<PAGE>
[Pioneer logo]
Pioneer International
Growth Fund
- ---------------------------
SEMIANNUAL REPORT 5/31/99
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<PAGE>
Table of Contents
- --------------------------------------------------------------------------------
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 17
Notes to Financial Statements 24
Report of Independent Public Accountants 31
Trustees, Officers and Service Providers 32
The Pioneer Family of Mutual Funds 33
Retirement Plans From Pioneer 34
Programs and Services for Pioneer Shareowners 36
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 5/31/99
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
I am pleased to introduce this semiannual report for Pioneer International
Growth Fund covering the six months ended May 31, 1999. Thank you for your
investment with Pioneer and this opportunity to speak to you briefly about the
international investing environment.
The international investing landscape continued to shift as the more established
markets of Europe slipped into economic malaise while the emerging markets of
Asia showed real promise of a recovery. For Europe, there are positive signs on
the horizon. Recent events involving mergers and acquisitions on the continent
as well as strong cost-cutting measures by companies throughout the region are
proving to the world that European companies are getting serious about market
competitiveness and shareholder value. The resurgent Asian markets such as
Singapore, Taiwan and South Korea - which reported positive economic numbers for
the first quarter of 1999 - could mean greater demand for European goods and
services. Investing in international markets - especially emerging markets -
comes with special risks and volatility, but we believe, with the proper
discipline, the international marketplace holds promise for investors in the
coming years.
Of course extracting the potential reward from overseas investments, which can
be inherently more risky, takes hard work. It requires time and experience.
Nowhere are the fundamentals of long-term investing more important than
overseas. At Pioneer, we invest from the ground up. It means talking face to
face with management - wherever they live and work - to garner concrete facts,
facts that tell us about a company's balance sheet, management's commitment to
excellence and any competitive edge the company might have. These are the key
elements that define a successful company over time and, we believe, a
successful investment as well.
I encourage you to read on and learn more about Pioneer International Growth
Fund. If you have any questions about your Fund, please contact your investment
professional, or call Pioneer at 1-800-225-6292.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer International Growth Fund
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PORTFOLIO SUMMARY 5/31/99
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[pie chart]
International Common Stocks 94%
Depositary Receipts for International Stocks 4%
International Preferred Stocks 1%
Convertible Corporate Bonds 1%
[end pie chart]
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[bar chart]
<TABLE>
<S> <C>
United Kingdom 21.4% Israel 1.2%
Japan 18.6% Brazil 1.2%
France 11.3% Argentina 1.1%
Germany 9.6% Hong Kong 1.0%
Switzerland 6.5% Mexico 1.0%
Italy 4.7% Malaysia 0.8%
Finland 4.2% New Zealand 0.7%
Netherlands 4.2% Taiwan 0.6%
Australia 3.8% South Korea 0.5%
Spain 3.3% Sweden 0.5%
Singapore 2.1% Indonesia 0.3%
India 1.3% Philippines 0.1%
</TABLE>
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
1. Kao Corp. 1.76% 6. Vodafone Group Plc 1.50%
- --------------------------------------------------------------------------------
2. NTT Mobile Communications 7. United Pan-Europe
Network, Inc. 1.72 Communications NV 1.47
- --------------------------------------------------------------------------------
3. Rohm Co., Ltd. 1.68 8. Hoechst AG 1.43
- --------------------------------------------------------------------------------
4. Shohkoh Fund 1.67 9. Nokia AB 1.40
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5. Telefonica SA 1.63 10. Elf Aquitaine SA 1.39
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</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer International Growth Fund
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PERFORMANCE UPDATE 5/31/99 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 5/31/99 11/30/98
<S> <C> <C>
$17.45 $17.14
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(11/30/98 - 5/31/99) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
$0.195 - -
</TABLE>
Investment Returns
- --------------------------------------------------------------------------------
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, 1999)
<TABLE>
<CAPTION>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund 10.07% 9.02%
(3/25/93)
5 Years 2.86 1.65
1 Year -13.98% -18.94%
- ---------------------------------------
</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]
<TABLE>
<CAPTION>
Growth of $10,000+
Pioneer International MSCI EAFE
Growth Fund* Index
<S> <C> <C>
- --------------------------------------------------------------------------------
3/31/93 9,425 10,000
- --------------------------------------------------------------------------------
5/31/93 10,170 11,180
- --------------------------------------------------------------------------------
13,134 11,040
- --------------------------------------------------------------------------------
5/31/94 14,807 12,696
- --------------------------------------------------------------------------------
14,451 12,676
- --------------------------------------------------------------------------------
5/31/96 17,153 14,745
- --------------------------------------------------------------------------------
16,713 15,243
- --------------------------------------------------------------------------------
5/31/97 18,635 15,858
- --------------------------------------------------------------------------------
18,263 15,180
- --------------------------------------------------------------------------------
5/31/98 19,821 17,617
- --------------------------------------------------------------------------------
16,556 17,673
- --------------------------------------------------------------------------------
5/31/99 17,051 18,381
- --------------------------------------------------------------------------------
</TABLE>
+ Index comparison begins March 31, 1993. The Morgan Stanley Capital
International (MSCI) Europe Index is a capitalization-weighted index of the
15 European country indexes included in the MSCI EAFE (Europe, Australasia,
Far East) Index. These countries are: Austria, Belgium, Denmark, Finland,
France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, 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. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
3
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/99 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 5/31/99 11/30/98
<S> <C> <C>
$17.03 $16.63
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(11/30/98 - 5/31/99) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
$0.010 - -
</TABLE>
Investment Returns
- --------------------------------------------------------------------------------
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, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 2.87% 2.73%
(4/4/94)
5 Years 2.02 1.87
1 Year -14.76% -18.15%
- --------------------------------
</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 International MSCI EAFE
Growth Fund* Index
<S> <C> <C>
- --------------------------------------------------------------------------------
4/30/94 10,000 10,000
- --------------------------------------------------------------------------------
5/94 10,087 9,943
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9,803 9,927
- --------------------------------------------------------------------------------
5/95 9,388 10,433
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10,102 10,680
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5/96 11,506 11,548
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11,157 11,937
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5/97 12,396 12,419
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12,099 11,888
- --------------------------------------------------------------------------------
5/98 13,076 13,796
- --------------------------------------------------------------------------------
14,089 13,709
- --------------------------------------------------------------------------------
5/99 11,068 14,395
- --------------------------------------------------------------------------------
</TABLE>
+ Index comparison begins April 30, 1994. The Morgan Stanley Capital
International (MSCI) Europe Index is a capitalization-weighted index of the
15 European country indexes included in the MSCI EAFE (Europe, Australasia,
Far East) Index. These countries are: Austria, Belgium, Denmark, Finland,
France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, 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. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
4
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/99 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 5/31/99 11/30/98
<S> <C> <C>
$16.93 $16.53
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(11/30/98 - 5/31/99) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
$0.013 - -
</TABLE>
Investment Returns
- --------------------------------------------------------------------------------
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, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 0.98% 0.98%
(1/31/96)
1 Year -14.35% -14.35%
- --------------------------------
</TABLE>
* Assumes reinvestment of distributions.
