Exhibit 17.(j)
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Pioneer Cullen
Value Fund
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Semiannual Report | December 31, 2008
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Ticker Symbols:
Class A CVFCX
Class B CVFBX
Class C CVCFX
Class R CVRFX
Class Y CVFYX
Class Z CVFZX
[LOGO]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 24
Notes to Financial Statements 34
Approval of Sub-Advisory Agreement 40
Trustees, Officers and Service Providers 43
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe this year have experienced one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated team approach and is designed to carefully balance risk and reward.
While we
2 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
see potential chances for making money in many corners of the market, it takes
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Respectfully,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 3
Portfolio Management Discussion | 12/31/08
Equity prices, after trending downward in early 2008, dropped precipitously
during the year's final six months as weakness that started in the financials
sector spread through economies both in the United States and abroad. In the
following interview, James P. Cullen discusses the factors that influenced the
performance of Pioneer Cullen Value Fund during the six months ended December
31, 2008. Mr. Cullen, President of Schafer Cullen Capital Management, oversees
the team responsible for the daily management of the Fund.
Q How did the Fund perform during the last six months of 2008?
A Pioneer Cullen Value Fund Class A shares returned -24.41%, at net asset value
for the six months ended December 31, 2008. During the same six-month
period, the Fund's benchmark, the Standard & Poor's 500 Index, an index for
the overall stock market, returned -28.48%. Over the same six months, the
Russell 1000 Value Index, which measures the performance of large-cap U.S.
Value stocks, returned -26.93%, and the average return of the 610 mutual
funds in Lipper's Large Cap Value category was -27.93%.
Q What were the principal factors affecting the Fund's performance during the
six months ended December 31, 2008?
A Virtually all stocks fell hard during the period. Credit problems, which
first surfaced in mid-2007 among subprime mortgages and then spread
throughout the financials sector, undercut the economic expansion that had
produced positive results in the market for more than five years. The
widespread perception that the economic expansion had ended was confirmed
when the U.S. government announced that the nation's gross domestic product
(GDP) declined at a 0.5% annual rate in the third quarter of 2008. As
economic worries escalated, investors grew increasingly apprehensive,
fleeing equities as well as corporate bonds. In a general flight to
quality, investors at times were willing to accept virtually no yield for
investments in short-term Treasury bills because they carried no credit
risk.
We maintained our investment discipline for the Fund during this
challenging period, focusing on companies with strong balance sheets and
relatively low stock valuations. We also emphasized corporations with a
global presence, as we believed companies competing internationally would
have more opportunities to succeed. Our stock selections led to relatively
heavy exposures for the Fund in the consumer staples and industrials
sectors. At the same time, we continued to lighten the Fund's weighting in
the financials sector, the area that was hurt most directly as credit
markets deteriorated.
4 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
While we maintained a relatively concentrated portfolio of stocks in about
35 different corporations, we kept the Fund well diversified by industry.
At the end of the six-month period, on December 31, 2008, for example, the
Fund had investments in 29 different industries. The largest weightings
were in two traditionally defensive industries, the pharmaceuticals and
packaged foods groups, which comprised 11% and 10% of Fund assets,
respectively, at the end of the six-month period. Household products and
defense contractors had the next largest weightings, each with about 6% of
Fund assets. The Fund was significantly underweighted in the financials
sector.
Q What changes did you make in the Fund over the six months ended December 31,
2008, and how did they affect performance?
A As we did in the first half of the year, we continued to reduce the Fund's
exposure to the financials sector because of our belief that financials
companies would continue to be pressured by the effects of the credit
crisis. We added to the Fund's already strong presence in pharmaceuticals
while also acquiring shares of some very attractively priced large-cap
growth companies with global reaches. Bristol-Myers Squibb, a major
pharmaceuticals corporation, entertainment conglomerate Disney and software
corporation Oracle all were added to the Fund's portfolio during the
six-month period. Each of the companies has a global presence and each was
selling at very attractive prices. We also continued to reduce the Fund's
investments in financials stocks, selling shares of investment bank Morgan
Stanley and insurer Met Life. We also sold positions in General Electric
(GE) and Brazilian oil company Petrobras. We sold GE in large part because
of the difficulties that management had in explaining the problems in its
financials divisions, while we took profits in Petrobras' after its share
price had appreciated sharply on reaction to the discovery of new oil
fields.
Our investment decisions were made on a stock-by-stock basis, but the
effective move away from financials stocks and toward defensive areas such
as consumer staples and pharmaceuticals helped the Fund withstand the most
severe effects of volatility in the market. In addition, we believe our
investments in several large-cap growth companies with global franchises
and low stock prices have positioned the Fund favorably for the future.
During the six months ended December 31, 2008, the Fund's better-performing
investments included Bristol-Myers Squibb, insurance company Chubb and
telecommunications services corporation Verizon. The poorer-performing
holdings included several companies whose profits were hurt when the prices
for oil and other commodities prices fell sharply, such as Enso Energy and
Devon Energy, as well as Anglo-American, a mining company.
Q What is your investment outlook?
A We maintain a five-year horizon in our strategy for the Fund, as we believe
history has shown that high-quality, lower-priced corporations have
performed
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 5
well over the longer term, despite shorter-term market disruptions. We also
have several reasons to think the market may start recovering in the next
year.
First, historical trends indicate that the equity markets typically start
rising three-to-six months before a recession ends. The current recession
likely started more than a year ago. Normally, recessions don't last for
more than 18 months, and so we think there is potential for stock prices to
begin recovering by mid-year.
Second, the market as of December 31, 2008, remained inexpensive. Even
assuming a 20% drop in earnings, the stock market currently is cheap by
historical standards after stock indices declined by almost 40% in the past
year. One would have to go back to the 1980s to find a time when stocks
have been so inexpensive.
Third, a new administration is taking office. The first year in the term of
a new president usually is a very good period for the stock market, and
Barack Obama has made it clear he intends to hit the ground running,
pushing an aggressive package to re-stimulate the economy. In addition,
governments all over the world also are launching stimulus programs, which
we believe could give added impetus for a global economic recovery.
Fourth, cash is available for equity investments. Corporations have plenty
of cash on their balance sheets and investors also have huge sums parked in
short-term Treasuries and other low-yielding investments. There is money
available to fuel a market recovery.
Individually, these factors may not be sufficient enough to stimulate a
market recovery. But when added together they suggest to us that it is
reasonable to expect some improvement in the equity market in the months to
come, especially for those investors who take a longer-term view. The long-
term historical record indicates that lower-priced stocks generally perform
very well during the five years following a low in the market. We believe
this is a reasonable time for long-term investors to be exposed to
equities, particularly those equities that are priced attractively.
Please refer to the Schedule of Investments on pages 18-23 for a full listing
of Fund securities.
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
6 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 7
Portfolio Summary | 12/31/08
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Common Stocks 72.6%
Depositary Receipts International Stocks 13.0%
Temporary Cash Investments 14.4%
Sector Distribution
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(As a percentage of equity holdings)*
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Staples 22.1%
Health Care 18.4%
Industrials 18.2%
Financials 9.8%
Information Technology 9.6%
Telecommunication Services 7.0%
Consumer Discretionary 6.4%
Energy 5.7%
Materials 2.8%
10 Largest Holdings
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(As a percentage of equity holdings)*
1. Chubb Corp. 4.10%
2. ITT Corp. 3.86
3. Johnson & Johnson 3.83
4. Bristol-Myers Squibb Co. 3.82
5. Oracle Corp. 3.82
6. General Mills, Inc. 3.80
7. Raytheon Co. 3.75
8. Kraft Foods, Inc. 3.64
9. Eli Lilly & Co. 3.51
10. Unilever N.V. (A.D.R.) 3.48
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any
securities listed.
