[Pioneer Logo]
Pioneer
Mid-Cap Value
Fund*
---------------------------
SEMIANNUAL REPORT 4/30/00
---------------------------
*Formerly Pioneer Capital Growth Fund
<PAGE>
Table of Contents
----------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 7
Schedule of Investments 10
Financial Statements 17
Notes to Financial Statements 24
Trustees, Officers and Service Providers 29
</TABLE>
----------------------------------------------------
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 4/30/00
--------------------------------------------------------------------------------
Dear Shareowner,
--------------------------------------------------------------------------------
As you may know, on May 15, 2000, The Pioneer Group, Inc. and UniCredito
Italiano Group announced an agreement under which UniCredito is expected to
purchase all of the outstanding stock of Pioneer Group. UniCredito is Italy's
second largest banking group and has over $150 billion in assets. We are
pleased to be joining with UniCredito not only because of its reputation and
breadth, but also because of the similar business strategies shared by the two
companies. UniCredito employs many of the same investment philosophies that
Pioneer has believed in for over 70 years. In the meantime, your mutual fund
will be managed by the same portfolio management team, which is overseen by a
Board of Trustees. In addition, the union with UniCredito will give Pioneer
Investment Management, your fund's investment adviser, access to greater
resources, enabling us to strengthen and support our money management efforts
for all Pioneer shareowners.
We expect that the transition resulting from the acquisition will not have a
direct impact on fund shareowners. At Pioneer we always strive to provide our
shareowners with exemplary customer service and a diverse product line. Going
forward, we will continue to work as hard as we can to ensure that our
investors' needs are met and that you are satisfied in any dealings you have
with Pioneer.
Soon you will receive a letter and a proxy statement that will contain more
information about the transaction along with information about a special
shareholder meeting. We are excited about the acquisition (which is subject to
regulatory approval) and hope you are as well. I feel confident about prospects
for the days ahead and I truly believe that Pioneer Group has entered into a
relationship that will be beneficial to you.
Please read this report closely, particularly the Portfolio Manager Discussion
with Rod Wright. The Q&A in this section gives you the opportunity to read
about your Fund and its performance over the period covered in the report. If
you have questions, please contact your investment professional or call Pioneer
at 1-800-225-6292. You can also visit our web site at www.pioneerfunds.com for
more information.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Mid-Cap Value Fund
PORTFOLIO SUMMARY 4/30/00
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[Beginning of Pie Chart]
U.S. Common Stocks 93%
Short-Term Cash
Equivalents 4%
International Common
Stocks 2%
Depositary Receipts for
International Stocks 1%
[End of Pie Chart]
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[Beginning of Pie Chart]
Technology 22%
Consumer
Cyclicals 13%
Financial 12%
Consumer Staples 11%
Healthcare 10%
Capital Goods 8%
Energy 7%
Basic Materials 6%
Other 2%
[End of Pie Chart]
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. NCR Corp. 4.62% 6. Newell Rubbermaid Inc. 2.39%
2. Columbia/HCA Healthcare 3.78 7. Health Management 1.96
Corp. Associates, Inc.
3. Imation Corp. 3.51 8. Venator Group Inc. 1.85
4. Viacom, Inc. (Class B) 2.68 9. Wellman, Inc. 1.74
(Non-voting)
5. Financial Security 2.66 10. Keane, Inc. 1.59
Assurance Holdings Ltd.
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/00 CLASS A SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 4/30/00 10/31/99
$ 19.12 $ 19.90
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 4/30/00) Dividends Capital Gains Capital Gains
- $ 0.933 $ 1.709
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Mid-Cap Value Fund at public offering price, compared to the growth
of the Standard & Poor's 500 Index and Lipper Growth Funds Index.
Average Annual Total Returns
(As of April 30, 2000)
<TABLE>
<CAPTION>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund 14.14% 13.45%
(7/25/90)
5 Years 10.77 9.47
1 Year 5.74 -0.32
</TABLE>
* Reflects deduction of the maximum
5.75% sales charge at the beginning
of the period and assumes reinvestment
of distributions at net asset value.
Growth of $10,000
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Pioneer Mid-Cap Standard & Poor's Lipper Growth
Value Fund* 500 Index Funds Index
<S> <C> <C> <C>
7/25/90 9425 10000 10000
9470 10824 11368
4/92 12315 12346 12414
14341 13484 13621
4/94 16752 14202 14887
20575 16679 16523
4/96 26375 21701 21294
26832 27151 24300
4/98 35327 28284 33976
32453 46631 40510
4/00 34316 51335 49030
</TABLE>
[END PLOT POINTS]
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the over-the-counter market. The Lipper Growth Funds Index
reflects the performance of mutual funds with similar portfolio characteristics
and capitalization. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. You cannot
invest directly in the Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
3
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/00 CLASS B SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 4/30/00 10/31/99
$ 18.29 $ 19.22
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 4/30/00) Dividends Capital Gains Capital Gains
- $ 0.933 $ 1.709
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment
made in Pioneer Mid-Cap Value Fund, compared to the growth of the
Standard & Poor's 500 Index and Lipper Growth Funds Index.
Average Annual Total Returns
(As of April 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 12.26% 12.26%
(4/4/94)
5 Years 9.92 9.79
1 Year 4.88 1.24
</TABLE>
* Reflects deduction of the maximum
applicable contingent deferred sales
charge (CDSC) at the end of the
period and assumes reinvestment
of distributions. The maximum CDSC
of 4% declines over six years.
