<PAGE>
[PIONEER LOGO]
PIONEER
FUND
-------------------------
SEMIANNUAL REPORT 6/30/00
-------------------------
<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 19
Notes to Financial Statements 27
Retirement Plans from Pioneer 32
Programs and Services for Pioneer Shareowners 34
Trustees, Officers and Service Providers 36
</TABLE>
<PAGE>
PIONEER FUND
--------------------------------
LETTER FROM THE CHAIRMAN 6/30/00
--------------------------------
DEAR SHAREOWNER,
---------------------------------------------------------------------------
For over a year, the Federal Reserve has been trying to suppress
inflationary pressures and restrain economic growth in the U.S. by
raising short-term interest rates. Because they represent increased
costs, higher interest rates cut into corporate profits.
With the possibility of a slowing economy and an uncertain profit
outlook overhanging the stock market, investors shifted from sector
to sector in the first half of 2000 looking for attractive
opportunities. Heightened stock market volatility was the result.
Bonds also lost luster, because existing, lower-paying issues could
not compete with the higher rates that now prevail. By summer, we
began to see evidence that the Fed's tactics were having some impact,
as key statistics hinted at a contraction of the economy's growth
rate.
Volatile markets should not sidetrack your plans for dealing with
your essential financial goals. Whatever your long-range needs may
be - money for a child's education, funding a comfortable retirement,
or some other cherished objective - those needs remain in place no
matter what the market may do this week or next month. For that
reason, it makes sense to focus your investment strategy beyond
interim ups and downs.
Mid-year is a good time to talk to your financial representative to
review what has been happening and to make sure your strategy is
intact. Part of that discussion should be devoted to your portfolio's
diversification. Do you have a blend of stocks and bonds that you are
comfortable with and that can help you meet your goals? Or is it time
to make adjustments? Be sure to include your IRAs and other
retirement vehicles when you evaluate your overall portfolio.
I hope you will take time to read the following discussion with John
Carey, the portfolio manager of Pioneer Fund. It's an excellent way
to understand the Fund's performance during the past six months and
to learn what the manager's expectations are for the months ahead. If
you have questions or would like more information about your Fund,
visit our web site at www.pioneerfunds.com.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
PIONEER FUND
--------------------------------------------
PORTFOLIO SUMMARY 6/30/00
--------------------------------------------
PORTFOLIO DIVERSIFICATION
---------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[PIE CHART]
Short-Term Cash Equivalents 1%
International Common Stocks 2%
Depositary Receipts for International Stocks 4%
U.S. Common Stocks 93%
SECTOR DISTRIBUTION
---------------------------------------------------------------------------
(As a percentage of equity holdings)
[PIE CHART]
Other 3%
Basic Materials 3%
Capital Goods 3%
Energy 6%
Communications Services 11%
Healthcare 12%
Consumer Staples 12%
Consumer Cyclicals 12%
Financial 15%
Technology 23%
10 LARGEST HOLDINGS
---------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<C> <S> <C> <C> <C> <C>
1. Schering-Plough Corp. 3.33% 6. U.S. West Communications 1.97%
Group, Inc.
2. Intel Corp. 2.54 7. Hewlett-Packard Co. 1.84
3. SBC Communications, Inc. 2.52 8. BellSouth Corp. 1.58
4. Texas Instruments, Inc. 2.46 9. Motorola Inc. 1.54
5. IBM Corp. 2.38 10. Exxon Mobil Corp. 1.53
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
PIONEER FUND
-----------------------------------------------------------------------
PERFORMANCE UPDATE 6/30/00 CLASS A SHARES
-----------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 06/30/00 12/31/99
<S> <C> <C> <C>
$49.34 $47.60
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/99 - 6/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
$0.080 - -
</TABLE>
INVESTMENT RETURNS
-----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000
investment made in Pioneer Fund at public offering price, compared to
the growth of the Standard & Poor's 500 Index and the Lipper Growth &
Income Funds Index.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 LIPPER GROWTH & INCOME
PIONEER FUND* INDEX FUNDS INDEX
------------- --------------------- ----------------------
<S> <C> <C> <C>
6/90 9425 10000 10000
6/91 9780 10738 10589
11120 12174 12009
12808 13825 13973
6/94 13323 14025 14521
15631 17673 17350
18649 22253 21148
6/97 24968 29960 27281
32929 38980 33320
40664 47826 37836
6/00 44197 51279 37599
</TABLE>
[end mountain chart]
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2000)
<TABLE>
PERIOD NET ASSET VALUE PUBLIC OFFERING PRICE*
<S> <C> <C>
10 Years 16.71% 16.02%
5 Years 23.11 21.66
1 Year 8.69 2.45
</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.
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 and Income Funds Index reflects the performance (excluding sales
charges) 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 either Index.
Past performance does not guarantee future results. Return and share
price fluctuate, and your shares, when redeemed, may be worth more or
less than their original cost.
3
<PAGE>
PIONEER FUND
-----------------------------------------------------------------------
PERFORMANCE UPDATE 6/30/00 CLASS B SHARES
-----------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 6/30/00 12/31/99
<S> <C> <C>
$48.84 $47.24
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/99 - 6/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
- - -
</TABLE>
INVESTMENT RETURNS
-----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000
investment made in Pioneer Fund, compared to the growth of the Standard
& Poor's 500 Index and the Lipper Growth & Income Funds Index.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 LIPPER GROWTH & INCOME
PIONEER FUND* INDEX FUNDS INDEX
------------- --------------------- ----------------------
<S> <C> <C> <C>
7/1/96 10000 10000 10000
10212 10247 10322
10991 11100 11125
11235 11399 11313
6/30/97 13253 13385 12900
14473 14387 13979
15079 14799 14116
17056 16859 15725
6/30/98 17319 17415 15755
15803 15686 13791
19275 19020 16033
19543 19965 16372
6/30/99 21194 21367 17891
19891 20035 16460
22094 23013 17934
22599 23536 18236
6/30/00 22543 22910 17778
</TABLE>
[end mountain chart]
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2000)
<TABLE>
<CAPTION>
PERIOD IF HELD IF REDEEMED*
<S> <C> <C>
Life of Fund (7/1/96) 22.94% 22.53
Year 7.78 3.78
</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.
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 and Income Funds Index reflects the performance (excluding sales
charges) 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 either Index.
Past performance does not guarantee future results. Return and share
price fluctuate, and your shares, when redeemed, may be worth more or
less than their original cost.