8 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Prices and Distributions | 12/31/08
Net Asset Value per Share
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Class 12/31/08 6/30/08
A $ 14.15 $ 18.97
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B $ 14.10 $ 18.75
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C $ 14.05 $ 18.72
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R $ 14.04 $ 18.84
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Y $ 14.19 $ 19.07
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Class 12/31/08 11/1/08
Z $ 14.09 $ 15.13
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Distributions per Share: 7/1/08-12/31/08
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ 0.1847 $ -- $ --
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B $ 0.0105 $ -- $ --
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C $ 0.0429 $ -- $ --
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R $ 0.1761 $ -- $ --
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Y $ 0.2417 $ -- $ --
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Z* $ 0.2539 $ -- $ --
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* Class Z shares were first publicly offered on November 1, 2008
Index Definitions
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The Standard & Poor's 500 Index is a commonly used measure of the broad U.S.
stock market. The Russell 1000 Value Index measures the performance of
large-cap U.S. value stocks. Index returns assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
You cannot invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" charts on
pages 10-15.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 9
Performance Update | 12/31/08 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Cullen Value Fund at public offering price, compared
to that of the S&P 500 Index and the Russell 1000 Value Index.
Average Annual Total Returns
(As of December 31, 2008)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
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Life-of-Class
(7/1/00) 5.29% 4.56%
5 Years 1.89 0.69
1 Year -31.87 -35.78
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Expense Ratio
(Per prospectus dated November 1, 2008)
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Gross Net
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1.09% 1.09%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Cullen Russell 1000
Value Fund S&P 500 Index Value Index
7/00 9,425 10,000 10,000
9,894 11,036 9,274
12/01 10,105 10,419 8,172
9,305 8,802 6,367
12/03 12,847 11,445 8,192
14,663 13,333 9,083
12/05 16,619 14,273 9,529
19,383 17,448 11,032
12/07 20,705 17,418 11,638
12/08 14,105 11,000 7,333
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Cullen Value Fund was created through the reorganization of the
predecessor Cullen Value Fund on 2/28/05. The performance of Class A shares of
the Fund from July 1, 2000 to February 25, 2005 is the performance of Cullen
Value Fund's single class, which has been restated to reflect differences in
any applicable sales charge (but not other differences in expenses). If all
expenses of the Fund were reflected, the performance would be lower.
10 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Performance Update | 12/31/08 Class B Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Cullen Value Fund, compared to that of the S&P 500
Index and the Russell 1000 Value Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
Life-of-Class
(7/1/00) 4.88% 4.88%
5 Years 1.20 1.20
1 Year -32.48 -35.18
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
1.93% 1.93%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Cullen Russell 1000
Value Fund S&P 500 Index Value Index
7/00 10,000 10,000 10,000
10,496 11,036 9,274
10,720 10,419 8,172
12/02 9,871 8,802 6,367
13,628 11,445 8,192
12/04 15,555 13,333 9,083
17,504 14,273 9,529
12/06 20,226 17,448 11,032
21,428 17,418 11,638
12/08 14,467 11,000 7,333
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
results reflect the deduction of the maximum applicable contingent deferred
sales charge (CDSC). The maximum CDSC is 4.0% and declines over five years.
Class B shares reflect the deduction of the maximum applicable contingent
deferred sales charge (CDSC). All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Cullen Value Fund was created through the reorganization of the
predecessor Cullen Value Fund on 2/28/05. The performance of Class B shares of
the Fund from July 1, 2000 to February 25, 2005 is the performance of Cullen
Value Fund's single class, which has been restated to reflect differences in
any applicable sales charge (but not other differences in expenses). If all
expenses of the Fund were reflected, the performance would be lower.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 11
Performance Update | 12/31/08 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Cullen Value Fund, compared to that of the S&P 500
Index and the Russell 1000 Value Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
Life-of-Class
(7/1/00) 4.92% 4.92%
5 Years 1.27 1.27
1 Year -32.43 -32.43
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
1.85% 1.85%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Cullen Russell 1000
Value Fund S&P 500 Index Value Index
7/00 10,000 10,000 10,000
10,496 11,036 9,274
10,720 10,419 8,172
12/02 9,871 8,802 6,367
13,628 11,445 8,192
12/04 15,555 13,333 9,083
17,506 14,273 9,529
12/06 20,262 17,448 11,032
21,487 17,418 11,638
12/08 14,518 11,000 7,333
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Cullen Value Fund was created through the reorganization of the
predecessor Cullen Value Fund on 2/28/05. The performance of Class C shares of
the Fund from July 1, 2000 to February 25, 2005 is the performance of Cullen
Value Fund's single class, which has been restated to reflect differences in
any applicable sales charge (but not other differences in expenses). If all
expenses of the Fund were reflected, the performance would be lower.
12 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Performance Update | 12/31/08 Class R Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Cullen Value Fund, compared to that of the S&P 500
Index and the Russell 1000 Value Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
Life-of-Class
(7/1/00) 4.82% 4.82%
5 Years 1.47 1.47
1 Year -32.09 -32.09
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
1.48% 1.40%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Cullen Russell 1000
Value Fund S&P 500 Index Value Index
7/00 10,000 10,000 10,000
10,474 11,036 9,274
10,645 10,419 8,172
12/02 9,753 8,802 6,367
13,398 11,445 8,192
12/04 15,217 13,333 9,083
17,161 14,273 9,529
12/06 19,919 17,448 11,032
21,218 17,418 11,638
12/08 14,410 11,000 7,333
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance of Class R shares for the period prior to the commencement of
operations of Class R shares on November 1, 2006, is based on the performance
of the Fund's Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period after November 1, 2006, the
actual performance of Class R shares is reflected. 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 net expense ratio reflects the contractual expense limitations currently in
effect through 11/1/09 for Class R Shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Cullen Value Fund was created through the reorganization of the
predecessor Cullen Value Fund on 2/28/05. The performance of Class R shares of
the Fund from July 1, 2000 to February 25, 2005 is the performance of Cullen
Value Fund's single class, which has been restated to reflect the higher
distribution and service fees of the Fund's Class R shares.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 13
Performance Update | 12/31/08 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Cullen Value Fund, compared to that of the S&P 500
Index and the Russell 1000 Value Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
Life-of-Class
(7/1/00) 5.45% 5.45%
5 Years 2.14 2.14
1 Year -31.63 -31.63
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
0.75% 0.75%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Cullen Russell 1000
Value Fund S&P 500 Index Value Index
7/00 10,000 10,000 10,000
10,496 11,036 9,274
10,720 10,419 8,172
12/02 9,871 8,802 6,367
13,628 11,445 8,192
12/04 15,555 13,333 9,083
17,662 14,273 9,529
12/06 20,678 17,448 11,032
22,161 17,418 11,638
12/08 15,150 11,000 7,333
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of Y shares reflects the NAV
performance of the Fund's A shares. The performance does not reflect
differences in expenses, including the Rule 12b-1 fees applicable to A shares.
Since fees for A shares are generally higher than those of Y shares, the
performance shown for Y shares prior to their inception would have been higher.
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.
Pioneer Cullen Value Fund was created through the reorganization of the
predecessor Cullen Value Fund on 2/28/05. The performance of Class Y shares of
the Fund from July 1, 2000 to February 25, 2005 is the performance of Cullen
Value Fund's single class, which has not been restated to reflect any
differences in expenses. Cullen Value Fund had higher expenses than those of
the Fund's Class Y shares.
