[PIONEER LOGO]
PIONEER GOLD SHARES
ANNUAL REPORT 10/31/96
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TABLE OF CONTENTS
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Letter From The Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule Of Investments 9
Financial Statements 11
Notes To Financial Statements 17
Report Of Independent Public Accountants 23
Trustees' Fees And Share Ownership 24
Trustees, Officers and Service Providers 25
Programs and Services for Pioneer Shareowners 26
The Pioneer Family of Mutual Funds 29
<PAGE>
PIONEER GOLD SHARES
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- -
LETTER FROM THE CHAIRMAN 10/31/96
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- -
Dear Shareowner,
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- -
It is with pleasure that I introduce this report for Pioneer Gold Shares,
covering its fiscal year ended October 31, 1996. We wish to welcome the Fund's
new shareowners, particularly those who joined through Class C Shares,
introduced on January 31.
It was an active year for gold and gold-related stocks, reflecting the type of
fast-paced change inherent to this sector. As we have seen increasingly in
recent years, perceptions of supply and demand drove this market as inflation
around the globe, by and large, holds at low levels. The price of bullion rose
above $400 for the first time in six years, and a rally in gold stocks
accompanied the run-up, providing investors with tantalizing returns. By the end
of the fiscal year, however, the price of bullion had subsided to $378.05, and
gold-related stocks had settled at lower trading levels. Your Fund continued to
focus on established mining operations, rather than exploration companies.
A final note. As you see, we've given your Fund's annual report a facelift. The
new, improved style reflects what shareowners told us they want to see in fund
reports. Our thanks to all of you who took the time to respond to our questions.
Now you'll find a Table of Contents and consistent, easy-to-read summaries of
portfolio information and performance. There's also a Portfolio Management
Discussion, where your Fund's portfolio manager offers insights into market
conditions, portfolio strategy and results. I urge you to read on to learn more
about your Fund.
Please contact your investment representative, or Pioneer at
1-800-225-6292, if you have questions about your investment in Pioneer Gold
Shares. Thank you for your support.
Respectfully,
/S/ JOHN F. COGAN, JR.
John F. Cogan, Jr.,
Chairman and President
1
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PIONEER GOLD SHARES
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- -
PORTFOLIO SUMMARY 10/31/96
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- -
PORTFOLIO DIVERSIFICATION
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- -
(As a percentage of total investment portfolio)
[Pie chart depicting the following:]
International Common Stocks 41%
U.S. Common Stocks 35%
Depositary Receipts for International Stocks 12%
Short-Term Cash Equivalents 12%
GEOGRAPHICAL DISTRIBUTION
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- -
(As a percentage of equity holdings)
[A bar chart depicting the following:]
United States 40%
Canada 35%
Australia 11%
South Africa 10%
Ghana 2%
Great Britain 2%
10 LARGEST HOLDINGS
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- -
(As a percentage of equity holdings)
1. Battle Mountain Gold Co. 7.60%
2. Getchell Gold Corp. 6.74
3. Placer Dome, Inc. 5.40
4. Barrick Gold Corp. 5.37
5. Santa Fe Pacific Gold Corp. 5.34
6. Cambior, Inc. 5.12
7. Newmont Mining Corp. 5.08
8. TVX Gold Inc. 4.69
9. Homestake Mining Co. 4.47
10. Normandy Mining Ltd. 4.06
Fund holdings will vary for other periods.
2
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PIONEER GOLD SHARES
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PERFORMANCE UPDATE 10/31/96 CLASS A SHARES
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SHARE PRICES AND DISTRIBUTIONS
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NET ASSET VALUE
PER SHARE 10/31/96 10/31/95
$7.81 $6.80
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(10/31/95 - 10/31/96) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
- - -
INVESTMENT RETURNS
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The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer Gold Shares at public offering price, compared to the growth of the
Standard & Poor's 500 Index.
AVERAGE ANNUAL TOTAL RETURNS
(As of October 31, 1996)
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
Life of Fund (7/25/90) 2.77% 1.81%
5 Years 7.92 6.64
1 Year 14.85 8.32
[Growth of $10,000 Mountain Chart]
Date Pioneer Gold Standard & Poor's
Shares* 500 Index
7/25/90 9,425 10,000
10/31/90 7,614 8,597
4/30/91 7,329 10,794
10/31/91 7,643 11,477
4/30/92 6,691 12,311
10/31/92 7,207 12,616
4/30/93 9,170 13,446
10/31/93 10,660 14,494
4/30/94 10,588 14,162
10/31/94 11,376 15,055
4/30/95 10,688 16,628
10/31/95 9,743 19,023
4/30/96 12,680 21,639
10/31/96 11,190 23,593
* Reflects deduction of the maximum 5.75% sales charge at the beginning of
the period and assumes reinvestment of distributions at net asset value.