The 1% contingent deferred sales charge
(CDSC) applies to investments sold within
one year of purchase.
[mountain chart]
<TABLE>
<CAPTION>
Pioneer International MSCI EAFE
Growth Fund* Index
<S> <C> <C>
- --------------------------------------------------------------------------------
1/96 10,000 10,000
- --------------------------------------------------------------------------------
10,076 10,034
- --------------------------------------------------------------------------------
5/96 10,588 10,351
- --------------------------------------------------------------------------------
10,023 10,127
- --------------------------------------------------------------------------------
11/96 10,275 10,700
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10,998 10,359
- --------------------------------------------------------------------------------
5/97 11,420 11,132
- --------------------------------------------------------------------------------
11,702 11,044
- --------------------------------------------------------------------------------
11/97 11,143 10,656
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12,353 11,962
- --------------------------------------------------------------------------------
5/98 12,061 12,367
- --------------------------------------------------------------------------------
9,067 11,027
- --------------------------------------------------------------------------------
11/98 10,079 12,406
- --------------------------------------------------------------------------------
9,812 12,551
- --------------------------------------------------------------------------------
5/99 10,331 12,903
- --------------------------------------------------------------------------------
</TABLE>
The Morgan Stanley Capital International (MSCI) Europe Index is a
capitalization-weighted index of the 15 European country indexes included in the
MSCI EAFE (Europe, Australasia, Far East) Index. These countries are: Austria,
Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway,
Portugal, 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. Return and share price
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 5/31/99
- --------------------------------------------------------------------------------
The performance of international markets improved during the six months ended
May 31, 1999 - helped in large part by Japan, Asia and Latin America. However,
investors remain somewhat cautious, as memories of last autumn's market
correction still linger. This attitude is steering investors toward larger, more
well-established companies offshore. Following is an interview with Pavlos M.
Alexandrakis, Senior Vice-President and the Fund's portfolio manager. He
discusses the turnaround in many overseas markets and its impact on his
repositioning of the Fund's portfolio.
Q: How did the Fund perform during the six months ended May 31?
A: While the Fund performed well in the latter months of the period, it
underperformed across the full period generating total returns of 2.99% for
Class A shares, 2.47% for Class B shares and 2.50% for Class C shares, all
at net asset value. An increased exposure to the United Kingdom and Japan
helped performance, but the Fund's reduced weighting in emerging markets
limited its participation in the rally. The 593 international funds tracked
by Lipper, Inc. returned an average of 4.98% for the same period. (Lipper
is an independent firm that measures mutual fund performance.) The Fund's
comparative benchmark, the Morgan Stanley Capital International (MSCI) EAFE
(Europe, Australasia, Far East) Index rose 4.01%.
Q: Have you completed the Fund's repositioning?
A: It's fair to say that the bulk of our repositioning effort is complete,
although we would always expect to fine-tune the portfolio in response to
changing market conditions. Increasing large European and Japanese holdings
and reducing smaller company and emerging market investments lowered the
Fund's risk profile and should help protect its net asset value in periods
of declining markets. However, this strategy may limit upside potential. We
believe it is constructive given recent volatility and the inherent risks
associated with international investing, including currency fluctuations
and political and economic uncertainties.
Q: Can the turnaround in the Pacific Rim be considered a full recovery?
A: Southeast Asia has been on the mend for several months now, and stock prices
have risen dramatically. However, a full recovery will take
6
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
some time. The region's businesses must continue to restructure and
reduce their debt to compete effectively in the world economy. In addition,
China's economic stability is in question. Major difficulties there could
choke the region's fragile recovery.
In Japan, now the second largest weighting in the Fund, Investors are
applauding the government's efforts to reform its banking system and
stimulate consumer demand. These new growth initiatives are having a
positive effect on stock prices. In addition to increasing the size of
existing holdings such as Sankyo, we bought Softbank, a local internet
company, and Oriental Land, which operates Disney World in Japan.
In Australia, low inflation, strong domestic demand and falling
unemployment are contributing to rising stock prices. Fund holding News
Corp., Rupert Murdoch's multimedia conglomerate, is producing and
distributing some of the most successful TV and movie entertainment -
including NYPD Blue, Titanic and the newest Star Wars episode. We also
bought WMC, one of the world's lowest-cost producers of nickel and
aluminum. During the two years since the onset of the emerging market
crisis, commodity exporters have seen prices of raw materials drop
precipitously, but we believe a strong rebound may be near. Historically,
commodity prices have moved upward sharply into a recovery.