4
<PAGE>
PIONEER FUND
-----------------------------------------------------------------------
PERFORMANCE UPDATE 6/30/00 CLASS C SHARES
-----------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 6/30/00 12/31/99
<S> <C> <C>
$48.34 $46.76
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/99 - 6/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
- - -
</TABLE>
INVESTMENT RETURNS
-----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000
investment made in Pioneer Fund, compared to the growth of the Standard
& Poor's 500 Index and the Lipper Growth & Income Funds Index.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 LIPPER GROWTH & INCOME
PIONEER FUND* INDEX FUNDS INDEX
------------- --------------------- ----------------------
<S> <C> <C> <C>
7/1/96 10000 10000 10000
10117 10247 10322
10874 11100 11125
11117 11399 11313
6/30/97 13114 13385 12900
14326 14387 13979
14925 14799 14116
16880 16859 15725
6/30/98 17139 17415 15755
15644 15686 13791
19081 19020 16033
19349 19965 16372
6/30/99 20987 21367 17891
19701 20035 16460
21883 23013 17934
22384 23536 18236
6/30/00 22622 22910 17778
</TABLE>
[end mountain chart]
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2000)
<TABLE>
<CAPTION>
PERIOD IF HELD IF REDEEMED*
<S> <C> <C>
Life of Fund (7/1/96) 22.64% 22.64%
Year 7.79 7.79
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales charge
(CDSC) applies to redemptions made within one year of purchase.
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 and Income Funds Index reflects the performance (excluding sales
charges) 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 either Index.
Past performance does not guarantee future results. Return and share
price fluctuate, and your shares, when redeemed, may be worth more or
less than their original cost.
5
<PAGE>
PIONEER FUND
-----------------------------------------------------------------------
PERFORMANCE UPDATE 6/30/00 CLASS Y SHARES
-----------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 6/30/00 12/31/99
<S> <C> <C>
$49.37 $47.62
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/99 - 6/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
$0.160 - -
</TABLE>
INVESTMENT RETURNS
-----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000
investment made in Pioneer Fund, compared to the growth of the Standard
& Poor's 500 Index and the Lipper Growth & Income Funds Index.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 LIPPER GROWTH & INCOME
PIONEER FUND* INDEX FUNDS INDEX
------------- --------------------- ----------------------
<S> <C> <C> <C>
5/31/99 10000 10000 10000
9811 9773 9854
10293 10337 10262
9972 10005 9968
8/31/99 9877 9943 9747
9692 9692 9441
10273 10299 9845
10402 10495 9931
10800 11133 10287
1/31/00 10372 10566 9883
10168 10353 9562
11079 11386 10460
10984 11035 10274
11116 10793 10236
6/30/00 11234 11083 10197
</TABLE>
[end mountain chart]
AVERAGE ANNUAL TOTAL RETURNS*
(As of June 30, 2000)
<TABLE>
<CAPTION>
PERIOD IF HELD IF REDEEMED*
<S> <C> <C>
Life of Fund (5/6/99) 10.55% 10.55%
Year 9.13 9.13
</TABLE>
* Assumes reinvestment of distributions.
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 and Income Funds Index comparison begins on 4/30/99 and reflects
the performance (excluding sales charges) 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 either
Index.
Past performance does not guarantee future results. Return and share
price fluctuate, and your shares, when redeemed, may be worth more or
less than their original cost.
6
<PAGE>
PIONEER FUND
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 6/30/00
--------------------------------------------------------------------------------
In the following discussion John Carey, the portfolio manager for Pioneer Fund,
discusses the events and factors that influenced your Fund's performance over
the last six months.
Q: HOW WOULD YOU CHARACTERIZE THE MARKET ENVIRONMENT OVER THE LAST SIX MONTHS?
A: The stock market in the United States has been extremely volatile. From the
beginning of the year through the end of the first week of March, it seemed
investors were only interested in technology; but the tables turned, and a
deep correction in that sector ensued. In the last week of May, the tables
turned yet again, and technology began to recover. This continued through
the end of our six-month period.
In the meantime, the rest of the market varied greatly. Several sectors that
had lagged during most of 1999 performed relatively well, such as
pharmaceuticals, electric utilities, and some of the financial and food
stocks. Other stocks that should have done better in a period of higher
inflation, such as the basic materials and the large oil stocks, performed
poorly. On the whole, a diversified approach to the market, with an emphasis
on more conservatively valued names, proved a worthwhile strategy.
Q: HOW DID THE FUND PERFORM DURING THE PERIOD?
A: The Fund managed to hold its own in a quite difficult period, producing a
total return on Class A shares of 3.82% (3.39% for Class B and 3.38% for
Class C), all at net asset value for the six months ended June 30, 2000.
That exceeded the returns for the S&P 500 and the Lipper large-cap value
category, which both showed losses. The S&P 500 returned -0.45%, and the
Lipper category in which our fund is included returned -1.64%. We stayed
almost fully invested and maintained a diversified portfolio that included
many stocks that did fairly well. BestFoods, which received a take-over
offer from Unilever, rose by about 40%, and, prior to our liquidations of
both positions during the first quarter, Sun Microsystems and Oracle had
both risen sharply from the beginning of the year. Our largest position,
Schering-Plough, gained about 25% during the six months.
Q: HOW DO YOU DETERMINE IF A STOCK IS APPROPRIATE FOR PIONEER FUND?
A: There are three steps. First, we establish the general suitability of a
company for the portfolio; we look for financial strength, prominent
industry position, a dynamic of sales and earnings growth and a skilled
management committed to shareholders. Second, within that universe of
suitable stocks
7
<PAGE>
PIONEER FUND
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 6/30/00 (CONTINUED)
--------------------------------------------------------------------------------
we focus our research on identifying investment opportunities: companies
with the potential to earn more money over the next three to five years than
the stock market is anticipating. We especially look for companies that can
enhance earnings by turning around a troubled division, successfully
executing a change in strategy, introducing new products, entering new
markets or improving productivity through better management or new
technology. Third, we apportion new investments among different industries
and sectors to keep the portfolio diversified and to moderate the risk of
exposures to the various economic and business cycles.
Although there is no guarantee, we also aim to pay an income dividend on the
Class A shares of the Fund (which we have done every year since 1928) and we
do pay attention to the effect of new investments on the aggregate "yield"
of the portfolio. Finally, we avoid stocks of companies whose primary
business is tobacco or alcohol.
Here are four examples of companies we have recently found attractive, and
why. Motorola is a leader in three areas: cellular phones,
telecommunications equipment and semiconductors. During the correction in
the technology sector the share price fell by more than half. We thought
that Wall Street analysts were too closely focused on short-term
disappointments instead of the long-term strengths of the company in some
very rapidly expanding industries, so we added to our position. Likewise we
have maintained our positions in such companies as BellSouth, Colgate-
Palmolive and Bristol-Myers Squibb, despite their rather cool reception by
the stock market so far this year. In each case we can see value in the
stock beyond what the market perceives because we are taking, we think, a
more long-term perspective.
Q: WHY IS PATIENCE SO IMPORTANT WHEN MANAGING PIONEER FUND?
A: We think that everyone will be familiar with the fable of the hare and the
tortoise. It was our founder, Philip L. Carret, who set us on "the tortoise
road to wealth." "Slow and steady" may win the race, but along the way one
does sometimes wish that the scenery would change just a bit more quickly.
That is where patience - discipline and an outlook and interest in the
subtle changes in detail formed by many decades of investment
experience - comes in.
8
<PAGE>
PIONEER FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Q: WHAT IS YOUR OUTLOOK FOR ATTRACTIVELY VALUED STOCKS?
