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 811-06106
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)
Terrence J. Cullen, Amundi Pioneer Asset 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: October 31
Date of reporting period: November 1, 2018 through April 30, 2019
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 STOCKHOLDERS.
Pioneer Mid Cap
Value Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2019
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PCGRX
Class C PCCGX
Class K PMCKX
Class R PCMRX
Class Y PYCGX
Beginning in April 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 24
Notes to Financial Statements 33
Trustees, Officers and Service Providers 41
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, we
encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner.
2 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 3
Portfolio Management Discussion | 4/30/19
In the following interview, Edward T. "Ned" Shadek, Jr. and Timothy Stanish
discuss the factors that affected the performance of Pioneer Mid Cap Value Fund
during the six-month period ended April 30, 2019. Mr. Shadek, Senior Vice
President, Director of Mid Cap Value, U.S., and a portfolio manager at Amundi
Pioneer Asset Management, Inc. (Amundi Pioneer), is responsible for the
day-to-day management of the Fund, along with Mr. Stanish, a vice president, a
portfolio EVA (economic value added) analyst, and a portfolio manager at Amundi
Pioneer, and Raymond K. Haddad, a vice president and a portfolio manager at
Amundi Pioneer.
Q How did the Fund perform during the six-month period ended April 30, 2019?
A Pioneer Mid Cap Value Fund's Class A shares returned 8.04% at net asset
value during the six-month period ended April 30, 2019, while the Fund's
benchmark, the Russell Midcap Value Index (the Russell Index), returned
8.28%. During the same period, the average return of the 412 mutual funds
in Morningstar's Mid-Cap Value Funds category was 7.08%.
Q How would you describe the investment environment for equities during the
six-month period ended April 30, 2019?
A The period began in November 2018 amidst a severe market slump that
dragged down the performance of both equities and bonds. Several factors,
including concerns over trade disputes between the U.S. and its major
trading partners -- particularly China -- slowing global economic growth,
rising interest rates in the U.S., and lower oil prices, drove the
sell-off, which lasted through the end of 2018. In December alone, the
Standard & Poor's 500 Index (the S&P 500) returned -9.03% and finished the
final quarter of 2018 down by 13.52%.
The market quickly bounced back as 2018 turned to 2019, however, as the
S&P 500 returned more than 13% for the first quarter. The main catalysts
behind the strong performance of domestic equities in the first quarter
were signals from the U.S. Federal Reserve (the Fed) that -- after
increasing interest rates four times in 2018 -- it likely would "pause" on
further rate hikes, and investors' optimism with respect to a resolution
of the U.S./China trade dispute. April, the final month of the period, was
also a solid one for equities, as the S&P 500 returned more than 4%, for a
year-to-date return of more than 18%.
4 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
After losing significant ground during the fourth quarter and finishing
2018 down by more than 12%, mid-cap value stocks, as measured by the
Fund's benchmark, the Russell Index, have also rebounded strongly in 2019,
returning more than 18% for the first four months of the calendar year.
Within the Russell Index, the top-performing sectors over the six-month
period were information technology and industrials, up by more than 17%
and 15%, respectively. The real estate and utilities sectors also
generated double-digit returns for the period. The worst performers in the
Russell Index over the six months were energy, down by more than 7%, and
communication services, which was also finished in negative territory, at
-2.7%. Consumer staples, while positive, was the third-worst performing
sector in the Fund's benchmark over the six-month period, returning just
1.2%.
Q Which of your investment strategies either contributed to or detracted
from the Fund's performance relative to the Russell Index during the
six-month period ended April 30, 2019?
A The Fund's performance was in line with that of the Russell Index for the
six-month period, if slightly behind overall. Asset allocation was a
modest positive contributor to the Fund's benchmark-relative performance
for the period, while stock selection results were essentially neutral
versus the Russell Index.
With regard to asset allocation, the portfolio's underweight to the
strong-performing real estate sector detracted from the Fund's
benchmark-relative performance, as did a slight overweight to energy,
which was the Russell Index's worst performer for the six-month period.
Meanwhile, underweights to communication services and consumer staples,
two of the benchmark's weakest sectors over the period, and an overweight
to the very strong information technology sector, aided the Fund's
benchmark-relative returns.
We had underweighted the Fund to real estate early in the period due to
concerns over rising interest rates in the U.S., but rates actually went
down as the period progressed and the sector benefited. Real estate is
also immune, at least to a certain degree, from the trade concerns and
some other macroeconomic issues that often plague other sectors. We
drastically reduced the Fund's underweight to the sector as the period
progressed. The energy sector has struggled of late, as the market appears
to be "down" on many companies in the sector, particularly their business
models (high expenditures, fewer returns to shareholders, and lower
returns on investments). The Fund's underweight to communication services
was due to the fact that we simply have not been able to find good
fundamentals in the sector. In consumer staples, meanwhile, we believe
valuations are too
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 5
high. Conversely, we continue to find good fundamentals in the information
technology sector, and good valuations, which improved even more after the
fourth-quarter market sell-off.
Individual stocks in the portfolio that detracted from the Fund's
benchmark-relative performance during the six-month period included
National Oilwell Varco (NOV), Centene, and Jazz Pharmaceuticals. Energy
firm NOV is a supplier of offshore drilling equipment. With the energy
sector struggling during the period, the market for NOV's products was
weak, and the company generated disappointing earnings results.
