<PAGE>
PIONEER GROWTH SHARES
DEAR FELLOW SHAREOWNERS,
Pioneer Growth Shares completed the first six months of its fiscal year on June
30, 1995. U.S. financial markets appreciated significantly during this time, in
many cases reaching historic levels. Your Fund benefited from the markets' rally
and delivered a solid six-month return.
HOW YOUR FUND PERFORMED
For the semiannual period ended June 30, 1995, we report the following results
for Pioneer Growth Shares' CLASS A SHARES:
- Net asset value per share increased to $10.20 on June 30, 1995, versus $8.85
six months earlier. The Fund's six-month total return was 15.25% based on net
asset value, and 8.63% based on maximum public offering price. The 15.25%
return, coupled with the Fund's performance from the final six months of 1994,
provided investors with an impressive one-year total return of 37.56% at net
asset value. The accompanying chart provides your Fund's longer-term results.
<TABLE>
------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(as of June 30, 1995)
<CAPTION>
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
---------------------------- ---------- ----------------
<S> <C> <C>
Life-of-Fund (5/17/68) 8.28% 8.04%
10 Years 13.83 13.16
5 Years 9.06 7.78
1 Year 37.56 29.62
------------------------------------------------------------
<FN>
---------------
* Reflects deduction of the maximum 5.75% sales charge at the beginning of the
period and assumes reinvestment of all distributions at net asset value.
Past performance does not guarantee future results. Return and share price
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
</FN>
</TABLE>
Pioneer Growth Shares introduced CLASS B SHARES to investors on April 28, 1995.
Since that time, Class B shares achieved the following results:
- Net asset value was $10.20 per share on June 30, versus its opening net asset
value of $9.68. Your Fund's total return for the abbreviated semiannual period
was 5.37% assuming shares were held throughout the period, and 1.37% assuming
shares were redeemed on June 30 and the maximum contingent deferred sales
charge of 4.0% was deducted.
FINANCIAL MARKETS REACHED RECORD HIGH LEVELS
Overall, stock prices flourished throughout much of the six-month period,
although some to a greater extent than others. The Dow Jones Industrial Average,
comprised of 30 large-capitalization stocks, gained 20.37%. The broader-based
Standard & Poor's 500 Index was close behind, gaining 20.15%. And the Russell
2000 Index, a measure of small-capitalization company stocks, returned 14.42%
for the period.
Much of the market's appreciation over the six months stemmed from low
inflation, modest economic growth and favorable interest rates. After a series
of increases in short-term interest rates, signs of a slowing economy began to
surface, sending long-term rates lower and creating a more optimistic climate
for investing. (The extent of the economic slowdown subsequently prompted the
Federal Reserve to lower the benchmark federal funds rate by 0.25 percentage
points on July 6.)
<PAGE>
HOW PIONEER MANAGED YOUR INVESTMENT
To pursue Pioneer Growth Shares' objective of long-term capital growth, your
management focuses on reasonably priced companies exhibiting the potential for
high growth. We specifically concentrate on profit margins, cash flow,
management ownership, and acceleration of earnings. What makes your Fund
different from other "growth" funds is that your management tends to avoid
companies that are expensive on a price-to-earnings basis. Instead, our research
focuses on buying companies before other investors discover them and drive up
their price. Over the short term, our approach may cause the Fund to lag the
general market (as it did in the first half of 1995), or may cause the Fund to
outpace the market (as was the case in the last half of 1994). Despite the
inevitable fluctuations, we expect our efforts to find growth at the right price
will lead to rewarding long-term results.
The technology sector was extremely popular with Wall Street during the period.
While performance varied, the overall industry experienced massive gains, due in
large part to the momentum and optimism from the overall market. Instead of
pursuing the most popular investments, many of which, in our view, became
overpriced, your management selected some companies that were not in the
spotlight. For example, we acquired Microtec Research, a technology company
involved in the rapidly growing embedded systems market. Despite solid long-term
fundamentals, the company fell out of favor with Wall Street due to some
short-term product issues. We also like Mentor Graphics, a maker of electronic
design automation systems, whose growth potential has gone unrecognized by the
market. We think the company has a good balance sheet, an impressive growth rate
and is reasonably priced. The Fund also holds Centennial Cellular. This year,
its stock price has come down, reflecting the recent lack of interest in the
cellular industry -- even well-run companies. We think Centennial Cellular's
decline was overdone, and we plan to maintain a position in this stock since we
believe its price will return to a more reasonable level.
The accompanying chart shows the various sectors represented in Pioneer Growth
Shares' portfolio.
