<PAGE>
[PIONEER LOGO]
Pioneer
International Growth
Fund
SEMIANNUAL REPORT 5/31/98
<PAGE>
T a b l e o f C o n t e n t s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 21
Notes to Financial Statements 28
Report of Independent Public Accountants 35
Trustees, Officers and Service Providers 36
Retirement Plans from Pioneer 37
</TABLE>
<PAGE>
Pioneer International Growth Fund
LETTER FROM THE CHAIRMAN 5/31/98
D e a r S h a r e o w n e r ,
- --------------------------------------------------------------------------------
I am pleased to introduce this report for Pioneer International Growth Fund,
covering the six months ended May 31, 1998. On behalf of the Fund's investment
team, I thank you for your interest and this opportunity to comment briefly on
today's investing environment.
The global market place continues to be a varied and exciting venture for
investors, full of potential and risk. Nowhere is it more important for
investors to understand the benefits of long-term investing and the advantages
of value investing.
Europe, once considered a collection of second-tier economies, has rafted
itself together with a common currency and a common purpose - to compete
successfully in the global market place. Now in favor with investors, European
stock prices have risen to all-time highs.
On the other hand, Japan - the world's second-largest economy, once thought to
be an unstoppable economic titan - has fallen on hard times. A national banking
crisis has dragged down its economy and the yen, bringing with it the rest of
Asia. Investor confidence in the region has fallen, leaving many Asian
companies with underpriced securities and excellent business potential.
How does an international investor choose? Your Fund's portfolio management
team chooses by relying on the advantages of value investing. They compare
stock prices to their own research, which reveals the strength of the
underlying company's business fundamentals. Of course, the results of value
investing often make themselves known over years, not months.
I encourage you to read on to learn more about your Fund. Please contact your
investment professional, or us at 1-800-225-6292, if you have questions about
Pioneer International Growth Fund.
Respectfully,
/s/ John F. Cogan, Jr.
- ----------------------
John F. Cogan, Jr.,
Chairman and President
1
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 5/31/98
P o r t f o l i o D i v e r s i f i c a t i o n
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
International Common Stocks 84.5%
Rights & [Pie Graphic] Depositary Receipts
Warrants 0.1% for International
Stocks 7.0%
International Short-Term Cash
Preferred Stocks 3.7% Equivalents 4.7%
G e o g r a p h i c a l D i s t r i b u t i o n
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
United Kingdom 12.9% Austria 2.5%
Finland 6.3% Italy 2.4%
France 5.6% Norway 2.3%
Netherlands 5.6% Australia 2.1%
Israel 5.2% Belgium 1.6%
Brazil 5.0% Philippines 1.1%
South Korea 4.6% Denmark 1.0%
Germany 4.6% Czech Republic 1.0%
Hong Kong 4.5% Indonesia 0.8%
Sweden 4.3% Mexico 0.8%
Singapore 4.1% South Africa 0.6%
India 4.0% Turkey 0.6%
Thailand 3.2% Argentina 0.5%
Spain 3.1% New Zealand 0.5%
Malaysia 3.0% China 0.3%
Switzerland 2.8% Peru 0.2%
Japan 2.8% Greece 0.1%
1 0 L a r g e s t H o l d i n g s
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. Arriva Plc 2.07% 6. Samsung Display Devices Co. 1.47%
2. TT Group Plc 1.73 7. Astra AB 1.40
3. NV Koninklije KNP BT 1.56 8. Schmalbach Lubeca AG 1.37
4. Schibsted ASA 1.52 9. Telecom Italia SpA 1.25
5. Hunter Douglas NV 1.51 10. Louis Dreyfus Citrus 1.24
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/98 CLASS A SHARES
S h a r e P r i c e s a n d D i s t r i b u t i o n s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/98 11/30/97
$20.60 $23.66
Distributions per Share Income Short-Term Long-Term
(11/30/97-5/31/98) Dividends Capital Gains Capital Gains
$1.154 $2.387 $0.995
</TABLE>
I n v e s t m e n t R e t u r n s
- --------------------------------------------------------------------------------
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.
Average Annual Total Returns
(As of May 31, 1998)
<TABLE>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund 15.41% 14.09%
(3/25/93)
5 Years 14.28 12.93
1 Year 6.28 0.17
</TABLE>
* Reflects deduction of the maximum 5.75% sales charge at the beginning of
the period and assumes reinvestment of distributions at net asset value.
[mountain chart]
Growth of $10,000+
<TABLE>
<CAPTION>
Pioneer MSCI
International EAFE
Growth Fund* Index
<S> <C>
03/31/93 9425 10000
05/31/93 10170 11180
11/30/93 13134 11040
05/31/94 14807 12697
11/30/94 14451 12679
05/31/95 13892 13324
11/30/95 15002 13638
05/31/96 17153 14746
11/30/96 16713 15242
05/31/97 18650 15858
11/30/97 18263 15181
05/31/98 19821 17619
</TABLE>
+ Index comparison begins March 31, 1993. The 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, Ireland, Italy, Japan, Malaysia,
the Netherlands, New Zealand, Portugal, Norway, Singapore, 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
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/98 CLASS B SHARES
S h a r e P r i c e s a n d D i s t r i b u t i o n s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/98 11/30/97
$20.07 $23.09
Distributions per Share Income Short-Term Long-Term
(11/30/97-5/31/98) Dividends Capital Gains Capital Gains
$0.996 $2.387 $0.995
</TABLE>
I n v e s t m e n t R e t u r n s
- --------------------------------------------------------------------------------
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.
Average Annual Total Returns
(As of May 31, 1998)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 7.63% 7.27%
(4/4/94)
1 Year 5.44 2.06
</TABLE>
* Reflects deduction of the maximum applicable contingent deferred sales charge
(CDSC) at the end of the period and assumes reinvestment of distributions. The
maximum CDSC of 4% declines over six years.