Exploration-and-production companies have become more cost-conscious
recently, and that has affected NOV's business. It also does not bode
particularly well for the company going forward, and so we sold the stock
during the period. Shares of Centene, a multi-line managed health care
organization, fell during the period due to political uncertainty about
the future of the Affordable Care Act. We sold the Fund's position in
Centene due to the current concerns, even though we still like the
company. The Fund's position in Jazz Pharmaceuticals was another detractor
from benchmark-relative performance during the period. The stock price
rose and fell frequently over the six months before finishing down by
about 20%. We attribute the decline in share price primarily to the
market's perception of Jazz as a "one product" company, as 75% to 80% of
Jazz's profits come from its sleep disorder drug franchise. Rhetoric in
Washington about reining in prescription drug prices also contributed to
the company's struggles over the period. We still own the stock, even
though we have reduced the Fund's allocation. We believe Jazz has
successfully fought off competition from generic drug makers. It also has
a great balance sheet and is taking steps to expand its product portfolio.
Individual stocks that contributed positively to the Fund's
benchmark-relative returns over the six-month period included Pulte Group,
Ingersoll-Rand, and Lam Research. Shares of home construction firm Pulte
Group rose as the company beat earnings estimates on positive new orders,
rising home-selling prices, and strong profit margins. Pulte's share price
also benefited from declining interest rates during the period, which has
led to more home refinancings and purchases. The Fund's position in
industrial firm Ingersoll-Rand contributed positively to
benchmark-relative performance over the period. Ingersoll-Rand has good
earnings and end-markets, and is less cyclical than other industrial
stocks. The company is in the process of selling off its industrial pumps
business to Gardner-Denver, a move that may reduce cyclical exposure even
more, given that the industrial pumps industry is more cyclical in nature.
Finally, a position in Lam Research contributed positively to the Fund's
benchmark-relative returns.
6 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Lam is an information technology firm that we added to the portfolio
during the period, as we took advantage of improved valuations after the
fourth-quarter market meltdown. The company makes equipment used by
semiconductor chipmakers to test their chips, and it has been generating
more revenue from parts and services, which has made Lam a more stable,
less cyclical business. It is also a leading company in its industry.
Q Did you invest the Fund in any derivative securities during the six-month
period ended April 30, 2019?
A No, the Fund did not own any derivatives during the period.
Q What is your outlook as we head towards the middle of 2019, and how have
you positioned the Fund's portfolio as of period-end?
A We believe the U.S. economy remains in good shape. Despite the presence
of some concerns, such as the U.S./China trade situation, we do not
believe we are looking at a recession in the near term. Corporate earnings
are still solid and the market has been bidding up shares of the companies
we like to own in the portfolio: high-quality companies with good
earnings.
While we may be closer to the end of the economic cycle than the
beginning, and the market landscape is a tad more treacherous than it has
been, we also do not believe that stock valuations are too bad.
With regard to positioning, we have expanded the number of portfolio
holdings, and so the Fund is less concentrated than it used to be. We
believe we have constructed a portfolio featuring stocks of high-quality
companies with better business models and balance sheets, and stable
earnings growth. The Fund now has less exposure to highly cyclical stocks,
which we believe is a prudent approach given a more uncertain market
environment. While the overall valuation of the stocks in the portfolio is
higher than before, we believe the higher quality and more stable nature
of the Fund's holdings is worth the extra cost.
As noted previously, the Fund is much less underweight to real estate now
than at the beginning of the six-month period. The portfolio remains
underweight versus the Russell Index to utilities, another "bond proxy"
sector, as we believe the valuations there remain too high, and we like
real estate investment trusts more than utilities stocks. The Fund's
benchmark-relative sector overweights as of period-end included
information technology and consumer discretionary. In consumer
discretionary, we have been avoiding retailers that have higher exposure
to eCommerce risk, and have focused more on stocks of companies like
discount retailer Dollar General, which has a lower-income customer base
that has tended to utilize online vendors less frequently than other
consumers.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 7
Please refer to the Schedule of Investments on pages 18-23 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in mid-sized companies may offer the potential for higher returns,
but are also subject to greater short-term price fluctuations than larger, more
established companies.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political
conditions.
The portfolio invests in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
When interest rates rise, the prices of fixed income securities in the fund
will generally fall. Conversely, when interest rates fall, the prices of fixed
income securities in the Fund will generally rise.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc. for
a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Portfolio Summary | 4/30/19
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 19.6%
Consumer Discretionary 14.1%
Information Technology 12.3%
Real Estate 12.2%
Industrials 12.0%
Health Care 8.5%
Materials 6.1%
Energy 5.6%
Utilities 5.1%
Government 2.7%
Consumer Staples 1.8%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Ingersoll-Rand Plc 2.95%
--------------------------------------------------------------------------------
2. Entergy Corp. 2.55
--------------------------------------------------------------------------------
3. Public Service Enterprise Group, Inc. 2.51
--------------------------------------------------------------------------------
4. Dollar General Corp. 2.29
--------------------------------------------------------------------------------
5. CDW Corp. 2.12
--------------------------------------------------------------------------------
6. Discover Financial Services 2.11
--------------------------------------------------------------------------------
7. SVB Financial Group 2.00
--------------------------------------------------------------------------------
8. Sun Communities, Inc. 1.98
--------------------------------------------------------------------------------
9. Park Hotels & Resorts, Inc. 1.89
--------------------------------------------------------------------------------
10. Lincoln National Corp. 1.87
--------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 9
Prices and Distributions | 4/30/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/19 10/31/18
--------------------------------------------------------------------------------
A $21.88 $22.50
--------------------------------------------------------------------------------
C $14.48 $15.53
--------------------------------------------------------------------------------
K $21.89 $22.56
--------------------------------------------------------------------------------
R $21.35 $21.94
--------------------------------------------------------------------------------
Y $23.74 $24.26
--------------------------------------------------------------------------------
Distributions per Share: 11/1/18-4/30/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1755 $ -- $2.0931
--------------------------------------------------------------------------------
C $ -- $ -- $2.0931
--------------------------------------------------------------------------------
K $0.2539 $ -- $2.0931
--------------------------------------------------------------------------------
R $0.0691 $ -- $2.0931
--------------------------------------------------------------------------------
Y $0.2283 $ -- $2.0931
--------------------------------------------------------------------------------
The Russell Midcap Value Index is an unmanaged index that measures the
performance of U.S. mid-cap value stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Mid Cap Value Fund at public
offering price during the periods shown, compared to that of the Russell Midcap
Value Index.
