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, Amundi Pioneer Asset 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, 2016 through October 31, 2017
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
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Annual Report | October 31, 2017
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Ticker Symbols:
Class A PCGRX
Class C PCCGX
Class K PMCKX
Class R PCMRX
Class Y PYCGX
[LOGO] Amundi Pioneer
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ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 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 23
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 40
Additional Information 41
Trustees, Officers and Service Providers 44
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index,
returned 14.23% through the end of the third quarter. Fixed-income markets,
while not generating the same dazzling returns as equities, held their own, led
by high-yield securities, which produced a return of 7.05% in the U.S., as
measured by the Bank of America Merrill Lynch U.S. High Yield Index. Meanwhile,
the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.14% over the first
three quarters of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of more than 3% in
both the second and third quarters. Outside the U.S., economic growth in the
second quarter also surprised to the upside across the Euro zone, China, and
Japan. Meanwhile, despite higher oil and commodities prices, inflation continued
to be moderate, both in the U.S. and globally, enabling major non-U.S. central
banks to maintain their easy monetary policies. As expected, however, the U.S.
Federal Reserve System (the Fed) recently announced that it would commence
tapering its balance sheet this October. The Fed also appears primed to raise
interest rates one more time before the end of this year, which would be the
fourth rate increase since December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite the possibility of some pressure
from wage increases. In addition, it is our view that the economy will continue
to grow and that we may begin to see a modest upturn in inflation. In that
scenario, we anticipate that the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
October 31, 2017
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. Past performance is no
guarantee of future results.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 3
Portfolio Management Discussion | 10/31/17
In the following interview, Edward T. "Ned" Shadek, Jr. discusses the factors
that affected the performance of Pioneer Mid Cap Value Fund during the 12-month
period ended October 31, 2017. Mr. Shadek, a senior vice president and a
portfolio manager at Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"),
is responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended October 31, 2017?
A Pioneer Mid Cap Value Fund's Class A shares returned 18.56% at net asset
value during the 12-month period ended October 31, 2017, while the Fund's
benchmark, the Russell Midcap Value Index, returned 17.12%. During the same
period, the average return of the 423 mutual funds in Lipper's Mid-Cap Core
Funds category was 20.48%, and the average return of the 412 mutual funds
in Morningstar's Mid-Cap Value Funds category was 18.48%.
Q How would you describe the investment environment for equities during the
12-month period ended October 31, 2017?
A The combination of improving domestic and global economic growth, rising
corporate earnings, and the prospects for tax reform and fewer regulatory
burdens in the United States boosted investor sentiment and helped drive
gains in the U.S. equity market during the period. The market's momentum
derived, in part, from the "Trump Trade," a late-year 2016 rally that began
with Donald Trump's victory in the presidential election shortly after the
start of the Fund's fiscal year. The rally lasted for several weeks before
cooling, but the equity market, despite a few minor interruptions,
continued to register solid gains throughout the 12-month period as U.S.
economic growth, as measured by gross domestic product (GDP), topped the
key 3% mark in both the second and third calendar quarters. The domestic
employment situation also helped instill confidence in the market, as the
U.S. unemployment rate at period end was a very low 4.1%. Meanwhile,
inflation remained in check and the U.S. Federal Reserve (the Fed)
maintained a gradual approach toward tightening monetary policy, raising
interest rates three times during the period, but with no rate hikes after
June. The Fed did begin reducing its rather large balance sheet in October,
but also at a moderate pace.
Within the U.S. equity market, growth stocks outperformed value stocks over
the 12-month period, as the 17.12% return of the Fund's benchmark, the
Russell Midcap Value Index (the Russell Index), was easily bested by the
26.25% return of the Russell Midcap Growth Index. As for individual
4 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
sectors, information technology, financials, materials, and industrials
were by far the best-performing areas within the Fund's benchmark, with
each returning better than 27% over the 12 months. Telecommunication
services and energy were the only two sectors to finish the fiscal year in
negative territory. Energy stocks did rally late in the period, however, as
oil prices, which had fallen as low as $46.17 per barrel in June,
experienced an $8 per barrel uptick from July through the end of October.
Q The Fund's return over the 12-month period ended October 31, 2017, was
better than the return of the Russell Index. What were the main factors
that benefited the Fund's benchmark-relative performance during the period?
A The market environment during the period fit with our overall expectations
for solid economic growth and a rising interest-rate environment.
Therefore, we had positioned the portfolio for both an up market as well as
rising rates, and the positioning helped the Fund's relative performance.
Both stock selection and sector allocation decisions were positive
contributors to the Fund's benchmark-relative returns during the period.
With regard to asset allocation, the portfolio's overweights to the strong-
performing financials and information technology sectors and an underweight
to the weaker-performing real estate sector benefited benchmark-relative
performance. As for stock selection, results in health care, financials,
and information technology were major positive contributors to the Fund's
benchmark-relative returns.
Individual portfolio positions that aided the Fund's relative results
during the period included ON Semiconductor and CDW, in information
technology; Jazz Pharmaceuticals, in health care; and Radian and Lincoln
National, in financials.
ON Semiconductor has continued to benefit from its recent acquisition of
Fairchild Semiconductor, especially in the area of cost reductions, which
are well ahead of schedule. The prevailing, positive environment for
semiconductor firms in general also boosted ON's performance. CDW is a
distribution firm for technology equipment manufacturers. The company works
mainly with medium-sized tech equipment manufacturers, and, in addition to
providing distribution services, CDW advises those companies on what areas
of their businesses they should emphasize, for which CDW receives an
advisory fee. The company continues to take market share and is now
expanding internationally, with growth rates that exceed the current rate
of GDP.
In health care, Jazz Pharmaceuticals, the largest position in the Fund as
of October 31, 2017, aided benchmark-relative performance during the
period. The company has been heavily dependent on sales of Xyrum, a drug
for sleep
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 5
disorders, but is now diversifying by purchasing patents and expanding its
portfolio. Negative market sentiment toward specialty pharmaceutical firms
in general - driven by other companies in the industry piling up too much
debt - has hurt Jazz's performance of late, but the company has a good
balance sheet and we think it has the ability to make accretive
acquisitions. In addition, the stock remains inexpensive, and we are very
positive about the company's management team.
In financials, the portfolio's allocations are mostly in banks and
insurance companies, due to our expectation of rising interest rates.
Lincoln National, an insurance company, and Radian, were the top
contributors to the Fund's benchmark-relative returns within the sector.
Radian is in the private-mortgage-insurance (PMI) business. The company
has a new CEO, and we think rising interest rates should help performance
going forward, especially if President Trump's stated desire to reduce or
eliminate government subsidies on some mortgages becomes a reality, as such
a development would likely increase the use of PMI by new homebuyers.
Q What investments or strategies detracted from the Fund's benchmark-relative
performance during the 12-month period ended October 31, 2017?
A The biggest detractors from the Fund's benchmark-relative returns during
the period were stock selection results in the industrials and energy
sectors, and a slight portfolio overweight to energy, a sector that
experienced negative performance over the 12 months.
In the industrials sector, the largest detractor from the Fund's benchmark-
relative performance, by a wide margin, was a position in Chicago Bridge &
Iron, an engineering/construction company that builds plants for other
companies. Chicago Bridge's performance during the period struggled due to
cost overruns on some of its major construction projects, as the company
takes on a lot of risk when it works on such projects. We had purchased the
stock as a play on infrastructure, given President Trump's campaign pledges
about boosting infrastructure spending. Unfortunately, that spending has
yet to materialize. Chicago Bridge recently replaced its CEO, and we are
encouraged, thus far, by what we have seen from the new CEO. We still hold
the stock in the portfolio. Airline United Continental was another holding
in the sector that detracted from the Fund's relative returns during the
period. United has been beset by episodic price skirmishes in some of the
domestic markets it serves. We still own the stock, however, as we believe
United still has some upside potential.