[mountain chart]
Growth of $10,000+
<TABLE>
<CAPTION>
Pioneer MSCI
International EAFE
Growth Fund* Index
<S> <C>
04/30/94 10000 10000
05/31/94 10087 9943
08/31/94 10329 10421
11/30/94 9803 9928
02/28/95 9002 9579
05/31/95 9388 10433
08/31/95 10247 10473
11/30/95 10102 10679
02/29/96 10966 11193
05/31/96 11506 11546
08/31/96 10884 11297
11/30/96 11157 11935
02/28/97 11941 11555
05/31/97 12401 12417
08/31/97 12701 12319
11/30/97 12099 11887
02/28/98 13395 13344
05/31/98 12892 13796
</TABLE>
+ Index comparison begins April 30, 1994. The 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, Ireland, Italy, Japan, Malaysia,
the Netherlands, New Zealand, Norway, Portugal, Singapore, 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
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/98 CLASS C SHARES
S h a r e P r i c e s a n d D i s t r i b u t i o n s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/98 11/30/97
$19.86 $22.90
Distributions per Share Income Short-Term Long-Term
(11/30/97 -5/31/98) Dividends Capital Gains Capital Gains
$1.030 $2.387 $0.0995
</TABLE>
I n v e s t m e n t R e t u r n s
- --------------------------------------------------------------------------------
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.
Average Annual Total Returns
(As of May 31, 1998)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 8.38% 8.38%
(1/31/96)
1 Year 5.57 5.57
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales charge
(CDSC) applies to redemptions made within one year of purchase.
[mountain chart]
Growth of $10,000
<TABLE>
<CAPTION>
Pioneer MSCI
International EAFE
Growth Fund* Index
<S> <C>
01/31/96 10000 10000
02/29/96 10076 10034
05/31/96 10588 10351
08/31/96 10023 10127
11/30/96 10275 10699
02/28/97 10998 10358
05/31/97 11425 11131
08/31/97 11702 11044
11/30/97 11143 10656
02/28/98 12353 11962
05/31/98 12061 12368
</TABLE>
The 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, Ireland, Italy, Japan, Malaysia, the Netherlands, New Zealand, Norway,
Portugal, Singapore, 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
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 5/31/98
D e a r S h a r e o w n e r ,
- --------------------------------------------------------------------------------
Halfway through its fiscal year, Pioneer International Growth Fund has already
navigated through enough economic and political "events" to last a lifetime.
All-time bear markets, bull markets, nuclear detonations and political unrest
were just a few of the global events that affected your Fund and illustrated
some of the risks associated with international investing. In the end, the
Fund's Class A Shares, at net asset value, returned a solid 8.53% for the six
months through May 31, 1998. Class B Shares returned 8.08% and Class C Shares
8.24%, also at net asset value. However, the unique combination of an extreme
Asian bear market and one of Europe's greatest bull runs ever led our
fundamental investment strategy to underperform the 16.06% return of the Morgan
Stanley Capital International (MSCI) EAFE (Europe, Australasia, Far East)
Index. During the semiannual period, the Fund also underperformed the 17.27%
average return of the 525 funds in the Lipper International Funds category.
(Lipper Analytical Services, Inc. is an independent firm that tracks mutual
fund performance.)
Investing for the Long-Term
Our investment strategy for the Fund relies on a value-oriented approach that
favors stocks that are inexpensive relative to the company's financial health
and business prospects. This, and our traditional 25% weighting in emerging
markets, slowed the Fund's performance during the period. Instead of wholly
migrating to the established markets of Europe - where stocks now have some of
the highest valuations in 30 years - we followed our value investing discipline
to Asia's emerging markets. We found compelling values there among companies
still standing after the winter's devastating market slide.
This strategy worked well over the first half of the semiannual period but then
proved costly in the last three months. Asian emerging markets reeled from the
economic fallout of nuclear detonations in India, political unrest throughout
the region and lackluster performance from two economic drivers, China and
Japan. Even so, we believe the fundamentals
6
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
will support our investment decisions in the long-term. Looking at the
five-year period through May 31, 1998, we see a much different result in the
comparison between your Fund's 14.28% average annual total return at net asset
value and the Lipper International category average of 11.98%.
The European Bull
Over the course of the period we shifted about 5% of the Fund's assets from
emerging markets into the more established markets of Europe to take advantage
of the continuing bull market and reduce the volatility of portfolio weighting
in Asia's developing nations.
Although the Fund's weighting in Europe (55% of equity holdings) was relatively
light, we did find success there. Across the European region, the
telecommunications industry did well for the Fund. Telefonica de Espana and
Telecom Italia were winners, as was Nokia of Finland. Positive expectations for
Telefonica de Espana continue as the Spanish telecom company positions itself
to acquire a substantial piece of Telecomunicacoes Brasileiras, the soon-to-be
privatized Brazilian phone monopoly. Analysts expect prices at this summer's
break-up sale will be relatively cheap compared to the market potential for
telephone service in Brazil.
Across Europe, Italy outperformed all other markets by gaining over 50% in the
last six months; Spain and Finland followed closely with 47% each. Holdings
from these three countries comprised nearly 12% of your Fund's equity
investment at the end of the period. Overall, though, the Fund's relatively
large weighting in the United Kingdom (13%) versus the Continent (42%)
restrained the portfolio's performance. The U.K. market, as a whole, performed
less than one-half as well as its counterparts on the Continent. The United
Kingdom-based utility company, Scottish Power, up 50%, was a pleasant exception
to that rule.
The Asian Bear
In Asia, where we placed approximately two-thirds of the Fund's emerging
markets investments, we were surprised by the extent of the poor performance of
Japan and China. We had hoped Japan would lead Pacific Rim economies to
recovery and restore investor confidence in the region, but its inability to
effec-
7
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 5/31/98 (continued)
tively handle its banking crisis had just the opposite effect. The yen fell,
putting pressure on other Asian nations to devalue their currencies and making
it harder for companies in other countries to compete. Combined with the
sluggish economy of China and political unrest throughout Asia, investors shied
away from the region and the Fund's investments suffered.
The Fund's few Japanese investments actually posted gains during the period.
Our focus in the beleaguered economy has been on exporters such as Sony and
Canon as a hedge against the devaluing yen. Hedging against devaluing
currencies with exporters worked as well in other countries such as Korea,
especially Samsung Display Devices.
Should prices continue to drop and long-term business potential look strong, we
will take advantage of these markets by investing in countries whose
governments foster good economic policy. Korea and Thailand are current
examples of countries making the hard choices that should benefit their
economies in the future.
Outlook
As we move into the second half of the Fund's fiscal year, anticipation of a
common European currency, lower inflation and increased consumer confidence
continue to drive Europe's dynamic economy. We are prepared to continue
shifting assets to the Continent when we can find compelling value.
However, we remain committed to the world's emerging markets. We expect to
maintain substantial weighting in emerging markets, a large portion of that in
Asia. We continue to have confidence in our fundamental investment philosophy
and believe that for the long-term investor, Pioneer International Growth Fund
may hold tremendous value for the coming years.