14 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Performance Update | 12/31/08 Class Z Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Cullen Value Fund, compared to that of the S&P 500
Index and the Russell 1000 Value Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
10 Years 5.30% 5.30%
5 Years 1.90 1.90
1 Year -31.82 -31.82
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
0.84% 0.84%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Cullen Russell 1000
Value Fund S&P 500 Index Value Index
7/00 10,000 10,000 10,000
10,496 11,036 9,274
10,720 10,419 8,172
12/02 9,871 8,802 6,367
13,628 11,445 8,192
12/04 15,555 13,333 9,083
17,629 14,273 9,529
12/06 20,561 17,448 11,032
21,964 17,418 11,638
12/08 14,975 11,000 7,333
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on
November 1, 2008 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior
to their inception April 30, 2007 would have been higher. Class Z 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.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 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 Cullen Value Fund
Based on actual returns from July 1, 2008 through December 31, 2008.
Share Class A B C R Y Z
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 7/1/08
- ---------------------------------------------------------------------------------------------------------------------------
Ending Account Value $ 755.90 $ 752.60 $ 752.90 $ 754.90 $ 757.20 $ 948.60
(after expenses)
on 12/31/08
- ---------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.99 $ 9.03 $ 8.46 $ 6.18 $ 3.62 $ 1.28
During Period*
- ---------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.13%, 2.05%,
1.92%, 1.40%, 0.82% and 0.79% for Class A, Class B, Class C, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/366 and 61/366 for Class Z (to reflect the
one-half year period).
16 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
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 Cullen Value Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from July 1, 2008 through December 31, 2008.
Share Class A B C R Y Z
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 7/1/08
- ---------------------------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,019.46 $ 1,014.83 $ 1,015.48 $ 1,018.10 $ 1,021.01 $ 1,007.02
(after expenses)
on 12/31/08
- ---------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.74 $ 10.38 $ 9.73 $ 7.10 $ 4.17 $ 1.32
During Period*
- ---------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.13%, 2.05%,
1.92%, 1.40%, 0.82% and 0.71% for Class A, Class B, Class C, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 184/366 and 61/366 for Class Z (to reflect the
one-half year period).
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 17
Schedule of Investments | 12/31/08 (unaudited)
Shares Value
COMMON STOCKS -- 93.8%
ENERGY -- 5.3%
Integrated Oil & Gas -- 0.9%
1,935,000 Gazprom (A.D.R.)* (b) $ 27,518,796
- -------------------------------------------------------------------------
Oil & Gas Drilling -- 1.8%
2,081,650 ENSCO International, Inc. (b) $ 59,098,044
- -------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.6%
1,266,650 Devon Energy Corp. $ 83,231,572
--------------
Total Energy $ 169,848,412
- -------------------------------------------------------------------------
MATERIALS -- 2.6%
Construction Materials -- 0.6%
2,155,889 Cemex SA (A.D.R.)* (b) $ 19,704,825
- -------------------------------------------------------------------------
Diversified Metals & Mining -- 1.5%
4,090,983 Anglo American Plc (A.D.R.) $ 47,537,222
- -------------------------------------------------------------------------
Forest Products -- 0.5%
508,800 Weyerhaeuser Co. (b) $ 15,574,368
--------------
Total Materials $ 82,816,415
- -------------------------------------------------------------------------
CAPITAL GOODS -- 13.6%
Aerospace & Defense -- 6.8%
2,197,300 Raytheon Co. (b) $ 112,150,192
1,916,900 United Technologies Corp. 102,745,840
--------------
$ 214,896,032
- -------------------------------------------------------------------------
Industrial Conglomerates -- 3.2%
1,794,850 3M Co. $ 103,275,669
- -------------------------------------------------------------------------
Industrial Machinery -- 3.6%
2,507,350 ITT Corp. $ 115,313,027
--------------
Total Capital Goods $ 433,484,728
- -------------------------------------------------------------------------
TRANSPORTATION -- 3.4%
Air Freight & Couriers -- 1.7%
847,700 FedEx Corp. (b) $ 54,379,955
- -------------------------------------------------------------------------
Railroads -- 1.7%
952,950 Canadian National Railway Co. (b) $ 35,030,442
603,850 Canadian Pacific Railway, Ltd. (b) 20,301,437
--------------
$ 55,331,879
--------------
Total Transportation $ 109,711,834
- -------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.6%
Auto Parts & Equipment -- 1.6%
2,340,700 BorgWarner, Inc. (b) $ 50,957,039
--------------
Total Automobiles & Components $ 50,957,039
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Shares Value
MEDIA -- 3.2%
Movies & Entertainment -- 3.2%
4,458,450 The Walt Disney Co. (b) $ 101,162,231
--------------
Total Media $ 101,162,231
- -------------------------------------------------------------------------
RETAILING -- 1.3%
Home Improvement Retail -- 1.3%
1,763,250 Home Depot, Inc. $ 40,590,015
--------------
Total Retailing $ 40,590,015
- -------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 17.5%
Agricultural Products -- 2.5%
797,500 Archer Daniels Midland Co. $ 22,991,925
1,088,200 Bunge, Ltd. (b) 56,336,114
--------------
$ 79,328,039
- -------------------------------------------------------------------------
Distillers & Vintners -- 1.9%
1,049,000 Diageo Plc (A.D.R.) $ 59,520,260
- -------------------------------------------------------------------------
Packaged Foods & Meats -- 13.1%
1,868,500 General Mills, Inc. $ 113,511,375
4,050,600 Kraft Foods, Inc. 108,758,610
2,373,500 Nestle SA (A.D.R.) 92,502,416
4,232,550 Unilever N.V. (A.D.R.) (b) 103,909,103
--------------
$ 418,681,504
--------------
Total Food, Beverage & Tobacco $ 557,529,803
- -------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.3%
Household Products -- 3.3%
1,968,600 Kimberly-Clark Corp. $ 103,823,961
--------------
Total Household & Personal Products $ 103,823,961
- -------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.0%
Health Care Equipment -- 2.0%
1,792,550 Covidien, Ltd. $ 64,962,012
--------------
Total Health Care Equipment & Services $ 64,962,012
- -------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 15.2%
Pharmaceuticals -- 15.2%
1,558,500 Astrazeneca Plc (A.D.R.)* (b) $ 63,945,255
4,917,200 Bristol-Myers Squibb Co. (b) 114,324,900
2,606,200 Eli Lilly & Co. (b) 104,951,674
2,299,700 GlaxoSmithKline Plc (A.D.R.) (b) 85,709,819
