0001388126-14-000005.txt : 20140627
0001388126-14-000005.hdr.sgml : 20140627
20140627114212
ACCESSION NUMBER: 0001388126-14-000005
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 5
CONFORMED PERIOD OF REPORT: 20140430
FILED AS OF DATE: 20140627
DATE AS OF CHANGE: 20140627
EFFECTIVENESS DATE: 20140627
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PIONEER MID CAP VALUE FUND
CENTRAL INDEX KEY: 0000863334
IRS NUMBER: 043091159
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06106
FILM NUMBER: 14944824
BUSINESS ADDRESS:
STREET 1: 60 STATE ST - 13TH FL
CITY: BOSTON
STATE: MA
ZIP: 02109-1820
BUSINESS PHONE: 6177427825
MAIL ADDRESS:
STREET 1: 60 STATE ST
STREET 2: 13TH FLOOR
CITY: BOSTON
STATE: MA
ZIP: 02109-1820
FORMER COMPANY:
FORMER CONFORMED NAME: PIONEER CAPITAL GROWTH FUND /MA/
DATE OF NAME CHANGE: 19980630
FORMER COMPANY:
FORMER CONFORMED NAME: PIONEER GROWTH TRUST
DATE OF NAME CHANGE: 19920703
0000863334
S000004143
Pioneer Mid Cap Value Fund
C000011629
Pioneer Mid Cap Value Fund: Class A
PCGRX
C000011630
Pioneer Mid Cap Value Fund: Class B
PBCGX
C000011631
Pioneer Mid Cap Value Fund: Class C
PCCGX
C000011632
Pioneer Mid Cap Value Fund: Class Y
PYCGX
C000011633
Pioneer Mid Cap Value Fund: Class R
PCMRX
N-CSR
1
ncsr.txt
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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 811-06106
Pioneer Mid Cap Value Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, 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: October 31
Date of reporting period: November 1, 2013 through April 30, 2014
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Mid Cap
Value Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PCGRX
Class B PBCGX
Class C PCCGX
Class R PCMRX
Class Y PYCGX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 24
Notes to Financial Statements 33
Approval of Investment Advisory Agreement 40
Trustees, Officers and Service Providers 44
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
2 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.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 shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. 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 Mid Cap Value Fund | Semiannual Report | 4/30/14 3
Portfolio Management Discussion | 4/30/14
In the following interview, Edward T. "Ned" Shadek, Jr. and Timothy Horan
discuss their investment approach as well as the factors that affected the
performance of Pioneer Mid Cap Value Fund during the six-month period ended
April 30, 2014. Mr. Shadek, a senior vice president and portfolio manager at
Pioneer, and Mr. Horan, a vice president and portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund.*
Q How did the Fund perform during the six-month period ended April 30, 2014?
A The Fund's Class A shares returned 10.18% at net asset value during the
six-month period ended April 30, 2014, while the Fund's benchmark, the
Russell Midcap Value Index (the Russell Index), returned 9.69%. During the
same period, the average return of the 816 mutual funds in Lipper's Multi-
Cap Core Funds category was 6.90%, and the average return of the 427 mutual
funds in Morningstar's Mid Cap Value Funds category was 7.69%.
Q How would you describe the market environment for equities during the
six-month period ended April 30, 2014?
A During the early part of the period, mostly encompassing the final two
months of 2013, U.S. equity markets continued a strong upward trend. The
Standard & Poor's 500 Index (the S&P 500) established several different
all-time closing highs in the month of December 2013 alone, capping off a
great 2013 calendar year for equities. Aiding the market's performance
during that part of the period were continued improvements in U.S. economic
fundamentals and the expectation of solid earnings growth over coming
periods.
After that strong finish to 2013, however, the first few months of 2014
presented a much more challenging period for equity investors. Concerns
about economic growth in the emerging markets and mixed economic data
releases in the U.S. helped to drive a sharp market sell-off in January
2014, particularly of higher-quality and more value-oriented stocks.
Equities were, however, able to gain some traction over the final few
months of the period despite renewed international tensions related to the
crisis in the Ukraine during February and March as well as general concerns
about the future path of U.S. monetary policy--particularly after the
Federal Reserve Board (Fed) began tapering its stimulative quantitative
easing program earlier in the year. Equity performance slipped a bit in
April, but the markets still finished the six-month period with solid gains
overall.
4 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Q What were the main reasons for the Fund's outperformance of its benchmark,
the Russell Index, during the six-month period ended April 30, 2014?
A Successful stock selection in several sectors - most notably consumer
discretionary, information technology, and health care - drove the Fund's
benchmark-relative outperformance during the period.
In consumer discretionary, the top-performing position in the portfolio
during the six-month period was Goodyear Tire & Rubber. Goodyear was a
low-valuation purchase that has worked out well for the Fund. The company
has benefited from good internal moves as well as positive external
factors. Internally, Goodyear has done a good job of cost cutting and has
managed to close the gap in its underfunded pension accounts. Externally,
the improving environment in the automobile sector has been good for
Goodyear's tire business.
In health care, the Fund's performance benefited strongly from three
holdings in particular: Jazz Pharmaceuticals, Salix Pharmaceuticals, and
Actavis. Jazz has moved its operations to Ireland from the U.S. due to the
lower tax rates in that country, and the tax benefits of moving to Ireland
should only increase for Jazz over time as the company develops new drug
products and creates improved versions of older ones that were originally
developed in the U.S. (and that currently generate income taxed at U.S.
rates). In addition, Jazz has recently acquired both a promising drug for
the treatment of narcolepsy as well as an Italian oncology drug franchise
(Gentium). We believe Gentium's treatment for V.O.D. (veno occlusive
disease), a severe liver disorder related to the effects of chemotherapy
treatments, can be an important addition to Jazz's product offerings. Salix
continues to see good results from Xifaxan, the company's treatment for
intestinal disorders which is also used to lower the risk of worsened brain
function, or hepatic encephalopathy, in adults with liver failure. There
also appears to be a very good chance that Xifaxan soon will be approved
for the treatment of irritable bowel syndrome, a development that should
provide a boost to Salix's bottom line. Actavis, a generic/specialty
pharmaceutical company, continues to post great synergies with acquisitions
such as Warner Chilcott, and the more recently announced acquisition of
Forest Labs. Not only has Actavis added to its portfolio of branded and
generic drugs, but the company, like Jazz Pharmaceuticals, is domiciled in
Ireland and should also benefit from the same low tax rates in that
country.