Q: Why have European stocks been so lackluster?
A: Actually, there were a few bright spots across Europe - Sweden roughly
matched the performance of the Standard & Poor's 500 Index in local
currency while the United Kingdom outperformed. However, when the effect of
the euro is factored in for participating countries, the whole of Europe
tells another story. The euro has declined almost 12% against the U.S.
dollar since its introduction in January, although this situation is
helping European exporters somewhat, including Fund holdings Siemens
(Germany) and Philips Electronics (Netherlands).
Continental Europe's growth remains sluggish. Germany's economy in
particular suffered disproportionately as a result of the emerging markets
crisis, but there has been good news of late. Economic output rose faster
than expected in the first quarter of this year.
7
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 5/31/99 (continued)
- --------------------------------------------------------------------------------
Falling interest rates, job growth and consumer confidence should become a
driving force for further economic recovery throughout Europe next year.
Q: Are you finding opportunities in Europe?
A: Holdings in the United Kingdom nearly doubled to 21% of equity assets.
These stocks are benefiting from several positive factors - falling
interest rates in particular. The Bank of England has dropped short-term
interest rates seven times since September, and more cuts may be in store.
The lower rates have already brought improvements in the housing, retailing
and service sectors.
We've also found several promising restructuring candidates in Europe that
we think offer tremendous value. These companies are taking steps to
improve returns and boost global competitiveness by merging, spinning off
unprofitable subsidiaries or reducing costs. Barclays (U.K.), Elf Aquitaine
(France) and Hoechst (Germany) all fit this profile.
Q: In light of Brazil's recent positive economic news, are you feeling more
confident about Latin America?
A: We are more comfortable with prospects around the region, especially given
the relatively calm reception of Brazil's currency devaluation. While it's
too soon to tell if Brazil will avert a severe recession, recent reports of
falling inflation and gross domestic product have been more upbeat than
analysts' and government estimates. Overall, we are cautiously optimistic
and slightly increased positions in Brazil, Argentina and Mexico.
Q: What's in store for the balance of 1999?
A: If emerging markets remain strong, investors are likely to remain
interested. However, in the aftermath of recent stellar gains, we would not
be surprised to see profit-taking break the momentum of Southeast Asia's
rally in the second half of 1999. In Europe, we expect to see signs of a
full-fledged economic recovery later this year. In the meantime, the
ability of the United States to maintain its economic growth will be a
decisive factor in the continued improvement of international stock prices
and your Fund's holdings.
8
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
CONVERTIBLE CORPORATE BOND - 1.0%
$2,500,000 Finlayson Global Corp., Ltd., 0.00%,
2/19/04 (144A)* $ 3,137,500
------------
TOTAL CONVERTIBLE CORPORATE BOND
(Cost $2,531,717) $ 3,137,500
------------
Shares
PREFERRED STOCKS - 1.9%
361,173 News Corp. Ltd. $ 2,758,566
15,500 Telecomunicacoes Brasileiras (A.D.R.)* 1,294,250
77,100 Tele Sudeste Celular Participacoes SA (A.D.R.)* 1,879,312
------------
TOTAL PREFERRED STOCKS
(Cost $5,485,735) $ 5,932,128
------------
COMMON STOCKS - 97.1%
Basic Materials - 6.0%
Chemicals - 1.0%
80,000 BASF AG $ 3,111,266
------------
Chemicals (Diversified) - 2.3%
100,000 Hoechst AG $ 4,452,114
700,000 WMC Ltd. 2,597,321
------------
$ 7,049,435
------------
Chemicals (Specialty) - 0.0%
100 Reliance Industries Ltd. $ 360
------------
Containers & Packaging (Paper) - 1.6%
380,000 Cemex SA de CV (Series B) $ 1,697,087
5,150 Forbo Holdings AG 2,105,754
1,000 Holderbank Financiere Glarus AG (Bearer Shares) 1,188,054
------------
$ 4,990,895
------------
Paper & Forest Products - 1.1%
119,000 Kymmene OY $ 3,492,720
------------
Total Basic Materials $ 18,644,676
------------
Capital Goods - 10.0%
Aerospace/Defense - 1.9%
500,000 British Aerospace Plc $ 3,298,840
80,000 Thomson CSF 2,574,093
------------
$ 5,872,933
------------
Electrical Equipment - 1.1%
2,500 ABB AG* $ 3,537,666
------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Engineering & Construction - 1.5%
42,000 IHC Caland NV $ 1,653,121
19,200 Suez Lyonnaise des Eaux 3,180,999