Growth of $10,000
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Pioneer Mid-Cap Standard & Poor's Lipper Growth
Value Fund* 500 Index Funds Index
<S> <C> <C> <C>
4/30/94 10000 10000 10000
10321 10273 10000
11513 10922 10373
4/95 12589 12065 11099
13633 13802 12861
4/96 16019 15698 14303
15306 17116 15046
4/97 16168 19641 16322
18627 22613 19315
4/98 21137 27694 22822
16882 27585 21996
4/99 19264 33732 27210
18420 34653 28446
4/00 20205 37135 32934
</TABLE>
[END PLOT POINTS]
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the over-the-counter market. The Lipper Growth Funds Index
reflects the performance of mutual funds with similar portfolio characteristics
and capitalization. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. You cannot
invest directly in the Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
4
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/00 CLASS C SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 4/30/00 10/31/99
$ 18.22 $ 19.16
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 4/30/00) Dividends Capital Gains Capital Gains
- $ 0.933 $ 1.709
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment
made in Pioneer Mid-Cap Value Fund, compared to the growth of the
Standard & Poor's 500 Index and Lipper Growth Funds Index.
Average Annual Total Returns
(As of April 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 7.84% 7.84%
(1/31/96)
1 Year 4.84 4.84
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
Growth of $10,000
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Pioneer Mid-Cap Standard & Poor's Lipper Growth
Value Fund* 500 Index Funds Index
<S> <C> <C> <C>
1/96 10000 10000 10000
4/96 10931 10340 10459
10054 10173 9971
10449 11274 11002
11359 12631 12074
4/97 11045 12937 11935
12833 15473 14336
12721 14894 14124
12619 16030 14791
4/98 14433 18241 16688
13055 18456 16800
11527 18169 16084
12088 21230 19255
4/99 13144 22218 19897
13669 22177 20152
12567 22825 20800
12941 23419 22778
4/30 13780 24459 24082
</TABLE>
[END PLOT POINTS]
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the over-the-counter market. The Lipper Growth Funds Index
reflects the performance of mutual funds with similar portfolio characteristics
and capitalization. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. You cannot
invest directly in the Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
5
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/00 CLASS Y SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 4/30/00 10/31/99
$ 19.18 $ 19.91
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 4/30/00) Dividends Capital Gains Capital Gains
- $ 0.933 $ 1.709
</TABLE>
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment
made in Pioneer Mid-Cap Value Fund, compared to the growth of the
Standard & Poor's 500 Index and Lipper Growth Funds Index.
Average Annual Total Returns*
(As of April 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund 0.63% 0.63%
(7/2/98)
1 Year 6.27 6.27
</TABLE>
* Assumes reinvestment of distributions.
Growth of $10,000
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Pioneer Mid-Cap Standard & Poor's Lipper Growth
Value Fund* 500 Index Funds Index
<S> <C> <C> <C>
7/98 10000 10000 10000
9352 9788 10000
7739 8361 8394
7796 8919 8953
10/98 8287 9635 9573
8391 10205 10144
8719 10815 10992
8724 11259 11461
8461 10895 11069
8921 11352 11549
4/99 9520 11783 11843
9681 11488 11613
10177 12150 12299
9929 11761 11995
9501 11687 11860
9059 11392 11662
10/99 9161 12105 12381
9525 12336 12904
9868 13086 14065
9467 12420 13558
8987 12170 14358
10089 13383 15089
4/00 10116 12971 14334
</TABLE>
[END PLOT POINTS]
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the over-the-counter market. The Lipper Growth Funds Index
reflects the performance of mutual funds with similar portfolio characteristics
and capitalization. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. You cannot
invest directly in the Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
6
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/00
--------------------------------------------------------------------------------
Pioneer Mid-Cap Value Fund ended the first half of its fiscal year on April 30,
2000. In the following discussion, Rod Wright, the Fund's portfolio manager,
provides an update on the Fund, the economic environment and investment
strategies that influenced the Fund's performance over the six-month period.
Q: How did the Fund perform?
A: For the six-month period ended April 30, 2000, the Fund's Class A shares
returned 10.15%, while Class B shares returned 9.69% and Class C shares had a
total return of 9.65%, all at net asset value. During the same six-month
period, the Standard & Poor's 500 Index returned 7.15%, and the average
return in the Lipper mid-cap value category was 13.46%. (Lipper is an
independent company that tracks mutual fund performance.) The Fund performed
particularly well in the latter part of the period as investors turned away
from high-valuation technology stocks and began focusing on stocks of
companies with reasonable valuations and strong fundamentals.
Q: What factors influenced the Fund's performance?
A: The biggest factors that helped the performance were a healthy weighting in
energy companies and a relative underweighting in technology stocks. In
energy, Fund investments in oil, gas and service companies performed well,
while the technology sector in general fell into a sharp correction starting
in mid-March.
Mergers and acquisition activity benefited the Fund when larger companies
announced the purchase of five portfolio holdings: ETEC Systems; Financial
Security Assurance Holdings; ReliaStar Financial; Young & Rubicam; and
Sterling Commerce. In addition, restructurings at two other holdings, Borders
Group and Dayton Power & Light, supported performance.
7
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/00 (continued)
--------------------------------------------------------------------------------
Q: While the Fund de-emphasized technology, tech companies still represented the
largest industry weighting. In what types of technology companies did you
invest?
A: At a time when most industry benchmarks had technology weightings of more
than 30%, the Fund ended the fiscal period with about 22% invested in the
sector. Not only was the Fund significantly underweighted in technology, but
about half the technology holdings were, what we call, "value" technology
companies. These are companies whose stock performance is more dependent on
company fundamentals than on the direction of the NASDAQ Composite Index. A
good example is Imation, one of the Fund's largest holdings. Imation is
debt-free and has strong cash flow, growing earnings and stock selling at a
very reasonable price. The company is involved in the manufacture and
distribution of media storage devices, including tapes for large technology
companies and CDs for computers. It also is the world's largest supplier of
floppy discs. In addition, it has developed a new digital system used
extensively by printers and on the Internet to reproduce colors. The
company's strong fundamentals and low stock price were very attractive.
Another example of a value technology holding was NCR, which is involved in
many businesses, including automatic teller machines, automatic check-out
devices for retail stores, and data warehousing.
Q: Outside of technology, what were some of your other industry themes?
