<PAGE>
[Pioneer logo]
Pioneer
Gold Shares
SEMIANNUAL REPORT
APRIL 30, 1996
<PAGE>
Dear Shareowner,
Pioneer Gold Shares reached the midpoint of its seventh fiscal year on April
30, 1996. The past six months were exciting for investors in gold-related
stocks, as the price of gold moved above $400 an ounce for the first time in
several years. Although the price of gold ultimately retreated, stocks of
companies in the gold business enjoyed renewed popularity throughout most of
the semiannual period.
How Your Fund Performed
Your Fund achieved the following results for the six months ended April 30,
1996:
Class A Shares
(bullet) Net asset value stood at $8.85 per share on April 30, 1996, versus
$6.80 on October 31, 1995.
(bullet) The increase in share value translated into a six-month total
return of 30.15% at net asset value and 22.75% at maximum public
offering price.
Class B Shares
(bullet) Net asset value was $8.71 per share on April 30, 1996, versus $6.73
per share on October 31, 1995.
(bullet) The increase in share value resulted in a total return of 29.42%
for the six months, assuming shares were held the entire period. If
shares were sold on April 30 and the maximum 4% contingent deferred
sales charge deducted, total return would have been 25.42%.
Class C Shares
The Fund introduced Class C shares on January 31, 1996. Since then, they
achieved the following results:
(bullet) Net asset value was $8.70 per share on April 30, 1996, the same as
its introductory share price. As a result, total return was 0% for
the abbreviated period, assuming shares were held throughout. If
shares were sold and the 1% sales charge deducted at the end of the
period, total return would have been -1.0%.
By comparison, the unmanaged Standard & Poor's (S&P) 500 Index showed a
total return of 13.75% for the six months through April 30. The S&P 500
reflects the progress of the overall stock market, of which gold- oriented
stocks are just a component. The accompanying table shows the Fund's results
for longer time periods.
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of April 30, 1996)
Class A Shares
Period Net Asset Value Public Offering Price*
- ------------------------ ---------------- -------------------------
<S> <C> <C>
Life of Fund (7/25/90) 5.27% 4.20%
5 Years 11.59 10.29
1 Year 18.63 11.74
</TABLE>
<TABLE>
<CAPTION>
Class B Shares
Period If Held If Redeemed**
-------------- -----------------------
<S> <C> <C>
Life of Fund (4/4/94) 5.25% 3.88%
1 Year 17.54 13.54
</TABLE>
Prices of Gold -- and Gold-Related Stocks -- Picked Up
The story of this period was the rally in gold. Late in 1995, the price of
gold still hovered between $375 and $395 an ounce. As the year drew to a
close, however, conditions combined to help spur gold higher. The world's
central banks slowed their selling, helping demand outpace supply and
attracting a variety of buyers. Typically, once gold prices begin to move up,
forward selling puts a damper on the rally. In early 1996, however, the lease
rates charged by central banks on loans for trading in gold rose enough to
reduce the profitability of forward selling. Without a forward-driven
sell-off, gold prices moved above the psychological barrier of $400 an ounce,
gathering momentum and eventually hitting $415. At this level, investors
began to sell, increasing supply and bringing gold back down below $400 but
still above the prices seen for most of 1995.
The rally did more than increase the price in bullion. It drew attention to
gold-related stocks. New groups joined the
* Reflects deduction of the maximum 5.75% sales charge at the beginning of
the period and assumes reinvestment of distributions at net asset value.
** Reflects deduction of the maximum 4.0% contingent deferred sales charge at
the end of the period and assumes reinvestment of distributions.
Past performance does not guarantee future results. Return and principal
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than their original cost.
<PAGE>
ranks of traditional investors, looking for pockets of value in the
fast-climbing overall stock market. In fact, even though gold prices
retreated late in the period, the price of gold stocks held up well.
