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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01835
Pioneer Value Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: September 30
Date of reporting period: October 1, 2009 through March 31, 2010
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
[GRAPHIC OF MAP]
Pioneer Value Fund
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Semiannual Report | March 31, 2010
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Ticker Symbols:
Class A PIOTX
Class B PBOTX
Class C PCOTX
Class Y PVFYX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 24
Notes to Financial Statements 32
Approval of Investment Advisory Agreement 42
Trustees, Officers and Service Providers 46
Pioneer Value Fund | Semiannual Report | 3/31/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain: unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
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
2 Pioneer Value Fund | Semiannual Report | 3/31/10
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Value Fund | Semiannual Report | 3/31/10 3
Portfolio Management Discussion | 3/31/10
In the following discussion, Rod Wright reviews recent market events and
describes the factors that affected Pioneer Value Fund's performance during the
semiannual period ended March 31, 2010. Mr. Wright, senior vice president and
portfolio manager at Pioneer Investments, co-manages the Fund with John
Peckham, CFA, senior vice president and portfolio manager at Pioneer
Investments.
Q How would you characterize the performance of the U.S. stock market during
the six months ended March 31, 2010?
A The U.S. stock market performed very well during the past six months, as
measured by the 11.28% gain of the Fund's benchmark, the Russell 1000 Value
Index. Equities continued the rebound that began in March of 2009, as the
broader investment environment was favorable in many respects. In addition
to the gradual economic recovery and strength in corporate earnings, the
market was supported by low interest rates, the attractive relative value
of stocks when compared with bonds, strong corporate balance sheets, and,
more recently, the stabilization of the employment picture. These positive
developments, combined with the high level of investor skepticism that has
been in place since the 2007-2008 market downturn, resulted in a steady
flow of cash off the sidelines and into the stock market.
Q How did the Fund perform in that environment during the six months ended
March 31, 2010?
A Pioneer Value Fund Class A shares returned 10.39% during the six months
ended March 31, 2010, underperforming the 11.28% return of the Fund's
benchmark, the Russell 1000 Value Index (the Russell Index). Over the same
period, the average return of the 559 mutual funds in Lipper's Large Cap
Value category was 10.56%.
The Fund's performance was steady during the period, with no "blow-ups"
among individual holdings and no sectors in which the Fund's return
deviated substantially from the benchmark's. We credit this to our research
efforts, which are focused on having the Fund own the best individual
companies, rather than trying to predict broader market trends or
macroeconomic developments.
Q What elements of the Fund's positioning had the largest impact on its
performance during the six months ended March 31, 2010?
A The roster of the Fund's top performers helps illustrate our investment
process at work. The Fund's leading contributor during the period was Unum,
an insurer that specializes in group disability benefits. Unum is a
long-term
4 Pioneer Value Fund | Semiannual Report | 3/31/10
Fund holding that is finally being recognized for the tremendous progress
it has made in recent years. The company ran into a variety of operational
problems five years ago, which led to its stock price being depressed for
quite some time. In our view, this led to several of Unum's positive
attributes being overlooked: the firm is cheaply valued, at 10 times
earnings; it generates $500 million a year in free cash flow and has over
$900 million in cash on its balance sheet; and it has beaten earnings
estimates every quarter since June of 2006. We think the stock remains
inexpensive, and the Fund continues to hold a large position relative to
the company's representation in the Russell Index benchmark. In our view, a
key element of value investing is recognizing situations, such as Unum,
where there is a disconnect between investor perceptions and the strength
of a company's underlying business.
Another such disconnect was evident in the Health Care sector throughout
the past year, as uncertainty about the industry reform legislation being
debated in Washington depressed the valuations of many companies in the
group. We used the uncertainty as an opportunity to purchase discounted
shares for the Fund in our favored companies. As it became evident that the
final version of the legislation would not be as strong, or as negative for
the industry as was initially feared, we saw a number of the stocks
revalued to more appropriate levels. Among those were the Fund's holdings
in Medtronic, a medical device maker, and insurance companies UnitedHealth
and Aetna. All performed well during the past six months, rewarding our
patience.
Another top contributor for the Fund during the period was United
Technologies, a high-quality, diversified manufacturer that we purchased in
2008. The improving economic outlook proved supportive for the company's
many industrial businesses, boosting its share price at a time in which
investors grew increasingly enthusiastic about cyclicals. The Fund also
benefited from its position in McDonalds, the fast food chain whose shares
rose due to both strong results from its international operations and the
rising sales that resulted from U.S. consumers' need to "trade down" to
cheaper meal options.
Q What holdings detracted from the Fund's performance during the six months
ended March 31, 2010?
A The Fund did not suffer significant underperformance from any holdings
during the past six months. Instead, the portfolio experienced smaller
losses in several stocks that we believe continue to offer compelling
risk/reward trade-offs. For example, two of the Fund's laggards during the
six-month period were stocks that were hurt by the declining price of
natural gas: Devon Energy and Transocean. Believing that natural gas will
eventually recover from its depressed level, we chose to look past the
near-term issue to
Pioneer Value Fund | Semiannual Report | 3/31/10 5
focus on the strong fundamentals of the two energy companies, which remain
reasonably valued.
The Fund also experienced a shortfall when one of its newer holdings,
Lazard (an investment bank), lost ground following the unfortunate death of
its chief executive officer (CEO). The CEO's estate has since been selling
its position in Lazard, which has weighed on the stock's performance in the
short term, but we continue to like the prospects for this well-positioned,
well-managed company. Also in Financials, the Fund lost ground through a
position in the high-end property and casualty insurer Chubb. The insurance
cycle tends to move independently of the broader economic cycle, and so
investors generally overlooked Chubb in their search for higher-risk
cyclical stocks. We see Chubb's underperformance as an opportunity to own a
well-run company with great service, an effective pricing strategy, and a
valuation that, in our view, does not accurately reflect the stock's future
prospects.
Q What is your overall take on the market at this stage?
A We think the lingering skepticism about the market's advance continues to
create opportunities for value investors. While stocks have delivered an
extraordinary return in the past year, the market as a whole is still
reasonably valued due to the combination of an improving economy, rising
earnings and the fact that stocks began the rally from a very undervalued
level.
We feel that one area of potential opportunity lies in stocks where an
element of doubt about either the economic recovery or the individual
company's prospects is keeping valuations at reasonable levels, such as
Dell Computer. Dell appears positioned to capitalize on the corporate
upgrade cycle for personal computers. In the past, companies typically have
upgraded their technology every three years or so. The current cycle is
unusual in that it is now five to seven years old, and with the
introduction of Windows 7 earlier this year, we believe the catalyst is in
place for the next cycle to begin. We think Dell, with its huge cash
position and inexpensive valuation, should benefit from this trend. We also
have been seeing opportunities in companies -- like Chubb -- whose
businesses tend to move on a different cycle than that of the overall
economy.