A: On April 30, the Fund had about 7% of equity holdings in energy stocks, and
these investments definitely helped. Among the holdings were R & B Falcon
Corp. and Transocean Offshore, two offshore drilling companies. Performance
was boosted by holdings in several domestic exploration and production
companies, including Apache, Ocean Energy and Burlington Resources. The Fund
also held positions in Tosco, a refiner, and Conoco, a diversified company
involved in refining, exploration and production.
8
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Beyond energy, the emphasis on healthcare stocks and de-emphasis of financial
services stocks worked well. The consumer cyclicals and consumer staples
sectors were well represented in the Fund, at 13% and 11% of equity assets,
respectively. We invested in consumer cyclicals, primarily retailers, as
their stock prices started coming down and their relative value increased.
We like consumer staples as a traditional defensive sector with steady cash
flow that can be relied upon in different economic environments.
Q: The Fund's name changed on February 28 from Pioneer Capital Growth Fund to
Pioneer Mid-Cap Value Fund. Why was the name changed?
A: We believed the new name better describes our investment approach. Our focus
is on mid-cap companies, and our approach is value-oriented: investing in
what we believe are reasonably priced companies. We attempt to buy solid
companies, with strong fundamentals, but we also pay attention to valuation
to ensure we pay appropriate prices.
Q: What is your outlook for mid-cap value stocks?
A: We are optimistic about the mid-cap value sector and think it has the
potential to be one of the better performing sectors. This is an area that
has underperformed for a number of years and has been very much overlooked.
And yet, if the economy slows down, we think investors will be served well
investing in companies with the types of resources, histories, market
positions, experienced managements, credit lines and established distribution
networks that many mid-cap companies possess. We believe the recent good
performance of mid-cap value stocks is not a short-term phenomenon. The
technology rally from November through mid-March was an example of classic
bubble psychology. In the future, we don't see investors paying extremely
high valuations--we expect the market to behave a little more rationally.
9
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - 96.2%
Basic Materials - 5.5%
Aluminium - 0.7%
150,000 Reynolds Metals Co. $ 9,975,000
------------
Chemicals - 0.9%
425,000 IMC Global Inc. $ 6,560,938
150,000 Rohm & Hass Co. 5,343,750
------------
$ 11,904,688
------------
Chemicals (Specialty) - 2.6%
670,000 Borden Chemicals & Plastics, L.P. $ 2,721,875
400,000 Hercules, Inc. 6,225,000
200,000 Millennium Chemicals Inc. 3,987,500
1,075,000 Wellman, Inc. 22,978,125
------------
$ 35,912,500
------------
Paper & Forest Products - 1.3%
325,000 Bowater, Inc. $ 17,875,000
------------
Total Basic Materials $ 75,667,188
------------
Capital Goods - 7.9%
Aerospace/Defense - 0.9%
200,000 General Dynamics Corp. $ 11,700,000
------------
Electrical Equipment - 2.6%
250,000 Molex, Inc. $ 13,734,375
125,000 SCI Systems, Inc.* 6,656,250
175,000 Vishay Intertechnology, Inc.* 14,678,125
------------
$ 35,068,750
------------
Machinery (Diversified) - 1.2%
700,000 Kaydon Corp. $ 16,362,500
------------
Manufacturing (Specialized) - 0.9%
70,666 Energizer Holdings Inc.* $ 1,205,739
200,000 Sealed Air Corp.* 11,125,000
------------
$ 12,330,739
------------
Metal Fabricators - 1.0%
780,000 Brush Wellman, Inc. $ 14,430,000
------------
Waste Management - 1.3%
1,100,000 Waste Management Inc. $ 17,462,500
------------
Total Capital Goods $107,354,489
------------
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Communication Services - 1.4%
Telephone - 1.4%
225,000 Century Telephone Enterprises, Inc. $ 5,512,500
30,000 Mpower Communications Corp.* 1,470,000
125,000 Telephone and Data Systems, Inc. 12,750,000
-----------
Total Communication Services $19,732,500
-----------
Consumer Cyclicals - 12.3%
Auto Parts & Equipment - 0.8%
200,000 ITT Industries Inc. $ 6,312,500
150,000 Lear Corp.* 4,490,625
-----------
$10,803,125
-----------
Household Furnishings & Appliances - 0.7%
375,000 Ethan Allen Interiors, Inc. $10,007,813
-----------
Leisure Time (Products) - 1.5%
1,700,000 Mattel Inc. $20,825,000
-----------
Publishing - 1.0%
650,000 PRIMEDIA, Inc.* $13,568,750
-----------
Retail (Computer & Electronics) - 0.7%
175,000 Tandy Corp. $ 9,975,000
-----------
Retail (Discounters) - 0.0%
23,000 Family Dollar Stores, Inc. $ 442,520
-----------
Retail (General Merchandise) - 0.7%
1,100,000 Kmart Corp.* $ 8,937,500
-----------
Retail (Specialty) - 4.0%
175,000 Blockbuster Inc. $ 1,815,624
1,035,000 Borders Group, Inc. 16,430,625
910,000 Cole National Corp.+ 5,516,875
1,276,800 OfficeMax, Inc.* 7,182,000
2,050,000 Venator Group Inc.* 24,343,750
-----------
$55,288,874
-----------
Retail (Specialty-Apparel) - 0.1%
68,000 AnnTaylor Stores Corp.* $ 1,429,530
-----------
Services (Advertising/Marketing) - 0.8%
200,000 Young & Rubicam Inc. $11,137,500
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Services (Commercial & Consumer) - 1.0%
509,000 Regis Corp. $ 5,948,938
46,000 Sabre Group Holdings, Inc. 1,585,297
1,200,000 Stewart Enterprises, Inc. 5,775,000
------------
$ 13,309,235
------------
Textiles (Apparel) - 1.0%
300,000 Nike, Inc. $ 13,031,250
------------
Total Consumer Cyclicals $168,756,097
------------
Consumer Staples - 10.9%
Broadcasting (Television/Radio/Cable) - 0.5%