Respectfully,
/s/ Norman Kurland
- ------------------
Norman Kurland,
Portfolio Manager
8
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 95.3%
CONVERTIBLE CORPORATE BOND - 0.0%
$ 1,912,000 Bangkok Land Public Co., Ltd., 4.5%, 10/13/03 $ 181,640
-----------
Total Convertible Corporate Bond
(Cost $1,393,400) $ 181,640
-----------
Shares
PREFERRED STOCKS - 4.1%
4,300,000 Banco Itau SA $ 2,561,082
1,690,000 Companhia Riograndense de Telecomunicacoes 1,822,102
273,480 L.G. Electronics Inc. 765,550
13,800,000 Petroleo Brasileiro SA 2,699,765
51,000 Samsung Display Devices Co. 713,819
5,175 Suedzucker AG 3,538,462
21,000 Telecomunicacoes Brasileiras SA (Sponsored A.D.R.) 2,239,125
15,900,000 Telecomunicacoes de Sao Paulo SA 3,414,747
15,900,000 Telecomunicacoes de Sao Paulo SA (Class B)* 1,472,350
193,250 Usinas Siderurgicas de Minas Gerais SA 1,060,262
-----------
Total Preferred Stocks
(Cost $22,226,196) $20,287,264
-----------
COMMON STOCKS - 91.1%
Basic Materials - 8.0%
Agricultural Products - 1.2%
31,500 Daesang Corp. $ 701,616
3,918,000 IOI Corporation Bhd. 2,639,036
18,746,000 London Sumatra Indonesia+ 2,322,513
-----------
$ 5,663,165
-----------
Chemicals (Specialty) - 0.0%
12,259 Reliance Industries Ltd. $ 48,889
-----------
Construction (Cement & Aggregates) - 0.1%
10,600 Siam Cement Public Co., Ltd. $ 84,768
95,774 Siam City Cement Co., Ltd. 160,058
-----------
$ 244,826
-----------
Containers & Packaging (Paper) - 1.8%
95,700 Gerresheimer Glas AG $ 1,474,990
383,000 Malaysian Pacific Industries Bhd. 971,146
23,950 Schmalbach Lubeca AG 6,389,351
-----------
$ 8,835,487
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Gold & Precious Metals & Mining - 0.9%
5,300 Anglogold Ltd. $ 263,359
67,000 Anglogold Ltd. (A.D.R.) 335,000
37,018 Gold Fields Ltd.* 215,559
2,160,715 Orogen Minerals Ltd. 3,788,815
-----------
$ 4,602,733
-----------
Iron & Steel - 1.2%
74,000 Boehler - Uddeholm AG $ 5,710,988
9,700 Pohang Iron & Steel Co. 398,599
-----------
$ 6,109,587
-----------
Metals & Mining - 0.3%
2,745,000 M.I.M. Holdings Ltd. $ 1,426,817
-----------
Paper & Forest Products - 2.5%
2,219,500 PT Indah Kiat Pulp & Paper Corp. $ 363,370
1,428,000 Jaya Tiasa Holdings Bhd. 1,875,429
250,000 NV Koninklije KNP BT 7,272,320
92,000 UPM-Kymmene Corp. 2,680,287
-----------
$12,191,406
-----------
Total Basic Materials $39,122,910
-----------
Capital Goods - 13.5%
Electrical Equipment - 1.6%
6,427 Dae Duck Electronics Co. $ 315,071
230,000 GP Batteries International Ltd. 508,212
950 SAIA-Burgess Electronics AG* 272,454
193,605 Samsung Display Devices Co. 6,863,865
-----------
$ 7,959,602
-----------
Engineering & Construction - 2.7%
288,000 Ashtead Group Plc $ 1,289,342
196,000 Larsen & Toubro (G.D.R.) 2,494,100
520,000 Leighton Holdings Ltd. 1,758,510
35,000 Technip 5,019,221
200 Unitech Ltd. 228
18,650 VA Technologies AG 2,525,464
-----------
$13,086,865
-----------
Machinery (Diversified) - 2.4%
2,450 GEA AG $ 995,516
22,400 KCI Konecranes International Ltd. 1,152,361
35,300 Sampo Insurance Co., Ltd. 1,627,238
140,000 Siebe Plc 3,488,374
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
241,000 Valmet Corp. $ 4,221,600
-----------
$11,485,089
-----------
Manufacturing (Diversified) - 4.0%
316,000 ALFA, SA de CV $ 1,481,474
1,222,000 BTR Plc 4,028,190
1,000,000 Metro Pacific Corp.* 41,432
26,400 Plettac AG 3,891,383
1,421,000 Powerscreen International Plc 2,252,117
1,335,800 TT Group Plc 8,097,305
-----------
$19,791,901
-----------
Office Equipment & Supplies - 1.7%
59,000 Canon, Inc. $ 1,405,878
80,500 Koninklije Ahrend NV 2,585,863
57,641 Samas-Groep NV 4,284,990
-----------
$ 8,276,731
-----------
Trucks & Parts - 1.1%
2,360 Bucher Holding AG $ 3,320,467
88,300 Svedala Industri AB 2,174,461
-----------
$ 5,494,928
-----------
Total Capital Goods $66,095,116
-----------
Communication Services - 7.0%
Cellular/Wireless Telecommunications - 1.5%
8,500 Advanced Services Co., Ltd. $ 46,299
11,983 SK Telecom 5,668,687
285,000 Telecom Italia Mobile SpA 1,034,300
759,600 United Communication Industry Public Co., Ltd.* 380,834
-----------
$ 7,130,120
-----------
Telephone - 5.5%
3,000 Hellenic Telecommunication Organization SA $ 88,076
69,700 Mahanagar Telephone Nigam Ltd.* 382,890
213,300 Mahanagar Telephone Nigam Ltd. (G.D.R.)* 2,799,562
25 NTT Data Corp. 1,003,683
5,138,000 Technology Resources Industries Bhd. 3,728,030
24,858,000 Telecomunicacoes Brasileiras SA 2,118,150
775,488 Telecom Italia SpA 5,860,272
1,582,100 TelecomAsia Corp. Public Co., Ltd.* 450,462
78,500 Telefonica de Argentina SA (Class B) (Sponsored A.D.R.) 2,556,156
76,909 Telefonica de Espana SA 3,435,658
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Telephone - (continued)
404,600 Videsh Sanchar Nigam Ltd. (G.D.R.) $ 4,804,625
-----------
$27,227,564
-----------
Total Communication Services $34,357,684
-----------
Consumer Cyclicals - 14.3%
Auto Parts & Equipment - 0.0%
151,000 Thai Rung Union Car Public Co., Ltd. $ 94,398
-----------
Building Materials - 2.6%
252,010 Asko OY $ 5,413,524
354,000 Cemex SA de CV (Class B)* 1,737,891
64,700 Koramic Building Products SA 4,677,956
144,000 Williams Plc 1,030,533
-----------
$12,859,904
-----------
Homebuilding - 0.4%
23,189,000 DMCI Holdings Inc.* $ 1,375,920
1,768,200 Land & House Public Co., Ltd.* 424,648
462,900 Property Perfect Public Co., Ltd.* 16,045
-----------