Turning our attention to the broader picture, the current cycle for both
the economy and the market appears to be taking a classic shape. Thus far,
we have seen outperformance for both lower-quality companies (March 2009
through September 2009) and cyclicals (September 2009 through March 2010).
Historically, the next step in such cycles typically has been a gravitation
to higher-quality companies. We believe our focus on quality will hold the
Fund's portfolio in good stead if investors indeed turn their attention to
company fundamentals, rather than momentum, in the months ahead.
6 Pioneer Value Fund | Semiannual Report | 3/31/10
Overall, our message to shareholders is to remember that we seek to
maintain a steady investment approach for the Fund that focuses on
traditional drivers of stock price performance. As a result, it is
inevitable that there will be periods of short-term underperformance,
particularly when investors' risk appetites are unusually strong. Over the
long term, however, we believe investors will be well-served by our
consistent focus on companies with strong fundamentals and attractive
valuations.
Please refer to the Schedule of Investments on pages 16-23 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
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 Value Fund | Semiannual Report | 3/31/10 7
Portfolio Summary | 3/31/10
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 98.6%
International Common Stocks 0.7%
Temporary Cash Investments 0.7%
Sector Distribution
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(As a percentage of equity holdings)
[THE DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Financials 25.5%
Energy 17.8%
Industrials 11.4%
Health Care 10.9%
Consumer Discretionary 9.8%
Information Technology 6.7%
Consumer Staples 6.0%
Utilities 4.6%
Materials 3.7%
Telecommunication Services 3.6%
10 Largest Holdings
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(As a percentage of equity holdings)*
1. Exxon Mobil Corp. 4.85%
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2. Chevron Corp. 3.89
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3. JPMorgan Chase & Co. 3.51
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4. Wells Fargo & Co. 3.47
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5. Pfizer, Inc. 3.12
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6. General Electric Co. 2.96
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7. Verizon Communications, Inc. 2.82
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8. Bank of America Corp. 2.67
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9. Unum Group 2.56
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10. Apache Corp. 2.03
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* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
8 Pioneer Value Fund | Semiannual Report | 3/31/10
Prices and Distributions | 3/31/10
Net Asset Value per Share
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Class 3/31/10 9/30/09
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A $11.09 $10.12
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B $10.14 $ 9.24
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C $10.10 $ 9.21
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Y $11.20 $10.21
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Distributions per Share: 10/1/09-3/31/10
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $ 0.0769 $ -- $ --
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B $ -- $ -- $ --
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C $ 0.0240 $ -- $ --
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Y $ 0.1014 $ -- $ --
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Index Definitions
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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 10-13.
Pioneer Value Fund | Semiannual Report | 3/31/10 9
Performance Update | 3/31/10 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund at public offering price, compared to
that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of March 31, 2010)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
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10 Years 1.14% 0.54%
5 Years -1.68 -2.83
1 Year 43.26 35.02
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Expense Ratio
(Per prospectus dated February 1, 2010)
- ------------------------------------------------
Gross Net
- ------------------------------------------------
1.06% 1.06%
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[THE DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
3/00 9,425 10,000
9,725 10,027
3/02 9,909 10,467
7,611 8,081
3/04 10,479 11,380
11,487 12,878
3/06 12,568 14,592
14,055 17,048
3/08 11,968 15,344
7,368 8,836
3/10 10,555 13,568
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.
10 Pioneer Value Fund | Semiannual Report | 3/31/10
Performance Update | 3/31/10 Class B Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2010)
- ------------------------------------------------
If If
Period Held Redeemed
- ------------------------------------------------
10 Years -0.04% -0.04%
5 Years -2.86 -2.86
1 Year 41.20 37.20
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Expense Ratio
(Per prospectus dated February 1, 2010)
- ------------------------------------------------
Gross Net
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2.57% 2.57%
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[THE DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
3/00 10,000 10,000
10,201 10,027
3/02 10,284 10,467
7,803 8,081
3/04 10,595 11,380
11,518 12,878
3/06 12,471 14,592
13,794 17,048
3/08 11,620 15,344
7,057 8,836
3/10 9,964 13,568
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus.
Note: Shares purchased prior to December 1, 2004, remain subject to the CDSC in
effect at the time you purchased those shares. For performance information for
shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Value Fund | Semiannual Report | 3/31/10 11
Performance Update | 3/31/10 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2010)
- ------------------------------------------------
If If
Period Held Redeemed
- ------------------------------------------------
10 Years 0.02% 0.02%
5 Years -2.71 -2.71
1 Year 41.57 41.57
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Expense Ratio
(Per prospectus dated February 1, 2010)
- ------------------------------------------------
Gross Net
- ------------------------------------------------
2.18% 2.18%
- ------------------------------------------------
[THE DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
3/00 10,000 10,000
10,190 10,027
3/02 10,263 10,467
7,786 8,081
3/04 10,604 11,380
11,496 12,878
3/06 12,448 14,592
13,766 17,048
3/08 11,610 15,344
7,077 8,836
3/10 10,019 13,568
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Value Fund | Semiannual Report | 3/31/10
Performance Update | 3/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Value Fund, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of March 31, 2010)
- --------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------
10 Years 1.40% 1.40%
5 Years -1.24 -1.24
1 Year 44.04 44.04
- --------------------------------------------
Expense Ratio
(Per prospectus dated February 1, 2010)
- --------------------------------------------
Gross Net
- --------------------------------------------
0.54% 0.54%
- --------------------------------------------
[THE DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Russell 1000
Value Fund Value Index
3/00 10,000 10,000
10,317 10,027
3/02 10,512 10,467
8,074 8,081
3/04 11,117 11,380
12,230 12,878
3/06 13,442 14,592
15,088 17,048
3/08 12,900 15,344
7,976 8,836
3/10 11,489 13,568
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Y shares reflects
the NAV performance of the Fund's Class A shares. The performance does not
reflect differences in expenses, including Rule 12b-1 fees applicable to Class
A shares. Since fees for Class A shares are generally higher than those of
Class Y shares, the performance for Class Y shares prior to their inception
(August 11, 2004) would have been higher than the performance shown. Class Y
shares are not subject to sales charges and are available to limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Value Fund | Semiannual Report | 3/31/10 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Value Fund
Based on actual returns from October 1, 2009 through March 31, 2010.
- ---------------------------------------------------------------------------------
Share Class A B C Y
- ---------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/09
- ---------------------------------------------------------------------------------
Ending Account $1,103.90 $1,097.40 $1,099.40 $1,107.60
Value on 3/31/10
- ---------------------------------------------------------------------------------
Expenses Paid $5.35 $12.65 $11.20 $3.10
During Period*
- ---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.02%, 2.42%,
2.14% and 0.59% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
14 Pioneer Value Fund | Semiannual Report | 3/31/10
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2009 through March 31, 2010.