307,000 USA Networks Inc.* $ 7,061,000
------------
Entertainment - 2.6%
650,000 Viacom, Inc. (Class B) (Non-voting)* $ 35,343,750
------------
Foods - 0.9%
250,000 Ralston Purina Co. $ 4,421,875
250,000 Sara Lee Corp. 3,750,000
400,000 Tyson Foods, Inc. 4,175,000
------------
$ 12,346,875
------------
Housewares - 2.3%
1,250,000 Newell Rubbermaid Inc. $ 31,484,375
------------
Restaurants - 2.1%
1,235,000 Lone Star Steakhouse & Saloon, Inc. $ 14,588,437
350,000 McDonald's Corp. 13,343,750
------------
$ 27,932,187
------------
Retail Stores (Food Chain) - 0.4%
300,000 Kroger Co.* $ 5,568,750
------------
Services (Employment) - 0.7%
1,300,000 Modis Professional Services Inc.* $ 9,831,250
------------
Specialty Printing - 1.4%
1,250,000 John H. Harland Co. $ 19,218,750
------------
Total Consumer Staples $148,786,937
------------
Energy - 7.1%
Oil (Domestic Integrated) - 1.0%
575,000 Conoco Inc. $ 13,692,188
------------
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Oil & Gas (Drilling & Equipment) - 2.7%
1,000,000 R & B Falcon Corp.* $20,750,000
350,000 Transocean Offshore Inc. 16,450,000
-----------
$37,200,000
-----------
Oil & Gas (Production/Exploration) - 2.7%
350,000 Apache Corp. $16,953,125
275,000 Burlington Resources Inc. 10,810,937
700,000 Ocean Energy Inc.* 9,056,250
-----------
$36,820,312
-----------
Oil & Gas (Refining & Marketing) - 0.7%
300,000 Tosco Corp. $ 9,618,750
-----------
Total Energy $97,331,250
-----------
Financial - 11.9%
Banks (Major Regional) - 0.4%
150,000 Comerica, Inc. $ 6,356,250
-----------
Banks (Regional) - 2.5%
360,000 Marshall & Ilsley Corp. $16,717,500
475,000 North Fork Bankcorporation, Inc. 7,689,062
425,000 TCF Financial Corp. 9,934,375
-----------
$34,340,937
-----------
Financial (Diversified) - 1.1%
450,000 Axa Financial, Inc. $14,681,250
-----------
Insurance (Life/Health) - 0.4%
125,000 ReliaStar Financial Corp. $ 5,382,813
-----------
Insurance (Multi-Line) - 0.4%
225,000 Nationwide Financial Services, Inc. $ 6,257,813
-----------
Insurance (Property/Casualty) - 3.8%
719,000 Ace Ltd. $17,211,063
475,000 Financial Security Assurance Holdings Ltd. 35,060,938
-----------
$52,272,001
-----------
Investment Banking/Brokerage - 1.7%
250,000 Bear Stearns Companies Inc. $10,718,750
275,000 Paine Webber Group, Inc. 12,065,625
-----------
$22,784,375
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Savings & Loan Companies - 1.6%
750,000 Charter One Financial Inc. $ 15,234,374
250,000 Washington Mutual, Inc. 6,390,625
------------
$ 21,624,999
------------
Total Financial $163,700,438
------------
Healthcare - 9.8%
Biotechnology - 0.5%
150,000 Pharmacia Corp. $ 7,490,625
------------
Healthcare (Diversified) - 0.3%
100,000 Elan Corp. Plc (A.D.R.)* $ 4,287,500
------------
Healthcare (Drugs - Generic & Others) - 1.6%
250,000 Alza Corp.* $ 11,015,625
375,000 Mylan Laboratories Inc. 10,640,625
------------
$ 21,656,250
------------
Healthcare (Hospital Management) - 5.5%
1,750,000 Columbia/HCA Healthcare Corp. $ 49,765,624
1,625,000 Health Management Associates, Inc.* 25,898,438
------------
$ 75,664,062
------------
Healthcare (Managed Care) - 0.8%
150,000 Wellpoint Health Networks Inc.* $ 11,062,500
------------
Healthcare (Medical Products/Supplies) - 0.5%
250,000 Boston Scientific Corp.* $ 6,625,000
------------
Healthcare (Specialized Services) - 0.6%
263,000 Lincare Holdings Inc.* $ 8,021,500
------------
Total Healthcare $134,807,437
------------
Technology - 20.9%
Communications Equipment - 2.7%
200,000 ADC Telecommunications Inc.* $ 12,150,000
150,000 Alcatel Alsthom (A.D.R.) 6,815,625
600,000 Andrew Corp.* 17,662,500
------------
$ 36,628,125
------------
Computers (Hardware) - 5.2%
200,000 Gateway 2000 Inc.* $ 11,050,000
1,575,000 NCR Corp.* 60,834,375
------------
$ 71,884,375
------------
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Computers (Networking) - 0.6%
175,000 Lycos, Inc.* $ 8,137,500
------------
Computers (Peripherals) - 2.7%
225,000 Seagate Technology, Inc.* $ 11,432,813
1,350,000 Storage Technology Corp.* 17,550,000
175,000 Xircom, Inc.* 6,901,563
------------
$ 35,884,376
------------
Computers (Software & Services) - 0.5%
175,000 Synopsys, Inc.* $ 7,350,000
------------
Electronic (Semiconductors) - 1.0%
275,000 Adaptec Inc.* $ 7,425,000
50,000 Micron Technology, Inc.* 6,962,500
------------
$ 14,387,500
------------
Photography/Imaging - 4.3%
225,000 Eastman Kodak Co. $ 12,585,938
1,650,000 Imation Corp.* 46,303,124
------------
$ 58,889,062
------------
Services (Computer Systems) - 3.1%
200,000 Investment Technology Group, Inc. $ 7,500,000
725,000 Keane, Inc.* 20,934,375
400,000 SunGard Data System, Inc.* 13,825,000
------------
$ 42,259,375
------------
Services (Data Processing) - 0.8%
225,000 First Data Corp. $ 10,954,688
------------
Total Technology $286,375,001
------------
Transportation - 0.2%
Air Freight - 0.2%
75,000 CNF Transportation Inc. $ 2,095,313
------------
Total Transportation $ 2,095,313
------------
Utilities - 8.3%
Electric Companies - 5.6%
250,000 Allegheny Energy Inc. $ 7,593,750
600,000 Citizens Utilities Co. (Class B)* 9,637,500
550,000 CMS Energy Corp. 10,450,000
425,000 DPL, Inc. 9,881,250
200,000 DQE, Inc. 7,650,000
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Electric Companies - (continued)
300,000 DTE Energy Co. $ 9,787,500
200,000 Kansas City Power & Light Co. 5,137,500
380,000 NSTAR 16,743,750
--------------
$ 76,881,250
--------------
Natural Gas - 2.7%
450,000 El Paso Energy Corp. $ 19,125,000
416,000 KeySpan Energy Corp. 12,220,000
275,000 Questar Corp. 5,173,437