Average Annual Total Returns
(As of April 30, 2019)
-----------------------------------------------
Net Public Russell
Asset Offering Midcap
Value Price Value
Period (NAV) (POP) Index
-----------------------------------------------
10 years 10.74% 10.08% 14.98%
5 years 5.18 3.94 7.83
1 year 1.33 -4.49 5.76
-----------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------
Gross
-----------------------------------------------
1.02%
-----------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Cap Russell Midcap
Value Fund Value Index
4/09 $ 9,425 $10,000
4/10 $13,168 $15,439
4/11 $15,217 $18,502
4/12 $14,521 $18,352
4/13 $16,093 $22,695
4/14 $20,301 $27,709
4/15 $21,820 $30,472
4/16 $21,004 $30,418
4/17 $24,726 $35,746
4/18 $25,790 $38,187
4/19 $26,134 $40,386
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP
returns reflect deduction of maximum 5.75% sales charge. NAV 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 11
Performance Update | 4/30/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2019)
-----------------------------------------------
Russell
Midcap
If If Value
Period Held Redeemed Index
-----------------------------------------------
10 years 9.79% 9.79% 14.98%
5 years 4.30 4.30 7.83
1 year 0.42 0.42 5.76
-----------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------
Gross
-----------------------------------------------
1.83%
-----------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Cap Russell Midcap
Value Fund Value Index
4/09 $10,000 $10,000
4/10 $13,841 $15,439
4/11 $15,859 $18,502
4/12 $15,000 $18,352
4/13 $16,480 $22,695
4/14 $20,615 $27,709
4/15 $21,969 $30,472
4/16 $20,985 $30,418
4/17 $24,483 $35,746
4/18 $25,337 $38,187
4/19 $25,442 $40,386
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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). "If Held" results represent the percent change in
net asset value per share. NAV 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2019)
-----------------------------------------------
Net Russell
Asset Midcap
Value Value
Period (NAV) Index
-----------------------------------------------
10 years 10.91% 14.98%
5 years 5.50 7.83
1 year 1.66 5.76
-----------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------
Gross
-----------------------------------------------
0.68%
-----------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Mid Cap Russell Midcap
Value Fund Value Index
4/09 $ 5,000,000 $ 5,000,000
4/10 $ 6,985,803 $ 7,719,536
4/11 $ 8,072,876 $ 9,250,908
4/12 $ 7,703,557 $ 9,175,896
4/13 $ 8,537,591 $11,347,258
4/14 $10,769,829 $13,854,478
4/15 $11,579,817 $15,235,956
4/16 $11,194,815 $15,208,819
4/17 $13,222,845 $17,873,047
4/18 $13,848,840 $19,093,508
4/19 $14,078,135 $20,193,240
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on March 2, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those
of Class K shares, the performance of Class K shares prior to their inception
on March 2, 2015, would have been higher than the performance shown. For the
period beginning March 2, 2015, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available
for limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains.
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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 13
Performance Update | 4/30/19 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2019)
-----------------------------------------------
Net Russell
Asset Midcap
Value Value
Period (NAV) Index
-----------------------------------------------
10 years 10.34% 14.98%
5 years 4.75 7.83
1 year 0.84 5.76
-----------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------
Gross
-----------------------------------------------
1.48%
-----------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Cap Russell Midcap
Value Fund Value Index
4/09 $10,000 $10,000
4/10 $13,940 $15,439
4/11 $16,079 $18,502
4/12 $15,286 $18,352
4/13 $16,884 $22,695
4/14 $21,219 $27,709
4/15 $22,734 $30,472
4/16 $21,784 $30,418
4/17 $25,546 $35,746
4/18 $26,536 $38,187
4/19 $26,759 $40,386
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 R shares are not subject to sales charges and are available for 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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2019)
-----------------------------------------------
Net Russell
Asset Midcap
Value Value
Period (NAV) Index
-----------------------------------------------
10 years 11.10% 14.98%
5 years 5.46 7.83
1 year 1.57 5.76
-----------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------
Gross
-----------------------------------------------
0.78%
-----------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Mid Cap Russell Midcap
Value Fund Value Index
4/09 $ 5,000,000 $ 5,000,000
4/10 $ 7,014,571 $ 7,719,536
4/11 $ 8,138,015 $ 9,250,908
4/12 $ 7,798,725 $ 9,175,896
4/13 $ 8,677,063 $11,347,258
4/14 $10,984,596 $13,854,478
4/15 $11,843,429 $15,235,956
4/16 $11,436,826 $15,208,819
4/17 $13,491,182 $17,873,047
4/18 $14,107,190 $19,093,508
4/19 $14,328,491 $20,193,240
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 Y shares are not subject to sales charges and are available for 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 15
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 Mid Cap Value Fund
Based on actual returns from November 1, 2018, through April 30, 2019.