- ---------------------------------------------------------------------------------
Share Class A B C Y
- ---------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/09
- ---------------------------------------------------------------------------------
Ending Account $1,019.85 $1,012.86 $1,014.26 $1,021.99
Value on 3/31/10
- ---------------------------------------------------------------------------------
Expenses Paid $5.14 $12.14 $10.75 $2.97
During Period*
- ---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.02%, 2.42%,
2.14%, and 0.59%, for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
Pioneer Value Fund | Semiannual Report | 3/31/10 15
Schedule of Investments | 3/31/10 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS -- 99.2%
ENERGY -- 17.7%
Integrated Oil & Gas -- 8.7%
895,100 Chevron Corp. $ 67,875,433
1,263,500 Exxon Mobil Corp. (b) 84,629,230
--------------
$ 152,504,663
- --------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.2%
234,200 Transocean, Ltd.* $ 20,230,196
- --------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.5%
899,300 Halliburton Co.* $ 27,095,909
- --------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.3%
395,800 Anadarko Petroleum Corp. $ 28,826,114
348,100 Apache Corp. 35,332,150
448,200 Devon Energy Corp. 28,877,526
--------------
$ 93,035,790
- --------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.0%
1,647,800 El Paso Corp. $ 17,862,152
--------------
Total Energy $ 310,728,710
- --------------------------------------------------------------------------------
MATERIALS -- 3.6%
Diversified Chemical -- 2.0%
695,800 Dow Chemical Co. $ 20,574,806
228,000 FMC Corp. 13,803,120
--------------
$ 34,377,926
- --------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.7%
149,200 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 12,464,168
- --------------------------------------------------------------------------------
Gold -- 0.5%
191,366 Newmont Mining Corp. $ 9,746,270
- --------------------------------------------------------------------------------
Paper Products -- 0.4%
288,500 International Paper Co. $ 7,099,985
--------------
Total Materials $ 63,688,349
- --------------------------------------------------------------------------------
CAPITAL GOODS -- 10.3%
Aerospace & Defense -- 3.0%
348,100 Northrop Grumman Corp.* $ 22,824,917
401,400 United Technologies Corp. 29,547,054
--------------
$ 52,371,971
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 4.5%
328,500 3M Co. $ 27,452,745
2,834,500 General Electric Co. 51,587,900
--------------
$ 79,040,645
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Value Fund | Semiannual Report | 3/31/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Industrial Machinery -- 1.9%
619,034 Kennametal, Inc. $ 17,407,236
251,600 SPX Corp. 16,686,112
--------------
$ 34,093,348
- --------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.9%
149,200 W.W. Grainger, Inc. (b) $ 16,131,504
--------------
Total Capital Goods $ 181,637,468
- --------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Railroads -- 1.0%
337,200 CSX Corp. $ 17,163,480
--------------
Total Transportation $ 17,163,480
- --------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Auto Parts & Equipment -- 0.6%
292,500 Johnson Controls, Inc. $ 9,649,575
- --------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
586,926 Ford Motor Corp.*(b) $ 7,377,660
--------------
Total Automobiles & Components $ 17,027,235
- --------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.6%
Homebuilding -- 0.6%
867,500 Pulte Group, Inc.*(b) $ 9,759,375
--------------
Total Consumer Durables & Apparel $ 9,759,375
- --------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.1%
Restaurants -- 1.1%
298,400 McDonald's Corp. $ 19,909,248
--------------
Total Consumer Services $ 19,909,248
- --------------------------------------------------------------------------------
MEDIA -- 3.5%
Advertising -- 0.6%
1,261,900 The Interpublic Group of Companies, Inc.* $ 10,499,008
- --------------------------------------------------------------------------------
Cable & Satellite -- 1.7%
1,585,500 Comcast Corp. $ 29,839,110
- --------------------------------------------------------------------------------
Movies & Entertainment -- 1.2%
100,000 Time Warner, Inc. $ 3,127,000
523,700 Viacom, Inc. (Class B)* 18,004,806
--------------
$ 21,131,806
--------------
Total Media $ 61,469,924
- --------------------------------------------------------------------------------
RETAILING -- 3.5%
Apparel Retail -- 0.9%
685,200 Gap, Inc. $ 15,834,972
- --------------------------------------------------------------------------------
Computer & Electronics Retail -- 1.3%
526,200 Best Buy Co., Inc. (b) $ 22,384,548
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 17
Schedule of Investments | 3/31/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Home Improvement Retail -- 1.3%
745,900 Home Depot, Inc. $ 24,129,865
-------------
Total Retailing $ 62,349,385
- --------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.3%
Drug Retail -- 0.8%
397,800 CVS/Caremark Corp. $ 14,543,568
- --------------------------------------------------------------------------------
Food Retail -- 0.5%
373,000 Kroger Co. $ 8,079,180
-------------
Total Food & Drug Retailing $ 22,622,748
- --------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.3%
Brewers -- 0.7%
246,800 Anheuser-Busch Inbev NV $ 12,435,160
- --------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.3%
198,900 General Mills, Inc. $ 14,080,131
191,300 Hershey Foods Corp. 8,189,553
-------------
$ 22,269,684
- --------------------------------------------------------------------------------
Soft Drinks -- 0.7%
223,800 Coca-Cola Co. $ 12,309,000
- --------------------------------------------------------------------------------
Tobacco -- 0.6%
198,900 Phillip Morris International, Inc. $ 10,374,624
-------------
Total Food, Beverage & Tobacco $ 57,388,468
- --------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.4%
Household Products -- 0.8%
233,200 Procter & Gamble Co.* $ 14,754,564
- --------------------------------------------------------------------------------
Personal Products -- 0.6%
156,500 Estee Lauder Co. $ 10,152,155
-------------
Total Household & Personal Products $ 24,906,719
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.1%
Health Care Equipment -- 1.0%
146,600 Baxter International, Inc. $ 8,532,120
195,600 Covidien, Ltd. 9,834,768
-------------
$ 18,366,888
- --------------------------------------------------------------------------------
Managed Health Care -- 3.1%
526,100 Aetna, Inc. $ 18,471,371
617,700 United Healthcare Group, Inc. 20,180,259
237,500 Wellpoint, Inc.* 15,290,250
-------------
$ 53,941,880
-------------
Total Health Care Equipment & Services $ 72,308,768
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Value Fund | Semiannual Report | 3/31/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 6.7%
Life Sciences Tools & Services -- 1.2%
397,800 Thermo Fisher Scientific, Inc.* $ 20,462,832
- --------------------------------------------------------------------------------
Pharmaceuticals -- 5.5%
198,900 Johnson & Johnson $ 12,968,280
795,600 Merck & Co., Inc. 29,715,660
3,172,700 Pfizer, Inc. 54,411,805
--------------
$ 97,095,745
--------------
Total Pharmaceuticals & Biotechnology $ 117,558,577
- --------------------------------------------------------------------------------
BANKS -- 5.7%
Diversified Banks -- 3.4%
1,943,000 Wells Fargo & Co. $ 60,466,160
- --------------------------------------------------------------------------------
Regional Banks -- 2.3%
2,228,600 KeyCorp $ 17,271,650
374,600 PNC Bank Corp. 22,363,620
--------------
$ 39,635,270
--------------
Total Banks $ 100,101,430
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 12.7%
Asset Management & Custody Banks -- 3.0%
149,200 Franklin Resources, Inc. $ 16,546,280
795,600 Invesco, Ltd. 17,431,596
596,700 The Bank of New York Mellon Corp. 18,426,096