--------------
$ 36,518,437
--------------
Total Utilities $ 113,399,687
--------------
TOTAL COMMON STOCKS
(Cost $1,198,154,936) $1,318,006,337
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
TEMPORARY CASH INVESTMENTS - 3.8%
Commercial Paper - 3.8%
$27,036,000 Citicorp Inc., 5.95%, 5/02/00 $ 27,036,000
25,481,000 Household Finance Corp., 6.0%, 5/01/00 25,481,000
--------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $52,517,000) $ 52,517,000
--------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,250,671,936) $1,370,523,337
--------------
</TABLE>
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the outstanding
voting stock of such company.
(a) At April 30, 2000, the net unrealized gain on investments based on cost for
federal income tax purposes of $1,250,351,787 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $258,064,385
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (137,892,835)
------------
Net unrealized gain $120,171,550
------------
</TABLE>
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2000 aggregated $454,938,958 and $727,851,968,
respectively.
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
BALANCE SHEET 4/30/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investments of $52,517,000) (cost $1,250,671,936) $ 1,370,523,337
Cash 421
Receivables -
Investment securities sold 23,397,294
Fund shares sold 552,724
Dividends and interest 1,162,355
Other 1,114
---------------
Total assets $ 1,395,637,245
---------------
LIABILITIES:
Payables -
Investment securities purchased $ 10,030,935
Fund shares repurchased 2,839,834
Due to affiliates 1,868,424
Accrued expenses 165,358
Total liabilities $ 14,904,551
---------------
NET ASSETS:
Paid-in capital $ 1,236,927,369
Accumulated undistributed net investment income 4,248,162
Accumulated undistributed net realized gain on investments 19,705,762
Net unrealized gain on investments 119,851,401
---------------
Total net assets $ 1,380,732,694
---------------
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $993,572,602/51,956,251 shares) $ 19.12
---------------
Class B (based on $357,069,178/19,526,628 shares) $ 18.29
---------------
Class C (based on $26,421,715/1,450,182 shares) $ 18.22
---------------
Class Y (based on $3,669,199/191,279 shares) $ 19.18
---------------
MAXIMUM OFFERING PRICE:
Class A $ 20.29
---------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
--------------------------------------------------------------------------------
For the Six Months Ended 4/30/00
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Dividends $9,092,261
Interest 1,055,315
----------
Total investment income $ 10,147,576
------------
EXPENSES:
Management fees
Basic fee $4,753,911
Performance adjustment (721,245)
Transfer agent fees
Class A 1,585,637
Class B 718,897
Class C 61,881
Class Y 339
Distribution fees
Class A 1,283,766
Class B 1,911,228
Class C 142,772
Administrative fees 151,216
Custodian fees 63,904
Registration fees 43,038
Professional fees 30,927
Printing 75,135
Fees and expenses of nonaffiliated trustees 21,335
Miscellaneous 14,215
----------
Total expenses $ 10,136,956
Less fees paid indirectly (132,552)
------------
Net expenses $ 10,004,404
------------
Net investment income $ 143,172
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $ 22,927,757
Change in net unrealized gain on investments 112,485,818
------------
Net gain on investments $135,413,575
------------
Net increase in net assets resulting from operations $135,556,747
------------
</TABLE>
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Six Months Ended 4/30/00 and the Year Ended 10/31/99
<TABLE>
<CAPTION>
Six Months Ended Year
4/30/00 Ended
FROM OPERATIONS: (unaudited) 10/31/99
<S> <C> <C>
Net investment income $ 143,172 $ 2,489,727
Net realized gain on investments 22,927,757 201,617,649
Change in net unrealized gain or loss on investments 112,485,818 (29,027,037)
-------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 135,556,747 $ 175,080,339
-------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.00 and $0.02 per share, respectively) $ -- $ (1,273,056)
Class Y ($0.00 and $0.14 per share, respectively) -- (27,357)
Net realized gain:
Class A ($2.64 and $0.92 per share, respectively) (140,427,174) (61,159,129)
Class B ($2.64 and $0.92 per share, respectively) (56,102,297) (27,238,926)
Class C ($2.64 and $0.92 per share, respectively) (4,312,421) (2,416,140)
Class Y ($2.64 and $0.92 per share, respectively) (523,675) (184,005)
-------------- ---------------
Total distributions to shareholders $ (201,365,567) $ (92,298,613)
-------------- ---------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 149,041,434 $ 361,192,810
Reinvestment of distributions 176,881,605 81,257,270
Cost of shares repurchased (395,409,540) (945,632,719)
-------------- ---------------
Net decrease in net assets resulting from fund
share transactions $ (69,486,501) $ (503,182,639)
-------------- ---------------
Net decrease in net assets $ (135,295,321) $ (420,400,913)
NET ASSETS:
Beginning of period 1,516,028,015 1,936,428,928
-------------- ---------------
End of period (including accumulated undistributed net
investment income of $4,248,162 and $4,104,990,
respectively) $1,380,732,694 $1,516,028,015
-------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
'00 Shares '00 Amount
CLASS A (unaudited) (unaudited) '99 Shares '99 Amount
<S> <C> <C> <C> <C>
Shares sold 5,752,722 $107,000,980 13,114,186 $ 265,492,035
Reinvestment of distributions 7,094,650 127,987,583 3,185,587 57,882,157
Less shares repurchased (14,532,871) (266,494,008) (31,430,432) (625,536,208)
