<PAGE>
[PIONEER LOGO]
Pioneer
International Growth
Fund
SEMIANNUAL REPORT 5/31/00
<PAGE>
Table of Contents
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
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
Trustees, Officers and Service Providers 30
The Pioneer Family of Mutual Funds 31
Retirement Plans from Pioneer 32
Programs and Services for Pioneer Shareowners 34
</TABLE>
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 5/31/00
--------------------------------------------------------------------------------
Dear Shareowner,
--------------------------------------------------------------------------------
As you may know, on May 15, 2000, The Pioneer Group, Inc. and UniCredito
Italiano S.p.A. announced an agreement under which UniCredito is expected to
purchase all of the outstanding stock of Pioneer Group. UniCredito is Italy's
largest banking group based on market capitalization. We are pleased to be
joining with UniCredito not only because of its reputation and breadth, but
also because of the similar business strategies shared by the two companies.
UniCredito employs many of the same investment philosophies that Pioneer has
believed in for over 70 years. In the meantime, your mutual fund will be
managed by the same portfolio management team, which is overseen by a Board of
Trustees. In addition, the union with UniCredito will give Pioneer Investment
Management, your fund's investment adviser, access to greater resources,
enabling us to strengthen and support our money management efforts for all
Pioneer shareowners.
We expect that the transition resulting from the acquisition will not have a
direct impact on fund shareowners. At Pioneer we always strive to provide our
shareowners with exemplary customer service and a diverse product line. Going
forward, we will continue to work as hard as we can to ensure that our
investors' needs are met and that you are satisfied in any dealings you have
with Pioneer.
Soon you will receive a letter and a proxy statement that will contain more
information about the transaction along with information about a special
shareholder meeting. We are excited about the acquisition (which is subject to
regulatory approval) and hope you are as well. I feel confident about prospects
for the days ahead and I truly believe that Pioneer Group has entered into a
relationship that will be beneficial to you.
Please read this report closely, particularly the Portfolio Management
Discussion with Pavlos Alexandrakis. The Q&A in this section gives you the
opportunity to read about your Fund and its performance over the period covered
in the report. If you have questions, please contact your investment
professional or call Pioneer at 1-800-225-6292. You can also visit our web site
at www.pioneerfunds.com for more information.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
PORTFOLIO SUMMARY 5/31/00
--------------------------------------------------------------------------------
Sector Diversification
-------------------------------------------------------------------------------
(As a percentage of total equity holdings)
[PIE CHART PLOT POINTS]
Technology 27%
Communication Services 20%
Financial 13%
Consumer Cyclicals 13%
Consumer
Staples 8%
Basic
Materials 5%
Capital Goods 5%
Energy 4%
Healthcare 3%
Other 2%
[END PLOT POINTS]
Country Distribution
-------------------------------------------------------------------------------
(As a percentage of equity holdings)
[BAR CHART PLOT POINTS]
United Kingdom 19.2%
Japan 18.8%
France 13.0%
Germany 6.2%
Netherlands 6.1%
Finland 5.1%
Italy 4.8%
Switzerland 4.6%
Australia 3.3%
Spain 3.3%
Sweden 1.8%
Hong Kong 1.6%
United States 1.5%
South Korea 1.4%
Mexico 1.3%
Israel 1.1%
Singapore 1.1%
Taiwan 1.0%
Brazil 0.7%
Canada 0.6%
India 0.6%
Norway 0.6%
Czech Republic 0.5%
Malaysia 0.4%
Belgium 0.3%
Thailand 0.3%
Greece 0.2%
New Zealand 0.2%
Philippines 0.2%
South Africa 0.2%
[END PLOT POINTS]
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. Nokia Oyj 2.83% 6. Tokyo Electron Ltd. 1.86%
2. Vodafone AirTouch Plc 2.77 7. Rohm Co., Ltd. 1.79
3. Telefonica SA 2.01 8. Total Fina Elf SA 1.71
4. Philips Electronics NV 1.99 9. Siemens AG 1.68
5. Canon, Inc. 1.95 10. NTT Mobile 1.64
Communications Network, Inc.
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 5/31/00 CLASS A SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
-------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 21.52 $ 21.14
Distributions per Share Income Short-Term Long-Term
(11/30/99 -5/31/00) Dividends Capital Gains Capital Gains
- - -
</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.
<TABLE>
<CAPTION>
----------------------------------------------
Average Annual Total Returns
(As of May 31, 2000)
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund 11.81% 10.89%
(3/25/93)
5 Years 8.64 7.36
1 Year 23.32 16.26
----------------------------------------------
</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 PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000+
Pioneer
International MSCI EAFE
Growth Fund* Index
<S> <C> <C>
3/93 9425 10000
10170 11180
13134 11040
5/94 14807 12696
14451 12676
5/95 13892 13322
15002 13638
5/96 17153 14745
16713 15243
5/97 18635 15858
18263 15180
5/98 19821 17617
16556 17673
5/99 17051 18381
20656 21402
5/00 21028 21537
</TABLE>
[END PLOT POINTS]
+ 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 5/31/00 CLASS B SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 20.85 $ 20.56
Distributions per Share Income Short-Term Long-Term
(11/30/99 -5/31/00) Dividends Capital Gains Capital Gains
- - -
</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.