--------------
$ 52,403,972
- --------------------------------------------------------------------------------
Diversified Financial Services -- 6.1%
2,608,196 Bank of America Corp. $ 46,556,299
1,367,500 JPMorgan Chase & Co. 61,195,625
--------------
$ 107,751,924
- --------------------------------------------------------------------------------
Investment Banking & Brokerage -- 3.1%
148,400 Goldman Sachs Group, Inc. $ 25,321,492
509,947 Lazard, Ltd. 18,205,108
366,400 Morgan Stanley Co. 10,731,856
--------------
$ 54,258,456
- --------------------------------------------------------------------------------
Specialized Finance -- 0.5%
24,900 CME Group, Inc. $ 7,871,139
--------------
Total Diversified Financials $ 222,285,491
- --------------------------------------------------------------------------------
INSURANCE -- 5.6%
Insurance Brokers -- 0.7%
505,000 Marsh & McLennan Co., Inc. $ 12,332,100
- --------------------------------------------------------------------------------
Life & Health Insurance -- 3.2%
187,000 Prudential Financial, Inc. $ 11,313,500
1,800,000 Unum Group 44,586,000
--------------
$ 55,899,500
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 19
Schedule of Investments | 3/31/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.7%
166,800 ACE, Ltd. $ 8,723,640
424,500 Allstate Corp. 13,715,595
165,600 Chubb Corp. 8,586,360
-------------
$ 31,025,595
-------------
Total Insurance $ 99,257,195
- --------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Office Real Estate Investment Trusts -- 0.7%
156,175 Boston Properties, Inc. (b) $ 11,781,842
- --------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 0.6%
115,200 Public Storage, Inc. $ 10,597,248
-------------
Total Real Estate $ 22,379,090
- --------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.1%
Systems Software -- 2.1%
760,000 Microsoft Corp. $ 22,245,200
596,700 Oracle Corp. 15,329,223
-------------
$ 37,574,423
-------------
Total Software & Services $ 37,574,423
- --------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.8%
Communications Equipment -- 1.6%
825,000 Cisco Systems, Inc.* $ 21,474,750
93,100 Research In Motion, Ltd.* 6,884,745
-------------
$ 28,359,495
- --------------------------------------------------------------------------------
Computer Hardware -- 1.2%
853,100 Dell, Inc.* $ 12,805,031
68,100 IBM Corp.* 8,733,825
-------------
$ 21,538,856
-------------
Total Technology Hardware & Equipment $ 49,898,351
- --------------------------------------------------------------------------------
SEMICONDUCTORS -- 1.7%
Semiconductors -- 1.7%
1,342,600 Intel Corp. $ 29,886,276
-------------
Total Semiconductors $ 29,886,276
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.6%
Integrated Telecommunication Services -- 3.6%
405,000 Century Telephone Enterprises, Inc. $ 14,361,300
1,585,300 Verizon Communications, Inc. 49,176,006
-------------
$ 63,537,306
-------------
Total Telecommunication Services $ 63,537,306
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Value Fund | Semiannual Report | 3/31/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
UTILITIES -- 4.6%
Electric Utilities -- 1.7%
397,800 Edison International $ 13,592,826
472,400 Southern Co. 15,664,784
--------------
$ 29,257,610
- --------------------------------------------------------------------------------
Gas Utilities -- 0.9%
355,100 Questar Corp. $ 15,340,320
- --------------------------------------------------------------------------------
Multi-Utilities -- 2.0%
564,300 Public Service Enterprise Group, Inc. $ 16,658,136
373,900 Sempra Energy 18,657,610
--------------
$ 35,315,746
--------------
Total Utilities $ 79,913,676
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,615,197,258) $1,743,351,692
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount
- --------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.7%
Securities Lending Collateral -- 0.7% (c)
Certificates of Deposit:
$ 313,302 DnB NOR Bank ASA NY, 0.19%, 5/19/10 $ 313,302
313,310 Rabobank Nederland NY, 0.19%, 7/6/10 313,310
313,302 Royal Bank of Canada, 0.23%, 1/21/11 313,302
283,225 Bank of Nova Scotia, 0.2%, 6/1/10 283,225
313,308 BBVA NY, 0.265%, 6/1/10 313,308
95,321 BNP Paribas, 0.70%, 6/4/10 95,321
344,632 CBA Financial, 0.27%, 1/3/11 344,632
-------------
$ 1,976,400
- --------------------------------------------------------------------------------
Commercial Paper:
41,458 Caterpillar Financial Services, 0.34%, 8/20/10 $ 41,458
137,849 JDCLLP, 0.15%, 4/7/10 137,849
131,582 JDCLLP, 0.15%, 4/9/10 131,582
219,311 BCSFUN, 0.07%, 4/1/10 219,311
230,261 CATFIN, 0.17%, 4/16/10 230,261
156,593 CBAPP, 0.20%, 6/7/10 156,593
250,603 HNDAF, 0.17%, 5/4/10 250,603
67,354 HNDAF, 0.16%, 4/22/10 67,354
31,324 INDFG, 0.21%, 5/4/10 31,324
375,896 INDFG, 0.20%, 5/3/10 375,896
244,345 PARFIN, 0.25%, 4/19/10 244,345
313,180 WSTPAC, 0.25%, 5/27/10 313,180
313,294 Char FD, 0.16%, 4/7/10 313,294
125,288 Ciesco, 0.19%, 5/20/10 125,288
313,224 FASCO, 0.19%, 5/18/10 313,224
128,391 Kithaw, 0.16%, 5/5/10 128,391
187,926 Kithaw, 0.20%, 5/24/10 187,926
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 21
Schedule of Investments | 3/31/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------------------
Commercial Paper -- (continued)
$ 125,296 Old LLC, 0.18%, 5/11/10 $ 125,296
125,301 Ranger, 0.18%, 5/3/10 125,301
93,973 SRCPP, 0.19%, 5/6/10 93,973
239,357 SRCPP, 0.17%, 4/6/11 239,357
57,811 STRAIT, 0.18%, 4/1/10 57,811
60,882 STRAIT, 0.18%, 5/7/10 60,882
138,156 STRAIT, 0.17%, 4/26/10 138,156
125,278 STRAIT, 0.20%, 6/2/10 125,278
156,619 TB LLC, 0.19%, 5/10/10 156,619
156,582 TB LLC, 0.23%, 6/9/10 156,582
313,302 Toyota Motor Credit Corp., 0.23%, 1/10/11 313,302
88,586 Wal-Mart Stores, Inc., 0.22%, 7/1/10 88,586
356,942 Bank of America, 0.85%, 5/12/10 356,942
156,628 GE, 0.30%, 1/26/11 156,628
94,041 GE Capital Corp., 0.43%, 8/20/10 94,041
33,915 GE Capital Corp., 0.35%, 10/21/10 33,915
34,145 GE Capital Corp., 0.31%, 10/6/10 34,145
34,940 John Deere Capital Corp., 0.33%, 7/16/10 34,940
265,158 JPMorgan Chase & Co., 0.57%, 9/24/10 265,158
283,747 CME, Inc., 0.90%, 8/6/10 283,747
355,243 Santander, 0.30%, 7/23/10 355,243
67,168 US Bancorp, 0.65%, 5/6/10 67,168
31,355 US Bancorp, 0.66%, 6/4/10 31,355
48,005 US Bancorp, 0.30%, 5/28/10 48,005
222,499 WFC, 0.70%, 1/24/11 222,499
125,287 WFC, 0.33%, 12/2/10 125,287
--------------
$ 7,058,095
- --------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
457,421 Deutsche Bank, 0.02%, 4/1/10 $ 457,421
939,906 RBS Securities, Inc., 0.01%, 4/1/10 939,906
--------------
$ 1,397,327
- --------------------------------------------------------------------------------
Shares
- --------------------------------------------------------------------------------
Time Deposits:
486,120 Societe Generale, 0.12%, 4/1/10 $ 486,120
- --------------------------------------------------------------------------------
Money Market Mutual Fund:
501,283 Dreyfus Preferred Money Market Fund $ 501,283
--------------
Total Securities Lending Collateral $ 11,419,225
- --------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $11,419,225) $ 11,419,225
- --------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.9%
(Cost $1,626,616,483) (a) $1,754,770,917
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 2,152,100
- --------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,756,923,017
================================================================================
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Value Fund | Semiannual Report | 3/31/10
(a) At March 31, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,628,756,594 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $200,098,581
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (74,084,258)
------------
Net unrealized gain $126,014,323
============
(b) At March 31, 2010, the following securities were out on loan:
- -------------------------------------------------------------------------------
Shares Security Value