Portfolio Activity
Your Fund's portfolio is well diversified across 36 companies and 4
continents. The constant characteristic among holdings is value, combined
with a company's demonstrated ability to succeed in the business of mining
gold or other precious metals. Your portfolio management prefers
well-established companies with proven operations and reserves. As a result,
the Fund will tend to own relatively few companies in the early stages of
exploration and development.
Major investments in the portfolio include Barrick Gold, Cambior and Newcrest
Mining. The Fund enjoyed good inflows of cash during the period, and your
management took the opportunity to increase holdings in TVX Gold and Viceroy
Resources. We continued to favor South African stocks, and added to positions
there when investor unease about political and economic transitions drove
down stock prices. Elsewhere, when company prospects changed, we sold. Stocks
in this category include St. Barbara Mines, Amax Gold and Rayrock Yellowknife
Resources. We maintained the Fund's liquidity, generally keeping between 5%
and 10% of the portfolio in short-term cash equivalents.
Looking Ahead
By the end of the period, much of the euphoria over gold had subsided. What
remains, however, is a stronger market for gold-related stocks. We do not see
any compelling reason for gold prices to fall off sharply, although a move in
gold prices significantly above $400 in the months ahead is more problematic.
Against this backdrop of a fairly steady trading range, we continue to look
for opportunities to buy good stocks at low prices.
On the next few pages you will see the audited Schedule of Investments and
financial statements as of April 30, 1996. Please call your investment
representative with any questions you have about Pioneer Gold Shares, or call
Pioneer directly at 1-800-225-6292. We appreciate your support.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President,
Pioneer Gold Shares
2
<PAGE>
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SCHEDULE OF INVESTMENTS--PIONEER GOLD SHARES--April 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------------ ------------
<S> <C> <C>
COMMON STOCKS--92.8%
PRECIOUS METALS--92.8%
Australia--10.1%
630,000 Gold Mines of Kalgoorlie Ltd. $ 733,134
242,200 Newcrest Mining Ltd. 1,167,390
109,500 Plutonic Resources Ltd. 667,263
298,747 Posgold Ltd. 808,059
134,000 Sons of Gwalia NL 953,531
----------
$ 4,329,377
----------
Canada--33.7%
50,000 Agnico-Eagle Mines Ltd. $ 912,500
81,242 Barrick Gold Corp. 2,488,036
121,400 Cambior, Inc. 1,702,989
20,800 Euro-Nevada Mining Corp. 779,198
12,050 Franco Nevada Mining Corp., Ltd. 716,502
133,200 Hemlo Gold Mines Inc. 1,731,600
40,000 Kinross Gold Corp.* 346,702
75,500 Placer Dome, Inc.* 2,095,125
42,400 Prime Resources Group, Inc.* 401,760
29,300 Teck Corp. (Class B) 627,363
206,900 TVX Gold Inc.* 1,629,338
160,600 Viceroy Resources Corp.* 973,226
----------
$14,404,339
----------
Ghana--2.5%
50,000 Ashanti Goldfields Co., Ltd. (G.D.R.) $ 1,093,750
----------
Great Britain--1.3%
60,383 Johnson Matthey Plc $ 550,913
----------
South Africa--12.5%
91,900 Driefontein Consolidated Ltd. (A.D.R.) $ 1,458,912
54,600 Free State Consolidated Gold Mines, Ltd. (A.D.R.) 597,188
114,600 Kloof Gold Mining Co., Ltd. (A.D.R.) 1,360,875
15,479 Rustenberg Platinum Holdings Ltd. (A.D.R.)* 303,785
168,400 Vaal Reefs Exploration & Mining Co., Ltd. (A.D.R.) 1,641,900
----------
$ 5,362,660
----------
United States--32.7%
147,600 Battle Mountain Gold Co. $ 1,309,950
24,500 Coeur d'Alene Mines Corp. 486,937
103,700 Echo Bay Mines Ltd. 1,361,062
49,800 Firstmiss Gold Inc. OTC 1,531,350
