[Pioneer LOGO]
Pioneer Gold Shares
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ANNUAL REPORT 10/31/97
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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, Officers and Service Providers 24
Programs and Services for Pioneer Shareowners 26
Retirement Plans from Pioneer 28
The Pioneer Family of Mutual Funds 29
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Pioneer Gold Shares
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LETTER FROM THE CHAIRMAN 10/31/97
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Dear Shareowner,
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I am pleased to introduce this report for Pioneer Gold Shares, covering its
fiscal year ended October 31, 1997. I thank you for your interest and this
opportunity to comment on today's investing environment.
At the end of your Fund's fiscal year, the world's stock markets demonstrated
unprecedented volatility. In the United States, we saw the Dow Jones Industrial
Average take a break from its ex hilarating upward climb to experience - in the
space of two days - its biggest one-day point drop and its biggest one-day point
gain. Asian markets plunged suddenly after languishing for months as they
digested currency and economic changes. European markets bounced around, shaken
by the drop in Asia and then heartened by the speedy U.S. rebound. Even Latin
American markets were affected in a chain reaction.
Of course, Pioneer Gold Shares' performance is directly tied to the state of
precious metals rather than the general stock market. Even so, the past weeks
demonstrated how extremely difficult, if not impossible, it is for anyone to
"time the market" - to buy only when prices are lowest and sell only when
prices are highest. This is doubly true for the fast-moving gold-related
markets. We have always advocated buying a stock because you want to invest in
a business, at a price reflecting a realistic outlook for the company's
prospects. We also believe in holding a stock until it rises to its full value,
or we have reason to believe it won't meet our expectations. Market swings are
always unnerving but they don't distract us, and shouldn't distract you, from
long-term strategies designed to meet long-term goals.
I encourage you to read on to learn more about Pioneer Gold Shares. If you have
questions about your Fund, please contact your investment professional, or
Pioneer at 1-800-225-6292.
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 10/31/97
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[PIE CHART]
U.S. Common Stocks 44%
International Common Stocks 30%
Depositary Receipts for International Stocks 13%
Short-Term Cash Equivalents 13%
Geographical Distribution
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(As a percentage of equity holdings)
[PIE CHART]
United States 51%
Canada 27%
Australia 10%
South Africa 10%
Ghana 2%
10 Largest Holdings
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(As a percentage of equity holdings)
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1. Newmont Mining Corp. 17.37% 6. Homestake Mining Co. 4.75%
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2. Placer Dome, Inc. 9.20 7. Cambior, Inc. 4.28
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3. Getchell Gold Corp. 8.61 8. TVX Gold Inc. 4.23
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4. Freeport-McMoRan Copper 9. Normandy Mining Ltd. 4.05
& Gold Inc. 8.57
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5. Battle Mountain Gold Co. 5.84 10. Vaal Reefs Exploration
& Mining Co., Ltd. (A.D.R.) 3.82
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Fund holdings will vary for other periods.
2
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Pioneer Gold Shares
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PERFORMANCE UPDATE 10/31/97 CLASS A SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 10/31/97 10/31/96
$5.77 $7.81
Distributions per Share Income Short-Term Long-Term
(10/31/96 - 10/31/97) Dividends Capital Gains Capital Gains
- - $0.089
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.
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Average Annual Total Returns
(As of October 31, 1997)
[boxed text]
Net Asset Public Offering
Period Value Price*
Life-of-Fund -1.63% -2.42%
(7/25/90)
5 Years 3.03 1.80
1 Year -25.24 -29.57
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* 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
Pioneer Gold Standard & Poor's
Date Shares* 500 Index
7/25/90 9,425 10,000
10/31/90 7,614 8,597
7,329 10,794
10/31/91 7,643 11,477
6,691 12,311
10/31/92 7,207 12,616
9,170 13,446
10/31/93 10,660 14,494
10,588 14,162
10/31/94 11,376 15,055
10,688 16,628
10/31/95 9,743 19,023
12,680 21,639
10/31/96 11,190 23,593
9,482 27,073
10/31/97 8,366 31,168
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
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Pioneer Gold Shares
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PERFORMANCE UPDATE 10/31/97 CLASS B SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 10/31/97 10/31/96
$5.61 $7.65
Distributions per Share Income Short-Term Long-Term
(10/31/96 - 10/31/97) Dividends Capital Gains Capital Gains
- - $0.089
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, compared to the growth of the Standard & Poor's 500
Index.