<TABLE>
<CAPTION>
--------------------------------------
Average Annual Total Returns
(As of May 31, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 5.82% 5.82%
(4/4/94)
5 Years 7.77 7.62
1 Year 22.43 18.43
</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 PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000+
Pioneer
International MSCI EAFE
Growth Fund* Index
<S> <C> <C>
4/94 10000 10000
5/94 10087 9943
9803 9927
5/95 9388 10433
10102 10680
5/96 11506 11548
11157 11937
5/97 12396 12419
12099 11888
5/98 13076 13796
10877 13841
5/99 11146 14395
13456 16761
5/00 13646 16866
</TABLE>
[END PLOT POINTS]
+ 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 5/31/00 CLASS C SHARES
--------------------------------------------------------------------------------
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 5/31/00 11/30/99
$ 20.64 $ 20.43
Distributions per Share Income Short-Term Long-Term
(11/30/99 -5/31/00) Dividends Capital Gains Capital Gains
- - -
</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.
<TABLE>
<CAPTION>
--------------------------------------
Average Annual Total Returns
(As of May 31, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 5.47% 5.47%
(1/31/96)
1 Year 21.91 21.91
</TABLE>
* Assumes reinvestment of distributions.
The 1% contingent deferred sales charge
(CDSC) applies to redemptions made
within one year of purchase.
[MOUNTAIN CHART PLOT POINTS]
<TABLE>
<CAPTION>
Growth of $10,000
Pioneer
International MSCI EAFE
Growth Fund* Index
<S> <C> <C>
1/96 10000 10000
10076 10034
5/96 10588 10351
10023 10127
10275 10700
10998 10359
5/97 11415 11132
11702 11044
11143 10656
12353 11962
5/98 12061 12367
9067 11027
10079 12406
9812 12551
5/99 10331 12903
11277 13855
12467 15024
14816 15746
5/00 12595 15118
</TABLE>
[END PLOT POINTS]
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 5/31/00
--------------------------------------------------------------------------------
During the first three months of the year, Pioneer International Growth Fund
performed well. However, in later months, the Fund's performance was affected
by the subsequent retreat in stock markets around the globe. Given the
tremendous appreciation of Internet-related and telecommunications stocks since
last fall, it's not surprising that these sectors would fall the hardest.
Information technology, media and capital goods which comprise a considerable
area of investment for your Fund, prospered during the period. In the following
interview, Pavlos M. Alexandrakis, your Fund's portfolio manager, explains the
impact of these and other events on your portfolio.
Q: Did the correction in Internet-related and telecommunications stocks affect
the Fund dramatically?
A: The retreat in these sectors was considerable, erasing much of the gains
achieved in the first four months of the reporting period. The Fund's
overweighting in technology and telecommunications stocks compounded the
influence of the sector's reversal on the Fund's performance. Nevertheless,
we remain enthusiastic about prospects for these companies and have been
adding to our positions at these more affordable prices. Fund holdings
British Telecom, Vodafone AirTouch (UK), Nippon Telegraph & Telephone (Japan)
and Philips Electronics (Netherlands), are world-class companies which we
believe have strong long-term growth potential.
For the six months ended May 31, 2000, the Fund's Class A, B and C shares
rose 1.80%, 1.41% and 1.03% at net asset value, respectively. The 693
international funds tracked by Lipper, Inc. climbed an average of 2.26% for
the same period. (Lipper is an independent firm that measures mutual fund
performance.) The Morgan Stanley Capital International (MSCI) All Country
World Free Index excluding the United States and the MSCI EAFE (Europe,
Australasia, Far East) Index climbed 1.57% and 0.61%, respectively.
Q: Which of the Fund's telecommunications and technology holdings prospered
despite the correction?
A: Interestingly, some of our smaller telecommunication companies that
represent wide geographic diversity did quite well. Cellular operator
6
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SK Telecom (South Korea) as well as long distance operator Cable & Wireless
Optus (United Kingdom) reaped strong gains. Under the technology umbrella,
many companies achieved positive results - including communications equipment
provider Nokia (Finland) and office equipment supplier Canon (Japan).
Q: Is the global trend toward higher interest rates affecting the Fund's
financial holdings?
A: Yes, but the impact was mixed. Bank stocks, including Lloyds TSB Group and
Royal Bank of Scotland in the United Kingdom, were hardest hit. The Fund's
investments in asset managers such as Axa (France), directly benefited from
rising stock markets, particularly in Europe. Bipop-Carire (Italy) is
benefiting from Internet banking and e-trading.
The potential for higher inflation has all of the world's central banks on
the defensive. In the 12 months ended May 31, no less than 100 interest rates
increases by central banks took place - with 26 of the increases coming in
May alone. While the Fund does not invest in the United States, we're closely
monitoring the Federal Reserve's aggressive monetary policy, since its
interest rate decisions have strong implications internationally. Many
analysts expect that the Fed's crusade, which began in June of 1999, will
ease toward the end of summer.
Q: Is the euro's decline tarnishing the performance of European stocks?
A: The euro's descent, from a high of $1.18 just after its launch in January
1999 to today's levels of approximately $0.90, has certainly weakened the
returns of European investments in U.S. dollar terms. Fortunately, however,
the strong performance of European stocks is more than making up for currency
declines. Furthermore, a weaker currency carries advantages - most notably,
the export boom, which is advantageous for many Fund holdings, including
Siemens (Germany) and Philips Electronics (Netherlands). Regardless of where
this currency finds its equilibrium, (we anticipate the euro will approach
parity with the U.S. dollar before year end), the goal of a single currency
is what made Europe's economic renaissance possible.
7
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 5/31/00 (continued)
--------------------------------------------------------------------------------
Overall, we remain quite enthusiastic about Europe's prospects. Corporate
restructurings and market reforms are energizing profits and sending stock
prices higher. We expect the momentum to continue, especially in light of
pending tax and pension reform that will encourage a more efficient
redistribution of capital.