----------- ------------ ----------- -------------
Net decrease (1,685,499) $(31,505,445) (15,130,659) $(302,162,016)
----------- ------------ ----------- -------------
CLASS B
Shares sold 2,084,872 $ 37,173,405 3,959,590 $ 77,745,833
Reinvestment of distributions 2,642,465 45,741,072 1,230,800 21,748,246
Less shares repurchased (6,647,784) (116,500,619) (14,742,822) (281,730,159)
----------- ------------ ----------- -------------
Net decrease (1,920,447) $(33,586,142) (9,552,432) $(182,236,080)
----------- ------------ ----------- -------------
CLASS C
Shares sold 256,877 $ 4,476,926 872,665 $ 17,052,108
Reinvestment of distributions 152,333 2,629,275 80,289 1,415,505
Less shares repurchased (648,634) (11,363,164) (1,959,308) (37,039,840)
----------- ------------ ----------- -------------
Net decrease (239,424) $ (4,256,963) (1,006,354) $ (18,572,227)
----------- ------------ ----------- -------------
CLASS Y
Shares sold 21,146 $ 390,123 44,268 $ 902,834
Reinvestment of distributions 28,996 523,675 11,671 211,362
Less shares repurchased (58,521) (1,051,749) (65,741) (1,326,512)
----------- ------------ ----------- -------------
Net decrease (8,379) $ (137,951) (9,802) $ (212,316)
----------- ------------ ----------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended
(unaudited) 10/31/99
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 19.90 $ 19.02
-------- ----------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.12
Net realized and unrealized gain (loss) on investments 1.83 1.70
-------- ----------
Net increase (decrease) from investment operations $ 1.86 $ 1.82
Distributions to shareholders:
Net investment income - (0.02)
Net realized gain (2.64) (0.92)
-------- ----------
Net increase (decrease) in net asset value $ (0.78) $ 0.88
-------- ----------
Net asset value, end of period $ 19.12 $ 19.90
-------- ----------
Total return* 10.15% 10.02%
Ratio of net expenses to average net assets+ 1.17%** 1.18%
Ratio of net investment income to average net
assets+ 0.23%** 0.37%
Portfolio turnover rate 65%** 75%
Net assets, end of period (in thousands) $993,573 $1,067,562
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.15%** 1.16%
Net investment income 0.25%** 0.39%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
10/31/98 10/31/97 10/31/96 10/31/95
<S> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 23.23 $ 19.85 $ 19.42 $ 17.26
---------- ---------- ---------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.08 $ 0.15 $ 0.08 $ 0.08
Net realized and unrealized gain (loss) on investments (1.94) 4.17 2.31 3.03
---------- ---------- ---------- --------
Net increase (decrease) from investment operations $ (1.86) $ 4.32 $ 2.39 $ 3.11
Distributions to shareholders:
Net investment income (0.10) (0.06) (0.09) -
Net realized gain (2.25) (0.88) (1.87) (0.95)
---------- ---------- ---------- --------
Net increase (decrease) in net asset value $ (4.21) $ 3.38 $ 0.43 $ 2.16
---------- ---------- ---------- --------
Net asset value, end of period $ 19.02 $ 23.23 $ 19.85 $ 19.42
---------- ---------- ---------- --------
Total return* (8.74)% 22.67% 13.12% 19.32%
Ratio of net expenses to average net assets+ 1.08% 1.00% 1.02% 1.16%
Ratio of net investment income to average net
assets+ 0.33% 0.64% 0.43% 0.53%
Portfolio turnover rate 61% 63% 37% 59%
Net assets, end of period (in thousands) $1,308,335 $1,591,655 $1,299,611 $845,415
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.07% 0.98% 1.00% 1.14%
Net investment income 0.34% 0.66% 0.45% 0.55%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended
(unaudited) 10/31/99
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 19.22 $ 18.52
--------- --------
Increase (decrease) from investment operations:
Net investment loss $ (0.09) $ (0.18)
Net realized and unrealized gain (loss) on investments 1.80 1.80
--------- --------
Net increase (decrease) from investment operations $ 1.71 $ 1.62
Distributions to shareholders:
Net investment income - -
Net realized gain (2.64) (0.92)
--------- -------
Net decrease (increase) in net asset value $ (0.93) $ 0.70
--------- -------
Net asset value, end of period $ 18.29 $ 19.22
--------- --------
Total return* 9.69% 9.17%
Ratio of net expenses to average net assets+ 1.99%** 2.00%
Ratio of net investment loss to average net assets+ (0.58)%** (0.44)%
Portfolio turnover rate 65%** 75%
Net assets, end of period (in thousands) $ 357,069 $412,116
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.98%* * 1.99%
Net investment loss (0.57)%** (0.43)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
10/31/98 10/31/97 10/31/96 10/31/95
<S> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 22.73 $ 19.53 $ 19.20 $ 17.20
-------- -------- -------- --------
Increase (decrease) from investment operations:
Net investment loss $ (0.10) $ (0.02) $ (0.04) $ (0.01)
Net realized and unrealized gain (loss) on investments (1.86) 4.10 2.26 2.96
------- -------- -------- --------
Net increase (decrease) from investment operations $ (1.96) $ 4.08 $ 2.22 $ 2.95
Distributions to shareholders:
Net investment income - - (0.02) -
Net realized gain (2.25) (0.88) (1.87) (0.95)
------- -------- -------- --------
Net decrease (increase) in net asset value $ (4.21) $ 3.20 $ 0.33 $ 2.00
------- -------- -------- --------
Net asset value, end of period $ 18.52 $ 22.73 $ 19.53 $ 19.20
------- -------- -------- --------
Total return* (9.42)% 21.70% 12.27% 18.42%
Ratio of net expenses to average net assets+ 1.85% 1.76% 1.79% 1.93%
Ratio of net investment loss to average net assets+ (0.43)% (0.12)% (0.35)% ( 0.18%)