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Average Annual Total Returns
(As of October 31, 1997)
[boxed text]
If If
Period Held Redeemed*
Life-of-Fund -8.58% -9.35%
(4/4/94)
1 Year -25.77 -28.70
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* 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.
Growth of $10,000
Pioneer Gold Standard & Poor's
Date Shares* 500 Index
4/4/94 10,000 10,000
4/30/94 9,438 10,273
9,413 10,521
10/31/94 10,077 10,921
8,059 10,956
4/30/95 9,464 12,062
9,719 13,259
10/31/95 8,595 13,800
11,111 15,181
4/30/96 11,124 15,697
9,974 15,443
10/31/96 9,770 17,115
9,049 19,176
4/30/97 8,248 19,639
7,924 23,490
10/31/97 7,037 22,610
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
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Pioneer Gold Shares
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PERFORMANCE UPDATE 10/31/97 CLASS C SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 10/31/97 10/31/96
$5.62 $7.65
Distributions per Share Income Short-Term Long-Term
(10/31/96 - 10/31/97) Dividends Capital Gains Capital Gains
- - $0.089
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, compared to the growth of the Standard & Poor's 500
Index.
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Average Annual Total Returns
(As of October 31, 1997)
[boxed text]
If If
Period Held Redeemed*
Life-of-Fund -21.56% -21.56%
(1/31/96)
1 Year -25.64 -25.64
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* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to investments sold within one year of purchase.
Growth of $10,000
Pioneer Gold Standard & Poor's
Date Shares* 500 Index
1/31/96 10,000 10,000
10,138 10,069
10,034 10,203
4/30/96 10,000 10,340
10,460 10,577
9,069 10,660
7/31/96 8,966 10,172
9,322 10,364
8,770 10,987
10/31/96 8,793 11,274
8,563 12,101
8,516 11,902
1/31/97 8,144 12,632
9,401 12,706
8,144 12,223
4/30/97 7,423 12,937
7,818 13,695
7,283 14,352
7/31/97 7,132 15,473
7,190 14,585
7,865 15,426
10/31/97 6,539 14,894
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
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Pioneer Gold Shares
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/97
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Dear Shareowner,
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We are pleased to present your annual report for Pioneer Gold Shares. From
October 31, 1996 to October 31, 1997, we witnessed significant changes in gold
and gold-related investments. It was, in all honesty, a tough 12-month period
for the gold sector. The price of gold declined 17.62% over the past year, and
even though the Fund performed well in comparison to its peers, the overall
drop in gold prices played a significant role in your Fund's yearly
performance.
Focusing on larger, high-quality companies proved successful for your Fund. For
the one-year period, the 41 gold-related funds tracked by Lipper Analytical
Services posted an average return of -33.17%, while Pioneer Gold Shares posted
a return at net asset value of -25.24% for Class A Shares. (Lipper Analytical
is an independent firm that reports mutual fund performance.) It is important
to keep in mind that investing in funds that focus on one industry, such as
gold, involves special risks and higher volatility, with the potential for both
sizable gains and losses.
Turbulent Time for Gold
From gold's six-year high of $415.50 back on February 2, 1996, prices have
steadily declined, hitting $311.45 per ounce on October 31, 1997. On a global
scale, this year traditional buyers and holders of gold started to reverse their
positions and sell large quantities of the precious metal. During the first week
of July, Australia's central bank startled the already distraught gold market by
selling a portion of its gold reserves. Since then, Switzerland's central bank
has also unveiled plans to reduce its gold holdings. Furthermore, European
countries gearing up for the new European Union may soon cut down on the amount
of gold they hold in reserve to comply with economic measures required for their
participation. Japan, South Korea and other Southeastern Asian countries have
been traditionally large buyers of gold, but recent volatility and economic woes
in these markets have added to gold's decline.
6
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Pioneer Gold Shares
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Historically, gold prices have risen when stocks prices have fallen, and also
have tended to increase in price during inflationary periods. Now, with stock
prices pushing higher and few signs of inflation around the globe, investors
have turned away from gold. They have grown to favor stocks, and the
possibility of double-digit returns are holding their interest. But as stock
prices climb higher, their risk increases. It is a real possibility that if
stock markets become more volatile, investors could move toward investments,
like gold, that have performed better as stocks prices have come down.
