N-Q 1 n-q.txt OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response..... 10.5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q 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) Dorothy E. Bourassa, 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: December 31, 2009 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after close of the first and third fiscal quarters, pursuant to Rule 30b1-5under the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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. Schedule of Investments. Pioneer Value Fund Schedule of Investments 12/31/2009 Shares Value COMMON STOCKS - 99.7 % Energy - 19.6 % Integrated Oil & Gas - 9.4 % 1,100,000 Chevron Corp. $ 84,689,000 725,600 Exxon Mobil Corp. 49,478,664 328,400 Occidental Petroleum Corp. 26,715,340 $ 160,883,004 Oil & Gas Drilling - 1.1 % 235,500 Transocean Ltd. * $ 19,499,400 Oil & Gas Equipment And Services - 1.6 % 904,200 Halliburton Co. * $ 27,207,378 Oil & Gas Exploration & Production - 6.5 % 398,000 Anadarko Petroleum Corp. $ 24,843,160 529,300 Apache Corp. 54,607,881 450,700 Devon Energy Corp. 33,126,450 $ 112,577,491 Oil & Gas Storage & Transportation - 0.9 % 1,656,800 EL Paso Corp. $ 16,286,344 Total Energy $ 336,453,617 Materials - 3.3 % Diversified Chemical - 1.9 % 699,600 Dow Chemical Co. $ 19,329,948 229,300 FMC Corp. 12,785,768 $ 32,115,716 Diversified Metals & Mining - 0.9 % 192,600 Freeport-McMoRan Copper & Gold, Inc. (Class B) * $ 15,463,854 Gold - 0.5 % 192,466 Newmont Mining Corp. $ 9,105,566 Total Materials $ 56,685,136 Capital Goods - 9.0 % Aerospace & Defense - 2.8 % 350,000 Northrop Grumman Corp. * $ 19,547,500 403,600 United Technologies Corp. 28,013,876 $ 47,561,376 Industrial Conglomerates - 3.7 % 330,300 3M Co. $ 27,305,901 2,450,400 General Electric Co. 37,074,552 $ 64,380,453 Industrial Machinery - 1.6 % 679,934 Kennametal, Inc. $ 17,623,889 192,100 SPX Corp. 10,507,870 $ 28,131,759 Trading Companies & Distributors - 0.9 % 150,000 W.W. Grainger, Inc. (b) $ 14,524,500 Total Capital Goods $ 154,598,088 Transportation - 0.6 % Railroads - 0.6 % 200,000 Norfolk Southern Corp. $ 10,484,000 Total Transportation $ 10,484,000 Automobiles & Components - 0.8 % Auto Parts & Equipment - 0.5 % 294,100 Johnson Controls, Inc. $ 8,011,284 Automobile Manufacturers - 0.3 % 590,126 Ford Motor Corp. * (b) $ 5,901,260 Total Automobiles & Components $ 13,912,544 Consumer Durables & Apparel - 0.5 % Homebuilding - 0.5 % 872,300 Pulte Homes, Inc. * (b) $ 8,723,000 Total Consumer Durables & Apparel $ 8,723,000 Consumer Services - 1.6 % Restaurants - 1.6 % 443,300 McDonald's Corp. $ 27,679,652 Total Consumer Services $ 27,679,652 Media - 3.7 % Cable & Satellite - 1.6 % 1,594,200 Comcast Corp. $ 26,878,212 Movies & Entertainment - 2.1 % 650,000 Time Warner, Inc. $ 18,941,000 600,000 Viacom, Inc. (Class B) * 17,838,000 $ 36,779,000 Total Media $ 63,657,212 Retailing - 3.3 % Apparel Retail - 0.8 % 689,000 Gap Inc. $ 14,434,550 Computer & Electronics Retail - 1.2 % 514,800 Best Buy Co., Inc. (b) $ 20,314,008 Home Improvement Retail - 1.3 % 750,000 Home Depot, Inc. (b) $ 21,697,500 Total Retailing $ 56,446,058 Food & Drug Retailing - 1.4 % Drug Retail - 0.8 % 400,000 CVS/Caremark Corp. $ 12,884,000 Food Retail - 0.6 % 512,600 Kroger Co. $ 10,523,678 Total Food & Drug Retailing $ 23,407,678 Food Beverage & Tobacco - 5.1 % Brewers - 0.8 % 248,200 Anheuser-Busch Inbev NV $ 12,941,937 Packaged Foods & Meats - 2.3 % 300,000 General Mills, Inc. $ 21,243,000 705,200 Kraft Foods, Inc. 19,167,336 $ 40,410,336 Soft Drinks - 1.4 % 430,000 Coca-Cola Co. $ 24,510,000 Tobacco - 0.6 % 200,000 Philip Morris International, Inc. $ 9,638,000 Total Food Beverage & Tobacco $ 87,500,273 Health Care Equipment & Services - 4.0 % Health Care Equipment - 1.0 % 196,700 Covidien Ltd. $ 9,419,963 200,000 