<PAGE>
[PIONEER LOGO]
PIONEER
FUND
----------------------
ANNUAL REPORT 12/31/99
----------------------
<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
Report of Independent Public Accountants 33
Retirement Plans from Pioneer 34
Programs and Services for Pioneer Shareowners 36
</TABLE>
<PAGE>
PIONEER FUND
---------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 12/31/99
---------------------------------------------------------------------------
DEAR SHAREOWNER,
---------------------------------------------------------------------------
In an ever-changing investment environment, it can sometimes be
difficult to be disciplined enough to adhere to your investment
goals. We are bombarded every day with information and advice from a
variety of sources. Magazine and newspaper headlines create a frenzy
by shouting - "Top 10 stocks for the year 2000" - sending many
investors scrambling to adjust their holdings so that they too can
have a share in these winners. But as history often shows us,
yesterday's winners are in no way tomorrow's sure thing.
We know it's challenging to digest all of this information. But no
one can know with absolute certainty which stocks or bonds will have
good performance from day to day. It is important to keep sight of
your own investment goals and to stick to them. Jumping from one
investment to another based upon the latest hot trend is unlikely to
help you reach your financial goals. We believe a well-reasoned
investment plan will.
As in any other year, the first few months of this year are a
practical time to take a step back to revisit your investment goals
and make appropriate adjustments in your personal portfolio.
Scheduling a review session with your financial professional is a
good starting point. A professional acquainted with your individual
circumstances can help you to distill information, examine your
current strategy and make informed decisions that can effectively
satisfy your long-term investment needs.
Among the key topics to cover with your advisor is your retirement -
including the IRA options available to you. Now is the time to think
about making a 1999 contribution to an IRA, if you haven't already.
This year, you'll have until April 17 to make your prior-year IRA
contribution because April 15 falls on a Saturday.
I encourage you to read on to learn more about Pioneer Fund. If you
have questions, please contact your investment professional. Visit
our web site at www.pioneerfunds.com for more information about your
fund or Pioneer.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
PIONEER FUND
---------------------------------------------------------------------------
PORTFOLIO SUMMARY 12/31/99
---------------------------------------------------------------------------
PORTFOLIO DIVERSIFICATION
---------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[TABULAR PRESENTATION OF PIE CHART]
U.S. Common Stocks 94%
International Common Stocks 2%
Depositary Receipts for
International Stocks 3%
Short-Term Cash Equivalents 1%
SECTOR DISTRIBUTION
---------------------------------------------------------------------------
(As a percentage of equity holdings)
[TABULAR PRESENTATION OF PIE CHART]
Technology 23%
Financial 15%
Communication Services 13%
Consumer Cyclicals 12%
Consumer Staples 11%
Healthcare 9%
Energy 6%
Capital Goods 4%
Basic Materials 4%
Other 3%
10 LARGEST HOLDINGS
---------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<C> <S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------
1. Sun Microsystems, Inc. 4.27% 6. Motorola, Inc. 1.88%
---------------------------------------------------------------------------------------
2. SBC Communications, Inc. 2.98 7. Texas Instruments, Inc. 1.83
---------------------------------------------------------------------------------------
3. Schering-Plough Corp. 2.93 8. BellSouth Corp. 1.82
---------------------------------------------------------------------------------------
4. IBM Corp. 2.46 9. Hewlett-Packard Co. 1.77
---------------------------------------------------------------------------------------
5. Sprint Corp. 1.90 10. US West Communications Group, 1.74
Inc.
---------------------------------------------------------------------------------------
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
PIONEER FUND
-----------------------------------------------------------------------------
PERFORMANCE UPDATE 12/31/99 CLASS A SHARES
-----------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 12/31/99 12/31/98
<S> <C> <C> <C>
$47.60 $43.30
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/98 - 12/31/99) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
$0.170 - $2.224
</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.
Average Annual Total Returns
(As of December 31, 1999)
<TABLE>
<CAPTION>
Public
Net Asset Offering
Period Value Price
<S> <C> <C>
10 Years 16.07% 15.38%
5 Years 25.64 24.16
1 Year 15.63 8.98
</TABLE>
* Reflects deduction of the maximum 5.75% sales charge at the beginning
of the period and assumes reinvestment of distributions at net asset
value.
Growth of $10,000
[TABULAR PRESENTATION OF MOUNTAING CHART]
<TABLE>
<CAPTION>
Standard Lipper Growth
Pioneer & Poors and Income
Fund* 500 Index Funds Index
<S> <C> <C> <C>
12/31/89 9425 10000 10000
8434 9688 9555
12/31/91 10354 12628 12347
11762 13588 13466
12/31/93 13435 14951 15172
13358 15156 15042
12/31/95 16917 20832 19651
20249 25602 23710
12/31/97 28040 34134 30254
36171 43869 34843
12/31/99 41821 53079 39389
</TABLE>
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 the 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 12/31/99 CLASS B SHARES
-----------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 12/31/99 12/31/98
<S> <C> <C> <C>
$47.24 $43.20
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/98 - 12/31/99) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
- - $2.224
</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.
Average Annual Total Returns
(As of December 31, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 25.42% 24.93%
(7/1/96)
1 Year 14.63 10.63
</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 6 years.
Growth of $10,000
[TABULAR PRESENTATION OF MOUNTAING CHART]
<TABLE>
<CAPTION>
Standard Lipper Growth
Pioneer & Poors and Income
Fund* 500 Index Funds Index
<S> <C> <C> <C>
7/1/96 10000 10000 10000
10212 10247 10303
12/31/96 10991 11100 11086
11235 11399 11218
6/30/97 13253 13385 12846
14473 14387 14010
12/31/97 15079 14799 14129
17056 16859 15796
6/30/98 17319 17415 15842
15803 15686 13879
12/31/98 19275 19020 16332
19543 19965 16615
6/30/99 21194 21367 18092
19891 20035 16636
12/31/99 21794 23013 18427
</TABLE>
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 the 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 12/31/99 CLASS C SHARES
-----------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 12/31/99 12/31/98
<S> <C> <C> <C>
$46.76 $42.76
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/98 - 12/31/99) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
- - $2.224
</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.