The top-performing information technology holding in the portfolio during
the period was analog chip-maker Skyworks Solutions. Skyworks was another
relatively cheap stock with good fundamentals that we purchased as
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 5
a play on the Smartphone craze, especially in China. We think China's
build-out of 4G wireless data service should give Skyworks an opportunity
to ramp up its already large sales volumes in that country.
Q Which investment decisions or individual holdings detracted from the Fund's
benchmark-relative performance during the six-month period ended April 30,
2014?
A The biggest negative factor in the Fund's performance relative to the
Russell Index during the period was stock selection in the financials
sector. The sector as a whole was the second-worst performing sector in the
Russell Index during the period as the yield differential between two-and
10-year U.S. Treasury securities narrowed, which had a generally negative
impact on many financial stocks.
Within financials, the Fund's biggest performance detractors were positions
in Walter Investment Management and Willis Group. Walter Investment
Management, a mortgage servicer, was the Fund's worst performer in the
financials sector during the period, even though we had been selling down
the portfolio's shares of the company for some time. We finally decided to
exit the name completely by the end of the period because the stock simply
was too volatile and the acquisition of mortgage-servicing rights had
become more and more cumbersome as time went on. Willis Group, a
multinational risk advisor, insurance brokerage and reinsurance brokerage
company, is one of three firms that specializes in insurance brokerage
services, and we purchased the stock at a low valuation in anticipation
that Willis would soon take its cyclical turn as the top performer in that
field. Unfortunately, the margin growth we had expected never materialized,
and we began reducing the Fund's position before the end of the period.
Other stocks in the portfolio that detracted from relative performance
during the six-month period included KBR, an engineering and construction
company; and NCR, one of the largest software-as-a-service firms in the
world. KBR underperformed due to the fact that several pending, large LNG
(liquid natural gas) projects were pushed out, which flattened the firm's
backlog. NCR made some expensive acquisitions that created some worries
among investors, and the company hit a slowdown during the fourth quarter
of 2013 and the first quarter of 2014. With that said, NCR's core
businesses - which include automated teller services for banks, automated
checkout services for supermarkets, and automated check-in kiosks at
airports and car rental locations - are still doing well, and we believe
the company has a very solid outlook.
6 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Q What is your outlook as we head into the second half of 2014?
A We feel that the outlook for future equity returns still looks reasonably
good, though we feel that returns will likely be more muted in 2014 than
they were last year. The U.S. and European economies look to be improving,
albeit at a very slow pace. Unemployment in the U.S. continues to abate,
and capital spending is up. Corporate fundamentals in the U.S. also look
good, and merger-and-acquisition activity has been ramping up, which is
another factor that should benefit the equity markets. In addition, equity
valuations, while more expensive than a year ago, still look decent.
Overall, we believe we can still find good value in the current market
environment.
Regardless of what the market does, we will stick to our investment
strategy, process, and discipline when selecting stocks for the portfolio.
Our approach to stock picking emphasizes bottom-up, fundamental analysis.
We believe our approach is durable and repeatable and can deliver
reasonable investment results across the business cycle, and in a variety
of market conditions.
* Note to Shareholders: Timothy Horan resigned from Pioneer Investments
effective June 17, 2014, and Edward T. "Ned" Shadek, Jr. was subsequently
named as the sole portfolio manager of Pioneer Mid Cap Value Fund.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 7
Please refer to the Schedule of Investments on pages 18-23 for a full listing of
Fund securities.
Investments in mid-sized companies may offer the potential for higher returns,
but are also subject to greater short-term price fluctuations than larger, more
established companies.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The portfolio invests in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
When interest rates rise, the prices of fixed income securities in the fund will
generally fall. Conversely, when interest rates fall, the prices of fixed income
securities in the fund will generally rise.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
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 opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
8 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Portfolio Summary | 4/30/14
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 93.5%
International Common Stocks 6.5%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 27.0%
Industrials 14.7%
Health Care 12.7%
Consumer Discretionary 10.0%
Energy 9.6%
Information Technology 9.4%
Utilities 8.5%
Materials 4.8%
Consumer Staples 3.3%
10 Largest Holdings
(As a percentage of equity holdings)*
--------------------------------------------------------------------------------
1. Skyworks Solutions, Inc. 1.87%
--------------------------------------------------------------------------------
2. Precision Drilling Corp. 1.84
--------------------------------------------------------------------------------
3. The NASDAQ OMX Group, Inc. 1.71
--------------------------------------------------------------------------------
4. The Goodyear Tire & Rubber Co. 1.70
--------------------------------------------------------------------------------
5. Zimmer Holdings, Inc. 1.69
--------------------------------------------------------------------------------
6. NCR Corp. 1.69
--------------------------------------------------------------------------------
7. Ryder System, Inc. 1.64
--------------------------------------------------------------------------------
8. Westar Energy, Inc. 1.60
--------------------------------------------------------------------------------
9. Crown Holdings, Inc. 1.56
--------------------------------------------------------------------------------
10. PPL Corp. 1.56
--------------------------------------------------------------------------------
* This list excludes temporary cash investments 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.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 9
Prices and Distributions | 4/30/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/14 10/31/13