Q: Are you seeing further evidence of reform in Japan?
A: Yes. After years of stagnation, Japan is undergoing positive change that
bodes well for its future economic growth. Financial institutions are
restructuring and Japanese companies are eliminating excess capacity and
improving their profitability. As in Europe, the growth of pensions and
mutual funds is creating a shareholder constituency that demands reform in
Japan's corporate-governance structures and a greater role of
profitability standards in business decision-making. A surge in foreign
investment and an explosion of mergers and acquisitions is also changing
the landscape.
The ability of the Internet economy to revolutionize old business practices
in Japan cannot be overstated. By providing more information about prices and
alternative sources of supply, the Internet is weakening traditional
relationships and an inefficient distribution system and conferring more
power on Japanese consumers. Fund holding Softbank is creating a whole host
of financial consumer services, including E*Trade Japan and Morningstar Japan
for stock quotations.
Q: What is your outlook?
A: The roller coaster ride of the past six months raises more than a few
eyebrows. However, the correction is producing a tangible shift in investor
psychology - helping to wring out euphoric speculation and restoring balance
to the financial markets. A more rational mentality is taking hold that
prizes profits over promise and performance over vision - particularly in the
dazzling world of New Economy, dot-com stocks. At Pioneer, we've always
emphasized the bottom line fundamentals and think a return to the basic
tenets of investing bodes well for the first-rate companies comprising your
portfolio.
8
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
PREFERRED STOCKS - 3.1%
461,173 News Corp. Ltd. $ 4,431,841
7,000 SAP AG 3,611,644
6,000,000 Petrobras Brasileiro SA 1,396,877
15,000 Telemig Celular Participacoes (A.D.R.)* 870,938
-----------
TOTAL PREFERRED STOCKS
(Cost $9,047,458) $10,311,300
-----------
COMMON STOCKS - 95.3%
Basic Materials - 5.2%
Chemicals (Diversified) - 2.4%
80,000 Aventis SA $ 5,213,606
700,000 WMC Ltd. 2,872,645
-----------
$ 8,086,251
-----------
Construction (Cement & Aggregates) - 1.5%
380,003 Cemex, SA $ 1,610,318
2,740 Holderbank Financiere Glarus AG (Bearer Shares) 3,211,787
-----------
$ 4,822,105
-----------
Paper & Forest Products - 0.9%
120,000 UPM-Kymmene Corp. $ 3,045,313
-----------
Metals Mining - 0.4%
100,000 Rio Tinto Plc $ 1,463,918
-----------
Total Basic Materials $17,417,587
-----------
Capital Goods - 4.8%
Electrical Equipment - 1.2%
30,000 ABB Ltd.* $ 3,722,680
25,000 Densel-lambda KK 446,760
-----------
$ 4,169,440
-----------
Engineering & Construction - 0.3%
1,500 Bouygues SA $ 929,268
-----------
Machinery (Diversified) - 0.6%
600,000 Invensys Plc $ 2,092,595
-----------
Office Equipment & Supplies - 2.7%
140,000 Canon, Inc. $ 6,446,342
60,000 Societe BIC SA 2,659,611
-----------
$ 9,105,953
-----------
Total Capital Goods $16,297,256
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Communication Services - 19.1%
Cellular/Wireless Telecommunications - 7.2%
35,000 Ceske Radiokomunikace (G.D.R.) (144A)* $ 1,540,000
5,000 China Telecom Hong Kong Ltd. (A.D.R.)* 735,000
84,000 Libertel NV* 1,300,976
210 NTT Mobile Communications Network, Inc. 5,419,606
45,000 SK Telecom Co. Ltd. (A.D.R.) 1,802,813
86,000 Sonera Group Plc 4,356,925
2,000,000 Vodafone AirTouch Plc 9,153,232
-----------
$24,308,552
-----------
Telecommunications (Long Distance) - 2.3%
300,000 Cable & Wireless Optus Plc $ 4,997,979
60,000 Colt Telecom Group Plc* 2,097,086
15,000 KPNQwest NV* 520,614
-----------
$ 7,615,679
-----------
Telephone - 9.6%
284,138 British Telecom Plc $ 4,159,549
62,500 Deutsche Telekom* 3,906,939
140,000 Global Telesystems Group, Inc.* 1,557,500
29,100 Hellenic Telecommunication Organization SA 718,051
29,000 Koninklije KPN NV 2,619,118
13,000 Korea Telecom Corp. (A.D.R.)* 481,000
400 Mahanagar Telephone Nigam Ltd.* 1,622
25,000 Mobistar SA* 851,829
300 Nippon Telegraph & Telephone Corp. 3,564,798
21,000 NTL Inc.* 1,240,313
33,250 Philippine Long Distance Telephone Co. (A.D.R.) 586,031
4,000 Swisscom AG (Registered Shares) 1,404,963
300,000 Telecom Italia SpA 1,861,336
180,000 Telecom Italia SpA Di Risp 1,889,326
324,081 Telefonica SA* 6,652,089
15,000 Telefonos de Mexico SA (A.D.R.) 730,313
-----------
$32,224,777
