0000078758 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member pvf2:C000028140Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member pvf2:C000028139Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member pvf2:C000028138Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member pvf2:C000028137Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member rr:AfterTaxesOnDistributionsMember pvf2:C000028137Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member rr:AfterTaxesOnDistributionsAndSalesMember pvf2:C000028137Member 2012-02-02 2013-02-01 0000078758 pvf2:S000010136Member pvf2:RussellOneThousandValueIndexMember 2012-02-02 2013-02-01 pure iso4217:USD 2013-02-01 485BPOS PIONEER VALUE FUND 0000078758 2013-01-28 2013-02-01 2012-09-30 false PIONEER VALUE FUND INVESTMENT OBJECTIVES Reasonable income and capital growth. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.<br/><br/>You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Pioneer funds. More information about these and other discounts is available from your investment professional and in the "Sales charges" section of the prospectus beginning on page 30 and the "Sales charges" section of the statement of additional information beginning on page 53. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Pioneer funds. 50000 SHAREOWNER FEES <br/>(fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES<br/> (expenses that you pay each year as a<br/> percentage of the value of your investment) 0 0 0 0.0575 EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods shown and then, except as indicated, redeem all of your shares at the end of those periods. It also assumes that (a) your investment has a 5% return each year and (b) the fund's total annual operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0.04 0.01 0 IF YOU REDEEM YOUR SHARES<br/>NUMBER OF YEARS YOU OWN YOUR SHARES IF YOU DO NOT REDEEM YOUR SHARES<br/>NUMBER OF YEARS YOU OWN YOUR SHARES 0.0049 0.0049 0.0049 0.0049 PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 83% of the average value of its portfolio. 0.01 0.01 0 0.0025 0.83 0.0025 0.0116 0.0061 0.0012 PRINCIPAL INVESTMENT STRATEGIES 0.0265 0.021 0.0061 0.0099 The fund seeks to invest in a broad group of carefully selected, reasonably priced securities rather than in securities whose prices reflect a premium resulting from their current market popularity. The fund invests the major portion of its assets in equity securities. For purposes of the fund's investment policies, equity securities include common stocks and other equity instruments, such as exchange-traded funds (ETFs) that invest primarily in equity securities, depositary receipts, warrants, rights, equity interests in real estate investment trusts (REITs) and preferred stocks.<br/><br/> The fund primarily invests in securities of U.S. issuers. The fund may invest up to 25% of its total assets in equity and debt securities of non-U.S. issuers. The fund will not invest more than 5% of its total assets in securities of emerging markets issuers.<br/><br/>The fund may invest up to 20% of its net assets in REITs.<br/><br/> The fund also may invest in investment grade and below investment grade debt securities (known as "junk bonds"). The fund may, but is not required to, use derivatives. The fund may use derivatives for a variety of purposes, including as a hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; and to increase the fund's return as a non-hedging strategy that may be considered speculative. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund may also hold cash or other short-term investments.<br/><br/> The fund's investment adviser uses a value approach to select the fund's investments to buy and sell. The adviser seeks to identify securities that are selling at reasonable prices or at substantial discounts to their underlying values and then holds these securities until the market values reflect their intrinsic values. The adviser evaluates a security's potential value, including the attractiveness of its market valuation, based on the company's assets and prospects for earnings growth. In making that assessment, the adviser employs fundamental research and an evaluation of the issuer based on its financial statements and operations, employing a bottom-up analytic style. In selecting securities, the adviser also considers a security's potential to provide a reasonable amount of income. The adviser focuses on the quality and price of individual issuers and securities. PRINCIPAL RISKS OF INVESTING IN THE FUND You could lose money on your investment in the fund. As with any mutual fund, there is no guarantee that the fund will achieve its objectives.<br/><br/> MARKET RISK. The values of securities held by the fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole. The stock market may perform poorly relative to other investments (this risk may be greater in the short term). High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected by the countries experiencing these difficulties. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. The fund may experience a substantial or complete loss on any individual security.<br/><br/>VALUE STYLE RISK. The prices of securities the adviser believes are undervalued may not appreciate as expected or may go down. Value stocks may fall out of favor with investors and underperform the overall equity market.<br/><br/>PORTFOLIO SELECTION RISK. The adviser's judgment about a particular security or issuer, or about the economy or a particular sector, region or market segment, or about an investment strategy, may prove to be incorrect.<br/><br/>RISKS OF NON-U.S. INVESTMENTS. Investing in non-U.S. issuers or issuers with significant exposure to foreign markets may involve unique risks compared to investing in securities of U.S. issuers. These risks are more pronounced for issuers in emerging markets or to the extent that the fund invests significantly in one region or country. These risks may include different financial reporting practices and regulatory standards, less liquid trading markets, extreme price volatility, currency risks, changes in economic, political, regulatory and social conditions, sustained economic downturns, financial instability, tax burdens, and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters.<br/><br/>RISKS OF INVESTMENTS IN REITS. Investing in REITs involves unique risks. They are significantly affected by the market for real estate and are dependent upon management skills and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. Many real estate companies, including REITs, utilize leverage.