$ 1,816,613
-----------
Household Furniture & Appliances - 1.7%
5,150 Forbo Holding AG $ 2,936,602
69,000 Moulinex* 1,954,789
24,800 Ryohin Keikaku Ltd. 2,220,521
13,000 Sony Corp. 1,098,274
-----------
$ 8,210,186
-----------
Leisure Time (Products) - 0.3%
57,150 Bajaj Auto Ltd. $ 845,587
9,850 KTM Motorradholding AG 713,967
-----------
$ 1,559,554
-----------
Lodging (Hotels) - 0.1%
196,000 Overseas Union Enterprise Ltd. $ 253,998
-----------
Publishing - 0.2%
23,436 Grupo Anaya SA $ 881,460
-----------
Publishing (Newspapers) - 0.3%
1,005,000 Star Publications $ 1,291,142
-----------
Retail (Department Stores) - 0.8%
67,318,500 PT Matahari Putra Prima $ 1,191,478
570,000 Storehouse Plc 2,598,762
-----------
$ 3,790,240
-----------
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Retail (Specialty) - 3.0%
1,330,000 Arriva Plc $ 9,691,961
719,000 Carpetright Plc 3,735,779
1,134,300 MFI Furniture Group Plc 1,482,665
-----------
$14,910,405
-----------
Retail (Specialty-Apparel) - 0.7%
16,442,000 Giordano International Ltd. $ 3,437,352
-----------
Services (Commercial & Consumer) - 2.4%
29,625 Falck AS $ 1,677,816
22,500 Hagemeyer NV 1,009,174
1,647,800 Jasmine International Public Co., Ltd. 407,972
112,002,000 Net Holding AS*+ 2,688,395
248,000 Select Appointments Holdings Plc 3,561,769
70,400 Stork NV 2,555,481
-----------
$11,900,607
-----------
Textiles (Apparel) - 0.6%
28,000 Adolfo Dominguez SA* $ 944,111
60,700 Fila Holding SpA (Sponsored A.D.R.)* 1,069,838
4,955,000 Goldlion Holdings Ltd. 1,087,043
16 Super Spinning Mills (New Shares)* 16
-----------
$ 3,101,008
-----------
Textiles (Home Furnishings) - 1.2%
47,773 Chargeurs International SA $ 3,954,867
65,000 Industrie Natuzzi SpA (Sponsored A.D.R.) 1,901,250
-----------
$ 5,856,117
-----------
Total Consumer Cyclicals $69,962,984
-----------
Consumer Staples - 11.8%
Beverages (Non-Alcoholic) - 1.2%
155,890 Louis Dreyfus Citrus $ 5,810,374
-----------
Broadcasting (Television/Radio/Cable) - 2.9%
789,100 Benpres Holdings Corp. (G.D.R.)* $ 2,663,213
205,100 Central European Media Enterprises Ltd.* 4,666,025
442,000 Schibsted ASA 7,097,904
-----------
$14,427,142
-----------
Distributors (Food & Health) - 0.7%
66,500 Gehe AG $ 3,555,612
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Entertainment - 1.3%
13,730 Pathe SA $ 2,597,754
127,300 Pearson Plc 2,335,787
23,900 PolyGram NV 1,293,016
-----------
$ 6,226,557
-----------
Foods - 2.2%
28,800 Delta Dairy SA $ 439,298
1,045,000 Grupo Industrial Maseca SA de CV 594,773
73,200 Huhtamaki (Series I) 4,035,698
10,970,000 JG Summit Holding, Inc. (Series B) 695,795
17,000 Raisio Group Plc 3,181,642
524,300 Thai Union Frozen Products Public Co., Ltd. 1,856,274
295,500 Universal Robina Corp. 52,903
-----------
$10,856,383
-----------
Household Products (Non-Durables) - 1.6%
138,000 Hunter Douglas NV $ 7,033,639
62,100 Vidrala SA 844,118
-----------
$ 7,877,757
-----------
Restaurants - 0.5%
54,800 Compass Group Plc $ 1,114,744
1,165,000 Kentucky Fried Chicken Bhd. 1,363,388
-----------
$ 2,478,132
-----------
Retail Stores (Food Chains) - 1.0%
13,070 Circle K Japan Co., Ltd. $ 480,369
1,325,000 Dairy Farms International Holdings Ltd. 1,457,500
39,400 Delhaize-Le Lion, SA* 2,704,132
-----------
$ 4,642,001
-----------
Services (Facilities & Environment) - 0.3%
100,300 Jaakko Poyry Group $ 1,220,622
-----------
Services (Rentals) - 0.1%
7,900 ORIX Corp. $ 513,965
-----------
Total Consumer Staples $57,608,545
-----------
Energy - 3.7%
Oil (International Integrated) - 0.8%
14,300 Elf Aquitaine $ 1,986,178
267,000 Sasol Ltd. 2,124,847
-----------
$ 4,111,025
-----------
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Oil & Gas (Exploration & Production) - 0.5%
1,187,000 Cultus Petroleum NL* $ 1,278,577
156,000 Oil & Natural Gas Commission Ltd. 942,742
-----------
$ 2,221,319
-----------
Oil & Gas (Refining & Marketing) - 2.4%
217,000 Bharat Petroleum Corp., Ltd. $ 1,844,370
177,900 ENI SpA 1,257,848
138,900 Hindustan Petroleum Corp., Ltd. 1,223,921
98,500 Repsol SA 5,472,583
15,600 Total SA (Class B) 1,937,289
-----------
$11,736,011
-----------
Total Energy $18,068,355
-----------
Financial - 10.3%
Banks (Major Regional) - 6.3%
167,400 Banco Wiese Ltd. (Sponsored A.D.R.) $ 795,150
1,194,000 Bangkok Bank Ltd. 2,438,846
1,427,000 Dao Heng Bank Ltd. 3,056,936
21,000 DePfa-Bank 1,680,706
921,220 Development Bank of Singapore Ltd. 5,556,478
4,162,200 Dhana Siam Finance and Securities Public Co., Ltd.* 350,371
33,950 Fastighets AB (Balder Units)* 0
190,148 Housing & Commercial Bank 782,207
53,200 HSBC Holding Plc 1,396,425
5,522,000 JCG Holdings Ltd. 1,674,629
542,831 Kookmin Bank 2,680,412
2,247,600 National Finance Public Co., Ltd.* 584,298
931,400 Overseas-Chinese Banking Corp., Ltd. 3,698,901
220,300 Skandia Enskilda Banken 3,668,247
1,000 State Bank of India Ltd. 5,810
33,950 Svenska Handelbanken 1,429,510
719,000 Thai Farmers Bank Ltd. 1,094,788
-----------
$30,893,714
-----------
Financial (Diversified) - 2.3%
5,910,000 C & P Homes, Inc.* $ 453,453
269,000 Cheung Kong Holdings Ltd. 1,454,523
1,546,000 DBS Land Ltd. 1,735,730
3,337,360 HKR International Ltd. 1,485,855
7,106 Industrial Credit & Investment Corp. of India Ltd. 17,215
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Financial (Diversified) - (continued)
14,400 Nichiei Co., Ltd. $ 967,001
5,100 Shohkoh Fund 1,307,315
