[PIONEER LOGO]
Pioneer
International Growth
Fund
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SEMIANNUAL REPORT 5/31/97
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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 10
Financial Statements 21
Notes to Financial Statements 28
Report of Independent Public Accountants 33
Trustees, Officers and Service Providers 34
The Pioneer Family of Mutual Funds 35
Programs and Services for Pioneer Shareowners 36
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Pioneer International Growth Fund
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LETTER FROM THE CHAIRMAN 5/31/97
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Dear Shareowner,
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I am pleased to introduce this semiannual report for Pioneer International
Growth Fund, reviewing the six months from November 30, 1996, through May 31,
1997. On behalf of the Fund's investment management team, I welcome our many
new investors and thank you for your interest in the Fund.
Once again, your Fund's value-oriented management team showed that the equity
markets outside the United States offer a fruitful hunting ground for those
willing to do thorough research. The Fund's portfolio includes a mix of
companies of many sizes, located in both mature and developing economies. This
flexible approach also means the Fund seeks to achieve its results differently
than many other international funds, typically with more emphasis on emerging
markets. So far, this variety has been effective. For the semiannual period,
your Fund outperformed overseas markets as a whole, and it bested the average
gain posted by international stock funds, as reported by Lipper Analytical
Services.
As we move further into 1997, nations around the world are undergoing a number
of exciting transitions. In many countries, the stage is being set for a more
competitive and profitable business environment. What we find especially
exciting is that the Fund gives shareowners the opportunity to participate in
these developments from their earliest phases. I encourage you to read on to
learn more about Pioneer International Growth Fund and our efforts to build a
solid foundation for long-term investment success.
Please contact your investment representative, or us at 1-800-225-6292, if you
have questions about your Fund. Thank you for your support.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.,
Chairman and President
1
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Pioneer International Growth Fund
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PORTFOLIO SUMMARY 5/31/97
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[DESCRIPTION OF PIE CHART]
International Common Stocks 86%
Depositary Receipts for International Stocks 8%
International Preferred Stocks 3%
Short-Term Cash Equivalents 2%
Convertible Securities 1%
Geographical Distribution
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(As a percentage of equity holdings)
[DESCRIPTION OF BAR CHART]
Japan 16.2%
United Kingdom 9.1%
France 6.2%
Thailand 5.2%
South Korea 5.0%
Italy 4.6%
Brazil 4.5%
Spain 4.3%
Germany 3.9%
Hong Kong 3.1%
Singapore 3.0%
Netherlands 2.9%
Sweden 2.9%
Switzerland 2.7%
Australia 2.4%
Indonesia 2.4%
India 2.2%
Israel 1.8%
Norway 1.8%
Finland 1.7%
Austria 1.5%
Mexico 1.4%
Turkey 1.3%
Argentina 1.1%
Czech Republic 1.1%
Malaysia 1.1%
Philippines 1.1%
Portugal 1.1%
China 1.0%
Taiwan 0.9%
Greece 0.6%
Peru 0.6%
Belgium 0.5%
Denmark 0.5%
South Africa 0.3%
10 Largest Holdings
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(As a percentage of equity holdings)
1. Telecomunicacoes 2.51% 6. Nintendo Corp., Ltd. 1.48%
Brasileiras SA
2. SK Telecom Co., Ltd. 1.93 7. Schibsted ASA 1.35
3. Telefonica de Espana 1.62 8. Skandia Forsakrings AB 1.31
4. Medeva Plc 1.53 9. Vodafone Group Plc 1.31
5. Scottish Power Plc 1.49 10. Louis Dreyfus Citrus 1.30
Fund holdings will vary for other periods.
2
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Pioneer International Growth Fund
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PERFORMANCE UPDATE 5/31/97 CLASS A SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 5/31/97 11/30/96
$24.25 $23.39
Distributions per Share Income Short-Term Long-Term
(11/30/96-5/31/97) Dividends Capital Gains Capital Gains
$0.166 $0.955 $0.517
Investment Returns
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The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer International Growth Fund at public offering price, compared to the
growth of the Morgan Stanley Capital International (MSCI) EAFE Index.
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Average Annual Total Returns
(As of May 31, 1997)
Net Asset Public Offering
Period Value Price*
Life-of-Fund 17.70% 16.04%
(3/25/93)
1 Year 8.73 2.48
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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.
[DESCRIPTION OF MOUNTAIN CHART]
Growth of $10,000+
Pioneer International Growth Fund MSCI EAFE Index
3/93 9425 10000
5/93 10170 11180
11727 12006
11/93 13134 11040
15618 12802
5/94 14807 12697
15196 13308
11/94 14451 12678
13291 12233
5/95 13892 13323
15186 13374
11/95 15002 13638
16318 14294
5/96 17153 14746
16270 14427
11/96 16713 15242
17919 14757
5/97 18650 15857
+ Index comparison begins March 31, 1993. The Morgan Stanley Capital
International (MSCI) EAFE (Europe, Australasia, Far East) Index is an
unmanaged, capitalization-weighted index of international stock markets. The
Index includes: Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Italy, Japan, the Netherlands, New Zealand, Norway,
Singapore/ Malaysia, Spain, Sweden, Switzerland, and the United Kingdom. Index
returns are calculated monthly, 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 International Growth Fund
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PERFORMANCE UPDATE 5/31/97 CLASS B SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 5/31/97 11/30/96
$23.75 $22.89
Distributions per Share Income Short-Term Long-Term
(11/30/96-5/31/97) Dividends Capital Gains Capital Gains
$0.031 $0.955 $0.517
Investment Returns
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The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer International Growth Fund, compared to the growth of the Morgan
Stanley Capital International (MSCI) EAFE Index.
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Average Annual Total Returns
(As of May 31, 1997)
If If
Period Held Redeemed*
Life-of-Fund 8.33% 7.53%
(4/4/94)
1 Year 7.78 3.80
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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.
[DESCRIPTION OF MOUNTAIN CHART]
Growth of $10,000+
Pioneer International Growth Fund MSCI EAFE Index
4/94 10000 10000
5/94 10087 9943
10329 10421
11/94 9803 9928
9002 9579
5/95 9388 10433
10247 10473
11/95 10102 10679
10966 11193
5/96 11506 11546
10844 11297
11/96 11157 11935
11941 11555
5/97 12101 12417
+ Index comparison begins April 30, 1994. The Morgan Stanley Capital
International (MSCI) EAFE (Europe, Australasia, Far East) Index is an
unmanaged, capitalization-weighted index of international stock markets. The
Index includes: Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Italy, Japan, the Netherlands, New Zealand, Norway,
Singapore/ Malaysia, Spain, Sweden, Switzerland, and the United Kingdom. Index
returns are calculated monthly, 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 International Growth Fund
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PERFORMANCE UPDATE 5/31/97 CLASS C SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 5/31/97 11/30/96
$23.56 $22.84
Distributions per Share Income Short-Term Long-Term
(11/30/96-5/31/97) Dividends Capital Gains Capital Gains
$0.158 $0.955 $0.517
Investment Returns
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The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer International Growth Fund, compared to the growth of the Morgan
Stanley Capital International (MSCI) EAFE Index.