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the Over-the-Counter market. 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. Returns and share
prices fluctuate, and your shares, when redeemed, may be worth more or less
than their original cost.
3
<PAGE>
PIONEER GOLD SHARES
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PERFORMANCE UPDATE 10/31/96 CLASS B SHARES
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SHARE PRICES AND DISTRIBUTIONS
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NET ASSET VALUE
PER SHARE 10/31/96 10/31/95
$7.65 $6.73
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(10/31/95 - 10/31/96) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
- - -
INVESTMENT RETURNS
- --------------------------------------------------------------------------------
- -
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer Gold Shares, compared to the growth of the Standard & Poor's 500 Index.
AVERAGE ANNUAL TOTAL RETURNS
(As of October 31, 1996)
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
Life of Fund (4/4/94) -0.90% -2.06%
1 Year 13.67 9.67
[Growth of $10,000 Mountain Chart]
Pioneer Gold Standard & Poor's
Date Shares* 500 Index
4/4/94 10,000 10,000
4/30/94 9,438 10,273
5/31/94 9,860 10,401
6/30/94 9,425 10,200
7/31/94 9,413 10,521
8/31/94 9,962 10,916
9/30/94 10,868 10,698
10/31/94 10,077 10,921
11/30/94 8,953 10,490
12/31/94 9,157 10,696
1/31/95 8,059 10,956
2/28/95 8,352 11,351
3/31/95 9,400 11,734
4/30/95 9,464 12,062
5/31/95 9,438 12,501
6/30/95 9,464 12,851
7/31/95 9,719 13,259
8/31/95 9,745 13,255
9/30/95 9,770 13,869
10/31/95 8,595 13,800
11/30/95 9,272 14,366
12/31/95 9,336 14,701
1/31/96 11,111 15,181
2/29/96 11,277 15,286
3/31/96 11,149 15,489
4/30/96 11,124 15,697
5/31/96 11,635 16,056
6/30/96 10,077 16,183
7/31/96 9,974 15,443
8/31/96 10,370 15,733
9/30/96 9,745 16,680
10/31/96 9,477 17,115
* Reflects deduction of the maximum applicable contingent deferred sales
charge (CDSC) at the end of the period and assumes reinvestment of
distributions. The maximum CDSC of 4% declines over six years.
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the Over-the-Counter market. 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. Returns and share
prices fluctuate, and your shares, when redeemed, may be worth more or less
than their original cost.
4
<PAGE>
PIONEER GOLD SHARES
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PERFORMANCE UPDATE 10/31/96 CLASS C SHARES
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SHARE PRICES AND DISTRIBUTIONS
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NET ASSET VALUE
PER SHARE 10/31/96 10/31/95
$7.65 $8.70
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(1/31/96 - 10/31/96) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
- - -
INVESTMENT RETURNS
- --------------------------------------------------------------------------------
- -
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer Gold Shares, compared to the growth of the Standard & Poor's 500 Index.
AVERAGE ANNUAL TOTAL RETURNS
(As of October 31, 1996)
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
Life of Fund (1/31/96) -12.07% -12.95%
[Growth of $10,000 Mountain Chart]
Pioneer Gold Standard & Poor's
Date Shares* 500 Index
1/31/96 10,000 10,000
2/29/96 10,138 10,069
3/31/96 10,034 10,203
4/30/96 10,000 10,340
5/31/96 10,460 10,577
6/30/96 9,069 10,660
7/31/96 8,966 10,172
8/31/96 9,322 10,364
9/30/96 8,770 10,987
10/31/96 8,705 11,274
* Reflects deduction of the 1% contingent deferred sales charge (CDSC) at the
end of the period and assumes reinvestment of distributions.
The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500 widely
held common stocks listed on the New York Stock Exchange, American Stock
Exchange and the Over-the-Counter market. 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. Returns and share
prices fluctuate, and your shares, when redeemed, may be worth more or less
than their original cost.