--------------------------------------------------------------------------------
A $27.07 $27.42
--------------------------------------------------------------------------------
B $21.51 $22.39
--------------------------------------------------------------------------------
C $21.49 $22.33
--------------------------------------------------------------------------------
R $26.68 $27.02
--------------------------------------------------------------------------------
Y $28.49 $28.74
--------------------------------------------------------------------------------
Distributions per Share: 11/1/13-4/30/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1089 $ -- $2.7959
--------------------------------------------------------------------------------
B $ -- $ -- $2.7959
--------------------------------------------------------------------------------
C $ -- $ -- $2.7959
--------------------------------------------------------------------------------
R $0.0083 $ -- $2.7959
--------------------------------------------------------------------------------
Y $0.1907 $ -- $2.7959
--------------------------------------------------------------------------------
The Russell Midcap Value Index is an unmanaged index that measures the
performance of U.S. mid-cap value stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Mid Cap Value Fund at public
offering price, during the periods shown, compared to that of the Russell Midcap
Value Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering Midcap
Value Price Value
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 7.91% 7.27% 10.77%
5 Years 16.59 15.22 22.61
1 Year 26.15 18.90 22.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Russell Midcap
Cap Value Fund Value Index
4/30/2004 $ 9,425 $ 10,000
4/30/2005 $ 10,931 $ 12,030
4/30/2006 $ 12,704 $ 15,008
4/30/2007 $ 14,890 $ 17,958
4/30/2008 $ 13,513 $ 15,865
4/30/2009 $ 9,368 $ 10,032
4/30/2010 $ 13,089 $ 15,489
4/30/2011 $ 15,125 $ 18,562
4/30/2012 $ 14,433 $ 18,411
4/30/2013 $ 15,996 $ 22,768
4/30/2014 $ 20,178 $ 27,799
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 11
Performance Update | 4/30/14 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
Russell
Midcap
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 6.79% 6.79% 10.77%
5 Years 15.27 15.27 22.61
1 Year 24.53 20.53 22.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.29%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Russell Midcap
Cap Value Fund Value Index
4/30/2004 $ 10,000 $ 10,000
4/30/2005 $ 11,489 $ 12,030
4/30/2006 $ 13,228 $ 15,008
4/30/2007 $ 15,365 $ 17,958
4/30/2008 $ 13,808 $ 15,865
4/30/2009 $ 9,477 $ 10,032
4/30/2010 $ 13,103 $ 15,489
4/30/2011 $ 14,991 $ 18,562
4/30/2012 $ 14,141 $ 18,411
4/30/2013 $ 15,486 $ 22,768
4/30/2014 $ 19,285 $ 27,799
Call 1-800-225-6292 or visit us.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). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus. 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
Russell
Midcap
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 6.99% 6.99% 10.77%
5 Years 15.57 15.57 22.61
1 Year 25.10 25.10 22.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.94%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Russell Midcap
Cap Value Fund Value Index
4/30/2004 $ 10,000 $ 10,000
4/30/2005 $ 11,501 $ 12,030
4/30/2006 $ 13,256 $ 15,008
4/30/2007 $ 15,409 $ 17,958
4/30/2008 $ 13,865 $ 15,865
4/30/2009 $ 9,531 $ 10,032
4/30/2010 $ 13,192 $ 15,489
4/30/2011 $ 15,116 $ 18,562
4/30/2012 $ 14,297 $ 18,411
4/30/2013 $ 15,707 $ 22,768
4/30/2014 $ 19,649 $ 27,799
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 13
Performance Update | 4/30/14 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
Russell
Midcap
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 7.62% 7.62% 10.77%
5 Years 16.24 16.24 22.61
1 Year 25.68 25.68 22.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.43%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Russell Midcap
Cap Value Fund Value Index
4/30/2004 $ 10,000 $ 10,000
4/30/2005 $ 11,586 $ 12,030
4/30/2006 $ 13,428 $ 15,008
4/30/2007 $ 15,707 $ 17,958
4/30/2008 $ 14,208 $ 15,865
4/30/2009 $ 9,823 $ 10,032
4/30/2010 $ 13,693 $ 15,489
4/30/2011 $ 15,794 $ 18,562
4/30/2012 $ 15,015 $ 18,411
4/30/2013 $ 16,584 $ 22,768
4/30/2014 $ 20,843 $ 27,799
Call 1-800-225-6292 or visit us.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 R shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Mid Cap Value Fund during the
periods shown, compared to that of the Russell Midcap Value Index.
Average Annual Total Returns
(As of April 30, 2014)
--------------------------------------------------------------------------------
Russell
Midcap
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 8.37% 8.37% 10.77%
5 Years 17.05 17.05 22.61
1 Year 26.59 26.59 22.10
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.68%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Mid Russell Midcap
Cap Value Fund Value Index
4/30/2004 $ 5,000,000 $ 5,000,000
4/30/2005 $ 5,834,842 $ 6,015,246
4/30/2006 $ 6,809,552 $ 7,503,863
4/30/2007 $ 8,012,636 $ 8,978,801
4/30/2008 $ 7,298,102 $ 7,932,392
4/30/2009 $ 5,085,545 $ 5,016,225
4/30/2010 $ 7,134,583 $ 7,744,584
4/30/2011 $ 8,277,249 $ 9,280,925
4/30/2012 $ 7,932,154 $ 9,205,669
4/30/2013 $ 8,825,519 $11,384,077
4/30/2014 $11,172,531 $13,899,429
Call 1-800-225-6292 or visit us.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 Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Mid Cap Value Fund
Based on actual returns from November 1, 2013, through April 30, 2014.
--------------------------------------------------------------------------------
Share Class A B C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/13
--------------------------------------------------------------------------------
Ending Account $1,101.80 $1,095.10 $1,097.50 $1,099.60 $1,103.80
Value (after expenses)
On 4/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 5.37 $ 11.95 $ 9.73 $ 7.44 $ 3.39
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.03%,
2.30%, 1.87%, 1.43% and 0.65% for Class A, Class B, Class C, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the partial year period).
16 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Mid Cap Value Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2013, through April 30, 2014.
--------------------------------------------------------------------------------
Share Class A B C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/13
--------------------------------------------------------------------------------
Ending Account $1,109.69 $1,013.39 $1,015.52 $1,017.70 $1,021.57
Value (after expenses)
On 4/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 5.16 $ 11.48 $ 9.35 $ 7.15 $ 3.26
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.03%,
2.30%, 1.87%, 1.43% and 0.65% for Class A, Class B, Class C, Class R and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the partial year period).