- -------------------------------------------------------------------------------
57,000 Best Buy Co., Inc. $ 2,424,780
15,100 Boston Properties, Inc. 1,139,144
90,500 Exxon Mobil Corp. 6,061,690
23,500 Ford Motor Corp. * 295,395
10,600 Pulte Group, Inc. * 119,250
10,000 W.W. Grainger, Inc. 1,081,200
- -------------------------------------------------------------------------------
Total $11,121,459
===============================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended March 31, 2010 aggregated $366,781,812 and $469,355,267,
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 March 31, 2010, in valuing
the Fund's assets:
- -----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
Common stocks $1,743,351,692 $ -- $-- $1,743,351,692
Temporary cash investments -- 10,917,942 -- 10,917,942
Money market mutual fund 501,283 -- -- 501,283
- -----------------------------------------------------------------------------------------
Total $1,743,852,975 $10,917,942 $-- $1,754,770,917
- -========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 23
Statement of Assets and Liabilities | 3/31/10 (unaudited)
ASSETS:
Investment in securities (including securities loaned of $11,121,459)
(cost $1,626,616,483) $1,754,770,917
Cash 12,834,048
Receivables --
Investment securities sold 851,736
Fund shares sold 98,006
Dividends, interest and foreign taxes withheld 1,661,565
Other 119,522
- ------------------------------------------------------------------------------------------
Total assets $1,770,335,794
- ------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 1,589,952
Forward foreign currency settlement contracts, net 153
Upon return of securities loaned 11,419,225
Due to affiliates 329,567
Accrued expenses 73,880
- ------------------------------------------------------------------------------------------
Total liabilities $ 13,412,777
- ------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,330,638,817
Undistributed net investment income 9,892,051
Accumulated net realized loss on investments and foreign
currency transactions (711,762,721)
Net unrealized gain on investments 128,154,434
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 436
- ------------------------------------------------------------------------------------------
Total net assets $1,756,923,017
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,711,545,598/154,279,681 shares) $ 11.09
Class B (based on $7,010,212/691,129 shares) $ 10.14
Class C (based on $4,704,882/465,958 shares) $ 10.10
Class Y (based on $33,662,325/3,006,796 shares) $ 11.20
MAXIMUM OFFERING PRICE:
Class A ($11.09 [divided by] 94.25%) $ 11.77
==========================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Value Fund | Semiannual Report | 3/31/10
Statement of Operations (unaudited)
For the Six Months Ended 3/31/10
INVESTMENT INCOME:
Dividends $ 18,598,415
Interest 1,086
Income from securities loaned, net 16,701
- -----------------------------------------------------------------------------------------------
Total investment income $ 18,616,202
- -----------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic Fee $ 4,287,428
Performance Adjustment 54,997
Transfer agent fees
Class A 1,028,550
Class B 28,751
Class C 10,971
Class Y 1,773
Distribution fees
Class A 2,079,172
Class B 37,679
Class C 22,949
Shareholder communications expense 579,997
Administrative reimbursements 259,848
Custodian fees 25,598
Registration fees 28,009
Professional fees 132,650
Printing expense 46,638
Fees and expenses of nonaffiliated trustees 32,850
Miscellaneous 55,482
- -----------------------------------------------------------------------------------------------
Total expenses $ 8,713,342
- -----------------------------------------------------------------------------------------------
Net investment income $ 9,902,860
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 11,829,230
Class action 1,930,170
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (19,417) $ 13,739,983
- -----------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $147,809,464
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 436 $147,809,900
- -----------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $161,549,883
- -----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $171,452,743
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 25
Statements of Changes in Net Assets
For the Six Months Ended 3/31/10 and the Year Ended 9/30/09, respectively
- -------------------------------------------------------------------------------------------------
Six Months
Ended
3/31/10 Year Ended
(unaudited) 9/30/09
- -------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 9,902,860 $ 30,034,517
Net realized gain (loss) on investments, class action and
foreign currency transactions 13,739,983 (392,184,971)
Change in net unrealized gain on investments and foreign
currency transactions 147,809,900 103,799,323
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 171,452,743 $ (258,351,131)
- -------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.20 per share, respectively) $ (12,231,377) $ (34,473,880)
Class B ($0.00 and $0.08 per share, respectively) -- (87,148)
Class C ($0.02 and $0.11 per share, respectively) (11,439) (74,142)
Class Y ($0.10 And $0.25 per share, respectively) (340,366) (1,953,103)
- -------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (12,583,182) $ (36,588,273)
- -------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 17,115,199 $ 35,447,427
Reinvestment of distributions 11,463,645 32,635,153
Cost of shares repurchased (131,510,855) (288,131,948)
- -------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (102,932,011) $ (220,049,368)
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 55,937,550 $ (514,988,772)
NET ASSETS:
Beginning of period $1,700,985,467 2,215,974,239
- -------------------------------------------------------------------------------------------------
End of period $1,756,923,017 $1,700,985,467
- -------------------------------------------------------------------------------------------------
Undistributed net investment income $ 9,892,051 $ 12,572,373
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Value Fund | Semiannual Report | 3/31/10
- -------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- -------------------------------------------------------------------------------------------------
Class A
Shares sold 1,439,871 $ 15,214,475 3,336,175 $ 28,889,586
Reinvestment of distributions 1,094,778 11,396,505 3,671,409 31,904,948
Less shares repurchased (11,300,242) (118,998,187) (26,071,806) (224,943,747)
- -------------------------------------------------------------------------------------------------
Net decrease (8,765,593) $(92,387,207) (19,064,222) $(164,149,213)
=================================================================================================
Class B
Shares sold 19,805 $ 189,730 86,791 $ 697,851
Reinvestment of distributions -- -- 10,401 82,594
Less shares repurchased (200,177) (1,914,686) (516,811) (4,071,493)
- -------------------------------------------------------------------------------------------------
Net decrease (180,372) $ (1,724,956) (419,619) $ (3,291,048)
=================================================================================================
Class C
Shares sold 80,965 $ 771,435 146,462 $ 1,138,400
Reinvestment of distributions 1,107 10,516 6,596 52,128
Less shares repurchased (90,476) (874,020) (393,750) (2,973,413)
- -------------------------------------------------------------------------------------------------
Net decrease (8,404) $ (92,069) (240,692) $ (1,782,885)
=================================================================================================
Class Y
Shares sold 88,191 $ 939,559 540,943 $ 4,721,590
Reinvestment of distributions 5,398 56,624 68,424 595,483
Less shares repurchased (918,214) (9,723,962) (6,530,828) (56,143,295)
- -------------------------------------------------------------------------------------------------