35,000 Freeport-McMoRan Copper & Gold Inc. (Class A) 1,106,875
15,700 Freeport-McMoRan Copper & Gold Inc. (Class B) 516,138
117,795 Hecla Mining Co.* 912,911
116,290 Homestake Mining Co. 2,340,336
15,825 Newmont Gold Co. 917,850
17,088 Newmont Mining Corp. 988,968
41,300 Pegasus Gold, Inc.* 588,525
98,700 Santa Fe Pacific Gold Corp. 1,468,163
63,900 Wharf Resources Ltd. 447,300
----------
$13,976,365
----------
TOTAL PRECIOUS METALS $39,717,404
----------
$39,717,404
TOTAL COMMON STOCKS (Cost $33,104,373) ----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
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SCHEDULE OF INVESTMENTS--PIONEER GOLD SHARES--April 30, 1996--Continued
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------ ------------
<S> <C> <C>
TEMPORARY CASH INVESTMENTS--7.2%
Commercial Paper--7.2%
$1,143,000 Exxon Credit Corp., 5.29%, 05/03/96 $ 1,143,000
573,000 Ford Motor Credit Co., 5.20%, 05/01/96 573,000
1,357,000 Household Finance Corp., 5.15%, 05/02/96 1,357,000
----------
TOTAL TEMPORARY CASH INVESTMENTS (Cost $3,073,000) $ 3,073,000
----------
TOTAL INVESTMENT IN SECURITIES--100% (Cost $36,177,373)
(a) (b) $42,790,404
==========
</TABLE>
*Non-income producing security.
(a) At April 30, 1996, the net unrealized gain on investments based on cost
for federal income tax purposes of $36,181,279 was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 7,425,096
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (815,971)
-----------
Net unrealized gain $6,609,125
===========
</TABLE>
(b) At October 31, 1995, the Fund had a capital loss carryforward of $72,050
which will expire in the year 2001 if not utilized.
- --------------------------------------------------------------------------------
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 1996 aggregated $11,980,544 and $3,544,401,
respectively.
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
- --------------------------------------------------------------------------------
PIONEER GOLD SHARES
BALANCE SHEET--April 30,1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Assets:
Investment in securities, at value (including temporary cash investments of $3,073,000)
(cost $36,177,373; see Schedule of Investments and Note 1) $42,790,404
Cash 452
Receivables--
Fund shares sold 273,180
Dividends, interest and foreign taxes withheld (Note 1) 20,837
Other 10,237
----------
Total assets $43,095,110
----------
Liabilities:
Payables--
Fund shares repurchased $ 11,047
Due to affiliates (Notes 2, 3 and 4) 49,231
Accrued expenses 342
------------
Total liabilities $ 60,620
------------
Net Assets:
Paid-in capital (Note 1) $36,204,994
Accumulated net investment loss (38,758)
Accumulated undistributed net realized gain on investments and foreign currency transactions
(Note 1) 255,102
Net unrealized gain on investments 6,613,031
Net unrealized gain on other assets and liabilities denominated in foreign currencies (Note 1) 121
------------
Total net assets $43,034,490
============
Net Asset Value Per Share:
Class A--(based on $38,149,720/4,310,835 shares of beneficial interest outstanding--
unlimited number of shares authorized) $8.85
============
Class B--(based on $4,574,350/525,050 shares of beneficial interest outstanding--
unlimited number of shares authorized) $8.71
============
Class C--(based on $310,420/35,672 shares of beneficial interest outstanding--unlimited
number of shares authorized) $8.70
============
Maximum Offering Price:
Class A $9.39
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
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PIONEER GOLD SHARES
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Investment Income (Note 1):