Fund Focuses on Established, High-Quality Companies
The Fund has continued to invest in well-established mining companies with vast
gold reserves, strong track records of low-cost production and little, if any,
dependency on exploration. We veer away from small, speculative companies.
While less-established companies often sparkle, they also often fade. Bre-X, a
small gold company we avoided for the Fund, offers a good example why. Bre-X
performed well after the company announced strong gold finds. When the smoke
cleared, however, the amount uncovered was less than first thought, sending
shockwaves throughout the gold-mining world, and driving more investors toward
the type of companies we've always favored.
We rely on solid research to understand each individual company in the
portfolio and know, well ahead of our buying time, the exact details of a
prospective company: how much it costs them to produce an ounce of gold, how
they have performed in the past, the political and economic conditions where
they do business. We also prefer larger companies with more stable cost
structures than their competitors. The Fund's single largest investment,
Newmont Mining, acquired Santa Fe Pacific Gold in mid-March to form the largest
gold production company in North America with proven reserves. After the
acquisition, Newmont Mining swelled to 17.37% of equity holdings as of October
31, 1997, a
7
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Pioneer Gold Shares
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PORTFOLIO MANAGEMENT DISCUSSION 10/31/97 (continued)
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position we intend to slim down to about 10% in the first quarter of the new
fiscal year. Especially in today's environment, it's imperative for the cost of
producing an ounce of gold to be lower than the price of gold per ounce. Larger
companies like Newmont Mining should benefit, while smaller companies with
higher costs will suffer in tough times like these.
The Fund's position in South African companies had come down to 10% of equity
holdings by the end of the fiscal year. Although rich in natural resources, the
country continues to be plagued by economic instability and political unrest.
Profits of companies here, including Vaal Reefs Exploration & Mining, are
closely tied to the price of gold and their stock prices tend to rise higher
and fall lower when gold moves. Companies like these have the potential to
perform favorably should gold prices rebound, although they really suffered in
1997.
Looking Ahead
The past year was volatile for gold and gold-related investments. We hope to see
some stability come back into the market once Switzerland and other European
countries announce their economic plans. They may, or may not, sell a portion of
their gold reserves; but if even one sells, gold prices should benefit from the
reduced uncertainty in the market. Additionally, buying from Southeastern Asian
countries has stalled. After short-term fluctuations in their financial markets
and currencies, we believe Asian markets will resume their role as a major buyer
of gold. We continue to position the portfolio in top-notch companies from
around the globe and look forward to managing the Fund in the coming months.
Respectfully,
/s/ David D. Tripple
David D. Tripple,
Portfolio Manager
8
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Pioneer Gold Shares
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SCHEDULE OF INVESTMENTS 10/31/97
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Shares Value
COMMON STOCKS - 86.8%
Precious Metals - 86.8%
Australia - 8.7%
152,400 Lihir Gold Ltd.* $ 207,920
32,100 Lihir Gold Ltd. (Sponsored A.D.R.)* 866,700
287,700 Newcrest Mining Ltd. 427,108
1,105,832 Normandy Mining Ltd. 1,205,399
110,000 Sons of Gwalia NL 291,715
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$2,998,842
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Canada - 23.1%
48,000 Agnico-Eagle Mines Ltd. $ 342,000
19,742 Barrick Gold Corp. 405,945
163,000 Cambior, Inc. 1,275,633
66,800 Euro-Nevada Mining Corp. 1,014,312
176,800 Placer Dome, Inc. 2,740,400
29,300 Teck Corp. (Class B) 509,348
296,650 TVX Gold Inc.* 1,260,763
177,400 Viceroy Resources Corp.* 377,621
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$7,926,022
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Ghana - 1.6%
55,000 Ashanti Goldfields Co., Ltd. (G.D.R.) $ 543,125