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Average Annual Total Returns
(As of May 31, 1997)
If If
Period Held Redeemed*
Life-of-Fund 10.53% 10.53%
(1/31/96)
1 Year 7.90 7.90
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* Assumes reinvestment of distributions. The 1% contingent deferred sales charge
(CDSC) applies to redemptions made within one year of purchase.
[DESCRIPTION OF MOUNTAIN CHART]
Growth of $10,000
Pioneer International Growth Fund MSCI EAFE Index
1/96 10000 10000
2/96 10076 10000
10053 10034
10752 10247
5/96 10588 10545
10500 10351
9919 10409
8/96 10023 10105
10140 10127
9816 10396
11/96 10275 10290
10416 10699
10823 10561
2/97 10998 10192
10935 10358
10867 10451
5/97 11425 11131
The Morgan Stanley Capital International (MSCI) EAFE (Europe, Australasia, Far
East) Index is an unmanaged, capitalization-weighted index of international
stock markets. The Index includes: Australia, Austria, Belgium, Denmark,
Finland, France, Germany, Hong Kong, Italy, Japan, the Netherlands, New
Zealand, Norway, Singapore/Malaysia, Spain, Sweden, Switzerland, and the United
Kingdom. Index returns are calculated monthly, 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 International Growth Fund
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PORTFOLIO MANAGEMENT DISCUSSION 5/31/97
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Dear Shareowner,
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The first half of Pioneer International Growth Fund's fifth fiscal year came to
a close on May 31, 1997. The Fund showed strong performance, both versus its
peers in Lipper Analytical Services' International Funds category and compared
to the Morgan Stanley Capital International (MSCI) EAFE (Europe, Australasia,
Far East) Index, an unmanaged benchmark of international stock market
performance.
Pioneer International Growth Fund's Class A Shares posted a total return of
11.59% for the six-month period, while Class B Shares returned 11.15% and Class
C Shares gained 11.19%. The 406 funds in Lipper's international fund group
returned an average of 7.90%; the MSCI EAFE Index posted a 4.19% return.
(Returns do not reflect sales charges.)
Positive factors contributing to the Fund's performance included many rising
global stock markets, which benefited from a benign inflation environment, low
interest rates and currencies that were weak relative to the U.S. dollar. Of
particular note were the emerging markets of Latin America. In Europe and
Japan, the strong dollar was positive for economic growth and corporate
competitiveness, particularly for larger companies dependent on exports.
A Value-Oriented Investment Style
Pioneer International Growth Fund invests primarily in foreign equity
securities and depositary receipts (which trade in lieu of direct stock
shares), with a widely diversified portfolio invested in both established and
emerging markets. The portfolio includes a large number of securities, more
than 200 as of May 31, which helps minimize the impact that one poorly
performing security or market can have on the portfolio. Diversification can
also help reduce the effect of some other risks of international investing,
such as economic and political instabilities, as well as currency fluctuations.
We use a value style of investing, preferring to buy stocks that are "cheap"
given a company's financial condition or business prospects. We employ both
bottom-up and top-down approaches in our search.
6
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Pioneer International Growth Fund
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Bottom-up means looking at companies individually. Top-down refers to the
research we do on a country-by-country basis, evaluating economic and political
conditions. Combined, the methods help us find companies and countries we
believe will work effectively for the Fund.
Continued Strength in Latin America
A big reason for the Fund's recent outperformance was the allocation to the
emerging markets of Latin America, a total of 7% of equity holdings as of May
31. Brazil has made excellent progress in bringing down inflation to 8% from
astronomical levels just a few years ago. Across the rest of the region,
inflation and interest rates are also under control, encouraging investment.
And we are still finding good value in many companies. Some of the Fund's
better-performing holdings are Brazilian utilities Telecomunicacoes Brasileiras
and Centrais Electricas Brasileiras.
Europe a Steady Performer
Continental Europe also was a good place to be during the past six months. A
cultural shift seems to be taking place in Europe, with European investors -
traditionally regarded as savers - becoming investors in the equity markets.
This increasing interest in stocks helped market performance, as new money
poured into European stock markets. We attribute part of this trend to lessened
competition from the lower yields on bonds and money market instruments.
European companies are also helping themselves by focusing on improved
performance and delivering value to stockholders.
In Europe, Telecom Italia benefited from sharp gains in the Italian market
early in the period. We took profits, but maintained a sizable position because
of its reasonable valuation. Chargeurs, a French conglomerate, was another
strong performer, due to its holdings in a successful British pay television
company. We were disappointed by the performance of Sylea, a French auto parts
company, and U.K. conglomerate Cowie Group because of lackluster earnings
reports.
7
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Pioneer International Growth Fund
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PORTFOLIO MANAGEMENT DISCUSSION 5/31/97 (continued)
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Japanese Market Recovering
Continuing its trend of volatility, the Japanese market gained nearly 12% in
the two months ended May 31. We are seeing signs of improvement in Japan,
although it is still troubled by political shifts and concerns about its
financial system. Overall, estimates for growth of earnings-per-share are 30%
to 40% for 1997 and 10% to 20% for 1998; the pace of these gains reflects
expectations for the cycle of economic recovery. We gradually increased the
Fund's position in Japan to 16% as of May 31; the market currently presents a
good value, around half its peak level. We had success in Japan, despite its
difficult overall environment. Careful stock selection brought some strong
performers, including Nichiei and Shohkoh Fund, two financial services firms
offering smaller loans, and multinational firms Circle K, a food retailer, and
Nintendo, the electronic game giant.
Asian Emerging Markets Lag
Many of the emerging markets of Asia were again hindered by slowing economic
growth, weaker corporate earnings growth and slowing exports. Sales slumps in
electronics and technology, combined with increased competition from Mexico,
further weakened stock prices in many Asian emerging markets. Nevertheless, we
believe they present compelling values, partly because they have underperformed
stocks based in other locales.