6 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
In energy, offshore drillers Ensco and Transocean struggled during the
period and detracted from the Fund's benchmark-relative performance.
Offshore drilling is a higher-risk/higher-reward segment of the energy
sector, and we thought the outlook for the industry was better than it
turned out to be. Offshore drillers need higher oil prices, but prices
remained subdued for most of the period before rallying over the final few
months. We sold both positions from the portfolio before period end.
Q Did you invest the Fund in any derivative securities during the 12-month
period ended October 31, 2017?
A No, the Fund did not own any derivatives during the period.
Q What is your outlook, and how is the portfolio positioned as we move into a
new fiscal year?
A We remain cautiously optimistic about the relative and absolute return
potential for mid-cap value equities. In an environment of reasonable
economic growth, favorable interest rates, growth tailwinds in multiple
industry groups, and prospects for an acceleration in mergers and
acquisitions, we believe mid-cap equities stand to benefit.
We believe we have entered an environment of attractive, synchronized
global growth, and we believe most key domestic economic indicators signal
ongoing strength for the current business cycle -- but not strength that
is likely to overheat the economy and cause the Fed to raise interest
rates faster than current expectations.
In selecting securities for the portfolio, we continue to take a bottom-up
approach, while making bets on some larger positions. In the current
environment, we believe we can still find names with good management teams
and growth prospects. Equity valuations are not as good as they were a
couple of years ago, but they are not too stretched either.
As of October 31, 2017, financials and information technology represented
the Fund's two largest sector overweights versus the benchmark, while
utilities and real estate, both interest-rate-sensitive sectors, were the
two largest underweights. The Fund had an approximate equal weight in
energy versus the benchmark as of period end, and was slightly underweight
in industrials and overweight in consumer discretionary (we like the
valuations in consumer discretionary better than in industrials).
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 7
Please refer to the Schedule of Investments on pages 18-22 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc. for
a prospectus or summary prospectus containing this information. Read it
carefully.
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. Past performance is no
guarantee of future results.
8 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Portfolio Summary | 10/31/17
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 94.3%
International Common Stocks 5.7%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 29.3%
Information Technology 14.7%
Consumer Discretionary 12.3%
Health Care 8.9%
Industrials 8.6%
Energy 8.2%
Materials 7.2%
Real Estate 5.9%
Consumer Staples 2.0%
Telecommunication Services 1.5%
Utilities 1.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Jazz Pharmaceuticals Plc 4.52%
--------------------------------------------------------------------------------
2. ON Semiconductor Corp. 3.37
--------------------------------------------------------------------------------
3. Norwegian Cruise Line Holdings, Ltd. 3.08
--------------------------------------------------------------------------------
4. Synchrony Financial 2.99
--------------------------------------------------------------------------------
5. KeyCorp 2.97
--------------------------------------------------------------------------------
6. First Solar, Inc. 2.89
--------------------------------------------------------------------------------
7. Radian Group, Inc. 2.69
--------------------------------------------------------------------------------
8. Goodyear Tire & Rubber Co. 2.53
--------------------------------------------------------------------------------
9. Lincoln National Corp. 2.35
--------------------------------------------------------------------------------
10. Celanese Corp., Class A 2.20
--------------------------------------------------------------------------------
* This list excludes temporary cash investments. The portfolio is actively
managed, and current holdings may be different. The holdings listed should
not be considered recommendations to buy or sell any securities listed.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 9
Prices and Distributions | 10/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/17 10/31/16
--------------------------------------------------------------------------------
A $26.27 $23.66
--------------------------------------------------------------------------------
C $18.82 $17.42
--------------------------------------------------------------------------------
K $26.34 $23.72
--------------------------------------------------------------------------------
R $25.70 $23.18
--------------------------------------------------------------------------------
Y $28.16 $25.25
--------------------------------------------------------------------------------
Distributions per Share: 11/1/16-10/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1050 $ -- $1.4948
--------------------------------------------------------------------------------
C $ -- $ -- $1.4948
--------------------------------------------------------------------------------
K $0.1926 $ -- $1.4948
--------------------------------------------------------------------------------
R $0.0132 $ -- $1.4948
--------------------------------------------------------------------------------
Y $0.1647 $ -- $1.4948
--------------------------------------------------------------------------------
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 | Annual Report | 10/31/17
Performance Update | 10/31/17 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 October 31, 2017)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering Midcap
Value Price Value
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 years 5.45% 4.83% 7.90%
5 years 13.08 11.75 14.49
1 year 18.56 11.74 17.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.08%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Cap Value Fund Russell Midcap Value Index
10/07 $ 9,425 $10,000
10/08 $ 5,966 $ 6,117
10/09 $ 6,794 $ 7,006
10/10 $ 8,014 $ 8,931
10/11 $ 8,097 $ 9,453
10/12 $ 8,670 $10,869
10/13 $11,349 $14,505
10/14 $13,105 $16,851
10/15 $13,134 $16,930
10/16 $13,520 $18,257
10/17 $16,030 $21,382
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 11
Performance Update | 10/31/17 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 October 31, 2017)
--------------------------------------------------------------------------------
Russell
Midcap
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 years 4.56% 4.56% 7.90%
5 years 12.13 12.13 14.49
1 year 17.55 17.55 17.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Cap Value Fund Russell Midcap Value Index
10/07 $10,000 $10,000
10/08 $ 6,277 $ 6,117
10/09 $ 7,085 $ 7,006
10/10 $ 8,280 $ 8,931
10/11 $ 8,296 $ 9,453
10/12 $ 8,806 $10,869
10/13 $11,425 $14,505
10/14 $13,081 $16,851
10/15 $13,004 $16,930
10/16 $13,281 $18,257
10/17 $15,612 $21,382
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Performance Update | 10/31/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K 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 October 31, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.56% 7.90%
5 years 13.31 14.49
1 year 18.98 17.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.71%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Mid Cap Value Fund Russell Midcap Value Index
10/07 $5,000,000 $ 5,000,000
10/08 $3,164,838 $ 3,058,682
10/09 $3,603,734 $ 3,502,798
10/10 $4,251,022 $ 4,465,716
10/11 $4,295,021 $ 4,726,260
10/12 $4,598,698 $ 5,434,562
10/13 $6,020,107 $ 7,252,370
10/14 $6,951,633 $ 8,425,621
10/15 $6,986,012 $ 8,465,019
10/16 $7,220,551 $ 9,128,496
10/17 $8,590,710 $10,691,069
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on March 2, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class K shares, the performance of Class K shares prior to their inception on
March 2, 2015, would have been higher than the performance shown. For the period
beginning March 2, 2015, the actual performance of Class K shares is reflected.
Class K 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.
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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 13
Performance Update | 10/31/17 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 October 31, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.11% 7.90%
5 years 12.65 14.49
1 year 18.11 17.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.47%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Mid Cap Value Fund Russell Midcap Value Index
10/07 $10,000 $10,000
10/08 $ 6,317 $ 6,117
10/09 $ 7,178 $ 7,006
10/10 $ 8,440 $ 8,931
10/11 $ 8,501 $ 9,453
10/12 $ 9,076 $10,869
10/13 $11,839 $14,505
10/14 $13,618 $16,851
10/15 $13,597 $16,930
10/16 $13,942 $18,257
10/17 $16,467 $21,382
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Performance Update | 10/31/17 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 October 31, 2017)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Value
Period (NAV) Index
--------------------------------------------------------------------------------
10 years 5.84% 7.90%
5 years 13.44 14.49
1 year 18.85 17.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.82%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Mid Cap Value Fund Russell Midcap Value Index
10/07 $5,000,000 $ 5,000,000
10/08 $3,179,285 $ 3,058,682
10/09 $3,637,394 $ 3,502,798
10/10 $4,308,950 $ 4,465,716
10/11 $4,370,793 $ 4,726,260
10/12 $4,696,745 $ 5,434,562
10/13 $6,171,841 $ 7,252,370
10/14 $7,152,277 $ 8,425,621
10/15 $7,189,999 $ 8,465,019
10/16 $7,422,426 $ 9,128,496
10/17 $8,821,553 $10,691,069
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 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 May 1, 2017, through October 31, 2017.