1,911,600 Johnson & Johnson (b) 114,371,028
--------------
$ 483,302,676
--------------
Total Pharmaceuticals & Biotechnology $ 483,302,676
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 19
Schedule of Investments | 12/31/08 (unaudited) (continued)
Shares Value
DIVERSIFIED FINANCIALS -- 5.4%
Diversified Financial Services -- 4.6%
2,390,550 Bank of America Corp. $ 33,658,944
2,232,400 Citigroup, Inc. (b) 14,979,404
3,107,050 J.P. Morgan Chase & Co. 97,965,287
--------------
$ 146,603,635
- -------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
2,105,800 Merrill Lynch & Co., Inc. (b) $ 24,511,512
--------------
Total Diversified Financials $ 171,115,147
- -------------------------------------------------------------------------
INSURANCE -- 3.8%
Property & Casualty Insurance -- 3.8%
2,401,800 Chubb Corp. $ 122,491,800
--------------
Total Insurance $ 122,491,800
- -------------------------------------------------------------------------
SOFTWARE & SERVICES -- 3.6%
Systems Software -- 3.6%
6,439,000 Oracle Corp.* (b) $ 114,163,470
--------------
Total Software & Services $ 114,163,470
- -------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.4%
Communications Equipment -- 1.9%
3,962,250 Nokia Corp. (A.D.R.) $ 61,811,100
- -------------------------------------------------------------------------
Computer Hardware -- 2.9%
2,568,000 Hewlett-Packard Co. $ 93,192,720
- -------------------------------------------------------------------------
Technology Distributors -- 0.6%
1,013,800 Arrow Electronics, Inc.* $ 19,099,992
--------------
Total Technology Hardware & Equipment $ 174,103,812
- -------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.6%
Integrated Telecommunication Services -- 5.4%
3,364,000 AT&T Corp. $ 95,874,000
2,224,250 Verizon Communications, Inc. 75,402,075
--------------
$ 171,276,075
- -------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.2%
1,859,200 Vodafone Group Plc (A.D.R.) $ 38,002,048
--------------
Total Telecommunication Services $ 209,278,123
- -------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $3,801,947,959) $2,989,341,478
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Principal
Amount Value
TEMPORARY CASH INVESTMENTS -- 15.7%
Repurchase Agreements -- 8.9%
$ 50,570,000 Bank of America, 0.01%, dated 12/31/08, repurchase
price of $50,570,000 plus accrued interest on 1/2/09
collateralized by $37,244,300 U.S. Treasury Bond,
4.5%, 5/15/38 $ 50,570,000
56,570,000 Bank of America, 0.07%, dated 12/31/08, repurchase
price of $56,570,000 plus accrued interest on 1/2/09
collateralized by $56,728,264 Federal National Mortgage
Association, 6.0%, 10/1/38 56,570,000
56,570,000 Barclays Plc, 0.03%, dated 12/31/08, repurchase price of
$56,570,000 plus accrued interest on 1/2/09 collateralized
by the following:
$20,300,997 Federal National Mortgage Association,
4.0 - 5.0%, 9/1/23 - 12/1/33
$5,526,916 Federal Home Loan Mortgage Corp.,
5.924%, 1/1/37
$45,984,187 Federal National Mortgage Association
(ARM), 4.684 - 5.551%, 9/1/35 - 4/1/38 56,570,000
56,585,000 Deutsche Bank, 0.10%, dated 12/31/08, repurchase
price of $56,585,000 plus accrued interest on 1/2/09
collateralized by $75,787,436 Freddie Mac Giant,
7.0%, 11/1/37 56,585,000
62,570,000 JPMorgan Chase & Co., 0.04%, dated 12/31/08,
repurchase price of $62,570,000 plus accrued interest on
1/2/09 collateralized by $63,555,646 Federal National
Mortgage Association, 4.0 - 7.5%, 12/1/13 - 1/1/39 62,570,000
--------------
$ 282,865,000
- ----------------------------------------------------------------------------------------------
Securities Lending Collateral -- 6.8%
Certificates of Deposit:
5,051,345 Abbey National Plc, 3.15%, 8/13/09 $ 5,051,345
5,050,659 Bank of Nova Scotia, 3.21%, 5/5/09 5,050,659
8,072,432 Bank of Scotland NY, 2.92%, 6/5/09 8,072,432
9,092,422 Barclays Bank, 1.5%, 5/27/09 9,092,422
1,606,011 Calyon NY, 4.62%, 1/16/09 1,606,011
10,102,691 CBA, 4.87%, 7/16/09 10,102,691
9,092,422 DNB NOR Bank ASA NY, 3.04%, 6/5/09 9,092,422
9,254,065 Intesa SanPaolo S.p.A., 1.44%, 5/22/09 9,254,065
585,161 NORDEA NY, 4.13%, 4/9/09 585,161
7,577,018 Royal Bank of Canada NY, 2.7%, 8/7/09 7,577,018
5,051,345 Royal Bank of Scotland, 3.06%, 3/5/09 5,051,345
1,009,801 Skandinavian Enskilda Bank NY, 3.06%, 2/13/09 1,009,801
10,102,691 Societe Generale, 3.29%, 9/4/09 10,102,691
9,092,422 Svenska Bank NY, 4.61%, 7/8/09 9,092,422
10,102,691 U.S. Bank NA, 2.25%, 8/24/09 10,102,691
--------------
$ 100,843,174
- ----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 21
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal
Amount Value
Commercial Paper:
$ 962,675 BBVA U.S., 2.83%, 3/12/09 $ 962,675
10,102,691 Monumental Global Funding, Ltd., 2.5%, 8/17/09 10,102,691
5,051,345 CME Group, Inc., 2.9%, 8/6/09 5,051,345
5,050,811 General Electric Capital Corp., 2.86%, 3/16/09 5,050,811
9,920,842 American Honda Finance Corp., 4.95%, 7/14/09 9,920,842
10,102,691 HSBC Bank, Inc., 2.5%, 8/14/09 10,102,691
5,051,345 IBM, 2.39%, 9/25/09 5,051,345
9,092,422 MetLife Global Funding, 3.19%, 6/12/09 9,092,422
9,092,422 New York Life Global, 2.13%, 9/4/09 9,092,422
8,587,287 Westpac Banking Corp., 2.34%, 6/1/09 8,587,287
--------------
$ 73,014,530
- ----------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
22,225,919 Deutsche Bank, 0.25%, 1/2/09 $ 22,225,919
1,716,245 Barclays Capital Markets, 0.5%, 1/2/09 1,716,245
--------------
$ 23,942,165
- ----------------------------------------------------------------------------------------------
Time Deposit:
10,102,691 BNP Paribas, 0.01%, 1/2/09 $ 10,102,691
- ----------------------------------------------------------------------------------------------
Shares
Money Market Mutual Funds:
2,525,673 Columbia Government Reserves Fund $ 2,525,673
7,577,018 JPMorgan, U.S. Government Money Market Fund 7,577,018
--------------
$ 10,102,691
--------------
Total Securities Lending Collateral $ 218,005,250
- ----------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $500,870,250) $ 500,870,250
- ----------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 109.5%
(Cost $4,302,818,209)(a) $3,490,211,728
- ----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (9.5)% $ (303,329,050)
- ----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $3,186,882,678
==============================================================================================
(A.D.R.) American Depositary Receipt
* Non-income producing security.
(a) At December 31, 2008, the net unrealized loss on investments based on
cost for federal income tax purposes of $4,302,818,209 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 56,334,264
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (868,940,745)
-------------
Net unrealized loss $(812,606,481)
=============
The accompanying notes are an integral part of these financial statements.