Dividends (net of foreign taxes withheld of $17,036) $ 174,006
Interest 103,473
---------
Total investment income $ 277,479
---------
Expenses:
Management fees (Note 2) $ 116,588
Transfer agent fees (Note 3)
Class A 38,721
Class B 5,049
Class C 402
Distribution fees (Note 4)
Class A 37,594
Class B 15,439
Class C 472
Registration fees 44,736
Custodian fees 11,113
Professional fees 12,718
Accounting (Note 2) 33,922
Printing 8,762
Fees and expenses of nonaffiliated trustees 6,509
Miscellaneous 9,524
---------
Total expenses $ 341,549
Less fees paid indirectly (Note 5) (3,722)
Less management fees waived by Pioneering Management Corporation (Note 2) (21,590)
---------
Net expenses $ 316,237
---------
Net investment loss $ (38,758)
---------
Realized and Unrealized Gain on Investments:
Net realized gain from:
Investments (Note 1) $ 339,073
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (Note 1) 427 $ 339,500
-------
Net unrealized gain from:
Change in net unrealized gain on investments $7,557,000
Change in net unrealized gain on other assets and liabilities denominated
in foreign currencies 121 7,557,121
------- ---------
Net gain on investments $7,896,621
---------
Net increase in net assets resulting from operations $7,857,863
=========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
- --------------------------------------------------------------------------------
PIONEER GOLD SHARES
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended April 30, 1996 and the Year Ended October 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
April 30, 1996 October 31, 1995
--------------- ----------------
<S> <C> <C>
From Operations:
Net investment loss $ (38,758) $ (51,230)
Net realized gain on investments and foreign currency transactions 339,500 6,397
Change in net unrealized gain/loss on investments and foreign currency
transactions 7,557,121 (4,123,733)
------------- ---------------
Net increase (decrease) in net assets resulting from operations $ 7,857,863 $ (4,168,566)
------------- ---------------
From Fund Share Transactions:
Net proceeds from sale of shares $ 23,869,519 $ 18,503,183
Cost of shares repurchased (14,866,789) (15,279,791)
------------- ---------------
Net increase in net assets resulting from fund share transactions $ 9,002,730 $ 3,223,392
------------- ---------------
Net increase (decrease) in net assets $ 16,860,593 $ (945,174)
Net Assets:
Beginning of period $ 26,173,897 $ 27,119,071
------------- ---------------
End of period (including accumulated net investment loss of $38,758
and $0, respectively) $ 43,034,490 $ 26,173,897
============= ===============
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended
April 30, 1996 October 31,1995
------------------------- ---------------------------
Shares Amount Shares Amount
---------- ----------- ---------- -------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold 2,055,609 $ 17,597,613 2,085,125 $ 15,212,360
Less shares repurchased (1,332,836) (11,182,954) (1,793,566) (13,045,144)
-------- --------- -------- -----------
Net increase 722,773 $ 6,414,659 291,559 $ 2,167,216
======== ========= ======== ===========
CLASS B
Shares sold 712,867 $ 5,960,699 443,501 $ 3,290,823
Less shares repurchased (449,745) (3,683,835) (302,063) (2,234,647)
-------- --------- -------- -----------
Net increase 263,122 $ 2,276,864 141,438 $ 1,056,176
======== ========= ======== ===========
CLASS C*
Shares sold 35,672 $ 311,207
Less shares repurchased -- --
-------- ---------
Net increase 35,672 $ 311,207
======== =========
</TABLE>
* Class C shares were first publicly offered on January 31, 1996.