PORTFOLIO DIVERSIFICATION
(Percentage of equity investments as of June 30, 1995)
Basic Industries 6%
Capital Goods 13%
Consumer Durables 1%
Consumer Non Durables 9%
Financials 12%
Services 17%
Technology 34%
Utilities 8%
Some of the Fund's strongest holdings over the past six months include Safeguard
Scientifics, a diversified technology holding company. We also have seen
impressive results from National Media, a leading provider of infomercials. An
overseas company recently added to your Fund, Samsung, has been a solid
performer. While we typically choose domestic stocks for the portfolio, Samsung
offered unusual value in the semiconductor industry, which we think has become
increasingly high-priced in the U.S. market.
As with any portfolio, some stocks perform better than others. While the
holdings mentioned helped your Fund's return, others lagged. For example, we
began to sell Amtech, a computer software company, when its stock price fell as
a result of internal management problems. While selling the stock at a loss
clearly worked against your Fund's performance, we think it made the most sense
given the fundamental change in the company.
Your Fund's cash position increased during the period as we sold stocks that
reached the target price we set for them. Because of the unusually high (and in
our opinion, often overvalued) prices in the stock market, it became more
difficult to uncover many reasonably priced opportunities. As a result, your
Fund's cash position stood at 12% at the end of the period. While we
2
<PAGE>
intend to be as fully invested as possible, and so expect the cash position to
decrease, we will not choose a stock until a thorough assessment shows it offers
real value.
LOOKING AHEAD
The stock market has moved substantially higher over the past few months,
providing sizable financial rewards to many investors despite a slowing economy,
weakening U.S. dollar and overseas conflicts. Moving forward, it is unclear just
how long this current "onward and upward" pace can be sustained. While optimism
about equity investing remains for now, a change in the economic climate or
corporate earnings could quickly alter the market's current course.
Your management prefers not to get caught up with speculating on the market's
next move, or other external trends. Instead, we concentrate on what we think
makes the most sense for your Fund -- identifying reasonably priced companies
that exhibit the potential for rapid growth. While investing in high-growth
securities inevitably entails some risk, we think our disciplined focus on
specific stocks can help minimize the Fund's volatility. We expect our thorough,
continuous research will provide shareowners with solid long-term results.
Please refer to the following pages for the Fund's Schedule of Investments and
financial statements as of June 30, 1995. If you have any questions about your
investment in Pioneer Growth Shares, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Thank you for your continued
support.
Respectfully,
[SIGNATURE]
John F. Cogan, Jr.
Chairman and President,
Pioneer Growth Shares
August 10, 1995
3
<PAGE>
PIONEER GROWTH SHARES
SCHEDULE OF INVESTMENTS
June 30, 1995
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
------------------------------------------------------------------------------------------------------------------
INVESTMENT IN SECURITIES -- 87.7%
COMMON STOCKS -- 87.5%
BASIC INDUSTRIES -- 5.0%
CHEMICALS -- 4.1%
205,300 Albemarle Corp........................................................................ $ 3,207,813
157,300 Crompton & Knowles Corp............................................................... 2,221,862
336,000 Uniroyal Technology Corp.*............................................................ 1,218,000
------------
$ 6,647,675
------------
METALS & MINING -- 0.9%
65,000 Ashanti Goldfields (G.D.R.)........................................................... $ 1,511,250
------------
TOTAL BASIC INDUSTRIES.................................................................. $ 8,158,925
------------
CAPITAL GOODS -- 11.8%
AGRICULTURAL -- 1.6%
71,100 Agco Corporation...................................................................... $ 2,666,250
------------
CONSTRUCTION & ENGINEERING -- 1.0%
128,500 Mastec, Inc.*......................................................................... $ 1,686,563
------------
PRODUCER GOODS -- 1.5%
99,600 Acme Cleveland Corp................................................................... $ 2,353,050
------------
TELECOMMUNICATIONS SERVICES & EQUIPMENT -- 7.7%
14,500 ACC Corp.............................................................................. $ 213,875
320,000 American Paging, Inc.*................................................................ 2,160,000
145,000 Centennial Cellular Corp.*............................................................ 2,428,750
180,000 ECI Telecommunications Ltd............................................................ 2,463,750
45,000 Nokia Corp. (Class A) (A.D.R.)*....................................................... 2,683,125
200,000 Peoples Telephone Co., Inc.*.......................................................... 837,500
128,000 Vertex Communication Corp.*........................................................... 1,760,000
------------
$ 12,547,000
------------
TOTAL CAPITAL GOODS..................................................................... $ 19,252,863
------------
CONSUMER DURABLES -- 0.4%
CONSUMER DURABLES -- 0.4%
98,400 Levitz Furniture, Inc.*............................................................... $ 688,800
------------
TOTAL CONSUMER DURABLES................................................................. $ 688,800
------------
CONSUMER NON-DURABLES -- 8.1%
HOME PRODUCTS -- 1.5%