Average Annual Total Returns
(As of December 31, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 25.08% 25.08%
(7/1/96)
1 Year 14.68 14.68
</TABLE>
* Assumes reinvestment of distributions. The 1% continget deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
Growth of $10,000
[TABULAR PRESENTATION OF MOUNTAING CHART]
<TABLE>
<CAPTION>
Standard Lipper Growth
Pioneer & Poors and Income
Fund* 500 Index Funds Index
<S> <C> <C> <C>
7/1/96 10000 10000 10000
10117 10247 10303
12/31/96 10874 11100 11086
11117 11399 11218
6/30/97 13114 13385 12846
14326 14387 14010
12/31/97 14925 14799 14129
16880 16859 15796
6/30/98 17139 17415 15842
15644 15686 13879
12/31/98 19081 19020 16332
19349 19965 16615
6/30/99 20987 21367 18092
19701 20035 16636
12/31/99 21883 23013 18427
</TABLE>
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 the 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 12/31/99 CLASS Y SHARES
-----------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 12/31/99 5/6/99
<S> <C> <C> <C>
$47.62 $46.44
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(5/6/99 - 12/31/99) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
<S> <C> <C> <C>
$0.238 - $2.224
</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.
Cumulative Annual Total Returns
(As of December 31, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 8.00% 8.00%
(5/6/99)
</TABLE>
* Assumes reinvestment of distributions.
Growth of $10,000
[TABULAR PRESENTATION OF MOUNTAING CHART]
<TABLE>
<CAPTION>
Standard Lipper Growth
Pioneer & Poors and Income
Fund* 500 Index Funds Index
<S> <C> <C> <C>
5/6/99 10000 10000 10000
9811 9773 9870
6/30/99 10293 10337 10296
9972 10005 9999
8/31/99 9877 9943 9794
9692 9692 9482
10/31/99 10273 10299 9914
10402 10495 10061
12/31/99 10800 11133 10546
</TABLE>
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 the 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 12/31/99
- --------------------------------------------------------------------------------
In the following interview John Carey, the portfolio manager for Pioneer Fund,
discusses the events and factors that influenced your Fund's performance over
the last year.
Q: THE MARKET HAS CHANGED QUITE A BIT OVER THE PAST YEAR. WHAT HAS TAKEN PLACE?
A: The stock market appeared to be very strong during 1999. Yet, upon closer
inspection, the strength was primarily in a few sectors, most notably
technology. Across many other sectors there was little price movement, and
in some cases price declines. It is, we think, fair to say that large
numbers of investors have become enthralled by the possibilities for new
technology, especially as it relates to the Internet, and are focusing their
attention, and investment dollars, on the companies they believe are well
positioned to realize the possibilities. On the other hand, companies in
such traditional businesses as food processing, railway transportation,
banking and insurance, and electrical power supply are having difficulty
attracting any investor attention at all.
As value-oriented investors, we tend to favor companies with established
operations, substantial sales and earnings, and conservatively priced
shares. So there were times during the year when we felt a bit like the
proverbial child with his nose pressed against the glass, looking in on some
very grand festivities. Nevertheless, Pioneer Fund did find itself, to some
degree, the beneficiary of the prevailing market sentiment. Several of our
technology stocks, including Sun Microsystems, Hewlett-Packard, Motorola,
and Texas Instruments, had extraordinary years in the stock market. In most
cases we had purchased the shares of our technology holdings years before,
when the shares were out of favor and trading at much lower prices.
Similarly, today we are looking for new investments among sectors and
securities other investors appear to be neglecting. Like the market, we are
enthusiastic about the future of our economy and its leading industries. As
we have often observed, however, during the more than 70 years Pioneer has
managed this portfolio, the market may overlook some attractive
opportunities in its rush to get aboard the fastest moving stocks.
Historically, the tortoises have fared quite well against the hares, and now
as always we are spending the bulk of our time evaluating the tortoises.
7
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 12/31/99 (CONTINUED)
- --------------------------------------------------------------------------------
Q: HOW DID THE FUND PERFORM DURING THE YEAR?
A: The Fund's Class A shares returned 15.63% at net asset value for 1999. Most
of the gain was recorded during the fourth quarter, when the Fund rose by
11.31%. The stock market staged a strong recovery during the fourth quarter,
with the Standard & Poor's 500 Index gaining 14.86%. Although Pioneer Fund
ended the year with a lower gain than the S&P 500 Index, which returned
20.99% for the year, the Fund fared quite well versus its Lipper Large-Cap
Value competitors. These comparable funds rose by an average of 11.26% for
the calendar year. (Lipper is an independent firm that tracks mutual fund
performance.)
Q: IN WHAT SECTORS HAVE YOU FOUND OPPORTUNITIES IN RECENT MONTHS?
A: The last quarter of 1999 saw mainly adjustments in existing positions,
though we added one stock, Union Pacific, and liquidated two holdings,
Hubbell and Wellpoint Health Networks. We also received three new securities
as the result of mergers: SBC Communications for Ameritech; Exxon Mobil for
Mobil; and Fleet Boston Financial for BankBoston. In the cases of SBC and
Exxon Mobil, we had already owned shares of the parent company, and so the
mergers just enlarged existing positions. In general over the past year, we
have found opportunities in a number of out-of-favor sectors and have
purchased shares of railroads, food processors, basic-materials producers,
and energy companies, among others. Stock-market volatility has also
presented us with opportunities from time to time to buy shares in the
changeable technology, financial-services, and pharmaceuticals industries.
The key, we think, is not to approach the market with preconceptions about
where value may be found, but instead to study the market every day and act
whenever attractive opportunities appear.