22 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
(b) At December 31, 2008, the following securities were out on loan:
Shares Description Value
1,700 Astrazeneca Plc (A.D.R.)* $ 69,751
41,200 BorgWarner, Inc. 896,924
218,500 Bristol-Myers Squibb Co. 5,080,125
1,077,300 Bunge, Ltd. 55,771,821
78,300 Canadian National Railway Co. 2,878,308
22,900 Canadian Pacific Railway, Ltd. 769,898
1,254,000 Cemex SA (A.D.R.)* 11,461,560
10,000 Citigroup, Inc. 67,100
32,000 Eli Lilly & Co. 1,288,640
132,225 ENSCO International, Inc. 3,753,868
67,200 FedEx Corp. 4,310,880
288,000 Gazprom (A.D.R.)* 4,095,360
100 GlaxoSmithKline Plc (A.D.R.) 3,727
19,000 Johnson & Johnson 1,136,770
220,000 Merrill Lynch & Co., Inc. 2,560,800
12,000 Oracle Corp.* 212,760
1,000,000 Raytheon Co. 51,040,000
2,798,100 The Walt Disney Co. 63,488,889
197,000 Unilever N.V. (A.D.R.) 4,836,350
39,000 Weyerhaeuser Co. 1,193,790
-------------------------------------------------------------
Total $214,917,321
=============================================================
(c) Securities lending collateral is managed by Credit Suisse, New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended December 31, 2008 aggregated $955,666,504 and
$336,684,491, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of December 31, 2008, in
valuing the Fund's assets:
Investments
Valuation Inputs in Securities
Level 1 -- Quoted Prices $2,989,341,478
Level 2 -- Other Significant Observable Inputs 500,870,250
Level 3 -- Significant Unobservable Inputs --
- ------------------------------------------------------------------
Total $3,490,211,728
==================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 23
Statement of Assets and Liabilities | 12/31/08 (unaudited)
ASSETS:
Investment in securities (including securities loaned of $214,917,321)
(cost $4,302,818,209) $3,490,211,728
Cash 13,121,054
Receivables --
Fund shares sold 26,638,474
Dividends, and interest 8,446,779
Due from Pioneer Investment Management, Inc. 20,184
Other 99,376
- -------------------------------------------------------------------------------------------
Total assets $3,538,537,595
- -------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 118,838,687
Fund shares repurchased 13,935,247
Upon return of securities loaned 218,005,250
Due to affiliates 475,166
Accrued expenses 400,567
- -------------------------------------------------------------------------------------------
Total liabilities $ 351,654,917
- -------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $4,216,471,711
Undistributed net investment income 8,542,329
Accumulated net realized loss on investments (225,524,881)
Net unrealized loss on investments (812,606,481)
- -------------------------------------------------------------------------------------------
Total net assets $3,186,882,678
===========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,803,622,783/127,457,720 shares) $ 14.15
Class B (based on $73,234,386/5,193,867 shares) $ 14.10
Class C (based on $439,649,153/31,283,695 shares) $ 14.05
Class R (based on $4,920,418/350,383 shares) $ 14.04
Class Y (based on $865,362,829/60,992,748 shares) $ 14.19
Class Z (based on $93,109/6,609 shares) $ 14.09
MAXIMUM OFFERING PRICE:
Class A ($14.15 [divided by] 94.25%) $ 15.01
===========================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Statement of Operations
For the Six Months Ended 12/31/08
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $333,063) $40,991,479
Interest 2,450,064
Income from securities loaned, net 873,411
- ---------------------------------------------------------------------------------------------
Total investment income $ 44,314,954
- ---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $10,954,532
Transfer agent fees
Class A 1,043,263
Class B 116,990
Class C 337,721
Class R 1,962
Class Y 49,498
Distribution fees
Class A 2,515,478
Class B 440,183
Class C 2,548,821
Class R 12,233
Shareholder communications expense 1,378,811
Administrative fees 648,916
Custodian fees 79,567
Registration fees 118,763
Professional fees 63,264
Printing expense 69,941
Fees and expenses of nonaffiliated trustees 70,239
Miscellaneous 169,775
- ---------------------------------------------------------------------------------------------
Total expenses $ 20,619,957
Less management fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (22,092)
Less fees paid indirectly (24,873)
- ---------------------------------------------------------------------------------------------
Net expenses $ 20,572,992
- ---------------------------------------------------------------------------------------------
Net investment income $ 23,741,962
- ---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments $(125,434,340)
- ---------------------------------------------------------------------------------------------
Change in net unrealized loss on investments $(860,420,109)
- ---------------------------------------------------------------------------------------------
Net loss on investments $(985,854,449)
- ---------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(962,112,487)
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 25
Statement of Changes in Net Assets
For the Six Months Ended 12/31/08 and the Year Ended 6/30/08, respectively
Six Months
Ended
12/31/08 Year Ended
(unaudited) 6/30/08
FROM OPERATIONS:
Net investment income $ 23,741,962 $ 41,082,940
Net realized loss on investments (125,434,340) (100,062,785)
Change in net unrealized loss on investments (860,420,109) (306,523,662)
- ------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (962,112,487) $ (365,503,507)
- ------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.27 per share, respectively) $ (22,947,580) $ (24,850,964)
Class B ($0.01 and $0.08 per share, respectively) (54,587) (436,114)
Class C ($0.04 and $0.12 per share, respectively) (1,332,357) (3,454,114)
Class R ($0.18 and $0.29 per share, respectively) (60,303) (11,109)
Class Y ($0.24 and $0.33 per share, respectively) (14,623,973) (11,540,919)
Class Z ($0.25 and $0.00 per share, respectively) (1,678)
Net realized gain:
Class A ($0.00 and $0.05 per share, respectively) -- (4,378,793)
Class B ($0.00 and $0.05 per share, respectively) -- (256,891)
Class C ($0.00 and $0.05 per share, respectively) -- (1,352,268)
Class R ($0.00 and $0.05 per share, respectively) -- (978)
Class Y ($0.00 and $0.05 per share, respectively) -- (1,618,867)
- ------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (39,020,478) $ (47,901,017)
- ------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,324,550,807 $1,890,643,887
Reinvestment of distributions 33,819,055 40,163,910
Cost of shares repurchased (910,134,740) (886,720,525)
- ------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 448,235,122 $1,044,087,272
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (552,897,843) $ 630,682,748
NET ASSETS:
Beginning of period 3,739,780,521 3,109,097,773
- ------------------------------------------------------------------------------------------------
End of year period $3,186,882,678 $3,739,780,521
- ------------------------------------------------------------------------------------------------
Undistributed net investment income $ 8,542,329 $ 23,820,845
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
'08 Shares '08 Amount '07 Shares '07 Amount
(unaudited) (unaudited)
Class A
Shares sold 43,789,236 $702,467,759 57,870,904 $1,192,374,226
Reinvestment of distributions 1,392,370 19,131,593 1,134,394 24,110,632
Less shares repurchased (34,997,305) (542,848,804) (27,942,632) (576,729,971)
- ----------------------------------------------------------------------------------------------------------
Net increase 10,184,301 $178,750,548 31,062,666 $ 639,754,887
==========================================================================================================
Class B
Shares sold 575,119 $ 9,167,396 1,612,699 $ 32,953,953
Reinvestment of distributions 3,326 45,718 26,529 557,776
Less shares repurchased (937,591) (14,767,142) (1,467,472) (29,794,387)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) (359,146) $ (5,554,028) 171,756 $ 3,717,342
==========================================================================================================
Class C
Shares sold 5,053,316 $ 78,944,783 10,070,755 $ 205,742,055
Reinvestment of distributions 74,082 1,010,934 176,469 3,710,610
Less shares repurchased (5,258,575) (81,377,916) (5,958,167) (121,415,066)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) (131,177) $ (1,422,199) 4,289,057 $ 88,037,599
==========================================================================================================
Class R
Shares sold 160,121 $ 2,642,098 254,752 $ 5,176,970
Reinvestment of distributions 3,218 43,864 305 6,448
Less shares repurchased (37,497) (579,717) (44,703) (904,753)
- ----------------------------------------------------------------------------------------------------------
Net increase 125,842 $ 2,106,245 210,354 $ 4,278,665
==========================================================================================================
Class Y
Shares sold 33,424,294 $531,228,771 21,808,234 $ 454,396,683
Reinvestment of distributions 986,706 13,586,946 552,167 11,778,444
Less shares repurchased (16,350,780) (270,561,161) (7,553,819) 157,876,348
- ----------------------------------------------------------------------------------------------------------
Net increase 18,060,220 $274,254,556 14,806,582 $ 624,051,475
==========================================================================================================
Class Z
Shares sold 6,609 $ 100,000
Reinvestment of distributions -- --
Less shares repurchased -- --
- -----------------------------------------------------------------
Net increase 6,609 $ 100,000
=================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 27
Financial Highlights
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class A
Net asset value, beginning of period $ 18.97 $ 21.21
- -----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.11 $ 0.24
