corp. $ 11,736,900
675,000 Pioneer Natural Resources Co.* 16,146,000
--------------
$ 27,882,900
--------------
Oil & Gas Refining, Marketing & Transportation - 2.1%
325,000 Sun Co., Inc. $ 12,093,250
375,000 Valero Energy Corp. 13,781,250
--------------
$ 25,874,500
--------------
Total Energy $ 78,976,400
--------------
Materials - 6.6%
Commodity Chemicals - 1.1%
325,000 Air Products & Chemicals, Inc. $ 13,997,750
--------------
Diversified Chemicals - 0.8%
200,000 PPG Industries, Inc. $ 9,702,000
--------------
Diversified Metals & Mining - 2.8%
1,052,600 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 18,220,506
500,000 Phelps Dodge Corp.* 15,595,000
--------------
$ 33,815,506
--------------
Paper Products - 0.9%
275,000 Bowater, Inc. $ 10,705,750
--------------
Precious Metals & Minerals - 1.0%
475,000 Newmont Mining Corp. $ 12,834,500
--------------
Total Materials $ 81,055,506
--------------
Capital Goods - 5.9%
Aerospace & Defense - 0.7%
138,300 General Dynamics Corp. $ 8,584,281
--------------
The accompanying notes are an integral part of these financial statements.
11
Pioneer Mid Cap Value Fund
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SCHEDULE OF INVESTMENTS 4/30/03 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
Electrical Components & Equipment - 2.8%
350,000 American Power Conversion Corp.* $ 5,453,000
450,000 Cooper Industries Ltd. 16,695,000
1,100,000 Symbol Technologies, Inc. 12,023,000
--------------
$ 34,171,000
--------------
Industrial Conglomerates - 1.8%
150,000 American Standard Companies, Inc.* $ 10,678,500
200,000 ITT Industries, Inc. 11,660,000
--------------
$ 22,338,500
--------------
Industrial Machinery - 0.6%
150,000 Deere & Co. $ 6,604,500
--------------
Total Capital Goods $ 71,698,281
--------------
Commercial Services & Supplies - 7.2%
Commercial Printing - 1.8%
925,000 John H. Harland Co. $ 22,153,750
--------------
Data Processing Services - 4.2%
600,000 Amdocs Ltd.* $ 10,596,000
725,000 The BISYS Group, Inc.* 12,238,000
1,600,000 CSG Systems International, Inc.* 16,800,000
500,000 Equifax Inc. 11,595,000
--------------
$ 51,229,000
--------------
Environmental Services - 1.2%
700,000 Republic Services Inc.* $ 15,022,000
--------------
Total Commercial Services & Supplies $ 88,404,750
--------------
Transportation - 2.1%
Airlines - 0.9%
675,000 Southwest Airlines Co. $ 10,773,000
--------------
Railroads - 1.2%
300,000 Canadian National Railway Co. $ 14,589,000
--------------
Total Transportation $ 25,362,000
--------------
Automobiles & Components - 0.9%
Automobile Manufacturers - 0.9%
400,000 Cummins, Inc. $ 10,844,000
--------------
Total Automobiles & Components $ 10,844,000
--------------
The accompanying notes are an integral part of these financial statements.
12
Pioneer Mid Cap Value Fund
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- --------------------------------------------------------------------------------
Shares Value
Consumer Durables & Apparel - 3.3%
Apparel, Accessories & Luxury Goods - 1.0%
850,000 The Limited Brands, Inc. $ 12,359,000
--------------
Leisure Products - 2.3%
725,000 Mattel, Inc. $ 15,761,500
625,000 Regal Entertainment Group 12,250,000
--------------
$ 28,011,500
--------------
Total Consumer Durables & Apparel $ 40,370,500
--------------
Hotels, Restaurants & Leisure - 3.3%
Restaurants - 3.3%
575,000 Outback Steakhouse, Inc. $ 20,550,500
825,000 Yum Brands, Inc.* 20,377,500
--------------
$ 40,928,000
--------------
Total Hotels, Restaurants & Leisure $ 40,928,000
--------------
Media - 2.3%
Advertising - 1.7%
1,050,000 The Interpublic Group of Companies, Inc. $ 11,970,000
150,000 Omnicom Group 9,285,000
--------------
$ 21,255,000
--------------
Broadcasting & Cable TV - 0.6%
250,000 USA Networks, Inc.* $ 7,487,500
--------------
Total Media $ 28,742,500
--------------
Retailing - 6.7%
Department Stores - 0.4%
275,000 J.C. Penney Co., Inc. $ 4,691,500
--------------
General Merchandise Stores - 3.0%
825,000 BJ's Wholesale Club, Inc.* $ 11,649,000
875,800 Sears, Roebuck & Co. 24,820,172
--------------
$ 36,469,172
--------------
Specialty Stores - 3.3%
900,000 Blockbuster, Inc. $ 16,092,000
141,800 Cole National Corp.* 1,236,496
2,100,000 Foot Locker, Inc. 23,100,000
--------------
$ 40,428,496
--------------
Total Retailing $ 81,589,168
--------------
The accompanying notes are an integral part of these financial statements.