A: The most striking thing about the stock market over the last few years has
been its infatuation with technology, and not just the Internet but also
everything having to do with computers, telecommunications equipment,
software and semiconductors. At a certain point it seems to us that prices
are no longer being driven by the "fundamentals" of sales, earnings and
shareholder equity but by frenzied demand. Pioneer Fund has benefited from
the strength of the tech sector, as we have owned a number of the popular
names that we purchased when they were out of favor. But every trend in the
market reaches a limit. Eventually prices, earnings, book value and
dividends do matter. We think that the rockiness of the market over the past
few months should indicate that we are in a time of change and that a more
diversified and value-oriented approach will work better in the future.
9
<PAGE>
PIONEER FUND
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
COMMON STOCKS - 99.5%
BASIC MATERIALS - 2.7%
ALUMINUM - 0.5%
1,476,000 Alcoa, Inc. $ 42,804,000
--------------
CHEMICALS - 0.6%
916,896 E.I. du Pont de Nemours & Co. $ 40,114,200
200,000 Rohm & Haas Co. 6,900,000
--------------
$ 47,014,200
--------------
CONTAINERS & PACKAGING (PAPER) - 0.3%
896,600 Greif Brothers Corp. (Non-voting) $ 27,570,450
--------------
GOLD & PRECIOUS METALS MINING - 0.4%
1,313,500 Newmont Mining Corp. $ 28,404,437
--------------
IRON & STEEL - 0.1%
177,700 Nucor Corp. $ 5,897,419
--------------
METALS MINING - 0.7%
947,900 Phelps Dodge Corp. $ 35,250,032
1,000,000 Rio Tinto Plc 16,339,869
--------------
$ 51,589,901
--------------
PAPER & FOREST PRODUCTS - 0.1%
200,000 Weyerhaeuser Co. $ 8,600,000
--------------
TOTAL BASIC MATERIALS $ 211,880,407
--------------
CAPITAL GOODS - 3.1%
AEROSPACE/DEFENSE - 1.0%
500,000 Boeing Co. $ 20,906,250
312,300 General Dynamics Corp. 16,317,675
1,525,000 Lockheed Martin Corp. 37,839,063
--------------
$ 75,062,988
--------------
ELECTRICAL EQUIPMENT - 0.6%
445,800 Emerson Electric Co. $ 26,915,175
336,000 General Electric Co. 17,808,000
--------------
$ 44,723,175
--------------
MACHINERY (DIVERSIFIED) - 0.5%
720,600 Deere & Co. $ 26,662,200
404,450 Ingersoll-Rand Co. 16,279,113
--------------
$ 42,941,313
--------------
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
MANUFACTURING (DIVERSIFIED) - 0.6%
266,100 Diebold Inc. $ 7,417,538
1 Energizer Holdings, Inc.* 6
355,800 Illinois Tool Works, Inc. 20,280,600
343,300 Johnson Controls, Inc. 17,615,581
--------------
$ 45,313,725
--------------
OFFICE EQUIPMENT & SUPPLIES - 0.4%
693,900 Canon Inc. (A.D.R.) $ 34,955,211
--------------
TOTAL CAPITAL GOODS $ 242,996,412
--------------
COMMUNICATION SERVICES - 11.3%
CELLULAR/WIRELESS TELECOMMUNICATIONS - 1.3%
169,000 AT&T Wireless Group* $ 4,710,875
1,600,000 Sprint Corp. (PCS Group)* 95,200,000
--------------
$ 99,910,875
--------------
TELECOMMUNICATIONS (LONG-DISTANCE) - 1.4%
2,068,000 Sprint Corp. $ 105,468,000
--------------
TELEPHONE - 8.6%
505,448 Alltel Corp. $ 31,306,186
1,666,708 Bell Atlantic Corp. 84,689,600
2,859,600 BellSouth Corp. 121,890,450
1,360,900 GTE Corp. 84,716,025
4,495,637 SBC Communications, Inc. 194,436,300
1,774,351 U.S. West Communications Group, Inc. 152,150,598
--------------
$ 669,189,159
--------------
TOTAL COMMUNICATION SERVICES $ 874,568,034
--------------
CONSUMER CYCLICALS - 12.2%
AUTOMOBILES - 1.2%
2,263,600 Ford Motor Co. $ 97,334,800
--------------
AUTO PARTS & EQUIPMENT - 0.1%
296,380 Visteon Corp.* $ 3,593,607
--------------
HOUSEHOLD FURNISHINGS & APPLIANCES - 0.9%
729,600 Sony Corp. (A.D.R.) $ 68,810,400
--------------
LEISURE TIME (PRODUCTS) - 0.1%
300,000 Hasbro, Inc. $ 4,518,750
--------------
</TABLE>
<PAGE>
The accompanying notes are an integral part of these financial statements. 11
PIONEER FUND
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited) (continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
PUBLISHING - 2.1%
3,494,400 John Wiley & Sons, Inc.+ $ 78,624,000
1,606,000 McGraw-Hill Co., Inc. 86,724,000
--------------
$ 165,348,000
--------------
PUBLISHING (NEWSPAPER) - 1.4%
636,100 Central Newspapers, Inc. $ 40,233,325
443,000 Dow Jones & Co., Inc. 32,449,750
600,000 Gannett Co., Inc. 35,887,500
--------------
$ 108,570,575
--------------
RETAIL (COMPUTERS & ELECTRONICS) - 0.2%
250,000 Best Buy Co., Inc.* $ 15,812,500
100,000 Circuit City Stores - Circuit City Group 3,318,750
--------------
$ 19,131,250
--------------
RETAIL (DEPARTMENT STORES) - 1.6%
474,500 Harcourt General, Inc. $ 25,800,938
1,192,800 Kohl's Corp.* 66,349,500
1,234,800 May Department Stores Co. 29,635,200
--------------
$ 121,785,638
--------------
RETAIL (DISCOUNTERS) - 0.6%
2,304,843 Dollar General Corp. $ 44,944,439
--------------
RETAIL (GENERAL MERCHANDISE) - 1.8%
1,380,000 Target Corp. $ 80,040,000
1,052,000 Wal-Mart Stores, Inc. 60,621,500
--------------
$ 140,661,500
--------------
RETAIL (SPECIALTY) - 0.1%
505,700 Barnes & Noble, Inc.* $ 11,251,825
--------------
RETAIL (SPECIALTY/APPAREL) - 0.5%
1,197,900 Gap Inc. $ 37,434,373
--------------
SERVICES (ADVERTISING/MARKETING) - 1.6%
1,000,000 The Interpublic Group of Companies, Inc. $ 43,000,000
890,200 Omnicom Group 79,283,438
--------------
$ 122,283,438
--------------
TOTAL CONSUMER CYCLICALS $ 945,668,595
--------------
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
CONSUMER STAPLES - 11.4%
BEVERAGES (NON-ALCOHOLIC) - 0.8%
1,357,900 PepsiCo, Inc. $ 60,341,681
--------------
BROADCASTING (TELEVISION/RADIO/CABLE) - 0.6%
202,000 Cox Communication, Inc. * $ 9,203,625
565,700 MediaOne Group, Inc.* 37,516,375
--------------
$ 46,720,000
--------------
DISTRIBUTORS (FOOD & HEALTH) - 0.5%
866,200 Sysco Corp. $ 36,488,675
--------------
ENTERTAINMENT - 1.4%
1,640,411 Viacom, Inc. (Class B) (Non-voting)* $ 111,855,526
--------------
FOODS - 3.9%
1,611,800 BestFoods $ 111,617,150
1,116,000 Campbell Soup Co. 32,503,500
960,600 General Mills, Inc. 36,742,950
1,055,150 H.J. Heinz Co. 46,162,813
750,000 Hershey Foods Corp. 36,375,000
589,100 Ralston-Ralston Purina Group 11,745,181