Portfolio turnover rate 61% 63% 37% 59%
Net assets, end of period (in thousands) $574,259 $745,258 $589,188 $311,672
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.84% 1.75% 1.78% 1.88%
Net investment loss (0.42)% (0.11)% (0.34)% (0.13)%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended Year Ended Year Ended 1/31/96 to
(unaudited) 10/31/99 10/31/98 10/31/97(a) 10/31/96
<S> <C> <C> <C> <C> <C>
CLASS C
Net asset value, beginning of period $ 19.16 $ 18.49 $ 22.69 $ 19.53 $ 18.69
-------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.12) $ (0.21) $ (0.09) $ (0.03) $ (0.02)
Net realized and unrealized gain (loss) on
investments 1.82 1.80 (1.86) 4.11 0.86
-------- ------- ------- ------- -------
Net increase (decrease) from investment operations $ 1.70 $ 1.59 $ (1.95) $ 4.08 $ 0.84
Distributions to shareholders:
Net investment income - - - (0.04) -
Net realized gain (2.64) (0.92) (2.25) (0.88) -
-------- ------- ------- ------- -------
Net decrease (increase) in net asset value $ (0.94) $ 0.67 $ (4.20) $ 3.16 $ 0.84
-------- ------- ------- ------- -------
Net asset value, end of period $ 18.22 $ 19.16 $ 18.49 $ 22.69 $ 19.53
-------- ------- ------- ------- -------
Total return* 9.65% 9.02% (9.38)% 21.74% 4.50%
Ratio of net expenses to average net assets+ 2.05%** 2.09% 1.84% 1.75% 1.79%**
Ratio of net investment loss to average net assets+ (0.64)%** (0.52)% (0.43)% (0.15)% (0.39)%**
Portfolio turnover rate 65%** 75% 61% 63% 37%
Net assets, end of period (in thousands) $ 26,422 $32,373 $49,842 $60,211 $27,202
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.03%** 2.07% 1.83% 1.73% 1.74%**
Net investment loss (0.62)%** (0.50)% (0.42)% (0.13)% (0.34)%**
</TABLE>
(a) The per share data presented above is based upon the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended 7/2/98 to
(unaudited) 10/31/99 10/31/98
<S> <C> <C> <C>
CLASS Y
Net asset value, beginning of period $ 19.91 $ 19.06 $ 23.00
------- ------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.08 $ 0.19 $ 0.04
Net realized and unrealized gain (loss) on
investments 1.83 1.72 (3.98)
------- ------- --------
Net increase (decrease) from investment
operations $ 1.91 $ 1.91 $ (3.94)
Distributions to shareholders:
Net investment income $ - $ (0.14) $ -
Net realized gain (2.64) (0.92) -
-------- -------- --------
Net increase (decrease) in net asset value $ (0.73) $ 0.85 $ (3.94)
-------- -------- --------
Net asset value, end of period $ 19.18 $ 19.91 $ 19.06
-------- -------- --------
Total return* 10.43% 10.54% (17.13)%
Ratio of net expenses to average net assets+ 0.63%** 0.66% 0.79%* *
Ratio of net investment income to average net
assets+ 0.77%** 0.88% 0.68%* *
Portfolio turnover rate 65%** 75% 61%
Net assets, end of period (in thousands) $ 3,669 $ 3,976 $ 3,993
Ratios assuming reduction for fees paid indirectly:
Net expenses 0.62%** 0.65% 0.78%* *
Net investment income 0.78%** 0.89% 0.69%* *
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 23
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Mid-Cap Value Fund (the Fund), formerly Pioneer Capital Growth Fund, is
a Delaware business trust 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 four classes of shares--Class A, Class B, Class C, and Class Y
shares. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has equal rights to voting, redemptions, dividends
and liquidation, except that the level of transfer agent and distribution fees
may differ among classes. Class A, Class B and Class C shareholders have
exclusive voting rights with respect to the distribution plan for each class.
There is no distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with generally
accepted accounting principles that require the management of the Fund to,
among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts
of revenues and expenses during the reporting periods. Actual results could
differ from those estimates. The following is a summary of significant
accounting policies consistently followed by the Fund, which are in conformity
with those generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value is
computed once daily, on each day the New York Stock Exchange is open, as of
the close of regular trading on the Exchange. In computing the net asset
value, securities are valued at the last sale price on the principal exchange
where they are traded. Securities that have not traded on the date of
valuation, or securities for which sale prices are not generally reported,
are valued at the mean between the last bid and asked prices. Securities for
which market quotations are not readily available are valued at their fair
values as determined by, or under the direction of, the Board of Trustees.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on the accrual basis. Temporary cash investments are valued at
amortized cost.
24
<PAGE>
Pioneer Mid-Cap Value Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes. It
is the Fund's practice first to select for sale those securities that have
the highest cost and also qualify for long-term capital gain or loss
treatment for tax purposes.
Settlements from litigation and class action suits are recognized when the
fund acquires an enforceable right to such awards. Included in net realized
gain from investments is $117,142 of class action settlements received by the
Fund during the six months ended April 30, 2000.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareholders. Therefore, no federal income tax provision is required.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with federal income tax rules.