154,500 Catalina Lighting, Inc.*.............................................................. $ 888,375
60,000 Duracraft Corp.*...................................................................... 1,605,000
------------
$ 2,493,375
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
PIONEER GROWTH SHARES
SCHEDULE OF INVESTMENTS
June 30, 1995 (Continued)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
------------------------------------------------------------------------------------------------------------------
RETAIL NON-FOOD -- 6.6%
32,000 Best Products Corp., Inc.*............................................................ $ 260,000
295,000 Campo Electronics, Appliances & Computers, Inc.*+..................................... 1,954,375
130,000 Cygne Designs, Inc.*.................................................................. 763,750
157,500 Galey & Lord*......................................................................... 2,185,313
70,000 Luxotica Group Spa. (A.D.R.).......................................................... 2,598,750
106,700 Maybelline, Inc....................................................................... 2,187,350
25,000 Toys 'R' Us, Inc.*.................................................................... 731,250
------------
$ 10,680,788
------------
TOTAL CONSUMER NON-DURABLES............................................................. $ 13,174,163
------------
FINANCIAL -- 10.9%
INSURANCE -- GENERAL -- 2.6%
135,500 Capital Guaranty Corp................................................................. $ 2,439,000
97,500 Mid Atlantic Medical Services, Inc.*.................................................. 1,803,750
------------
$ 4,242,750
------------
COMMERCIAL BANKS & SAVINGS & LOAN -- 5.0%
151,200 First Republic Bancorp, Inc.*......................................................... $ 1,927,800
40,000 First Union Corp. (N.C.).............................................................. 1,810,000
60,000 Mellon Bank Corp...................................................................... 2,497,500
91,200 New York Bankcorp, Inc................................................................ 1,812,600
------------
$ 8,047,900
------------
FINANCE -- MISCELLANEOUS -- 3.3%
60,000 Student Loan Marketing Association.................................................... $ 2,812,500
27,000 Federal National Mortgage Association................................................. 2,548,125
------------
$ 5,360,625
------------
TOTAL FINANCIAL......................................................................... $ 17,651,275
------------
SERVICES -- 14.8%
BROADCASTING & MEDIA -- 6.3%
112,200 Carmike Cinemas, Inc. (Class A)*...................................................... $ 2,720,850
99,435 Gaylord Entertainment Co. (Class A)................................................... 2,510,734
366,300 National Media*....................................................................... 3,434,062
10,000 Telemundo Group, Inc. (Class A)*...................................................... 147,500
31,827 Viacom, Inc. (Class B)*............................................................... 1,475,977
------------
$ 10,289,123
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
PIONEER GROWTH SHARES
SCHEDULE OF INVESTMENTS
June 30, 1995 (Continued)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
------------------------------------------------------------------------------------------------------------------
HEALTH SERVICES & PERSONAL CARE -- 4.4%
45,000 Healthdyne, Inc.*..................................................................... $ 191,250
28,970 Healthdyne Technologies, Inc.*........................................................ 296,942
146,000 Healthsouth Corp.*.................................................................... 2,536,750
74,000 Lincare Holdings, Inc.*............................................................... 1,965,625
80,000 Physician Reliance Network*........................................................... 1,560,000
30,000 Summit Care Corp.*.................................................................... 547,500
------------
$ 7,098,067
------------
PHARMACEUTICALS -- 2.1%
360,300 Argus Pharmaceuticals, Inc.*.......................................................... $ 855,713
154,500 Immulogic Pharmaceutical Corp.*....................................................... 1,216,688
154,550 Ligand Pharmaceutical, Inc. (Class B)*................................................ 1,275,037
------------
$ 3,347,438
------------
MISCELLANEOUS SERVICES -- 2.0%
103,700 Service Corporation International..................................................... $ 3,279,512
------------
TOTAL SERVICES.......................................................................... $ 24,014,140
------------
TECHNOLOGY -- 30.1%
COMPUTER COMMUNICATION EQUIPMENT -- 2.3%
130,000 Symantec Corp. *...................................................................... $ 3,753,750
------------
COMPUTERS -- 8.8%
70,000 Adaptec, Inc.*........................................................................ $ 2,590,000
217,600 Amtech Corp........................................................................... 1,332,800
40,000 Chipcom Corp.*........................................................................ 950,000
55,000 Compaq Computer Corp.*................................................................ 2,495,625
37,000 Eicon Technology Corp.*............................................................... 393,889
50,000 Norand Corp.*......................................................................... 2,037,500
106,200 Safeguard Scientific, Inc.*........................................................... 4,407,300
------------
$ 14,207,114
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
PIONEER GROWTH SHARES