5
<PAGE>
PIONEER GOLD SHARES
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/96
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DEAR SHAREOWNER,
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We are pleased to report that Pioneer Gold Shares concluded its seventh year of
operations with a solid finish. The first half of the year witnessed a
spectacular rally in the price of gold and gold-related stocks. While the second
half of the year saw prices retreating somewhat, by fiscal year end, the price
of gold was still higher than a year ago.
SIGNIFICANT MOVEMENT IN GOLD PRICES
Pioneer Gold Shares began fiscal 1996 with gold prices trading between $382 and
$396 an ounce. After being flat for most of 1995, increasing demand,
particularly in China, India and other parts of Asia, helped drive the price of
gold higher in the early months of fiscal 1996.
Gold prices were also pushed up when the world's central banks slowed their
selling, further tightening supply. Once gold prices climb, forward selling
typically snuffs out a rally. However, in early 1996, central banks increased
the lease rates on loans for trading in gold, pushing them high enough to
diminish the profitability of selling forward. Without a forward-driven sell-
off, gold prices broke above $400 for the first time in six years, hitting a
high of $415.50 on February 2. Then investors began selling, and prices drifted
downward. For the remainder of the fiscal year, gold prices fluctuated mainly
between $400 and $380.
GOLD PRICES BIGGEST DRIVER OF PERFORMANCE
Since gold stocks are generally driven by changes in gold prices, the rally had
a positive impact on companies engaged in gold exploration, mining, processing
or dealing. Your Fund maintained its focus on proven, established companies,
avoiding the smaller, higher-risk companies in the early stages of exploration
and development. Getchell Gold, the Fund's second-largest holding, rose
sharply, benefiting from strong production
6
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PIONEER GOLD SHARES
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and expansion of reserves. Three other cornerstones of your Fund - Barrick
Gold, Newmont Mining and Santa Fe Pacific Gold - are growing reserves or
production faster than the industry average. Between them, these world-class
companies have projects in Canada, Chile, Nevada and Peru. The stock price of
Cambior recovered after a dam failed at one of its mines. While the mine was
out of commission for several months, we recognized the event as a temporary
setback and held the position in anticipation of the stock's eventual rebound.
Battle Mountain Gold's successful takeover of Hemlo Gold Mines in July was one
of the more significant news events of the year. Your Fund has a sizable stake
in both companies, with the two holdings comprising 9% of equity holdings at the
time of the announcement. As with any merger viewed favorably by investors, the
stock prices of both companies rose in anticipation of what the corporate
marriage would mean for their future. Hemlo had properties in Canada and a
strong balance sheet with healthy cash flows. Battle Mountain is likely to
employ this new source of revenue to further expand reserves. As of October 31,
1996, the resulting company comprised 7.6% of equity holdings.
As the year progressed, South African stocks underperformed their North American
counterparts, discussed above. After coming on strong early in the year,
investors shied away in the face of potential political instability and labor,
wage and productivity issues. Historically, South African holdings have proven
to be more volatile, rising higher or falling lower than other gold stocks
relative to a change in the price of bullion. The Fund's weighting in South
African stocks, which had climbed as high as 13% of the portfolio by mid-year,
was scaled back to 9% by October 31, 1996.
7
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PIONEER GOLD SHARES
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/96 (continued)
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LOOKING AHEAD
As we enter fiscal 1997, there are reasons for cautious optimism about gold and
gold-related investments. First, many of the concerns that hindered South
African holdings are already showing signs of easing, and we expect our patience
with this group will be rewarded. Secondly, while the short-term movement in
gold prices is extremely unpredictable, supply and demand suggest that gold
prices will likely fluctuate between $375 to $405 for the foreseeable future.
Lastly, new discoveries of gold sources around the globe should help drive up
stock prices of companies involved in mining. With such a backdrop, we remain
committed to investing in sound companies with the potential to grow in value,
regardless of the gold price environment. Although there are special risks
whenever you invest in a narrow or specialized segment of the investment
universe, we continue to believe that there can also be special rewards.