Some of the stronger-performing markets in this section over the past six
months were India, up over 25%, and Indonesia, up around 14%. Especially in
poorly performing markets, stock selection is key. Thailand's market dropped
nearly 40%, while Delta Electronics rose 40% over the past six months. Remember
that the volatility inherent in emerging markets can make stock prices there
move faster - both up and down - than in established markets. That's another
powerful reason for remaining invested during short-term downturns; it's nearly
impossible to predict when, or how quickly, these markets will move if
conditions improve.
8
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Pioneer International Growth Fund
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A Look Ahead
We think moderate inflation, low interest rates and reasonable corporate
earnings growth will continue in the established markets of Europe and Japan.
We also see valuations in emerging markets remaining compelling, albeit for
different reasons. In Asia, depressed stock prices bring good value; in Latin
America, economic recovery continues, with the telecommunications and utilities
industries leading the way. And because of low global interest rates, there
will likely continue to be a steady flow of funds into many overseas equity
markets.
Diversification is one of our strongest allies; and it's also one of yours.
Because we don't limit our search for stocks to one part of the world, we have
the freedom to invest anywhere outside the United States - wherever we find the
strongest value. And by having Pioneer International Growth Fund in your
portfolio, you are also able to participate in the fortunes of the world's
markets. Keep a long-term perspective, and we are confident we can offer solid
long-term performance.
Respectfully,
/s/ Norman Kurland
Norman Kurland,
Portfolio Manager
9
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Pioneer International Growth Fund
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SCHEDULE OF INVESTMENTS 5/31/97
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<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 97.7%
CONVERTIBLE CORPORATE BONDS - 0.5%
$ 1,912,000 Bangkok Land Public Co., Ltd., 4.50%, 10/13/03 $ 927,320
1,322,000 Qingling Motors Inc., 3.50%, 01/22/02 1,332,435
------------
Total Convertible Corporate Bonds
(Cost $2,733,000) $ 2,259,755
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Shares
PREFERRED STOCKS - 4.1%
68,300 Banco Comercial Portugues, 8%, Non-Cum., Conv.
(Series A) $ 4,251,675
63,000 Centrais Electricas Brasileiras S/A (Sponsored A.D.R.) 1,513,575
22,700,000 Petroleo Brasileiro S/A 5,428,491
26,500 SAP AG (Non-voting) 4,820,718
3,050 Suedzucker AG 1,605,639
18,000 Telecommunicacoes Brasileiras SA (Sponsored A.D.R.) 2,472,750
------------
Total Preferred Stocks
(Cost $16,364,540) $20,092,848
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COMMON STOCKS - 93.1%
Basic Industries - 7.2%
Chemicals - 0.5%
150 Grasim Industries Ltd. $ 1,523
10,338 Reliance Industries Ltd. 87,776
214,000 Sekisui Chemical Co. 2,223,615
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$ 2,312,914
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Containers - 1.3%
296,500 NV Koninklijke KNP BT $ 6,106,090
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Iron & Steel - 2.4%
67,000 Boehler-Uddeholm AG $ 5,069,696
50,000 Koninklijke Nederlandsche Hoogovens en
Staalfabrieken N.V. 2,491,029
90,000 Rautaruukki Oy (K Shares) 872,078
4,850 Tata Iron & Steel Co., Ltd. 23,420
213,100 Usinor Sacilor 3,195,799
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$11,652,022
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Metals & Mining - 2.4%
100,000 Broken Hill Proprietary Co., Ltd. $ 1,437,128
260,000 Hays Plc 2,381,809
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
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Pioneer International Growth Fund
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<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Metals & Mining - (continued)
78,000 Kloof Gold Mining Co., Ltd. $ 527,275
1,725,000 M.I.M. Holdings Ltd. 2,576,589
1,483,298 Orogen Minerals Ltd. 4,024,189
5,300 Vaal Reefs Exploration & Mining Co., Ltd. 317,941
67,000 Vaal Reefs Exploration & Mining Co., Ltd. (A.D.R.) 402,000
------------
$11,666,931
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Paper Products - 0.4%
116,000 Valmet Corp. $ 2,094,432
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Basic Industries - Other - 0.2%
616,000 Hicom Holdings Bhd. $ 1,250,289
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Total Basic Industries $35,082,678
------------
Capital Goods - 8.9%
Construction, Building Materials & Engineering - 6.1%
405,000 Ashtead Group Plc $ 2,040,569
195,000 Bouygues Offshore SA (Sponsored A.D.R.) 2,437,500
2,360 Bucher Holding AG 2,365,831
707,000 Cemex, SA (Class B) 2,898,128
14,000 Felten & Guillaume Energietechnik AG 1,326,626
189,200 Gujarat Ambuja Cements Ltd. 1,476,844
414,000 Kumagai Gumi Co., Ltd. 459,495
31,000 Lafarge SA 1,980,916
270,000 Leighton Holdings Ltd. 1,255,144
147,000 Maeda Road Construction 1,205,539
35,500 Nobel Biocare 412,077
12,700 Plettac AG 2,704,024
18,050 Portland Valderrivas SA 1,251,114
117,600 Sho-Bond Corp. 3,372,984
65,100 Siam Cement Public Co., Ltd. 1,402,476
305,000 Taisei Corp. 1,306,956
250 Unitech Ltd. 428
13,000 Zardoya-Otis SA 1,627,698
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$29,524,349
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Machinery - 1.0%
1,553,000 PT United Tractors $ 4,884,049
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
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Pioneer International Growth Fund
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SCHEDULE OF INVESTMENTS 5/31/97 (continued)
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<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Producer Goods - 0.7%
35,000 Hoya Corp. $ 1,589,953
26,000 Sidel, SA 1,823,503
------------
$ 3,413,456
------------
Telecommunications - 1.1%
123,500 ECI Telecommunications Ltd. $ 2,855,938
1,160,300 Jasmine International Public Co. Ltd. 1,084,284
14,000 Telecel-Comunicacaoes Pessoais, SA* 1,074,277
15,000 Telefonaktiebolaget LM Ericsson (Series B) 526,221
------------
$ 5,540,720
------------
Total Capital Goods $43,362,574
------------
Consumer Durables - 2.6%
Motor Vehicles - 2.1%
250 Ashok Leyland Ltd. $ 507
813,000 Cowie Group Plc 4,734,631
9,850 KTM Motorradholding AG* 635,086
560,000 Magneti Marelli SpA 892,325
45,200 Sylea 3,952,828
------------
$10,215,377