13
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/03 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
Food & Drug Retailing - 4.5%
Drug Retail - 1.8%
925,000 CVS Corp. $ 22,394,250
--------------
Food Retail - 2.7%
500,000 Albertson's, Inc. $ 9,930,000
800,000 ConAgra, Inc. 16,800,000
400,000 Kroger Co.* 5,720,000
--------------
$ 32,450,000
--------------
Total Food & Drug Retailing $ 54,844,250
--------------
Health Care Equipment & Supplies - 9.8%
Health Care Equipment - 3.9%
750,000 Apogent Technologies, Inc.* $ 12,885,000
450,000 Becton, Dickinson & Co. 15,930,000
175,000 Guidant Corp.* 6,823,250
625,000 Sybron Dental Specialities* 12,718,750
--------------
$ 48,357,000
--------------
Health Care Facilities - 3.4%
1,225,000 Manor Care, Inc.* $ 23,826,250
800,000 Triad Hospitals, Inc.* 17,608,000
--------------
$ 41,434,250
--------------
Managed Health Care - 2.5%
360,000 CIGNA Corp. $ 18,828,000
150,000 Wellpoint Health Networks, Inc.* 11,391,000
--------------
$ 30,219,000
--------------
Total Health Care Equipment & Supplies $ 120,010,250
--------------
Pharmaceuticals & Biotechnology - 2.9%
Pharmaceuticals - 2.9%
1,275,000 IVAX* $ 20,489,250
525,000 Mylan Laboratories, Inc. 14,841,750
--------------
$ 35,331,000
--------------
Total Pharmaceuticals & Biotechnology $ 35,331,000
--------------
Banks - 7.3%
450,000 Boston Private Financial Holdings, Inc. $ 8,455,500
425,000 Charter One Financial, Inc. 12,346,250
250,000 GreenPoint Financial Corp. 11,940,000
500,000 KeyCorp 12,055,000
250,000 Marshall & Ilsley Corp. 7,355,000
The accompanying notes are an integral part of these financial statements.
14
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Shares Value
Banks - (continued)
225,000 North Fork Bancorporation, Inc. $ 7,281,000
375,000 SouthTrust Corp. 10,110,000
275,000 TCF Financial Corp. 10,890,000
175,000 Zions Bancorporation 8,617,000
--------------
Total Banks $ 89,049,750
--------------
Diversified Financials - 4.4%
Consumer Finance - 3.4%
250,000 Countrywide Financial Corp. $ 16,900,000
228,300 The PMI Group, Inc. 7,036,206
48,000 White Mountains Insurance Group Ltd. 18,072,000
--------------
$ 42,008,206
--------------
Diversified Financial Services - 1.0%
410,000 A.G. Edwards, Inc. $ 12,230,300
--------------
Total Diversified Financials $ 54,238,506
--------------
Insurance - 6.7%
Insurance - 1.1%
225,000 Ambac Financial Group, Inc. $ 13,128,750
--------------
Insurance Brokers - 1.7%
450,000 Platinum Underwriter Holdings Ltd. $ 11,902,500
275,000 Willis Group Holdings Ltd. 8,577,250
--------------
$ 20,479,750
--------------
Life & Health Insurance - 1.0%
300,000 Jefferson-Pilot Corp. $ 12,027,000
--------------
Property & Casualty Insurance - 2.9%
450,000 Renaissance RE Holdings Ltd. $ 19,930,500
200,000 XL Capital Ltd. 16,460,000
--------------
$ 36,390,500
--------------
Total Insurance $ 82,026,000
--------------
Software & Services - 2.7%
Application Software - 1.4%
600,000 Autodesk, Inc. $ 9,336,000
750,000 Mentor Graphics Corp.* 7,800,000
--------------
$ 17,136,000
--------------
The accompanying notes are an integral part of these financial statements.
15
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/03 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
Systems Software - 1.3%
760,200 SunGard Data Systems, Inc.* $ 16,344,300
--------------
Total Software & Services $ 33,480,300
--------------
Technology Hardware & Development - 4.6%
Computer Hardware - 1.4%
800,000 NCR Corp.* $ 17,536,000
--------------
Computer Storage & Peripherals - 0.9%
857,500 Quantum Corp.--DLT & Storage Systems* $ 2,958,375
325,000 Storage Technology Corp.* 8,034,000
--------------
$ 10,992,375
--------------
Electronic Equipment & Instruments - 1.7%
225,000 W.W. Grainger, Inc. $ 10,383,750
450,000 Waters Corp.* 10,804,500
--------------
$ 21,188,250
--------------
Telecommunications Equipment - 0.6%
1,100,000 Tellabs, Inc.* $ 6,765,000
--------------
Total Technology Hardware & Development $ 56,481,625
--------------
Telecommunication Services - 3.3%
Integrated Telecommunication Services - 3.3%
400,000 Alltel Corp. $ 18,744,000
500,000 Telephone & Data Systems, Inc. 21,545,000
--------------
$ 40,289,000
--------------
Total Telecommunication Services $ 40,289,000
--------------
Utilities - 3.6%
Electric Utilities - 2.4%
275,000 Constellation Energy Group $ 8,052,000
200,000 DTE Energy Co. 8,064,000
275,000 Entergy Corp. 12,817,750
--------------
$ 28,933,750
--------------
Gas Utilities - 1.2%
450,000 KeySpan Energy Corp. $ 15,241,500
--------------
Total Utilities $ 44,175,250
--------------
TOTAL COMMON STOCKS
(Cost $1,114,204,222) $1,157,897,036
--------------
The accompanying notes are an integral part of these financial statements.