100 Unitech Ltd. 89
------------
$ 4,834,209
------------
Machinery (Diversified) - 1.0%
400,000 Invensys Plc $ 1,799,440
131,000 Valmet Corp. 1,338,554
------------
$ 3,137,994
------------
Manufacturing (Diversified) - 1.2%
27,000 Mannesmann AG $ 3,687,852
------------
Office Equipment & Supplies - 2.2%
140,000 Canon, Inc. $ 3,533,013
60,000 Societe BIC SA 3,443,872
------------
$ 6,976,885
------------
Trucks & Parts - 1.1%
40,000 Valeo $ 3,265,578
------------
Total Capital Goods $ 31,313,117
------------
Communication Services - 12.8%
Cellular/Wireless Telecommunications - 4.0%
98 NTT Mobile Communications Network, Inc.* $ 5,359,755
185,000 Orange Plc* 2,547,117
245,000 Vodafone Group Plc 4,671,654
------------
$ 12,578,526
------------
Telecommunications (Long Distance) - 1.2%
180,000 Cable & Wireless Optus Ltd. $ 2,200,669
350,000 Telecom Corp. of New Zealand 1,511,774
------------
$ 3,712,443
------------
Telephone - 7.6%
250,000 British Telecom Plc $ 4,170,118
400 Mahanager Telephone Nigam Ltd. 1,595
8,600 Swisscom AG* 3,094,436
402,488 Telecom Italia SpA 4,146,181
740,000 Telecom Italia SpA Di Risp 4,019,831
105,909 Telefonica SA* 5,077,338
2,118 Telefonica SA (New Shares)* 100,748
</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>
Telephone (continued)
102,000 Telekomunikasi Indonesia (A.D.R.) $ 949,875
181,900 Videsh Sanchar Nigam Ltd. (G.D.R.) 2,069,113
$ 23,629,235
------------
Total Communication Services $ 39,920,204
------------
Consumer Cyclicals - 11.3%
Automobiles - 2.9%
5,000 Bayerische Motoren Werke AG $ 3,200,934
30,592 DaimlerChrysler AG 2,639,455
80,000 Renault SA 3,107,096
------------
$ 8,947,485
------------
Building Materials - 0.6%
310,154 Williams Plc $ 1,815,197
------------
Distributors (Durables) - 1.1%
200,000 Buhrmann NV $ 3,336,479
------------
Household Furnishings & Appliances - 2.6%
220,000 Fisher & Paykel Industries Ltd. $ 706,209
19,700 Ryohin Keikaku Ltd. 3,877,735
37,000 Sony Corp. 3,477,743
------------
$ 8,061,687
------------
Hardware & Tools - 1.1%
311,000 Makita Corp. $ 3,386,364
------------
Leisure Time (Products) - 0.3%
500,000 Berjaya Sports Toto Bhd. $ 1,046,053
------------
Publishing (Newspapers) - 0.9%
400,000 Reed International Plc $ 2,916,279
------------
Services (Commercial & Consumer) - 1.5%
326,000 Rentokil Initial Plc $ 1,291,551
45,818 Vivendi 3,391,806
------------
$ 4,683,357
------------
Textiles (Apparel) - 0.3%
800 Hugo Boss AG $ 1,009,285
------------
Total Consumer Cyclicals $ 35,202,186
Consumer Staples - 6.6%
Beverages (Non-Alcoholic) - 0.5%
240,000 Cadbury Schweppes Plc $ 1,630,552
------------
</TABLE>
The accompanyong notes are an integral part of these financial statements. 11
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Broadcasting (Cable/Television/Radio) - 1.9%
35,000 Grupo Televisa SA (G.D.R.)* $ 1,463,438
75,000 United Pan-Europe Communications NV* 4,594,175
------------
$ 6,057,613
------------
Entertainment - 0.7%
35,000 Oriental Land Company Ltd. $ 2,018,451
------------
Foods - 1.7%
8,000 Groupe Danone $ 2,202,076
2,731,250 JGSummit Holding, Inc.+* 228,262
450,000 Tate & Lyle Plc 2,956,338
------------
$ 5,386,676
------------
Household Products (Non-Durables) - 1.8%
200,000 Kao Corp. $ 5,493,960
------------
Total Consumer Staples $ 20,587,252
------------
Energy - 4.6%
Oil (International Integrated) - 2.9%
30,000 Elf Aquitaine SA $ 4,341,593
700,000 Fortum Oyj 3,773,349
150,000 Shell Transport & Trading Co. 1,069,641
------------
$ 9,184,583
------------
Oil & Gas (Domestic Integrated) - 1.1%
80,000 YPF SA (Class D)(A.D.R.) $ 3,370,000
------------
Oil & Gas (Refining & Marketing) - 0.6%
105,000 Repsol SA (L Shares) $ 1,900,542
------------
Total Energy $ 14,455,125
------------
Financial - 20.5%
Banks (Major Regional) - 6.1%
296,000 Australia & New Zealand Banking Ltd. $ 2,150,378
96,000 Banca Popolare di Brescia 3,788,571
365,000 Banca Popolare di Milano 2,835,225
159,340 Banco de Santander SA 3,322,716
21,000 Deutsche Pfandbriefbank AG 1,817,338
154,000 Development Bank of Singapore Ltd. 1,590,946
60,000 Housing & Commercial Bank, Korea* 1,644,390
41,000 Svenska Handelbanken 1,480,601
19,000 Uniao de Bancos Brasileiros SA (G.D.R.) 428,688
------------
$ 19,058,853
------------
</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>
Banks (Money Center) - 2.1%
97,000 Barclays Plc $ 2,945,361
180,000 Royal Bank of Scotland Group 3,828,472
------------
$ 6,773,833
------------
Banks (Regional) - 0.8%
190,000 Halifax Plc $ 2,453,840
------------
Financial (Diversified) - 5.5%
406,000 Canary Wharf Plc* $ 2,524,151