------------------------------------------------------------------------------------------------------
Share Class A C K R Y
------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
------------------------------------------------------------------------------------------------------
Ending Account $1,080.40 $1,074.60 $1,082.30 $1,077.80 $1,081.40
Value (after expenses)
on 4/30/19
------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.36 $ 10.08 $ 3.46 $ 7.32 $ 4.08
During Period*
------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.04%,
1.96%, 0.67%, 1.42% and 0.79% for Class A, Class C, Class K, Class R and
Class Y shares respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period).
16 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
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 Mid Cap Value Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2018, through April 30, 2019.
-------------------------------------------------------------------------------------------------------
Share Class A C K R Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
------------------------------------------------------------------------------------------------------
Ending Account $1,019.64 $1,015.08 $1,021.47 $1,017.75 $1,020.88
Value (after expenses)
on 4/30/19
------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.21 $ 9.79 $ 3.36 $ 7.10 $ 3.96
During Period*
------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.04%,
1.96%, 0.67%, 1.42% and 0.79% for Class A, Class C, Class K, Class R and
Class Y shares respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period).
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 17
Schedule of Investments | 4/30/19 (unaudited)
------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.8%
COMMON STOCKS -- 98.0% of Net Assets
Aerospace & Defense -- 1.6%
54,375 Huntington Ingalls Industries, Inc. $ 12,102,788
-------------
Total Aerospace & Defense $ 12,102,788
-----------------------------------------------------------------------------------------------
Banks -- 6.6%
318,776 Cathay General Bancorp $ 11,727,769
90,788 First Republic Bank 9,589,029
1,010,000 Huntington Bancshares, Inc. 14,059,200
61,909(a) SVB Financial Group 15,583,733
-------------
Total Banks $ 50,959,731
-----------------------------------------------------------------------------------------------
Building Products -- 1.4%
283,853 Masco Corp. $ 11,087,298
-------------
Total Building Products $ 11,087,298
-----------------------------------------------------------------------------------------------
Capital Markets -- 1.7%
141,296 Nasdaq, Inc. $ 13,027,491
-------------
Total Capital Markets $ 13,027,491
-----------------------------------------------------------------------------------------------
Chemicals -- 1.0%
75,100 Celanese Corp. $ 8,102,539
-------------
Total Chemicals $ 8,102,539
-----------------------------------------------------------------------------------------------
Communications Equipment -- 1.4%
75,157 Motorola Solutions, Inc. $ 10,891,001
-------------
Total Communications Equipment $ 10,891,001
-----------------------------------------------------------------------------------------------
Construction Materials -- 0.7%
40,818 Vulcan Materials Co. $ 5,147,558
-------------
Total Construction Materials $ 5,147,558
-----------------------------------------------------------------------------------------------
Consumer Finance -- 2.8%
202,357 Discover Financial Services $ 16,490,072
81,373(a) Green Dot Corp. 5,189,156
-------------
Total Consumer Finance $ 21,679,228
-----------------------------------------------------------------------------------------------
Containers & Packaging -- 3.9%
70,424 Avery Dennison Corp. $ 7,792,416
195,527 Ball Corp. 11,719,888
180,041(a) Berry Global Group, Inc. 10,586,411
-------------
Total Containers & Packaging $ 30,098,715
-----------------------------------------------------------------------------------------------
Electric Utilities -- 2.6%
205,896 Entergy Corp. $ 19,951,322
-------------
Total Electric Utilities $ 19,951,322
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------
Electrical Equipment -- 0.4%
21,454 Acuity Brands, Inc. $ 3,139,364
-------------
Total Electrical Equipment $ 3,139,364
-----------------------------------------------------------------------------------------------
Electronic Equipment, Instruments & Components -- 3.0%
156,657 CDW Corp. $ 16,542,979
81,464(a) Keysight Technologies, Inc. 7,089,812
-------------
Total Electronic Equipment, Instruments & Components $ 23,632,791
-----------------------------------------------------------------------------------------------
Equity Real Estate Investment Trusts (REITs) -- 12.3%
218,670 Americold Realty Trust $ 6,999,627
451,131 Duke Realty Corp. 14,039,197
8,518 Equinix, Inc. 3,873,135
92,252 Extra Space Storage, Inc. 9,565,610
228,313 Gaming & Leisure Properties, Inc. 9,219,279
301,729 Invitation Homes, Inc. 7,500,983
71,635 Lamar Advertising Co. 5,922,065
461,345 Park Hotels & Resorts, Inc. 14,799,947
125,631 Sun Communities, Inc. 15,462,663
347,046 VICI Properties, Inc. 7,912,649
-------------
Total Equity Real Estate Investment Trusts (REITs) $ 95,295,155
-----------------------------------------------------------------------------------------------
Food & Staples Retailing -- 0.7%
79,740 Sysco Corp. $ 5,611,304
-------------
Total Food & Staples Retailing $ 5,611,304
-----------------------------------------------------------------------------------------------
Food Products -- 1.1%
75,084(a) Post Holdings, Inc. $ 8,467,974
-------------
Total Food Products $ 8,467,974
-----------------------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 3.5%
30,084 Cooper Cos., Inc. $ 8,721,953
276,969(a) Hologic, Inc. 12,845,822
43,742 West Pharmaceutical Services, Inc. 5,414,822
-------------
Total Health Care Equipment & Supplies $ 26,982,597