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 17
Schedule of Investments | 4/30/14 (unaudited)
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
COMMON STOCKS -- 100.0%
ENERGY -- 9.6%
Oil & Gas Drilling -- 1.9%
1,595,356 Precision Drilling Corp. $ 20,739,628
-------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 2.6%
461,339 Superior Energy Services, Inc.* $ 15,187,280
686,617 Weatherford International, Ltd./Switzerland* 14,418,957
--------------
$ 29,606,237
-------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.1%
126,217 Cimarex Energy Co. $ 15,034,969
742,897 Kodiak Oil & Gas Corp.* 9,442,221
244,308 Rosetta Resources, Inc.* 11,565,541
105,790 SM Energy Co. 7,842,213
189,965 Whiting Petroleum Corp.* 14,004,220
--------------
$ 57,889,164
--------------
Total Energy $ 108,235,029
-------------------------------------------------------------------------------------
MATERIALS -- 4.9%
Diversified Chemicals -- 1.0%
131,628 Eastman Chemical Co. $ 11,474,013
-------------------------------------------------------------------------------------
Specialty Chemicals -- 1.2%
134,383 Cytec Industries, Inc. $ 12,809,388
-------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.6%
373,051 Crown Holdings, Inc.* $ 17,596,816
-------------------------------------------------------------------------------------
Paper Products -- 1.1%
272,202 International Paper Co. $ 12,698,223
--------------
Total Materials $ 54,578,440
-------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.6%
Construction & Engineering -- 1.0%
463,727 KBR, Inc. $ 11,764,754
-------------------------------------------------------------------------------------
Electrical Components & Equipment -- 2.2%
143,543 Eaton Corp., Plc $ 10,426,964
243,023 Generac Holdings, Inc. 14,309,194
--------------
$ 24,736,158
-------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 3.8%
206,521 Joy Global, Inc. $ 12,469,738
253,258 PACCAR, Inc. 16,203,447
313,462 Terex Corp.* 13,569,770
--------------
$ 42,242,955
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Industrial Machinery -- 2.6%
240,833 Crane Co. $ 17,515,784
333,885 TriMas Corp.* 11,973,116
--------------
$ 29,488,900
--------------
Total Capital Goods $ 108,232,767
-------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.6%
Security & Alarm Services -- 1.6%
263,985 Corrections Corp of America $ 8,658,708
267,232 The Geo Group, Inc.* 8,960,289
--------------
$ 17,618,997
--------------
Total Commercial Services & Supplies $ 17,618,997
-------------------------------------------------------------------------------------
TRANSPORTATION -- 3.5%
Air Freight & Logistics -- 0.7%
240,933 Atlas Air Worldwide Holdings, Inc.* $ 8,430,246
-------------------------------------------------------------------------------------
Trucking -- 2.8%
303,848 Con-way, Inc. $ 12,907,463
224,480 Ryder System, Inc. 18,447,766
--------------
$ 31,355,229
--------------
Total Transportation $ 39,785,475
-------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.0%
Auto Parts & Equipment -- 1.3%
235,626 Tenneco, Inc.* $ 14,106,929
-------------------------------------------------------------------------------------
Tires & Rubber -- 1.7%
757,339 The Goodyear Tire & Rubber Co. $ 19,084,943
--------------
Total Automobiles & Components $ 33,191,872
-------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.4%
Homebuilding -- 1.3%
683,175 DR Horton, Inc. $ 15,221,139
-------------------------------------------------------------------------------------
Household Appliances -- 1.1%
78,084 Whirlpool Corp. $ 11,976,524
-------------------------------------------------------------------------------------
Housewares & Specialties -- 1.2%
245,904 Jarden Corp.* $ 14,053,414
-------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.8%
67,947 PVH Corp. $ 8,532,105
--------------
Total Consumer Durables & Apparel $ 49,783,182
-------------------------------------------------------------------------------------
RETAILING -- 2.7%
Department Stores -- 1.4%
265,308 Macy's, Inc. $ 15,236,638
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 19
Schedule of Investments | 4/30/14 (unaudited) (continued)
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Apparel Retail -- 1.3%
217,471 Ross Stores, Inc. $ 14,805,426
--------------
Total Retailing $ 30,042,064
-------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.0%
Soft Drinks -- 1.0%
239,542 Coca-Cola Enterprises, Inc. $ 10,884,788
-------------------------------------------------------------------------------------
Agricultural Products -- 1.0%
164,704 Ingredion, Inc. $ 11,603,397
-------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
274,084 Tyson Foods, Inc. $ 11,503,305
--------------
Total Food, Beverage & Tobacco $ 33,991,490
-------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 8.9%
Health Care Equipment -- 1.7%
197,083 Zimmer Holdings, Inc. $ 19,077,634
-------------------------------------------------------------------------------------
Health Care Supplies -- 0.7%
215,712 Alere, Inc.* $ 7,204,781
-------------------------------------------------------------------------------------
Health Care Distributors -- 1.2%
197,690 Cardinal Health, Inc. $ 13,741,432
-------------------------------------------------------------------------------------
Health Care Services -- 1.6%
292,470 Omnicare, Inc. $ 17,334,697
-------------------------------------------------------------------------------------
Health Care Facilities -- 1.1%
337,222 Community Health Systems, Inc. $ 12,777,342
-------------------------------------------------------------------------------------
Managed Health Care -- 2.6%
218,828 Aetna, Inc. $ 15,635,261
127,464 Humana, Inc. 13,989,174
--------------
$ 29,624,435
--------------
Total Health Care Equipment & Services $ 99,760,321
-------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 3.9%
Biotechnology -- 0.5%
161,497 Keryx Biopharmaceuticals, Inc.* $ 2,385,311
59,677 OncoMed Pharmaceuticals, Inc.* 1,571,892
17,551 Puma Biotechnology, Inc.* 1,325,803
--------------
$ 5,283,006
-------------------------------------------------------------------------------------
Pharmaceuticals -- 3.4%
47,897 Actavis Plc* $ 9,786,794
104,207 Jazz Pharmaceuticals Plc* 14,057,524
136,693 Salix Pharmaceuticals, Ltd.* 15,036,230
--------------
$ 38,880,548
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 44,163,554
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
BANKS -- 6.9%
Diversified Banks -- 1.0%
241,013 Comerica, Inc. $ 11,626,467
-------------------------------------------------------------------------------------
Regional Banks -- 5.9%
340,215 Cathay General Bancorp $ 8,029,074
172,196 CIT Group, Inc.* 7,413,038
182,780 First Republic Bank 9,277,913
1,284,021 KeyCorp 17,514,046
1,516,674 Regions Financial Corp. 15,379,074
283,609 Zions Bancorporation 8,201,972
--------------
$ 65,815,117
--------------
Total Banks $ 77,441,584
-------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.2%
Other Diversified Financial Services -- 1.2%
386,667 Voya Financial, Inc. $ 13,684,145
-------------------------------------------------------------------------------------
Specialized Finance -- 1.7%
521,426 The NASDAQ OMX Group, Inc. $ 19,240,619
-------------------------------------------------------------------------------------