--------------------------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
--------------------------------------------------------------------------------------------------
Ending Account $1,052.46 $1,048.43 $1,054.88 $1,050.71 $1,054.29
Value (after expenses)
On 10/31/17
--------------------------------------------------------------------------------------------------
Expenses Paid $ 5.38 $ 9.66 $ 3.52 $ 7.55 $ 4.19
During Period*
--------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.04%,
1.87%, 0.68%, 1.46%, and 0.81% for Class A, Class C, Class K, Class R and
Class Y, respectively, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period).
16 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
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 May 1, 2017, through October 31, 2017.
------------------------------------------------------------------------------------------------
Share Class A C K R Y
------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,001.00 $1,000.00 $1,000.00
Value on 5/1/17
------------------------------------------------------------------------------------------------
Ending Account $1,019.96 $1,015.78 $1,021.78 $1,017.85 $1,021.12
Value (after expenses)
On 10/31/17
------------------------------------------------------------------------------------------------
Expenses Paid $ 5.30 $ 9.50 $ 3.47 $ 7.43 $ 4.13
During Period*
------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.04%,
1.87%, 0.68%, 1.46%, and 0.81% for Class A, Class C, Class K, Class R and
Class Y, respectively, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period).
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 17
Schedule of Investments | 10/31/17
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 100.0%
COMMON STOCKS -- 100.0% of Net Assets
AUTOMOBILES & COMPONENTS -- 4.1%
Auto Parts & Equipment -- 1.6%
287,273 BorgWarner, Inc. $ 15,145,032
------------------------------------------------------------------------------------------
Tires & Rubber -- 2.5%
802,203 Goodyear Tire & Rubber Co. $ 24,539,390
-------------
Total Automobiles & Components $ 39,684,422
------------------------------------------------------------------------------------------
BANKS -- 12.1%
Regional Banks -- 9.4%
474,277 Cathay General Bancorp $ 19,824,779
542,530 Fifth Third Bancorp 15,679,117
930,682 First Horizon National Corp. 17,468,901
696,258 Huntington Bancshares, Inc. 9,608,360
1,577,630 KeyCorp 28,791,748
-------------
$ 91,372,905
------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 2.7%
1,242,300 Radian Group, Inc. $ 26,038,608
-------------
Total Banks $117,411,513
------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.5%
Building Products -- 1.9%
225,052 Owens Corning $ 18,609,550
------------------------------------------------------------------------------------------
Construction & Engineering -- 1.1%
786,128 Chicago Bridge & Iron Co. NV $ 10,958,624
------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.8%
161,598 Carlisle Cos., Inc. $ 17,748,308
------------------------------------------------------------------------------------------
Industrial Machinery -- 1.7%
191,033 Ingersoll-Rand Plc $ 16,925,524
-------------
Total Capital Goods $ 64,242,006
------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.8%
Homebuilding -- 1.8%
564,041 PulteGroup, Inc. $ 17,050,959
-------------
Total Consumer Durables & Apparel $ 17,050,959
------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.1%
Hotels, Resorts & Cruise Lines -- 3.1%
534,558(a) Norwegian Cruise Line Holdings, Ltd. $ 29,801,609
-------------
Total Consumer Services $ 29,801,609
------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.7%
Asset Management & Custody Banks -- 3.1%
65,128 Affiliated Managers Group, Inc. $ 12,146,372
496,342 Invesco, Ltd. 17,764,080
-------------
$ 29,910,452
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Consumer Finance -- 3.0%
888,778 Synchrony Financial $ 28,991,939
------------------------------------------------------------------------------------------
Financial Exchanges & Data -- 1.6%
215,828 Nasdaq, Inc. $ 15,679,904
-------------
Total Diversified Financials $ 74,582,295
------------------------------------------------------------------------------------------
ENERGY -- 8.2%
Oil & Gas Drilling -- 1.9%
949,257 Patterson-UTI Energy, Inc. $ 18,776,304
------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 6.3%
754,528 Cabot Oil & Gas Corp. $ 20,900,425
167,275 Cimarex Energy Co. 19,559,466
134,900 Pioneer Natural Resources Co. 20,190,483
-------------
$ 60,650,374
-------------
Total Energy $ 79,426,678
------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.0%
Agricultural Products -- 2.0%
155,551 Ingredion, Inc. $ 19,498,318
-------------
Total Food, Beverage & Tobacco $ 19,498,318
------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.4%
Health Care Equipment -- 1.6%
542,628(a) Boston Scientific Corp. $ 15,269,552
------------------------------------------------------------------------------------------
Health Care Supplies -- 1.5%
244,828 Dentsply Sirona, Inc. $ 14,951,646
------------------------------------------------------------------------------------------
Managed Health Care -- 1.3%
133,189(a) Centene Corp. $ 12,475,814
-------------
Total Health Care Equipment & Services $ 42,697,012
------------------------------------------------------------------------------------------
INSURANCE -- 9.5%
Life & Health Insurance -- 4.4%
300,670 Lincoln National Corp. $ 22,784,773
381,280 Unum Group 19,841,811
-------------
$ 42,626,584
------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.6%
287,983 Hartford Financial Services Group, Inc. $ 15,853,464
------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 3.5%
161,521 Hanover Insurance Group, Inc. $ 15,890,436
873,193 Old Republic International Corp. 17,717,086
-------------
$ 33,607,522
-------------
Total Insurance $ 92,087,570
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 19
Schedule of Investments | 10/31/17 (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
MATERIALS -- 7.2%
Copper -- 1.6%
1,105,834(a) Freeport-McMoRan, Inc. $ 15,459,559
------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.7%
279,100(a) Crown Holdings, Inc. $ 16,793,447
------------------------------------------------------------------------------------------
Paper Products -- 1.7%
733,828 KapStone Paper and Packaging Corp. $ 16,481,777
------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.2%
204,039 Celanese Corp., Class A $ 21,283,308
-------------
Total Materials $ 70,018,091
------------------------------------------------------------------------------------------
MEDIA -- 1.8%
Advertising -- 1.8%
922,619 Interpublic Group of Cos., Inc. $ 17,760,416
-------------
Total Media $ 17,760,416
------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 4.5%
Pharmaceuticals -- 4.5%
309,672(a) Jazz Pharmaceuticals Plc $ 43,827,878
-------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 43,827,878
------------------------------------------------------------------------------------------
REAL ESTATE -- 6.9%
Hotel & Resorts REIT -- 1.0%
337,580 Park Hotels & Resorts, Inc. $ 9,718,928
------------------------------------------------------------------------------------------
Industrial REIT -- 1.8%
596,614 Duke Realty Corp. $ 16,991,567
------------------------------------------------------------------------------------------
Real Estate Services -- 1.1%
342,910 Realogy Holdings Corp. $ 11,086,280
------------------------------------------------------------------------------------------
Residential REIT -- 1.3%
596,841 American Homes 4 Rent, Class A $ 12,700,776
------------------------------------------------------------------------------------------
Retail REIT -- 0.2%
81,721 Retail Opportunity Investments Corp. $ 1,469,344
------------------------------------------------------------------------------------------
Specialized REIT -- 1.5%
120,977 Digital Realty Trust, Inc. $ 14,328,516
-------------
Total Real Estate $ 66,295,411
------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Apparel Retail -- 0.5%
116,462 L Brands, Inc. $ 5,012,525
-------------
Total Retailing $ 5,012,525
------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 7.9%
Semiconductors -- 7.9%
510,310(a) First Solar, Inc. $ 27,975,194
302,028(a) Microsemi Corp. 16,119,234
The accompanying notes are an integral part of these financial statements.