-----------------------------------------------------------------------------------------------
Health Care Providers & Services -- 3.4%
85,673(a) Laboratory Corp. of America Holdings $ 13,700,826
97,349 Universal Health Services, Inc., Class B 12,350,668
-------------
Total Health Care Providers & Services $ 26,051,494
-----------------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 2.8%
101,984 Dunkin' Brands Group, Inc. $ 7,611,066
254,570(a) Norwegian Cruise Line Holdings, Ltd. 14,355,202
-------------
Total Hotels, Restaurants & Leisure $ 21,966,268
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 19
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------
Household Durables -- 3.9%
57,841(a) Mohawk Industries, Inc. $ 7,880,836
458,777 PulteGroup, Inc. 14,433,125
57,896 Whirlpool Corp. 8,037,123
-------------
Total Household Durables $ 30,351,084
-----------------------------------------------------------------------------------------------
Insurance -- 7.5%
77,399 American Financial Group, Inc. $ 8,013,118
208,820 Assured Guaranty, Ltd. 9,960,714
253,869 Brown & Brown, Inc. 8,060,341
142,379 First American Financial Corp. 8,124,146
218,800 Lincoln National Corp. 14,598,336
401,756 Old Republic International Corp. 8,983,264
-------------
Total Insurance $ 57,739,919
-----------------------------------------------------------------------------------------------
IT Services -- 4.5%
202,510 Booz Allen Hamilton Holding Corp. $ 12,006,818
209,203 DXC Technology Co. 13,753,005
62,638(a) Euronet Worldwide, Inc. 9,388,810
-------------
Total IT Services $ 35,148,633
-----------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.0%
98,322 Agilent Technologies, Inc. $ 7,718,277
-------------
Total Life Sciences Tools & Services $ 7,718,277
-----------------------------------------------------------------------------------------------
Machinery -- 7.6%
112,847(a) Gardner Denver Holdings, Inc. $ 3,808,586
187,793 Ingersoll-Rand Plc 23,025,300
189,372 PACCAR, Inc. 13,572,291
77,058 Stanley Black & Decker, Inc. 11,296,703
146,669 Timken Co. 7,032,778
-------------
Total Machinery $ 58,735,658
-----------------------------------------------------------------------------------------------
Metals & Mining -- 0.6%
375,106 Freeport-McMoRan, Inc. $ 4,617,555
-------------
Total Metals & Mining $ 4,617,555
-----------------------------------------------------------------------------------------------
Multiline Retail -- 2.3%
141,701 Dollar General Corp. $ 17,867,079
-------------
Total Multiline Retail $ 17,867,079
-----------------------------------------------------------------------------------------------
Multi-Utilities -- 2.5%
328,014 Public Service Enterprise Group, Inc. $ 19,566,035
-------------
Total Multi-Utilities $ 19,566,035
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 5.7%
100,691 Diamondback Energy, Inc. $ 10,712,515
638,552 Marathon Oil Corp. 10,880,926
391,218 Murphy Oil Corp. 10,656,778
124,406 PBF Energy, Inc. 4,177,553
44,886 Pioneer Natural Resources Co. 7,471,724
-------------
Total Oil, Gas & Consumable Fuels $ 43,899,496
-----------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.8%
45,208(a) Jazz Pharmaceuticals Plc $ 5,866,642
-------------
Total Pharmaceuticals $ 5,866,642
-----------------------------------------------------------------------------------------------
Road & Rail -- 1.0%
64,769 Kansas City Southern $ 7,975,655
-------------
Total Road & Rail $ 7,975,655
-----------------------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment -- 2.4%
51,976 Lam Research Corp. $ 10,781,382
353,864(a) ON Semiconductor Corp. 8,160,104
-------------
Total Semiconductors & Semiconductor Equipment $ 18,941,486
-----------------------------------------------------------------------------------------------
Specialty Retail -- 4.6%
217,050 Aaron's, Inc. $ 12,087,515
155,418 Dick's Sporting Goods, Inc. 5,750,466
16,575(a) O'Reilly Automotive, Inc. 6,274,798
111,112 Tractor Supply Co. 11,500,092
-------------
Total Specialty Retail $ 35,612,871
-----------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 1.0%
106,998 NetApp, Inc. $ 7,794,804
-------------
Total Technology Hardware, Storage & Peripherals $ 7,794,804
-----------------------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 0.5%
33,391 PVH Corp. $ 4,307,105
-------------
Total Textiles, Apparel & Luxury Goods $ 4,307,105
-----------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.2%
398,430 Radian Group, Inc. $ 9,331,231
-------------
Total Thrifts & Mortgage Finance $ 9,331,231
-----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $655,638,844) $ 759,668,148
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 21
Schedule of Investments | 4/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
2.8% of Net Assets
11,845,000(b) U.S. Treasury Bills, 5/7/19 $ 11,840,320
9,550,000(b) U.S. Treasury Bills, 5/14/19 9,541,778
------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $21,382,181) $ 21,382,098
------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 100.8%
(Cost $677,021,025) $ 781,050,246
------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (0.8)% $ (6,021,963)
------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 775,028,283
================================================================================================
REIT Real Estate Investment Trust.
(a) Non-income producing security.
(b) Security issued with a zero coupon. Income is recognized through
accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2019, aggregated $355,968,305 and $427,894,064,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which the Amundi Pioneer Asset
Management, Inc., (the "Adviser") serves as the Fund's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the six months ended April
30, 2019, the Fund did not engage in cross trade activity.