Respectfully,
/S/ DAVID D. TRIPPLE
David D. Tripple,
Portfolio Manager
8
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<TABLE>
PIONEER GOLD SHARES
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SCHEDULE OF INVESTMENTS 10/31/96
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<CAPTION>
SHARES VALUE
<S> <C> <C>
COMMON STOCKS - 87.6%
PRECIOUS METALS - 87.6%
AUSTRALIA - 9.3%
242,200 Newcrest Mining Ltd. $ 836,82
1,105,832 Normandy Mining Ltd. 1,507,276
109,500 Plutonic Resources Ltd. 520,643
165,000 Sons of Gwalia NL 1,065,655
------------
$ 3,930,401
------------
CANADA - 30.3%
48,000 Agnico-Eagle Mines Ltd. $ 672,00
76,242 Barrick Gold Corp. 1,991,822
136,700 Cambior, Inc. 1,898,98
38,400 Euro-Nevada Mining Corp. 1,133,96
20,900 Franco Nevada Mining Corp., Ltd. 896,16
40,000 Kinross Gold Corp. * 287,842
83,500Placer Dome, Inc. 2,004,00
42,400 Prime Resources Group, Inc. 311,43
29,300 Teck Corp. (Class B) 617,24
231,900 TVX Gold Inc.* 1,739,25
63,900 Wharf Resources Ltd. 423,33
177,400 Viceroy Resources Corp.* 866,495
------------
$ 12,842,533
------------
GHANA - 2.1%
55,000 Ashanti Goldfields Co., Ltd. (G.D.R.) $ 900,625
------------
GREAT BRITAIN - 1.4%
60,383 Johnson Matthey Plc $ 600,488
------------
SOUTH AFRICA - 9.2%
81,900 Driefontein Consolidated Ltd. (A.D.R.) $ 1,080,05
39,600 Free State Consolidated Gold Mines, Ltd. (A.D.R.) 351,45
114,600 Kloof Gold Mining Co., Ltd. (A.D.R.) 1,031,400
15,799 Rustenberg Platinum Holdings Ltd. (A.D.R.) 246,859
152,400 Vaal Reefs Exploration & Mining Co., Ltd. (A.D.R.) 1,171,575
------------
$ 3,881,340
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
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<TABLE>
PIONEER GOLD SHARES
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SCHEDULE OF INVESTMENTS 10/31/96 (continued)
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<CAPTION>
SHARES VALUE
<S> <C> <C>
UNITED STATES - 35.3%
369,736 Battle Mountain Gold Co. 2,819,237
24,500 Coeur d'Alene Mines Corp. 358,312
112,400 Echo Bay Mines Ltd. 878,125
45,300 Freeport-McMoRan Copper & Gold Inc. (Class A) 1,313,700
15,700 Freeport-McMoRan Copper & Gold Inc. (Class B) 476,887
56,200 Getchell Gold Corp.* 2,500,900
117,795 Hecla Mining Co.* 662,59
116,290 Homestake Mining Co. 1,657,133
40,713 Newmont Mining Corp. 1,882,976
41,300 Pegasus Gold, Inc.* 413,000
166,700 Santa Fe Pacific Gold Corp. 1,979,563
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$ 14,942,430
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TOTAL PRECIOUS METALS $ 37,097,817
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TOTAL COMMON STOCKS
(Cost $35,884,697) $ 37,097,817
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PRINCIPAL
AMOUNT
TEMPORARY CASH INVESTMENTS - 12.4%
COMMERCIAL PAPER - 12.4%
$1,773,000 American Express Co., 5.25%, 11/04/96 $ 1,773,000
941,000 Ford Motor Credit Co., 5.26, 11/05/96 941,000
1,151,000 General Electric Credit Corp., 5.35%, 11/06/96 1,151,000
1,389,000 Prudential Funding, Inc., 5.17%, 11/01/96 1,389,000
------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $5,254,000) $ 5,254,000
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TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $41,138,697) (a) $ 42,351,817
------------
<FN>
* Non-income producing security.