20 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Semiconductors -- (continued)
1,529,224(a) ON Semiconductor Corp. $ 32,603,056
-------------
Total Semiconductors & Semiconductor Equipment $ 76,697,484
------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.6%
Application Software -- 1.6%
375,357(a) Verint Systems, Inc. $ 15,840,065
-------------
Total Software & Services $ 15,840,065
------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.2%
Communications Equipment -- 3.4%
313,268(a) Acacia Communications, Inc. $ 13,254,369
839,943(a) Finisar Corp. 19,772,258
-------------
$ 33,026,627
------------------------------------------------------------------------------------------
Technology Distributors -- 1.8%
245,141 CDW Corp. $ 17,159,870
-------------
Total Technology Hardware & Equipment $ 50,186,497
------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.5%
Integrated Telecommunication Services -- 1.5%
748,157 CenturyLink, Inc. $ 14,207,501
-------------
Total Telecommunication Services $ 14,207,501
------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.0%
Airlines -- 2.0%
322,241(a) United Continental Holdings, Inc. $ 18,844,654
-------------
Total Transportation $ 18,844,654
------------------------------------------------------------------------------------------
UTILITIES -- 1.5%
Multi-Utilities -- 1.5%
275,117 Public Service Enterprise Group, Inc. $ 13,535,756
-------------
Total Utilities $ 13,535,756
------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $796,231,177) $968,708,660
------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 100.0%
(Cost $796,231,177) $968,708,660
------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0%+ $ 142,004
------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $968,850,664
------------------------------------------------------------------------------------------
REIT Real Estate Investment Trust.
+ Amount rounds less than 0.1%.
(a) Non-income producing security.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2017, aggregated $559,827,354 and $654,684,079,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 21
Schedule of Investments | 10/31/17 (continued)
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser")
serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are effected at current market
prices. During the year ended October 31, 2017, the Fund did not engage in cross
trade activity.
At October 31, 2017, the net unrealized appreciation on investments based on
cost for federal tax purposes of $798,926,577 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $195,095,824
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (25,313,741)
------------
Net unrealized appreciation $169,782,083
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, 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.
The following is a summary of the inputs used as of October 31, 2017, in valuing
the Fund's investments.
----------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------------
Common Stocks $968,708,660 $ -- $ -- $968,708,660
----------------------------------------------------------------------------------------------------------
Total Investments
in Securities $968,708,660 $ -- $ -- $968,708,660
----------------------------------------------------------------------------------------------------------
During the year ended October 31, 2017, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Statement of Assets and Liabilities | 10/31/17
ASSETS:
Investments in unaffiliated issuers, at value (cost $796,231,177) $ 968,708,660
Cash 742,268
Receivables --
Fund shares sold 218,666
Dividends 426,726
Other assets 26,293
-------------------------------------------------------------------------------------------
Total assets $ 970,122,613
===========================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 786,981
Trustees' fees 5,110
Transfer agent fees 174,809
Shareholders communication expense 42,473
Professional fees 35,180
Due to affiliates
Management fees 132,049
Distribution fees 62,981
Other due to affiliates 3,344
Accrued expenses and other liabilities 29,022
-------------------------------------------------------------------------------------------
Total liabilities $ 1,271,949
===========================================================================================
NET ASSETS:
Paid-in capital $ 722,838,036
Undistributed net investment income 1,350,587
Accumulated net realized gain on investments 72,184,558
Net unrealized appreciation on investments 172,477,483
-------------------------------------------------------------------------------------------
Net assets $ 968,850,664
===========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $839,635,676/31,956,043 shares) $ 26.27
Class C (based on $48,839,765/2,595,159 shares) $ 18.82
Class K (based on $26,373,498/1,001,296 shares) $ 26.34
Class R (based on $14,579,131 /567,387 shares) $ 25.70
Class Y (based on $39,422,594/1,400,067 shares) $ 28.16
MAXIMUM OFFERING PRICE:
Class A ($26.27 (divided by) 94.25%) $ 27.87
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 23
Statement of Operations
For the Year Ended 10/31/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 8,117
Dividends from unaffiliated issuers (net of foreign taxes
withheld $18,469) 14,306,341
---------------------------------------------------------------------------------------------------------
Total investment income $ 14,314,458
=========================================================================================================
EXPENSES:
Management fees
Basic Fee $ 6,586,668
Performance Adjustment (720,136)
Administrative expense 415,511
Transfer agent fees
Class A 733,536
Class C 88,607
Class K 73
Class R 42,226
Class Y 44,420
Distribution fees
Class A 2,106,574
Class C 533,705
Class R 77,805
Shareowner communications expense 241,893
Custodian fees 26,471
Registration fees 98,401
Professional fees 74,264
Printing expense 36,640
Trustees' fees 43,907
Miscellaneous 70,495
---------------------------------------------------------------------------------------------------------
Total expenses $ 10,501,060
---------------------------------------------------------------------------------------------------------
Net investment income $ 3,813,398
=========================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments in unaffiliated issuers $ 71,962,541
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on:
Investments in unaffiliated issuers $ 86,725,827
---------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 158,688,368
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 162,501,766
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/17 10/31/16*
--------------------------------------------------------------------------------------------------
FROM OPERATIONS
Net investment income (loss) $ 3,813,398 $ 4,524,446
Net realized gain (loss) on investments 71,962,541 56,551,683
Change in net unrealized appreciation (depreciation)
on investments 86,725,827 (36,227,348)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 162,501,766 $ 24,848,781
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.11 and $0.08, respectively) $ (3,667,622) $ (2,999,465)
Class K ($0.19 and $0.18, respectively) (245,527) (116,915)
Class R ($0.01 and $0.00, respectively) (8,981) --
Class Y ($0.16 and $0,15 respectively) (234,328) (178,123)
Net realized gain:
Class A ($1.49 and $2.26, respectively) (49,565,088) (76,037,304)
Class C ($1.49 and $2.26, respectively) (4,384,884) (7,014,210)
Class K ($1.49 and $2.26, respectively) (800,051) (1,433,760)
Class R ($1.49 and $2.26, respectively) (996,291) (1,824,351)
Class Y ($1.49 and $2.26, respectively) (1,995,168) (2,605,711)
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (61,897,940) $ (92,209,839)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 79,105,275 $ 48,438,546
Reinvestment of distributions 57,913,688 85,779,420
Cost of shares repurchased (173,483,218) (147,667,299)
---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (36,464,255) $ (13,449,333)
---------------------------------------------------------------------------------------------------
Net decrease in net assets $ 64,139,571 $ (80,810,391)
NET ASSETS:
Beginning of year 904,711,093 985,521,484
---------------------------------------------------------------------------------------------------
End of year $ 968,850,664 $ 904,711,093
---------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,350,587 $ 2,445,409
===================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 25
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
10/31/17 10/31/17 10/31/16* 10/31/16*
Shares Amount Shares Amount
------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,217,028 $ 30,386,403 1,155,676 $ 26,335,852
Reinvestment of
distributions 2,155,831 51,076,411 3,244,912 75,633,575
Less shares repurchased (4,869,055) (121,958,030) (4,802,021) (109,899,903)
------------------------------------------------------------------------------------------------------
Net decrease (1,496,196) $ (40,495,216) (401,433) $ (7,930,476)
======================================================================================================