16
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount Value
TEMPORARY CASH INVESTMENTS - 5.5%
Repurchase Agreement - 3.2%
$39,800,000 Credit Suisse First Boston Group, Inc., 1.23%,
dated 4/30/03, repurchase price of
$39,800,000, plus accrued interest on 5/1/03
collateralized by $40,710,000, U.S. Treasury
Notes, 3.625%, 3/31/04 $ 39,800,000
--------------
Security Lending Collateral - 2.3%
28,002,174 Securities Lending Investment Fund, 1.25% $ 28,002,174
--------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $67,802,174) $ 67,802,174
--------------
TOTAL COMMON STOCKS AND TEMPORARY CASH
INVESTMENTS - 100.0%
(Cost $1,182,006,396) (a) (b) $1,225,699,210
==============
* Non-income producing security.
(a) At April 30, 2003, the net unrealized gain on investments based on cost for federal income tax
purposes of $1,185,069,217 was as follows:
Aggregate gross unrealized gain for all investments in which there
is an excess of value over tax cost $122,738,601
Aggregate gross unrealized loss for all investments in which there
is an excess of tax cost over value (80,108,608)
------------
Net unrealized gain $40,629,993
============
(b) At October 31, 2002, the Fund had a net capital loss carryforward of $2,834,480, which will
expire in 2010 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2003 aggregated $309,488,776 and $344,758,463,
respectively.
The accompanying notes are an integral part of these financial statements.
17
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 4/30/03 (unaudited)
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities, at value and temporary cash invest-
ments at amortized cost (including securities loaned of
$27,034,394) (cost $1,182,006,396) $1,225,699,210
Cash 41,404
Receivables -
Investment securities sold 5,352,867
Fund shares sold 554,597
Dividends and interest 1,073,407
Other assets 7,644
--------------
Total assets $1,232,729,129
--------------
LIABILITIES:
Payables -
Investment securities purchased $ 3,927,290
Fund shares repurchased 666,920
Upon return of securities loaned 28,002,174
Due to affiliates 1,650,450
Accrued expenses 337,549
--------------
Total liabilities $ 34,584,383
--------------
NET ASSETS:
Paid-in capital $1,161,299,065
Accumulated undistributed net investment loss (805,700)
Accumulated undistributed net realized loss on investments (6,041,433)
Net unrealized gain on investments 43,692,814
--------------
Total net assets $1,198,144,746
==============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $922,429,452/51,853,348 shares) $ 17.79
==============
Class B (based on $231,897,825/14,096,517 shares) $ 16.45
==============
Class C (based on $37,131,841/2,272,504 shares) $ 16.34
==============
Class R (based on $533.70/30 shares) $ 17.79
==============
Class Y (based on $6,685,094/368,753 shares) $ 18.13
==============
MAXIMUM OFFERING PRICE:
Class A ($17.79 [divided by] 94.25%) $ 18.88
==============
Class C ($16.34 [divided by] 99.00%) $ 16.51
==============
The accompanying notes are an integral part of these financial statements.
18
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $10,712) $8,124,294
Interest 430,527
Income from securities loaned, net 21,101
----------
Total investment income $ 8,575,922
-----------
EXPENSES:
Management fees
Basic fee $3,911,062
Performance adjustment 586,098
Transfer agent fees
Class A 1,400,630
Class B 479,063
Class C 74,518
Class Y 855
Distribution fees
Class A 1,101,887
Class B 1,242,183
Class C 179,052
Administrative fees 149,481
Custodian fees 45,215
Registration fees 39,138
Printing 98,758
Professional fees 37,214
Miscellaneous 17,606
Fees and expenses of nonaffiliated trustees 21,885
----------
Total expenses $ 9,384,645
Less fees paid indirectly (3,023)
-----------
Net expenses $ 9,381,622
-----------
Net investment loss $ (805,700)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (144,134)
Change in net unrealized gain on investments 57,544,133
-----------
Net gain on investments $57,399,999
-----------
Net increase in net assets resulting from operations $56,594,299
===========
The accompanying notes are an integral part of these financial statements.