(a) At October 31, 1996, the net unrealized gain on investments based on cost
for
federal income tax purposes of $41,151,746 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 5,192,761
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (3,992,690)
-------------
Net unrealized gain $ 1,200,071
-------------
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 1996, aggregated $16,218,451 and $5,193,232,
respectively.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
PIONEER GOLD SHARES
<TABLE>
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BALANCE SHEET 10/31/96
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<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investments of $5,254,000) (cost $41,138,697) $ 42,351,817
Cash 206
Receivables -
Fund shares sold 135,811
Dividends, interest and foreign taxes withheld 21,879
Other 2,062
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Total assets $ 42,511,775
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LIABILITIES:
Payables -
Fund shares repurchased $ 5,205
Due to affiliates 28,720
Accrued expenses 39,930
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Total liabilities $ 73,855
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NET ASSETS:
Paid-in capital $ 40,778,875
Accumulated undistributed net realized gain on
investments and foreign currency transactions 445,925
Net unrealized gain on investments 1,213,120
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Total net assets $ 42,437,920
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NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $36,027,883/4,613,273 shares) $ 7.81
------------
Class B (based on $4,719,616/617,041 shares) $ 7.65
------------
Class C (based on $1,690,421/220,882 shares) $ 7.65
------------
MAXIMUM OFFERING PRICE:
Class A $ 8.29
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
PIONEER GOLD SHARES
<TABLE>
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STATEMENT OF OPERATIONS 10/31/96
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FOR THE YEAR ENDED 10/31/96
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $36,020) $ 410,626
Interest 210,285
----------
Total investment income $ 620,911
----------
EXPENSES:
Management fees $ 254,175
Transfer agent fees
Class A 81,965
Class B 12,350
Class C 1,172
Distribution fees
Class A 80,407
Class B 38,006
Class C 3,437
Accounting 72,130
Custodian fees 22,03
Registration fees 84,872
Professional fees 40,998
Printing 38,212
Fees and expenses of nonaffiliated trustees 21,56
Miscellaneous 19,235
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Total expenses $ 770,555
Less management fees waived by Pioneering
Management Corporation (59,762)
Less fees paid indirectly (6,234)
----------
Net expenses $ 704,559
----------
Net investment loss $ (83,648)
----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from:
Investments $ 530,322
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 673 $ 530,995
---------- ----------
Change in net unrealized gain from investments $2,157,089
----------
Net increase in net assets resulting from operations $2,604,436
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
PIONEER GOLD SHARES
<TABLE>
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STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE YEARS ENDED 10/31/96 AND 10/31/95
<CAPTION>
YEAR ENDED YEAR ENDED
FROM OPERATIONS: 10/31/96 10/31/95
<S> <C> <C>
Net investment loss $ (83,648) $ (51,230)
Net realized gain on investments
and foreign currency transactions 530,995 6,39
Change in net unrealized gain or loss on investments 2,157,089 (4,123,733)
----------- ------------
Net increase (decrease) in net assets resulting
from operations $ 2,604,436 $ (4,168,566)
----------- ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $38,017,099 $ 18,503,183
Cost of shares repurchased (24,357,512) (15,279,791)
----------- ------------
Net increase in net assets resulting from
fund share transactions $13,659,587 $ 3,223,392
----------- ------------
Net increase (decrease) in net assets $16,264,023 $ (945,174)
NET ASSETS:
Beginning of year 26,173,897 27,119,071
----------- ------------
End of year (including accumulated net investment
income of $0 and $0, respectively) $42,437,920 $ 26,173,897
----------- ------------
<CAPTION>
CLASS A '96 SHARES '96 AMOUNT '95 SHARES '95 AMOUNT
<S> <C> <C> <C> <C>
Shares sold 3,215,923 $ 27,245,587 2,085,125 $ 15,212,360
Less shares repurchased (2,190,712) (18,357,489) (1,793,566) (13,045,144)
---------- ------------ ---------- ------------
Net increase 1,025,211 $ 8,888,098 291,559 $ 2,167,216
---------- ------------ ---------- ------------
CLASS B
Shares sold 1,051,892 $ 8,694,332 443,501 $ 3,290,823
Less shares repurchased (696,779) (5,689,345) (302,063) (2,234,647)
---------- ------------ ---------- ------------
Net increase 355,113 $ 3,004,987 141,438 $ 1,056,176
---------- ------------ ---------- ------------
CLASS C*
Shares sold 260,179 $ 2,077,180
Less shares repurchased (39,297) (310,678)
Net increase 220,882 $ 1,766,502
---------- ------------
<FN>
* Class C shares were first publicly offered on January 31, 1996.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
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PIONEER GOLD SHARES
<TABLE>
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FINANCIAL HIGHLIGHTS 10/31/96
- --------------------------------------------------------------------------------
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