Medtronic, Inc. * 8,796,000 $ 18,215,963 Managed Health Care - 3.0 % 520,200 Aetna, Inc. $ 16,490,340 674,200 United Healthcare Group, Inc. 20,549,616 238,800 Wellpoint, Inc. * 13,919,652 $ 50,959,608 Total Health Care Equipment & Services $ 69,175,571 Pharmaceuticals & Biotechnology - 9.4 % Biotechnology - 0.5 % 158,900 Amgen, Inc. * $ 8,988,973 Life Sciences Tools & Services - 1.5 % 541,300 Thermo Fisher Scientific, Inc. * $ 25,814,597 Pharmaceuticals - 7.4 % 211,800 Abbott Laboratories, Inc. $ 11,435,082 654,100 Bristol-Myers Squibb Co. (b) 16,516,025 230,800 Johnson & Johnson Co. 14,865,828 800,000 Merck & Co., Inc. 29,232,000 2,993,300 Pfizer, Inc. 54,448,127 $ 126,497,062 Total Pharmaceuticals & Biotechnology $ 161,300,632 Banks - 4.8 % Diversified Banks - 3.1 % 1,953,700 Wells Fargo & Co. $ 52,730,363 Regional Banks - 1.7 % 1,748,600 KeyCorp $ 9,704,730 376,700 PNC Bank Corp. 19,885,993 $ 29,590,723 Total Banks $ 82,321,086 Diversified Financials - 10.9 % Asset Management & Custody Banks - 3.3 % 150,000 Franklin Resources, Inc. $ 15,802,500 850,000 Invesco Ltd. 19,966,500 741,500 The Bank of New York Mellon Corp. 20,739,755 $ 56,508,755 Diversified Finance Services - 4.4 % 2,027,996 Bank of America Corp. $ 30,541,620 1,100,000 J.P. Morgan Chase & Co. 45,837,000 $ 76,378,620 Investment Banking & Brokerage - 2.7 % 185,000 Goldman Sachs Group, Inc. $ 31,235,400 500,000 Morgan Stanley 14,800,000 $ 46,035,400 Specialized Finance - 0.5 % 25,000 CME Group, Inc. $ 8,398,750 Total Diversified Financials $ 187,321,525 Insurance - 5.0 % Insurance Brokers - 0.6 % 507,800 Marsh & McLennan Co., Inc. $ 11,212,224 Life & Health Insurance - 3.0 % 188,000 Prudential Financial, Inc. $ 9,354,880 2,125,000 Unum Group Corp. 41,480,000 $ 50,834,880 Property & Casualty Insurance - 1.4 % 500,000 Chubb Corp. $ 24,590,000 Total Insurance $ 86,637,104 Real Estate - 1.2 % Office Real Estate Investment Trusts - 0.6 % 157,075 Boston Properties, Inc. $ 10,535,020 Specialized Real Estate Investment Trusts - 0.6 % 115,800 Public Storage, Inc. $ 9,431,910 Total Real Estate $ 19,966,930 Software & Services - 2.3 % Internet Software & Services - 0.1 % 59,090 AOL, Inc. * $ 1,375,615 Systems Software - 2.2 % 794,000 Microsoft Corp. $ 24,209,060 600,000 Oracle Corp. 14,724,000 $ 38,933,060 Total Software & Services $ 40,308,675 Technology Hardware & Equipment - 3.2 % Communications Equipment - 1.8 % 1,000,000 Cisco Systems, Inc. * $ 23,940,000 93,600 Research In Motion, Ltd. * 6,321,744 $ 30,261,744 Computer Hardware - 1.4 % 250,000 Hewlett-Packard Co. $ 12,877,500 85,100 IBM Corp. * 11,139,590 $ 24,017,090 Total Technology Hardware & Equipment $ 54,278,834 Semiconductors - 1.6 % Semiconductors - 1.6 % 1,350,000 Intel Corp. $ 27,540,000 Total Semiconductors $ 27,540,000 Telecommunication Services - 3.9 % Integrated Telecom Services - 3.9 % 407,200 Century Telephone Enterprises, Inc. $ 14,744,712 1,594,000 Verizon Communications, Inc. 52,809,220 $ 67,553,932 Total Telecommunication Services $ 67,553,932 Utilities - 4.6 % Electric Utilities - 2.1 % 400,000 Edison International Co. $ 13,912,000 200,000 FirstEnergy Corp. 9,290,000 400,000 Southern Co. 13,328,000 $ 36,530,000 Gas Utilities - 0.9 % 357,000 Questar Corp. $ 14,840,490 Multi-Utilities - 1.6 % 384,300 Public Service Enterprise Group, Inc. $ 12,777,975 271,500 Sempra Energy Co. 15,198,570 $ 27,976,545 Total Utilities $ 79,347,035 TOTAL COMMON STOCKS (Cost $1,655,139,925) $ 1,715,298,582 Principal TEMPORARY CASH INVESTMENTS Amount ($) Value Securities Lending Collateral - 1.1% (c) Certificates of Deposit: 554,556 Bank of Nova Scotia, 0.19%, 2/17/10 $ 554,556 554,556 DnB NOR Bank ASA NY, 0.2%, 2/17/10 554,556 201,877 Nordea Bank Finland, 0.19%, 1/28/10 201,877 504,154 Svenska NY, 0.20%, 3/30/10 504,154 604,970 Rabobank Nederland NY, 0.19%, 3/2/10 604,970 54,076 Westpac