------------
Office Furnishings - 0.5%
57,641 Samas-Groep NV $ 2,188,254
------------
Total Consumer Durables $12,403,631
------------
Consumer Non-Durables - 13.4%
Agriculture & Food Manufacturing - 1.3%
170,500 Louis Dreyfus Citrus $ 6,170,904
------------
Cosmetics - 0.5%
1,283,900 McBride Plc $ 2,415,320
------------
Retail Food - 1.9%
113,400 Circle K Japan Co. Ltd. $ 6,047,351
46,000 Delhaize-Le Lion, SA 2,287,617
195,800 Kwik Save Group Plc 887,233
------------
$ 9,222,201
------------
General Retail - 5.9%
30,200 Autobacs Seven Co., Ltd. $ 2,204,379
102,738 Cifra, SA de CV (Series A) 175,736
690,000 Cifra, SA de CV (Series C) 1,089,473
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
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Pioneer International Growth Fund
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
General Retail - (continued)
65,000 Cortefiel SA $ 2,401,079
5,150 Forbo Holding AG 2,145,076
6,965,000 Giordano International Ltd. 4,179,809
89,700 Nintendo Corp., Ltd. 7,009,618
1,447,000 PT Matahari Putra Prima 2,572,775
16,000 Raision Tehtaat Oy (V Shares) 1,304,652
2,729,600 Siam City Bank Public Co., Ltd. 1,755,370
637,200 Siam Makro Public Co., Ltd. 1,600,683
570,000 Storehouse Plc 2,037,379
------------
$28,476,029
------------
Soft Drinks - 1.0%
77,000 Hellenic Bottling Co. SA $ 2,903,958
17,400 Panamerican Beverages, Inc. 504,600
10,500 Selecta Group* 1,664,137
------------
$ 5,072,695
------------
Textiles - 2.8%
117,200 Fila Holding SpA (Sponsored A.D.R.) $ 4,995,650
160,000 Marzotto & Figli SpA 1,318,658
100 Precot Mills Ltd. 237
68,755 Shin Won Corp. 1,218,541
16 Super Spinning Mills (New Shares) 34
752,000 Wing Tai Holdings Ltd. 2,239,754
156,000 Xebio Co., Ltd. 3,911,722
------------
$13,684,596
------------
Total Consumer Non-Durables $65,041,745
------------
Energy - 1.0%
Oil & Gas
3,250 Elf Gabon $ 952,837
91,000 Repsol S.A. 3,808,453
------------
Total Energy $ 4,761,290
------------
Financial - 16.0%
Commercial Banks - 6.5%
167,400 Banco Wiese Ltd. (Sponsored A.D.R.) $ 1,171,800
335,000 Banco Popolare di Milano 1,799,109
245,000 CIADEA SA 980,490
28,500 Credit National 1,511,715
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
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Pioneer International Growth Fund
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SCHEDULE OF INVESTMENTS 5/31/97 (continued)
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<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Commercial Banks - (continued)
221,930 Daegu Bank $ 1,944,221
275,000 Dah Sing Financial Holdings Ltd. 1,348,648
22,000 DePfa-Bank 1,293,285
119,400 Development Bank of Singapore Ltd. 1,494,274
4,342,500 First Bangkok City Bank Public Co., Ltd. 3,665,293
170,200 Hanil Bank 1,050,028
117,390 Housing & Commercial Bank Korea 2,190,841
1,730 Julius Baer Holding AG 2,375,468
49,317 Kookmin Bank 884,885
45,264 Kookmin Bank G.D.R.* 915,464
212,700 Krung Thai Bank Public Co., Ltd. 252,197
157,000 Overseas-Chinese Banking Corp., Ltd. 1,953,856
247,500 PT Bank Bira 379,008
2,366,000 PT Pan Indonesia Bank TBK 1,264,461
6,950 Shinhan Bank 91,344
1,000 State Bank of India Ltd. 8,574
340,000 Sumitomo Trust Bank 3,007,299
87,375,000 Yapi ve Kredi Bankasi AS* 2,073,211
------------
$31,655,471
------------
Financial Services - 1.1%
661,000 National Finance & Securities Co., Ltd. $ 551,276
18,800 Shohkoh Fund 5,004,723
------------
$ 5,555,999
------------
Misc. Finance - 2.6%
92,000 Colonial Ltd.* $ 228,563
218,500 Finance One Public Co., Ltd. 61,475
519,000 Hong Leong Finance Ltd. 1,632,874
1,451,361 Industrial Credit & Investment Corp. of India Ltd. 2,697,848
190,000 Industrial Credit & Investment Corp. of India Ltd. (G.D.R.) 2,303,750
62,000 Nichiei Co., Ltd. 5,750,107
------------
$12,674,617
------------
Investments - 0.9%
92,000 Daewoo Securities Co., Ltd. $ 1,186,764
956,000 Dhana Siam Finance and Securities Public Co., Ltd. 768,489
390,200 Jardine Matheson Holdings Ltd. 2,653,360
------------
$ 4,608,613
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Insurance--General - 2.2%
30,000 Assurances Generales de France $ 911,751
19,500 Catalana Occidente SA* 988,759
690,800 Malaysian Assurance Alliance Bhd. 4,068,866
650,000 Reinsurance Australia Corp. 2,055,708
410,000 Yasuda Fire & Marine Insurance 2,527,952
------------
$10,553,036
------------
Life Insurance - 1.3%
176,550 Skandia Forsakrings AB $ 6,227,774
------------
Real Estate - 0.8%
150,000 Cheung Kong Holdings Ltd. $ 1,534,168
583,000 DBS Land Ltd. 2,038,034
462,900 Property Perfect Public Co., Ltd. 146,982
------------
$ 3,719,184
------------
Real Estate Investment Trust - 0.6%
3,155,000 Tai Cheung Holdings Ltd. $ 2,768,794
------------
Total Financial $77,763,488
------------
Services - 11.2%
Commercial Services - 0.8%
537,300 Loxley Public Co., Ltd. (Foreign Shares) $ 982,602
151,800 Loxley Public Co., Ltd. (Local Shares) 277,609
302,800 PT Tigaraksa Satria 410,787
1,176,000 PT Wicaksana Overseas International 1,426,187
400 SGS Societe Generale de Surveillance Holding SA 885,281
------------
$ 3,982,466
------------
Broadcasting & Media - 2.4%
38,840 Benesse Corp. $ 2,087,921
222,000 Central European Media Enterprises Ltd.* 5,217,000
48,800 Societe Television Francaise 4,664,843
------------
$11,969,764
------------
Health & Personal Care - 0.1%
277,700 Care First Group Plc $ 561,033
------------
Hotel/Restaurant - 0.3%
272,000 Overseas Union Enterprise Ltd. $ 1,302,664
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/97 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Pharmaceuticals - 4.8%
266,667 Astra AB $ 4,299,189
123,000 Eisai Co. Ltd. 2,471,619
1,620,000 Medeva Plc 7,261,247
1,800 Novartis AG 2,439,816
120 Roche Holdings AG 1,065,725
240,500 PT Tempo Scan Pacific 514,121
119,000 Takeda Chemical Industries 3,014,599
38,000 Teva Pharmaceutical Industries Ltd. (Sponsored A.D.R.) 2,280,000
------------
$23,346,316
------------
Publishing - 2.0%
225,000 Arnoldo Mondadori Editore SpA $ 1,314,586
630,000 First Pacific Co., Ltd. 804,930
80,000 Nycomed ASA 1,094,568
343,000 Schibsted ASA 6,401,678
------------
$ 9,615,762
------------
Misc. Services - 0.8%
3,800 Falck AS $ 1,039,730
45,800 ISS International Service System AS (Class B) 1,519,351
56,803 Prosegur, CIA de Seguridad SA 742,652
130,000 Taiwan Secom* 527,090
------------
$ 3,828,823
------------
Total Services $54,606,828
------------
Technology - 10.6%
Business Machines - 1.5%
188,000 Canon, Inc. $ 4,762,559
101,905 Esselte AB (Series B) 2,405,218
------------
$ 7,167,777
------------
Electronics - 8.3%
252,200 Advanced Information Service Public Co., Ltd.