CLASS A 10/31/96 10/31/95+ 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 6.80 $ 7.94 $ 7.44 $ 5.03 $ 5.35
-------- ------- ------- ------- -------
Increase (decrease)
from investment operations:
Net investment loss $ (0.01) $ (0.01) $ (0.03) $ (0.03) $ (0.02)
Net realized and unrealized
gain (loss) on investments and
foreign currency transactions 1.02 (1.13) 0.53 2.44 (0.28)
-------- ------- ------- ------- -------
Net increase (decrease)
from investment operations $ 1.01 $ (1.14) $ 0.50 $ 2.41 $ (0.30)
Distributions to shareholders from:
Net investment income - - - - (0.02)
-------- ------- ------- ------- -------
Net increase (decrease) in
net asset value $ 1.01 $ (1.14) $ 0.50 $ 2.41 $ (0.32)
-------- ------- ------- ------- -------
Net asset value, end of year $ 7.81 $ 6.80 $ 7.94 $ 7.44 $ 5.03
-------- ------- ------- ------- -------
Total return* 14.85% (14.36)% 6.72% 47.91% (5.70)%
Ratio of net expenses to
average net assets 1.72%+ 1.76%+ 1.75% 1.75% 1.75%
Ratio of net investment loss
to average net assets (0.13)%+ (0.16)%+ (0.40)% (0.52)% (0.35)%
Portfolio turnover rate 15% 6% 3% 6% 4%
Average commission rate paid (1) $0.0349 - - - -
Net assets, end of year
(in thousands) $36,028 $24,412 $26,168 $ 14,057 $ 3,461
Ratios assuming no waiver of
management fees and assumption
of expenses by PMC and no reduction
for fees paid indirectly:
Net expenses 1.88% 2.28% 2.14% 3.23% 6.62%
Net investment loss (0.29)% (0.68)% (0.79)% (2.00)% (5.22)%
Ratios assuming no waiver of
management fees and assumption
of expenses by PMC and no reduction
for fees paid indirectly:
Net expenses 1.71% 1.75% - - -
Net investment loss (0.12)% (0.15)% - - -
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 sale charges were taken into
account.
+ Ratio assuming no reduction for fees paid indirectly.
(1)Amount may fluctuate from period to period as a result of portfolio
transactions executed in different markets where trading practices and
commission rate structures may vary.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
PIONEER GOLD SHARES
<TABLE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/96
- --------------------------------------------------------------------------------
<CAPTION>
YEAR ENDED YEAR ENDED 4/4/94 TO
CLASS B 10/31/96 10/31/95+ 10/31/94
<S> <C> <C> <C>
Net asset value,
beginning of period $ 6.73 $ 7.89 $ 7.83
-------- -------- --------
Increase (decrease) from
investment operations:
Net investment loss $ (0.06) $ (0.05) $ (0.03)
Net realized and unrealized
gain (loss) on investments
and foreign currency transactions 0.98 (1.11) 0.09
-------- -------- --------
Net increase (decrease) in
net asset value $ 0.92 $ (1.16) $ 0.06
-------- -------- --------
Net asset value, end of period $ 7.65 $ 6.73 $ 7.89
-------- -------- --------
Total return* 13.67% (14.70)% 0.77%
Ratio of net expenses to
average net assets 2.59%+ 2.57%+ 2.67%**
Ratio of net investment loss
to average net assets (1.00)%+ (1.01)%+ (1.42)%**
Portfolio turnover rate 15% 6% 3%
Average commission rate paid (1) $ 0.0349 - -
Net assets, end of period
(in thousands) $ 4,720 $ 1,762 $ 951
Ratios assuming no waiver of
management fees by PMC and no
reduction for fees paid indirectly:
Net expenses 2.73% 3.12% 2.79%**
Net investment loss (1.14)% (1.56)% (1.54)%**
Ratios assuming no waiver of
management fees by PMC and no
reduction for fees paid indirectly:
Net expenses 2.57% 2.53% -
Net investment loss (0.98)% (0.97)% -
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 sale charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
(1) Amount may fluctuate from period to period as a result of portfolio
transactions executed in different markets where trading practices and
commission rate structures may vary.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
PIONEER GOLD SHARES
<TABLE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/96
- --------------------------------------------------------------------------------
<CAPTION>
1/31/96 TO
CLASS C (a) 10/31/96
<S> <C>
Net asset value, beginning of period $ 8.70
---------
Decrease from investment operations:
Net investment loss $ (0.02)
Net realized and unrealized loss on investments
and foreign currency transactions (1.03)
---------
Net decrease in net asset value $ (1.05)
---------
Net asset value, end of period $ 7.65
---------
Total return* (12.07)%
Ratio of net expenses to average net assets 2.59%**+
Ratio of net investment loss to average net assets (1.12)%**+
Portfolio turnover rate 15%
Average commission rate paid (1) $ 0.0349
Net assets, end of period (in thousands) $ 1,690
Ratios assuming no waiver of management fees
by PMC and no reduction for fees paid indirectly:
Net expenses 2.83%**
Net investment loss (1.36)%**
Ratios assuming waiver of management fees
by PMC and reduction for fees paid directly:
Net expenses 2.56%**
Net investment loss (1.09)%**
<FN>
(a) Class C shares were first publicly offered on January 31, 1996.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 sale charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
(1) Amount may fluctuate from period to period as a result of portfolio
transactions executed in different markets where trading practices and
commission rate structures may vary.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/96
- --------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Pioneer Gold Shares (the Fund), one of three funds that composes Pioneer Growth
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 Fund offers three classes of shares - Class A, Class B and Class C shares.