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South Africa - 9.2%
93,900 Driefontein Consolidated Ltd. (Sponsored A.D.R.) $ 674,906
39,600 Free State Consolidated Gold Mines, Ltd. (A.D.R.) 202,950
206,800 Kloof Gold Mining Co., Ltd. (Sponsored A.D.R.) 904,750
15,915 Anglo American Platinum Corp. Ltd. (A.D.R.) 238,327
263,600 Vaal Reefs Exploration & Mining Co., Ltd. (A.D.R.) 1,136,775
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$3,157,708
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The accompanying notes are an integral part of these financial statements. 9
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Pioneer Gold Shares
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SCHEDULE OF INVESTMENTS 10/31/97 (continued)
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Shares Value
United States - 44.2%
33,800 Amax Gold Inc.* $ 166,888
283,736 Battle Mountain Gold Co. 1,737,883
14,500 Coeur d'Alene Mines Corp.* 150,437
141,900 Echo Bay Mines Ltd. 576,469
110,600 Freeport-McMoRan Copper & Gold Inc. 2,550,712
71,250 Getchell Gold Corp.* 2,565,000
160,095 Hecla Mining Co.* 820,487
114,190 Homestake Mining Co. 1,413,101
147,780 Newmont Mining Corp. 5,172,300
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$15,153,277
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Total Precious Metals $29,778,974
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TOTAL COMMON STOCKS
(Cost $39,014,600) $29,778,974
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Principal
Amount
TEMPORARY CASH INVESTMENTS - 13.2%
Commercial Paper - 13.2%
$1,116,000 Ford Motor Credit Co., 5.55%, 11/03/97 $ 1,116,000
713,000 Household Finance Corp., 5.55%, 11/06/97 713,000
1,432,000 Prudential Funding Corp., 5.56%, 11/04/97 1,432,000
1,267,000 Travelers Property Casualty Corp., 5.58%, 11/05/97 1,267,000
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TOTAL TEMPORARY CASH INVESTMENTS
(Cost $4,528,000) $ 4,528,000
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TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $43,542,600) (a)(b) $34,306,974
============
* Non-income producing security.
(a) At October 31, 1997, the net unrealized loss on investments
based on cost for federal income tax purposes of $43,551,743
was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $1,848,246
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (11,093,015)
------------
Net unrealized loss $(9,244,769)
============
(b) At October 31, 1997, the Fund had a capital loss
carryforward of $942,992 which will expire in 2005
if not used.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 1997 aggregated $11,572,763 and $7,503,774, respectively.
10 The accompanying notes are an integral part of these financial statements.
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Pioneer Gold Shares
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BALANCE SHEET 10/31/97
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ASSETS:
Investment in securities, at value (including temporary cash
investments of $4,528,000) (cost $43,542,600) $ 34,306,974
Cash 137,637
Receivables -
Fund shares sold 1,193,882
Dividends, interest and foreign taxes withheld 45,432
Other 5,189
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Total assets $ 35,689,114
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LIABILITIES:
Payables -
Investment securities purchased $ 412,500
Fund shares repurchased 96,628
Due to affiliates 56,944
Accrued expenses 58,046
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Total liabilities $ 624,118
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NET ASSETS:
Paid-in capital $ 45,252,734
Accumulated net realized loss on investments
and foreign currency transactions (952,135)
Net unrealized loss on investments (9,235,626)
Net unrealized gain on other assets and liabilities
denominated in foreign currencies 23
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Total net assets $ 35,064,996
===============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $28,637,515/4,961,874 shares) $ 5.77
===============
Class B (based on $5,393,717/961,265 shares) $ 5.61
===============
Class C (based on $1,033,764/184,086 shares) $ 5.62
===============
MAXIMUM OFFERING PRICE:
Class A $ 6.12
===============
The accompanying notes are an integral part of these financial statements. 11
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Pioneer Gold Shares