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
- --------------------------------------------------------------------------------
PIONEER GOLD SHARES
FINANCIAL HIGHLIGHTS
Selected Data for a Share Outstanding for the Periods Presented
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months July 25,
Ended For the Years Ended October 31, 1990 to
April 30, ----------------------------------------------------- October 31,
1996 1995 1994 1993 1992 1991 1990
CLASS A ---------- -------- ------- ------- ------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 6.80 $ 7.94 $ 7.44 $ 5.03 $ 5.35 $ 5.33 $ 6.50
------- ------- ------- ------- ------ ------ -------
Increase (decrease) from
investment operations:
Net investment income
(loss) $ (0.01) $ (0.01) $ (0.03) $ (0.03) $(0.02) $ 0.01 $ (0.14)
Net realized and
unrealized gain
(loss) on investments
and foreign currency
related transactions 2.06 (1.13) 0.53 2.44 (0.28) 0.01 (1.03)
------- ------- ------- ------- ------ ------ -------
Total increase
(decrease) from
investment operations $ 2.05 $ (1.14) $ 0.50 $ 2.41 $(0.30) $ 0.02 $ (1.17)
Distributions to
shareholders from:
Net investment income -- -- -- -- (0.02) -- --
------- ------- ------- ------- ------ ------ -------
Net increase (decrease) in
net asset value $ 2.05 $ (1.14) $ 0.50 $ 2.41 $(0.32) $ 0.02 $ (1.17)
------- ------- ------- ------- ------ ------ -------
Net asset value, end of
period $ 8.85 $ 6.80 $ 7.94 $ 7.44 $ 5.03 $ 5.35 $ 5.33
======= ======= ======= ======= ====== ====== =======
Total return* 30.15% (14.36%) 6.72% 47.91% (5.70%) 0.38% (18.00%)
Ratio of net expenses to
average net assets 1.70%**+ 1.76%+ 1.75% 1.75% 1.75% 1.75% 9.21%**
Ratio of net investment
income (loss) to
average net assets (0.16%)**+ (0.16%)+ (0.40%) (0.52%) (0.35%) 0.18% (6.31%)**
Porfolio turnover rate 22.12%** 5.79% 2.86% 6.00% 4.00% 10.00% 15.00%**
Average commission rate
paid per exchange
listed transaction $0.0351 -- -- -- -- -- --
Net assets, end of period
(in thousands) $38,150 $24,412 $26,168 $14,057 $3,461 $1,800 $ 1,399
Ratios assuming no waiver
of management fees and
assumption of expenses
by PMC and no
reduction for fees
paid indirectly:
Net expenses 1.83%** 2.28% 2.14% 3.23% 6.62% 10.97% --
Net investment loss (0.29%)** (0.68%) (0.79%) (2.00%) (5.22%) (9.04%) --
Ratios assuming waiver of
management fees and
assumption of expenses
by PMC and reduction
for fees paid
indirectly:
Net expenses 1.68%** 1.75% -- -- -- -- --
Net investment loss (0.14%)** (0.15%) -- -- -- -- --
</TABLE>
+ Ratios assuming no reduction for fees paid indirectly.
* 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.
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
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PIONEER GOLD SHARES
FINANCIAL HIGHLIGHTS
Selected Data for a Share Outstanding for the Periods Presented (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year April 4,
Ended Ended 1994 to
April 30, October 31, October 31,
1996 1995 1994
<S> <C> <C> <C>
CLASS B ----------- ----------- -------------
Net asset value, beginning of period $ 6.73 $ 7.89 $ 7.83
--------- --------- -----------
Increase (decrease) from investment operations:
Net investment loss $ (0.03) $ (0.05) $(0.03)
Net realized and unrealized gain (loss) on investments and
foreign currency related transactions 2.01 (1.11) 0.09
--------- --------- -----------
Net increase (decrease) in net asset value $ 1.98 $ (1.16) $ 0.06
--------- --------- -----------
Net asset value, end of period $ 8.71 $ 6.73 $ 7.89
========= ========= ===========
Total return* 29.42% (14.70%) 0.77%
Ratio of net expenses to average net assets 2.56%**+ 2.57%+ 2.67%**
Ratio of net investment loss to average net assets (1.03%)**+ (1.01%)+ (1.42%)**
Porfolio turnover rate 22.12%** 5.79% 2.86%
Average commission rate paid per exchange listed transaction $0.0351 -- --
Net assets, end of period (in thousands) $ 4,574 $ 1,762 $ 951
Ratios assuming no waiver of management fees and assumption
of expenses by PMC and no reduction for fees paid
indirectly:
Net expenses 2.64%** 3.12% 2.79%**
Net investment loss (1.11%)** (1.56%) (1.54%)**
Ratios assuming waiver of management fees and assumption of
expenses by PMC and reduction for fees paid indirectly:
Net expenses 2.54%** 2.53% --
Net investment loss --
(1.01%)** (0.97%)
</TABLE>
<TABLE>
<CAPTION>
January 31, 1996
to
April 30, 1996
CLASS C*** ------------------
<S> <C>
Net asset value, beginning of period $ 8.70
-----------------
Increase (decrease) from investment operations:
Net investment loss $ (0.02)
Net realized and unrealized gain on investments and foreign
currency related transactions 0.02