(Foreign Shares) $ 1,773,914
30,500 Advanced Information Service Public Co., Ltd.
(Local Shares) 214,530
17,800 Austria Micro Systeme International AG 1,385,526
683,300 Delta Electronics (Thailand) Public Co., Ltd.
(Foreign Shares) 3,652,689
93,300 Delta Electronics (Thailand) Public Co., Ltd.
(Local Shares) 498,750
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Electronics - (continued)
486,000 Elec & Eltek International Co. Ltd. $ 2,867,400
469,900 K.R. Precision Plc 3,210,732
50,300 Mabuchi Motor Co., Ltd. 2,859,476
60,000 Merkantildata ASA 1,187,185
17,000 Phillips Electronics NV 929,169
36,000 Rohm Co., Ltd. 3,740,661
71,331 Samsung Display Devices Co. 3,740,897
200 Samtel Color Ltd. 63
918,400 Siliconware Precision Industries Co., Ltd.* 2,537,381
73,000 Sony Corp. 6,149,678
592,500 Tatung Co., Ltd. 1,179,898
29,000 TDK Corp. 2,226,363
29,800 TT Group Plc 181,589
446,600 United Communication Industry Public Co. Ltd. 2,028,368
------------
$40,364,269
------------
Telephone Networks - 0.7%
56,875 Nokia AB $ 3,710,103
------------
Computer Services - 0.1%
170,000 Venture Manufacturing Ltd. $ 582,395
------------
Total Technology $51,824,544
------------
Transportation - 1.3%
Air Transport - 0.5%
324,000 Mitsubishi Heavy Industries, Ltd. 2,331,576
389,000 Modi Luft Ltd. 46,756
------------
$ 2,378,332
------------
Railroad & Bus - 0.5%
241,000 Stagecoach Holdings Plc $ 2,626,439
------------
Ships & Shipping - 0.1%
400 Great Eastern Shipping, Co. (New) $ 347
378,150 Great Eastern Shipping Co. 327,677
------------
$ 328,024
------------
Truck Transportation/Storage - 0.2%
3,300 MAN AG $ 943,905
------------
Total Transportation $ 6,276,700
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/97 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Utilities - 17.4%
Electric Utilities - 3.3%
6,730 GEA AG $ 2,755,615
163,775 Iberdrola SA 2,010,934
32,500 Korea Electric Power Corp. 1,002,524
1,128,950 Scottish Power Plc 7,073,251
251,000 Shandong Huaneng Power Co., Ltd. (N Shares)
(Sponsored A.D.R.) 3,137,500
------------
$15,979,824
------------
Telecommunications - 14.1%
274 DDI Corp. $ 2,044,706
84,000 Grupo Iusacell SA (Series L) (Sponsored A.D.R.)* 1,386,000
455,200 Hong Kong Telecommunications Ltd. 1,007,509
18,000 Philippine Long Distance Telephone Company (Sponsored
A.D.R.) 1,041,750
54,000 Royal PTT Nederland NV 1,887,150
433,700 Mahanagar Telephone Nigam Ltd. 3,461,114
9,725 MobilCom AG* 696,837
14,843 SK Telecom Co., Ltd. 9,158,655
964,000 Stet Societa Finanziaria Telefonica SpA 4,864,233
126,600 Tadiran Ltd. (Sponsored A.D.R.) 3,418,200
40,000 Telecom Argentina Stet-France Telecom SA (Sponsored
A.D.R.) (Class B) 2,135,000
60,000 Telefonica de Argentina SA (Class B) (Sponsored A.D.R.) 2,175,000
91,800,000 Telecomunicacoes Brasileiras SA 11,919,850
1,523,000 Telecom Italia Mobile SpA 4,467,119
881,400 Telecom Italia SpA 2,426,587
267,000 Telefonica de Espana 7,701,923
67,800 Telefonica del Peru SA (Class B) (Sponsored A.D.R.) 1,720,425
18,000 Telefonos de Mexico SA (L Shares) (Sponsored A.D.R.) 798,750
1,395,000 Vodafone Group Plc 6,207,100
------------
$68,517,908
------------
Total Utilities $84,497,732
------------
Miscellaneous - 3.5%
Conglomerates & Holdings
549,500 Benpres Holdings Corp. (G.D.R.)* $ 4,018,219
32,604 Chargeurs SA* 1,739,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Conglomerates & Holdings - (continued)
82,973,000 Dogan Sirketler Grubu Holding AS* $ 1,792,454
55,331,000 Net Holding AS 2,194,664
5,400 Viag AG 2,457,417
685,693 Wassall Plc 3,740,855
872,700 Wassall Plc (Class B) 1,084,986
------------
Total Miscellaneous $ 17,027,595
------------
TOTAL COMMON STOCKS
(Cost $430,554,789) $452,648,805
------------
RIGHTS - 0.0%
77,298 Daegu Bank, 07/03/97* $ 139,596
------------
TOTAL RIGHTS
(Cost $133,866) $ 139,596
------------
TOTAL INVESTMENT IN SECURITIES
(Cost $449,786,195) (a) $475,141,004
------------
Principal
Amount
TEMPORARY CASH INVESTMENT - 2.3%
$11,073,000 American Express Co., 5.55%, due 06/02/97 $ 11,073,000
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $11,073,000) 11,073,000
------------
TOTAL INVESTMENT IN SECURITIES AND TEMPORARY
CASH INVESTMENT - 100%
(Cost $460,859,195) (b) $486,214,004
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/97 (continued)
- --------------------------------------------------------------------------------
* Non-income producing security
(a) Distribution of investments by country, as a percentage of total equity
holdings, is as follows:
Japan 16.2%
United Kingdom 9.1
France 6.2
Thailand 5.2
South Korea 5.0
Italy 4.6
Brazil 4.5
Spain 4.3
Germany 3.9
Hong Kong 3.1
Singapore 3.0
Netherlands 2.9
Sweden 2.9
Switzerland 2.7
Australia 2.4
Indonesia 2.4
India 2.2
Israel 1.8
Norway 1.8
Finland 1.7
Austria 1.5
Mexico 1.4
Turkey 1.3
Argentina 1.1
Czech Republic 1.1
Malaysia 1.1
Philippines 1.1
Portugal 1.1
China 1.0
Others (individually less than 1%) 3.4
------
100.0%
------
(b) At May 31, 1997, the net unrealized gain on investments based on cost for
federal income tax purposes of $462,338,185 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 60,509,349
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (36,633,530)
--------------
Net unrealized gain $ 23,875,819
--------------
</TABLE>
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 1997, aggregated $325,730,198 and $313,367,777,
respectively.