144,000 Cheung Kong Holdings Ltd. 1,169,849
30 Industrial Credit & Investment Corp. of India Ltd. 44
200,000 Land Securities Plc 2,858,594
49,000 Nichiei Co., Ltd. 3,713,718
9,300 Shohkoh Fund 5,201,721
280,000 Westfield Holdings Ltd. 1,655,335
------------
$ 17,123,412
------------
Insurance (Life/Health) - 0.6%
140,000 Prudential Corp. Plc $ 1,846,879
------------
Insurance (Multi-Line) - 5.4%
7,000 Allianz AG $ 1,912,219
240,000 Allied Zurich Plc* 3,062,016
32,000 Assurances Generales de France 1,586,162
27,000 Axa 3,110,745
21,000 Axa Colonial Konzern AG 1,970,608
272,727 Royal & Sun Alliance Group Plc 2,229,990
5,000 Zurich Allied AG 2,937,424
------------
$ 16,809,164
------------
Total Financial $ 64,065,981
------------
Healthcare - 6.3%
Healthcare (Drugs/Generic & Other) - 1.0%
127,000 Sankyo Company Ltd. $ 2,989,533
------------
Healthcare (Drugs/Major Pharmaceuticals) - 3.9%
112,000 Glaxo Wellcome Plc $ 3,133,429
2,500 Novartis AG 3,624,350
40,000 Rhone-Poulenc SA 1,897,622
350 Roche Holdings AG 3,700,239
------------
$ 12,355,640
------------
Healthcare (Medical Products/Supplies) - 1.4%
180,000 Terumo Corp. $ 4,244,581
------------
Total Healthcare $ 19,589,754
------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Technology - 11.9%
Communications Equipment - 2.6%
53,107 ECI Telecommunications Ltd. $ 1,838,830
28,000 Matsushita Communication Industrial Co., Ltd. 1,797,783
62,000 Nokia AB 4,376,417
------------
$ 8,013,030
------------
Computers (Networking) - 1.0%
38,000 Equant NV* $ 3,130,034
------------
Computers (Software & Services) - 1.7%
45,000 Check Point Software Technologies Ltd.* $ 1,991,250
7,500 NIIT Ltd.* 316,423
15,500 NIIT Ltd. (New Shares)* 653,039
300 Pentafour Software & Exports Ltd. 7,148
30,800 Satyam Computer Services Ltd. 962,948
13,000 Softbank Corp. 1,495,118
------------
$ 5,425,926
------------
Electronics (Component Distributors) - 2.6%
40,000 Philips Electronics NV $ 3,430,317
28,000 Siemens AG 1,883,025
463,000 Toshiba Corp. 2,861,666
------------
$ 8,175,008
------------
Electronics (Instrumentation) - 0.6%
649,500 Elec & Eltek International Co., Ltd. $ 1,922,520
------------
Electronics (Semiconductors) - 3.4%
40,100 Rohm Co., Ltd. $ 5,252,217
500,000 Taiwan Semiconductors Manufacturing Co.* 1,796,636
61,000 Tokyo Electron Ltd. 3,366,457
------------
$ 10,415,310
------------
Total Technology $ 37,081,828
------------
Transportation - 2.9%
Railroads - 1.4%
1,000,000 Malaysia International Shipping Bhd. $ 1,750,000
125,000 Railtrack Group Plc 2,563,601
------------
$ 4,313,601
------------
Shipping - 1.5%
102,000 Brambles Industries Ltd. $ 2,723,228
140,000 Peninsular & Orient Steam Navigation Co. 2,045,882
------------
$ 4,769,110
------------
Total Transportation $ 9,082,711
------------
</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>
Utilities - 4.2%
Electric Companies - 2.9%
400,000 British Energy Plc $ 3,573,243
582,000 HongKong Electric Holdings Ltd. 1,823,710
402,000 Scottish Power Plc 3,442,376
------------
$ 8,839,329
------------
Power Producers (Independent) - 1.3%
73,000 Veba AG $ 4,163,404
------------
Total Utilities $ 13,002,733
------------
TOTAL COMMON STOCKS
(Cost $282,725,565) $302,945,567
------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $290,743,017)(a)(b)(c) $312,015,195
============
</TABLE>
* Non-income producing security.
+ Security is restricted for resale until receipt of shares in six month
intervals through January 2000.
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At May 31, 1999, the
value of these securities amounted to $3,137,500 or 1.0% of total net
assets.
(a) Distribution of investments by country of issue, as a percentage of total
equity holdings, is as follows:
<TABLE>
<S> <C>
United Kingdom 21.4%
Japan 18.6
France 11.3
Germany 9.6
Switzerland 6.5
Italy 4.7
Netherlands 4.2
Finland 4.2
Australia 3.8
Spain 3.3
Singapore 2.1
India 1.3
Israel 1.2
Brazil 1.2
Argentina 1.1
Mexico 1.0
Hong Kong 1.0
Others (individually less than 1%) 3.5
------
100.0%
======
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
(b) At May 31, 1999, the net unrealized gain on investments based on cost for
federal income tax purposes of $291,958,013 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 40,084,735
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (20,027,553)
------------
Net unrealized gain $ 20,057,182
============
</TABLE>
(c) At November 30, 1998, the Fund had a net capital loss carryforward of
$46,222,643 which will expire in 2006 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 1999, aggregated $210,677,314 and $277,759,516,
respectively.