Net decrease (824,625) $ (8,727,779) (5,921,461) $ (50,826,222)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 27
Financial Highlights
- ------------------------------------------------------------------------------------------
Six Months
Ended Year
3/31/10 Ended
(unaudited) 9/30/09
- ------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.12 $ 11.44
- ------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.17
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.99 (1.29)
- ------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.05 $ (1.12)
Distributions to shareowners:
Net investment income (0.08) (0.20)
Net realized gain -- --
- ------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.97 $ (1.32)
- ------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.09 $ 10.12
==========================================================================================
Total return* 10.39% (9.49)%
Ratio of net expenses to average net assets+ 1.02%** 1.06%
Ratio of net investment income to average net assets+ 1.16%** 1.89%
Portfolio turnover rate 44%** 53%
Net assets, end of period (in thousands) $1,711,546 $1,649,438
Ratios with reduction for fees paid indirectly:
Net expenses 1.02%** 1.06%
Net investment income 1.16%** 1.89%
==========================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
9/30/08 9/30/07 9/30/06 9/30/05
- -----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 18.28 $ 18.55 $ 17.55 $ 18.83
- -----------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.25 $ 0.29 $ 0.28 $ 0.14
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (5.47) 2.60 1.09 2.26
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (5.22) $ 2.89 $ 1.37 $ 2.40
Distributions to shareowners:
Net investment income (0.25) (0.30) (0.25) (0.12)
Net realized gain (1.37) (2.86) (0.12) (3.56)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.84) $ (0.27) $ 1.00 $ (1.28)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.44 $ 18.28 $ 18.55 $ 17.55
=======================================================================================================================
Total return* (30.75)% 17.49% 7.89% 13.81%
Ratio of net expenses to average net assets+ 0.94% 0.92% 0.94% 0.98%
Ratio of net investment income to average net assets+ 1.73% 1.65% 1.44% 0.85%
Portfolio turnover rate 95% 34% 86% 53%
Net assets, end of period (in thousands) $2,082,427 $3,569,146 $3,852,832 $3,997,849
Ratios with reduction for fees paid indirectly:
Net expenses 0.94% 0.92% 0.94% 0.97%
Net investment income 1.73% 1.65% 1.44% 0.86%
=======================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Value Fund | Semiannual Report | 3/31/10
- ---------------------------------------------------------------------------------------
Six Months
Ended Year
3/31/10 Ended
(unaudited) 9/30/09
- ---------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.24 $ 10.47
- ---------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ 0.06
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.89 (1.21)
- ---------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.90 $ (1.15)
Distributions to shareowners:
Net investment income -- (0.08)
Net realized gain -- --
- ---------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.90 $ (1.23)
- ---------------------------------------------------------------------------------------
Net asset value, end of period $10.14 $ 9.24
=======================================================================================
Total return* 9.74% (10.89)%
Ratio of net expenses to average net assets+ 2.42%** 2.57%
Ratio of net investment income (loss) to average net assets+ (0.23)%** 0.41%
Portfolio turnover rate 44%** 53%
Net assets, end of period (in thousands) $7,010 $ 8,057
Ratios with reduction for fees paid indirectly:
Net expenses 2.42%** 2.57%
Net investment income (loss) (0.23)%** 0.41%
=======================================================================================
- ---------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
9/30/08 9/30/07 9/30/06 9/30/05
- ---------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 16.87 $17.36 $ 16.40 $ 17.87
- ---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.10 $ 0.10 $ (0.04)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (5.04) 2.39 1.00 2.13
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.93) $ 2.49 $ 1.10 $ 2.09
Distributions to shareowners:
Net investment income (0.10) (0.12) (0.02) --
Net realized gain (1.37) (2.86) (0.12) (3.56)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.40) $(0.49) $ 0.96 $ (1.47)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.47 $16.87 $ 17.36 $ 16.40
=========================================================================================================
Total return* (31.54)% 16.18% 6.74% 12.66%
Ratio of net expenses to average net assets+ 2.06% 2.05% 2.03% 2.03%
Ratio of net investment income (loss) to average net assets+ 0.60% 0.53% 0.32% (0.21)%
Portfolio turnover rate 95% 34% 86% 53%
Net assets, end of period (in thousands) $13,518 $30,378 $37,116 $51,164
Ratios with reduction for fees paid indirectly:
Net expenses 2.04% 2.02% 2.03% 2.02%
Net investment income (loss) 0.62% 0.56% 0.32% (0.20)%
=========================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 29
Financial Highlights (continued)
- ------------------------------------------------------------------------------------
Six Months
Ended Year
3/31/10 Ended
(unaudited) 9/30/09
- ------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.21 $ 10.43
- ------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a) $ 0.08
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.91 (1.19)
- ------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.91 $ (1.11)
Distributions to shareowners:
Net investment income (0.02) (0.11)
Net realized gain -- --
- ------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.89 $ (1.22)
- ------------------------------------------------------------------------------------
Net asset value, end of period $10.10 $ 9.21
====================================================================================
Total return* 9.94% (10.51)%
Ratio of net expenses to average net assets+ 2.14%** 2.18%
Ratio of net investment income (loss) to average net assets+ 0.04%** 0.83%
Portfolio turnover rate 44%** 53%
Net assets, end of period (in thousands) $4,705 $ 4,371
Ratios with reduction for fees paid indirectly:
Net expenses 2.14%** 2.18%
Net investment income (loss) 0.04%** 0.83%
====================================================================================
- ----------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
9/30/08 9/30/07 9/30/06 9/30/05
- ----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 16.84 $ 17.33 $16.39 $17.87
- ----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.07 $ 0.07 $(0.04)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (5.01) 2.43 1.02 2.12
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (4.91) $ 2.50 $ 1.09 $ 2.08
Distributions to shareowners:
Net investment income (0.13) (0.13) (0.03) --
Net realized gain (1.37) (2.86) (0.12) (3.56)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.41) $ (0.49) $ 0.94 $(1.48)
- ----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.43 $ 16.84 $17.33 $16.39
==========================================================================================================
Total return* (31.49)% 16.31% 6.68% 12.60%
Ratio of net expenses to average net assets+ 1.92% 1.98% 2.03% 2.08%
Ratio of net investment income (loss) to average net assets+ 0.76% 0.58% 0.34% (0.25)%
Portfolio turnover rate 95% 34% 86% 53%
Net assets, end of period (in thousands) $ 7,458 $12,606 $8,723 $8,926
Ratios with reduction for fees paid indirectly:
Net expenses 1.91% 1.96% 2.03% 2.07%
Net investment income (loss) 0.77% 0.60% 0.34% (0.24)%
==========================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
(a) Amount rounds to less than $0.01 per share.
** Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Value Fund | Semiannual Report | 3/31/10
- -------------------------------------------------------------------------------------
Six Months
Ended Year
3/31/10 Ended
(unaudited) 9/30/09
- -------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.21 $ 11.54
- -------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.10 $ 0.30
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.99 (1.38)
- -------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.09 $ (1.08)
Distributions to shareowners:
Net investment income (0.10) (0.25)
Net realized gain -- --
- -------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.99 $ (1.33)
- -------------------------------------------------------------------------------------
Net asset value, end of period $ 11.20 $ 10.21
=====================================================================================
Total return* 10.76% (9.00)%
Ratio of net expenses to average net assets+ 0.59%** 0.54%
Ratio of net investment income to average net assets+ 1.59%** 2.51%
Portfolio turnover rate 44%** 53%
Net assets, end of period (in thousands) $33,662 $39,120
Ratios with reduction for fees paid indirectly:
Net expenses 0.59%** 0.54%
Net investment income 1.59%** 2.51%
=====================================================================================
- --------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
9/30/08 9/30/07 9/30/06 9/30/05
- --------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 18.42 $ 18.67 $ 17.59 $ 18.84
- --------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.33 $ 0.39 $ 0.33 $ 0.12
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (5.54) 2.59 1.11 2.37
- --------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (5.21) $ 2.98 $ 1.44 $ 2.49
Distributions to shareowners:
Net investment income (0.30) (0.37) (0.24) (0.18)
Net realized gain (1.37) (2.86) (0.12) (3.56)
- --------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (6.88) $ (0.25) $ 1.08 $ (1.25)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.54 $ 18.42 $ 18.67 $ 17.59
==============================================================================================================
Total return* (30.50)% 17.92% 8.31% 14.40%
Ratio of net expenses to average net assets+ 0.53% 0.54% 0.55% 0.59%
Ratio of net investment income to average net assets+ 2.12% 2.04% 1.84% 1.50%
Portfolio turnover rate 95% 34% 86% 53%
Net assets, end of period (in thousands) $112,571 $238,308 $333,884 $311,272
Ratios with reduction for fees paid indirectly:
Net expenses 0.53% 0.54% 0.55% 0.59%
Net investment income 2.12% 2.04% 1.84% 1.51%
==============================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratios assuming no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Value Fund | Semiannual Report | 3/31/10 31
Notes to Financial Statements | 3/31/10 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Value Fund (the Fund), is a Delaware statutory trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is reasonable income
and capital growth.
The Fund offers four classes of shares designated as Class A, Class B, Class C,
and Class Y shares. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts
32 Pioneer Value Fund | Semiannual Report | 3/31/10
of income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Securities for which market
prices and/or quotations are not readily available or are considered to be
unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from
exchange prices. At March 31, 2010, there were no securities that were
valued using fair value methods (other than securities that were valued
using prices supplied by independent pricing services). Short-term
fixed-income securities with remaining maturities of sixty days or less
generally are valued at amortized cost. Money market mutual funds are
valued at net asset value.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Pioneer Value Fund | Semiannual Report | 3/31/10 33
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions
paid during the year ended September 30, 2009 was as follows:
---------------------------------------------------------------------------
2009
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $36,588,273
Long-term capital gain --
---------------------------------------------------------------------------
Total $36,588,273
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at September 30, 2009:
---------------------------------------------------------------------------
2009
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 12,572,373
Capital loss carryforward (403,358,897)
Post-October loss deferred (320,003,696)
Unrealized depreciation (21,795,141)
---------------------------------------------------------------------------
Total $(732,585,361)
===========================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales.
34 Pioneer Value Fund | Semiannual Report | 3/31/10
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 7).
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned approximately $49,989 in underwriting commissions on
the sale of Class A shares during the six months ended March 31, 2010.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. During the period, the Fund recognized gains of $1,930,170 in
settlement of class action lawsuits from several different companies, as
reflected on the Statement of Operations.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, and Class C shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees.
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 among the classes of shares
based on the number of accounts in each class and the ratable allocation of
related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
Pioneer Value Fund | Semiannual Report | 3/31/10 35
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, Pioneer Investment Management, Inc.
(PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
H. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the fair value of the securities loaned, which is
invested in temporary investments. Credit Suisse AG, New York Branch, as
the Fund's securities lending agent, manages the Fund's securities lending
collateral. The income earned on the investment of collateral is shared
with the borrower and the lending agent in payment of any rebate due to the
borrower with respect to the securities loan, and in compensation for the
lending agent's services to the Fund. The Fund also continues to receive
payments in lieu of dividends or interest on the securities loaned. Gain or
loss on the fair value of the loaned securities that may occur during the
term of the loan will be for the account of the Fund. The amount of the
collateral is required to be adjusted daily to reflect any price
fluctuation in the fair value of the loaned securities. If the required
market value of the collateral is less than the fair value of the loaned
securities, the borrower is required to deliver additional collateral for
the account of the Fund prior to the close of the next business day. The
Fund has the right, under the lending agreement, to terminate the loan and
recover the securities from the borrower with prior notice. The Fund is
required to return the cash collateral to the borrower and could suffer a
loss if the value of the collateral, as invested, has declined.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. PIM receives a basic fee that is calculated at the annual rate of
0.60% of the Fund's average daily net assets up to $5 billion, 0.575% on the
next $5 billion and 0.55% on the excess over $10 billion. The basic fee can
increase or decrease by a maximum of 0.10% based on the investment performance
of the Fund's Class A shares as compared to the Russell 1000[RegTM] Value
Index. The performance comparison is made for a rolling 36-month period. In
addition, Pioneer contractually limits any positive adjustment of the Fund's
management fee to 0.10% of the Fund's average daily net assets on an annual
basis (i.e., to a maximum of 0.70% after the performance adjustment). For the
six
36 Pioneer Value Fund | Semiannual Report | 3/31/10
months ended March 31, 2010, the aggregate performance adjustment resulted in
an increase to the basic fee of $54,997. For the six months ended March 31,
2010, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.51% of the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$10,154 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended March 31, 2010, such out-of-pocket expenses by class
of shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $574,598
Class B 2,952
Class C 1,902
Class Y 545
- --------------------------------------------------------------------------------
Total $579,997
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $307,338, in transfer agent fees and out-of-pocket
reimbursements payable to PIMSS at March 31, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class
C shares. Included in "Due to affiliates" reflected on the Statement of
Pioneer Value Fund | Semiannual Report | 3/31/10 37
Assets and Liabilities is $12,075 in distribution fees payable to PFD at March
31, 2010.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). Class B shares that are redeemed within five years of purchase
are subject to a CDSC at declining rates beginning at 4.00%, based on the lower
of cost or market value of shares being redeemed. Redemptions of Class C shares
within one year of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of
an exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the six months ended March 31, 2010, CDSCs in the amount of
$3,591 were paid to PFD.
5. Commission Recapture and Expense Offset Arrangements
The Fund has entered into commission recapture arrangements with brokers with
whom PIM places trades on behalf of the Fund under which brokers provide
services to the Fund in addition to trade execution. These services included
payments of certain expenses on behalf of the Fund. However, for the six months
ended March 31, 2010, the Fund's expenses were not reduced under these
arrangements. In addition, the Fund has entered into certain expense offset
arrangements with PIMSS resulting in a reduction in the Fund's total expenses
due to interest earned on cash held by PIMSS. For the six months ended March
31, 2010, the Fund's expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the six months ended
March 31, 2010, the Fund had no borrowings under this agreement.
38 Pioneer Value Fund | Semiannual Report | 3/31/10
7. Forward Foreign Currency Contracts
At March 31, 2010, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The principal of contracts open during
the last month of the six month period ended March 31, 2010 was 52,799. As of
March 31, 2010, the Fund had no outstanding portfolio hedges. The Fund's gross
forward currency settlement contracts receivable and payable were $71,178 and
$71,331, respectively, resulting in a net payable of $153 at March 31, 2010.
8. Pending Litigation
The Fund currently is involved in a litigation matter in Germany. As of the
Fund's year end, it is reasonably possible that an adverse outcome may result.
Currently, the amount of any judgment cannot be reasonably estimated. Under the
terms of an indemnification agreement, PIM and certain affiliates have agreed
to indemnify the Fund for its losses and costs related to this litigation.
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Fair values of derivative instruments as of March 31, 2010:
- ---------------------------------------------------------------------------------------------
Derivatives Not Accounted for Asset Derivatives 2010 Liabilities Derivatives 2010
as Hedging Instruments Under
Accounting Standards Codification Balance Sheet Fair Balance Sheet Fair
(ASC) 815 Location Value Location Value
- ---------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $-- Payables* $153
- ---------------------------------------------------------------------------------------------
Total
=============================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities.
Pioneer Value Fund | Semiannual Report | 3/31/10 39
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2010 was as follows:
- ---------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments or (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification On Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
- ---------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain on forward $7,311
foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $(153)
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
10. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
40 Pioneer Value Fund | Semiannual Report | 3/31/10
ADDITIONAL INFORMATION
Effective April 26, 2010, Mr. John Peckham of PIM became the portfolio manager
of Pioneer Value Fund. Mr. Peckham will co-manage the Fund with Rod Wright.
Pioneer Value Fund | Semiannual Report | 3/31/10 41
Approval of Investment Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Value Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2009 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2009, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in August 2009. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM in September 2009, and materials were provided in
response to this request. Meetings of the independent Trustees of the Fund were
held in July, September, October, and November, 2009 to review and discuss the
contract review materials. In addition, the Trustees took into account the
information related to the Fund provided to the Trustees at each regularly
scheduled meeting.
At a meeting held on November 10, 2009, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment 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 renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex.
42 Pioneer Value Fund | Semiannual Report | 3/31/10
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment 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
performance of its peer group of funds as classified by 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 third quintile of its Morningstar
category for the one year period ended June 30, 2009, in the fifth quintile of
its Morningstar category for the three and five year periods ended June 30,
2009 and in the fourth quintile of its Morningstar category for the ten year
period ended June 30, 2009. (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 discussed the reasons for
the Fund's underperformance with PIM in view of the Fund's investment approach
and the market conditions present during the relevant periods. The Trustees
agreed that they would continue to monitor the performance of the Fund closely.
Management Fee and Expenses
The Trustees considered information showing the 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 Trust 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, 2009 was in the first quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered that the Fund's expense ratio for the twelve
months ended June 30, 2009 was in the first quintile relative to its Strategic
Insight peer group for the comparable period. The Trustees considered that the
Fund's management fee is adjusted upward or downward based on the Fund's
Pioneer Value Fund | Semiannual Report | 3/31/10 43
performance and considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels.
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by
PIM. The Trustees also concluded that the Fund's expense ratio was reasonable
taking into account the nature and quality of services provided by PIM.
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. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's 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
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the difficult year in 2008 for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's
44 Pioneer Value Fund | Semiannual Report | 3/31/10
fee revenues from the Funds. Accordingly, the Trustees concluded that economies
of scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM 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
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Value Fund | Semiannual Report | 3/31/10 45
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive Vice President
Mary K. Bush Mark E. Bradley, Treasurer
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
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.
46 Pioneer Value Fund | Semiannual Report | 3/31/10
This page for your notes.
Pioneer Value Fund | Semiannual Report | 3/31/10 47
This page for your notes.
48 Pioneer Value Fund | Semiannual Report | 3/31/10
This page for your notes.
Pioneer Value Fund | Semiannual Report | 3/31/10 49
This page for your notes.
50 Pioneer Value Fund | Semiannual Report | 3/31/10
This page for your notes.
Pioneer Value Fund | Semiannual Report | 3/31/10 51
This page for your notes.
52 Pioneer Value Fund | Semiannual Report | 3/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
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PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
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(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Value Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date May 28, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date May 28, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date May 28, 2010
* Print the name and title of each signing officer under his or her signature.