1,330,000 Sara Lee Corp. 25,685,625
--------------
$ 300,832,219
--------------
HOUSEHOLD PRODUCTS (NON-DURABLE) - 1.5%
1,358,600 Colgate-Palmolive Co. $ 81,346,175
600,000 Procter & Gamble Co. 34,350,000
--------------
$ 115,696,175
--------------
RESTAURANTS - 0.3%
640,000 McDonald's Corp. $ 21,080,000
--------------
RETAIL STORES (FOOD CHAINS) - 0.1%
300,000 Safeway Inc.* $ 13,537,500
--------------
RETAIL (DRUG STORES) - 1.5%
709,800 CVS Corp. $ 28,392,000
2,851,200 Walgreen Co. 91,773,000
--------------
$ 120,165,000
--------------
SERVICES (EMPLOYMENT) - 0.8%
2,133,800 Robert Half International, Inc.* $ 60,813,300
--------------
TOTAL CONSUMER STAPLES $ 887,530,076
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited) (continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
ENERGY - 6.1%
OIL (DOMESTIC INTEGRATED) - 0.4%
700,000 Conoco Inc. (Class A) $ 15,400,000
711,256 Conoco Inc. (Class B) 17,470,226
--------------
$ 32,870,226
--------------
OIL (INTERNATIONAL INTEGRATED) - 4.6%
1,884,852 BP Amoco Plc (A.D.R.) $ 106,611,941
1,115,500 Chevron Corp. 94,608,344
1,503,493 Exxon Mobil Corp. 118,024,201
800,000 Texaco, Inc. 42,600,000
--------------
$ 361,844,486
--------------
OIL & GAS (DRILLING & EQUIPMENT) - 1.1%
523,000 Schlumberger Ltd. $ 39,028,875
370,100 Smith International, Inc.* 26,947,906
301,252 Transocean Sedco Forex Inc. 16,098,154
--------------
$ 82,074,935
--------------
TOTAL ENERGY $ 476,789,647
--------------
FINANCIAL - 15.3%
BANKS (MAJOR REGIONAL) - 5.2%
2,446,800 The Bank of New York Co., Inc. $ 113,776,200
773,700 Comerica, Inc. 34,719,787
532,980 Fleet Boston Financial Corp. 18,121,320
738,100 Huntington Bancshares, Inc. 11,671,206
1,886,600 Mellon Bank Corp. 68,742,988
2,864,648 National City Corp. 48,878,057
806,800 State Street Corp. 85,571,225
500,000 Wells Fargo Co. 19,375,000
--------------
$ 400,855,783
--------------
BANKS (REGIONAL) - 0.5%
925,700 First Tennessee National Corp. $ 15,331,906
539,200 Zions Bancorporation 24,744,225
--------------
$ 40,076,131
--------------
FINANCIAL (DIVERSIFIED) - 1.7%
2,136,400 Axa Financial, Inc. $ 72,637,600
693,500 Morgan Stanley, Dean Witter, Discover & Co. 57,733,875
--------------
$ 130,371,475
--------------
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
INSURANCE (MULTI-LINE) - 1.2%
574,812 American International Group, Inc. $ 67,540,410
536,200 ReliaStar Financial Corp. 28,116,988
--------------
$ 95,657,398
--------------
INSURANCE (PROPERTY/CASUALTY) - 2.0%
1,174,200 Chubb Corp. $ 72,213,300
607,300 Exel Ltd. 32,870,113
331,300 Partnerre Ltd. 11,740,443
830,400 Safeco Corp. 16,504,200
647,600 St. Paul Companies, Inc. 22,099,350
--------------
$ 155,427,406
--------------
INSURANCE BROKERS - 1.0%
729,000 Marsh & McLennan Co., Inc. $ 76,134,937
--------------
INVESTMENT MANAGEMENT - 3.4%
677,000 Federated Investors Inc. (Class B) $ 23,737,313
621,000 Merrill Lynch & Co., Inc. 71,415,000
1,820,500 Paine Webber Group Inc. 82,832,750
2,100,000 T. Rowe Price Associates, Inc. 89,250,000
--------------
$ 267,235,063
--------------
SAVINGS & LOAN COMPANIES - 0.3%
693,840 Washington Mutual, Inc. $ 20,034,630
--------------
TOTAL FINANCIAL $1,185,792,823
--------------
HEALTHCARE - 11.5%
HEALTHCARE (DIVERSIFIED) - 3.3%
1,333,300 Abbott Laboratories $ 59,415,181
1,728,000 Bristol-Myers Squibb Co. 100,656,000
950,000 Johnson & Johnson 96,781,250
--------------
$ 256,852,431
--------------
HEALTHCARE (DRUGS & MAJOR PHARMACEUTICALS) - 7.6%
749,000 Eli Lilly & Co. $ 74,806,375
1,100,600 Merck & Co., Inc. 84,333,475
1,100,000 Pfizer, Inc. 52,800,000
3,898 Roche Holdings AG 37,944,181
5,092,800 Schering-Plough Corp. 257,186,400
1,243,000 Smithkline Beecham Plc (A.D.R.) 81,028,063
--------------
$ 588,098,494
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited) (continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
HEALTHCARE (MEDICAL PRODUCTS & SUPPLIES) - 0.6%
1,532,800 Becton, Dickinson & Co. $ 43,972,200
--------------
TOTAL HEALTHCARE $ 888,923,125
--------------
TECHNOLOGY - 23.0%
COMMUNICATIONS EQUIPMENT - 3.3%
500,000 ADC Telecommunications, Inc.* $ 41,937,500
1,216,968 Lucent Technologies, Inc.* 72,105,354
4,082,061 Motorola Inc. 118,634,898
300,000 Tellabs, Inc.* 20,531,250
--------------
$ 253,209,002
--------------
COMPUTERS (HARDWARE) - 5.3%
3,290,000 Compaq Computer Corp. $ 84,100,625
1,140,000 Hewlett-Packard Co. 142,357,500
1,674,000 IBM Corp. 183,407,625
--------------
$ 409,865,750
--------------
COMPUTERS (NETWORKING) - 1.0%
930,000 3COM Corp.* $ 53,591,250
394,400 Lycos, Inc.* 21,297,600
--------------
$ 74,888,850
--------------
COMPUTERS (SOFTWARE & SERVICES) - 2.9%
408,000 Adobe Systems, Inc. $ 53,040,000
480,000 BMC Software, Inc.* 17,512,500
1,290,000 Microsoft Corp.* 103,200,000
498,500 Peoplesoft Inc.* 8,349,875
1,300,000 Synopsys, Inc.* 44,931,250
--------------
$ 227,033,625
--------------
ELECTRONICS (COMPONENT DISTRIBUTORS) - 0.5%
800,000 Koninklijke Philips Electronics NV $ 38,000,000
--------------
ELECTRONICS (INSTRUMENTATION) - 6.4%
434,796 Agilent Technologies Inc.* $ 32,066,205
800,000 Altera Corp.* 81,550,000
1,470,000 Intel Corp. 196,520,625
2,768,000 Texas Instruments, Inc. 190,127,000
--------------
$ 500,263,830
--------------
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
EQUIPMENT (SEMICONDUCTORS) - 0.9%
590,000 Applied Materials, Inc.* $ 53,468,750
330,000 Novellus Systems, Inc.* 18,665,625
--------------
$ 72,134,375
--------------
PHOTOGRAPHY/IMAGING - 0.6%
729,100 Eastman Kodak Co. $ 43,381,450
--------------
SERVICES (COMPUTER SYSTEMS) - 0.8%
823,100 Computer Sciences Corp.* $ 61,475,281
--------------
SERVICES (DATA PROCESSING) - 1.3%
914,200 Automatic Data Processing, Inc. $ 48,966,838
276,400 DST Systems, Inc.* 21,040,950
454,000 Electronic Data Systems Corp. 18,727,500
367,500 Fiserv, Inc.* 15,894,375
--------------
$ 104,629,663
--------------
TOTAL TECHNOLOGY $1,784,881,826
--------------
TRANSPORTATION - 1.8%
AIRLINES - 0.7%
422,908 Delta Air Lines, Inc. $ 21,383,286
1,892,400 Southwest Airlines Co. 35,837,325