Q: WHAT STOCKS OR SECTORS HAVE YOU BEEN AVOIDING?
A: Again, we make every effort not to have either a perennially positive or
negative view of any particular industry. We also think it is important to
look within industries that are faring poorly to see if there may be one or
two companies that are bucking the trend. Generally, those companies will
often have superior managements and finances. The strength of Pioneer's
investment organization over the years has been its independent research
effort. Our staff of analysts are always looking for values in the market.
8
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Q: THE MARKET AND THE FUND HAVE POSTED IMPRESSIVE RETURNS OVER THE LAST 5
YEARS. DO YOU EXPECT THE GOOD TIMES TO CONTINUE?
A: We are always hopeful about the market and the Fund, but can never provide
any guarantees or predictions. Many people have commented on the high level
of the current market relative to where the market traded last year and the
year before and so forth. Many people have also tried to discern the "law"
of the market, which would permit them with confidence to forecast its
direction. Unfortunately, that is a demonstrably futile endeavor. The stock
market mixes numbers with psychology in ever-varying proportions. To date,
no theoretical model is sophisticated enough to account for every alteration
in investor sentiment and behavior. At Pioneer we have always taken the
approach that we would focus on individual companies and their business
prospects - subjects we think we can learn something about - and leave the
prognosticating to others.
9
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
COMMON STOCKS - 99.4%
BASIC MATERIALS - 4.0%
ALUMINUM - 0.8%
738,000 Alcoa, Inc. $ 61,254,000
--------------
CHEMICALS - 1.5%
290,000 Dow Chemical Co. $ 38,751,250
916,896 E.I. du Pont de Nemours & Co. 60,400,524
200,000 Rohm & Haas Co. 8,137,500
--------------
$ 107,289,274
--------------
CHEMICALS (SPECIALTY) - 0.0%
167,051 Lilly Industries, Inc. $ 2,244,748
--------------
CONTAINERS & PACKAGING (PAPER) - 0.4%
896,600 Greif Brothers Corp. (Non-voting) $ 26,673,850
--------------
IRON & STEEL - 0.3%
296,900 Nucor Corp.* $ 16,273,831
359,000 Steel Dynamics, Inc.* 5,721,562
--------------
$ 21,995,393
--------------
METALS MINING - 1.0%
1,071,200 Newmont Mining Corp. $ 26,244,400
747,900 Phelps Dodge Corp. 50,202,787
--------------
$ 76,447,187
--------------
TOTAL BASIC MATERIALS $ 295,904,452
--------------
CAPITAL GOODS - 4.1%
AEROSPACE/DEFENSE - 0.9%
500,000 Boeing Co. $ 20,781,250
312,300 General Dynamics Corp. 16,473,825
1,525,000 Lockheed Martin Corp. 33,359,375
--------------
$ 70,614,450
--------------
ELECTRICAL EQUIPMENT - 0.6%
445,800 Emerson Electric Co. $ 25,577,775
112,000 General Electric Co. 17,332,000
--------------
$ 42,909,775
--------------
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
MACHINERY (DIVERSIFIED) - 1.5%
1,260,600 Caterpillar, Inc. $ 59,326,987
571,700 Deere & Co. 24,797,488
504,450 Ingersoll-Rand Co. 27,776,278
124,200 The Timken Co. 2,538,338
--------------
$ 114,439,091
--------------
MANUFACTURING (DIVERSIFIED) - 0.6%
355,800 Illinois Tool Works, Inc. $ 24,038,737
343,300 Johnson Controls, Inc. 19,525,187
--------------
$ 43,563,924
--------------
MANUFACTURING (SPECIALIZED) - 0.1%
266,100 Diebold Inc. $ 6,253,350
--------------
OFFICE EQUIPMENT & SUPPLIES - 0.4%
691,400 Canon Inc. (A.D.R.) $ 28,044,912
--------------
TOTAL CAPITAL GOODS $ 305,825,502
--------------
COMMUNICATION SERVICES - 12.8%
CELLULAR/WIRELESS TELECOMMUNICATIONS - 1.1%
800,000 Sprint Corp. (PCS Group)* $ 82,000,000
--------------
TELECOMMUNICATION - 1.9%
2,068,000 Sprint Corp. $ 139,202,250
--------------
TELEPHONE - 9.8%
505,448 Alltel Corp. $ 41,794,232
1,666,708 Bell Atlantic Corp. 102,606,711
2,859,600 BellSouth Corp. 133,865,025
1,360,900 GTE Corp. 96,028,506
4,495,637 SBC Communications, Inc. 219,162,304
1,774,351 US West Communications Group, Inc. 127,753,272
--------------
$ 721,210,050
--------------
TOTAL COMMUNICATIONS SERVICES $ 942,412,300
--------------
CONSUMER CYCLICALS - 11.8%
AUTOMOBILES - 2.0%
650,444 DaimlerChrysler AG $ 50,897,243
1,785,000 Ford Motor Co. 95,385,937
--------------
$ 146,283,180
--------------
HOUSEHOLD FURNISHINGS & APPLIANCES - 1.4%
364,800 Sony Corp. (A.D.R.) $ 103,876,800
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/99 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
LEISURE TIME (PRODUCTS) - 0.1%
300,000 Hasbro, Inc. $ 5,718,750
--------------
PUBLISHING - 1.8%
3,494,400 John Wiley & Sons, Inc.+ $ 58,531,200