Class C
Shares sold 425,459 $ 7,613,633 372,700 $ 6,270,170
Reinvestment of
distributions 229,045 3,886,900 348,579 6,012,962
Less shares repurchased (1,024,643) (18,383,981) (890,366) (15,025,894)
------------------------------------------------------------------------------------------------------
Net decrease (370,139) $ (6,883,448) (169,087) $ (2,742,762)
======================================================================================================
Class K
Shares sold 813,330 $ 20,108,475 -- $ --
Reinvestment of
distributions -- -- -- --
Less shares repurchased (347,257) (8,667,713) (99,493) (2,410,715)
------------------------------------------------------------------------------------------------------
Net increase
(decrease) 466,073 $ 11,440,762 (99,493) $ (2,410,715)
======================================================================================================
Class R
Shares sold 104,143 $ 2,568,276 104,543 $ 2,307,651
Reinvestment of
distributions 42,708 986,974 78,554 1,795,743
Less shares repurchased (246,466) (6,075,840) (362,440) (8,151,542)
------------------------------------------------------------------------------------------------------
Net decrease (99,615) $ (2,520,590) (179,343) $ (4,048,148)
======================================================================================================
Class Y
Shares sold 687,079 $ 18,428,488 556,829 $ 13,524,873
Reinvestment of
distributions 77,256 1,963,403 94,091 2,337,140
Less shares repurchased (684,704) (18,397,654) (496,241) (12,179,245)
------------------------------------------------------------------------------------------------------
Net increase 79,631 $ 1,994,237 154,679 $ 3,682,768
======================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 23.66 $ 25.30 $ 28.37 $ 27.42 $ 21.12
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.12(a) $ 0.14(a) $ 0.15 $ 0.18
Net realized and unrealized gain (loss) on investments 4.10 0.58 (0.01) 3.71 6.30
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 4.21 $ 0.70 $ 0.13 $ 3.86 $ 6.48
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.11) $ (0.08) $ (0.11) $ (0.11) $ (0.18)
Net realized gain (1.49) (2.26) (3.09) (2.80) --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.60) $ (2.34) $ (3.20) $ (2.91) $ (0.18)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.61 $ (1.64) $ (3.07) $ 0.95 $ 6.30
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.27 $ 23.66 $ 25.30 $ 28.37 $ 27.42
=================================================================================================================================
Total return (b) 18.56% 2.94% 0.22% 15.47% 30.91%
Ratios of net expenses to average net assets 1.04% 1.08% 1.05% 1.04% 1.05%
Ratio of net investment income (loss) to average net assets 0.43% 0.53% 0.54% 0.58% 0.73%
Portfolio turnover rate 58% 70% 90% 61% 93%
Net assets, end of period (in thousands) $839,636 $791,576 $856,629 $956,082 $897,374
=================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 27
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 17.42 $ 19.29 $ 22.42 $ 22.33 $ 17.24
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07)(a) $ (0.05)(a)(b) $ (0.06)(a) $ (0.05) $ (0.02)
Net realized and unrealized gain (loss) on investments 2.96 0.44 0.02 2.94 5.14
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.89 $ 0.39 $ (0.04) $ 2.89 $ 5.12
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ -- $ -- $ -- $(0.03)
Net realized gain (1.49) (2.26) (3.09) (2.80) --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.49) $ (2.26) $ (3.09) $ (2.80) $ (0.03)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.40 $ (1.87) $ (3.13) $ 0.09 $ 5.09
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.82 $ 17.42 $ 19.29 $ 22.42 $ 22.33
=================================================================================================================================
Total return (c) 17.55% 2.13% (0.59)% 14.50% 29.74%
Ratios of net expenses to average net assets 1.87% 1.92% 1.90% 1.86% 1.94%
Ratio of net investment income (loss) to average net assets (0.40)% (0.30)% (0.31)% (0.24)% (0.15)%
Portfolio turnover rate 58% 70% 90% 61% 93%
Net assets, end of period (in thousands) $48,840 $51,641 $60,473 $69,090 $66,390
=================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations due to timing of the sales
and repurchase of shares.
(c) 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.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------
Year Ended Year Ended 3/2/15 to
10/31/17 10/31/16* 10/31/15*
--------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 23.72 $ 25.37 $ 26.76
--------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19(a) $ 0.21(a) $ 0.15(a)
Net realized and unrealized gain (loss)
on investments 4.11 0.58 (1.54)
--------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 4.30 $ 0.79 $ (1.39)
--------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $ (0.18) $ --
Net realized gain (1.49) (2.26) --
--------------------------------------------------------------------------------------------------
Total distributions $ (1.68) $ (2.44) $ --
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.62 $ (1.65) $ (1.39)
--------------------------------------------------------------------------------------------------
Net asset value, end of period $ 26.34 $ 23.72 $ 25.37
==================================================================================================
Total return (b) 18.98% 3.36% (5.19)%(c)
Ratios of net expenses to average net assets 0.68% 0.71% 0.65%(d)
Ratio of net investment income (loss) to
average net assets 0.74% 0.91% 0.85%(d)
Portfolio turnover rate 58% 70% 0.90%
Net assets, end of period (in thousands) $26,373 $12,693 $16,103
==================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Not Annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 29
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
-----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 23.18 $ 24.84 $ 27.91 $ 27.02 $ 20.78
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a)(b) $ 0.03(a) $ 0.04(a) $ 0.07 $ 0.13
Net realized and unrealized gain (loss) on investments 4.02 0.57 0.00(b) 3.63 6.18
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 4.02 $ 0.60 $ 0.04 $ 3.70 $ 6.31
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.01) $ -- $ (0.02) $ (0.01) $ (0.07)
Net realized gain (1.49) (2.26) (3.09) (2.80) --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.50) $ (2.26) $ (3.11) $ (2.81) $ (0.07)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.52 $ (1.66) $ (3.07) $ 0.89 $ 6.24
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.70 $ 23.18 $ 24.84 $ 27.91 $ 27.02
=============================================================================================================================
Total return (c) 18.11% 2.54% (0.16)% 15.03% 30.44%
Ratios of net expenses to average net assets 1.46% 1.47% 1.44% 1.43% 1.43%
Ratio of net investment income (loss) to average net assets 0.02% 0.15% 0.16% 0.20% 0.37%
Portfolio turnover rate 58% 70% 90% 61% 93%
Net assets, end of period (in thousands) $14,579 $15,462 $21,023 $26,909 $27,461
=============================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) Amount rounds to less than $0.01 per share.
(c) 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.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 25.25 $ 26.84 $ 29.91 $ 28.74 $ 22.13
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.19(a) $ 0.25(a) $ 0.29 $ 0.24
Net realized and unrealized gain (loss) on investments 4.38 0.63 (0.02) 3.87 6.64
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 4.56 $ 0.82 $ 0.23 $ 4.16 $ 6.88
-----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.16) $ (0.15) $ (0.21) $ (0.19) $ (0.27)
Net realized gain (1.49) (2.26) (3.09) (2.80) --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.65) $ (2.41) $ (3.30) $ (2.99) $ (0.27)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.91 $ (1.59) $ (3.07) $ 1.17 $ 6.61
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.16 $ 25.25 $ 26.84 $ 29.91 $ 28.74
=============================================================================================================================
Total return (b) 18.85% 3.23% 0.53% 15.89% 31.41%
Ratios of net expenses to average net assets 0.81% 0.82% 0.73% 0.67% 0.68%
Ratio of net investment income (loss) to average net assets 0.66% 0.79% 0.90% 0.95% 1.14%
Portfolio turnover rate 58% 70% 90% 61% 93%
Net assets, end of period (in thousands) $39,423 $33,339 $31,294 $83,545 $100,716
=============================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 31
Notes to Financial Statements | 10/31/17
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 C, Class K,
Class R and Class Y shares. Class K shares commenced operations on March 2,
2015. Class B shares converted to Class A shares as of the close of business on
November 10, 2014. 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 of Trustees 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 K and Class Y shares.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to Amundi
Pioneer Distributor, Inc. (the Distributor).