--------------
$ 57,220,611
--------------
RAILROADS - 1.1%
1,154,200 Burlington Northern, Inc. $ 26,474,463
2,730,100 Norfolk Southern Corp. 40,610,235
470,800 Union Pacific Corp. 17,507,875
--------------
$ 84,592,573
--------------
TOTAL TRANSPORTATION $ 141,813,184
--------------
UTILITIES - 1.1%
ELECTRIC COMPANIES - 0.7%
1,125,100 Allegheny Energy, Inc. $ 30,799,613
1,068,900 DPL, Inc. 23,448,993
--------------
$ 54,248,606
--------------
NATURAL GAS - 0.2%
767,533 Vectren Corp. $ 13,239,945
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited) (continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
WATER UTILITIES - 0.2%
552,600 American Water Works Co., Inc. $ 13,815,000
--------------
TOTAL UTILITIES $ 81,303,551
--------------
TOTAL COMMON STOCKS
(Cost $4,352,130,867) $7,722,147,680
--------------
<CAPTION>
PRINCIPAL
AMOUNT
<C> <S> <C>
TEMPORARY CASH INVESTMENT - 0.5%
COMMERCIAL PAPER - 0.5%
$36,912,000 Citigroup Inc., 6.88%, 7/3/00 $ 36,912,000
--------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $36,912,000) $ 36,912,000
--------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $4,389,042,867)(a) $7,759,059,680
==============
</TABLE>
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the
outstanding voting stock of such company.
(a) At June 30, 2000, the net unrealized gain on investments based on
cost for federal income tax purposes of $4,389,672,502 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all
investments in which there is an excess of value
over tax cost $3,593,146,392
Aggregate gross unrealized loss for all
investments in which there is an excess of tax
cost over value $ (223,759,214)
--------------
Net unrealized gain $3,369,387,178
==============
</TABLE>
Purchases and sales of securities (excluding temporary cash
investments) for the six months ended June 30, 2000 aggregated
$861,733,899 and $753,035,010, respectively.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
--------------------------------------------------------------------------------
BALANCE SHEET 6/30/00 (unaudited)
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary
cash investment of $36,912,000) (cost $4,389,042,867) $7,759,059,680
Cash 293
Receivables -
Fund shares sold 27,340,160
Dividends, interest and foreign taxes withheld 6,247,526
Other 423,066
--------------
Total assets $7,793,070,725
--------------
LIABILITIES:
Payables -
Investment securities purchased $ 14,208,693
Fund shares repurchased 8,100,858
Due to affiliates 7,980,084
Accrued expenses 418,114
--------------
Total liabilities $ 30,707,749
--------------
NET ASSETS:
Paid-in capital $3,908,149,776
Accumulated undistributed net investment income 295,518
Accumulated undistributed net realized gain on
investments and foreign currency transactions 483,902,103
Net unrealized gain on investments 3,370,016,813
Net unrealized loss on assets and liabilities denominated
in foreign currencies (1,234)
--------------
Total net assets $7,762,362,976
==============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $6,894,249,997/139,719,111 shares) $ 49.34
==============
Class B (based on $659,548,210/13,505,073 shares) $ 48.84
==============
Class C (based on $198,103,877/4,097,753 shares) $ 48.34
==============
Class Y (based on $10,460,892/211,874 shares) $ 49.37
==============
MAXIMUM OFFERING PRICE:
Class A $ 52.35
==============
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
STATEMENT OPERATIONS (unaudited)
-------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED 6/30/00
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of
$332,473) $ 53,655,313
Interest 1,598,384
-------------
Total investment income $ 55,253,697
-------------
EXPENSES:
Management fees
Basic fee $ 22,161,244
Performance adjustment 2,644,299
Transfer agent fees
Class A 6,838,544
Class B 904,372
Class C 219,942
Class Y 201
Distribution fees
Class A 6,904,179
Class B 3,028,731
Class C 861,622
Administrative fees 400,164
Custodian fees 132,066
Registration fees 196,244
Professional fees 75,772
Printing 233,704
Fees and expenses of nonaffiliated trustees 50,764
Miscellaneous 49,144
-------------
Total expenses $ 44,700,992
Less fees paid indirectly (628,733)
-------------
Net expenses $ 44,072,259
-------------
Net investment income $ 11,181,438
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ 484,532,747
Other assets and liabilities denominated in
foreign currencies (1,009) $ 484,531,738
------------- -------------
Change in net unrealized gain or loss from:
Investments $(215,081,735)
Other assets and liabilities denominated in
foreign currencies 1,177 $(215,080,558)
------------- -------------
Net gain on investments $ 269,451,180
-------------
Net increase in net assets resulting
from operations $ 280,632,618
=============
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED 6/30/00 AND THE YEAR ENDED 12/31/99
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED
FROM OPERATIONS: (UNAUDITED) 12/31/99
<S> <C> <C>
Net investment income $ 11,181,438 $ 21,585,530
Net realized gain on investments 484,531,738 325,811,540
Change in net unrealized gain or loss on investments and
foreign currency transactions (215,080,558) 609,475,052
-------------- --------------
Net increase in net assets resulting
from operations $ 280,632,618 $ 956,872,122
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A ($0.08 and $0.17 per share, respectively) $ (10,849,179) $ (22,551,949)
Class Y ($0.16 and $0.24 per share, respectively) (36,741) (58,721)
Net realized gain:
Class A ($0.00 and $2.22 per share, respectively) -- (296,872,046)
Class B ($0.00 and $2.22 per share, respectively) -- (25,951,539)
Class C ($0.00 and $2.22 per share, respectively) -- (6,757,201)
Class Y ($0.00 and $2.22 per share, respectively) -- (546,104)
-------------- --------------
Total distributions to shareholders $ (10,885,920) $ (352,737,560)
-------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 819,826,023 $1,652,707,636
Reinvestment of distributions 9,923,426 317,373,755
Cost of shares repurchased (737,495,255) (881,798,971)