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STATEMENT OF OPERATIONS
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For the Year Ended 10/31/97
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $29,038) $ 494,295
Interest 126,302
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Total investment income $ 620,597
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EXPENSES:
Management fees 242,889
Transfer agent fees
Class A 102,074
Class B 17,817
Class C 1,743
Distribution fees
Class A 76,721
Class B 51,685
Class C 9,161
Accounting 69,610
Custodian fees 18,434
Registration fees 78,820
Professional fees 44,167
Printing 19,560
Fees and expenses of nonaffiliated trustees 10,663
Miscellaneous 27,782
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Total expenses $ 771,126
Less management fees waived by
Pioneering Management Corporation (75,447)
Less fees paid indirectly (6,408)
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Net expenses $ 689,271
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Net investment loss $ (68,674)
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain(loss) from:
Investments $ (939,086)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 264 $ (938,822)
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Change in net unrealized gain from:
Investments $(10,448,746)
Other assets and liabilities denominated in
foreign currencies 23 $(10,448,723)
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Net loss on investments and foreign currency
transactions $(11,387,545)
-------------
Net decrease in net assets resulting from operations $(11,456,219)
=============
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
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Pioneer Gold Shares
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STATEMENTS OF CHANGES IN NET ASSETS
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For the Years Ended 10/31/97 and 10/31/96
Year Year
Ended Ended
FROM OPERATIONS: 10/31/97 10/31/96
Net investment loss $ (68,674) $ (83,648)
Net realized gain (loss) on investments (938,822) 530,995
Change in net unrealized gain or loss on
investments and foreign currency transactions (10,448,723) 2,157,089
------------ ------------
Net increase (decrease) in net assets
resulting from operations $(11,456,219) $ 2,604,436
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gain:
Class A ($0.09 and $0.00 per share, respectively) $ (393,765) $ -
Class B ($0.09 and $0.00 per share, respectively) (56,981) -
Class C ($0.09 and $0.00 per share, respectively) (7,314) -
------------ ------------
Total distributions to shareholders $ (458,060) $ -
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 33,284,658 $ 38,017,099
Reinvestment of distributions 396,376 -
Cost of shares repurchased (29,139,679) (24,357,512)
------------ ------------
Net increase in net assets resulting from
fund share transactions $ 4,541,355 $ 13,659,587
------------ ------------
Net increase (decrease) in net assets $ (7,372,924) $ 16,264,023
NET ASSETS:
Beginning of year 42,437,920 26,173,897
------------ ------------
End of year (including accumulated net
investment income of $0 and $0, respectively) $ 35,064,996 $ 42,437,920
============ ============
<TABLE>
<CAPTION>
CLASS A '97 Shares '97 Amount '96 Shares '96 Amount
<S> <C> <C> <C> <C>
Shares sold 3,510,035 $ 24,383,526 3,215,923 $ 27,245,587
Reinvestment of distributions 46,394 346,561 - -
Less shares repurchased (3,207,828) (22,320,541) (2,190,712) (18,357,489)
----------- ------------ ----------- ------------
Net increase 348,601 $ 2,409,546 1,025,211 $ 8,888,098
=========== ============ =========== ============
CLASS B
Shares sold 1,071,945 $ 7,495,337 1,051,892 $ 8,694,332
Reinvestment of distributions 5,848 42,746 - -
Less shares repurchased (733,569) (5,106,550) (696,779) (5,689,345)
----------- ------------ ----------- ------------
Net increase 344,224 $ 2,431,533 355,113 $ 3,004,987
=========== ============ =========== ============
CLASS C*
Shares sold 200,519 $ 1,405,795 260,179 $ 2,077,180
Reinvestment of distributions 967 7,069 - -
Less shares repurchased (238,282) (1,712,588) (39,297) (310,678)
----------- ------------ ----------- ------------
Net increase (decrease) (36,796) $ (299,724) 220,882 $ 1,766,502
=========== ============ =========== ============
</TABLE>
* Class C shares were first publicly offered on January 31, 1996.