63,000 Sponda OYJ* 406,579
76,000 Uniao de Bancos Brasileiros SA (G.D.R.) 2,379,750
935,000 Wharf Holdings Ltd. 1,194,541
-----------
$11,401,962
-----------
Insurance (Multi-Line) - 0.7%
19,500 Catalana Occidente SA $ 1,392,214
1,564,800 Malaysian Assurance Alliance Bhd. 2,258,567
-----------
$ 3,650,781
-----------
Insurance (Property/Casualty) - 0.4%
659,180 Reinsurance Australia Corp. $ 1,837,012
-----------
Investment Bank/Brokerage - 0.1%
61,500 Daewoo Securities Co., Ltd. $ 262,604
-----------
Savings & Loan Companies - 0.5%
2,406,000 Hong Leong Finance Ltd. $ 2,600,693
-----------
Total Financial $50,646,766
-----------
Healthcare - 6.9%
Healthcare (Diversified) - 1.0%
123,700 Teva Pharmaceutical Industries Ltd. (Sponsored A.D.R.) $ 5,071,700
-----------
Healthcare (Drugs/Major Pharmaceuticals) - 4.5%
326,666 Astra AB $ 6,564,747
24,400 Fabrica Espanola de Productos Quimicos y Farmaceuticos SA 1,506,988
2,440 Fabrica Espanola de Productos Quimicos y Farmaceuticos
SA (New E Shares)* 148,123
1,956,400 Medeva Plc 5,617,954
2,530 Novartis AG 4,281,827
51,735 Rhone-Poulenc SA 2,870,804
870,000 SkyePharma Plc* 1,165,623
400,000 PT Tempo Scan Pacific 11,504
-----------
$22,167,570
-----------
Healthcare (Medical Products/Supplies) - 1.1%
196,200 Biora AB* $ 2,678,652
194,000 Elbit Medical Imaging Ltd. 1,588,375
86,000 Terumo Corp. 1,300,960
-----------
$ 5,567,987
-----------
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Healthcare (Specialized Services) - 0.3%
79,800 Nobel Biocare $ 1,201,485
-----------
Total Healthcare $34,008,742
-----------
Technology - 12.6%
Communications Equipment - 4.2%
178,750 ECI Telecommunications Ltd. $ 5,742,344
109,400 LG Information & Communication 2,564,973
1,162,251 Nanjing Posts & Telecommunications Equipment Co., Ltd.
(B Shares)* 431,963
81,200 Nokia AB 5,375,104
74,600 Tadiran Ltd. (Sponsored A.D.R.) 3,002,650
235,200 Tadiran Telecommunications Ltd. 3,528,000
-----------
$20,645,034
-----------
Computers (Networking) - 0.6%
107,000 Olicom AS* $ 3,069,563
-----------
Computers (Peripherals) - 0.5%
13,500 Logitech International AG* $ 2,040,624
26,300 Logitech International AG (A.D.R.)* 384,638
-----------
$ 2,425,262
-----------
Computers (Software & Services) - 1.4%
31,000 NIIT Ltd. $ 1,239,256
26,000 Pentafour Software & Exports Ltd. 652,653
62,000 Pentafour Software & Exports Ltd. (G.D.R.) 1,240,000
170,000 Tecnomatix Technologies Ltd.* 3,856,875
-----------
$ 6,988,784
-----------
Electronics (Componet Distributors) - 2.9%
90,000 Elron Electronic Industries Ltd. $ 1,530,000
121,000 GSS Array Technology Public Co., Ltd.* 404,432
129,200 Hana Microelectronics Public Co., Ltd.* 435,038
854,200 KCE Electronics Public Co., Ltd.* 4,864,224
80,200 K.R. Precision Plc* 156,865
154,000 Natsteel Electronics Ltd.* 270,385
84,800 Telefonaktiebolaget LM Ericsson (Series B) 2,418,282
945,000 Varitronix International Ltd. 1,981,707
510,000 Venture Manufacturing Ltd. 1,388,832
288,000 Vtech Holdings Ltd. 934,727
-----------
$14,384,492
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Electronics (Instrumentation) - 0.6%
649,500 Elec & Eltek International Co., Ltd. $ 2,922,750
-----------
Electronics (Semiconductors) - 0.9%
21,500 ARM Holdings Plc* $ 268,033
17,800 Austria Micro Systeme International AG* 1,290,073
9,500 Rohm Co., Ltd. 987,797
56,000 Tokyo Electron Ltd. 1,779,190
-----------
$ 4,325,093
-----------
Equipment (Semiconductor) - 0.7%
4,712,000 ASM Pacific Technology Ltd. $ 3,192,412
-----------
Services (Computer Systems) - 0.1%
9,500 Computacenter Plc* $ 112,535
1,366,000 Loxley Public Co., Ltd. 270,562
-----------
$ 383,097
-----------
Services (Data Processing) - 0.7%
253,000 Merkantildata ASA $ 3,525,594
24,000 Shinawatra Computer Co., Plc 81,406
-----------
$ 3,607,000
-----------
Total Technology $61,943,487
-----------
Transportation - 1.2%
Airlines - 0.3%
23,500 Flughafen Wien AG $ 1,261,619
389,000 Modi Luft Ltd.* 33,156
-----------
$ 1,294,775
-----------
Railways - 0.9%
526 Great Eastern Shipping Co. $ 460
205,548 Stagecoach Holdings Plc 4,550,695
-----------
$ 4,551,155
-----------
Total Transportation $ 5,845,930
-----------
Utilities - 1.8%
Electric Companies - 1.4%
2,300 BSES Ltd. $ 9,399
104,250,000 Centrais Electricas Brasileiras SA 3,462,612
266,000 Scottish Power Plc 2,407,778
115,900 Shandong Huaneng Power Co., Ltd. (N Shares)
(Sponsored A.D.R.) 789,569
-----------
$ 6,669,358
-----------
</TABLE>
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Natural Gas - 0.4%
672,000 Fletcher Challenge Energy $ 2,123,944
------------
Total Utilities $ 8,793,302
------------
Total Common Stocks
(Cost $459,156,059) $446,453,821
------------
RIGHTS & WARRANTS - 0.1%
10,620 Cemex SA de CV (Series A), 6/18/98* $ 0
44,722 Companhia Riograndense de Telecomunicacoes,
6/2/98* 0
5,462,500 JG Summit Holding, Inc. (Series B), 6/10/98* 32,132
78,400 Overseas Union Enterprise Ltd., 6/2/98* 0
51,735 Rhone-Poulenc SA, 11/5/01* 310,427
------------
Total Rights & Warrants
(Cost $123,734) $ 342,559
------------
TOTAL INVESTMENT IN SECURITIES
(Cost $482,899,389)(a) $467,265,284
------------
Principal
Amount
TEMPORARY CASH INVESTMENT - 4.7%
Commercial Paper - 4.7%
$23,126,000 Household Finance Corp., 5.62%, 6/1/98 $ 23,126,000
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $23,126,000) $ 23,126,000
------------
TOTAL INVESTMENT IN SECURITIES AND