-----------------
Net increase in net asset value $ --
-----------------
Net asset value, end of period $ 8.70
=================
Total return* 0.00%
Ratio of net expenses to average net assets 3.12%**+
Ratio of net investment loss to average net assets (1.62%)**+
Portfolio turnover rate 22.12%**
Average commission rate paid per exchange listed transaction $0.0351
Net assets, end of period (in thousands) $ 310
Ratios assuming waiver of management fees by PMC and
reduction for fees paid indirectly:
Net operating expenses 3.05%**
Net investment loss (1.55%)**
</TABLE>
+ Ratios assuming no reduction for fees paid indirectly.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Class C shares were first publicly offered on January 31, 1996.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS--April 30, 1996
- --------------------------------------------------------------------------------
1. Pioneer Gold Shares (the Fund), one of three funds that composes Pioneer
Growth Trust (the Trust), is a Massachusetts business trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek long-term
capital appreciation by investing in securities of companies engaged in the
mining, processing, refining or sale of gold or other precious metals.
The Board of Trustees (the Trustees) has authorized the issuance of three
share classes of the Fund, designated as Class A, Class B and Class C shares.
Class C shares were first publicly offered on January 31, 1996. The shares of
Class A, Class B and Class C represent an interest in the same portfolio of
investments of the Fund and have equal rights to voting, redemptions,
dividends and liquidation, except that each class of shares can bear
different transfer agent and distribution fees and have exclusive voting
rights with respect to the distribution plans that have been adopted by Class
A, Class B and Class C shareholders, respectively.
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. Each day, 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 sales 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 Trustees. Trading in foreign securities is substantially
completed each day at various times prior to the close of the New York
Stock Exchange. The values of such securities used in computing the net
asset value of the Fund's shares are determined as of such times.
Temporary cash investments are valued at amortized cost. Dividend income
is recorded on the ex-dividend date, except that certain dividends from
foreign securities where the ex-dividend date may have passed are
recorded as soon as the Fund is informed of the ex-dividend date.
Interest income is recorded on the accrual basis, net of unrecoverable
foreign taxes withheld at the applicable country rates.
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.
The Fund's investment policies present unique risks to the portfolio's
value. The prices of gold and other precious metals may be subject to
fluctuations caused by international monetary and political developments
including trade or currency restrictions, currency devaluation and
revaluation, and social and political conditions within a country.
Fluctuations in the prices of gold and other metals will affect the
market values of the securities of the companies invested by the Fund.
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
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
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 fund
shares on the trade date. Net losses, if any, as a result of
cancellations, are absorbed by Pioneer Funds Distributor, Inc. (PFD), the
principal underwriter for the Fund and an indirect wholly owned
subsidiary of The Pioneer Group, Inc. (PGI). PFD earned $39,816 in
underwriting commissions on the sale of the fund shares during the six
months ended April 30, 1996. Distributions to shareholders are recorded
as of the ex-dividend date. Distributions paid by the Fund, if any, with
respect to each class of shares are calculated in the same manner, at the
same time, on the same day and in the same amount, except that Class A,
Class B and Class C shares bear different transfer agent and distribution
fees.
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. 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.
2. Pioneering Management Corporation (PMC), the Fund's investment adviser,
manages the Fund's portfolio and is a wholly owned subsidiary of PGI.
Management fees are calculated daily at the annual rate of 0.65% of the
Fund's average daily net assets up to $300 million; 0.60% of the next $200
million; 0.50% of the next $500 million; and 0.45% of the excess over $1
billion.