Class C shares were first publicly offered on January 31, 1996. Shares of Class
A, Class B and Class C each 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
17
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/96 (continued)
- --------------------------------------------------------------------------------
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. 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. Dividend income is recorded on the ex-dividend
date. Interest income is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates.
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.
The Fund's investment policies present unique risks to the portfolio's
value. In recent years, the prices of gold and other precious metals have
been subject to dramatic fluctuations caused primarily 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.
18
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Net realized gains and losses on foreign currency transactions represent,
among other things, the net realized gains and losses on foreign currency
contracts, disposition of foreign currencies and the difference between the
amount of income accrued and the U.S. dollar actually received. Further,
the effects of changes in foreign currency exchange rates on investments
are not segregated in the statement of operations from the effects of
changes in market price of those securities but are included with the net
realized and unrealized gain or loss on investments.
C. FEDERAL INCOME TAXES
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareholders. Therefore, no federal income tax provision is required.
The characterization of distributions to shareholders for financial
reporting purposes is determined in accordance with federal income tax
rules. Therefore, the source of the Fund's distributions may be shown in
the accompanying financial statements as either from or in excess of net
investment income or net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
At October 31, 1996, the Fund has reclassified $82,976 and $672 from paid-
in capital and accumulated undistributed net realized gain on investments
and foreign currency transactions, respectively, to accumulated net
investment loss. 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.
At October 31, 1996, the Fund designated $458,974 as a capital gain
dividend for the purpose of the dividend paid deduction.
19
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/96 (continued)
- --------------------------------------------------------------------------------
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 $55,988 in
underwriting commissions on the sale of fund shares during the year ended
October 31, 1996.
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.
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 and Class C share can bear different transfer
agent and distribution fees.
2. MANAGEMENT AGREEMENT
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 the $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.
20
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PMC has 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 are
reduced only to the extent that such expenses are reduced for Class A shares.
In addition, under the management agreement, certain other services and costs,
including accounting, regulatory reporting and insurance premiums, are paid by
the Fund. At October 31, 1996, $14,336 were payable to PMC related to management
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 $6,670 in transfer agent fees payable to PSC at October 31, 1996.
4. PLAN OF DISTRIBUTION
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 the Class C Plan,
the Fund pays PFD 1.00% of the average daily net assets attributable to each
class of shares. The fee consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in due to affiliates is $7,714 in distribution fees payable to
PFD at October 31, 1996.
21
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/96 (continued)
- --------------------------------------------------------------------------------
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 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 4.0%, 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 year ended October 31, 1996, CDSCs in the amount of $15,013 were paid to
PFD.
5. Expense Offsets
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the year ended October 31, 1996, the
Fund's expenses were reduced by $6,234 under such arrangements.