TEMPORARY CASH INVESTMENT - 100%
(Cost $506,025,389)(b) $490,391,284
============
</TABLE>
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the outstanding
voting stock of such company.
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/98 (continued)
(a) Distribution of investments by country of issue, as a percentage of total
equity holdings, is as follows:
<TABLE>
<S> <C>
United Kingdom 12.9%
Finland 6.3
France 5.6
Netherlands 5.6
Israel 5.2
Brazil 5.0
South Korea 4.6
Germany 4.6
Hong Kong 4.5
Sweden 4.3
Singapore 4.1
India 4.0
Thailand 3.2
Spain 3.1
Malaysia 3.0
Switzerland 2.8
Japan 2.8
Austria 2.5
Italy 2.4
Norway 2.3
Australia 2.1
Belgium 1.6
Philippines 1.1
Denmark 1.0
Czech Republic 1.0
Others (Individually less than 1%) 4.4
-----
100.0%
=====
</TABLE>
(b) At May 31, 1998, the net unrealized loss on investments based on cost for
federal income tax purposes of $512,690,107 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 57,741,941
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (80,040,764)
------------
Net unrealized loss $(22,298,823)
============
Purchases and sales of securities (excluding temporary cash investments)
for the six months ended May 31, 1998, aggregated $305,409,717 and
$335,315,634, respectively.
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 5/31/98
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investment of $23,126,000) (cost $506,025,389) $490,391,284
Foreign currencies, at value 1,599,251
Receivables -
Investment securities sold 5,695,691
Fund shares sold 899,183
Dividends, interest and foreign taxes withheld 1,878,741
Forward foreign currency portfolio hedge contracts, open - net 912,597
Forward foreign currency portfolio hedge contracts, closed - net 2,438,780
-------------
Total assets $503,815,527
-------------
LIABILITIES:
Payables -
Investment securities purchased $ 3,646,575
Fund shares repurchased 3,200,609
Due to bank 685,755
Forward foreign currency settlement hedge contracts 15,786
Due to affiliates 849,717
Accrued expenses 305,969
-------------
Total liabilities $ 8,704,411
-------------
NET ASSETS:
Paid-in capital $502,127,619
Distributions in excess of net investment income (4,853,063)
Accumulated undistributed net realized gain on
investments and foreign currency transactions 12,609,531
Net unrealized loss on investments (15,634,105)
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 861,134
-------------
Total net assets $495,111,116
=============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $403,612,727/19,595,649 shares) $ 20.60
=============
Class B (based on $82,793,385/4,125,329 shares) $ 20.07
=============
Class C (based on $8,705,004/438,297 shares) $ 19.86
=============
MAXIMUM OFFERING PRICE:
Class A $ 21.86
=============
</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 5/31/98
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $555,473) $5,182,730
Interest (net of foreign taxes withheld of $784) 442,354
-----------
Total investment income $ 5,625,084
-----------
EXPENSES:
Management fees $2,356,765
Transfer agent fees
Class A 505,043
Class B 123,521
Class C 9,988
Distribution fees
Class A 522,271
Class B 415,061
Class C 47,096
Accounting 78,460
Custodian fees 404,879
Registration fees 70,917
Professional fees 64,306
Printing 65,200
Fees and expenses of nonaffiliated trustees 5,597
Miscellaneous 79,607
-----------
Total expenses $ 4,748,711
Less fees paid indirectly (27,364)
-----------
Net expenses $ 4,721,347
-----------
Net investment income $ 903,737
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from:
Investments (net of capital gains taxes of $106,066) $10,564,210
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 4,946,934 $15,511,144
----------- -----------
Change in net unrealized gain or loss from:
Investments $25,533,355
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,398,203) $24,135,152
----------- -----------
Net gain on investments and foreign currency
transactions $39,646,296
-----------
Net increase in net assets resulting from operations $40,550,033
===========
</TABLE>
22 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended 5/31/98 and the Year Ended 11/30/97
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
5/31/98 11/30/97
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 903,737 $ 1,977,409
Net realized gain on investments and foreign currency
transactions 15,511,144 84,256,383
Change in net unrealized gain or loss on investments and
foreign currency transactions 24,135,152 (45,193,791)
------------ ------------
Net increase in net assets resulting from operations $ 40,550,033 $ 41,040,001
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($1.15 and $0.26 per share, respectively) $(19,267,601) $ (4,209,556)
Class B ($1.00 and $0.12 per share, respectively) (3,505,071) (388,111)
Class C ($1.03 and $0.24 per share, respectively) (357,762) (68,180)
Net realized gain:
Class A ($3.38 and $1.47 per share, respectively) (56,482,321) (23,543,245)
Class B ($3.38 and $1.47 per share, respectively) (11,897,358) (4,472,638)
Class C ($3.38 and $1.47 per share, respectively) (1,175,087) (393,748)
------------ ------------
Total distributions to shareholders $(92,685,200) $(33,075,478)
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $173,989,032 $187,745,265
Reinvestment of distributions 80,145,353 28,780,975