SCHEDULE OF INVESTMENTS
June 30, 1995 (Continued)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE/SERVICES -- 7.6%
807,500 Canmax, Inc.*......................................................................... $ 807,500
25,000 Cisco System, Inc.*................................................................... 1,264,063
20,000 Compuware Corp.*...................................................................... 615,000
2,500 Datalogix International, Inc.*........................................................ 60,937
24,000 HNC Software*......................................................................... 510,000
252,500 Meridian Data, Inc.*.................................................................. 1,388,750
171,900 Micom Communications Corp.*........................................................... 1,117,350
230,000 Microtec Research, Inc.*.............................................................. 1,782,500
82,500 SoftKey International, Inc. *......................................................... 2,629,688
12,500 SPS Transaction Services Corp.*....................................................... 432,812
80,000 System Software Associates Inc........................................................ 1,600,000
10,000 USDATA Corporation++.................................................................. 198,750
------------
$ 12,407,350
------------
ELECTRONICS -- 11.4%
168,000 AFC Cable Systems*.................................................................... $ 3,276,000
45,000 Cypress Semiconductors*............................................................... 1,822,500
20,000 Hewlett Packard Co.................................................................... 1,490,000
25,000 Intel Corp............................................................................ 1,582,812
109,400 Leitch Technology Corp.*.............................................................. 1,791,746
160,000 Mentor Graphics Corp.*................................................................ 2,760,000
25,000 Motorola, Inc......................................................................... 1,678,125
38,000 Samsung Electronics (G.D.S.)*......................................................... 2,023,500
60,000 Vishay Intertechnology, Inc.*......................................................... 2,167,500
------------
$ 18,592,183
------------
TOTAL TECHNOLOGY........................................................................ $ 48,960,397
------------
UTILITIES -- 6.4%
TELECOMMUNICATIONS -- 1.7%
135,000 Pronet, Inc.*......................................................................... $ 2,767,500
------------
ELECTRIC -- 1.3%
120,000 SCEcorp............................................................................... $ 2,055,000
------------
OIL/GAS -- 3.4%
45,000 Diamond Shamrock...................................................................... $ 1,158,750
66,800 Ultramar Corp......................................................................... 1,686,700
140,900 YPF S.A............................................................................... 2,659,488
------------
$ 5,504,938
------------
TOTAL UTILITIES....................................................................... $ 10,327,438
------------
TOTAL COMMON STOCK (Cost $129,022,176)................................................ $142,228,001
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
PIONEER GROWTH SHARES
SCHEDULE OF INVESTMENTS
June 30, 1995 (Continued)
<TABLE>
<CAPTION>
Shares Value
<C> <S> <C>
------------------------------------------------------------------------------------------------------------------
RIGHTS -- 0.2%
26,550 USDATA Corporation.................................................................... $ 394,931
------------
TOTAL RIGHTS/WARRANTS (Cost: $13,124)................................................. $ 394,931
------------
TOTAL INVESTMENT IN SECURITIES (Cost $129,035,300)(a)................................. $142,622,932
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
-----------
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- 12.3%
COMMERCIAL PAPER -- 12.3%
$4,853,000 Ford Motor Credit Co., 5.92%, 7/3/95.................................................. $ 4,855,396
6,071,000 Chevron Oil Finance Co., 5.75%, 7/5/95................................................ 6,072,941
5,000,000 Prudential Funding Corp., 5.82%, 7/5/95............................................... 5,001,618
4,079,000 American Express Credit Corp., 6.00%, 7/6/95.......................................... 4,079,681
------------
TOTAL TEMPORARY CASH INVESTMENTS (Cost $20,003,000)................................... $ 20,009,636
------------
TOTAL INVESTMENT IN SECURITIES AND TEMPORARY CASH INVESTMENTS
(Cost $149,038,300)................................................................... $162,632,568
============
<FN>
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the outstanding
voting stock of such company (see Note 5).
++ When-issued security.
</FN>
</TABLE>
<TABLE>
(a) At June 30, 1995, the net unrealized appreciation on investments based on
cost for federal income tax purposes of $129,559,426 was as follows:
<S> <C>
Aggregate gross unrealized appreciation for all investments in which there is an excess of
value over tax cost......................................................................... $ 19,944,689
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax
cost over value............................................................................. (6,881,183)
------------
Net unrealized appreciation................................................................... $ 13,063,506
============
</TABLE>
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended June 30, 1995 aggregated $136,443,553 and $134,713,463,
respectively.