1,206,000 McGraw-Hill Co., Inc. 74,319,750
--------------
$ 132,850,950
--------------
PUBLISHING (NEWSPAPERS) - 0.8%
281,900 Belo (A.H.) Corp. $ 5,373,719
636,100 Central Newspapers, Inc. 25,046,437
400,000 Dow Jones & Co., Inc. 27,200,000
--------------
$ 57,620,156
--------------
RETAIL (DEPARTMENT STORES) - 1.4%
474,500 Harcourt General, Inc. $ 19,098,625
596,400 Kohl's Corp.* 43,052,625
1,234,800 May Department Stores Co. 39,822,300
142,966 Neiman Marcus Group (Class B)* 3,851,147
--------------
$ 105,824,697
--------------
RETAIL (DISCOUNTERS) - 0.6%
1,843,875 Dollar General Corp. $ 41,948,156
--------------
RETAIL (GENERAL MERCHANDISE) - 2.4%
1,380,000 Dayton Hudson Corp. $ 101,343,750
1,052,000 Wal-Mart Stores, Inc. 72,719,500
--------------
$ 174,063,250
--------------
RETAIL (SPECIALTY) - 0.1%
505,700 Barnes & Noble, Inc.* $ 10,430,062
--------------
RETAIL (SPECIALTY/APPAREL) - 0.7%
1,197,900 Gap Inc. $ 55,103,400
--------------
SERVICES (ADVERTISING/MARKETING) - 0.5%
390,200 Omnicom Group $ 39,020,000
--------------
TOTAL CONSUMER CYCLICALS $ 872,739,401
--------------
CONSUMER STAPLES - 10.6%
BEVERAGES (NON-ALCOHOLIC) - 0.6%
1,357,900 Pepsico, Inc. $ 47,865,975
--------------
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
BROADCASTING (TELEVISION/RADIO/CABLE) - 2.0%
1,511,900 CBS Corp. $ 96,667,106
202,000 Cox Communications, Inc.* 10,403,000
565,700 MediaOne Group, Inc.* 43,452,831
--------------
$ 150,522,937
--------------
DISTRIBUTORS (FOOD & HEALTH) - 0.5%
866,200 Sysco Corp. $ 34,269,037
--------------
FOODS - 4.2%
1,611,800 Bestfoods $ 84,720,238
1,068,000 Campbell Soup Co. 41,318,250
804,000 ConAgra, Inc. 18,140,250
960,600 General Mills, Inc. 34,341,450
1,055,150 H.J. Heinz Co. 42,008,159
750,000 Hershey Foods Corp. 35,625,000
99,000 Nestle SA (A.D.R.) 9,067,781
589,100 Ralston-Ralston Purina Group 16,421,163
1,330,000 Sara Lee Corp. 29,343,125
--------------
$ 310,985,416
--------------
HOUSEHOLD PRODUCTS (NON-DURABLES) - 0.9%
1,058,600 Colgate-Palmolive Co. $ 68,809,000
--------------
RESTAURANTS - 0.4%
640,000 McDonald's Corp. $ 25,800,000
--------------
RETAIL (DRUG STORES) - 1.4%
509,800 CVS Corp. $ 20,360,138
2,851,200 Walgreen Co. 83,397,600
--------------
$ 103,757,738
--------------
RETAIL STORES (FOOD CHAINS) - 0.2%
670,000 Kroger Co.* $ 12,646,250
--------------
SERVICES (EMPLOYMENT) - 0.4%
1,066,900 Robert Half International, Inc.* $ 30,473,331
--------------
TOTAL CONSUMER STAPLES $ 785,129,684
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/99 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
ENERGY - 5.6%
OIL (DOMESTIC INTEGRATED) - 1.4%
849,300 Atlantic Richfield Co. $ 73,464,450
700,000 Conoco Inc. (Class A) 17,325,000
711,256 Conoco Inc. (Class B) 17,692,493
--------------
$ 108,481,943
--------------
OIL (INTERNATIONAL INTEGRATED) - 3.4%
1,115,500 Chevron Corp. $ 96,630,188
1,503,493 Exxon Mobil Corp. 121,125,155
600,000 Texaco, Inc. 32,587,500
--------------
$ 250,342,843
--------------
OIL & GAS (DRILLING & EQUIPMENT) - 0.8%
523,000 Schlumberger Ltd. $ 29,418,750
370,100 Smith International, Inc.* 18,389,344
301,253 Transocean Sedco Forex Inc. 10,148,454
--------------
$ 57,956,548
--------------
TOTAL ENERGY $ 416,781,334
--------------
FINANCIAL - 14.6%
BANKS (MAJOR REGIONAL) - 4.8%
2,846,800 The Bank of New York Co., Inc. $ 113,872,000
532,980 Fleet Boston Financial Corp. 18,554,366
473,700 Comerica, Inc. 22,115,869
738,100 Huntington Bancshares, Inc. 17,622,137
1,886,600 Mellon Bank Corp. 64,262,312
2,364,648 National City Corp. 56,012,600
806,800 State Street Corp. 58,946,825
--------------
$ 351,386,109
--------------
BANKS (REGIONAL) - 0.7%
625,700 First Tennessee National Corp. $ 17,832,450
539,200 Zions Bancorporation 31,913,900
--------------
$ 49,746,350
--------------
FINANCIAL (DIVERSIFIED) - 0.9%
535,642 Associates First Capital Corp. $ 14,696,677
346,750 Morgan Stanley, Dean Witter, Discover & Co. 49,498,563
--------------
$ 64,195,240
--------------
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
INSURANCE (LIFE/HEALTH) - 1.3%
2,136,400 Axa Financial Inc. $ 72,370,550
536,200 ReliaStar Financial Corp. 21,012,338
--------------
$ 93,382,888
--------------
INSURANCE (MULTI-LINE) - 0.8%
574,812 American International Group, Inc. $ 62,151,548
--------------
INSURANCE (PROPERTY/CASUALTY) - 2.1%
1,174,200 Chubb Corp. $ 66,122,137
607,300 Excel Ltd. 31,503,688
531,300 Partnerre Ltd. 17,234,043
830,400 Safeco Corp. 20,656,200
647,600 The St. Paul Companies, Inc. 21,816,025
--------------
$ 157,332,093
--------------
INSURANCE BROKERS - 0.9%