Net realized and unrealized gain (loss) on investments (4.75) (2.16)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.64) $ (1.92)
Distributions to shareowners:
Net investment income (0.18) (0.27)
Net realized gain -- (0.05)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.82) $ (2.24)
- -----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.15 $ 18.97
=====================================================================================================
Total return* (24.41)% (9.22)%
Ratio of net expenses to average net assets+ 1.13% 1.09%
Ratio of net investment income to average net assets+ 1.45% 1.28%
Portfolio turnover rate 26% 13%
Net assets, end of period (in thousands) $1,803,623 $2,224,629
Ratios with no reimbursement of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Net expenses 1.13% 1.09%
Net investment income 1.45% 1.28%
Ratios with reimbursement of fees and assumption of expenses by PIM
and reduction for fees paid indirectly:
Net expenses 1.13% 1.09%
Net investment income 1.45% 1.29%
=====================================================================================================
Year Year Year Year
Ended Ended Ended Ended
6/30/07 6/30/06 6/30/05 (a) 6/30/04
Class A
Net asset value, beginning of period $ 18.28 $ 16.19 $ 13.96 $ 11.27
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.26 $ 0.14 $ 0.05 $ 0.02
Net realized and unrealized gain (loss) on investments 2.86 2.23 2.55 2.71
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 3.12 $ 2.37 $ 2.60 $ 2.73
Distributions to shareowners:
Net investment income (0.18) (0.06) (0.03) (0.04)
Net realized gain (0.01) (0.22) (0.34) --
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.93 $ 2.09 $ 2.23 $ 2.69
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.21 $ 18.28 $ 16.19 $ 13.96
========================================================================================================================
Total return* 17.13% 14.73% 18.81% 24.24%
Ratio of net expenses to average net assets+ 1.09% 1.15% 1.66% 1.92%
Ratio of net investment income to average net assets+ 1.67% 1.57% 0.62% 0.32%
Portfolio turnover rate 15% 21% 49% 70%
Net assets, end of period (in thousands) $1,828,453 $809,593 $98,690 $33,089
Ratios with no reimbursement of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Net expenses 1.09% 1.15% 1.64% 1.92%
Net investment income 1.67% 1.57% 0.64% 0.32%
Ratios with reimbursement of fees and assumption of expenses by PIM
and reduction for fees paid indirectly:
Net expenses 1.08% 1.15% 1.66% 2.00%
Net investment income 1.68% 1.57% 0.62% 0.24%
========================================================================================================================
(a) Effective December 28, 2004 PIM became the sub-advisor for the Fund and
subsequently became the advisor on February 28, 2005.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
Total return would be reduced if sales charges were taken into account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class B
Net asset value, beginning of period $ 18.75 $ 20.96
- --------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05 $ 0.08
Net realized and unrealized gain (loss) on investments ( 4.69) (2.16)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.64) $ (2.08)
Distributions to shareowners:
Net investment income (0.01) (0.08)
Net realized gain -- (0.05)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.65) $ (2.21)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.10 $ 18.75
====================================================================================================================
Total return* (24.74)% (9.99)%
Ratio of net expenses to average net assets+ 2.05% 1.93%
Ratio of net investment income to average net assets+ 0.51% 0.44%
Portfolio turnover rate 26% 13%
Net assets, end of period (in thousands) $ 73,234 $104,145
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 2.05% 1.93%
Net investment income 0.51% 0.44%
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees
paid indirectly:
Net expenses 2.05% 1.92%
Net investment income 0.51% 0.45%
====================================================================================================================
Year Year 2/28/05 (a)
Ended Ended to
6/30/07 6/30/06 6/30/05
Class B
Net asset value, beginning of period $ 18.11 $ 16.15 $ 16.05
- ------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.10 $ 0.04 $ 0.01
Net realized and unrealized gain (loss) on investments 2.81 2.16 0.09
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.91 $ 2.20 $ 0.10
Distributions to shareowners:
Net investment income (0.05) (0.02) --
Net realized gain (0.01) (0.22) --
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.85 $ 1.96 $ 0.10
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.96 $ 18.11 $ 16.15
==============================================================================================================================
Total return* 16.09% 13.66% 0.62%***
Ratio of net expenses to average net assets+ 2.00% 2.09% 2.10%**
Ratio of net investment income to average net assets+ 0.75% 0.56% 0.40%**
Portfolio turnover rate 15% 21% 49%
Net assets, end of period (in thousands) $112,795 $62,860 $ 12,454
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 2.00% 2.09% 2.19%**
Net investment income 0.75% 0.56% 0.31%**
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees
paid indirectly:
Net expenses 1.99% 2.09% 2.10%**
Net investment income 0.76% 0.56% 0.40%**
==============================================================================================================================
(a) Class B shares were first publicly offered on February 28, 2005.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 29
Financial Highlights (continued)
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class C
Net asset value, beginning of period $ 18.72 $ 20.95
- --------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.05 $ 0.09
Net realized and unrealized gain (loss) on investments (4.68) (2.15)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.63) $ (2.06)
Distributions to shareowners:
Net investment income (0.04) (0.12)
Net realized gain -- (0.05)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.67) $ (2.23)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.05 $ 18.72
====================================================================================================================
Total return* (24.71)% (9.92)%
Ratio of net expenses to average net assets+ 1.92% 1.85%
Ratio of net investment income to average net assets+ 0.65% 0.51%
Portfolio turnover rate 26% 13%
Net assets, end of period (in thousands) $439,649 $588,241
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 1.92% 1.85%
Net investment income 0.65% 0.51%
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees
paid indirectly:
Net expenses 1.92% 1.84%
Net investment income 0.65% 0.52%
====================================================================================================================
Year Year 2/28/05 (a)
Ended Ended to
6/30/07 6/30/06 6/30/05
Class C
Net asset value, beginning of period $ 18.12 $ 16.15 $ 16.05
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.11 $ 0.05 $ 0.01
Net realized and unrealized gain (loss) on investments 2.82 2.17 0.09
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.93 $ 2.22 $ 0.10
Distributions to shareowners:
Net investment income (0.09) (0.03) --
Net realized gain (0.01) (0.22) --
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.83 $ 1.97 $ 0.10
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.95 $ 18.12 $ 16.15
===============================================================================================================================
Total return* 16.21% 13.81% 0.62%***
Ratio of net expenses to average net assets+ 1.87% 1.94% 2.15%**
Ratio of net investment income to average net assets+ 0.89% 0.83% 0.34%**
Portfolio turnover rate 15% 21% 49%
Net assets, end of period (in thousands) $568,385 $239,241 $ 15,560
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 1.87% 1.94% 2.27%**
Net investment income 0.89% 0.83% 0.22%**
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees
paid indirectly:
Net expenses 1.87% 1.94% 2.15%**
Net investment income 0.89% 0.83% 0.34%**
===============================================================================================================================
(a) Class C shares were first publicly offered on February 28, 2005.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Six Months Ended
12/31/08
(unaudited)
Class R
Net asset value, beginning of period $ 18.84
- ---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.09
Net realized and unrealized gain (loss) on investments (4.71)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.62)
Distributions to shareowners:
Net investment income (0.18)
Net realized gain --
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.80)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.04
=========================================================================================================
Total return* (24.51)%
Ratio of net expenses to average net assets+ 1.40%
Ratio of net investment income to average net assets+ 1.21%
Portfolio turnover rate 26%
Net assets, end of period (in thousands) $ 4,920
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.62%
Net investment income 0.99%
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.40%
Net investment income 1.21%
=========================================================================================================
11/1/06 (a)
Year Ended to
6/30/08 6/30/07
Class R
Net asset value, beginning of period $ 21.15 $ 19.51
- -------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.28
Net realized and unrealized gain (loss) on investments (2.29) 1.56
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.97) $ 1.84
Distributions to shareowners:
Net investment income (0.29) (0.19)
Net realized gain (0.05) (0.01)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.31) $ 1.64
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.84 $ 21.15
=========================================================================================================================