At April 30, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $679,931,328 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 114,902,910
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (13,783,992)
-------------
Net unrealized appreciation $ 101,118,918
=============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
The following is a summary of the inputs used as of April 30, 2019, in valuing
the Fund's investments:
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Common Stocks $759,668,148 $ -- $ -- $759,668,148
U.S. Government and
Agency Obligations -- 21,382,098 -- 21,382,098
---------------------------------------------------------------------------------------------
Total Investments
in Securities $759,668,148 $21,382,098 $ -- $781,050,246
=============================================================================================
During the six months ended April 30, 2019, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 23
Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $677,021,025) $781,050,246
Cash 1,066,562
Receivables --
Investment securities sold 1,073,018
Fund shares sold 152,626
Dividends 200,769
Other assets 55,180
--------------------------------------------------------------------------------------------
Total assets $783,598,401
============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 7,880,785
Fund shares repurchased 365,805
Distributions 1,059
Trustees' fees 3,310
Due to affiliates 106,837
Accrued expenses 212,322
--------------------------------------------------------------------------------------------
Total liabilities $ 8,570,118
============================================================================================
NET ASSETS:
Paid-in capital $684,098,939
Distributable earnings 90,929,344
--------------------------------------------------------------------------------------------
Net assets $775,028,283
============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $718,114,204/32,827,200 shares) $ 21.88
Class C (based on $16,195,071/1,118,120 shares) $ 14.48
Class K (based on $1,643,528/75,085 shares) $ 21.89
Class R (based on $10,355,372/484,921 shares) $ 21.35
Class Y (based on $28,720,108/1,209,691 shares) $ 23.74
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $21.88 net asset value per share/100%-5.75%
maximum sales charge) $ 23.21
============================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Statement of Operations (unaudited)
For the Six Months Ended 4/30/19
INVESTMENT INCOME:
Dividends from unaffiliated issuers $7,855,318
Interest from unaffiliated issuers 102,860
------------------------------------------------------------------------------------------------------
Total investment income $ 7,958,178
======================================================================================================
EXPENSES:
Management fees
Basic fee $2,522,355
Performance Adjustment (440,530)
Administrative expense 182,288
Transfer agent fees
Class A 314,596
Class C 17,428
Class K 54
Class R 11,248
Class Y 16,423
Distribution fees
Class A 853,387
Class C 83,133
Class R 24,817
Shareowner communications expense 140,701
Custodian fees 10,259
Registration fees 34,662
Professional fees 27,538
Printing expense 34,895
Trustees' fees 15,535
Insurance expense 2,422
Miscellaneous 57,052
------------------------------------------------------------------------------------------------------
Total expenses $ 3,908,263
------------------------------------------------------------------------------------------------------
Net investment income $ 4,049,915
------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(11,177,220)
------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 64,017,141
------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 52,839,921
------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 56,889,836
======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 25
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------
Six Months
Ended Year
4/30/19 Ended
(unaudited) 10/31/18
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 4,049,915 $ 5,401,523
Net realized gain (loss) on investments (11,177,220) 71,382,669
Change in net unrealized appreciation (depreciation)
on investments 64,017,141 (132,465,402)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 56,889,836 $ (55,681,210)
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($2.27 and $2.11 per share, respectively) $(71,479,958) $ (66,998,046)
Class C ($2.09 and $2.02 per share, respectively) (2,421,399) (5,168,871)
Class K ($2.34 and $2.20 per share, respectively) (174,867) (2,233,949)
Class R ($2.16 and $2.02 per share, respectively) (1,014,076) (1,109,167)
Class Y ($2.32 and $2.16 per share, respectively) (2,603,260) (2,918,223)
------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(77,693,560) $ (78,428,256)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 23,070,743 $ 60,974,927
Reinvestment of distributions 74,559,254 73,099,899
Cost of shares repurchased (70,108,017) (200,505,997)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ 27,521,980 $ (66,431,171)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 6,718,256 $(200,540,637)
NET ASSETS:
Beginning of period $768,310,027 $ 968,850,664
------------------------------------------------------------------------------------------------------
End of period $775,028,283 $ 768,310,027
======================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
--------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/19 4/30/19 Year Ended Year Ended
Shares Amount 10/31/18 10/31/18
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------------------
Class A
Shares sold 621,130 $ 13,435,772 1,684,495 $ 41,686,775
Reinvestment of distributions 3,335,025 68,671,357 2,588,720 64,283,020
Less shares repurchased (2,701,575) (55,490,879) (4,656,638) (115,614,113)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,254,580 $ 26,616,250 (383,423) $ (9,644,318)
========================================================================================================
Class C
Shares sold 132,595 $ 1,779,162 236,324 $ 4,059,736
Reinvestment of distributions 167,435 2,297,207 288,609 4,958,299
Less shares repurchased (373,138) (5,069,896) (1,928,864) (33,241,582)
--------------------------------------------------------------------------------------------------------
Net decrease (73,108) $ (993,527) (1,403,931) $ (24,223,547)
========================================================================================================
Class K
Shares sold 4,754 $ 100,110 196,793 $ 4,985,892
Reinvestment of distributions 8,512 174,867 5,210 129,819