729,000 Marsh & McLennan Co., Inc. $ 69,756,188
--------------
INVESTMENT BANKING/BROKERAGE - 1.7%
621,000 Merrill Lynch & Co., Inc. $ 51,853,500
1,820,500 Paine Webber Group, Inc. 70,658,156
--------------
$ 122,511,656
--------------
INVESTMENT MANAGEMENT - 1.2%
677,000 Federated Investors, Inc. (Class B) $ 13,582,312
2,100,000 T. Rowe Price Associates, Inc. 77,568,750
--------------
$ 91,151,062
--------------
SAVINGS & LOAN COMPANIES - 0.2%
693,840 Washington Mutual, Inc. $ 18,039,840
--------------
TOTAL FINANCIAL $1,079,652,974
--------------
HEALTHCARE - 9.6%
HEALTHCARE (DIVERSIFIED) - 3.0%
1,333,300 Abbott Laboratories $ 48,415,456
1,428,000 Bristol-Myers Squibb Co. 91,659,750
850,000 Johnson & Johnson 79,156,250
--------------
$ 219,231,456
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/99 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
HEALTHCARE (DRUGS/MAJOR PHARMACEUTICALS) - 6.1%
749,000 Eli Lilly & Co. $ 49,808,500
600,600 Merck & Co., Inc. 40,277,738
500,000 Pfizer Inc. 16,218,750
3,898 Roche Holdings AG 46,267,789
5,092,800 Schering-Plough Corp. 214,852,500
1,243,000 Smithkline Beecham Plc (A.D.R.) 80,095,813
--------------
$ 447,521,090
--------------
HEALTHCARE (MEDICAL PRODUCTS/SUPPLIES) - 0.5%
1,532,800 Becton, Dickinson & Co. $ 41,002,400
--------------
TOTAL HEALTHCARE $ 707,754,946
--------------
TECHNOLOGY - 23.3%
COMMUNICATIONS EQUIPMENT - 3.6%
300,500 General Instrument Corp.* $ 25,542,500
363,400 Harris Corp. 9,698,238
463,400 Lanier Worldwide, Inc.* 1,795,675
1,216,968 Lucent Technologies, Inc. 91,044,418
937,900 Motorola, Inc. 138,105,775
--------------
$ 266,186,606
--------------
COMPUTERS (HARDWARE) - 9.6%
3,290,000 Compaq Computer Corp. $ 89,035,625
1,140,000 Hewlett-Packard Co. 129,888,750
1,674,000 IBM Corp. 180,792,000
4,045,800 Sun Microsystems, Inc.* 313,296,638
--------------
$ 713,013,013
--------------
COMPUTERS (SOFTWARE & SERVICES) - 2.3%
408,000 Adobe Systems, Inc. $ 27,438,000
402,200 Aspen Technology, Inc.* 10,633,163
360,000 BMC Software, Inc.* 28,777,500
190,000 Microsoft Corp. 22,182,500
600,000 Oracle Corp.* 67,237,500
498,500 Peoplesoft, Inc.* 10,624,281
--------------
$ 166,892,944
--------------
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
------------------------------------------------------------------------------
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
ELECTRONICS (SEMICONDUCTORS) - 4.0%
800,000 Altera Corp.* $ 39,650,000
1,470,000 Intel Corp. 120,999,375
1,384,000 Texas Instruments, Inc. 134,075,000
--------------
$ 294,724,375
--------------
EQUIPMENT (SEMICONDUCTORS) - 0.5%
295,000 Applied Materials, Inc.* $ 37,372,813
--------------
PHOTOGRAPHY/IMAGING - 0.6%
729,100 Eastman Kodak Co. $ 48,302,875
--------------
SERVICES (COMPUTER SYSTEMS) - 1.1%
823,100 Computer Sciences Corp.* $ 77,885,838
--------------
SERVICES (DATA PROCESSING) - 1.6%
914,200 Automatic Data Processing, Inc. $ 49,252,525
276,400 DST Systems, Inc.* 21,092,775
454,000 Electronic Data Systems Corp. 30,389,625
367,500 Fiserv, Inc.* 14,079,844
--------------
$ 114,814,769
--------------
TOTAL TECHNOLOGY $1,719,193,233
--------------
TRANSPORTATION - 2.0%
AIRLINES - 0.7%
422,908 Delta Air Lines, Inc. $ 21,066,105
1,692,400 Southwest Airlines 27,395,725
--------------
$ 48,461,830
--------------
RAILROAD - 1.3%
1,154,200 Burlington Northern, Inc. $ 27,989,350
2,313,900 Norfolk Southern Corp. 47,434,950
470,800 Union Pacific Corp. 20,538,650
--------------
$ 95,962,950
--------------
TOTAL TRANSPORTATION $ 144,424,780
--------------
UTILITIES - 1.0%
ELECTRIC COMPANIES - 0.7%
1,125,100 Allegheny Power Systems, Inc. $ 30,307,381
1,068,900 DPL, Inc. 18,505,331
--------------
$ 48,812,712
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
PIONEER FUND
------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/99 (CONTINUED)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <S> <C>
NATURAL GAS - 0.2%
767,533 Indiana Energy, Inc. $ 13,623,711
--------------
WATER UTILITY - 0.1%
552,600 American Water Works Co., Inc., $ 11,742,750
--------------
TOTAL UTILITIES $ 74,179,173
--------------
TOTAL COMMON STOCKS
(Cost $3,758,899,231) $7,343,997,779
--------------
<CAPTION>
PRINCIPAL
AMOUNT
<C> <S> <C>
TEMPORARY CASH INVESTMENT - 0.6%
COMMERCIAL PAPER - 0.6%
$44,885,000 American Express Credit Corp., 4.25%, 1/3/00 $ 44,885,000
--------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $44,885,000) $ 44,885,000
--------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $3,803,784,231)(a) $7,388,882,779
==============
</TABLE>
* Non-income producing security.