Total return* (9.51)% 9.52%***
Ratio of net expenses to average net assets+ 1.41% 1.40%**
Ratio of net investment income to average net assets+ 1.13% 1.47%**
Portfolio turnover rate 13% 15%
Net assets, end of period (in thousands) $ 4,231 $ 300
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.48% 1.62%**
Net investment income 1.06% 1.25%**
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.40% 1.40%**
Net investment income 1.14% 1.47%**
=========================================================================================================================
(a) Class R shares were first publicly offered on November 1, 2006.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 31
Financial Highlights (continued)
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class Y
Net asset value, beginning of period $ 19.07 $ 21.30
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.08 $ 0.29
Net realized and unrealized gain (loss) on investments ( 4.72) ( 2.14)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.64) $ (1.85)
Distributions to shareowners:
Net investment income ( 0.24) (0.33)
Net realized gain -- (0.05)
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.88) $ (2.23)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.19 $ 19.07
======================================================================================================================
Total return* (24.28)% (8.87)%
Ratio of net expenses to average net assets+ 0.82% 0.75%
Ratio of net investment income to average net assets+ 1.77% 1.62%
Portfolio turnover rate 26% 13%
Net assets, end of period (in thousands) $865,363 $818,534
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 0.82% 0.75%
Net investment income 1.77% 1.62%
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees
paid indirectly:
Net expenses 0.82% 0.75%
Net investment income 1.77% 1.62%
======================================================================================================================
Year Year 2/28/05 (a)
Ended Ended to
6/30/07 6/30/06 6/30/05
Class Y
Net asset value, beginning of period $ 18.34 $ 16.20 $16.05
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.28 $ 0.10 $ 0.03
Net realized and unrealized gain (loss) on investments 2.91 2.33 0.12
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 3.19 $ 2.43 $ 0.15
Distributions to shareowners:
Net investment income (0.22) (0.07) --
Net realized gain (0.01) (0.22) --
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.96 $ 2.14 $ 0.15
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.30 $ 18.34 $16.20
===============================================================================================================================
Total return* 17.47% 15.12% 0.93%***
Ratio of net expenses to average net assets+ 0.77% 0.83% 0.99%**
Ratio of net investment income to average net assets+ 2.00% 1.91% 1.60%**
Portfolio turnover rate 15% 21% 49%
Net assets, end of period (in thousands) $599,166 $144,022 $5,082
Ratios with no waiver of fees and assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 0.77% 0.83% 0.99%**
Net investment income 2.00% 1.91% 1.60%**
Ratios with waiver of fees and assumption of expenses by PIM and reduction for fees
paid indirectly:
Net expenses 0.77% 0.83% 0.99%**
Net investment income 2.00% 1.91% 1.60%**
===============================================================================================================================
(a) Class Y shares were first publicly offered on February 28, 2005.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
11/1/08 (a)
to
12/31/08
(unaudited)
Class Z
Net asset value, beginning of period $ 15.66
- -----------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.06
Net realized and unrealized gain (loss) on investments (1.38)
- -----------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (1.32)
Distributions to shareowners:
Net investment income (0.25)
Net realized gain --
- ------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.57)
- -----------------------------------------------------------------------------------
Net asset value, end of period $ 14.09
===================================================================================
Total return* (5.14)%***
Ratio of net expenses to average net assets+ 0.79%**
Ratio of net investment income to average net assets+ 2.54%**
Portfolio turnover rate 26%
Net assets, end of period (in thousands) $ 93
Ratios with no waiver of fees and assumption of expenses by PIM
and no reduction for fees paid indirectly:
Net expenses 0.79%**
Net investment income 2.54%**
Ratios with waiver of fees and assumption of expenses by PIM
and reduction for fees paid indirectly:
Net expenses 0.79%**
Net investment income 2.54%**
===================================================================================
(a) Class Z shares were first publicly offered on November 1, 2008.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 33
Notes to Financial Statements | 12/31/08 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Cullen Value Fund (the Fund) is a diversified series of Pioneer Series
Trust III, a Delaware statutory trust registered under the Investment Company
Act of 1940 as an open-end management investment company. The investment
objective of the Fund is to seek capital appreciation. Current income is a
secondary objective.
The Fund offers six classes of shares designated as Class A, Class B, Class C,
Class R, Class Y and Class Z shares. Class Z shares were first publicly offered
on November 1, 2008. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends by each class. The Amended and Restated Declaration of
Trust of the Fund gives the Board the flexibility to specify either per share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Share classes have exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y and
Class Z shares. Class B shares convert to Class A shares approximately eight
years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting year. Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's prospectuses contain unaudited information
regarding the Fund's principal risks. Please refer to those documents when
considering the Fund's principal risks.
34 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities are valued at the last sale price on the
principal exchange where they are traded. Securities that have not traded on
the date of valuation, or securities for which sale prices are not generally
reported, are valued at the mean between the last bid and asked prices.
Securities for which market prices and/or quotations are not readily
available are valued using fair value methods pursuant to procedures adopted
by the Board of Trustees. Trading in foreign securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The Fund may also use fair
value methods to value a security, including a non-U.S. security, when the
closing market price on the principal exchange where the security is traded
no longer reflects the value of the security. At December 31, 2008 there
were no securities that were valued using fair value methods. Temporary cash
investments are valued at cost which approximates market value.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income is recorded on the
accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 35
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended June 30, 2008 was as follows:
2008
Distributions paid from:
Ordinary income $40,293,220
Long-term capital gain 7,607,797
- -------------------------------------------------------------------------------
Total $47,901,017
===============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2008:
2008
Distributable earnings:
Undistributed ordinary income $ 23,820,845
Capital loss carryforward (11,033,627)
Post-October loss deferred (89,056,914)
Unrealized appreciation 47,813,628
- -------------------------------------------------------------------------------
Total $ (28,456,068)
===============================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned approximately $180,142 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 2008.
D. 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 their respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class Y and Class Z shares are not subject to a
distribution fee plan. Shareowners of each class participate in all expenses
and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services, which are allocated
based on
36 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
the number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that Class A,
Class B, Class C, Class R, and Class Y shares can bear different transfer
agent and distribution expense rates.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be at least equal to or in excess of the value of the repurchase
agreement. The collateral for all repurchase agreements is held in
safekeeping in the customer-only account of the Fund's custodian or
subcustodians. The Fund's investment adviser, Pioneer Investment Management,
Inc. (PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
F. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary cash investments. Credit Suisse, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive payments in
lieu of dividends and interest on the securities loaned. Gain or loss on the
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund will be required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. PIM receives a basic fee that is calculated at the annual rate of
0.70% of the Fund's average daily net assets up to $1 billion, 0.65% of the
next $1 billion, 0.60% of the next $1 billion, and 0.55% of the excess over $3
billion. For
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 37
the six months ended December 31, 2008, the effective management fee (net of
waivers and/or assumption of expenses) was equivalent to 0.68% of the Fund's
average daily net assets.
PIM, and not the Fund, pays a portion of the fee it receives from the Fund to
Cullen LLC as compensation for Cullen's subadvisory services to the Fund.