Less shares repurchased (13,195) (282,986) (1,128,285) (27,878,904)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) 71 $ (8,009) (926,282) $ (22,763,193)
========================================================================================================
Class R
Shares sold 54,674 $ 1,102,230 65,576 $ 1,571,662
Reinvestment of distributions 48,761 982,986 44,593 1,079,604
Less shares repurchased (85,406) (1,697,389) (210,664) (5,171,255)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) 18,029 $ 387,827 (100,495) $ (2,519,989)
========================================================================================================
Class Y
Shares sold 318,460 $ 6,653,469 325,163 $ 8,670,862
Reinvestment of distributions 109,119 2,432,837 98,942 2,649,157
Less shares repurchased (347,635) (7,566,867) (694,425) (18,600,143)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) 79,944 $ 1,519,439 (270,320) $ (7,280,124)
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 22.50 $ 26.27 $ 23.66 $ 25.30 $ 28.37 $ 27.42
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.16(a) $ 0.11(a) $ 0.12(a) $ 0.14(a) $ 0.15
Net realized and unrealized gain (loss) on investments 1.54 (1.82) 4.10 0.58 (0.01) 3.71
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.65 $ (1.66) $ 4.21 $ 0.70 $ 0.13 $ 3.86
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.09) $ (0.11) $ (0.08) $ (0.11) $ (0.11)
Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09) (2.80)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.27) $ (2.11) $ (1.60) $ (2.34) $ (3.20) $ (2.91)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.62) $ (3.77) $ 2.61 $ (1.64) $ (3.07) $ 0.95
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.88 $ 22.50 $ 26.27 $ 23.66 $ 25.30 $ 28.37
====================================================================================================================================
Total return (b) 8.04%(c) (7.05)% 18.56% 2.94% 0.22% 15.47%
Ratio of net expenses to average net assets 1.04%(d) 1.02% 1.04% 1.08% 1.05% 1.04%
Ratio of net investment income (loss) to average net assets 1.11%(d) 0.63% 0.43% 0.53% 0.54% 0.58%
Portfolio turnover rate 48%(c) 78% 58% 70% 90% 61%
Net assets, end of period (in thousands) $718,114 $710,468 $839,636 $791,576 $856,629 $956,082
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 15.53 $ 18.82 $ 17.42 $ 19.29 $ 22.42 $ 22.33
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.02(a) $ (0.03)(a) $ (0.07)(a) $ (0.05)(a)(b) $ (0.06)(a) $ (0.05)
Net realized and unrealized gain (loss) on investments 1.02 (1.24) 2.96 0.44 0.02 2.94
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.04 $ (1.27) $ 2.89 $ 0.39 $ (0.04) $ 2.89
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ -- $ --
Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09) (2.80)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.09) $ (2.02) $ (1.49) $ (2.26) $ (3.09) $ (2.80)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.05) $ (3.29) $ 1.40 $ (1.87) $ (3.13) $ 0.09
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.48 $ 15.53 $ 18.82 $ 17.42 $ 19.29 $ 22.42
====================================================================================================================================
Total return (c) 7.46%(d) (7.77)%(e) 17.55% 2.13% (0.59)% 14.50%
Ratio of net expenses to average net assets 1.96%(f) 1.83% 1.87% 1.92% 1.90% 1.86%
Ratio of net investment income (loss) to average
net assets 0.22%(f) (0.15)% (0.40)% (0.30)% (0.31)% (0.24)%
Portfolio turnover rate 48%(d) 78% 58% 70% 90% 61%
Net assets, end of period (in thousands) $16,195 $18,495 $48,840 $51,641 $60,473 $69,090
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations due to timing of the
sales and repurchase of shares.
(c) 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.
(d) Not annualized.
(e) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended October 31, 2018, the total return would
have been (7.82)%.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/19 Ended Ended Ended 3/2/15 to
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $22.56 $26.34 $ 23.72 $ 25.37 $ 26.76
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.21(a) $ 0.19(a) $ 0.21(a) $ 0.15(a)
Net realized and unrealized gain (loss) on investments 1.52 (1.79) 4.11 0.58 (1.54)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.67 $(1.58) $ 4.30 $ 0.79 $ (1.39)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.25) $(0.18) $ (0.19) $ (0.18) $ --
Net realized gain (2.09) (2.02) (1.49) (2.26) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(2.34) $(2.20) $ (1.68) $ (2.44) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.67) $(3.78) $ 2.62 $ (1.65) $ (1.39)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $21.89 $22.56 $ 26.34 $ 23.72 $ 25.37
====================================================================================================================================
Total return (b) 8.23%(c) (6.75)%(d) 18.98% 3.36% (5.19)%(c)
Ratio of net expenses to average net assets 0.67%(e) 0.68% 0.68% 0.71% 0.65%(e)
Ratio of net investment income (loss) to average net assets 1.49%(e) 0.83% 0.74% 0.91% 0.85%(e)
Portfolio turnover rate 48%(c) 78% 58% 70% 0.90%
Net assets, end of period (in thousands) $1,644 $1,693 $26,373 $12,693 $16,103
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended October 31, 2018, the total return would
have been (6.80)%.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 21.94 $ 25.70 $ 23.18 $ 24.84 $ 27.91 $ 27.02
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.04(a) $ 0.00(a)(b) $ 0.03(a) $ 0.04(a) $ 0.07
Net realized and unrealized gain (loss) on investments 1.50 (1.78) 4.02 0.57 0.00(b) 3.63
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.57 $ (1.74) $ 4.02 $ 0.60 $ 0.04 $ 3.70
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ -- $ (0.01) $ -- $ (0.02) $ (0.01)
Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09) (2.80)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.16) $ (2.02) $ (1.50) $ (2.26) $ (3.11) $ (2.81)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.59) $ (3.76) $ 2.52 $ (1.66) $ (3.07) $ 0.89
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.35 $ 21.94 $ 25.70 $ 23.18 $ 24.84 $ 27.91
====================================================================================================================================
Total return (c) 7.78%(d) (7.50)% 18.11% 2.54% (0.16)% 15.03%
Ratio of net expenses to average net assets 1.42%(e) 1.48% 1.46% 1.47% 1.44% 1.43%
Ratio of net investment income (loss) to average net assets 0.73%(e) 0.18% 0.02% 0.15% 0.16% 0.20%
Portfolio turnover rate 48%(d) 78% 58% 70% 90% 61%
Net assets, end of period (in thousands) $10,355 $10,244 $14,579 $15,462 $21,023 $26,909
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 per share.