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 5/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (cost $290,743,017) $312,015,195
Cash 24,432
Foreign currencies, at value 3,163,526
Receivables -
Investment securities sold 5,378,890
Fund shares sold 13,377,419
Dividends, interest and foreign taxes withheld 1,446,694
Forward foreign currency portfolio hedge contracts,
open - net 486,885
Forward foreign currency portfolio hedge contracts,
closed - net 270,782
Other 2,596
------------
Total assets $336,166,419
------------
LIABILITIES:
Payables -
Investment securities purchased $ 345,997
Fund shares repurchased 489,635
Forward foreign currency settlement hedge contracts - net 1,799
Due to affiliates 478,891
Accrued expenses 229,723
Reserve for repatriation and capital gains taxes 1,319,847
Line of credit 6,500,000
------------
Total liabilities $ 9,365,892
------------
NET ASSETS:
Paid-in capital $406,062,076
Accumulated net investment loss (2,225,796)
Accumulated net realized loss on investments
and foreign currency transactions (97,544,929)
Net unrealized gain on investments 19,952,331
Net unrealized gain on forward foreign currency contracts
and other assets and liabilities denominated in
foreign currencies 556,845
------------
Total net assets $326,800,527
============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $270,674,999/15,514,939 shares) $ 17.45
============
Class B (based on $48,772,089/2,863,146 shares) $ 17.03
============
Class C (based on $7,353,439/434,472 shares) $ 16.93
============
MAXIMUM OFFERING PRICE:
Class A $ 18.51
============
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended 5/31/99
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $346,997) $ 2,963,659
Interest (net of foreign taxes withheld of $298) 251,322
------------
Total investment income
$ 3,214,981
------------
EXPENSES:
Management fees $ 1,688,897
Transfer agent fees
Class A 560,330
Class B 136,473
Class C 15,264
Distribution fees
Class A 357,516
Class B 261,778
Class C 35,468
Administrative fees 75,543
Custodian fees 213,893
Registration fees 40,239
Professional fees 37,196
Printing 56,393
Fees and expenses of nonaffiliated trustees 15,336
Miscellaneous 43,761
-------------
Total expenses $ 3,538,087
Less fees paid indirectly (15,021)
------------
Net expenses $ 3,523,066
------------
Net investment loss $ (308,085)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss from:
Investments $(39,458,584)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (127,531) $(39,586,115)
------------ ------------
Change in net unrealized loss from:
Investments (including reserve for repatriation
and capital gains taxes of $1,319,847) $ 50,920,175
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,689,838 $ 52,610,013
------------ ------------
Net gain on investments and foreign currency
transactions $ 13,023,898
------------
Net increase in net assets resulting from operations $ 12,715,813
============
</TABLE>
18 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 5/31/99 and the Year Ended 11/30/98
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
5/31/99 11/30/98
<S> <C> <C>
FROM OPERATIONS:
Net investment income (loss) $ (308,085) $ 2,054,138
Net realized loss on investments
and foreign currency transactions (39,586,115) (47,883,839)
Change in net unrealized loss on investments
and foreign currency transactions 52,610,013 6,807,286
------------- -------------
Net increase (decrease) in net assets resulting
from operations $ 12,715,813 $ (39,022,415)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.20 and $1.15 per share, respectively) $ (3,604,256) $ (19,268,038)
Class B ($0.01 and $1.00 per share, respectively) (34,614) (3,505,142)
Class C ($0.01 and $1.03 per share, respectively) (6,844) (357,766)
Net realized gain:
Class A ($0.00 and $3.45 per share, respectively) - (57,897,428)
Class B ($0.00 and $3.45 per share, respectively) - (12,190,151)
Class C ($0.00 and $3.45 per share, respectively) - (1,209,372)
------------- -------------
Total distributions to shareholders $ (3,645,714) $ (94,427,897)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 475,662,071 $ 354,096,823
Reinvestment of distributions 3,122,545 81,627,184
Cost of shares repurchased (539,984,878) (409,656,326)
------------- -------------
Net increase (decrease) in net assets resulting from
fund share transactions $ (61,200,262) $ 26,067,681
------------- -------------
Net decrease in net assets $ (52,130,163) $(107,382,631)
NET ASSETS:
Beginning of period 378,930,690 486,313,321
------------- -------------
End of period (including accumulated undistributed net
investment income (loss) of $(2,225,796) and
$1,728,003, respectively) $ 326,800,527 $ 378,930,690
============= =============
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
For the Six Months Ended 5/31/99 and the Year Ended 11/30/98
<TABLE>
<CAPTION>
CLASS A '99 Shares '99 Amount '98 Shares '98 Amount
<S> <C> <C> <C> <C>
Shares sold 21,534,463 $ 370,291,627 12,785,423 $ 236,139,826
Reinvestment of distributions 183,721 3,090,212 3,705,396 68,196,730
Less shares repurchased (24,545,407) (424,121,806) (14,870,731) (276,970,065)
----------- ------------- ----------- -------------
Net increase (decrease) (2,827,223) $ (50,739,967) 1,620,088 $ 27,366,491
=========== ============= =========== =============
CLASS B
Shares sold 320,193 $ 5,377,475 1,155,440 $ 21,251,455
Reinvestment of distributions 1,713 28,248 695,509 12,514,722
Less shares repurchased (978,448) (16,367,208) (1,858,942) (33,266,363)
----------- ------------- ----------- -------------
Net increase (decrease) (656,542) $ (10,961,485) (7,993) $ 499,814
=========== ============= =========== =============
CLASS C
Shares sold 5,971,478 $ 99,992,969 5,432,534 $ 96,705,542
Reinvestment of distributions 249 4,085 51,487 915,732
Less shares repurchased (5,902,125) (99,495,864) (5,525,362) (99,419,898)
----------- ------------- ----------- -------------
Net increase (decrease) 69,602 $ 501,190 (41,341) $ (1,798,624)
=========== ============= =========== =============
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Ended Year Ended Year Ended Year Ended Year Ended
Ended 5/31/99 11/30/98 11/30/97 11/30/96 11/30/95 11/30/94(a)
<S> <C> <C> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 17.14 $ 23.66 $ 23.39 $ 21.21 $ 21.55 $ 20.91
-------- -------- -------- -------- -------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $ 0.14 $ 0.13 $ 0.10 $ (0.04) $ 0.19
Net realized and unrealized gain (loss)
on investments and foreign
currency transactions 0.53 (2.06) 1.87 2.32 0.80 1.87
-------- -------- -------- -------- -------- -------
Net increase (decrease) from investment
operations $ 0.51 $ (1.92) $ 2.00 $ 2.42 $ 0.76 $ 2.06
Distributions to shareholders:
Net investment income (0.20) (1.15) (0.26) - - (0.03)
Net realized gain - (3.45) (1.47) (0.24) (1.10) (1.39)
-------- -------- -------- -------- -------- -------
Net increase (decrease) in net asset value $ 0.31 $ (6.52) $ 0.27 $ 2.18 $ (0.34) $ 0.64
-------- -------- -------- -------- -------- -------
Net asset value, end of period $ 17.45 $ 17.14 $ 23.66 $ 23.39 $ 21.21 $ 21.55
======== ======== ======== ======== ======== =======
Total return* 2.99% (9.35)% 9.28% 11.40% 3.81% 10.03%
Ratio of net expenses to average net assets 1.87%**+ 1.73%+ 1.69%+ 1.77%+ 2.00%+ 1.95%
Ratio of net investment income (loss) to average
net assets (0.04)%**+ 0.60%+ 0.51%+ 0.26%+ (0.23)%+ 0.84%
Portfolio turnover rate 125%** 123% 154% 173% 219% 275%
Net assets, end of period (in thousands) $270,675 $314,381 $395,572 $378,956 $308,488 $282,033
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.86%** 1.72% 1.67% 1.76% 1.98% -
Net investment income (loss) (0.03)%** 0.61% 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.