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 5/31/97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investment in securities, at value (including temporary cash
investment of $11,073,000) (cost $460,859,195) $486,214,004
Cash 673,562
Foreign currencies, at value 3,363,972
Receivables -
Investment securities sold 5,913,115
Fund shares sold 880,964
Dividends, interest and foreign taxes withheld 1,644,436
Forward foreign currency settlement hedge contracts, open - net 27,984
Forward foreign currency portfolio hedge contracts, open - net 1,061,964
Other 3,007
-------------
Total assets $499,783,008
-------------
LIABILITIES:
Payables -
Investment securities purchased $ 3,430,393
Fund shares repurchased 335,417
Due to affiliates 746,773
Accrued expenses 280,017
Reserve for capital gains taxes 291,796
-------------
Total liabilities $ 5,084,396
-------------
NET ASSETS:
Paid-in capital $437,035,759
Accumulated undistributed net investment income 3,499,740
Accumulated undistributed net realized gain on investments and
foreign currency transactions 28,004,514
Net unrealized gain on investments 25,114,452
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 1,044,147
-------------
Total net assets $494,698,612
-------------
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $406,626,535/16,769,161 shares) $ 24.25
-------------
Class B (based on $80,828,141/3,402,708 shares) $ 23.75
-------------
Class C (based on $7,243,936/307,462 shares) $ 23.56
-------------
MAXIMUM OFFERING PRICE:
Class A $ 25.73
-------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended 5/31/97
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Dividends (net of foreign taxes withheld of $545,868) $ 5,425,808
Interest (net of foreign taxes withheld of $2,844) 573,364
------------
Total investment income $ 5,999,172
-----------
EXPENSES:
Management fees $ 2,214,989
Transfer agent fees
Class A 521,554
Class B 118,277
Class C 9,525
Distribution fees
Class A 483,841
Class B 368,399
Class C 32,774
Accounting 74,153
Custodian fees 367,439
Registration fees 50,629
Professional fees 49,448
Printing 57,430
Fees and expenses of nonaffiliated trustees 6,827
Miscellaneous 37,679
------------
Total expenses $ 4,392,964
Less fees paid indirectly (41,744)
-----------
Net expenses $ 4,351,220
-----------
Net investment income $ 1,647,952
-----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from:
Investments (net of reserve for capital gains taxes of
$51,439) $25,350,227
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 4,838,337 $30,188,564
------------ -----------
Change in net unrealized gain from:
Investments (net reserve for capital gains taxes of
$240,357) $19,321,979
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 550,952 $19,872,931
------------ -----------
Net gain on investments and foreign currency
transactions $50,061,495
-----------
Net increase in net assets resulting from operations $51,709,447
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Six Months Ended 5/31/97 and the Year Ended 11/30/96
<TABLE>
<CAPTION>
Six Months Ended Year Ended
5/31/97 11/30/96
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 1,647,952 $ 689,863
Net realized gain on investments and foreign currency
transactions 30,188,564 37,971,632
Change in net unrealized gain or loss on investments and
foreign currency transactions 19,872,931 418,532
------------- --------------
Net increase in net assets resulting from operations $ 51,709,447 $ 39,080,027
------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.17 and $0.00 per share, respectively) $ (2,655,718) $ -
Class B ($0.03 and $0.00 per share, respectively) (93,019) -
Class C ($0.16 and $0.00 per share, respectively) (42,329) -
Net realized gain:
Class A ($1.47 and $0.24 per share, respectively) (23,543,282) (3,794,326)
Class B ($1.47 and $0.24 per share, respectively) (4,472,639) (626,360)
Class C ($1.47 and $0.24 per share, respectively) (393,748) (19,775)
------------- --------------
Total distributions to shareholders $ (31,200,735) $ (4,440,461)
------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 83,972,577 $ 199,339,404
Reinvestment of distributions 27,178,975 3,837,019
Cost of shares repurchased (91,051,744) (126,598,965)
------------- --------------
Net increase in net assets resulting from fund
share transactions $ 20,099,808 $ 76,577,458
------------- --------------
Net increase in net assets $ 40,608,520 $ 111,217,024
NET ASSETS:
Beginning of period 454,090,092 342,873,068
------------- --------------
End of period (including accumulated undistributed net
investment income of $3,499,740 and $4,642,854,
respectively) $ 494,698,612 $ 454,090,092
------------- --------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
For the Six Months Ended 5/31/97 and the Year Ended 11/30/96
<TABLE>
<CAPTION>
CLASS A '97 Shares '97 Amount '96 Shares '96 Amount
<S> <C> <C> <C> <C>
Shares sold 3,046,112 $ 69,846,633 6,477,892 $ 149,250,090
Reinvestment of distributions 1,088,662 23,351,890 138,777 3,316,804
Less shares repurchased (3,570,368) (82,449,291) (4,959,214) (113,576,365)
------------ -------------- ------------ ---------------
Net increase 564,406 $ 10,749,232 1,657,455 $ 38,990,529
------------ -------------- ------------ ---------------
CLASS B
Shares sold 547,433 $ 12,336,355 1,914,824 $ 43,742,430
Reinvestment of distributions 171,879 3,624,930 21,671 509,038
Less shares repurchased (333,170) (7,504,486) (562,290) (12,781,275)
------------ -------------- ------------ ---------------
Net increase 386,142 $ 8,456,799 1,374,205 $ 31,470,193
------------ -------------- ------------ ---------------
CLASS C*
Shares sold 80,677 $ 1,789,589 276,408 $ 6,346,884
Reinvestment of distributions 9,668 202,155 477 11,177
Less shares repurchased (48,991) (1,097,967) (10,777) (241,325)
------------ -------------- ------------ ---------------
Net increase 41,354 $ 893,777 266,108 $ 6,116,736
------------ -------------- ------------ ---------------
</TABLE>
*Class C shares were first publicly offered on January 31, 1996.