Consumer Finance -- 1.3%
553,303 SLM Corp. $ 14,247,552
-------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.0%
103,012 Ameriprise Financial, Inc. $ 11,499,230
--------------
Total Diversified Financials $ 58,671,546
-------------------------------------------------------------------------------------
INSURANCE -- 7.0%
Insurance Brokers -- 0.7%
202,444 Willis Group Holdings Plc $ 8,298,180
-------------------------------------------------------------------------------------
Life & Health Insurance -- 2.3%
269,821 Lincoln National Corp. $ 13,089,017
381,832 Unum Group, Inc. 12,684,459
--------------
$ 25,773,476
-------------------------------------------------------------------------------------
Multi-line Insurance -- 1.5%
469,339 The Hartford Financial Services Group, Inc. $ 16,835,190
-------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.4%
280,353 The Allstate Corp. $ 15,966,103
-------------------------------------------------------------------------------------
Reinsurance -- 1.1%
158,684 Reinsurance Group of America, Inc. $ 12,172,650
--------------
Total Insurance $ 79,045,599
-------------------------------------------------------------------------------------
REAL ESTATE -- 7.9%
Diversified REIT -- 1.4%
876,451 Duke Realty Corp. $ 15,355,422
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 21
Schedule of Investments | 4/30/14 (unaudited) (continued)
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Residential REIT -- 1.2%
219,776 Home Properties, Inc. $ 13,538,202
-------------------------------------------------------------------------------------
Retail REIT -- 2.3%
644,876 General Growth Properties, Inc. $ 14,812,802
511,403 Kimco Realty Corp. 11,721,357
--------------
$ 26,534,159
-------------------------------------------------------------------------------------
Specialized REIT -- 2.1%
181,770 HCP, Inc. $ 7,608,892
454,634 Pebblebrook Hotel Trust 15,657,595
--------------
$ 23,266,487
-------------------------------------------------------------------------------------
Real Estate Services -- 0.9%
92,630 Jones Lang LaSalle, Inc. $ 10,734,891
--------------
Total Real Estate $ 89,429,161
-------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 3.4%
IT Consulting & Other Services -- 1.2%
301,424 Amdocs, Ltd. $ 14,025,259
-------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 2.2%
243,776 Fidelity National Information Services, Inc. $ 13,024,952
347,793 VeriFone Systems, Inc.* 11,630,198
--------------
$ 24,655,150
--------------
Total Software & Services $ 38,680,409
-------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.8%
Computer Hardware -- 1.7%
622,219 NCR Corp.* $ 18,983,902
-------------------------------------------------------------------------------------
Office Electronics -- 1.1%
996,631 Xerox Corp. $ 12,049,269
--------------
Total Technology Hardware & Equipment $ 31,033,171
-------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.2%
Semiconductors -- 3.2%
948,699 Marvell Technology Group, Ltd. $ 15,046,366
514,222 Skyworks Solutions, Inc.* 21,108,808
--------------
$ 36,155,174
--------------
Total Semiconductors & Semiconductor Equipment $ 36,155,174
-------------------------------------------------------------------------------------
UTILITIES -- 8.5%
Electric Utilities -- 7.0%
334,253 Northeast Utilities, Inc. $ 15,796,797
223,393 Pinnacle West Capital Corp. 12,498,838
538,875 PNM Resources, Inc. 14,916,060
527,733 PPL Corp. 17,594,618
501,930 Westar Energy, Inc. 18,009,248
--------------
$ 78,815,561
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Multi-Utilities -- 1.5%
415,833 Ameren Corp. $ 17,178,061
--------------
Total Utilities $ 95,993,622
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $906,614,295) $1,125,833,457
-------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.0%
(Cost $906,614,295) (a) $1,125,833,457
-------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.0% $ 174,182
-------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,126,007,639
=====================================================================================
* Non-income producing security.
REIT Real Estate Investment Trust.
(a) At April 30, 2014, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$906,964,497 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 231,224,551
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (12,355,591)
-------------
Net unrealized appreciation $ 218,868,960
=============
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2014 aggregated $322,844,589 and $409,604,366,
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.
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.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of April 30, 2014, in valuing
the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $1,125,833,457 $ -- $ -- $1,125,833,457
--------------------------------------------------------------------------------
Total $1,125,833,457 $ -- $ -- $1,125,833,457
================================================================================
During the six months ended April 30, 2014, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 23
Statement of Assets and Liabilities | 4/30/14 (unaudited)
ASSETS:
Investment in securities (cost $906,614,295) $1,125,833,457
Cash 30,183
Receivables --
Investment securities sold 6,796,007
Fund shares sold 710,010
Dividends 302,944
Other assets 55,607
--------------------------------------------------------------------------------
Total assets $1,133,728,208
--------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 5,886,848
Fund shares repurchased 1,540,640
Trustee fee 3,073
Due to affiliates 271,494
Accrued expenses 18,514
--------------------------------------------------------------------------------
Total liabilities $ 7,720,569
--------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $ 842,695,851
Undistributed net investment income 1,415,773
Accumulated net realized gain on investments 62,676,853
Net unrealized appreciation on investments 219,219,162
--------------------------------------------------------------------------------
Total net assets $1,126,007,639
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $941,000,966/34,757,697 shares) $ 27.07
Class B (based on $13,788,708/640,984 shares) $ 21.51
Class C (based on $68,677,275/3,195,990 shares) $ 21.49
Class R (based on $26,779,149/1,003,529 shares) $ 26.68
Class Y (based on $75,761,541/2,658,817 shares) $ 28.49
MAXIMUM OFFERING PRICE:
Class A ($27.07 (divided by) 94.25%) $ 28.72
================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Statement of Operations (unaudited)
For the Six Months Ended 4/30/14
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $13,845) $ 9,111,765
Interest 698
---------------------------------------------------------------------------------------------
Total investment income $ 9,112,463
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic Fee $ 3,723,452
Performance Adjustment (612,042)
Transfer agent fees and expenses
Class A 444,493
Class B 39,289
Class C 28,400
Class R 3,787
Class Y 1,633
Distribution fees
Class A 1,137,800
Class B 75,898
Class C 330,915
Class R 66,913
Shareholders communication expense 406,661
Administrative reimbursements 190,619
Custodian fees 11,867
Registration fees 36,696
Professional fees 41,877