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
<TABLE>
PIONEER GROWTH SHARES
BALANCE SHEET
June 30, 1995
<S> <C>
ASSETS:
Investment in securities, at value
(including temporary cash investments of
$20,009,636) (cost $149,038,300; see
Schedule of Investments and Note 1)..... $162,632,568
Receivables -
Investment securities sold.............. 7,209,666
Trust shares sold....................... 464,839
Dividends............................... 43,765
Other..................................... 7,613
------------
Total assets.......................... $170,358,451
------------
LIABILITIES:
Payables -
Investment securities purchased......... $ 3,959,000
Trust shares repurchased................ 837,327
Due to bank............................. 1,554,306
Accrued expenses -
Management fees (Note 2)................ 8,799
Other (Notes 2, 3, and 4)............... 256,289
------------
Total liabilities..................... $ 6,615,721
------------
NET ASSETS:
Paid-in capital (Note 1).................. $137,432,768
Accumulated undistributed net investment
income.................................. 54,307
Accumulated net realized gain on
investments............................. 12,668,023
Net unrealized gain on investments........ 13,587,632
------------
Total net assets...................... $163,742,730
============
NET ASSET VALUE PER SHARE:
Class A - (based on $162,319,922/
15,906,341 shares of beneficial interest
outstanding - unlimited number of shares
authorized)............................. $ 10.20
============
Class B - (based on $1,422,808/139,445
shares of beneficial interest
outstanding - unlimited number of shares
authorized)............................. $ 10.20
============
MAXIMUM OFFERING PRICE:
Class A................................... $ 10.82
============
</TABLE>
PIONEER GROWTH SHARES
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Dividends................................ $ 508,512
Interest................................. 534,620
-----------
Total investment income:............... $ 1,043,132
-----------
EXPENSES:
Management fees (Note 2)................. $ 366,692
Transfer agent fees (Note 3)
Class A................................ 263,185
Class B................................ 126
Distribution fees (Note 4)
Class A................................ 185,582
Class B................................ 953
Registration fees........................ 27,483
Custodian fees........................... 21,720
Professional fees........................ 45,049
Accounting (Note 2)...................... 39,016
Printing................................. 13,797
Fees and expenses of nonaffiliated
trustees............................... 13,425
Miscellaneous............................ 11,797
-----------
Total expenses......................... $ 988,825
-----------
Net investment income................ $ 54,307
-----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investments......... $12,681,302
Increase in net unrealized gain on
investments............................ 8,516,105
-----------
Net gain on investments................ $21,197,407
-----------
Net increase in net assets resulting
from operations.................... $21,251,714
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
<TABLE>
PIONEER GROWTH SHARES
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 1995 and the Year Ended December 31, 1994
<CAPTION>
Six Months Ended Year Ended
June 30, 1995 December 31, 1994
---------------- ------------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income (loss)................................................... $ 54,307 $ (667,105)
Net realized gain on investments............................................... 12,681,302 35,749,924
Increase (decrease) in net unrealized gain on investments...................... 8,516,105 (38,345,452)
------------ ------------
Net increase (decrease) in net assets resulting from operations.............. $ 21,251,714 $ (3,262,633)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gain on investment transactions
Class A ($0.00 and $3.32 per share, respectively)............................ $ -- $(35,944,529)
In excess of net realized gain on investments
Class A ($0.00 and $0.00 per share, respectively)............................ -- (13,279)
From paid-in capital
Class A ($0.00 and $0.00 per share, respectively)............................ -- (68,570)
------------ ------------
Decrease in net assets resulting from distributions to shareholders.......... $ -- $(36,026,378)
------------ ------------
FROM TRUST SHARE TRANSACTIONS:
Net proceeds from sale of shares............................................... $103,849,461 $ 78,254,892
Net asset value of shares issued to shareholders in reinvestment of capital
gains........................................................................ 3,729 35,592,494
Cost of shares repurchased..................................................... (93,837,936) (76,628,846)
------------ ------------