19
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/03 and the Year Ended 10/31/02
Six Months
Ended
4/30/03 Year Ended
(unaudited) 10/31/02
FROM OPERATIONS:
Net investment loss $ (805,700) $ (4,229,052)
Net realized loss on investments (144,134) (72,238)
Change in net unrealized gain (loss) on investments 57,544,133 (87,157,976)
-------------- --------------
Net increase (decrease) in net assets resulting
from operations $ 56,594,299 $ (91,459,266)
-------------- --------------
DISTRIBUTIONS TO SHAREOWNERS:
Net realized gain:
Class A ($0.00 and $1.37 per share, respectively) $ - $ (65,338,533)
Class B ($0.00 and $1.37 per share, respectively) - (24,922,005)
Class C ($0.00 and $1.37 per share, respectively) - (2,256,570)
Class Y ($0.00 and $1.37 per share, respectively) - (253,152)
-------------- --------------
Total distributions to shareowners $ - $ (92,770,260)
-------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 103,236,667 $ 330,084,087
Reinvestment of distributions - 83,158,589
Cost of shares repurchased (158,345,662) (317,778,908)
-------------- --------------
Net increase (decrease) in net assets resulting from
fund share transactions $ (55,108,995) $ 95,463,768
-------------- --------------
Net increase (decrease) in net assets $ 1,485,304 $ (88,765,758)
NET ASSETS:
Beginning of peroid 1,196,659,442 1,285,425,200
-------------- --------------
End of period (including accumulated undistributed net
investment loss of $805,700 and $0, respectively) $1,198,144,746 $1,196,659,442
============== ==============
The accompanying notes are an integral part of these financial statements.
20
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/03 and the Year Ended 10/31/02
'03 Shares '03 Amount
(unaudited) (unaudited) '02 Shares '02 Amount
CLASS A
Shares sold 4,769,888 $ 82,219,980 12,304,750 $ 237,313,372
Reinvestment of distributions - - 3,142,409 60,397,080
Less shares repurchased (5,541,930) (94,429,813) (10,583,103) (195,228,487)
---------- ------------- ----------- --------------
Net increase (decrease) (772,042) $ (12,209,833) 4,864,056 $ 102,481,965
========== ============= =========== ==============
CLASS B
Shares sold 779,858 $ 12,445,505 3,632,016 $ 65,272,357
Reinvestment of distributions - - 1,164,794 20,943,004
Less shares repurchased (3,534,702) (56,365,639) (6,188,895) (107,434,068)
---------- ------------- ----------- --------------
Net decrease (2,754,844) $ (43,920,134) (1,392,085) $ (21,218,707)
========== ============= =========== ==============
CLASS C
Shares sold 516,692 $ 8,159,676 1,305,262 $ 23,389,488
Reinvestment of distributions - - 88,474 1,581,028
Less shares repurchased (460,425) (7,162,184) (815,154) (14,291,308)
---------- ------------- ----------- --------------
Net increase 56,267 $ 997,492 578,582 $ 10,679,208
========== ============= =========== ==============
CLASS R*
Shares sold 30 $ 500 - $ -
Reinvestment of distributions - - - -
Less shares repurchased - - - -
---------- ------------- ----------- --------------
Net increase 30 $ 500 - $ -
========== ============= =========== ==============
CLASS Y
Shares sold 23,771 $ 411,006 211,074 $ 4,108,870
Reinvestment of distributions - - 12,216 237,477
Less shares repurchased (22,185) (388,026) (42,886) (825,045)
---------- ------------- ----------- --------------
Net increase 1,586 $ 22,980 180,404 $ 3,521,302
========== ============= =========== ==============
*Class R Shares were first publicly offered on April 1, 2003.
The accompanying notes are an integral part of these financial statements.
21
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/03 Year Ended Year Ended
CLASS A (unaudited) 10/31/02 10/31/01
Net asset value, beginning of period $ 16.93 $ 19.29 $ 20.83
------- ------- --------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ (0.02) $ (0.01)
Net realized and unrealized gain (loss) on
investments 0.85 (0.97) 0.34
------- ------- --------
Net increase (decrease) from investment
operations $ 0.86 $ (0.99) $ 0.33
Distributions to shareowners:
Net investment income - - -
Net realized gain - (1.37) (1.87)
------- ------- --------
Net increase (decrease) in net asset value $ 0.86 $ (2.36) $ (1.54)
------- ------- --------
Net asset value, end of period $ 17.79 $ 16.93 $ 19.29
======= ======= ========
Total return* 5.08% (5.99)% 1.85%
Ratio of net expenses to average net assets+ 1.40%** 1.30% 1.24%
Ratio of net investment income (loss) to average
net assets+ 0.06%** (0.09)% 0.01%
Portfolio turnover rate 55%** 65% 95%
Net assets, end of period (in thousands) $922,429 $890,856 $921,310
Ratios with reduction for fees paid indirectly:
Net expenses 1.40%** 1.30% 1.22%
Net investment income (loss) 0.06%** (0.09)% 0.03%
Year Ended Year Ended Year Ended
CLASS A 10/31/00 10/31/99 10/31/98
Net asset value, beginning of period $ 19.90 $ 19.02 $ 23.23