+ Investment held by Fund representing 5% or more of the outstanding
voting stock of such company.
(a) At December 31, 1999, the net unrealized gain on investments based
on cost for federal income tax purposes of $3,804,413,866 was as
follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $3,724,356,510
Aggregate gross unrealized loss for all
investments in which there is an excess of tax
cost over value (139,887,597)
--------------
Net unrealized gain $3,584,468,913
==============
</TABLE>
Purchases and sales of securities (excluding temporary cash
investments) for the year ended December 31, 1999, aggregated
$1,397,692,329 and $646,216,999, respectively.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
------------------------------------------------------------------------------
BALANCE SHEET 12/31/99
------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary
cash investment of $44,885,000) (cost $3,803,784,231) $7,388,882,779
Cash 13
Receivables -
Investments securities sold 4,799,990
Fund shares sold 11,818,960
Dividends, interest and foreign taxes withheld 6,540,413
Other 85,248
--------------
Total assets $7,412,127,403
--------------
LIABILITIES:
Payables -
Fund shares repurchased $ 3,899,752
Due to affiliates 7,277,140
Accrued expenses 588,427
--------------
Total liabilities $ 11,765,319
--------------
NET ASSETS:
Paid-in capital $3,815,895,582
Accumulated net realized loss on investments (629,635)
Net unrealized gain on investments 3,585,098,548
Net unrealized loss on assets and liabilities denominated
in foreign currencies (2,411)
--------------
Total net assets $7,400,362,084
==============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $6,638,129,901/139,466,472 shares) $ 47.60
==============
Class B (based on $593,145,005/12,555,742 shares) $ 47.24
==============
Class C (based on $156,739,091/3,352,303 shares) $ 46.76
==============
Class Y (based on $12,348,087/259,313 shares) $ 47.62
==============
MAXIMUM OFFERING PRICE:
Class A $ 50.50
==============
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
PIONEER FUND
------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
------------------------------------------------------------------------------
FOR THE YEAR ENDED 12/31/99
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld
of $552,634) $ 94,221,864
Interest 2,511,671
------------
Total investment income $ 96,733,535
------------
EXPENSES:
Management fees
Basic fee $ 38,965,334
Performance adjustment 4,295,583
Transfer agent fees
Class A 10,884,716
Class B 1,180,359
Class C 258,112
Class Y 704
Distribution fees
Class A 12,545,823
Class B 4,330,244
Class C 1,001,588
Administrative fees 887,723
Custodian fees 246,442
Registration fees 553,080
Professional fees 240,944
Printing 441,169
Fees and expenses of nonaffiliated trustees 89,552
Miscellaneous 76,477
------------
Total expenses $ 75,997,850
Less fees paid indirectly (849,845)
------------
Net expenses $ 75,148,005
------------
Net investment income $ 21,585,530
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investments $325,812,043
Other assets and liabilities denominated in
foreign currencies (503) $325,811,540
------------
Change in net unrealized gain from:
Investments $609,477,463
Other assets and liabilities denominated in
foreign currencies (2,411)
------------
Net gain on investments $609,475,052
------------
Net increase in net assets resulting from
operations $956,872,122
============
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------
FOR THE YEARS ENDED 12/31/99 AND 12/31/98
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
FROM OPERATIONS: 12/31/99 12/31/98
<S> <C> <C>
Net investment income $ 21,585,530 $ 23,583,905
Net realized gain on investments 325,811,540 188,378,688
Change in net unrealized gain on investments 609,475,052 1,016,960,019
-------------- --------------
Net increase in net assets resulting
from operations $ 956,872,122 $1,228,922,612
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A ($0.17 and $0.21 per share, respectively) $ (22,551,949) $ (23,991,812)
Class Y ($0.24 and $0.00 per share, respectively) (58,721) -
Net realized gain:
Class A ($2.22 and $1.49 per share, respectively) (296,872,046) (178,206,860)
Class B ($2.22 and $1.49 per share, respectively) (25,951,539) (8,623,800)
Class C ($2.22 and $1.49 per share, respectively) (6,757,201) (1,502,241)
Class Y ($2.22 and $0.00 per share, respectively) (546,104) -
-------------- --------------
Total distributions to shareholders $ (352,737,560) $ (212,324,713)
-------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,652,707,636 $1,075,355,825
Reinvestment of distributions 317,373,755 192,687,584
Cost of shares repurchased (881,798,971) (629,692,713)
-------------- --------------
Net increase in net assets resulting from fund share
transactions $1,088,282,420 $ 638,350,696
-------------- --------------
Net increase in net assets $1,692,416,982 $1,654,948,595
NET ASSETS:
Beginning of year 5,707,945,102 4,052,996,507
-------------- --------------
End of year (including accumulated undistributed net
investment income of $0 and $0, respectively) $7,400,362,084 $5,707,945,102
============== ==============
</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 YEARS ENDED 12/31/99 AND 12/31/98
<TABLE>
<CAPTION>
CLASS A '99 SHARES '99 AMOUNT '98 SHARES '98 AMOUNT
<S> <C> <C> <C> <C>
Shares sold 25,703,151 $1,175,889,963 20,599,912 $ 809,225,041
Reinvestment of distributions 6,247,722 289,977,993 4,465,786 183,937,799
Less shares repurchased (16,931,541) (775,592,354) (14,825,021) (578,631,413)
----------- -------------- ----------- -------------
Net increase 15,019,332 $ 690,275,602 10,240,677 $ 414,531,427
=========== ============== =========== =============
CLASS B
Shares sold 7,621,706 $ 346,726,886 5,636,157 $ 221,555,435
Reinvestment of distributions 485,474 22,383,744 186,678 7,724,353
Less shares repurchased (1,842,368) (84,273,185) (1,046,121) (40,159,056)