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Ended
CLASS A Ended 5/31/97 11/30/96
<S> <C> <C>
Net asset value, beginning of period $ 23.39 $ 21.21
---------- ----------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.10
Net realized and unrealized gain on investments and foreign currency transactions 2.40 2.32
---------- ----------
Net increase from investment operations $ 2.50 $ 2.42
Distributions to shareholders:
Net investment income (0.17) -
Net realized gain (1.47) (0.24)
---------- ----------
Net increase (decrease) in net asset value $ 0.86 $ 2.18
---------- ----------
Net asset value, end of period $ 24.25 $ 23.39
---------- ----------
Total return* 11.59% 11.40%
Ratio of net expenses to average net assets 1.74%**+ 1.77%+
Ratio of net investment income (loss) to average net assets 0.82%**+ 0.26%+
Portfolio turnover rate 143%** 173%
Average commission rate paid(1) $ 0.0050 $ 0.0055
Net assets, end of period (in thousands) $ 406,627 $378,956
Ratios assuming no waiver of management fees and assumption of expenses
by PMC and no reduction for fees paid indirectly:
Net expenses - -
Net investment loss - -
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.72%** 1.76%
Net investment income (loss) 0.84%** 0.27%
<CAPTION>
Year Ended Year Ended 4/1/93 to
CLASS A 11/30/95 11/30/94(a) 11/30/93(b)
<S> <C> <C> <C>
Net asset value, beginning of period $ 21.55 $ 20.91 $ 15.00
----------- -------- -----------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04) $ 0.19 $ (0.03)
Net realized and unrealized gain on investments and foreign currency transactions 0.80 1.87 5.94
----------- -------- -----------
Net increase from investment operations $ 0.76 $ 2.06 $ 5.91
Distributions to shareholders:
Net investment income - (0.03) -
Net realized gain (1.10) (1.39) -
----------- -------- -----------
Net increase (decrease) in net asset value $ (0.34) $ 0.64 $ 5.91
----------- -------- -----------
Net asset value, end of period $ 21.21 $ 21.55 $ 20.91
----------- -------- -----------
Total return* 3.81% 10.03% 39.40%
Ratio of net expenses to average net assets 2.00%+ 1.95% 1.73%**
Ratio of net investment income (loss) to average net assets (0.23)%+ 0.84% (0.48)%**
Portfolio turnover rate 219% 275% 185%**
Average commission rate paid(1) - - --
Net assets, end of period (in thousands) $ 308,488 $282,033 $ 86,923
Ratios assuming no waiver of management fees and assumption of expenses
by PMC and no reduction for fees paid indirectly:
Net expenses - - 2.88%**
Net investment loss - - (1.63)%**
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.98% - -
Net investment income (loss) (0.21)% - -
</TABLE>
(a) The per share data presented above is based upon the average shares
outstanding for the period presented.
(b) Certain reclassifications have been made to the 1993 balances to conform
with the 1994 presentation.
* 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.
25
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Ended Year Ended 4/4/94 to
CLASS B Ended 5/31/97 11/30/96 11/30/95 11/30/94(a)
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 22.89 $ 20.94 $ 21.45 $ 21.06
--------- ---------- ---------- ----------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01) $ 0.15 $ (0.17) $ 0.06
Net realized and unrealized gain on investments and foreign
currency transactions 2.37 2.04 0.76 0.33
--------- ---------- ---------- ----------
Net increase from investment operations $ 2.36 $ 2.19 $ 0.59 $ 0.39
Distributions to shareholders:
Net investment income (0.03) - - -
Net realized gain (1.47) (0.24) (1.10) -
--------- ---------- ---------- ----------
Net increase (decrease) in net asset value $ 0.86 $ 1.95 $ (0.51) $ 0.39
--------- ---------- ---------- ----------
Net asset value, end of period $ 23.75 $ 22.89 $ 20.94 $ 21.45
--------- ---------- ---------- ----------
Total return* 11.15% 10.45% 3.00% 1.85%
Ratio of net expenses to average net assets 2.54%**+ 2.60%+ 2.80%+ 3.02%**
Ratio of net investment income (loss) to average net assets 0.04%**+ (0.51)%+ (1.04)%+ 0.72%**
Portfolio turnover rate 143%** 173% 219% 275%
Average commission rate paid(1) $ 0.0050 $ 0.0055 - -
Net assets, end of period (in thousands) $ 80,828 $ 69,056 $ 34,385 $ 21,236
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.52%** 2.58% 2.77% -
Net investment income (loss) 0.06%** (0.49)% (1.01)% -
</TABLE>
(a) The per share data presented above is based upon the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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.
26
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended 1/31/96 to
CLASS C 5/31/97 11/30/96
<S> <C> <C>
Net asset value, beginning of period $ 22.84 $ 22.46
--------- -----------
Increase from investment operations:
Net investment income (loss) $ (0.04) $ 0.02
Net realized and unrealized gain on investments and foreign
currency transactions 2.39 0.60
--------- -----------
Net increase from investment operations $ 2.35 $ 0.62
Distributions to shareholders:
Net investment income (0.16) -
Net realized gain (1.47) (0.24)
--------- -----------
Net increase in net asset value $ 0.72 $ 0.38
--------- -----------
Net asset value, end of period $ 23.56 $ 22.84
--------- -----------
Total return* 11.19% 2.75%
Ratio of net expenses to average net assets 2.51%**+ 2.36%**+
Ratio of net investment income to average net assets 0.06%**+ 0.13%**+
Portfolio turnover rate 143%** 173%
Average commission rate paid(1) $ 0.0050 $ 0.0055
Net assets, end of period (in thousands) $ 7,244 $ 6,078
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.49%** 2.31%**
Net investment income 0.08%** 0.18%**
</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.