* 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. 21
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Ended Year Ended Year Ended Year Ended 4/4/94 to
Ended 5/31/99 11/30/98(a) 11/30/97 11/30/96 11/30/95 11/30/94(a)
<S> <C> <C> <C> <C> <C> <C>
Class B
Net asset value, beginning of period $ 16.63 $ 23.09 $ 22.89 $ 20.94 $ 21.45 $ 21.06
------- ------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.11) $ (0.04) $ (0.06) $ 0.15 $ (0.17) $ 0.06
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions 0.52 (1.97) 1.85 2.04 0.76 0.33
------- ------- ------- ------- ------- -------
Net increase (decrease) from
investment operations $ 0.41 $ (2.01) $ 1.79 $ 2.19 $ 0.59 $ 0.39
Distributions to shareholders:
Net investment income (0.01) (1.00) (0.12) - - -
Net realized gain - (3.45) (1.47) (0.24) (1.10) -
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ 0.40 $ (6.46) $ 0.20 $ 1.95 $ (0.51) $ 0.39
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 17.03 $ 16.63 $ 23.09 $ 22.89 $ 20.94 $ 21.45
======= ======= ======= ======= ======= =======
Total return* 2.47% (10.09)% 8.44% 10.45% 3.00% 1.85%
Ratio of net expenses to average net assets 2.74**+ 2.57%+ 2.49%+ 2.60%+ 2.80%+ 3.02%**
Ratio of net investment income (loss) to
average net assets (0.90)%**+ (0.24)%+ (0.23)%+ (0.51)%+ (1.04)%+ 0.72%**
Portfolio turnover rate 125%** 123% 154% 173% 219% 275%
Net assets, end of period (in thousands) $48,772 $58,519 $81,438 $69,056 $34,385 $21,236
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.73%** 2.56% 2.47% 2.58% 2.77% -
Net investment loss (0.89)%** (0.23)% (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.
22 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Ended Year Ended 1/31/96 to
Ended 5/31/99 11/30/98(a) 11/30/97(a) 11/30/96
CLASS C
<S> <C> <C> <C> <C>
Net asset value, beginning of period $16.53 $22.90 $22.84 $22.46
------ ------ ------ ------
Increase (decrease) from investment
operations:
Net investment income (loss) $(0.11) $(0.02) $ 0.00 $ 0.02
Net realized and unrealized gain
(loss) on investments and
foreign currency transactions 0.52 (1.87) 1.77 0.60
------ ------ ------ ------
Net increase (decrease) from
investment operations $ 0.41 $(1.89) $ 1.77 $ 0.62
Distributions to shareholders:
Net investment income (0.01) (1.03) (0.24) -
Net realized gain - (3.45) (1.47) (0.24)
------ ------ ------ ------
Net increase (decrease) in net asset value $ 0.40 $(6.37) $ 0.06 $ 0.38
------ ------ ------ ------
Net asset value, end of period $16.93 $16.53 $22.90 $22.84
====== ====== ====== ======
Total return* 2.50% (9.55)% 8.45% 2.75%
Ratio of net expenses to average
net assets 2.61%**+ 2.38%+ 2.50%+ 2.36%**+
Ratio of net investment income (loss) to
average net assets (0.81)%**+ (0.13)%+ (0.03)%+ 0.13%**+
Portfolio turnover rate 125%** 123% 154% 173%
Net assets, end of period (in thousands) $7,353 $6,031 $9,303 $6,078
Ratios assuming reduction for fees paid
indirectly:
Net expenses 2.58%** 2.35% 2.47% 2.31%**
Net investment income (loss) (0.78)%** (0.10)% 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. 23
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/99
- --------------------------------------------------------------------------------
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. The net asset value is
computed once daily, on each day the New York Exchange is open, as of the
close of regular trading on the Exchange. In computing the net asset value,
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
24
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
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.
25
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
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).
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 the recognition of capital gains
and/or repatriation of foreign currencies in certain countries. During the
six months ended May 31, 1999, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. As of May 31, 1999, the Fund had a reserve of
$238,142 related to capital gains. The estimated reserve for repatriation of
foreign currencies is based on principal balances and/or unrealized
appreciation of applicable securities, the holding period of such investments
and the related tax rates and other such factors. As of May 31, 1999, the
Fund had a reserve of $1,081,705 related to taxes on the repatriation of
foreign currencies.
26
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 $54,722 in
underwriting commissions on the sale of fund shares during the six months
ended May 31, 1999.
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.
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.
27
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
The collateral for all repurchase agreements is held in safe-keeping in the
customer-only account of the Fund's custodian, or subcustodians. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
2. Management Agreement
PIM 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 and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund. At May 31, 1999, $262,347 was payable to PIM
related to management fees, administrative 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 $123,304 in transfer agent fees payable to PSC at May 31, 1999.
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 $93,240 in distribution fees payable to
PFD at May 31, 1999.