<br/><br/>DEBT SECURITIES RISK. Factors that could contribute to a decline in the market value of debt securities in the fund include rising interest rates, if the issuer or other obligor of a security held by the fund fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy or the credit quality or value of any underlying assets declines. Junk bonds involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher quality debt securities; they may also be more difficult to value. Junk bonds have a higher risk of default or are already in default and are considered speculative.<br/><br/>MARKET SEGMENT RISK. To the extent the fund emphasizes, from time to time, investments in a market segment, the fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation than a fund without the same focus.<br/><br/>DERIVATIVES RISK. Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives may increase the volatility of the fund's net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the fund. Some derivatives have the potential for unlimited loss, regardless of the size of the fund's initial investment. Changes in a derivative's value may not correlate well with the referenced asset or metric. The fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.<br/><br/>RISKS OF INITIAL PUBLIC OFFERINGS. Companies involved in initial public offering (IPOs) generally have limited operating histories, and prospects for future profitability are uncertain. The market for IPO issuers has been volatile, and share prices of newly public companies have fluctuated significantly over short periods of time. Further, stocks of newly-public companies may decline shortly after the IPO. There is no assurance that the fund will have access to IPOs. The purchase of IPO shares may involve high transaction costs.<br/><br/>LEVERAGING RISK. The value of your investment may be more volatile and other risks tend to be compounded if the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage. Leverage generally magnifies the effect of any increase or decrease in the value of the fund's underlying assets or creates investment risk with respect to a larger pool of assets than the fund would otherwise have, potentially resulting in the loss of all assets. Engaging in such transactions may cause the fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations or meet segregation requirements.<br/><br/> PORTFOLIO TURNOVER RISK. If the fund does a lot of trading, it may incur additional operating expenses, which would reduce performance and could cause shareholders to incur a higher level of taxable income or capital gains.<br/><br/>EXPENSE RISK. Your actual costs of investing in the fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.<br/><br/>Please note that there are many other factors that could adversely affect your investment and that could prevent the fund from achieving its goals.<br/><br/>An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money on your investment in the fund. THE FUND'S PAST PERFORMANCE The bar chart and table indicate the risks and volatility of an investment in the fund by showing how the fund has performed in the past. The bar chart shows changes in the performance of the fund's Class A shares from calendar year to calendar year. The table shows the average annual total returns for each class of the fund over time and compares these returns to the returns of the Russell 1000 Value Index, a broad-based measure of market performance that has characteristics relevant to the fund's investment strategies. You can obtain updated performance information by visiting https://us.pioneerinvestments.com/performance or by calling 1-800-225-6292. <br/><br/>The fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. <br/><br/>The bar chart does not reflect any sales charge you may pay when you buy fund shares. If this amount was reflected, returns would be less than those shown. 670 668 313 62 The bar chart and table indicate the risks and volatility of an investment in the fund by showing how the fund has performed in the past. The bar chart shows changes in the performance of the fund's Class A shares from calendar year to calendar year. 1-800-225-6292 872 1123 658 195 https://us.pioneerinvestments.com/performance The fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. The bar chart does not reflect any sales charge you may pay when you buy fund shares. If this amount was reflected, returns would be less than those shown. 1091 1505 1129 340 ANNUAL RETURN CLASS A SHARES (%)<br/>(Year ended December 31) 1718 2578 2431 762 For the period covered by the bar chart:<br/>THE HIGHEST CALENDAR QUARTERLY RETURN WAS 15.93% (04/01/2003 TO 06/30/2003).<br/>THE LOWEST CALENDAR QUARTERLY RETURN WAS -22.00% (10/01/2008 TO 12/31/2008). HIGHEST CALENDAR QUARTERLY RETURN 2003-06-30 0.1593 LOWEST CALENDAR QUARTERLY RETURN 2008-12-31 -0.22 AVERAGE ANNUAL TOTAL RETURN (%)<br/>(for periods ended December 31, 2012) 670 268 213 62 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<br/><br/> After-tax returns are shown only for Class A shares. After-tax returns for Class B, Class C and Class Y shares will vary. 872 823 658 195 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares. After-tax returns for Class B, Class C and Class Y shares will vary. 1091 1405 1129 340 1718 2431 762 0.0517 0.0374 0.0578 0.0639 0.1096 0.1266 0.1751 -0.0457 -0.0498 -0.0402 -0.0485 -0.045 -0.0302 0.0059 0.0338 0.0238 0.0284 0.0266 0.0286 0.0738 0.1013 0.0758 0.077 0.0234 0.0246 0.0218 0.1196 1969-09-30 1969-09-30 1969-09-30 1996-07-01 1996-07-01 2004-08-10 1978-12-31 0.2854 0.1226 0.0566 0.1553 0.0004 -0.413 0.2129 0.1 -0.0441 0.1219 <div style="display:none">~ http://www.pioneerinvestments.com/role/ScheduleAnnualTotalReturnsPioneerValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.pioneerinvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedPioneerValueFund column period compact * ~</div> <div style="display:none">~ http://www.pioneerinvestments.com/role/ScheduleExpenseExampleTransposedPioneerValueFund column period compact * ~</div> <div style="display:none">~ http://www.pioneerinvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedPioneerValueFund column period compact * ~</div> <div style="display:none">~ http://www.pioneerinvestments.com/role/ScheduleShareholderFeesPioneerValueFund column period compact * ~</div> <div style="display:none">~ http://www.pioneerinvestments.com/role/ScheduleAnnualFundOperatingExpensesPioneerValueFund column period compact * ~</div> 2578 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. Index return information is not available for prior periods.