Printing expense 8,312
Fees and expenses of nonaffiliated Trustees 22,514
Miscellaneous 10,911
---------------------------------------------------------------------------------------------
Total expenses $ 5,969,995
---------------------------------------------------------------------------------------------
Net investment income $ 3,142,468
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $ 63,968,668
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments $ 41,590,755
---------------------------------------------------------------------------------------------
Net gain on investments $105,559,423
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $108,701,891
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 25
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months
Ended
4/30/14 Year Ended
(unaudited) 10/31/13
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,142,468 $ 7,464,081
Net realized gain on investments and class actions 63,968,668 190,847,648
Change in net unrealized appreciation on investments 41,590,755 91,264,984
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 108,701,891 $ 289,576,713
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.11 and $0.18 per share, respectively) $ (3,891,750) $ (6,405,028)
Class B ($0.00 and $0.00 per share, respectively) -- --
Class C ($0.00 and $0.03 per share, respectively) -- (99,424)
Class R ($0.01 and $0.07 per share, respectively) (9,052) (89,713)
Class Y ($0.19 and $0.27 per share, respectively) (666,136) (2,033,349)
Net realized gain
Class A ($2.80 and $0.00 per share, respectively) $ (90,940,501) $ --
Class B ($2.80 and $0.00 per share, respectively) (2,007,706) --
Class C ($2.80 and $0.00 per share, respectively) (8,103,222) --
Class R ($2.80 and $0.00 per share, respectively) (2,811,937) --
Class Y ($2.80 and $0.00 per share, respectively) (9,595,620) --
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (118,025,924) $ (8,627,514)
=============================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 36,222,331 $ 71,757,075
Reinvestment of distributions 104,251,013 6,820,915
Cost of shares repurchased (113,928,895) (317,236,251)
---------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ 26,544,449 $ (238,658,261)
---------------------------------------------------------------------------------------------
Net increase in net assets $ 17,220,416 $ 42,290,938
NET ASSETS:
Beginning of period 1,108,787,223 1,066,496,285
---------------------------------------------------------------------------------------------
End of period $1,126,007,639 $ 1,108,787,223
---------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,415,773 $ 2,840,243
=============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
------------------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 913,992 $ 23,902,382 2,034,235 $ 49,168,714
Reinvestment of distributions 3,595,728 90,364,022 281,061 6,034,576
Less shares repurchased (2,479,337) (64,917,497) (6,485,469) (154,400,518)
------------------------------------------------------------------------------------------------
Net increase (decrease) 2,030,383 $ 49,348,907 (4,170,173) $ (99,197,228)
================================================================================================
Class B
Shares sold or exchanged 8,219 $ 168,793 19,059 $ 374,805
Reinvestment of distributions 97,318 1,944,417 -- --
Less shares repurchased (216,829) (4,547,758) (560,921) (11,007,104)
------------------------------------------------------------------------------------------------
Net decrease (111,292) $ (2,434,548) (541,862) $ (10,632,299)
================================================================================================
Class C
Shares sold 252,740 $ 5,220,442 327,904 $ 6,454,223
Reinvestment of distributions 341,390 6,800,498 4,834 85,221
Less shares repurchased (371,265) (7,838,251) (890,512) (17,289,759)
------------------------------------------------------------------------------------------------
Net increase (decrease) 222,865 $ 4,182,689 (557,774) $ (10,750,315)
================================================================================================
Class R
Shares sold 75,396 $ 1,959,869 166,830 $ 3,989,740
Reinvestment of distributions 109,128 2,695,581 4,034 85,603
Less shares repurchased (197,324) (5,079,804) (634,434) (14,820,041)
------------------------------------------------------------------------------------------------
Net decrease (12,800) $ (424,354) (463,570) $ (10,744,698)
================================================================================================
Class Y
Shares sold 179,259 $ 4,970,845 493,808 $ 11,769,593
Reinvestment of distributions 92,374 2,446,495 27,442 615,515
Less shares repurchased (1,117,149) (31,545,585) (4,849,396) (119,718,829)
------------------------------------------------------------------------------------------------
Net decrease (845,516) $ (24,128,245) (4,328,146) $ (107,333,721)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 27
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 27.42 $ 21.12 $ 19.92 $ 19.81 $ 16.91 $ 15.04
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.07 $ 0.18 $ 0.19 $ 0.17 $ 0.12 $ 0.14
Net realized and unrealized gain (loss) on investments 2.49 6.30 1.21 0.04 2.90 1.91
-----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 2.56 $ 6.48 $ 1.40 $ 0.21 $ 3.02 $ 2.05
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.18) $ (0.20) $ (0.10) $ (0.12) $ (0.18)
Net realized gain (2.80) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.91) $ (0.18) $ (0.20) $ (0.10) $ (0.12) $ (0.18)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.35) $ 6.30 $ 1.20 $ 0.11 $ 2.90 $ 1.87
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 27.07 $ 27.42 $ 21.12 $ 19.92 $ 19.81 $ 16.91
===================================================================================================================================
Total return* 10.18% 30.91% 7.07% 1.04% 17.96% 13.87%
Ratio of net expenses to average net assets 1.03%** 1.05% 1.09% 1.12% 1.23% 1.43%
Ratio of net investment income to average net assets 0.61%** 0.73% 0.88% 0.78% 0.61% 0.89%
Portfolio turnover rate 58%** 93% 87% 72% 89% 81%
Net assets, end of period (in thousands) $941,001 $897,374 $779,161 $879,872 $1,005,305 $1,046,729
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 22.39 $ 17.32 $ 16.38 $ 16.38 $ 14.03 $ 12.47
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07) $ (0.06) $ (0.01) $ (0.03) $ (0.05) $ 0.01
Net realized and unrealized gain (loss) on investments 1.99 5.13 0.95 0.03 2.40 1.57(a)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 1.92 $ 5.07 $ 0.94 $ -- $ 2.35 $ 1.58
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ -- $ -- $ -- $ -- $ (0.02)
Net realized gain (2.80) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.80) $ -- $ -- $ -- $ -- $ (0.02)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.88) $ 5.07 $ 0.94 $ -- $ 2.35 $ 1.56
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.51 $ 22.39 $ 17.32 $ 16.38 $ 16.38 $ 14.03
===================================================================================================================================
Total return* 9.51% 29.27% 5.74% 0.00% 16.75% 12.66%
Ratio of net expenses to average net assets 2.30%** 2.29% 2.30% 2.18% 2.29% 2.51%