Increase in net assets resulting from trust share transactions............... $ 10,015,254 $ 37,218,540
------------ ------------
Net increase (decrease) in net assets........................................ $ 31,266,968 $ (2,070,471)
NET ASSETS:
Beginning of period............................................................ 132,475,762 134,546,233
------------ ------------
End of period (including undistributed net investment income of $54,307 and $0,
respectively)................................................................ $163,742,730 $132,475,762
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
PIONEER GROWTH SHARES
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 1995 and the Year Ended December 31, 1994
(Continued)
<CAPTION>
Period ended Year Ended
June 30, 1995 December 31, 1994
-------------------------- -------------------------------------
Shares Amount Shares Amount
---------- ------------ ---------------- -----------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold........................................ 10,731,630 $102,427,344 6,842,309 $ 78,254,892
Shares issued to shareholders in reinvestment of
distributions.................................... 436 3,729 4,152,601 35,592,494
Less shares repurchased............................ (9,790,689) (93,811,252) (6,692,293) (76,628,846)
---------- ------------ ------------- ------------
Net increase..................................... 941,377 $ 8,619,821 4,302,617 $ 37,218,540
=========== ============= ============= ============
CLASS B*
Shares sold........................................ 142,107 $ 1,422,117
Less shares repurchased............................ (2,662) (26,684)
---------- ------------
Net increase..................................... 139,445 $ 1,395,433
=========== =============
<FN>
* Class B shares were first publicly offered on April 28, 1995.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
PIONEER GROWTH SHARES
FINANCIAL HIGHLIGHTS -- SELECTED DATA FOR A SHARE OUTSTANDING
For the Periods Presented
<TABLE>
<CAPTION>
Six
Months
Ended For the Years Ended December 31,
June 30, -------------------------------------------------------------------------------------
1995 1994 1993+ 1992 1991 1990 1989 1988 1987 1986 1985
------- ---- ----- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
Net asset value,
beginning of period....... $ 8.85 $ 12.62 $ 12.42 $ 12.27 $ 7.57 $ 8.95 $ 7.39 $ 6.27 $ 7.09 $ 6.56 $ 5.41
------ ------- ------- ------- ------ ------ ------ ------ ------ ------ -------
Increase (decrease) from
investment operations:
Netinvestment income
(loss).................... $ 0.00 $ (0.06) $ (0.07) $ 0.00 $ 0.02 $ 0.08 $ 0.08 $ 0.06 $ 0.07 $ 0.10 $ 0.10
Net realized and unrealized
gain (loss) on
investments.............. 1.35 (0.38) 1.10 0.15 4.70 (0.83) 2.37 1.37 (0.31) 0.95 1.46
------ ------- ------- ------- ------ ------ ------ ------ ------ ------ -------
Total increase (decrease)
from investment
operations............... $ 1.35 $ (0.44) $ 1.03 $ 0.15 $ 4.72 $(0.75) $ 2.45 $ 1.43 $(0.24) $ 1.05 $ 1.56
Distributions to shareholders:
From net investment
income................... -- -- -- -- -- (0.08) (0.08) (0.06) (0.07) (0.10) (0.11)
From net realized gain.... -- (3.32) (0.83) -- -- (0.55) (0.81) (0.25) (0.51) (0.42) (0.30)
In excess of net investment
income................... -- -- -- -- (0.02) -- -- -- -- -- --
From paid-in-capital...... -- (0.01) -- -- -- -- -- -- -- -- --
------ ------- ------- ------- ------ ------ ------ ------ ------ ------ -------
Net increase (decrease) in
net asset value........... $ 1.35 $ (3.77) $ 0.20 $ 0.15 $ 4.70 $(1.38) $ 1.56 $ 1.12 $(0.82) $ 0.53 $ 1.15
------ ------- ------- ------- ------ ------ ------ ------ ------ ------ -------
Net asset value,
end of period
(in thousands)............ $10.20 $ 8.85 $ 12.62 $ 12.42 $12.27 $ 7.57 $ 8.95 $ 7.39 $ 6.27 $ 7.09 $ 6.56
====== ======= ======= ======= ====== ====== ====== ====== ====== ====== =======
Total return*.............. 15.25% (2.60)% 8.52% 1.22% 62.37% (8.37)% 33.63% 3.01% (3.44)% 15.83% 28.89%
Ratio of net operating
expenses to average
net assets................ 1.33%** 1.46% 1.20% 1.15% 1.22% 1.29% 1.11% 1.24% 1.11% 1.11% 1.25%
Ratio of net investment income
(loss) to average net
assets.................... 0.07%** (0.53)% (0.60)% 0.00% 0.14% 0.89% 0.91% 0.88% 0.82% 1.28% 1.63%
Portfolio turnover
rate...................... 206%** 161% 29% 25% 27% 44% 58% 48% 51% 45% 110%
Net assets, end of period
(in thousands)............ $162,320 $132,476 $134,546 $120,847 $91,464 $52,322 $48,904 $39,231 $36,578 $32,953 $22,441
Ratios assuming no waiver of
fees or assumption of
expenses-
Net operating expenses... -- -- 1.21% .25% 1.28% -- -- -- -- -- --
Net investment income
(loss)................... -- -- (0.62)% 0.10% 0.08% -- -- -- -- -- --
<FN>
+ Prior to the assumption of the management agreement on December 1, 1993 by
Pioneering Management Corporation, the Fund was advised by Mutual of Omaha
Fund Management Company.