-------- ---------- ---------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.12 $ 0.08
Net realized and unrealized gain (loss) on
investments 3.46 1.70 (1.94)
-------- ---------- ---------
Net increase (decrease) from investment
operations $ 3.57 $ 1.82 $ (1.86)
Distributions to shareowners:
Net investment income - (0.02) (0.10)
Net realized gain (2.64) (0.92) (2.25)
-------- ---------- ---------
Net increase (decrease) in net asset value $ 0.93 $ 0.88 $ (4.21)
-------- ---------- ---------
Net asset value, end of period $ 20.83 $ 19.90 $ 19.02
======== ========== =========
Total return* 20.00% 10.02% (8.74)%
Ratio of net expenses to average net assets+ 1.13% 1.18% 1.08%
Ratio of net investment income (loss) to average
net assets+ 0.27% 0.37% 0.33%
Portfolio turnover rate 70% 75% 61%
Net assets, end of period (in thousands) $945,583 $1,067,562 $1,308,335
Ratios with reduction for fees paid indirectly:
Net expenses 1.11% 1.16% 1.07%
Net investment income (loss) 0.29% 0.39% 0.34%
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
22
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/03 Year Ended
CLASS B (unaudited) 10/31/02
Net asset value, beginning of period $ 15.72 $ 18.14
--------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.07) $ (0.18)
Net realized and unrealized gain (loss) on
investments 0.80 (0.87)
--------- -------
Net increase (decrease) from investment
operations $ 0.73 $ (1.05)
Distributions to shareowners:
Net realized gain - (1.37)
--------- -------
Net increase (decrease) in net asset value $ 0.73 $ (2.42)
--------- -------
Net asset value, end of period $ 16.45 $ 15.72
========= =======
Total return* 4.64% (6.75)%
Ratio of net expenses to average net assets+ 2.21%** 2.10%
Ratio of net investment loss to average net
assets+ (0.76)%** (0.89)%
Portfolio turnover rate 55%** 65%
Net assets, end of period (in thousands) $ 231,898 $264,881
Ratios with reduction for fees paid indirectly:
Net expenses 2.21%** 2.10%
Net investment loss (0.76)%** (0.89)%
Year Ended Year Ended Year Ended Year Ended
CLASS B 10/31/01 10/31/00 10/31/99 10/31/98
Net asset value, beginning of period $ 19.85 $ 19.22 $ 18.52 $ 22.73
------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.10) $ (0.20) $ (0.18) $ (0.10)
Net realized and unrealized gain (loss) on
investments 0.26 3.47 1.80 (1.86)
------- ------- ------- -------
Net increase (decrease) from investment
operations $ 0.16 $ 3.27 $ 1.62 $ (1.96)
Distributions to shareowners:
Net realized gain (1.87) (2.64) (0.92) (2.25)
------- ------- ------- -------
Net increase (decrease) in net asset value $ (1.71) $ 0.63 $ 0.70 $ (4.21)
------- ------- ------- -------
Net asset value, end of period $ 18.14 $ 19.85 $ 19.22 $ 18.52
======= ======= ======= =======
Total return* 1.01% 19.04% 9.17% (9.42)%
Ratio of net expenses to average net assets+ 2.03% 1.91% 2.00% 1.85%
Ratio of net investment loss to average net
assets+ (0.78)% (0.52)% (0.44)% (0.43)%
Portfolio turnover rate 95% 70% 75% 61%
Net assets, end of period (in thousands) $330,926 $336,301 $412,116 $574,259
Ratios with reduction for fees paid indirectly:
Net expenses 2.01% 1.90% 1.99% 1.84%
Net investment loss (0.76)% (0.51)% (0.43)% (0.42)%
* 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.
23
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/03 Year Ended Year Ended Year Ended Year Ended Year Ended
CLASS C (unaudited) 10/31/02 10/31/01 10/31/00 10/31/99 10/31/98
Net asset value, beginning of period $ 15.61 $ 18.04 $ 19.76 $ 19.16 $ 18.49 $ 22.69
-------- ------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.06) $ (0.16) $ 0.03 $ (0.26) $ (0.21) $ (0.09)
Net realized and unrealized gain (loss) on
investments 0.79 (0.90) 0.12 3.50 1.80 (1.86)
-------- ------- ------- ------- ------- -------
Net increase (decrease) from investment
operations $ 0.73 $ (1.06) $ 0.15 $ 3.24 $ 1.59 $ (1.95)
Distributions to shareowners:
Net realized gain - (1.37) (1.87) (2.64) (0.92) (2.25)
-------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ 0.73 $ (2.43) $ (1.72) $ 0.60 $ 0.67 $ (4.20)
-------- ------- ------- ------- ------- -------
Net asset value, end of period $ 16.34 $ 15.61 $ 18.04 $ 19.76 $ 19.16 $ 18.49
======== ======= ======= ======= ======= =======
Total return* 4.68% (6.85)% 0.96% 18.92% 9.02% (9.38)%
Ratio of net expenses to average net assets+ 2.24%** 2.20% 2.11% 2.01% 2.09% 1.84%
Ratio of net investment loss to average net
assets+ (0.79)%** (0.99)% (0.86)% (0.61)% (0.52)% (0.43)%
Portfolio turnover rate 55%** 65% 95% 70% 75% 61%
Net assets, end of period (in thousands) $ 37,132 $34,605 $29,547 $24,495 $32,373 $49,842
Ratios with reduction for fees paid indirectly:
Net expenses 2.24%** 2.19% 2.09% 1.98% 2.07% 1.83%
Net investment loss (0.79)%** (0.99)% (0.84)% (0.58)% (0.50)% (0.42)%
* 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.