Ratio of net investment loss to average net assets (0.64)%** (0.48)% (0.31)% (0.28)% (0.45)% (0.17)%
Portfolio turnover rate 58%** 93% 87% 72% 89% 81%
Net assets, end of period (in thousands) $ 13,789 $ 16,846 $ 22,411 $ 33,410 $ 49,961 $59,595
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 29
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 22.33 $ 17.24 $ 16.29 $ 16.26 $ 13.92 $ 12.38
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03) $ (0.02) $ 0.02 $ (0.01) $ (0.04) $ 0.01
Net realized and unrealized gain (loss) on investments 1.99 5.14 0.98 0.04 2.39 1.57(a)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 1.96 $ 5.12 $ 1.00 $ 0.03 $ 2.35 $ 1.58
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $ (0.03) $ (0.05) $ -- $ (0.01) $ (0.04)
Net realized gain (2.80) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.80) $ (0.03) $ (0.05) $ -- $ (0.01) $ (0.04)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.84) $ 5.09 $ 0.95 $ 0.03 $ 2.34 $ 1.54
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.49 $ 22.33 $ 17.24 $ 16.29 $ 16.26 $ 13.92
===================================================================================================================================
Total return* 9.75% 29.74% 6.15% 0.19% 16.88% 12.87%
Ratio of net expenses to average net assets+ 1.87%** 1.94% 1.94% 1.98% 2.13% 2.35%
Ratio of net investment income (loss) to average net assets+ (0.23)%** (0.15)% 0.04% (0.08)% (0.29)% (0.03)%
Portfolio turnover rate 58%** 93% 87% 72% 89% 81%
Net assets, end of period (in thousands) $ 68,677 $66,390 $60,858 $ 72,873 $86,750 $86,536
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 27.02 $ 20.78 $ 19.58 $ 19.48 $ 16.66 $ 14.82
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.13 $ 0.18 $ 0.10 $ 0.05 $ 0.08
Net realized and unrealized gain (loss) on investments 2.44 6.18 1.14 0.05 2.87 1.91
-----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 2.47 $ 6.31 $ 1.32 $ 0.15 $ 2.92 $ 1.99
Distributions to shareowners:
Net investment income $ (0.01) $ (0.07) $ (0.12) $ (0.05) $ (0.10) $ (0.15)
Net realized gain (2.80) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions (2.81) (0.07) (0.12) (0.05) (0.10) (0.15)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.34) $ 6.24 $ 1.20 $ 0.10 $ 2.82 $ 1.84
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.68 $ 27.02 $ 20.78 $ 19.58 $ 19.48 $ 16.66
===================================================================================================================================
Total return* 9.96% 30.44% 6.77% 0.73% 17.58% 13.63%
Ratio of net expenses to average net assets 1.43%** 1.43% 1.38% 1.42% 1.50% 1.66%
Ratio of net investment income to average net assets 0.22%** 0.37% 0.61% 0.48% 0.33% 0.62%
Portfolio turnover rate 58%** 93% 87% 72% 89% 81%
Net assets, end of period (in thousands) $26,779 $27,461 $30,752 $48,605 $59,172 $57,029
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 31
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 28.74 $ 22.13 $ 20.87 $ 20.75 $ 17.70 $ 15.76
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.24 $ 0.29 $ 0.29 $ 0.19 $ 0.21
Net realized and unrealized gain (loss) on investments 2.60 6.64 1.25 0.02 3.05 2.01
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.74 $ 6.88 $ 1.54 $ 0.31 $ 3.24 $ 2.22
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.27) $ (0.28) $ (0.19) $ (0.19) $ (0.28)
Net realized gain (2.80) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions (2.99) (0.27) (0.28) (0.19) (0.19) (0.28)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.25) $ 6.61 $ 1.26 $ 0.12 $ 3.05 $ 1.94
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.49 $ 28.74 $ 22.13 $ 20.87 $ 20.75 $ 17.70
===================================================================================================================================
Total return* 10.38% 31.41% 7.46% 1.44% 18.46% 14.41%
Ratio of net expenses to average net assets 0.65%** 0.68% 0.69% 0.73% 0.84% 0.95%
Ratio of net investment income to average net assets 0.99%** 1.14% 1.32% 1.18% 0.99% 1.35%
Portfolio turnover rate 58%** 93% 87% 72% 89% 81%
Net assets, end of period (in thousands) $76,752 $100,716 $173,315 $287,657 $344,695 $293,436
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
Notes to Financial Statements | 4/30/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Mid Cap Value Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
capital appreciation by investing in a diversified portfolio of securities
consisting primarily of common stocks.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class R 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.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
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:
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 33
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. Short-term fixed income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost. Shares of money market mutual funds are valued at
such funds' net asset value.
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.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to the procedures adopted
by the Fund's Board of Trustees. PIM's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. PIM's
fair valuation team is responsible for monitoring developments that may
impact fair valued securities and for discussing and assessing fair values
on an ongoing basis, and at least quarterly, with the Valuation Committee
of the board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At April 30, 2014, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services).
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
34 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of April 30, 2014, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2013 was as follows:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $8,627,514
---------------------------------------------------------------------------
Total $8,627,514
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Undistributed ordinary income $ 2,366,591
Capital loss carryforward (549,521)
Undistributed long term capital gain 113,540,546
Unrealized appreciation 177,278,205
---------------------------------------------------------------------------
Total $292,635,821
===========================================================================
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 35
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and the
tax-basis adjustments on Real Estate Investment Trust (REIT) holdings.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $34,727 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2014.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
E. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries or 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.
F. 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
36 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
the Fund's custodian or a subcustodian of the Fund. PIM is responsible for
determining that the value of the collateral remains at least equal to the
repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.70% of
the Fund's average daily net assets up to $500 million, 0.65% on the next $500
million, 0.625% on the next $3 billion and 0.60% on the excess over $4 billion.