* 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.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
<TABLE>
PIONEER GROWTH SHARES
FINANCIAL HIGHLIGHTS -- SELECTED DATA FOR A SHARE OUTSTANDING
For the Periods Presented (Continued)
<CAPTION>
April 28, 1995
to
June 30, 1995
---------------
CLASS B***
<S> <C>
Net asset value, beginning of period............... $ 9.68
-------
Increase from investment operations:
Net investment income............................ $ --
Net realized and unrealized gain on
investments.................................... 0.52
-------
Total increase from investment operations...... $ 0.52
Distributions to shareholders...................... --
-------
Net increase in net asset value.................. $ 0.52
-------
Net asset value, end of period................... $ 10.20
=======
Total return*...................................... 5.37%
Ratio of net operating expenses to average net
assets........................................... 1.49%**
Ratio of net investment income to average net
assets........................................... 0.07%**
Portfolio turnover rate............................ 206%**
Net assets, end of period (in thousands)........... $ 1,423
<FN>
* 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.
*** Class B shares were first publicly offered on April 28, 1995.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
PIONEER GROWTH SHARES
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
1. Pioneer Growth Shares (the Fund) is registered under the Investment Company
Act of 1940 as a diversified, open-end management company. On December 1, 1993,
Mutual of Omaha Fund Management Company (FMC) was sold to The Pioneer Group,
Inc. (PGI). Concurrent with the sale of FMC to PGI, the Fund shareholders
approved a new investment management agreement with Pioneering Management
Corporation (PMC), a wholly owned subsidiary of PGI.
The Board of Trustees authorized the issuance of two share classes of the
Fund, designated as Class A and Class B shares. Class B shares were publicly
offered on April 28, 1995. Shares issued and outstanding prior to April 28, 1995
were designated as Class A shares. The shares of each class represent an
interest in the same portfolio of investments of the Fund and have equal rights
to voting, redemptions, dividends and liquidations, except that each class of
shares can bear different transfer agent and distribution fees and have
exclusive voting rights with respect to the distribution plans that have been
adopted by holders of Class A and Class B shares, respectively.
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 on the date the
securities are purchased or sold. 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. Temporary
cash investments are stated at cost plus accrued interest, which approximates
market value. Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis.
Gains and losses from 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.
B. Federal 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 investment income and net realized capital gains, if
any, to its shareholders. Therefore, no federal tax provisions are required.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with 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 capital, depending on the type of
book/tax differences that may exist.
C. Trust Shares -- The Fund records sales and repurchases of its trust shares
on the trade date. Net losses, if any, as a result of cancellations, are
absorbed by Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for
the Fund and wholly owned subsidiary of PGI. PFD earned $65,979 in underwriting
commissions on the sale of Fund shares during the six months ended June 30,
1995. Dividends and distributions to shareholders are recorded as of the
ex-dividend date.
D. Class Allocations -- Distribution expenses are calculated based on the
average daily net asset value attributable to Class A and Class B shares of the
Fund, respectively. Shareholders of Class A and Class B share all expenses and
fees paid to the service organization, Pioneering Services Corporation (PSC),
for their services, which are allocated based on the number of accounts in each
class and the ratable allocation of related out-
14
<PAGE>
PIONEER GROWTH SHARES
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Continued)
of-pocket expenses (see Note 3). Income, common expenses and realized and
unrealized gains (losses) are 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.
2. PMC is the Fund's investment adviser, manages the Fund and is a wholly owned
subsidiary of PGI. Management fees are calculated at the annual rate of 0.50% of
the Fund's average daily net assets up to $250,000,000, 0.48% of such assets
between $250,000,000 and $300,000,000 and 0.45% of such assets in excess of
$300,000,000.
PMC has agreed that until December 1, 1995, its fee shall not exceed the fee
that would have been payable under the prior management contracts with FMC.
Management fees under the prior management contract with FMC were calculated at
the annual rates set forth below as a percentage of average daily net assets.
<TABLE>
<CAPTION>
Net Assets Annual Fee
---------- ----------
<S> <C>
For assets up to $100,000,000................. .50%
For assets in excess of $100,000,000 to
$200,000,000................................ .48%
For assets in excess of $200,000,000 to
$300,000,000................................ .46%
For assets in excess of $300,000,000 to
$400,000,000................................ .44%
For assets in excess of $400,000,000 to
$500,000,000................................ .42%
Over $500,000,000............................. .40%
</TABLE>
In addition, under the management agreement, certain other services and costs,
including accounting, regulatory reporting and insurance premiums are paid by
the Fund. Included in Accrued expenses--Other is $7,153 in accounting fees
payable to PMC at June 30, 1995.
3. PSC, a wholly owned subsidiary of PGI, provides substantially all transfer
agent and shareholder services to the Fund, at negotiated rates. Included in
Accrued expenses--Other is $71,084 in transfer agent fees payable to PSC at June
30, 1995.