24
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
4/1/03 to
4/30/03
(unaudited)
CLASS R (a)
Net asset value, beginning of period $ 16.810
--------
Increase from investment operations:
Net investment loss $ (0.004)
Net realized and unrealized gain on investments 0.984
--------
Net increase from investment operations $ 0.980
Distributions to shareowners:
Net investment income -
Net realized gain -
--------
Net increase in net asset value $ 0.980
--------
Net asset value, end of period $ 17.790
========
Total return* 5.83%
Ratio of net expenses to average net assets+ 0.25%**
Ratio of net investment loss to average net assets+ (0.05)%**
Portfolio turnover rate 55%**
Net assets, end of period (in thousands) $ 1
Ratios with reduction for fees paid indirectly:
Net expenses 0.25%**
Net investment loss (0.05)%**
(a) Class R shares were first publicly offered on April 1, 2003.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
25
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
4/30/03 Year Ended Year Ended Year Ended Year Ended Year Ended
CLASS Y (unaudited) 10/31/02 10/31/01 10/31/00 10/31/99 10/31/98
Net asset value, beginning of period $ 17.21 $ 19.50 $ 20.94 $ 19.91 $ 19.06 $ 23.00
------- ------- ------- ------- ------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.05 $ 0.06 $ 0.07 $ 0.20 $ 0.19 $ 0.04
Net realized and unrealized gain (loss) on
investments 0.87 (0.98) 0.36 3.47 1.72 (3.98)
------- ------- ------- ------- ------- --------
Net increase (decrease) from investment
operations $ 0.92 $ (0.92) $ 0.43 $ 3.67 $ 1.91 $ (3.94)
Distributions to shareowners:
Net investment income - - - - (0.14) -
Net realized gain - (1.37) (1.87) (2.64) (0.92) -
------- ------- ------- ------- ------- --------
Net increase (decrease) in net asset value $ 0.92 $ (2.29) $ (1.44) $ 1.03 $ 0.85 $ (3.94)
------- ------- ------- ------- ------- --------
Net asset value, end of period $ 18.13 $ 17.21 $ 19.50 $ 20.94 $ 19.91 $ 19.06
======= ======= ======= ======= ======= ========
Total return* 5.35% (5.54)% 2.36% 20.56% 10.54% (17.13)%
Ratio of net expenses to average net assets+ 0.86%** 0.84% 0.76% 0.63% 0.66% 0.79%**
Ratio of net investment income to average net
assets+ 0.59%** 0.37% 0.49% 0.77% 0.88% 0.68%**
Portfolio turnover rate 55%** 65% 95% 70% 75% 61%
Net assets, end of period (in thousands) $ 6,685 $ 6,318 $ 3,642 $ 3,376 $ 3,976 $ 3,993
Ratios with reduction for fees paid indirectly:
Net expenses 0.86%** 0.83% 0.75% 0.61% 0.65% 0.78%**
Net investment income 0.59%** 0.38% 0.50% 0.79% 0.89% 0.69%**
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
26
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/03 (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Mid Cap Value Fund (the Fund), is a Delaware business trust registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek capital
appreciation by investing in a diversified portfolio of securities consisting
primarily of common stocks.
The Fund offers five classes of shares - Class A, Class B, Class C, Class R and
Class Y shares. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has equal rights to voting,
redemptions, dividends and liquidation, except that the level of transfer agent
and distribution fees may differ among classes. Class A, Class B, Class C and
Class R shareowners have exclusive voting rights with respect to the
distribution plan for each class. There is no distribution plan for Class Y
shareowners.
The Fund's financial statements have been prepared in conformity with
accounting principles generally accepted in the United States 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 revenues and expenses during the reporting periods.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Fund, which are in
conformity with those generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value
is computed once daily, on each day the New York Stock Exchange is open,
as of the close of regular trading on the Exchange. 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 quotations are not readily available are
valued at their fair values as determined by, or under the direction of,
the Board of Trustees. Dividend income is recorded on the ex-dividend
date, except that certain dividends from foreign securities where
27
Pioneer Mid Cap Value Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/03 (unaudited) (continued)
- --------------------------------------------------------------------------------
the ex-dividend date may have passed are recorded as soon as the Fund is
informed of the ex-dividend data in exercise of reasonable diligence.
Interest income, including interest on income bearing cash accounts, is
recorded on the accrual basis. Temporary cash investments are valued at
amortized cost.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. 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.
The characterization of distributions to shareowners for financial
reporting purposes is determined in accordance with federal income tax
rules. Therefore, the source of the Fund's distributions may be shown in
the accompanying financial statements as either from or in excess of net
investment income or net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
C. 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 UniCredito Italiano S.p.A.
(UniCredito Italiano), earned $87,705 in underwriting commissions on the
sale of Fund shares during the six months ended April 30, 2003.
D. Class Allocations
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, Class B, Class C, and Class R shares of the
Fund, respectively. Class Y shares are not subject to a distribution plan.
Shareowners of each class share all expenses and fees paid to the transfer
agent, Pioneer Investment Management Shareholder Services, Inc. (PIMSS),
for its services, which
28
Pioneer Mid Cap Value Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
are allocated based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3). 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.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund, if any, with respect to each class of
shares are calculated in the same manner, at the same time, and in the
same amount, except that Class A, Class B, Class C, Class R and Class Y
shares bear different transfer agent and distribution fees.