(c) 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.
(d) Not annualized.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 24.26 $ 28.16 $ 25.25 $ 26.84 $ 29.91 $ 28.74
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.23(a) $ 0.18(a) $ 0.19(a) $ 0.25(a) $ 0.29
Net realized and unrealized gain (loss) on investments 1.65 (1.97) 4.38 0.63 (0.02) 3.87
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.80 $ (1.74) $ 4.56 $ 0.82 $ 0.23 $ 4.16
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.14) $ (0.16) $ (0.15) $ (0.21) $ (0.19)
Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09) (2.80)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.32) $ (2.16) $ (1.65) $ (2.41) $ (3.30) $ (2.99)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.52) $ (3.90) $ 2.91 $ (1.59) $ (3.07) $ 1.17
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.74 $ 24.26 $ 28.16 $ 25.25 $ 26.84 $ 29.91
====================================================================================================================================
Total return (b) 8.14%(c) (6.85)% 18.85% 3.23% 0.53% 15.89%
Ratio of net expenses to average net assets 0.79%(d) 0.78% 0.81% 0.82% 0.73% 0.67%
Ratio of net investment income (loss) to average net assets 1.34%(d) 0.88% 0.66% 0.79% 0.90% 0.95%
Portfolio turnover rate 48%(c) 78% 58% 70% 90% 61%
Net assets, end of period (in thousands) $28,720 $27,410 $39,423 $33,339 $31,294 $83,545
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Notes to Financial Statements | 4/30/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Mid Cap Value Fund (the "Fund") is a Delaware statutory trust. The Fund
is 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 designated as Class A, Class C, Class K,
Class R and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses, such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareowner approval. Under per share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 33
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for
34 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At April 30, 2019, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
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, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
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 net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of April 30, 2019, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 35
an income tax expense on the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 3,375,935
Long-term capital gain 75,052,321
--------------------------------------------------------------------------
Total $78,428,356
==========================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at October 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Undistributed ordinary income $ 3,206,080
Undistributed long-term capital gain 71,425,210
Net unrealized appreciation 37,101,778
--------------------------------------------------------------------------
Total $111,733,068
==========================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $14,937 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2019.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
36 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Distribution fees are calculated based on the average daily net asset
value attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and
Class Y shares can reflect different transfer agent and distribution
expense rates.
F. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 37
which neither the Fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the Fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations, potentially resulting
in financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases, redemptions or exchanges or receive
distributions, loss of or unauthorized access to private shareowner
information and violations of applicable privacy and other laws,
regulatory fines, penalties, reputational damage, or additional compliance
costs. Such costs and losses may not be covered under any insurance. In
addition, maintaining vigilance against cyber-attacks may involve
substantial costs over time, and system enhancements may themselves be
subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
2. Management Agreement
The Adviser manages the Fund's portfolio. Management fees are calculated daily
at the annual rate of 0.70% of the Fund's average daily net assets up to $500
million, 0.65% on the next $500 million, 0.625% on the next $3 billion and
0.60% on the excess over $4 billion. The basic fee (fee before performance
adjustment) 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
Midcap Value Index. The performance comparison is made for a rolling 36-month
period. In addition, the Adviser contractually limits any positive adjustment
of the Fund's management fee to 0.10% of the Fund's average daily net assets on
an annual basis (i.e., to a maximum management fee of 0.80% of average daily
net assets after the performance adjustment). For the six months ended, the
aggregate performance adjustment resulted in a decrease of $440,530 to the
basic fee. For the six months ended April 30, 2019 the net management fee was
equivalent to 0.56% (annualized) of the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$67,563 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2019.
38 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the
six months ended April 30, 2019, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $130,323
Class C 7,174
Class K 37
Class R 1,691
Class Y 1,476
--------------------------------------------------------------------------------
Total $140,701
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for 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 C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the
average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $39,274 in distribution fees payable to the Distributor at
April 30, 2019.
The Fund also has adopted a separate service plan for Class R shares (the
"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.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 39
In addition, redemptions of Class A and Class C shares (except Class K, Class R
and Class Y shares) may be subject to a contingent deferred sales charge
("CDSC"). A CDSC of 1.00% may be imposed on redemptions of certain net asset
value purchases of Class A shares within 12 months of purchase. Redemptions of
Class C shares within 12 months of purchase are subject to a CDSC of 1.00%,
based on the lower of cost or market value of shares being redeemed. Shares
purchased as part of an exchange remain subject to any CDSC that applied to the
original purchase of those shares. There is no CDSC for Class K, Class R or
Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the
six months ended April 30, 2019, CDSCs in the amount of $1,635 were paid to the
Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018, the Fund participates in a credit facility that is in
the amount of $250 million. Prior to August 1, 2018, the credit facility was in
the amount of $195 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate
("LIBOR") plus 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date, or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Fund pays an annual commitment fee to participate in a credit
facility. The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the six months ended
April 30, 2019, the Fund had no borrowings under the credit facility.
40 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 41
This page is for your notes.
42 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19 43
This page is for your notes.
44 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/19
How to Contact Amundi 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
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19385-13-0619
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 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. David R. Bock, 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 Amudi Pioneer Asset Management, Inc, 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 accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
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 registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 1, 2019
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 1, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 1, 2019
* Print the name and title of each signing officer under his or her signature.