Banking NY, 1.35%, 3/19/10 54,076 504,142 Societe Generale, 0.21%, 3/4/10 504,142 554,556 CBA Financial, 0.27%, 1/3/11 554,556 153,557 BNP Paribas, 0.78%, 6/4/10 153,557 358,145 Wachovia Bank NA, 1.17%, 5/14/10 358,145 $ 4,044,589 Commercial Paper: 403,075 BBVA London, 0.28%, 3/18/10 $ 403,075 108,196 US Bancorp, 0.26%, 5/6/10 108,196 101,549 American Honda Finance, 0.22%, 2/5/10 101,549 151,376 GE Capital Corp., 0.45%, 8/20/10 151,376 54,575 GE Capital Corp., 0.38%, 10/21/10 54,575 54,941 GE Capital Corp., 0.34%, 10/6/10 54,941 403,192 HND AF, 0.18%, 3/2/10 403,192 554,405 HSBC, 0.20%, 2/19/10 554,405 56,233 John Deer Capital Corp., 0.36%, 7/6/10 56,233 427,015 JPMorgan Chase & Co., 0.57%, 9/24/10 427,015 503,971 NABPP, 0.19%, 3/8/10 503,971 392,935 PARFIN, 0.25%, 4/19/10 392,935 503,937 Cafco, 0.20%, 3/15/10 503,937 554,381 Char FD, 0.18%, 3/5/10 554,381 503,630 WSTPAC, 0.25%, 5/27/10 503,630 302,374 Ciesco, 0.20%, 3/8/10 302,374 252,004 Ciesco, 0.20%, 2/18/10 252,004 504,042 Fasco, 0.17%, 2/12/10 504,042 252,426 Kithaw, 0.21%, 3/2/10 252,426 258,579 Kithaw, 0.20%, 2/23/10 258,579 346,198 Old LLC, 0.19%, 3/17/10 346,198 141,368 Old LLC, 0.18%, 2/17/10 141,368 172,107 Ranger, 0.20%, 3/12/10 172,107 171,378 SRCPP, 0.19%, 2/3/10 171,378 352,825 SRCPP, 0.19%, 2/10/10 352,825 151,111 TB LLC, 0.19%, 2/8/10 151,111 277,125 TB LLC, 0.20%, 3/5/10 277,125 100,879 TB LLC, 0.10%, 2/9/10 100,879 575,238 Bank of America, 0.87%, 5/12/10 575,238 100,843 BBVA Senior US, 0.30%, 3/12/10 100,843 571,705 Santander, 0.33%, 7/23/10 571,705 201,583 WFC, 0.49%, 8/20/10 201,583 $ 9,505,196 Tri-party Repurchase Agreements: 2,016,566 Deutsche Bank, 0.01%, 1/4/10 $ 2,016,566 1,008,283 JPMorgan, 0.0%, 1/4/10 1,008,283 1,362,241 Barclays Capital Markets, 0.0%, 1/4/10 1,362,240 $ 4,387,089 Shares Money Market Mutual Funds: 403,313 Dreyfus Preferred Money Market Fund $ 403,313 403,313 Blackrock Liquidity Temporary Cash Fund 403,313 $ 806,626 Total Securities Lending Collateral $ 18,743,500 TOTAL TEMPORARY CASH INVESTMENTS (Cost $18,743,500) $ 18,743,500 TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $1,673,883,425) (a) $ 1,734,042,082 OTHER ASSETS AND LIABILITIES - 0.8% $ (13,182,663) TOTAL NET ASSETS - 100.0% $ 1,720,859,419 * Non-income producing security. (a) At December 31, 2009, the net unrealized loss on investments based on cost for federal income tax purposes of $1,676,023,536 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $ 124,976,775 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (66,958,229) Net unrealized loss $ 58,018,546 (b) At December 31, 2009, the following securities were out on loan: Shares Security Value 7,100 Best Buy Co., Inc. $ 280,166 200,000 Bristol-Myers Squibb Co. 5,050,000 3,500 Ford Motor Corp. * 35,000 107,400 Home Depot, Inc. 3,107,082 742,500 Pulte Homes, Inc. * 7,425,000 10,000 W.W. Grainger, Inc. 968,300 Total $ 16,865,548 (c) Securities lending collateral is managed by Credit Suisse AG, New York Branch. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Highest priority is given to Level 1 inputs and lowest priority is given to Level 3. Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) The following is a summary of the inputs used as of December 31, 2009, in valuing the Fund's assets: Level 1 Level 2 Level 3 Total Common stocks $1,715,298,582 $0 $0 $1,715,298,582 Temporary Cash Investments 806,626 17,936,874 0 18,743,500 Total $1,716,105,208 $17,936,874$0 $1,734,042,082 ITEM 2. 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-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) 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 March 1, 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 March 1, 2010 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date March 1, 2010 * Print the name and title of each signing officer under his or her signature.