E. Security Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors, with the Fund's custodian acting as the
lending agent. When entering into a loan, the Fund receives collateral,
which is maintained by the custodian and earns income in the form of
negotiated lenders' fees. The Fund also continues to receive interest or
dividends on the securities loaned and gain or loss in the fair value of
the loaned securities that may occur during the term of the loan will be
for the account of the Fund. The loans are secured by collateral of at
least 102%, at all times, of the fair value of the securities loaned. The
fair value of the collateral will be adjusted daily to reflect any price
fluctuation in the value of the loaned securities. The value of loaned
securities and cash collateral at period end are disclosed on the balance
sheet. The Fund invests cash collateral in the Securities Lending
Investment Fund, which is managed by Brown Brothers Harriman & Co., the
Fund's custodian.
F. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.
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,
29
Pioneer Mid Cap Value Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/03 (unaudited) (continued)
- --------------------------------------------------------------------------------
Pioneer Investment Management, Inc. (PIM), is responsible for determining
that the value of the collateral remains at least equal to the repurchase
price.
2. Management Agreement
PIM manages the Fund's portfolio and is a wholly owned indirect subsidiary of
UniCredito Italiano. PIM receives a basic fee that is calculated at the annual
rate of 0.70% of the Fund's average daily net assets up to $500 million; 0.65%
of the next $500 million; and 0.625% of the excess over $1 billion. Effective
May 1, 2001, the basic fee became subject to a performance adjustment up to a
maximum of - 0.10% based on the Fund's investment performance as compared with
the Lipper Growth Funds Index. For the six months ended April 30, 2003, the
aggregate performance adjustment resulted in an increase to the basic fee of
$586,098. The management fee was equivalent to 0.76% of the average daily net
assets for the period.
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. At April 30, 2003, $826,712 was payable to PIM
related to management fees, administrative fees and certain other services.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredito Italiano, provides
substantially all transfer agent and shareowner services to the Fund at
negotiated rates. Included in due to affiliates is $383,322 in transfer agent
fees payable to PIMSS at April 30, 2003.
4. Distribution and Service Plans
The Fund adopted a Plan of Distribution with respect to Class A, Class B, Class
C and Class R shares (Class A Plan, Class B Plan, Class C Plan, and Class R
Plan) in accordance with Rule 12b-1 under the Investment Company Act of 1940.
Pursuant to the Class A Plan, the Fund pays PFD a service fee of up to 0.25% of
the average daily net assets attributable to Class A shares in reimbursement of
its actual expenditures to finance activities primarily intended to result in
the sale of Class A shares. Pursuant to the Class B Plan and the Class C Plan,
the Fund pays PFD 1.00% of the average daily net assets attributable to each
class of shares. The fee consists of a 0.25% service
30
Pioneer Mid Cap Value Fund
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- --------------------------------------------------------------------------------
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. Pursuant to the Class R Plan, the Fund pays PFD
0.50% of the average daily net assets attributable to Class R shares for
distribution services. Included in due to affiliates is $440,416 in
distribution fees payable to PFD at April 30, 2003. The Fund also has adopted a
separate service plan for Class R shares (Service Plan). The Service Plan
authorizes the Fund to pay securities dealers, plan administrators or other
service organizations that agree to provide certain services to retirement
plans or plan participants holding shares of the Fund a service fee of up to
0.25% of the Fund's average daily net assets attributable to Class R shares
held by such plans.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on certain net asset value purchases of Class A shares that are
redeemed within one year of purchase. Class B shares that are redeemed within
six 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%. Redemptions of Class R shares within 18 months of purchase may be
subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to PFD. For the
six months ended April 30, 2003, CDSCs in the amount of $125,266 were paid to
PFD.
5. Expense Offsets
The Fund has entered into certain directed brokerage and expense offset
arrangements resulting in a reduction in the Fund's total expenses. For the six
months ended April 30, 2003, the Fund's expenses were reduced by $3,023 under
such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $50 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 $50 million or the
limits set by its prospectus for borrowings. Interest on collective borrowings
is payable at the Federal Funds Rate plus 1/2% on an annualized basis. The
Funds pay an annual
31
Pioneer Mid Cap Value Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/03 (unaudited) (continued)
- --------------------------------------------------------------------------------
commitment fee for this facility. The commitment fee is allocated among such
Funds based on their respective borrowing limits. For the six months ended
April 30, 2003, the Fund had no borrowings under this agreement.
32
Pioneer Mid Cap Value Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
Mary K. Bush Osbert M. Hood, Executive
Richard H. Egdahl, M.D. Vice President*
Osbert M. Hood* Vincent Nave, Treasurer
Margaret B.W. Graham Joseph P. Barri, Secretary
Marguerite A. Piret
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
*Mr. Hood was elected Trustee and Executive Vice President on June 3, 2003.
Daniel T. Geraci resigned as Trustee and Executive Vice President on April
30, 2003.
33
Pioneer Mid Cap Value Fund
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RESULTS OF SHAREOWNER MEETING
- --------------------------------------------------------------------------------
On April 17, 2003, the Fund held a special meeting of shareowners to vote on
four proposals. All proposals were passed by a shareowner vote. Here are the
detailed results of the votes.
Proposal 1 - To elect Trustees.