-------------- --------------
Net increase in net assets resulting from fund share
transactions $ 92,254,194 $1,088,282,420
-------------- --------------
Net increase in net assets $ 362,000,892 $1,692,416,982
NET ASSETS:
Beginning of period 7,400,362,084 5,707,945,102
-------------- --------------
End of period (including accumulated undistributed net
investment income of $295,518 and $0, respectively) $7,762,362,976 $7,400,362,084
============== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements. 21
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
-------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED 6/30/00 AND THE YEAR ENDED 12/31/99
<TABLE>
<CAPTION>
'00 SHARES '00 AMOUNT
CLASS A (UNAUDITED) (UNAUDITED) '99 SHARES '99 AMOUNT
<S> <C> <C> <C> <C>
Shares sold 12,661,604 $ 599,461,028 25,703,151 $ 1,175,889,963
Reinvestment of distributions 200,773 9,887,328 6,247,722 289,977,993
Less shares repurchased (12,609,738) (595,418,343) (16,931,541) (775,592,354)
------------ -------------- ------------ ---------------
Net increase 252,639 $ 13,930,013 15,019,332 $ 690,275,602
============ ============== ============ ===============
CLASS B
Shares sold 3,252,463 $ 152,612,785 7,621,706 $ 346,726,886
Reinvestment of distributions -- -- 485,474 22,383,744
Less shares repurchased (2,303,132) (107,119,978) (1,842,368) (84,273,185)
------------ -------------- ------------ ---------------
Net increase 949,331 $ 45,492,807 6,264,812 $ 284,837,445
============ ============== ============ ===============
CLASS C
Shares sold 1,429,194 $ 66,400,933 2,613,225 $ 117,740,196
Reinvestment of distributions -- -- 96,697 4,413,373
Less shares repurchased (683,744) (31,320,343) (465,754) (21,021,787)
------------ -------------- ------------ ---------------
Net increase 745,450 $ 35,080,590 2,244,168 $ 101,131,782
============ ============== ============ ===============
CLASS Y*
Shares sold 28,600 $ 1,351,277 265,515 $ 12,350,591
Reinvestment of distributions 733 36,098 12,888 598,645
Less shares repurchased (76,772) (3,636,591) (19,090) (911,645)
------------ -------------- ------------ ---------------
Net increase (decrease) (47,439) $ (2,249,216) 259,313 $ 12,037,591
============ ============== ============ ===============
</TABLE>
* Class Y shares were first publicly offered on May 6, 1999.
22 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED
6/30/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
CLASS A (UNAUDITED) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 47.60 $ 43.30 $ 34.95 $ 26.89 $ 24.36 $ 21.32
---------- ---------- ---------- ---------- ---------- ----------
Increase from investment operations:
Net investment income $ 0.10 $ 0.18 $ 0.21 $ 0.30 $ 0.37 $ 0.49
Net realized and unrealized gain on
investments and foreign currency
transactions 1.72 6.51 9.84 9.97 4.35 5.13
---------- ---------- ---------- ---------- ---------- ----------
Net increase from investment
operations $ 1.82 $ 6.69 $ 10.05 $ 10.27 $ 4.72 $ 5.62
Distributions to shareholders:
Net investment income (0.08) (0.17) (0.21) (0.31) (0.37) (0.49)
Net realized gain -- (2.22) (1.49) (1.90) (1.82) (2.09)
---------- ---------- ---------- ---------- ---------- ----------
Net increase in net asset value $ 1.74 $ 4.30 $ 8.35 $ 8.06 $ 2.53 $ 3.04
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 49.34 $ 47.60 $ 43.30 $ 34.95 $ 26.89 $ 24.36
========== ========== ========== ========== ========== ==========
Total return* 3.82% 15.63% 29.00% 38.47% 19.70% 26.64%
Ratio of net expenses to average net assets+ 1.12%** 1.10% 1.09% 1.03% 1.01% 0.95%
Ratio of net investment income to average
net assets+ 0.38%** 0.39% 0.52% 0.93% 1.40% 2.01%
Portfolio turnover rate 21%** 10% 9% 17% 25% 31%
Net assets, end of period (in thousands) $6,894,250 $6,638,130 $5,388,761 $3,991,726 $2,896,670 $2,466,098
Ratios assuming reduction for fees paid
indirectly:
Net expenses 1.10%** 1.09% 1.08% 1.02% 0.99% 0.94%
Net investment income 0.40%** 0.40% 0.53% 0.94% 1.42% 2.02%
</TABLE>
<TABLE>
<S> <C>
* Assumes initial investment at net asset value at the
beginning of each period, reinvestment of all distributions,
the complete redemption of the investment at net asset value
at the end of each period, and no sales charges. Total
return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
</TABLE>
The accompanying notes are an integral part of these financial statements. 23
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
6/30/00 YEAR ENDED YEAR ENDED YEAR ENDED 7/1/96 TO
CLASS B (UNAUDITED) 12/31/99 12/31/98 12/31/97(a) 12/31/96(a)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 47.24 $ 43.20 $ 35.01 $ 27.02 $ 26.40
-------- -------- -------- ------- ----------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.10) $ (0.12) $ (0.04) $ 0.01 $ 0.07
Net realized and unrealized gain on
investments and foreign currency
transactions 1.70 6.38 9.72 9.99 2.50
-------- -------- -------- ------- ----------
Net increase from investment
operations $ 1.60 $ 6.26 $ 9.68 $ 10.00 $ 2.57
Distributions to shareholders:
Net investment income -- -- -- (0.11) (0.07)
In excess of net investment income -- -- -- -- (0.06)
Net realized gain -- (2.22) (1.49) (1.90) (1.82)
-------- -------- -------- ------- ----------
Net increase in net asset value $ 1.60 $ 4.04 $ 8.19 $ 7.99 $ 0.62
-------- -------- -------- ------- ----------
Net asset value, end of period $ 48.84 $ 47.24 $ 43.20 $ 35.01 $ 27.02
======== ======== ======== ======= ==========
Total return* 3.39% 14.63% 27.82% 37.19% 9.92%
Ratio of net expenses to average net assets+ 2.00%** 1.98% 1.99% 1.92% 1.82%**
Ratio of net investment income (loss) to
average net assets+ (0.51)%** (0.50)% (0.41)% (0.02)% 0.46%**
Portfolio turnover rate 21%** 10% 9% 17% 25%
Net assets, end of period (in thousands) $659,548 $593,145 $271,796 $53,010 $ 8,940
Ratios assuming reduction for fees paid
indirectly:
Net expenses 1.98%** 1.96% 1.96% 1.88% 1.80%**
Net investment income (loss) (0.49)%** (0.48)% (0.38)% 0.02% 0.48%**
</TABLE>
<TABLE>
<S> <C>
(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.