-----------
Total Communication Services $64,149,008
-----------
Consumer Cyclicals - 11.6%
Auto Parts & Equipment - 0.7%
40,000 AutoLiv Inc. (Swedish Depository Receipt) $ 1,101,959
100,000 GKN Plc 1,387,579
-----------
$ 2,489,538
-----------
</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>
Automobiles - 2.7%
148,000 Bayerische Motoren Werke AG $ 4,501,540
100,000 Renault SA 4,711,651
-----------
$ 9,213,191
-----------
Consumer (Jewelry, Novelties & Gifts) - 0.4%
115,000 Bulgari SpA $ 1,431,316
-----------
Distributors (Durables) - 0.4%
300,000 Itochu Corp.* $ 1,211,474
-----------
Hardware & Tools - 0.9%
311,000 Makita Corp. $ 2,953,518
-----------
Household Furnishings & Appliances - 1.8%
220,000 Fisher & Paykel Industries Ltd. $ 654,439
59,000 Sony Corp. 5,340,234
-----------
$ 5,994,673
-----------
Leisure Time (Products) - 1.1%
500,000 Berjaya Sports Toto Bhd. $ 1,151,316
500,000 Tabcorp Holdings Ltd. 2,655,151
-----------
$ 3,806,467
-----------
Publishing (Newspapers) - 1.0%
91,700 Naspers Ltd. Plc $ 798,592
400,000 Reed International Plc 2,646,429
-----------
$ 3,445,021
-----------
Retail (Specialty - Apparel) - 0.3%
600,000 Giordano International Ltd. $ 939,395
-----------
Services (Advertising/Marketing) - 0.2%
1,000 Publigroupe SA $ 704,851
-----------
Services (Commercial & Consumer) - 1.5%
45,818 Vivendi $ 4,916,044
-----------
Textiles (Apparel) - 0.6%
21,700 Gucci Group NV (NY Shares) $ 1,858,062
-----------
Total Consumer Cyclicals $38,963,550
-----------
Consumer Staples - 8.0%
Beverages (Non-Alcoholic) - 0.7%
365,000 Cadbury Schweppes Plc $ 2,432,623
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Broadcasting (Television/Radio/Cable) - 2.7%
11,000 Canal Plus $ 2,093,653
6,000 EM TV & Merchandising AG* 402,216
35,000 Grupo Televisa, SA (A.D.R.)* 1,949,063
12,000 Nippon Broadcasting System Inc. 725,214
90,000 Reuters Group Plc 1,332,345
100,000 United Pan-Europe Communications NV* 2,590,942
-----------
$ 9,093,433
-----------
Entertainment - 0.4%
300,000 Manchester United Plc $ 1,452,692
-----------
Foods - 2.3%
13,500 Groupe Danone* $ 3,162,731
1,365,625 JG Summit Holdings, Inc.* 100,861
1,000 Nestle SA 1,907,244
168,700 Tata Tea Ltd. (G.D.S.) (144A)* 1,328,513
20,000 Unilever NV (NY Shares) 1,016,250
-----------
$ 7,515,599
-----------
Household Products (Non-Durables) - 1.5%
160,000 Kao Corp. $ 4,857,037
-----------
Retail Stores (Drug Stores) - 0.4%
175,000 Boots Company Plc $ 1,454,470
-----------
Total Consumer Staples $26,805,854
-----------
Energy - 3.8%
Oil (International Integrated) - 0.7%
300,000 Shell Transport & Trading Co. $ 2,483,273
-----------
Oil & Gas (Production/Exploration) - 0.8%
1,400,000 Lasmo Plc $ 2,493,751
-----------
Oil & Gas (Refining & Marketing) - 2.3%
400,000 ENI SpA $ 2,164,561
36,000 Total Fina Elf SA 5,673,015
-----------
$ 7,837,576
-----------
Total Energy $12,814,600
-----------
Financial - 12.8%
Banks (Major Regional) - 4.1%
365,000 Banca Popolare di Milano $ 2,368,832
250,000 Banco Santander Central Hispano, SA 2,451,458
800,000 Bangkok Land Ltd. (Foreign Shares) 943,757
</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 (Major Regional) - (continued)
420,000 Bipop-Carire SpA $ 3,824,555
179,102 Development Bank of Singapore Ltd. 1,787,559
60,000 National Australia Bank Ltd. 894,152
123,000 Svenska Handelbanken 1,738,758
-----------
$14,009,071
-----------
Banks (Money Center) - 2.5%
97,000 Barclays Plc $ 2,513,314
20,000 Credit Lyonnais SA* 859,107
190,000 Lloyds TSB Group Plc 2,061,910
180,000 Royal Bank of Scotland Group 2,961,067
-----------
$ 8,395,398
-----------
Financial (Diversified) - 1.9%
144,000 Cheung Kong Holdings Ltd. $ 1,316,693
70,000 Fortis NV 1,841,743
50 ICICI Ltd. 151
61,000 Nichiei Co., Ltd. 1,073,106
360,000 Swire Pacific Ltd. 2,078,989
-----------
$ 6,310,682
-----------
Insurance (Life/Health) - 0.8%
180,000 Prudential Corp. Plc $ 2,725,313
-----------
Insurance (Multi-Line) - 2.8%
31,000 Axa $ 4,569,836
240,000 Ras SpA 2,268,310
5,000 Zurich Allied AG 2,458,094
-----------
$ 9,296,240
-----------
Investment Banking/Brokerage - 0.6%
170,000 Daiwa Securities Group, Inc. $ 2,067,397
-----------
Investment Management - 0.1%
80,000 Asahi Bank Ltd. $ 355,737
-----------
Total Financial $43,159,838
-----------
Healthcare - 2.7%
Healthcare (Drugs/Major Pharmaceuticals) - 2.7%
112,000 Glaxo Wellcome Plc $ 3,153,442
1,250 Novartis AG 1,843,570
11,000 Schering AG 1,649,265