Therefore, the source of the Fund's distributions may be shown in the
accompanying financial statements as either from or in excess of net
investment income or net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and an indirect wholly owned subsidiary of The Pioneer Group, Inc. (PGI),
earned $134,655 in underwriting commissions on the sale of fund shares during
the six months ended April 30, 2000.
D. Class Allocations
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, and Class C shares of the Fund,
respectively. Class Y shares are not subject to a distribution plan.
Shareholders of each class share all expenses and fees paid to the transfer
agent, Pioneering Services Corporation (PSC), for their services, which are
allocated based on number of accounts in each class and the ratable
allocation of related out-of-pocket expense (see Note 3). Income, common
expenses and realized and unrealized gains and losses are
25
<PAGE>
Pioneer Mid-Cap Value Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited) (cont.)
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calculated at the Fund level and allocated daily to each class of shares
based on the respective percentage of adjusted net assets at the beginning of
the day.
Distributions to shareholders are recorded as of the ex-dividend date.
Distributions paid by the Fund, if any, with respect to each class of shares
are calculated in the same manner, at the same time, on the same day and in
the same amount, except that Class A, Class B, Class C, and Class Y shares
bear different transfer agent and distribution fees.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser,
manages the Fund's portfolio and is a wholly owned subsidiary of PGI. PIM
receives a basic fee that is calculated at the annual rate of 0.70% of the
Fund's average daily net assets up to $500 million; 0.65% of the next $500
million, and 0.625% of the excess over $1 billion. Effective May 1, 1999, the
basic fee became subject to a performance adjustment up to a maximum of +/-
0.10% based on the Fund's investment performance as compared with the Lipper
Growth Funds Index. For the six months ended April 30, 2000 the aggregate
performance adjustment resulted in a reduction to the basic fee of $721,245.
The net management fee for the period was equivalent to an annualized rate of
0.56% of 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. At April 30, 2000, $663,188 was payable to PIM
related to management fees, administrative fees and certain other services.
3. Transfer Agent
PSC, a wholly owned subsidiary of PGI, provides substantially all transfer
agent and shareholder services to the Fund at negotiated rates. Included in due
to affiliates is $698,079 in transfer agent fees payable to PSC at April 30,
2000.
4. Distribution Plans
The Fund adopted Plans of Distribution with respect to Class A, Class B, and
Class C shares (Class A Plan, Class B Plan and Class C Plan) in accordance with
Rule 12b-1 of the Investment Company Act of 1940. Pursuant
26
<PAGE>
Pioneer Mid-Cap Value Fund
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--------------------------------------------------------------------------------
to the Class A Plan, the Fund pays PFD a service fee of up to 0.25% of the
average daily net assets attributable to Class A shares in reimbursement of its
actual expenditures to finance activities primarily intended to result in the
sale of Class A shares. Pursuant to the Class B Plan and the Class C Plan, the
Fund pays PFD 1.00% of the average daily net assets attributable to each class
of shares. The fee consists of a 0.25% service fee and a 0.75% distribution fee
paid as compensation for personal services and/or account maintenance services
or distribution services with regard to Class B and Class C shares. Included in
due to affiliates is $507,157 in distribution fees payable to PFD at April 30,
2000.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on certain net asset value purchases of Class A shares that are
redeemed within one year of purchase. Class B shares that are redeemed within
six years of purchase are subject to a CDSC at declining rates beginning at
4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%. Proceeds from the CDSCs are paid to PFD. For the six months ended
April 30, 2000, CDSCs in the amount of $1,171,285 were paid to PFD.
5. Expense Offsets
The Fund has entered into certain directed brokerage and expense offset
arrangements resulting in a reduction in the Fund's total expenses. For the six
months ended April 30, 2000, the Fund's expenses were reduced by $132,552 under
such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $50 million committed, unsecured
revolving line of credit facility. Borrowings are used solely for temporary or
emergency purposes. The Fund may borrow up to the lesser of $50 million or the
limits set by its prospectus for borrowings. Interest on collective borrowings
of up to $25 million is payable at the Federal Funds Rate plus 3/8% on an
annualized basis, or at the Federal Funds Rate plus 1/2% if the borrowing
exceeds $25 million at any one time. The Funds pay an annual commitment fee for
this facility. The commitment fee is allocated among such Funds based on their
respective borrowing limits. For the six months ended April 30, 2000, the Fund
had no borrowings under this agreement.
27
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Pioneer Mid-Cap Value Fund
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NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited) (cont.)
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7. Affiliated Companies
The Fund may invest in smaller capitalized company securities that tend to be
more sensitive to changes in earnings expectations and have lower trading
volumes than mid to large capitalized company securities, and as a result, they
may experience more abrupt and erratic price movements. The Fund's investment
in these smaller capitalized companies may exceed 5% of the outstanding voting
stock. Such companies are deemed affiliates of the Fund for financial reporting
purposes. The following summarizes transactions with affiliates of the Fund as
of April 30, 2000:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Dividend
Affiliates Purchases Sales Income Value
----------------------- ----------- ------- --------- -------------
<S> <C> <C> <C> <C>
Cole National Corp. $91,431 $ - $8,900 $5,516,875
------- ----- ------ ----------
</TABLE>
---------------------------------------------------------------------------
28
<PAGE>
Pioneer Mid-Cap Value Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
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Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice
Margaret B.W. Graham President
Marguerite A. Piret J. Rodman Wright, Vice President
David D. Tripple Eric W. Reckard, Treasurer
Stephen K. West Joseph P. Barri, Secretary
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
29
<PAGE>
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HOW TO CONTACT PIONEER
--------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
<TABLE>
<S> <C>
Account information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our Internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
</TABLE>
This report must be preceded or accompanied by a current
Fund prospectus.
Pioneer Investment Management, Inc. 8276-00-0600
60 State Street (c) Pioneer Funds Distributor, Inc.
Boston, Massachusetts 02109 [recycle logo] Printed on Recycled Paper
www.pioneerfunds.com