Nominee Affirmative Withheld
John F. Cogan, Jr. 43,192,668.629 1,529,294.101
Mary K. Bush 43,110,132.786 1,611,829.944
Richard H. Egdhal, M.D. 43,187,437.747 1,534,524.983
Daniel T. Geraci 43,241,607.509 1,480,355.221
Margaret B.W. Graham 43,275,296.487 1,446,666.243
Marguerite A. Piret 43,257,746.528 1,464,216.202
Stephen K. West 43,165,628.266 1,556,334.464
John Winthrop 43,294,412.018 1,427,550.712
Proposal 2 - To approve a new management contract.
Affirmative Against Abstain
33,737,315.505 1,749,354.406 1,693,756.819
Proposal 3 - To approve a policy allowing Pioneer and the board of trustees to
appoint or terminate subavisers and to approve amendments to subadvisory
agreements without shareowner approval.
Affirmative Against Abstain
32,661,388.618 2,752,975.114 1,766,062.998
Proposal 4 (a) - To approve a change to the Fund's investment
policy on senior securities.
Affirmative Against Abstain
32,363,471.155 1,974,974.814 2,841,980.761
Proposal 4 (b) - To approve a change to the Fund's investment
policy on borrowing.
Affirmative Against Abstain
32,319,109.875 2,017,084.398 2,844,232.457
Proposal 4 (c) - To approve a change to the Fund's investment
policy on real estate.
Affirmative Against Abstain
32,405,909.361 1,927,559.821 2,846,957.548
34
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Proposal 4 (d) - To approve a change to the Fund's investment
policy on loans.
Affirmative Against Abstain
32,359,001.152 1,972,074.445 2,849,351.133
Proposal 4 (e) - To approve a change to the Fund's investment
policy on commodities.
Affirmative Against Abstain
32,346,371.858 1,971,966.494 2,862,088.378
Proposal 4 (f) - To approve a change to the Fund's investment
policy on diversification.
Affirmative Against Abstain
32,410,766.613 1,911,439.950 2,858,220.167
Proposal 4 (g) - To approve a change to the Fund's investment
policy on acting as an underwriter.
Affirmative Against Abstain
32,385,315.313 1,935,051.896 2,860,059.521
Proposal 4 (h) - To approve a change to the Fund's investment
policy on concentration.
Affirmative Against Abstain
32,435,678.110 1,897,990.533 2,846,758.087
Proposal 4 (i) - To approve a change to the Fund's investment
policy on guarantees.
Affirmative Against Abstain
32,378,863.317 1,952,295.896 2,849,267.517
Proposal 4 (p) - To approve a change to the Fund's investment
policy on foreign restriction.
Affirmative Against Abstain
32,334,680.189 1,992,510.874 2,853,235.667
35
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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
- --------------------------------------------------------------------------------
Your investment professional can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-8O0-225-6292.
FactFone(SM)
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information, have
your 10-digit account number, your three-digit fund number and your four-digit
personal identification number at hand.
6-Month Reinstatement Privilege (for Class A and Class B Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 6 months of your
redemption. You have the choice of investing in any Pioneer fund provided the
account has the exact same registration and meets the fund's minimum investment
requirement. Reinstated accounts may only purchase Class A fund shares.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you need
to do is authorize a set amount of money to be moved out of your bank account
into the Pioneer fund of your choice. Investomatic also allows you to change
the dollar amount, frequency and investment date right over the phone. By
putting aside affordable amounts of money regularly, you can build a long-term
investment - without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing
Pioneer to deduct from participating employees' paychecks. You specify the
dollar amount you want to invest into the Pioneer fund(s) of your choice.
36
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Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds
you wish to invest in. You choose the amounts and dates for Pioneer to sell
shares of your original fund and use the proceeds to buy shares of the other
funds you have chosen. Over time, your investment will be shifted out of the
original fund. (Automatic Exchange is available for originating accounts with a
balance of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals.
You decide the frequency and the day of the month. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available for accounts with a value of $10,000 or
more.)
37
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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@pioneerinvest.com
(for general questions about Pioneer only)
Visit our website: www.pioneerfunds.com
This report must be preceded or accompanied by a current
Fund prospectus.
[LOGO]
Pioneer Investment Management, Inc.
60 State Street 13293-00-0603
Boston, Massachusetts 02109 (C) 2003 Pioneer Funds Distributor, Inc.
www.pioneerfunds.com Underwriter of Pioneer mutual funds, Member SIPC
ITEM 1 insert annual report
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.
Not applicable for semiannual reports; to be answered on annual submissions
after July 15, 2003.
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.
(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)).
(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 for semiannual reports; to be answered on annual submissions
after July 15, 2003.
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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
Not applicable for semiannual reports; to be answered on annual submissions
after December 15, 2003.
ITEMS 5-6. [RESERVED]
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. [RESERVED]
ITEM 9. 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.
Not applicable for semiannual reports; to be answered on annual submissions
after July 15, 2003.
(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 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.
ITEM 10. 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.
Not applicable.
(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 Mid Cap Value Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date July 8, 2003
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 July 8, 2003
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date July 8, 2003
* Print the name and title of each signing officer under his or her signature.