----------- -------------- ----------- -------------
Net increase 6,264,812 $ 284,837,445 4,776,714 $ 189,120,732
=========== ============== =========== =============
CLASS C
Shares sold 2,613,225 $ 117,740,196 1,134,435 $ 44,575,349
Reinvestment of distributions 96,697 4,413,373 25,035 1,025,432
Less shares repurchased (465,754) (21,021,787) (289,689) (10,902,244)
----------- -------------- ----------- -------------
Net increase 2,244,168 $ 101,131,782 869,781 $ 34,698,537
=========== ============== =========== =============
CLASS Y*
Shares sold 265,515 $ 12,350,591
Reinvestment of distributions 12,888 598,645
Less shares repurchased (19,090) (911,645)
---------- ------------
Net increase 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 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
CLASS A 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 43.30 $ 34.95 $ 26.89 $ 24.36 $ 21.32
---------- ---------- ---------- ---------- ----------
Increase from investment operations:
Net investment income $ 0.18 $ 0.21 $ 0.30 $ 0.37 $ 0.49
Net realized and unrealized gain on investments and
foreign currency transactions 6.51 9.84 9.97 4.35 5.13
---------- ---------- ---------- ---------- ----------
Net increase from investment operations $ 6.69 $ 10.05 $ 10.27 $ 4.72 $ 5.62
Distributions to shareholders:
Net investment income (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 $ 4.30 $ 8.35 $ 8.06 $ 2.53 $ 3.04
---------- ---------- ---------- ---------- ----------
Net asset value, end of year $ 47.60 $ 43.30 $ 34.95 $ 26.89 $ 24.36
========== ========== ========== ========== ==========
Total return* 15.63% 29.00% 38.47% 19.70% 26.64%
Ratio of net expenses to average net assets+ 1.10% 1.09% 1.03% 1.01% 0.95%
Ratio of net investment income to average net assets+ 0.39% 0.52% 0.93% 1.40% 2.01%
Porfolio turnover rate 10% 9% 17% 25% 31%
Net assets, end of year (in thousands) $6,638,130 $5,388,761 $3,991,726 $2,896,670 $2,466,098
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.09% 1.08% 1.02% 0.99% 0.94%
Net investment income 0.40% 0.53% 0.94% 1.42% 2.02%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 23
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED 7/1/96 TO
CLASS B 12/31/99 12/31/98 12/31/97(a) 12/31/96(a)
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 43.20 $ 35.01 $ 27.02 $26.40
-------- -------- ------- ------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.12) $ (0.04) $ 0.01 $ 0.07
Net realized and unrealized gain on investments and
foreign currency transactions 6.38 9.72 9.99 2.50
-------- -------- ------- ------
Net increase from investment operations $ 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 $ 4.04 $ 8.19 $ 7.99 $ 0.62
-------- -------- ------- ------
Net asset value, end of period $ 47.24 $ 43.20 $ 35.01 $27.02
======== ======== ======= ======
Total return* 14.63% 27.82% 37.19% 9.92%
Ratio of net expenses to average net assets+ 1.98% 1.99% 1.92% 1.82%**
Ratio of net investment income (loss) to average net assets+ (0.50)% (0.41)% (0.02)% 0.46%**
Porfolio turnover rate 10% 9% 17% 25%
Net assets, end of period (in thousands) $593,145 $271,796 $53,010 $8,940
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.96% 1.96% 1.88% 1.80%**
Net investment income (loss) (0.48)% (0.38)% 0.02% 0.48%**
</TABLE>
(a) The per share data presented above is based upon the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
24 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED 7/1/96 TO
CLASS C 12/31/99 12/31/98 12/31/97(a) 12/31/96(a)
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 42.76 $ 34.66 $26.74 $26.40
-------- ------- ------ ------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.09) $ (0.04) $ 0.02 $ 0.03
Net realized and unrealized gain on investments and
foreign currency transactions 6.31 9.63 9.89 2.23
-------- ------- ------ ------
Net increase from investment operations $ 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 $ 4.00 $ 8.10 $ 7.92 $ 0.34
-------- ------- ------ ------
Net asset value, end of period $ 46.76 $ 42.76 $34.66 $26.74
======== ======= ====== ======
Total return* 14.68% 27.85% 37.25% 8.74%
Ratio of net expenses to average net assets+ 1.96% 1.97% 1.87% 2.11%**
Ratio of net investment income (loss) to average net assets+ (0.49)% (0.39)% 0.02% 0.20%**
Porfolio turnover rate 10% 9% 17% 25%
Net assets, end of period (in thousands) $156,739 $47,389 $8,261 $1,831
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.93% 1.93% 1.83% 2.08%**
Net investment income (loss) (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 12/31/99
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
5/6/99 TO
CLASS Y(a) 12/31/99
<S> <C>
Net asset value, beginning of period $ 46.44
-------
Increase from investment operations:
Net investment income $ 0.23
Net realized and unrealized gain on investments and
foreign currency transactions 3.41
-------
Net increase from investment operations $ 3.64
Distributions to shareholders:
Net investment income (0.24)
Net realized gain (2.22)
-------
Net increase in net asset value $ 1.18
-------
Net asset value, end of period $ 47.62
=======
Total return* 8.00%
Ratio of net expenses to average net assets+ 0.72%**
Ratio of net investment income to average net assets+ 0.73%**
Porfolio turnover rate 10%
Net assets, end of period (in thousands) $12,348
Ratios assuming reduction for fees paid indirectly:
Net expenses 0.71%**
Net investment income 0.74%**
</TABLE>
(a) Class Y shares were first publicly offered on May 6, 1999.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
26 The accompanying notes are an integral part of these financial statements.
<PAGE>
PIONEER FUND
------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/99
------------------------------------------------------------------------------
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 objectives of the Fund
is reasonable income and capital growth.