4. The Fund has adopted a Plan of Distribution for both Class A shares (Class A
Plan) and Class B shares (Class B Plan) in accordance with Rule 12b-1 under the
Investment Company Act of 1940, pursuant to which certain distribution fees are
paid to PFD.
Pursuant to the Class A Plan, the Fund reimburses PFD for its actual
expenditures to finance any activity primarily intended to result in the sale of
Class A shares or to provide services to holders of Class A shares.
Reimbursement for such expenditures, if any, may not exceed 0.25% of the Fund's
average daily net assets attributable to Class A shares. The Class B Plan
provides that the Fund may pay a distribution fee at an annual rate of 0.75% of
the Fund's average daily net assets attributable to Class B shares and may pay
PFD a service fee at the annual rate of 0.25% of the Fund's average daily net
assets attributable to Class B shares. Included in Accrued expenses--Other is
$99,620 in distribution fees payable to PFD at June 30, 1995.
Class B shares that are redeemed within six years of purchase are subject to a
contingent deferred sales charge (CDSC) at declining rates beginning at 4.0% of
the lesser of the current market value at the time of redemption or the original
purchase cost of the shares being redeemed. Proceeds from the CDSC are paid to
PFD. For the six months ended June 30, 1995, no CDSC was paid to PFD.
15
<PAGE>
PIONEER GROWTH SHARES
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Continued)
<TABLE>
5. The Fund's investment in certain 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 June 30, 1995:
<CAPTION>
Dividend
Affiliates Purchases Sales Income Value
---------- --------- ----- -------- -----
<S> <C> <C> <C> <C>
Campo
Electronics
Appliances &
Computers,
Inc.*........ $649,375 $523,125 $ -- $1,954,375
-------- -------- ----- ----------
$649,375 $523,125 $ -- $1,954,375
======== ======== ===== ==========
<FN>
* Non-income producing security.
</FN>
</TABLE>
16
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER GROWTH SHARES:
We have audited the accompanying balance sheet of Pioneer Growth Shares (a
Delaware business trust), including the schedule of investments, as of June 30,
1995, and the related statement of operations, statements of changes in net
assets and financial highlights for the six months ended June 30, 1995 and the
year ended December 31, 1994. 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 financial highlights for each of the nine years ended
December 31, 1993 were audited by other auditors whose report dated February 22,
1994 expressed an unqualified opinion.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1995 by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. 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 Growth Shares as of June 30, 1995, the results of its operations and the
changes in its net assets for the periods presented and financial highlights for
the six months ended June 30, 1995 and the year ended December 31, 1994, in
conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
July 28, 1995
17
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
PIONEER GROWTH SHARES [LOGO]
60 State Street
Boston, MA 02109
OFFICERS TRUSTEES
JOHN F. COGAN, JR. JOHN F. COGAN, JR.
Chairman and President RICHARD H. EGDAHL, M.D.
DAVID D. TRIPPLE MARGARET B. W. GRAHAM PIONEER
Executive Vice President JOHN W. KENDRICK GROWTH
WARREN J. ISABELLE MARGUERITE A. PIRET SHARES
Vice President DAVID D. TRIPPLE
WILLIAM H. KEOUGH STEPHEN K. WEST
Treasurer JOHN WINTHROP
JOSEPH P. BARRI
Secretary
SEMIANNUAL REPORT
JUNE 30, 1995
INVESTMENT ADVISER LEGAL COUNSEL
PIONEERING MANAGEMENT HALE AND DORR
CORPORATION
PRINCIPAL UNDERWRITER SHAREHOLDER
PIONEER FUNDS SERVICES AND
DISTRIBUTOR, INC. TRANSFER AGENT
PIONEERING SERVICES
CUSTODIAN CORPORATION
BROWN BROTHERS 60 State Street
HARRIMAN & CO Boston, Massachusetts
02109
INDEPENDENT PUBLIC
ACCOUNTANTS
ARTHUR ANDERSEN LLP
</TABLE>
--------------------------------------------------------
<TABLE>
<S> <C>
Please call Pioneer for information on:
Existing accounts, new accounts, prospectuses,
applications, and service forms............1-800-225-6292
Fund yields and prices.....................1-800-225-4321
Toll-free fax..............................1-800-225-4240
Retirement plans...........................1-800-622-0176
Telecommunications Device for the Deaf
(TDD)......................................1-800-225-1997
</TABLE>
--------------------------------------------------------
When distributed to persons who are not shareowners of the
Fund, this report must be accompanied by an official
prospectus, which discusses the objectives, policies and
other information concerning the Fund.
0895-2632
(C)Pioneer Funds Distributor, Inc.