28
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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, 1999, CDSCs in the amount of $142,132 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, 1999,
the Fund's expenses were reduced by $15,021 under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 1999, 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, 1999 were as follows:
<TABLE>
<CAPTION>
Net
Contracts In Exchange Settlement Unrealized
Currency To Deliver For Date Value Gain (Loss)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GBP (5,975,143) $(10,000,000) 10/19/99 $ (9,573,942) $ 426,058
GBP (26,244,927) (43,000,000) 11/19/99 (42,059,884) 940,116
JPY (5,519,990,000) (45,000,000) 6/16/99 (45,744,157) (744,157)
KRW (1,310,000,000) (939,068) 8/4/99 (1,074,200) (135,132)
------------ ------------ ---------
$(98,939,068) $(98,452,183) $ 486,885
============ ============ =========
</TABLE>
29
<PAGE>
Pioneer International Growth Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 5/31/99 (continued)
- --------------------------------------------------------------------------------
Included in accumulated net realized gain on forward foreign currency contracts
and other assets and liabilities denominated in foreign currencies is $270,782
which represents the realized gain on closed but unsettled portfolio hedges
totaling $13,860,932.
At May 31, 1999, the gross forward currency settlement contracts receivable and
payable were $4,353,768 and $4,355,567, respectively, resulting in a net payable
of $1,799.
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participates 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 six months ended
May 31, 1999 was $1,203,242. The average daily shares outstanding during the
period were 20,536,658 resulting in an average borrowing per share of $0.06. The
related weighted average annualized interest rate for the period was 5.24%, and
the total interest expense on such borrowings was $33,666.
30
<PAGE>
Pioneer International Growth Fund
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareowners 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 (the Fund) as of May 31, 1999,
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, 1999 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, 1999, 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 9, 1999
31
<PAGE>
Pioneer International Growth Fund
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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 Patrick M. Smith, Vice President
John W. Kendrick Eric W. Reckard, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
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
</TABLE>
32
<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.
<TABLE>
<S> <C>
Growth Funds Income Funds
United States Taxable
Pioneer Capital Growth Fund Pioneer America Income Trust
Pioneer Growth Shares Pioneer Bond Fund
Pioneer Micro-Cap Fund Pioneer Short-Term Income Trust
Pioneer Mid-Cap Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund
Tax-Exempt
Global/International Pioneer Tax-Free Income Fund
Pioneer Emerging Markets Fund
Pioneer Europe Fund Money Market Fund
Pioneer Indo-Asia Fund Pioneer Cash Reserves Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
Growth and Income Funds
Pioneer Fund
Pioneer II
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Real Estate Shares
</TABLE>
33
<PAGE>
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RETIREMENT PLANS FROM PIONEER
- --------------------------------------------------------------------------------
Pioneer has a long history of helping people work toward their retirement goals,
offering plans suited to the individual investor and businesses of all sizes.
For more information on Pioneer retirement plans, contact your investment
professional, or call Pioneer at 1-800-622-0176.
Individual Retirement Account (IRA)
Traditional IRA
A Traditional IRA allows anyone under age 70-1/2 with earned income to
contribute up to $2,000 annually. Spouses may contribute up to $2,000 annually
into a separate IRA, for a total of $4,000 per year for a married couple.
Earnings are tax-deferred, and contributions may be tax-deductible.
Roth IRA
Contributions, up to $2,000 a year per person in earned income, are not
tax-deductible, but earnings are tax-free for qualified withdrawals. You can
contribute beyond age 70-1/2, although there are income limits for contributions
at any age.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $10,000 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees) IRA Plan
Businesses with 100 or fewer eligible employees can establish the plan; it
resembles a traditional 401(k), but with less testing and lower administration
costs. Employees can make pre-tax contributions of up to $6,000 per year, and an
employer contribution is required.
Most retirement plan withdrawals must meet specific conditions
to avoid penalties.
34
<PAGE>
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403(b) Plan
Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is available only to
employees of public schools, not-for-profit hospitals and other tax-exempt
organizations. A 403(b) plan lets employees set aside a portion of their salary,
before taxes, through payroll deduction.
Simplified Employee Pension Plan (SEP)
SEPs let self-employed people and small-business owners make tax-deductible
contributions of up to 15% of their income. Generally, employers must contribute
the same percentage of pay for themselves and any eligible employees;
contributions are made directly to employees' IRAs. SEPs are easy to administer
and can be an especially good choice for firms with few or no employees.
Profit Sharing Plan
Profit sharing plans offer companies considerable flexibility, allowing them to
decide each year whether a contribution will be made and how much, up to 15% of
each participant's pay. These plans can include provisions for loans and vesting
schedules.
Age-Weighted Profit Sharing Plan
Like traditional profit sharing plans, employer contributions are flexible, but
age-weighted plans allocate contributions based on both age and salary.
Age-weighted plans are designed for employers who want to maximize their own
contributions while keeping contributions to employees affordable.
Money Purchase Pension Plan (MPP)
Money purchase plans are similar to profit-sharing plans, but allow for higher
annual contributions - up to 25% of pay. MPPs aren't as flexible as profit
sharing plans; a fixed percentage of pay must be contributed each year,
determined when the plan is established. Businesses often set up both MPPs and
profit sharing plans.
Most retirement plan withdrawals must meet specific conditions
to avoid penalties.
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.
FactFone SM
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information,
have your 13-digit account number and four-digit personal identification
number at hand.
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 one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds you
wish to invest in. You choose the amounts and dates for Pioneer to sell shares
of your original fund and use the proceeds to buy shares of the other funds you
have chosen. Over time, your investment will be shifted out of the original
fund. (Automatic Exchange is available for originating accounts with a balance
of $5,000 or more.)
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 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, propectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current Fund prospectus.
<TABLE>
<S> <C> <C>
[Pioneer logo] Pioneer Investment Management, Inc. 0799-6710
60 State Street (C) Pioneer Funds Distributor, Inc.
Boston, Massachusetts 02109 [recycle symbol] Printed on Recycled Paper
www.pioneerfunds.com
</TABLE>