The Fund offers four classes of shares - Class A, Class B, Class C and
Class Y shares. Class Y shares were first publicly offered on May 6,
1999. 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 on trade date. The net asset
value is computed once daily, on each day the New York Stock
Exchange is open, as of the close of regular trading on the
Exchange. In computing the net asset value, securities are valued
at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation,
or securities for which sale prices are not generally reported, are
valued at the mean between the last bid and asked prices.
Securities for which market quotations are not readily available
are valued at their fair values as determined by, or under the
direction of, the Board of Trustees. Dividend income is recorded on
the ex-dividend date and interest income is
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NOTES TO FINANCIAL STATEMENTS 12/31/99 (CONTINUED)
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recorded 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.
Settlements from litigation and class action suits are recognized
when the Fund acquires an enforceable right to such awards.
Included in net realized gain on investments is $59,103 of class
action settlements received by the Fund during the year ended
December 31, 1999.
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
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gain on investment transactions, or from paid-in capital, depending
on the type of book/tax differences that may exist.
At December 31, 1999, the Fund reclassified $1,025,140 and
$3,685,715 from paid-in capital to accumulated net investment loss
and accumulated net realized loss on investments, respectively. The
reclassification has no impact on the net asset value of the Fund
and is designed to present the Fund's capital accounts on a tax
basis.
In order to comply with federal income tax regulations, the Fund
has designated $326,441,678 as a capital gain dividend for purposes
of the dividend paid deduction.
D. FUND SHARES
The Fund records sales and repurchases of its shares on 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 an indirect subsidiary of The Pioneer Group, Inc.
(PGI). PFD earned approximately $3,237,835 in underwriting
commissions on the sale of fund shares during the year ended
December 31, 1999.
E. CLASS ALLOCATIONS
Distribution fees are calculated based on the average daily net
asset value attributable to Class A, Class B and Class C shares of
the Fund, respectively. Class Y shares are not subject to a
distribution plan. Shareholders of each class share all expenses
and fees paid to the transfer agent, Pioneering Services
Corporation (PSC), for their services, which are allocated based on
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
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PIONEER FUND
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NOTES TO FINANCIAL STATEMENTS 12/31/99 (CONTINUED)
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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 up to a maximum of (plus or minus sign)0.10% based on the Fund's
investment performance as compared with the Lipper Growth & Income Funds
Index. For the year ended December 31, 1999, the aggregate performance
adjustment resulted in an increase to management fees of $4,295,583. For
the year ended December 31, 1999, the management fee was equivalent to
0.67% of average daily net assets.
In addition, under the management and administration agreements, certain
other services and costs, including accounting, regulatory reporting and
insurance premiums, are paid by the Fund. At December 31, 1999, $4,211,080
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 $1,140,327 in transfer agent fees payable to PSC at
December 31, 1999.
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.
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PIONEER FUND
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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 $1,925,733 in distribution
fees payable to PFD at December 31, 1999.
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 year ended December
31, 1999, CDSCs in the amount of $946,101 were paid to PFD.
5. EXPENSE OFFSETS
The Fund has entered into certain directed brokerage and expense
offset arrangements resulting in a reduction in the Fund's total
expenses. For the year ended December 31, 1999, the Fund's expenses
were reduced by $849,845 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.
The average daily amount of borrowings outstanding during the year
ended December 31, 1999 was $27,213. The average daily shares
outstanding during the year were 141,552,470 resulting in an
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PIONEER FUND
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NOTES TO FINANCIAL STATEMENTS 12/31/99 (CONTINUED)
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average borrowing of less than one cent per share. The related
weighted average annualized interest rate for the year was 5.3%, and
the total interest expense on such borrowings was $4,312.
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 December 31, 1999:
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DIVIDEND
AFFILIATES PURCHASES SALES INCOME VALUE
John Wiley & Sons, Inc. -- -- $484,813 $58,531,200
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PIONEER FUND
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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TO THE SHAREOWNERS AND THE BOARD OF TRUSTEES OF PIONEER FUND:
We have audited the accompanying balance sheet, including the
schedule of investments, of Pioneer Fund as of December 31, 1999, and
the related statement of operations, the statements of changes in net
assets, and the financial highlights for the periods presented. 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.
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
December 31, 1999, 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 Fund as of December 31, 1999, the
results of its operations, the changes in its net assets, and the
financial highlights for the periods presented, in conformity with
generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
February 4, 2000
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RETIREMENT PLANS FROM PIONEER
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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)
TRADITIONAL IRA
A Traditional IRA allows anyone under age 70 1/2 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
Contributions, up to $2,000 a year per person in earned income, are
not tax-deductible, but earnings are tax-free for qualified
withdrawals. You can contribute beyond age 70 1/2, although there are
income limits for contributions at any age.
401(k) PLAN
The traditional 401(k) plan allows employees to make pre-tax
contributions through payroll deduction, up to $10,000 per year or 25%
of pay, whichever is less. Employers may contribute.
SIMPLE (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES)
IRA
Businesses with 100 or fewer eligible employees can establish either
plan; both resemble the traditional 401(k), but with less testing and
lower 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.
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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 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-BASED PROFIT SHARING PLAN
Like traditional profit sharing plans, employer contributions are
flexible, but age-based plans allocate contributions based on both age
and salary. Age-based 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.
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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
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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.
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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, then 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. Pioneer
will send the proceeds by check to the address you designate, or
electronically to your bank account. You can also authorize Pioneer
to make the redemptions payable to someone else. (SWPs are available
for accounts with a value of $10,000 or more.)
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HOW TO CONTACT PIONEER
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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.
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<S> <C> <C>
[PIONEER LOGO] PIONEER INVESTMENT MANAGEMENT, INC.
60 STATE STREET 7310-00-0200
BOSTON, MASSACHUSETTS 02109 (C) PIONEER FUNDS DISTRIBUTOR, INC.
WWW.PIONEERFUNDS.COM [RECYCLE LOGO] PRINTED ON RECYCLED PAPER
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