The accompanying notes are an integral part of these financial statements. 13
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Pioneer Gold Shares
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FINANCIAL HIGHLIGHTS 10/31/97
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<TABLE>
<CAPTION>
Year Year Year Year Year
Ended Ended Ended Ended Ended
CLASS A 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 7.81 $ 6.80 $ 7.94 $ 7.44 $ 5.03
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.01) $ (0.01) $ (0.01) $ (0.03) $ (0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (1.94) 1.02 (1.13) 0.53 2.44
------- ------- ------- ------- -------
Net increase (decrease) from investment operations $ (1.95) $ 1.01 $ (1.14) $ 0.50 $ 2.41
Distributions to shareholders from:
Net realized gain (0.09) - - - -
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (2.04) $ 1.01 $ (1.14) $ 0.50 $ 2.41
------- ------- ------- ------- -------
Net asset value, end of year $ 5.77 $ 7.81 $ 6.80 $ 7.94 $ 7.44
======= ======= ======= ======= =======
Total return* (25.24)% 14.85% (14.36)% 6.72% 47.91%
Ratio of net expenses to average net assets 1.74%+ 1.72%+ 1.76%+ 1.75% 1.75%
Ratio of net investment loss to average net assets (0.08)%+ (0.13)%+ (0.16)%+ (0.40)% (0.52)%
Portfolio turnover rate 22% 15% 6% 3% 6%
Average commission rate paid (1) $0.0418 $0.0349 - - -
Net assets, end of year (in thousands) $28,638 $36,028 $24,412 $26,168 $14,057
Ratios assuming no waiver of management fees
and assumption of expenses by PMC
and no reduction for fees paid indirectly:
Net expenses 1.93% 1.88% 2.28% 2.14% 3.23%
Net investment loss (0.27)% (0.29)% (0.68)% (0.79)% (2.00)%
Ratios assuming waiver of management fees and
assumption of expenses by PMC and reduction for
fees paid indirectly:
Net expenses 1.72% 1.71% 1.75% - -
Net investment loss (0.06)% (0.12)% (0.15)% - -
</TABLE>
* 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 sales 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.
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Year Year
Ended Ended Ended 4/4/94 to
CLASS B 10/31/97 10/31/96 10/31/95 10/31/94
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.65 $ 6.73 $ 7.89 $ 7.83
-------- ------- ------- ------
Increase (decrease) from investment operations:
Net investment loss $ (0.04) $ (0.06) $ (0.05) $(0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (1.91) 0.98 (1.11) 0.09
-------- ------- ------- ------
Net increase (decrease) from investment operations $ (1.95) $ 0.92 $ (1.16) $ 0.06
Distributions to shareholders from:
Net realized gain (0.09) - - -
-------- ------- ------- ------
Net increase (decrease) in net asset value $ (2.04) $ 0.92 $ (1.16) $ 0.06
-------- ------- ------- ------
Net asset value, end of period $ 5.61 $ 7.65 $ 6.73 $ 7.89
======== ======= ======= ======
Total return* (25.77)% 13.67% (14.70)% 0.77%
Ratio of net expenses to average net assets 2.51%+ 2.59%+ 2.57%+ 2.67%**
Ratio of net investment loss to average net assets (0.84)%+ (1.00)%+ (1.01)%+ (1.42)%**
Portfolio turnover rate 22% 15% 6% 3%
Average commission rate paid (1) $ 0.0418 $0.0349 - -
Net assets, end of period (in thousands) $ 5,394 $ 4,720 $ 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 2.72% 2.73% 3.12% 2.79%**
Net investment loss (1.05)% (1.14)% (1.56)% (1.54)%**
Ratios assuming waiver of management fees
and assumption of expenses by PMC and
reduction for fees paid indirectly:
Net expenses 2.49% 2.57% 2.53% -
Net investment loss (0.82)% (0.98)% (0.97)% -
</TABLE>
* 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 sales 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.
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/97
- --------------------------------------------------------------------------------
Year
Ended 1/31/96 to
CLASS C 10/31/97 10/31/96
Net asset value, beginning of period $ 7.65 $ 8.70
------- -------
Decrease from investment operations:
Net investment loss $ (0.04) $ (0.02)
Net realized and unrealized loss on investments
and foreign currency transactions (1.90) (1.03)
------- -------
Net decrease from investment operations $ (1.94) $ (1.05)
Distributions to shareholders from:
Net realized gain (0.09) -
------- -------
Net decrease in net asset value $ (2.03) $ (1.05)
------- -------
Net asset value, end of period $ 5.62 $ 7.65
======= =======
Total return* (25.64)% (12.07)%
Ratio of net expenses to average net assets 2.38%+ 2.59%**+
Ratio of net investment loss to average net assets (0.76)%+ (1.12)%**+
Portfolio turnover rate 22% 15%
Average commission rate paid (1) $0.0418 $0.0349
Net assets, end of period (in thousands) $ 1,034 $ 1,690
Ratios assuming no waiver of management fees
by PMC and no reduction for fees
paid indirectly:
Net expenses 2.58% 2.83% **
Net investment loss (0.96)% (1.36)%**
Ratios assuming waiver of management fees by PMC
and reduction for fees paid directly:
Net expenses 2.33% 2.56% **
Net investment loss (0.71)% (1.09)%**
* 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 sales 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.