32 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
In October 2016, the Securities and Exchange Commission (SEC) released its Final
Rule on Investment Company Reporting Modernization. In addition to introducing
two new regulatory reporting forms (Form N-PORT and Form N-CEN), the Final Rule
amends Regulation S-X, which impacts financial statement presentation,
particularly related to the presentation of derivative investments. The Fund's
financial statements were prepared in compliance with the amendments to
Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to 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 gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The Fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 33
Securities for which independent pricing services or broker dealers 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 the Adviser,
pursuant to procedures adopted by the Fund's Board of Trustees. The
Adviser's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. The Adviser'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 October 31, 2017, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on an accrual basis,
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities. Interest and
dividend income payable by delivery of additional shares is reclassified
as PIK (payment in kind) income upon receipt and is included in interest
and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
34 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of October 31, 2017, 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. GAAP. 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.
At October 31, 2017, the Fund reclassified $751,762 to decrease
undistributed net investment income and $751,762 to increase accumulated
net realized gain on investments to reflect permanent book/tax
differences. These adjustments have no impact on net assets or the results
of operations.
The tax character of distributions paid during the fiscal years ended
October 31, 2017 and October 31, 2016 were as follows:
---------------------------------------------------------------------------------------
2017 2016
---------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 4,156,458 $ 3,294,503
Long-term capital gain 57,741,482 88,915,336
---------------------------------------------------------------------------------------
Total $61,897,940 $92,209,839
=======================================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at October 31, 2017:
---------------------------------------------------------------------------------------
2017
---------------------------------------------------------------------------------------
Undistributed ordinary income $ 1,180,493
Undistributed long term capital gain 75,050,052
Net unrealized appreciation 169,782,083
---------------------------------------------------------------------------------------
Total $246,012,628
=======================================================================================
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 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 REIT holdings, partnerships and other holdings.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $44,019 in underwriting commissions on the sale of
Class A shares during the year ended October 31, 2017.
E. 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 C, and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
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 C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
F. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
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.
36 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
2. Management Agreement
The Adviser 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 year. In
addition, the Adviser 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 management fee of 0.80% of average daily net assets
after the performance adjustment). For the year ended October 31, 2017, the
aggregate performance adjustment resulted in a decrease of $720,136 to the basic
fee. For the year ended October 31, 2017 the effective management fee after
performance adjustment was equivalent to 0.60% 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" and "Management fees payable" reflected in the Statement of
Assets and Liabilities is $135,393 in management fees, administrative costs and
certain other reimbursements payable to the Adviser at October 31, 2017.
3. Transfer Agent
Boston Financial Data Services serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the year ended October 31, 2017, such out-of-pocket
expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications
--------------------------------------------------------------------------------
Class A $226,615
Class C 11,350
Class K 53
Class R 620
Class Y 3,255
--------------------------------------------------------------------------------
Total $241,893
================================================================================
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 37
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 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 the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for 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 C shares.
Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Distribution fees payable" reflected on the Statement of Assets and
Liabilities is $62,981 in distribution fees payable to the Distributor at
October 31, 2017.
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 K, 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. 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 K, Class R or Class Y shares. Proceeds
from the CDSCs are paid to the Distributor. For the year ended October 31, 2017,
CDSCs in the amount of $4,029 were paid to the Distributor.
5. 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 which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated
38 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
until February 7, 2017, was in the amount of $220 million. Effective February 8,
2017, the Fund participates in a facility that is in the amount of $195 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% 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 or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended October 31, 2017, the Fund had no borrowings under
the credit facility.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of
Pioneer Mid Cap Value Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Mid Cap Value Fund (the "Fund"), including the schedule of investments, as of
October 31, 2017, and the related statements of operations, changes in net
assets and the financial highlights for the year then ended and the financial
highlights for the year ended October 31, 2013. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The statement of changes in net assets
for the year ended October 31, 2016 and the financial highlights for periods
ended October 31, 2014, October 31, 2015 and October 31, 2016 were audited by
another independent registered public accounting firm whose report, dated
December 23, 2016, expressed an unqualified opinion on the statement of changes
in net assets and those financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
We were not engaged to perform audits of the Fund's internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of October 31, 2017, by correspondence with the
custodian, brokers and others. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Mid Cap Value Fund at October 31, 2017, the results of its operations,
the changes in its net assets, and the financial highlights for the year then
ended and the financial highlights for the year ended October 31, 2013, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 26, 2017
40 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
ADDITIONAL INFORMATION
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100.0%.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the Adviser), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. (UniCredit). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the Transaction).
As a result of the Transaction, the Adviser became an indirect, wholly owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP (D&T), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements 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. Further, there have
been no disagreements with D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of D&T, would have caused D&T 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 of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP (EY).
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 41
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the year commencing July 1, 2016, that it determined to be inconsistent with the
auditor independence rules set forth by the Securities and Exchange Commission
(SEC): (a) project management support services to UniCredit in the Czech
Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
42 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Results of Shareholder Meeting
At a special meeting held on June 13, 2017, shareholders of the Fund were asked
to consider the proposals described below. A report of the total votes cast by
the Fund's shareholders follows:
--------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
--------------------------------------------------------------------------------------------------
Proposal 1 - To approve
a New Management
Agreement with
the Adviser 19,441,220.609 719,653.327 1,110,681.045 5,606,327.800
------------------------------------------------------------------------------------
For Withhold
------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees
------------------------------------------------------------------------------------
David R. Bock 25,639,180.625 1,238,702.156
------------------------------------------------------------------------------------
Benjamin M. Friedman 25,642,961.570 1,234,921.211
------------------------------------------------------------------------------------
Margaret B.W. Graham 25,684,411.028 1,193,471.753
------------------------------------------------------------------------------------
Lisa M. Jones 25,678,709.719 1,199,173.062
------------------------------------------------------------------------------------
Lorraine H. Monchak 25,683,645.084 1,194,237.697
------------------------------------------------------------------------------------
Thomas J. Perna 25,708,730.004 1,169,152.777
------------------------------------------------------------------------------------
Marguerite A. Piret 25,647,691.848 1,230,190.933
------------------------------------------------------------------------------------
Fred J. Ricciardi 25,701,695.365 1,176,187.416
------------------------------------------------------------------------------------
Kenneth J. Taubes 25,763,797.700 1,114,085.081
------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 43
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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 July 31 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations and other directorships they have held during at least the past five
years. Trustees who are interested persons of the Fund within the meaning of the
1940 Act are referred to as Interested Trustees. Trustees who are not interested
persons of the Fund are referred to as Independent Trustees. Each of the
Trustees serves as a Trustee of each of the 46 U.S. registered investment
portfolios for which Amundi Pioneer serves as investment adviser (the "Pioneer
Funds"). The address for all Trustees and all officers of the Fund is 60 State
Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
44 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (67) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities lending processing provider for
retirement or industry); and Senior Executive Vice President, financial services industry)
removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
retirement or (privately held research and consulting company) Helvetia Fund, Inc. (closed-end
removal. (2010); Executive Vice President and Chief fund) (2010 - present);
Financial Officer, I-trax, Inc. (publicly traded Director of Oxford Analytica,
health care services company) (2004 - 2007); and Inc. (2008 - present); and
Executive Vice President and Chief Financial Director of Enterprise
Officer, Pedestal Inc. (internet-based mortgage Community Investment, Inc.