</TABLE>
24 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
6/30/00 YEAR ENDED YEAR ENDED YEAR ENDED 7/1/96 TO
CLASS C (UNAUDITED) 12/31/99 12/31/98 12/31/97(a) 12/31/96(a)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 46.76 $ 42.76 $ 34.66 $ 26.74 $26.40
-------- -------- -------- ------- ------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07) $ (0.09) $ (0.04) $ 0.02 $ 0.03
Net realized and unrealized gain on investments and
foreign currency transactions 1.65 6.31 9.63 9.89 2.23
-------- -------- -------- ------- ------
Net increase from investment operations $ 1.58 $ 6.22 $ 9.59 $ 9.91 $ 2.26
Distributions to shareholders:
Net investment income -- -- -- (0.09) (0.03)
In excess of net investment income -- -- -- -- (0.07)
Net realized gain -- (2.22) (1.49) (1.90) (1.82)
-------- -------- -------- ------- ------
Net increase in net asset value $ 1.58 $ 4.00 $ 8.10 $ 7.92 $ 0.34
-------- -------- -------- ------- ------
Net asset value, end of period $ 48.34 $ 46.76 $ 42.76 $ 34.66 $26.74
======== ======== ======== ======= ======
Total return* 3.38% 14.68% 27.85% 37.25% 8.74%
Ratio of net expenses to average net assets+ 1.95%** 1.96% 1.97% 1.87% 2.11%**
Ratio of net investment income (loss) to average net
assets+ (0.47)%** (0.49)% (0.39)% 0.02% 0.20%**
Portfolio turnover rate 21%** 10% 9% 17% 25%
Net assets, end of period (in thousands) $198,104 $156,739 $ 47,389 $ 8,261 $1,831
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.93%** 1.93% 1.93% 1.83% 2.08%**
Net investment income (loss) (0.45)%** (0.46)% (0.35)% 0.06% 0.23%**
</TABLE>
<TABLE>
<S> <C>
(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.
</TABLE>
The accompanying notes are an integral part of these financial statements. 25
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
6/30/00 5/6/99 TO
CLASS Y (UNAUDITED) 12/31/99
<S> <C> <C>
Net asset value, beginning of period $ 47.62 $ 46.44
------- -------
Increase from investment operations:
Net investment income $ 0.18 $ 0.23
Net realized and unrealized gain on
investments and foreign currency
transactions 1.73 3.41
------- -------
Net increase from investment
operations $ 1.91 $ 3.64
Distributions to shareholders:
Net investment income (0.16) (0.24)
Net realized gain -- (2.22)
------- -------
Net increase in net asset value $ 1.75 $ 1.18
------- -------
Net asset value, end of period $ 49.37 $ 47.62
======= =======
Total return* 4.02% 8.00%
Ratio of net expenses to average net
assets+ 0.71%** 0.72%**
Ratio of net investment income to average
net assets+ 0.79%** 0.73%**
Portfolio turnover rate 21%** 10%
Net assets, end of period (in thousands) $10,461 $12,348
Ratios assuming reduction for fees paid
indirectly:
Net expenses 0.70%** 0.71%**
Net investment income 0.80%** 0.74%**
</TABLE>
<TABLE>
<S> <C>
* Assumes initial investment at net asset value at the
beginning of each period, reinvestment of all distributions,
and the complete redemption of the investment at net asset
value at the end of each period.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
</TABLE>
26 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited)
-------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Pioneer Fund (the 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
reasonable income and growth of capital.
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, including interest on
income bearing cash accounts, is recorded
27
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited) (continued)
-------------------------------------------------------------------------------
on the accrual basis. Temporary cash investments are valued at
amortized cost.
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 to first 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. FOREIGN CURRENCY TRANSLATION
The books and records of the Fund are maintained in U.S. dollars.
Amounts denominated in foreign currencies are translated into U.S.
dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and
the difference between the amount of income accrued and the U.S.
dollar actually received. Further, the effects of changes in
foreign currency exchange rates on investments are not segregated
in the statement of operations from the effects of changes in
market price of those securities but are included with the net
realized and unrealized gain or loss on investments.
C. FEDERAL INCOME TAXES
It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies
and to distribute all of its 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.
D. FUND SHARES
The Fund records sales and repurchases of its shares as of trade
date. Pioneer Funds Distributor, Inc. (PFD), the principal
28
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
underwriter for the Fund and an indirect subsidiary of The Pioneer
Group, Inc. (PGI), earned $651,276 in underwriting commissions on
the sale of Fund shares during the six months ended June 30, 2000.
E. CLASS ALLOCATIONS
Distribution fees are calculated based on the average daily net
asset values 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
the 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 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 with respect to each class of
shares are calculated in the same manner, at the same time, and in
the same amount, except that Class A, Class B, Class C and Class Y
shares can 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 0.60% of the Fund's average daily net assets. The basic fee is
subject to a performance adjustment to a maximum of +/-0.10% based on
the Fund's investment performance as compared with the Lipper Growth &
Income Funds Index. For the six months ended June 30, 2000, the
aggregate performance adjustment resulted in an increase to management
fees of $2,644,299, resulting in a management fee equivalent to 0.67%
of the Fund's average daily net assets.
In addition, under the management and administration agreements,
certain other services and costs, including accounting, regulatory
29
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited) (continued)
-------------------------------------------------------------------------------
reporting and insurance premiums, are paid by the Fund. At June 30,
2000, $4,428,995 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 $1,636,736 in transfer agent
fees payable to PSC at June 30, 2000.
4. DISTRIBUTION PLANS
The Fund adopted a Plan 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 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. On
qualifying investments made prior to August 19, 1991, the Class A Plan
provides for reimbursement of such expenditures in an amount not to
exceed 0.15%. 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
$1,914,353 in distribution fees payable to PFD at June 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 redemptions of certain net asset value
purchases of Class A shares 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 June
30, 2000, CDSCs in the amount of $1,392,892 were paid to PFD.
30
<PAGE>
PIONEER FUND
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
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 June 30, 2000, the Fund's expenses
were reduced by $628,733 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 June
30, 2000, the Fund had no borrowings under this agreement.