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/97
- --------------------------------------------------------------------------------
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.
The Fund offers three classes of shares - Class A, Class B and Class C shares.
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
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
17
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/97 (continued)
- --------------------------------------------------------------------------------
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 data in the exercise of reasonable diligence. 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.
The price 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 rep-resent,
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.
18
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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, 1997, the Fund reclassified $1,178 and $67,496 from
accumulated net realized loss on investments and foreign currency
transactions and paid-in capital, respectively, to accumu lated 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.
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 $38,390 in
underwriting commissions on the sale of fund shares during the year ended
October 31, 1997.
19
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/97 (continued)
- --------------------------------------------------------------------------------
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 shares 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 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.
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
were reduced only to the extent that such expenses were reduced for Class A
shares. PMC's agreement is voluntary and temporary and may be revised or
termi-nated at any time.
20
<PAGE>
Pioneer Gold 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, 1997, $30,822 was 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 $15,457 in transfer agent fees payable to PSC at October 31, 1997.
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 $10,665 in distribution fees payable to
PFD at October 31, 1997.
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
21
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/97 (continued)
- --------------------------------------------------------------------------------
CDSC are paid to PFD. For the year ended October 31, 1997, CDSCs in the amount
of $16,366 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, 1997, the
Fund's expenses were reduced by $6,408 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, 1997, 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, 1997, 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, 1997, 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 3, 1997
23
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees
John F. Cogan, Jr.
Mary K. Bush
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
Custodian
Brown Brothers Harriman & Co.
Independent Public Accountants
Arthur Andersen LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
Officers
John F. Cogan, Jr., Chairman and President
David D. Tripple, Executive Vice President
William H. Keough, Treasurer
Joseph P. Barri, Secretary
24
<PAGE>
Pioneer Gold Shares
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This page for your notes.
25
<PAGE>
- --------------------------------------------------------------------------------
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>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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). EFTmoves 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
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>
- --------------------------------------------------------------------------------
RETIREMENT PLANS FROM PIONEER
- --------------------------------------------------------------------------------
Pioneer offers retirement plans suited to the individual investor and businesses
of all sizes. For information, contact your investment professional, or call
Pioneer at 1-800-622-0176.
Individual Plans
Individual Retirement Account (IRA) The $2,000 maximum annual contribution may
be tax-deductible; earnings are tax-deferred.
Roth IRA New in 1998, $2,000 maximum annual contributions are not
tax-deductible. Earnings are tax-free for qualified withdrawals.
Plans for Small Businesses or the Self-Employed
SIMPLE (Savings Incentive Match PLan for Employees)
IRA or 401(k) Plan For firms with 100 or fewer employees.
Employees can make pre-tax contributions of up to $6,000 annually, and an
employer contribution is required.
Simplified Employee Pension Plan (SEP) Self-employed people and small-business
owners can make tax-deductible contributions of up to 15% of their income.
Employer-Sponsored Plans
401(k) Plan Allows employees to make pre-tax contributions. Also allows for
employer contributions.
403(b) Plan Lets employees of tax-exempt organizations set aside part of their
salary, before taxes, through payroll deduction.
Profit Sharing Plan Employers contribute on a discretionary basis, usually based
on profits.
Age-Weighted Profit Sharing Plan Employer makes discretionary contributions
based on employees' age and salary.
Money Purchase Pension Plan (MPP) Employers contribute based on a fixed formula.
Most retirement plan withdrawals must meet specific conditions
to avoid penalties.
28
<PAGE>
- --------------------------------------------------------------------------------
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 Micro-Cap Fund*
Pioneer Mid-Cap Fund
Pioneer Small Company Fund
Growth and Income Funds
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Fund
Pioneer Real Estate Shares
Pioneer II
Income Funds
Taxable
Pioneer America Income Trust
Pioneer Bond 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.
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
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 web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current Fund prospectus.
[Pioneer LOGO] Pioneer Funds Distributor, Inc.
60 State Street
Boston, Massachusetts 02109
www.pioneerfunds.com
1297-4643
(c) Pioneer Funds Distributor, Inc.
[Recycle LOGO] Printed on Recycled Paper