200,000 Smithkline Beecham Plc 2,547,637
-----------
Total Healthcare $ 9,193,914
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Technology - 25.7%
Communications Equipment - 5.9%
44,000 Alcatel SA (A.D.R.) $ 2,400,750
5,000 Jazztel Plc (A.D.R.)* 195,313
156,000 Telefonaktiebologet LM Ericsson 3,168,967
24,000 Matsushita Communication Industrial Ltd. 2,584,478
180,000 Nokia Oyj 9,371,055
40,000 Nortel Networks Corp. 2,130,075
-----------
$19,850,638
-----------
Computers (Hardware) - 0.8%
520,520 Compal Electronics Corp. $ 1,241,747
5,000 Samsung Electronics 1,363,435
-----------
$ 2,605,182
-----------
Computers (Networking) - 0.7%
38,000 Equant NV* $ 1,661,375
1,900 Gigamedia Ltd.* 33,369
252,300 Stepstone ASA* 706,604
-----------
$ 2,401,348
-----------
Computers (Software & Services) - 5.2%
20,000 Autonomy Corp. Plc* $ 2,080,000
20,000 Check Point Software Technologies Ltd.* 3,757,500
8,000 Dassault Systems SA 608,316
28,000 FI Systems* 1,331,018
36,000 Lernout & Hauspie Speech Products NV* 1,505,250
45,000 NIIT Ltd. 1,988,929
100 Satyam Computer Services (Bonus Shares) 5,699
12,000 Softbank Corp. 1,838,099
24,000 Softbank Corp. (Bonus Shares)* 3,598,218
235,000 Sunevision Holdings Ltd.* 214,123
4,000 Trans Cosmos Inc. 582,993
-----------
$17,510,145
-----------
Electronics (Component Distributors) - 4.9%
147,200 Philips Electronics NV $ 6,572,980
38,000 Siemens AG 5,573,725
463,000 Toshiba Corp. 4,470,108
-----------
$16,616,813
-----------
Electronics (Instrumentation) - 0.6%
900,000 Elec & Eltek International Co., Ltd. $ 1,998,000
-----------
</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>
Electronics (Semiconductors) - 6.2%
97,000 Fujitsu Ltd. $ 2,746,472
70,000 Hyundai Electronics Industries Co., Ltd.* 1,090,748
13,500 Infineon Technologies AG* 882,945
19,000 Rohm Co., Ltd. 5,926,476
36,000 STmicroelectronics 2,146,274
403,200 Taiwan Semiconductor Manufacturing Co.* 2,054,606
45,000 Tokyo Electron Ltd. 6,140,921
------------
$ 20,988,442
------------
Services (Computer Systems) - 0.8%
100,000 Baltimore Technologies Plc* $ 693,041
111,000 Getronics NV 1,858,956
------------
$ 2,551,997
------------
Services (Data Processing) - 0.6%
65,000 Infonet Services Corp.* $ 747,500
200,000 Merkantildata ASA* 1,277,096
------------
$ 2,024,596
------------
Total Technology $ 86,547,161
------------
Transportation - 0.9%
Railroads - 0.5%
125,000 Railtrack Group Plc $ 1,561,868
------------
Shipping - 0.4%
140,000 Peninsular & Orient Steam Navigation Co. $ 1,471,103
------------
Total Transportation $ 3,032,971
------------
Utilities - 0.7%
Electric Companies - 0.7%
358,333 British Energy Plc $ 673,145
400,000 British Energy Plc (Deferred Shares)* 1
80,000 Endesa SA 1,658,501
------------
Total Utilities $ 2,331,647
------------
TOTAL COMMON STOCKS
(Cost $274,636,613) $320,713,386
------------
TOTAL INVESTMENT IN SECURITIES
(Cost $283,684,071) (a) $331,024,686
------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 5/31/00 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
TEMPORARY CASH INVESTMENT - 1.6%
Commercial Paper - 1.6%
$5,501,000 Household Finance Corp., 6.74%, 6/1/00 $ 5,501,000
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $5,501,000) $ 5,501,000
------------
TOTAL INVESTMENT IN SECURITIES AND
TEMPORARY CASH INVESTMENT - 100%
(Cost $289,185,071) (b) (c) $336,525,686
------------
</TABLE>
* Non-income producing security.
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, 2000, the value of these securities amounted to $2,868,513 or 0.8% 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 19.2%
Japan 18.8
France 13.0
Germany 6.2
Netherlands 6.1
Finland 5.1
Italy 4.8
Switzerland 4.6
Australia 3.3
Spain 3.3
Sweden 1.8
Hong Kong 1.6
United States 1.5
South Korea 1.4
Mexico 1.3
Israel 1.1
Singapore 1.1
Taiwan 1.0
Others (individually less than 1%) 4.8
-----
100.0%
-----
</TABLE>
(b) At May 31, 2000, the net unrealized gain on investments based on cost for
federal income tax purposes of $290,465,648 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $81,728,163
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (35,668,125)
-----------
Net unrealized gain $46,060,038
-----------
</TABLE>
(c) At November 30, 1999, the Fund had a net capital loss carryforward of
$85,218,392 which will expire between 2006 and 2007 if not utilized.
Purchase and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2000, aggregated $104,454,928 and $157,544,440,
respectively.