22
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER GOLD SHARES:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer Gold Shares (one of the portfolios constituting Pioneer
Growth Trust) as of October 31, 1996, 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 Trust'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
October 31, 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 (of Pioneer Growth Trust) as of October 31, 1996, 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
December 4, 1996
23
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
TRUSTEES' FEES AND SHARE OWNERSHIP 10/31/96
- --------------------------------------------------------------------------------
TRUSTEES' FEES, PRINCIPAL SHAREHOLDERS AND SHARE OWNERSHIP OF TRUSTEES AND
OFFICERS (UNAUDITED)
The aggregate remuneration paid by the Fund to nonaffiliated trustees and
officers during the year ended October 31, 1996 was $3,428, plus expenses
incurred in attending trustees meetings of $12,466. Fees of trustees who are
affiliated with or "interested persons" of Pioneering Management Corporation and
Pioneer Funds Distributor, Inc., investment adviser and principal underwriter,
respectively, of the Fund ($300 in 1996) are reimbursed to the Fund by
Pioneering Management Corporation in accordance with the management agreement
with the Fund. At October 31, 1996, the trustees and officers of the Fund owned
beneficially 75,556 of Class A shares of the Fund (1.6% of the outstanding Class
A shares). The Pioneer Group, Inc., the parent company of Pioneering Management
Corporation and Pioneer Funds Distributor, Inc., is a publicly held corporation
of which Mr. Cogan, Chairman and President of the Fund, owned approximately 14%
of the outstanding shares of capital stock at October 31, 1996.
24
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
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
OFFICERS
John F. Cogan, Jr., Chairman and President
David D. Tripple, Executive Vice President
Patrick M. Smith, Vice President
William H. Keough, Treasurer
Joseph P. Barri, Secretary
INVESTMENT ADVISER
Pioneering Management Corporation
CUSTODIAN
Brown Brothers Harriman & Co
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
PRINCIPAL UNDERWRITER
Pioneer Funds Distributor, Inc.
LEGAL COUNSEL
Hale and Dorr
SHAREHOLDER SERVICES AND TRANSFER AGENT
Pioneering Services Corporation
25
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
- --------------------------------------------------------------------------------
Your investment representative 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 1-8O0-225-6292.
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.
9O-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.
26
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AUTOMATIC EXCHANGE PROGRAM
A simple way to move money from a money market or bond fund into a stock fund
over a period of time. Just invest a lump sum in a Pioneer money market fund or
bond fund. Then, select the Pioneer equity fund or funds you wish to invest in,
and choose the amounts and dates for Pioneer to sell shares of your money market
or bond fund and use the proceeds to buy shares of the Pioneer equity fund you
have chosen. Over time, your original investment will be shifted to your Pioneer
equity fund.
DIRECTED DIVIDENDS
Lets you invest cash dividends from one Pioneer fund to an account in
another Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
DIRECT DEPOSIT
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
SYSTEMATIC WITHDRAWAL PLAN (SWP)
Lets you establish automatic withdrawals from your account at set intervals. You
decide the frequency and the day of the month you want. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available only for accounts with a value of $10,000 or
more.)
27
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE FOR YOUR NOTES
28
<PAGE>
PIONEER GOLD SHARES
- --------------------------------------------------------------------------------
THE PIONEER FAMILY OF MUTUAL FUNDS
- --------------------------------------------------------------------------------
For information about any Pioneer mutual fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
GROWTH FUNDS
GLOBAL/INTERNATIONAL
Pioneer Emerging Markets Fund
Pioneer Europe Fund
Pioneer Gold Shares
Pioneer India Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
UNITED STATES
Pioneer Capital Growth Fund
Pioneer Growth Shares
Pioneer Mid-Cap Fund
Pioneer Small Company Fund
GROWTH AND INCOME FUNDS
Pioneer Equity-Income Fund
Pioneer Fund
Pioneer Real Estate Shares
Pioneer II
INCOME FUNDS
TAXABLE
Pioneer America Income Trust
Pioneer Bond Fund
Pioneer Income Fund
Pioneer Short-Term Income Trust*
TAX-EXEMPT
Pioneer Intermediate Tax-Free Fund
Pioneer Tax-Free Income Fund
MONEY MARKET FUND
Pioneer Cash Reserves Fund
*0ffers Class A and B Shares only
29
<PAGE>
- --------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
- --------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
YOU CAN CALL US FOR:
ACCOUNT INFORMATION, including existing accounts,
new accounts, propectuses, 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
OR WRITE TO US AT:
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)
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT FUND PROSPECTUS.
[PIONEER LOGO] PIONEER FUNDS DISTRIBUTOR, INC. 1296-3832
60 STATE STREET [COPYRIGHT] PIONEER FUNDS DIST.,INC.
BOSTON, MASSACHUSETTS 02109 [LOGO] PRINTED ON RECYCLED PAPER