7. AFFILIATED COMPANIES
The Fund's investments in certain companies 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, 2000:
-------------------------------------------------------------------------------
DIVIDEND
AFFILIATES PURCHASES SALES INCOME VALUE
John Wiley & Sons, Inc. - - $124,505 $78,624,000
-------------------------------------------------------------------------------
31
<PAGE>
--------------------------------------------------------------------------------
RETIREMENT PLANS FROM PIONEER
-------------------------------------------------------------------------------
Pioneer has a long history of helping people work toward their
retirement goals, offering plans suited to the individual investor and
businesses of all sizes. For more information on Pioneer retirement
plans, contact your investment professional, or call Pioneer at
1-800-622-0176
INDIVIDUAL RETIREMENT ACCOUNT (IRA)
An IRA is a tax-favored account that allows anyone under age 70 with
earned income to contribute up to $2,000 annually. Spouses may
contribute up to $2,000 annually into a separate IRA, for a total of
$4,000 per year for a married couple. Earnings are tax-deferred, and
contributions may be tax-deductible.
ROTH IRA
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and
became available to investors in 1998. Contributions, up to $2,000 a
year, are not tax-deductible, but earnings are tax-free for qualified
withdrawals.
401(K) PLAN
The traditional 401(k) plan allows employees to make pre-tax
contributions through payroll deduction, up to $10,500 per year or 25%
of pay, whichever is less. Employers may contribute.
SIMPLE (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES)
IRA PLAN
Businesses with 100 or fewer eligible employees can establish either
plan; it resembles the traditional 401(k), but has no administration
costs. Employees can make pre-tax contributions of up to $6,000 per
year, and an employer contribution is required.
Most retirement plan withdrawals must meet specific conditions to avoid
penalties.
32
<PAGE>
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
403(B) PLAN
Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is
available only to employees of public schools, not-for-profit
hospitals and certain other tax-exempt organizations. A 403(b) plan
lets employees set aside a portion of their salary, before taxes,
through payroll deduction.
SIMPLIFIED EMPLOYEE PENSION PLAN (SEP)
SEPs let self-employed people and small-business owners make tax-
deductible contributions of up to 15% of their income. Generally,
employers must contribute the same percentage of pay for themselves
and any eligible employees; contributions are made directly to
employees' IRAs. SEPs are easy to administer and can be an especially
good choice for firms with few or no employees.
PROFIT SHARING PLAN
Profit sharing plans offer companies considerable flexibility,
allowing them to decide each year whether a contribution will be made
and how much, up to 15% of each participant's pay. These plans can
include provisions for loans and vesting schedules.
AGE-WEIGHTED PROFIT SHARING PLAN
Like traditional profit sharing plans, employer contributions are
flexible, but age-weighted plans allocate contributions based on both
age and salary. Age-weighted plans are designed for employers who want
to maximize their own contributions while keeping contributions to
employees affordable.
MONEY PURCHASE PENSION PLAN (MPP)
Money purchase plans are similar to profit-sharing plans, but allow
for higher annual contributions - up to 25% of pay. MPPs aren't as
flexible as profit sharing plans; a fixed percentage of pay must be
contributed each year, determined when the plan is established.
Businesses often set up both MPPs and profit sharing plans.
Most retirement plan withdrawals must meet specific conditions to avoid
penalties.
33
<PAGE>
--------------------------------------------------------------------------------
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
--------------------------------------------------------------------------------
Your investment professional can give you additional information on
Pioneer's programs and services. If you want to order literature on
any of the following items directly, simply call Pioneer at
1-800-225-6292.
FACTFONE(SM)
Our automated account information service, available to you 24 hours
a day, seven days a week. FactFone gives you a quick and easy way to
check fund share prices, yields, dividends and distributions, as well
as information about your own account. Simply call 1-800-225-4321.
For specific account information, have your 13-digit account number
and four-digit personal identification number at hand.
90-DAY REINSTATEMENT PRIVILEGE (FOR CLASS A SHARES)
Enables you to reinvest all or a portion of the money you redeem from
your Pioneer account - without paying a sales charge - within 90 days
of your redemption. You have the choice of investing in any Pioneer
fund, as long as you meet its minimum investment requirement.
INVESTOMATIC PLAN
An easy and convenient way for you to invest on a regular basis. All
you need to do is authorize a set amount of money to be moved out of
your bank account into the Pioneer fund of your choice. Investomatic
also allows you to change the dollar amount, frequency and investment
date right over the phone. By putting aside affordable amounts of
money regularly, you can build a long-term investment - without
sacrificing your current standard of living.
PAYROLL INVESTMENT PROGRAM (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All
that's involved is for your employer to fill out an authorization
form allowing Pioneer to deduct from participating employees'
paychecks. You specify the dollar amount you want to invest into the
Pioneer fund(s) of your choice.
34
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
AUTOMATIC EXCHANGE PROGRAM
A simple way to move money from one Pioneer fund to another over a
period of time. Just invest a lump sum in one fund, and select the
other Pioneer funds you wish to invest in. You choose the amounts and
dates for Pioneer to sell shares of your original fund and use the
proceeds to buy shares of the other funds you have chosen. Over time,
your investment will be shifted out of the original fund. (Automatic
Exchange is available for originating accounts with a balance of
$5,000 or more.)
DIRECTED DIVIDENDS
Lets you invest cash dividends from one Pioneer fund to an account in
another Pioneer fund with no sales charge or fee. Simply fill out the
applicable information on a Pioneer Account Options Form. (This
program is available for dividend payments only; capital gains
distributions are not eligible at this time.)
DIRECT DEPOSIT
Lets you move money into your bank account using electronic funds
transfer (EFT). EFT moves your money faster than you would receive a
check, eliminates unnecessary paper and mail, and avoids lost checks.
Simply fill out a Pioneer Direct Deposit Form, giving your
instructions.
SYSTEMATIC WITHDRAWAL PLAN (SWP)
Lets you establish automatic withdrawals from your account at set
intervals. You decide the frequency and the day of the month you
want. Pioneer will send the proceeds by check to the address you
designate, or electronically to your bank account. You also can
authorize Pioneer to make the redemptions payable to someone else.
(SWPs are available for accounts with a value of $10,000 or more.)
35
<PAGE>
PIONEER FUND
--------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
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 John A. Carey, Vice President
David D. Tripple Eric W. Reckard, Treasurer
Stephen K. West Joseph P. Barri, Secretary
John Winthrop
</TABLE>
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
36
<PAGE>
THIS PAGE FOR YOUR NOTES
37
<PAGE>
-------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
-------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to
contact us for assistance or information.
CALL US FOR:
ACCOUNT INFORMATION, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FACTFONE(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
RETIREMENT PLANS INFORMATION 1-800-622-0176
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 WEBSITE: www.pioneerfunds.com
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT
FUND PROSPECTUS.
<TABLE>
<S> <C> <C>
[Pioneer Logo] PIONEER INVESTMENT MANAGEMENT, INC. 8639-00-0800
60 STATE STREET (c) PIONEER FUNDS DISTRIBUTOR, INC.
BOSTON, MASSACHUSETTS 02109 RECYCLE LOGO PRINTED ON
www.pioneerfunds.com RECYCLED PAPER
</TABLE>