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
BALANCE SHEET 5/31/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash investment
of $5,501,000) (cost $289,185,071) $336,525,686
Foreign currencies, at value 992,570
Receivables -
Investment securities sold 6,341,231
Fund shares sold 11,619,532
Dividends, interest and foreign taxes withheld 1,157,956
Forward foreign currency settlement hedge contracts, open - net 241
Forward foreign currency portfolio hedge contracts, open - net 3,699,995
Other 10,968
-------------
Total assets $360,348,179
-------------
LIABILITIES:
Payables -
Investment securities purchased $ 841,592
Fund shares repurchased 2,476,087
Due to bank 740
Due to affiliates 484,404
Reserve for capital gains taxes 20,038
Accrued expenses 426,169
-------------
Total liabilities $ 4,249,030
-------------
NET ASSETS:
Paid-in capital $347,800,238
Accumulated undistributed net investment income 5,858,698
Accumulated net realized loss on investments and
foreign currency transactions (48,547,007)
Net unrealized gain on investments (including reserve for capital gains
taxes of $20,038) 47,320,577
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 3,666,643
-------------
Total net assets $356,099,149
-------------
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $284,050,521/13,199,144 shares) $ 21.52
-------------
Class B (based on $65,798,726/3,156,544 shares) $ 20.85
-------------
Class C (based on $6,249,902/302,737 shares) $ 20.64
-------------
MAXIMUM OFFERING PRICE:
Class A $ 22.83
-------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
--------------------------------------------------------------------------------
For the Six Months Ended 5/31/00
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $252,883) $ 2,594,172
Interest (net of foreign taxes withheld of $312) 147,623
------------
Total investment income $ 2,741,795
------------
EXPENSES:
Management fees $ 1,915,593
Transfer agent fees
Class A 492,479
Class B 148,280
Class C 36,384
Distribution fees
Class A 391,325
Class B 387,097
Class C 36,575
Administrative fees 49,774
Custodian fees 127,162
Registration fees 66,612
Professional fees 73,156
Printing 60,296
Fees and expenses of nonaffiliated trustees 12,627
Miscellaneous 168,542
------------
Total expenses $ 3,965,902
Less fees paid indirectly (27,907)
------------
Net expenses $ 3,937,995
------------
Net investment loss $ (1,196,200)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments (net of capital gains taxes paid of $810) $ 44,550,095
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (6,330,384) $ 38,219,711
------------ ------------
Change in net unrealized gain or loss from:
Investments $(35,515,778)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 11,068,316 $(24,447,462)
------------ ------------
Net gain on investments and foreign currency
transactions $ 13,772,249
------------
Net increase in net assets resulting from operations $ 12,576,049
------------
</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 5/31/00 and the Year Ended 11/30/99
<TABLE>
<CAPTION>
Six Months
Ended Year
5/31/00 Ended
(unaudited) 11/30/99
<S> <C> <C>
FROM OPERATIONS:
Net investment loss $ (1,196,200) $ (1,425,035)
Net realized gain (loss) on investments and foreign
currency transactions 38,219,711 (25,969,005)
Change in net unrealized gain or loss on investments and
foreign currency transactions (24,447,462) 107,535,519
------------- -------------
Net increase in net assets resulting from
operations $ 12,576,049 $ 80,141,479
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.00 and $0.13 per share, respectively) $ - $ (2,399,549)
Class B ($0.00 and $0.01 per share, respectively) - (23,042)
Class C ($0.00 and $0.01 per share, respectively) - (4,556)
Tax return of capital:
Class A ($0.00 and $0.07 per share, respectively) - (1,204,656)
Class B ($0.00 and $0.00 per share, respectively) - (11,568)
Class C ($0.00 and $0.00 per share, respectively) - (2,288)
------------- -------------
Total distributions to shareholders $ - $ (3,645,659)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $254,431,127 $732,186,890
Reinvestment of distributions - 3,122,489
Cost of shares repurchased (275,175,842) (826,468,074)
------------- -------------
Net decrease in net assets resulting from
fund share transactions $(20,744,715) $(91,158,695)
------------- -------------
Net decrease in net assets $ (8,168,666) $(14,662,875)
NET ASSETS:
Beginning of period 364,267,815 378,930,690
------------- -------------
End of period (including accumulated undistributed
net investment income of $5,858,698 and
$7,054,898, respectively) $356,099,149 $364,267,815
------------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Six Months Ended 5/31/00 and the Year Ended 11/30/99
<TABLE>
<CAPTION>
'00 Shares '00 Amount
CLASS A (unaudited) (unaudited) '99 Shares '99 Amount
<S> <C> <C> <C> <C>
Shares sold 9,821,145 $ 227,153,501 32,091,205 $570,168,660
Reinvestment of distributions - - 183,719 3,090,161
Less shares repurchased (10,304,978) (243,086,494) (36,934,109) (660,076,431)
----------- -------------- ----------- -------------
Net decrease (483,833) $ (15,932,993) (4,659,185) $(86,817,610)
----------- -------------- ----------- -------------
CLASS B
Shares sold 744,797 $ 17,133,649 1,569,989 $ 28,634,272
Reinvestment of distributions - - 1,713 28,243
Less shares repurchased (943,966) (21,974,889) (1,735,677) (30,479,670)
----------- -------------- ----------- -------------
Net decrease (199,169) $ (4,841,240) (163,975) $ (1,817,155)
----------- -------------- ----------- -------------
CLASS C
Shares sold 446,230 $ 10,143,977 7,828,598 $133,383,958
Reinvestment of distributions - - 249 4,085
Less shares repurchased (435,995) (10,114,459) (7,901,215) (135,911,973)
----------- -------------- ----------- -------------
Net increase (decrease) 10,235 $ 29,518 (72,368) $ (2,523,930)
----------- -------------- ----------- -------------
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer International Growth Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
(unaudited) 11/30/99
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 21.14 $ 17.14
--------- --------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03) $ (0.09)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.41 4.29
--------- -------
Net increase (decrease) from investment operations $ 0.38 $ 4.20
Distributions to shareholders:
Net investment income - (0.13)
Net realized gain - -
Tax return of capital - (0.07)
--------- --------
Net increase (decrease) in net asset value $ 0.38 $ 4.00
--------- --------
Net asset value, end of period $ 21.52 $ 21.14