trading company) (2000 - 2002); Private (privately-held affordable
Consultant (1995 - 1997); Managing Director, housing finance company) (1985 -
Lehman Brothers (1992 - 1995); Executive, The 2010)
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (73) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 45
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (70) Trustee since 1990. Founding Director, Vice-President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (61) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee (healthcare workers union pension funds) (2001 -
from 2014 - 2017). present); Vice President - International
Serves until a Investments Group, American International Group,
successor trustee is Inc. (insurance company) (1993 - 2001); Vice
elected or earlier President, Corporate Finance and Treasury Group,
retirement or Citibank, N.A. (1980 - 1986 and 1990 - 1993);
removal. Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); Mortgage Strategies Group, Drexel
Burnham Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (69) Trustee since 1990. President and Chief Executive Officer, Newbury Director of New America High
Trustee Serves until a Piret Company (investment banking firm) (1981 - Income Fund, Inc. (closed-end
successor trustee is present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee is (financial and investment company services) (1969
elected or earlier - 2012); Director, BNY International Financing
retirement or Corp. (financial services) (2002 - 2012);
removal. Director, Mellon Overseas Investment Corp.
(financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55)* Trustee since 2017. Chair, Director, CEO and President of Amundi None
Trustee, President and Serves until a Pioneer Asset Management USA, Inc. (since
Chief Executive Officer successor trustee is September 2014); Chair, Director and CEO of
elected or earlier Amundi Pioneer Asset Management, Inc. (since
retirement or removal September 2014); Chair, Director and CEO of
Amundi Pioneer Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Amundi Pioneer Institutional Asset
Management, Inc. (since September 2014);
Managing Director, Morgan Stanley Investment
Management (2010 - 2013); Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (59)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of Amundi Pioneer Asset Management USA,
elected or earlier Inc.; Executive Vice President and Chief
retirement or removal Investment Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice President of Amundi
Pioneer Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of Amundi
Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 47
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2003. Serves at Vice President and Associate General Counsel of None
Secretary and Chief Legal the discretion of the Amundi Pioneer since January 2008; Secretary and
Officer Board Chief Legal Officer of all of the Pioneer Funds
since June 2010; Assistant Secretary of all of
the Pioneer Funds from September 2003 to May
2010; Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Amundi Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all the
Board Pioneer Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from December 2003
to November 2006; and Senior Paralegal of Amundi
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Amundi Pioneer since May 2013 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds
Board since June 2010; Counsel of Amundi Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Amundi None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the Pioneer Funds
Financial Board since March 2008; Deputy Treasurer of Amundi
and Accounting Officer Pioneer from March 2004 to February 2008; and
Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (52) Since 2000. Serves at Director - Fund Treasury of Amundi Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (59) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer; and Assistant Treasurer of all
Board of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer since November 2008; Assistant
Board Treasurer of all of the Pioneer Funds since
January 2009; Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (65) Since 2010. Serves at Chief Compliance Officer of Amundi Pioneer and None
Chief Compliance Officer the discretion of the of all the Pioneer Funds since March 2010; Chief
Board Compliance Officer of Amundi Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Amundi Pioneer since October 2005;
Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2006. Serves at Director - Transfer Agency Compliance of Amundi None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of all
Officer Board the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 49
This page is for your notes.
50 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer Mid Cap Value Fund | Annual Report | 10/31/17 51
This page is for your notes.
52 Pioneer Mid Cap Value Fund | Annual Report | 10/31/17
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address [email protected]
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 19443-11-1217
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.
The audit fees for the Fund was $23,000
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $25,064 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(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.
There were no audit-related services in 2017 or 2016.
(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.
The tax fees for the Fund were $8,028
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $8,778 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(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.
There were no other fees in 2017 or 2016.
(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 Asset Management, Inc, 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.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended October 31 2017 and 2016, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(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.
N/A
(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.
The aggregate non-audit fees for the Fund were $8,028
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $8,778 to Deloitte & Touche LLP
for the year ended October 31, 2016.
(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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 29, 2017
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 29, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 29, 2017
* Print the name and title of each signing officer under his or her signature.
CERTIFICATIONS
--------------
I, Lisa M. Jones, 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: December 29, 2017 /s/ Lisa M. Jones
Lisa M. Jones
President and Chief
Executive Officer
CERTIFICATIONS
--------------
I, Mark E. 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: December 29, 2017 /s/ Mark E. Bradley
Mark E. 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 October 31, 2017 (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: December 29, 2017
/s/ Lisa M. Jones
Lisa M. Jones
President and Chief Executive 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.
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 October 31, 2017 (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: December 29, 2017
/s/ Mark E. Bradley
Mark E. 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.
CODE OF ETHICS
FOR
SENIOR OFFICERS
POLICY
This Code of Ethics for Senior Officers (this "Code") sets forth the
policies, practices and values expected to be exhibited by Senior Officers
of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This
Code does not apply generally to officers and employees of service providers
to the Funds, including Pioneer Investment Management, Inc. ("Pioneer"),
unless such officers and employees are also Senior Officers.
The term "Senior Officers" shall mean the principal executive officer,
principal financial officer, principal accounting officer and controller of
the Funds, although one person may occupy more than one such office. Each
Senior Officer is identified by title in Exhibit A to this Code.
The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily
responsible for implementing and monitoring compliance with this Code,
subject to the overall supervision of the Board of Trustees of the Funds
(the "Board"). The CCO has the authority to interpret this Code and its
applicability to particular situations. Any questions about this Code should
be directed to the CCO or his or her designee.
PURPOSE
The purposes of this Code are to:
. Promote honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships;
. Promote full, fair, accurate, timely and understandable disclosure in
reports and documents that the Fund files with, or submits to, the
Securities and Exchange Commission ("SEC") and in other public
communications made by the Fund;
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1 Last revised January 17, 2014
. Promote compliance with applicable laws and governmental rules and
regulations;
. Promote the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and
. Establish accountability for adherence to the Code.
Each Senior Officer should adhere to a high standard of business ethics and
should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.
RESPONSIBILITIES OF SENIOR OFFICERS
Conflicts of Interest
A "conflict of interest" occurs when a Senior Officer's private interests
interfere in any way - or even appear to interfere - with the interests of
or his/her service to a Fund. A conflict can arise when a Senior Officer
takes actions or has interests that may make it difficult to perform his or
her Fund work objectively and effectively. Conflicts of interest also arise
when a Senior Officer or a member of his/her family receives improper
personal benefits as a result of the Senior Officer's position with the Fund.
Certain conflicts of interest arise out of the relationships between Senior
Officers and the Fund and already are subject to conflict of interest
provisions in the Investment Company Act of 1940, as amended (the "ICA"),
and the Investment Advisers Act of 1940, as amended (the "IAA"). For
example, Senior Officers may not individually engage in certain transactions
(such as the purchase or sale of securities or other property) with the
Funds because of their status as "affiliated persons" of the Funds. The
Fund's and Pioneer's compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions. This Code
does not, and is not intended to, repeat or replace such policies and
procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal
benefit, conflicts arise as a result of the contractual relationship between
the Fund and Pioneer because the Senior Officers are officers or employees
of both. As a result, this Code recognizes that Senior Officers will, in the
normal course of their duties (whether formally for a Fund or for Pioneer,
or for both), be involved in establishing policies and implementing
decisions that will have different effects on Pioneer and the Fund. The
participation of Senior Officers in such activities is inherent in the
contractual relationship between a Fund and Pioneer and is consistent with
the performance by the Senior Officers of their duties as officers of the
Fund and, if addressed in conformity with the provisions of the ICA and the
IAA, will be deemed to have been handled ethically. In addition, it is
recognized by the Board that Senior Officers may also be officers of
investment companies other than the Pioneer Funds.