Cost of shares repurchased (193,201,423) (192,267,534)
------------ ------------
Net increase in net assets resulting from
fund share transactions $ 60,932,962 $ 24,258,706
------------ ------------
Net increase in net assets $ 8,797,795 $ 32,223,229
NET ASSETS:
Beginning of period 486,313,321 454,090,092
------------ ------------
End of period (including (distributions in excess of)
accumulated undistributed net investment income of
$(4,853,063) and $17,373,634, respectively) $495,111,116 $486,313,321
============ ============
</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 5/31/98 and the Year Ended 11/30/97
<TABLE>
<CAPTION>
CLASS A '98 Shares '98 Amount '97 Shares '97 Amount
<S> <C> <C> <C> <C>
Shares sold 5,262,970 $ 109,675,994 5,456,967 $131,194,746
Reinvestment of distributions 3,640,133 66,978,307 1,142,596 24,704,550
Less shares repurchased (6,029,528) (126,182,141) (6,082,244) (146,346,003)
---------- -------------- ---------- -------------
Net increase 2,873,575 $ 50,472,160 517,319 $ 9,553,293
---------- -------------- ---------- -------------
CLASS B
Shares sold 561,531 $ 11,123,315 1,034,695 $ 24,566,818
Reinvestment of distributions 682,292 12,274,442 181,443 3,859,829
Less shares repurchased (646,175) (12,827,443) (705,023) (16,791,077)
---------- -------------- ---------- -------------
Net increase 597,648 $ 10,570,314 511,115 $ 11,635,570
---------- -------------- ---------- -------------
CLASS C
Shares sold 2,673,378 $ 53,189,723 1,309,647 $ 31,983,701
Reinvestment of distributions 50,202 892,604 10,261 216,596
Less shares repurchased (2,691,494) (54,191,839) (1,179,805) (29,130,454)
---------- -------------- ---------- -------------
Net increase (decrease) 32,086 $ (109,512) 140,103 $ 3,069,843
========== ============== ========== =============
</TABLE>
24 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/98
<TABLE>
<CAPTION>
Six Months
Ended Year Ended Year Ended Year Ended Year Ended 4/1/93 to
CLASS A 5/31/98 11/30/97 11/30/96 11/30/95 11/30/94(a) 11/30/93(b)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 23.66 $ 23.39 $ 21.21 $ 21.55 $ 20.91 $ 15.00
-------- -------- -------- -------- -------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.13 $ 0.10 $ (0.04) $ 0.19 $ (0.03)
Net realized and unrealized gain on investments
and foreign currency transactions 1.37 1.87 2.32 0.80 1.87 5.94
-------- -------- -------- -------- -------- -------
Net increase from investment operations $ 1.47 $ 2.00 $ 2.42 $ 0.76 $ 2.06 $ 5.91
Distributions to shareholders:
Net investment income (1.15) (0.26) - - (0.03) -
Net realized gain (3.38) (1.47) (0.24) (1.10) (1.39) -
-------- -------- -------- -------- -------- -------
Net increase (decrease) in net asset value (3.06) $ 0.27 $ 2.18 $ (0.34) $ 0.64 $ 5.91
-------- -------- -------- -------- -------- -------
Net asset value, end of period $ 20.60 $ 23.66 $ 23.39 $ 21.21 $ 21.55 $ 20.91
======== ======== ======== ======== ======== =======
Total return* 8.53% 9.28% 11.40% 3.81% 10.03% 39.40%
Ratio of net expenses to average net assets 1.74%**+ 1.69%+ 1.77%+ 2.00%+ 1.95% 1.73%**
Ratio of net investment income (loss) to
average net assets 0.49%**+ 0.51%+ 0.26%+ (0.23)%+ 0.84% (0.48)%**
Portfolio turnover rate 126%** 154% 173% 219% 275% 185%**
Average brokerage commission per share $ 0.0030 $ 0.0034 $ 0.0055 - - -
Net assets, end of period (in thousands) $403,613 $395,572 $378,956 $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 1.74%** 1.69% 1.77% 2.00% - 2.88%**
Net investment income (loss) 0.49%** 0.51% 0.26% (0.23)% - (1.63)%**
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.73%** 1.67% 1.76% 1.98% - -
Net investment income (loss) 0.50%** 0.53% 0.27% (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.
The accompanying notes are an integral part of these financial statements. 25
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/98
<TABLE>
<CAPTION>
Six Months
Ended Year Ended Year Ended Year Ended 4/4/94 to
CLASS B 5/31/98(a) 11/30/97 11/30/96 11/30/95 11/30/94(a)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 23.09 $ 22.89 $ 20.94 $ 21.45 $ 21.06
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03) $ (0.06) $ 0.15 $ (0.17) $ 0.06
Net realized and unrealized gain on investments
and foreign currency transactions 1.39 1.85 2.04 0.76 0.33
------- ------- ------- ------- -------
Net increase from investment operations $ 1.36 $ 1.79 $ 2.19 $ 0.59 $ 0.39
Distributions to shareholders:
Net investment income (1.00) (0.12) - - -
Net realized gain (3.38) (1.47) (0.24) (1.10) -
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (3.02) $ 0.20 $ 1.95 $ (0.51) $ 0.39
------- ------- ------- ------- -------
Net asset value, end of period $ 20.07 $ 23.09 $ 22.89 $ 20.94 $ 21.45
======= ======= ======= ======= =======
Total return* 8.08% 8.44% 10.45% 3.00% 1.85%
Ratio of net expenses to average net assets 2.54%**+ 2.49%+ 2.60%+ 2.80%+ 3.02%**
Ratio of net investment income (loss) to average
net assets (0.31)%**+ (0.23)%+ (0.51)%+ (1.04)%+ 0.72%**
Portfolio turnover rate 126%** 154% 173% 219% 275%
Average brokerage commission per share $0.0030 $0.0034 $0.0055 - -
Net assets, end of period (in thousands) $82,793 $81,438 $69,056 $34,385 $21,236
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.53%** 2.47% 2.58% 2.77% -
Net investment loss (0.30)%** (0.21)% (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.