--------- -------
Total return* 1.80% 24.77%
Ratio of net expenses to average net assets+ 1.81%* * 1.89%
Ratio of net investment income (loss) to average net assets+ (0.43)%** (0.27)%
Portfolio turnover rate 54%** 90%
Net assets, end of period (in thousands) $ 284,051 $289,291
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.79%** 1.88%
Net investment income (loss) (0.41)%** (0.26)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
11/30/98 11/30/97 11/30/96 11/30/95
<S> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 23.66 $ 23.39 $ 21.21 $ 21.55
-------- -------- -------- --------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14 $ 0.13 $ 0.10 $ (0.04)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (2.06) 1.87 2.32 0.80
------- ------- -------- -------
Net increase (decrease) from investment operations $ (1.92) $ 2.00 $ 2.42 $ 0.76
Distributions to shareholders:
Net investment income (1.15) (0.26) - -
Net realized gain (3.45) (1.47) (0.24) (1.10)
Tax return of capital - - - -
------- -------- -------- --------
Net increase (decrease) in net asset value $ (6.52) $ 0.27 $ 2.18 $ (0.34)
------- -------- -------- --------
Net asset value, end of period $ 17.14 $ 23.66 $ 23.39 $ 21.21
------- -------- -------- --------
Total return* (9.35)% 9.28% 11.40% 3.81%
Ratio of net expenses to average net assets+ 1.73% 1.69% 1.77% 2.00%
Ratio of net investment income (loss) to average net assets+ 0.60% 0.51% 0.26% (0.23)%
Portfolio turnover rate 123% 154% 173% 219%
Net assets, end of period (in thousands) $314,381 $395,572 $378,956 $308,488
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.72% 1.67% 1.76% 1.98%
Net investment income (loss) 0.61% 0.53% 0.27% (0.21)%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all 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.
+ Ratios 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 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
(unaudited) 11/30/99
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 20.56 $ 16.63
------- ---------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.14) $ (0.19)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.43 4.13
--------- ---------
Net increase (decrease) from investment operations $ 0.29 $ 3.94
Distributions to shareholders:
Net investment income - (0.01)
Net realized gain - -
Tax return of capital - (0.00)(b)
--------- ---------
Net increase (decrease) in net asset value $ 0.29 $ 3.93
--------- ---------
Net asset value, end of period $ 20.85 $ 20.56
--------- ---------
Total return* 1.41% 23.71%
Ratio of net expenses to average net assets+ 2.63%* * 2.72%
Ratio of net investment loss to average net assets+ (1.25)%** (1.14)%
Portfolio turnover rate 54%** 90%
Net assets, end of period (in thousands) $ 5,799 $ 69,001
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.62%** 2.71%
Net investment loss (1.24)%** (1.13)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
11/30/98(a) 11/30/97 11/30/96 11/30/95
<S> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 23.09 $ 22.89 $ 20.94 $ 21.45
--------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04) $ (0.06) $ 0.15 $ (0.17)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (1.97) 1.85 2.04 0.76
--------- ------- ------- -------
Net increase (decrease) from investment operations $ (2.01) $ 1.79 $ 2.19 $ 0.59
Distributions to shareholders:
Net investment income (1.00) (0.12) - -
Net realized gain (3.45) (1.47) (0.24) (1.10)
Tax return of capital - - - -
--------- ------- ------- -------
Net increase (decrease) in net asset value $ (6.46) $ 0.20 $ 1.95 $ (0.51)
--------- ------- ------- -------
Net asset value, end of period $ 16.63 $ 23.09 $ 22.89 $ 20.94
--------- ------- ------- -------
Total return* (10.09)% 8.44% 10.45% 3.00%
Ratio of net expenses to average net assets+ 2.57% 2.49% 2.60% 2.80%
Ratio of net investment loss to average net assets+ (0.24)% (0.23)% (0.51)% (1.04)%
Portfolio turnover rate 123% 154% 173% 219%
Net assets, end of period (in thousands) $ 58,519 $81,438 $69,056 $34,385
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.56% 2.47% 2.58% 2.77%
Net investment loss (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.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all 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.
+ Ratios 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 5/31/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
5/31/00 Year Ended
(unaudited) 11/30/99(a)
<S> <C> <C>
CLASS C
Net asset value, beginning of period $ 20.43 $ 16.53
--------- ---------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.24) $ (0.17)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.45 4.08
--------- ---------
Net increase (decrease) from investment operations $ 0.21 $ 3.91
Distributions to shareholders:
Net investment income - (0.01)
Net realized gain - -
Tax return of capital - (0.00)(b)
--------- ---------
Net increase (decrease) in net asset value $ 0.21 $ 3.90
--------- ---------
Net asset value, end of period $ 20.64 $ 20.43
--------- ---------
Total return* 1.03% 23.69%
Ratio of net expenses to average net assets+ 3.24%** 2.67%
Ratio of net investment income (loss) to average net assets+ (1.85)%** (1.00)%
Portfolio turnover rate 54%** 90%
Net assets, end of period (in thousands) $ 6,250 $ 5,976
Ratios assuming reduction for fees paid indirectly:
Net expenses 3.21%** 2.64%
Net investment income (loss) (1.82)%** (0.97)%
<CAPTION>
Year Ended Year Ended 1/31/96 to
11/30/98(a) 11/30/97(a) 11/30/96
<S> <C> <C> <C>
CLASS 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 (loss) on investments and
foreign currency transactions (1.87) 1.77 0.60
------- -------- --------
Net increase (decrease) from investment operations $ (1.89) $ 1.77 $ 0.62
Distributions to shareholders:
Net investment income (1.03) (0.24) -
Net realized gain (3.45) (1.47) (0.24)
Tax return of capital - - -
------- -------- ---------
Net increase (decrease) in net asset value $ (6.37) $ 0.06 $ 0.38
------- -------- ---------
Net asset value, end of period $ 16.53 $ 22.90 $ 22.84
------- -------- ---------
Total return* (9.55)% 8.45% 2.75%
Ratio of net expenses to average net assets+ 2.38% 2.50% 2.36%**
Ratio of net investment income (loss) to average net assets+ (0.13)% (0.03)% 0.13%**
Portfolio turnover rate 123% 154% 173%
Net assets, end of period (in thousands) $ 6,031 $ 9,303 $ 6,078
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.35% 2.47% 2.31%**
Net investment income (loss) (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.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all 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.