The basic fee (fee before performance adjustment) can increase or decrease by a
maximum of 0.10% based on the investment performance of the Fund's Class A
shares as compared to the Russell Midcap Value Index. The performance comparison
is made for a rolling 36-month period. In addition, 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 0.80% after
the performance adjustment). For the six months ended April 30, 2014, the
aggregate performance adjustment resulted in a decrease of $612,042 to the basic
fee. For the six months ended April 30, 2014, the net management fee was
equivalent to 0.56% 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
$46,821 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2014.
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 April 30, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $286,390
Class B 12,420
Class C 54,294
Class R 37,883
Class Y 15,674
--------------------------------------------------------------------------------
Total $406,661
================================================================================
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 37
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $194,631 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2014.
4. Distribution and Service Plans
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, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund 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. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $30,042 in distribution fees payable to PFD at April 30, 2014.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. 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 12 months of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class R or Class
Y shares. Proceeds from the CDSCs are paid to PFD. For the six months ended
April 30, 2014, CDSCs in the amount of $2,819 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2014, the Fund's expenses
were not reduced under such arrangements.
38 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 12, 2014 in the amount of $215 million.
As of February 12, 2014, the facility is in the amount of $240 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February
12, 2014) on an annualized basis, or the Alternate Base Rate, which is the
greater of (a) the facility's administrative agent's daily announced prime rate
on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date
and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds
pay an annual commitment fee to participate in the credit facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended April 30,
2014, the Fund had no borrowings under the credit facility.
7. Subsequent Event
Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending October
31, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended October 31, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
year, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of Ernst & Young LLP would have
caused Ernst & Young LLP to make reference to the subject matter of the
disagreement in connection with its report on the financial statements. In
addition, there have been no reportable events to the kind described in Item
304(a)(i)(v) of Regulation S-K under the Securities and Exchange Act of 1934.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 39
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Mid Cap 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 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, 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 July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 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 regularly scheduled meetings.
At a meeting held on November 12, 2013, 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. 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 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 and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees
40 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
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 noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
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 review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
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 fifth quintile of its Morningstar
category for the one, three, five and ten year periods ended June 30, 2013. The
Trustees noted the discussions held throughout the year regarding the Fund's
performance and confirmed that those discussions were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement. The
Trustees considered reasons for the underperformance of the Fund relative to its
peer group and the steps recently taken in an effort to improve the performance
of the Fund. The Trustees agreed that they would continue to closely monitor the
Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14 41
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 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 the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees noted the impact of
the Fund's performance on the management fee paid by the Fund.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2013 was in the first quintile relative to both its Morningstar
peer group and its Strategic Insight peer group, in each case for the comparable
period.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer'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 also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. 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.
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
42 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
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
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a fund-by-fund basis, 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 Fund. 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 recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Fund.
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
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 Mid Cap Value Fund | Semiannual Report | 4/30/14 43
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
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 us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
44 Pioneer Mid Cap Value Fund | Semiannual Report | 4/30/14
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: us.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 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.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 19385-08-0614
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Not applicable.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
Not applicable.
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
Not applicable.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Mid Cap Value Fund
By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date June 27, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date June 27, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 27, 2014
* Print the name and title of each signing officer under his or her signature.
EX-99
2
cert.txt
CERTIFICATIONS
--------------
I, Daniel K. Kingsbury, certify that:
1. I have reviewed this report on Form N-CSR of Pioneer
Mid Cap Value Fund;
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have:
a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external in accordance with generally accepted
accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second
fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):
a) All significant deficiencies in the design or operation of internal
controls over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize,
and report financial information; and
b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: June 27, 2014 /s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President
CERTIFICATIONS
--------------
I, Mark Bradley, certify that:
1. I have reviewed this report on Form N-CSR of Pioneer
Mid Cap Value Fund;
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have:
a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external in accordance with generally accepted
accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second
fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):
a) All significant deficiencies in the design or operation of internal
controls over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize,
and report financial information; and
b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: June 27, 2014 /s/ Mark Bradley
Mark Bradley
Treasurer & Chief Accounting
& Financial Officer
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer
Mid Cap Value Fund (the "Fund"), hereby certifies, to the best of
his knowledge, that the Fund's Report on Form N-CSR for the period
ended April 30, 2014 (the "Report") fully complies with the requirements
of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act
of 1934 and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of
operations of the Fund.
Dated: June 27, 2014
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President
This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350
and is not being filed as part of the Report or a separate disclosure document.
A signed original of this written statement required by section 906 has been
provided to the Fund and will be retained by the Fund and furnished to the SEC
or its staff upon request.
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer
Mid Cap Value Fund (the "Fund"), hereby certifies, to the best of
his knowledge, that the Fund's Report on Form N-CSR for the period
ended April 30, 2014 (the "Report") fully complies with the requirements
of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act
of 1934 and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of
operations of the Fund.
Dated: June 27, 2014
/s/ Mark Bradley
Mark Bradley
Treasurer & Chief Accounting & Financial Officer
This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and
is not being filed as part of the Report or a separate disclosure document.
A signed original of this written statement required by section 906 has been
provided to the Fund and will be retained by the Fund and furnished to the SEC
or its staff upon request.
EX-99
3
changeinauditor.txt
Change in Independent Registered Public
Accounting Firm
The Board of Trustees of the Fund, with the approval
and recommendation of the Audit Committee, appointed
Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the
fiscal year ending October 31, 2014. Deloitte & Touche
LLP replaces Ernst & Young LLP, which
resigned as the Fund's independent registered public
accounting firm, effective upon completion of the audit of
the Fund's financial statements for the fiscal year ended
October 31, 2013.
During the periods that Ernst & Young LLP served as the
Fund's independent registered public accounting firm,
including the Fund's two most recent fiscal year, Ernst &
Young LLP's reports on the financial statements of the
Fund have not contained an adverse opinion or
disclaimer of opinion and have not been qualified or
modified as to uncertainty, audit scope or accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which, if not resolved to the
satisfaction of Ernst & Young LLP would have caused
Ernst & Young LLP to make reference to the subject
matter of the disagreement in connection with its report
on the financial statements. In addition, there have been
no reportable events to the kind described in Item
304(a)(i)(v)of Regulation S-K under the Securities and
Exchange Act of 1934.
EX-99
4
ethics.pdf
begin 644 ethics.pdf
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