Other conflicts of interest are covered by this Code, even if such conflicts
of interest are not subject to provisions of the ICA or the IAA. In reading
the following examples of conflicts of interest under this Code, Senior
Officers should keep in mind that such a list cannot ever be exhaustive or
cover every possible
-------------------------------------------------------------------------------
2 Last revised January 17, 2014
scenario. It follows that the overarching principle is that the personal
interest of a Senior Officer should not be placed improperly before the
interest of a Fund.
Each Senior Officer must:
. Not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting
by a Fund whereby the Senior Officer would benefit personally to the
detriment of the Fund;
. Not cause a Fund to take action, or fail to take action, for the
individual personal benefit of the Senior Officer rather than the
benefit of the Fund; and
. Report at least annually any affiliations or other relationships that
give rise to conflicts of interest.
Any material conflict of interest situation should be approved by the CCO,
his or her designee or the Board. Examples of these include:
. Service as a director on the board of any public or private company;
. The receipt of any gift with a value in excess of an amount
established from time to time by Pioneer's Business Gift and
Entertainment Policy from any single non-relative person or entity.
Customary business lunches, dinners and entertainment at which both
the Senior Officer and the giver are present, and promotional items
of insignificant value are exempt from this prohibition;
. The receipt of any entertainment from any company with which a Fund
has current or prospective business dealings unless such
entertainment is business-related, reasonable in cost, appropriate as
to time and place, and not so frequent as to raise any question of
impropriety;
. Any ownership interest in, or any consulting or employment
relationship with, any of a Fund's service providers other than its
investment adviser, principal underwriter, administrator or any
affiliated person thereof; and
. A direct or indirect financial interest in commissions, transaction
charges or spreads paid by a Fund for effecting portfolio
transactions or for selling or redeeming shares other than an
interest arising from the Senior Officer's employment, such as
compensation or equity ownership.
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3 Last revised January 17, 2014
Corporate Opportunities
Senior Officers may not (a) take for themselves personally opportunities
that are discovered through the use of a Fund's property, information or
position; (b) use a Fund's property, information, or position for personal
gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to
advance their legitimate interests when the opportunity to do so arises.
Confidentiality
Senior Officers should maintain the confidentiality of information entrusted
to them by the Funds, except when disclosure is authorized or legally
mandated. Confidential information includes all non-public information that
might be of use to competitors, or harmful to the Funds, if disclosed.
Fair dealing with Fund shareholders, suppliers, and competitors
Senior Officers should endeavor to deal fairly with the Funds' shareholders,
suppliers, and competitors. Senior Officers should not take unfair advantage
of anyone through manipulation, concealment, abuse of privileged
information, misrepresentation of material facts, or any other
unfair-dealing practice. Senior Officers should not knowingly misrepresent
or cause others to misrepresent facts about a Fund to others, whether within
or outside the Fund, including to the Board, the Funds' auditors or to
governmental regulators and self-regulatory organizations.
Compliance with Law
Each Senior Officer must not knowingly violate any law, rule and regulation
applicable to his or her activities as an officer of the Funds. In addition,
Senior Officers are responsible for understanding and promoting compliance
with the laws, rules and regulations applicable to his or her particular
position and by persons under the Senior Officer's supervision. Senior
Officers should endeavor to comply not only with the letter of the law, but
also with the spirit of the law.
Disclosure
Each Senior Officer should familiarize himself or herself with the
disclosure requirements generally applicable to the Funds. Each Senior
Officer should, to the extent appropriate within his or her area of
responsibility, consult with other officers of the Funds and Pioneer with
the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents a Fund files with, or submits to,
the SEC and in other public communications made by the Funds.
INITIAL AND ANNUAL CERTIFICATIONS
Upon becoming a Senior Officer the Senior Officer is required to certify
that he or she has received, read, and understands this Code. On an annual
basis, each Senior Officer must certify that he or she has complied with all
of the applicable requirements of this Code.
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4 Last revised January 17, 2014
ADMINISTRATION AND ENFORCEMENT OF THE CODE
Report of Violations
Pioneer relies on each Senior Officer to report promptly if he or she knows
of any conduct by a Senior Officer in violation of this Code. All violations
or suspected violations of this Code must be reported to the CCO or a member
of Pioneer's Legal and Compliance Department. Failure to do so is itself a
violation of this Code.
Investigation of Violations
Upon notification of a violation or suspected violation, the CCO or other
members of Pioneer's Compliance Department will take all appropriate action
to investigate the potential violation reported. If, after such
investigation, the CCO believes that no violation has occurred, the CCO and
Compliance Department is not required to take no further action. Any matter
the CCO believes is a violation will be reported to the Independent
Trustees. If the Independent Trustees concur that a violation has occurred,
they will inform and make a recommendation to the full Board. The Board
shall be responsible for determining appropriate action. The Funds, their
officers and employees, will not retaliate against any Senior Officer for
reports of potential violations that are made in good faith and without
malicious intent.
The CCO or his or her designee is responsible for applying this Code to
specific situations in which questions are presented under it and has the
authority to interpret this Code in any particular situation. The CCO or his
or her designee shall make inquiries regarding any potential conflict of
interest.
Violations and Sanctions
Compliance with this Code is expected and violations of its provisions will
be taken seriously and could result in disciplinary action. In response to
violations of the Code, the Board may impose such sanctions as it deems
appropriate within the scope of its authority over Senior Officers,
including termination as an officer of the Funds.
Waivers from the Code
The Independent Trustees will consider any approval or waiver sought by any
Senior Officer.
The Independent Trustees will be responsible for granting waivers, as
appropriate. Any change to or waiver of this Code will, to the extent
required, be disclosed as provided by SEC rules.
OTHER POLICIES AND PROCEDURES
This Code shall be the sole Code of Ethics adopted by the Funds for purposes
of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder. The Funds', Pioneer's, and
Pioneer Funds Distributor, Inc.'s Codes of Ethics under Rule 17j-1 under the
ICA and Rule 204A-1 of the IAA are separate requirements applying to the
Senior Officers and others, and are not a part of this Code. To the extent
any other policies and procedures of the Funds, Pioneer or Pioneer
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5 Last revised January 17, 2014
Fund Distributor, Inc. overlap or conflict with the provisions of the this
Code, they are superseded by this Code.
SCOPE OF RESPONSIBILITIES
A Senior Officer's responsibilities under this Code are limited to Fund
matters over which the Senior Officer has direct responsibility or control,
matters in which the Senior Officer routinely participates, and matters with
which the Senior Officer is otherwise involved. In addition, a Senior
Officer is responsible for matters of which the Senior Officer has actual
knowledge.
AMENDMENTS
This Code other than Exhibit A may not be amended except in a writing that
is specifically approved or ratified by a majority vote of the Board,
including a majority of the Independent Trustees.
CONFIDENTIALITY
All reports and records prepared or maintained pursuant to this Code will be
considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the Board and their counsel or to Pioneer's
Legal and Compliance Department.
INTERNAL USE
This Code is intended solely for the internal use by the Funds and does not
constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion.
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6 Last revised January 17, 2014
EXHIBIT A - SENIOR OFFICERS OF THE PIONEER FUNDS
President (Principal Executive Officer)
Treasurer (Principal Financial Officer)
Code of Ethics for Senior Officers
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