Until January 31, 1996, PMC agreed not to impose a portion of its
management fee and to assume other operating expenses of the Fund to the
extent necessary to limit Class A expenses to 1.75% of the average daily net
assets attributable to Class A shares; the portion of the Fund-wide expenses
attributable to Class B and Class C shares were reduced only to the extent
that such expenses were reduced for Class A shares.
In addition, under the management contract, certain other services and
costs, including accounting, regulatory reporting and insurance premiums, are
paid by the Fund. Included in due to affiliates is $24,758 and $6,370 in
management fees and accounting fees, respectively, payable to PMC at April
30, 1996.
3. 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 $7,230 in transfer agent fees payable to PSC at April
30, 1996.
4. The Fund adopted a Plan of Distribution for each class of 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 Fund's average daily net assets in
reimbursement of its actual expenditures to finance activities primarily
intended to result in the sale of Class A shares. Pursuant to the Class B
Plan and 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
$10,873 in distribution fees payable to PFD at April 30, 1996.
In addition, redemptions of each class of shares may be subject to a
contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on
certain net asset value purchases of Class A shares that are redeemed within
one
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
year of purchase. Class B shares that are redeemed within six years of
purchase are subject to a CDSC at declining rates beginning at 4.0%, 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 CDSC are paid to PFD. For the six months ended April 30,
1996, CDSC in the amount of $8,313 was paid to PFD.
5. The Fund has entered into certain expense offset arrangements resulting in
the reduction of the Fund's total expenses. For the six months ended April
30, 1996, the Fund's expenses were reduced by $3,722 under such arrangements.
12
<PAGE>
REPORT TO INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER GOLD SHARES:
We have audited the accompanying balance sheet of Pioneer Gold Shares
(one of three funds that composes Pioneer Growth Trust), including the
schedule of investments, as of April 30, 1996, and the related statement of
operations, statements of changes in net assets and 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 April 30, 1996 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 Gold Shares as of April 30, 1996, the results of its
operations, the changes in its net assets and financial highlights for the
periods presented, in conformity with generally accepted accounting
principles.
Boston, Massachusetts ARTHUR ANDERSEN LLP
May 31, 1996
13
PIONEER GOLD SHARES
60 State Street
Boston, MA 02109
OFFICERS
JOHN F. COGAN, JR., Chairman and President
DAVID D. TRIPPLE, Executive Vice President
WILLIAM H. KEOUGH, Treasurer
JOSEPH P. BARRI, Secretary
TRUSTEES
JOHN F. COGAN, JR.
RICHARD H. EGDAHL, M.D.
MARGARET B.W. GRAHAM
JOHN W. KENDRICK
MARGUERITE A. PIRET
DAVID D. TRIPPLE
STEPHEN K. WEST
JOHN WINTHROP
INVESTMENT ADVISER
PIONEERING MANAGEMENT
CORPORATION
PRINCIPAL UNDERWRITER
PIONEER FUNDS
DISTRIBUTOR, INC.
CUSTODIAN
BROWN BROTHERS HARRIMAN & CO.
INDEPENDENT PUBLIC
ACCOUNTANTS
ARTHUR ANDERSEN LLP
LEGAL COUNSEL
HALE AND DORR
SHAREHOLDER SERVICES AND TRANSFER AGENT
PIONEERING SERVICES CORPORATION
60 State Street
Boston, Massachusetts 02109
Please call Pioneer for information on:
Existing accounts, new accounts,
prospectuses, applications
and service forms 1-800-225-6292
Fund yields and prices 1-800-225-4321
Telecommunications Device
for the Deaf (TDD) 1-800-225-1997
Toll-free fax 1-800-225-4240
Retirement plans 1-800-622-0176
When distributed to persons who are not shareowners of the Fund, this report
must be accompanied by an official prospectus, which discusses the
objectives, policies and other informati
on concerning the Fund.
0696-3430
(c)Pioneer Funds Distributor, Inc.