+ Ratios 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 5/31/00 (unaudited)
--------------------------------------------------------------------------------
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 has 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 as of 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 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
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Pioneer International Growth Fund
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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 a greater degree of risk than in
a developed market. Risks associated with these developing markets,
attributable to political, social or economic factors, may affect the price
of the Fund's investments and income generated by these investments, as well
as the Fund's ability to repatriate such amounts. In addition, delays are
common in registering transfers of securities in certain countries, 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
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Pioneer International Growth Fund
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NOTES TO FINANCIAL STATEMENTS 5/31/00 (unaudited) (cont'd)
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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. 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 the repatriation of foreign currencies in certain countries. During
the six months ended May 31, 2000, the Fund paid $810 in 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, 2000, the Fund had a reserve of $20,038
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, 2000, the Fund had no reserve
related to taxes on the repatriation of foreign currencies.
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 as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
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Pioneer International Growth Fund
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Fund and an indirect subsidiary of The Pioneer Group, Inc. (PGI), earned
$50,730 in underwriting commissions on the sale of fund shares during the six
months ended May 31, 2000.
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.
2. Management Agreement
Pioneering Investment Management, Inc. (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, 2000, $188,486 was payable to PIM
related to management fees, administrative 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 $174,741 in transfer agent fees payable to PSC at May 31,
2000.
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Pioneer International Growth Fund
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NOTES TO FINANCIAL STATEMENTS 5/31/00 (unaudited) (cont'd)
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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 average daily net assets attributable to Class A
shares 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 $121,177
in distribution fees payable to PFD at May 31, 2000.
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 4.00%, 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, 2000, CDSCs in the
amount of $204,192 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, 2000,
the Fund's expenses were reduced by $27,907 under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 2000, 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,
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Pioneer International Growth Fund
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--------------------------------------------------------------------------------
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, 2000 were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Contracts In Exchange Settlement Net Unrealized
Currency to Deliver For Date Value Gain
---------- -------------------------------------------------------------- ---------------
<S> <C> <C> <C> <C> <C>
JPY 5,519,990,000 $54,903,422 6/19/00 $51,203,427 $3,699,995
-----------------------------------------------------------------------------------------------
</TABLE>
At May 31, 2000, the gross forward currency settlement contracts receivable and
payable were $3,674,011 and $3,673,770, respectively, resulting in a net
receivable of $241.
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, 2000 was $3,454,808. The average daily shares outstanding during the
period were 16,990,920 resulting in an average borrowing per share of $0.20.
The related weighted average annualized interest rate for the period was 6.33%,
and the total interest expense on such borrowings was $158,139.
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Pioneer International Growth Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
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Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice
Margaret B.W. Graham President
Marguerite A. Piret Eric W. Reckard, Treasurer
David D. Tripple Joseph P. Barri, Secretary
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
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THE PIONEER FAMILY OF MUTUAL FUNDS
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For information about any Pioneer mutual fund, please contact your investment
professional, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
Growth Funds Income Funds
United States Taxable
Pioneer Growth Shares Pioneer America Income Trust
Pioneer Micro-Cap Fund Pioneer Bond Fund
Pioneer Mid-Cap Fund Pioneer High Yield Fund
Pioneer Mid-Cap Value Fund Pioneer Limited Maturity Bond Fund
Pioneer Science & Technology Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund
Pioneer Tax-Managed Fund Tax-Free
Pioneer Tax-Free Income Fund
International/Global
Pioneer Emerging Markets Fund Money Market Fund
Pioneer Europe Fund Pioneer Cash Reserves Fund*
Pioneer Indo-Asia 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
*An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks
to preserve the value of your investment at $1 per share, it is possible to
lose money by investing in the Fund.
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RETIREMENT PLANS FROM PIONEER
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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)
An IRA is a tax-favored account that allows anyone under age 701/2 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
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and became
available to investors in 1998. Contributions, up to $2,000 a year, are not
tax-deductible, but earnings are tax-free for qualified withdrawals.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $10,500 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 the traditional 401(k), but has no 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.
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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 certain 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.
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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
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Your investment professional 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.
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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 trans-fer
(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.)
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This page for your notes.
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This page for your notes.
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HOW TO CONTACT PIONEER
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We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone[SM] for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our Internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current
Fund prospectus.
[PIONEER LOGO]
Pioneer Investment Management, Inc.
60 State Street 8537-00-0700
Boston, Massachusetts 02109 [RegTM] Pioneer Funds Distributor, Inc.
www.pioneerfunds.com [recycle logo] Printed on Recycled Paper
