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SIGNATURE ROBERT P. NAULT
TITLE ASST. SECRETARY
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<NET-CHANGE-FROM-OPS> 17310038
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16757)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38065
<NUMBER-OF-SHARES-REDEEMED> 36942
<SHARES-REINVESTED> 1186
<NET-CHANGE-IN-ASSETS> (9072)
<ACCUMULATED-NII-PRIOR> 263168
<ACCUMULATED-GAINS-PRIOR> 2063797
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 862324
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1701130
<AVERAGE-NET-ASSETS> 1256660
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.14
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PIONEER BALANCED FUND - SEMI-ANNUL N-SAR QUESTION 77 ATTACHMENTS
A. Pioneer Balanced Fund filed a definitive proxy statement on December 3,
1996. Please refer to the below Accession Number to incorporate with this N-SAR
filing. Accession Number : 0000069405-96-000025.
B. The results of this Proxy were stated in the N-30D filing, which was filed
with the SEC on March 3, 1997. This filing is also being filed as an attachment
to Question 77 on the Semi-annual N-SAR. For proxy results refer to Accession
No.: 0000069405-97-000011.