26 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/98
<TABLE>
<CAPTION>
Six Months
Ended Year Ended 1/31/96 to
CLASS C 5/31/98(a) 11/30/97(a) 11/30/96
<S> <C> <C> <C>
Net asset value, beginning of period $ 22.90 $ 22.84 $ 22.46
------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $ - $ 0.02
Net realized and unrealized gain on investments
and foreign currency transactions 1.39 1.77 0.60
------- ------- -------
Net increase from investment operations $ 1.37 $ 1.77 $ 0.62
Distributions to shareholders:
Net investment income (1.03) (0.24) -
Net realized gain (3.38) (1.47) (0.24)
------- ------- -------
Net increase (decrease) in net asset value $ (3.04) $ 0.06 $ 0.38
------- ------- -------
Net asset value, end of period $ 19.86 $ 22.90 $ 22.84
======= ======= =======
Total return* 8.24% 8.45% 2.75%
Ratio of net expenses to average net assets 2.46%**+ 2.50%+ 2.36%**+
Ratio of net investment income (loss) to average
net assets (0.26)%**+ (0.03)%+ 0.13%**+
Portfolio turnover rate 126%** 154% 173%
Average brokerage commission per share $0.0030 $0.0034 $0.0055
Net assets, end of period (in thousands) $ 8,705 $ 9,303 $ 6,078
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.44%** 2.47% 2.31%**
Net investment income (loss) (0.24)%** 0.00% 0.18%**
</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.
The accompanying notes are an integral part of these financial statements. 27
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/98
1. Organization and Significant Accounting Policies
Pioneer International Growth Fund (the Fund) is a Delaware business trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment 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
28
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
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 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 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
29
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/98 (continued)
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).
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. During the six months ended May 31, 1998, the Fund
incurred $106,066 in capital gains taxes on the sale of certain foreign
securities.
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 $144,796 in
underwriting commissions on the sale of fund shares during the six months
ended May 31, 1998.
F. Class Allocations
Distribution fees are calculated based on the average daily net assets
30
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
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.
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, 1998, $430,539 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 $157,447 in transfer agent fees payable to PSC at May 31,
1998.
31
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/98 (continued)
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 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 $261,731 in distribution fees
payable to PFD at May 31, 1998.
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
CDSCs are paid to PFD. For the six months ended May 31, 1998, CDSCs in the
amount of $103,911 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, 1998,
the Fund's expenses were reduced by $27,364 under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 1998, 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, 1998 were as follows:
32
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Contracts In Exchange Settlement Net Unrealized
Currency to Deliver For Date Value Gain (Loss)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GBP 15,527,982 $25,000,000 11/19/98 $25,153,033 $ (153,033)
HKD 92,563,800 11,476,155 10/23/98 11,776,059 (299,904)
HKD 52,929,500 6,500,000 2/12/99 6,644,822 (144,822)
JPY 614,310,000 5,139,360 1/28/99 4,591,353 548,007
MYR 60,575,500 15,100,622 10/29/98 14,736,444 364,178
MYR 18,650,000 5,000,000 2/18/99 4,401,829 598,171
----------- ----------- ----------
$68,216,137 $67,303,540 $ 912,597
=========== =========== ==========
</TABLE>
Included in accumulated net realized gain on investments and foreign currency
transactions is $2,438,780, which represents the realized gain on closed but
unsettled portfolio hedges totaling $93,201,837.
At May 31, 1998, the gross forward currency settlement contracts receivable and
payable were $276,109 and $291,895 respectively, resulting in a net payable of
$15,786.
7. Line of Credit Facility
Effective April 14, 1998, the Fund, along with certain others in the Pioneer
Family of Funds (the "Funds"), collectively participate in a $50 million
committed, unsecured revolving line of credit facility. Borrowings are used
solely for temporary or emergency purposes. The Fund may borrow up to the
lesser of $50 million or the limits set by its prospectus for borrowings.
Interest on collective borrowings of up to $25 million is payable at the
Federal Funds Rate plus 3/8% on an annualized basis, or at the Federal Funds
Rate plus 1/2% if the borrowing exceeds $25 million at any one time. The Funds
pay an annual commitment fee for this facility. The commitment fee is allocated
among such Funds based on their respective borrowing limits.
The average daily amount of borrowings outstanding during the period from April
14, 1998 through May 31, 1998 was $751,798. The average daily shares
outstanding during the period were 24,597,394, resulting in an average
borrowing per share of $0.03. The related weighted average annualized interest
rate for the period was 5.86%, and the total interest expense on such
borrowings was $5,878.
33
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/98 (continued)
8. Affiliated Companies
The Fund's investments in certain companies exceed 5% of the outstanding voting
stock. Such companies are deemed affiliates of the Fund for financial reporting
purposes. The following summarizes transactions with affiliates of the Fund as
of May 31, 1998:
<TABLE>
<CAPTION>
Dividend
Affiliates Purchases Sales Income Value
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
London Sumatra Indonesia $ - $563,881 $ - $2,322,513
Net Holding AS 2,607,917 - - 2,688,395
------------ -------- --------- ----------
$2,607,917 $563,881 $ - $5,010,908
============ ======== ========= ==========
</TABLE>
34
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
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, 1998, 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, 1998 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, 1998, 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 8, 1998
35
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
<TABLE>
<CAPTION>
Trustees Officers
<S> <C>
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice President
Margaret B.W. Graham Norman Kurland, Vice President
John W. Kendrick William H. Keough, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
</TABLE>
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
36
<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.
37
<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:
<TABLE>
<S> <C>
Account information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our Internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
</TABLE>
This report must be preceded or accompanied by a current
Fund prospectus.
[PIONEER LOGO]
Pioneer Funds Distributor, Inc.
60 State Street 0798-5324
Boston, Massachusetts 02109 (C) Pioneer Funds Distributor, Inc.
www.pioneerfunds.com (Recycle Logo) Printed on Recycled Paper