PIM has contractually agreed to limit ordinary operating expenses of the Fund
to the extent required to reduce Fund expenses to 1.25%, 2.15%, 2.15% and 1.40%
of the average daily net assets attributable to Class A, Class B, Class C and
Class R shares, respectively. These expense limitations are in effect through
November 1, 2010 for Class A, Class B, Class C and Class R shares.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $57,593 in management fees,
administrative costs and certain others fees payable to PIM at December 31,
2008.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed PIMSS for out-of-pocket expenses related to
shareholder communications activities such as proxy and statement mailings,
outgoing phone calls and omnibus relationship contracts. For the year ended
December 31, 2008, such out of pocket expenses by class of shares were as
follows:
Shareholder Communications
Class A $ 712,794
Class B 37,347
Class C 211,912
Class R 7,893
Class Y 408,865
- -------------------------------------------------------------------------------
Total $1,378,811
===============================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities are $391,433 in transfer agent fees payable to PIMSS at
December 31, 2008.
4. Distribution and Service Plans
The Fund adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment
Company Act of 1940 with respect to its Class A, Class B, Class C, and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund pays PFD 1.00% of the average
daily net assets attributable to Class B and Class C shares. The fee
38 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and
Class C shares. Pursuant to the Plan, the Fund pays PFD 0.50% of the net average
daily net assets attributable to Class R shares for distribution services.
Prior to February 1, 2008, PFD was reimbursed under the Distribution Plan for
distribution fees in an amount of up to 0.25% of the average daily net assets
attributable to Class A shares.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $26,140 in distribution fees payable to PFD at December 31,
2008. The Fund also has adopted a separate service plan for Class R shares
(Service Plan). The Service Plan authorizes the Fund to pay securities dealers,
plan administrators or other service organizations that agree to provide
certain services to retirement plans or plan participants holding shares of the
Fund a service fee of up to 0.25% of the Fund's average daily net assets
attributable to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 18 months of purchase. Class B shares that
are redeemed within five years of purchase are subject to a CDSC at declining
rates beginning at 4.00%, based on the lower of cost or market value of shares
being redeemed. Redemptions of Class C shares within one year of purchase are
subject to a CDSC of 1.00%, base don the lower of cost or market value of
shares being redeemed. There is no CDSC for Class R, Class Y or Class Z shares.
Proceeds from the CDSCs are paid to PFD. For the six months ended December 31,
2008, CDSCs in the amount of $246,528 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended December 31, 2008, the Fund's
expenses were reduced by $24,873 under such arrangements.
6. New Pronouncement
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued
and is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of
SFAS 161 will have on the Fund's financial statement disclosures.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 39
Approval of Sub-Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the Fund's investment
adviser pursuant to an investment advisory agreement between PIM and the Fund.
PIM has retained Cullen Capital Management, LLC to serve as the sub-adviser to
the Fund pursuant to a sub-advisory agreement between PIM and the sub-adviser.
At a meeting held on January 8, 2008, the Trustees of the Fund approved an
amended and restated investment advisory agreement between the Fund and PIM.
Shareholders of the Fund approved the amended and restated investment advisory
agreement on May 13, 2008. The material factors and conclusions with respect
thereto that formed the basis for the Trustees' approval of the amended and
restated investment advisory agreement are included in the Fund's semi-annual
report for the period ended June 30, 2008.
At a meeting held on November 11, 2008, based on their evaluation of the
information provided by PIM and the sub-adviser, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
continuation of the sub-advisory agreement for the Fund for another year. In
considering the continuation of the sub-advisory agreement, the Trustees
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the continuation of the sub-
advisory agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services provided
to the Fund by the sub-adviser, taking into account the investment objective
and strategy of the Fund and the information related to the Fund provided to
the Trustees at each quarterly meeting. The Trustees reviewed the terms of the
sub-advisory agreement. The Trustees also reviewed the sub-adviser's investment
approach for the Fund and its research process. The Trustees considered the
resources of the sub-adviser and the personnel of the sub-adviser who provide
investment management services to the Fund.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services provided by the sub-adviser to the Fund were
satisfactory and consistent with the terms of the sub-advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
average performance of its peer group of funds as classified by
40 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Morningstar, Inc. (Morningstar), an independent provider of investment company
data, and with the performance of the Fund's benchmark index. The Trustees
considered that the Fund's annualized total return was in the first quintile of
its Morningstar category for the one and three year periods ended June 30,
2008. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees concluded that the investment performance of the
Fund was satisfactory.
Sub-advisory Fee and Expenses
The Trustees considered the fees payable to the sub-adviser under the sub-
advisory agreement. They also considered that PIM, not the Fund, paid the
sub-adviser out of the management fees paid to PIM under the investment
advisory agreement. The Trustees considered information regarding the
management fees and expenses of the Fund in comparison to the management fees
of its peer group of funds as classified by Morningstar and the expense ratios
of a peer group of funds selected on the basis of criteria determined by the
independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2008 was in the second quintile relative to the management fees
paid by other funds in its peer group Morningstar category for the comparable
period. The Trustees also considered that the Fund's expense ratio for the
twelve months ended June 30, 2008 was in the third quintile relative to its
Strategic Insight peer group.
The Trustees also reviewed the advisory fees charged by the sub-adviser to its
other clients with similar investment strategies as the Fund. The Trustees
noted that the fee rates for those clients generally were higher than the
sub-advisory fees paid to the sub-adviser with respect to the Fund.
The Trustees concluded that the sub-advisory fee payable by PIM to the sub-
adviser of the Fund was reasonable in relation to the nature and quality of
services provided by the sub-adviser. The Trustees also concluded that the
Fund's expense ratio was reasonable, taking into account the investment
performance of the Fund and the contractual expense limitation agreed to by PIM
with respect to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. They also considered PIM's profit margin in
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 41
connection with the overall operation of the Fund. The Trustees further
considered the sub-advisory fees received by the sub-adviser with respect to
the Fund and the percentage that such fees represented of the sub-adviser's
overall revenues (for the 12-month period ended December 31, 2007). They also
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered the profit margins with respect to the Fund
in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
recognized that each of PIM and the sub-adviser should be entitled to earn a
reasonable level of profit for the services provided to the Fund. The Trustees
concluded that the profit margins with respect to the management of the Fund
were not unreasonable.
Economies of Scale
The Trustees considered the economies of scale with respect to the management
of the Fund, whether the Fund had appropriately benefited from any economies of
scale, and whether there was potential for realization of any further economies
of scale. The Trustees concluded that, because of the breakpoints in the
management and sub-advisory fee schedules and the reduced fee rates above
certain asset levels, any perceived or potential economies of scale would be
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to the sub-adviser from its
relationship with the Fund, including the benefits to the sub-adviser and its
affiliates from the use of "soft" commission dollars generated by the Fund to
pay for research and brokerage services. The Trustees further noted that the
sub-adviser reported that it did not know of any intangible benefits received
by it by virtue of its relationship with the Fund. The Trustees concluded that
the benefits received by the sub-adviser from its relationship with the Fund
were reasonable in the context of the overall relationship between the
sub-adviser and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
sub-advisory agreement for the Fund between PIM and the sub-adviser, including
the fees payable thereunder, was fair and reasonable and voted to approve the
continuation of the sub-advisory agreement for the Fund.
42 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Dorothy E. Bourassa, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Cullen Value Fund | Semiannual Report | 12/31/08 43
This page for your notes.
44 Pioneer Cullen Value Fund | Semiannual Report | 12/31/08
How To Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: pioneerinvestments.com
This report must be accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.