27
<PAGE>
Pioneer International Growth Fund
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NOTES TO FINANCIAL STATEMENTS 5/31/97
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1. Organization and Significant Accounting Policies
Pioneer International Growth Fund (the Fund) 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 growth of capital.
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 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.
28
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Pioneer International Growth Fund
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- --------------------------------------------------------------------------------
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 investments in emerging markets or countries with limited or
developing markets, may subject the Fund to greater degree of risk than in a
developed market. Risks associated with these developing markets,
attributable to political, social or economic factors, may affect the price
of the Fund's investments and income generated by these investments, as well
as the Fund's ability to repatriate such amounts. In addition, delays are
common in registering transfers of securities in certain countries, such as
India, and the Fund may be unable to sell portfolio securities until the
registration process is completed.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions represent,
among other things, the net realized gains and losses on foreign currency
contracts, disposition of foreign currencies and the difference between the
amount of income accrued and the U.S. dollar actually received. Further, the
effects of changes in foreign currency exchange rates on investments are not
segregated in the statement of operations from the effects of changes in
market price of those securities but are included with the net realized and
unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund enters into forward foreign currency contracts (contracts) for the
purchase or sale of a specific foreign currency at a fixed price on a future
date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the time
a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
29
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/97 (continued)
- --------------------------------------------------------------------------------
D. 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.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on net realized capital gains in certain
countries. The required capital gains taxes, if any, are determined in
accordance with local tax laws. In determining daily net asset value, the
Fund estimates the reserve for capital gains taxes, if any, associated with
net unrealized gains on certain portfolio securities. The estimated reserve
for capital gains taxes, if any, is based on the holding periods of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors.
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.
E. 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 $185,646 in
underwriting commissions on the sale of fund shares during the six months
ended May 31, 1997.
F. Class Allocations
Distribution fees are calculated based on the average daily net assets
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.
30
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest received
from counterparties, is required to be at least equal to or in excess of the
value of the repurchase agreement at the time of purchase. The collateral for
all repurchase agreements is held in safekeeping in the customer-only account
of the Fund's custodian, or subcustodians. The Fund's investment adviser,
Pioneering Management Corporation (PMC), is responsible for determining that
the value of the collateral remains at least equal to the repurchase price.
2. Management Agreement
PMC manages the Fund's portfolio and is a wholly owned subsidiary of PGI.
Management fees are calculated daily at the annual rate of 1.00% of the Fund's
average daily net assets up to $300 million; 0.85% of the next $200 million;
and 0.75% of excess over $500 million.
In addition, under the management agreement, certain other services and costs,
including accounting, regulatory reporting and insurance premiums, are paid by
the Fund. At May 31, 1997, $403,654 was payable to PMC related to management
fees and certain other expenses.
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 $106,945 in transfer agent fees payable to PSC at May 31,
1997.
4. Distribution Plans
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 aver-
31
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/97 (continued)
- --------------------------------------------------------------------------------
age 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
$236,174 in distribution fees payable to PFD at May 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
CDSC are paid to PFD. For the six months ended May 31, 1997, CDSCs in the
amount of $104,871 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 six months ended May 31, 1997,
the Fund's expenses were reduced by $41,744 under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 1997, the Fund had entered into various contracts that obligate the
Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. Open portfolio hedges
at May 31, 1997 were as follows:
<TABLE>
<CAPTION>
Contracts In Exchange Settlement Net Unrealized
Currency to Deliver For Date Value Gain (Loss)
- ---------- --------------- -------------- ------------ -------------- ---------------
<S> <C> <C> <C> <C> <C>
DEM 22,659,000 $ 13,519,690 12/2/97 $ 13,438,816 $ 80,874
DEM 7,512,750 4,500,000 6/20/97 4,402,277 97,723
DEM 18,702,500 11,011,834 10/16/97 11,053,487 (41,653)
ESP 1,424,200,000 10,000,000 8/27/97 9,854,491 145,509
FRF 170,256,000 30,000,000 8/27/97 29,642,083 357,917
JPY 3,322,200,000 30,000,000 11/25/97 29,261,362 738,638
THB 609,500,000 23,000,000 8/4/97 23,317,044 (317,044)
------------- ------------- ----------
$122,031,524 $120,969,560 $1,061,964
------------- ------------- ----------
</TABLE>
At May 31, 1997, the gross forward currency settlement contracts receivable and
payable were $3,845,036 and $3,817,052 respectively, resulting in a net
receivable of $27,984.
32
<PAGE>
Pioneer International Growth Fund
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareholders and the Board of Trustees of Pioneer International Growth
Fund:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer International Growth Fund as of May 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 the financial highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of May
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 International Growth Fund as of May 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
July 1, 1997
33
<PAGE>
Pioneer International Growth Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Richard H. Egdahl, M.D. President
Margaret B.W. Graham David D. Tripple, Executive Vice
John W. Kendrick President
Marguerite A. Piret Norman Kurland, Vice President
David D. Tripple William H. Keough, Treasurer
Stephen K. West Joseph P. Barri, Secretary
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
34
<PAGE>
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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 Income Funds
Global/International Taxable
Pioneer Emerging Markets Fund Pioneer America Income Trust
Pioneer Europe Fund Pioneer Bond Fund
Pioneer Gold Shares Pioneer Short-Term Income Trust*
Pioneer India Fund
Pioneer International Growth Fund Tax-Exempt
Pioneer World Equity Fund Pioneer Intermediate Tax-Free Fund
Pioneer Tax-Free Income Fund
United States
Pioneer Capital Growth Fund Money Market Fund
Pioneer Growth Shares Pioneer Cash Reserves Fund
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
*Offers Class A and B Shares only
35
<PAGE>
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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 1-800-225-6292.
FactFoneSM
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information, have
your 13-digit account number and four-digit personal identification number at
hand.
90-Day Reinstatement Privilege (for Class A Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long as
you meet its minimum investment requirement.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you need
to do is authorize a set amount of money to be moved out of your bank account
into the Pioneer fund of your choice. Investomatic also allows you to change
the dollar amount, frequency and investment date right over the phone. By
putting aside affordable amounts of money regularly, you can build a long-term
investment - without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing
Pioneer to deduct from participating employees' paychecks. You specify the
dollar amount you want to invest into the Pioneer fund(s) of your choice.
36
<PAGE>
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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.)
37
<PAGE>
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HOW TO CONTACT PIONEER
- --------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM 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 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)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current
Fund prospectus.
[PIONEER Pioneer Funds Distributor, Inc. 0797-4309
LOGO] 60 State Street (C) Pioneer Funds Distributor, Inc.
Boston, Massachusetts 02109 [Recycled logo] Printed on Recycled Paper
