<PAGE>
[LOGO]PIONEER
INVESTMENTS-Registered Trademark-
PIONEER
INTERNATIONAL GROWTH
FUND
ANNUAL REPORT 11/30/00
<PAGE>
TABLE OF CONTENTS
----------------------------------------------------------------------------
Letter from the President 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 10
Financial Statements 18
Notes to Financial Statements 24
Report of Independent Public Accountants 30
Results of Shareowner Meeting 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 PRESIDENT 11/30/00
DEAR SHAREOWNER,
--------------------------------------------------------------------------------
The year 2000, the last year of the old millennium, is ending on an
historically unsettling note. The bewildering final days of the presidential
election have come on top of a period of increased market volatility, leaving
us all feeling unsettled. We at Pioneer are convinced that the market's
volatility has its roots not in politics but in the signs of a slowing
economy and in the sudden realization by investors that some market
valuations, notably technology, had become irrational. As the new millennium
unfolds we expect investors to get back to work assessing the policies of the
new administration, evaluating the prospects for a growing economy and
identifying undervalued companies.
As seasoned investors we treat periods of turmoil as periods of opportunity,
looking for the few significant facts and trends that hide well behind the
clutter of daily events. I think that you should do the same thing. This is a
good year, and a good time of year, to evaluate your retirement program
contributions, to compare a Roth IRA with a traditional IRA and to reassess
your investment allocations in light of current market conditions. A
successful investment program requires not only money, but time and planning.
Your investment professional is your best guide to making these important
decisions.
AN IMPORTANT ANNOUNCEMENT FROM PIONEER
I'm very happy to report that, on October 24, 2000, Pioneer Investment
Management, Inc. became a wholly owned subsidiary of UniCredito Italiano
S.p.A., one of Italy's largest and most successful banking groups. Early in
2001 all of UniCredito's investment operations will be combined to form
Pioneer Global Asset Management S.p.A., which will manage over $110 billion
for global Individual and institutional clients under the name Pioneer
Investments-Registered Trademark-. The new Pioneer Global will bring to
Pioneer greater analytical resources that complement our investment skills,
reinforcing Pioneer's tradition of fundamental investment analysis and sound
long-term portfolio management. We believe fund shareowners will benefit
from this merger.
All of us at Pioneer appreciate your decision to invest with us and look
forward to helping you reach your financial goals.
Sincerely,
/s/ David Tripple
David Tripple
President
Pioneer Investment Management, Inc.
1
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
PORTFOLIO SUMMARY 11/30/00
PORTFOLIO DIVERSIFICATION
---------------------------------------------------
(As a percentage of equity holdings)
[PIE CHART]
<TABLE>
<S> <C>
Technology 22%
Communication Services 14%
Financial 15%
Consumer Cyclicals 14%
Consumer Staples 11%
Energy 5%
Basic Materials 7%
Capital Goods 4%
Healthcare 5%
Other 3%
</TABLE>
GEOGRAPHICAL DISTRIBUTION
---------------------------------------------------
(As a percentage of equity holdings)
[BAR CHART]
<TABLE>
<S> <C>
United Kingdom 21.0%
Japan 17.1%
France 13.1%
Switzerland 6.3%
Italy 5.1%
Finland 4.7%
Germany 4.6%
Netherlands 4.3%
Spain 4.1%
Australia 3.4%
Canada 2.6%
Singapore 2.1%
Mexico 1.9%
Sweden 1.6%
Hong Kong 1.5%
South Korea 1.1%
India 1.0%
Israel 1.0%
Taiwan 0.7%
Brazil 0.6%
European Union 0.5%
United States 0.6%
Greece 0.3%
Thailand 0.3%
Norway 0.2%
South Africa 0.2%
Peoples Republic of China 0.1%
</TABLE>
10 LARGEST HOLDINGS
---------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C>
1. Nokia Oyj 2.58%
2. Vodafone AirTouch Plc 2.51
3. Canon, Inc. 2.22
4. Total Fina Elf SA 2.08
5. Kao Corp. 1.99
6. Novartis AG 1.97
7. Renault SA 1.93
8. Telefonica SA 1.91
9. Aventis SA 1.90
10. Axa 1.76
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
---------------------------------------------------
PERFORMANCE UPDATE 11/30/00 CLASS A SHARES
SHARE PRICES AND DISTRIBUTIONS
------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 11/30/00 11/30/99
<S> <C> <C> <C>
$17.87 $21.14
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(11/30/99-11/30/00) 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) Europe, Australasia,
Far East (EAFE) Index and the MSCI All Country World Free Index (ACWF),
excluding the U.S.
AVERAGE ANNUAL TOTAL RETURNS
(As of November 30, 2000)
<TABLE>
<CAPTION>
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
<S> <C> <C>
Life-of-Fund 8.35% 7.52%
(3/25/93)
5 Years 3.08 1.87
1 Year -15.47 -20.33
</TABLE>
[CHART]
GROWTH OF $10,000+
<TABLE>
<CAPTION>
Pioneer International
Growth Fund* MSCI EAFE Index ACWF ex U.S. Index
<S> <C> <C> <C>
3/93 $ 9,425 $10,000 $ 10,000
$10,170 $11,180 $ 11,968
$13,134 $11,040 $ 13,090
$14,807 $12,696 $ 12,912
11/94 $14,451 $12,676 $ 12,928
$13,892 $13,322 $ 13,382
$15,002 $13,638 $ 13,640
$17,153 $14,745 $ 14,860
11/96 $16,713 $15,243 $ 15,304
$18,635 $15,858 $ 16,156
$18,256 $15,180 $ 15,260
$19,821 $17,617 $ 17,349
11/98 $16,556 $17,673 $ 17,079
$17,051 $18,381 $ 18,099
$20,656 $21,402 $ 21,114
$21,028 $21,537 $ 21,445
11/00 $17,461 $19,335 $ 18,990
</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.
+ 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. The MSCI All Country
World Free Index excluding the United States, is composed of 46 markets --
21 developed countries and 25 emerging countries. We believe the ACWF Index
is more representative of the companies in the Fund's portfolio than the
EAFE Index and will not provide the EAFE Index in the future. 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 Indices.
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 11/30/00 CLASS B SHARES
SHARE PRICES AND DISTRIBUTIONS
------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 11/30/00 11/30/99
<S> <C> <C> <C>
$17.22 $20.56
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(11/30/99-11/30/00) 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) Europe, Australasia, Far East (EAFE) Index
and the MSCI All Country World Free Index (ACWF), excluding the U.S.
AVERAGE ANNUAL TOTAL RETURNS
(As of November 30, 2000)
<TABLE>
<CAPTION>
IF IF
PERIOD HELD REDEEMED*
<S> <C> <C>
Life-of-Fund 2.39% 2.39%
(4/4/94)
5 Years 2.21 2.06
1 Year -16.24 -19.60
</TABLE>
[CHART]
GROWTH OF $10,000+
<TABLE>
<CAPTION>
Pioneer International ACWF ex
Growth Fund* MSCI EAFE Index U.S. Index
<S> <C> <C> <C>
4/94 $10,000 $10,000 $10,000
$10,087 $9,943 $10,582
11/94 $9,803 $9,927 $10,087
$9,388 $10,433 $10,441
$10,102 $10,680 $10,642
$11,506 $11,548 $11,594
11/96 $11,157 $11,937 $11,940
$12,396 $12,419 $12,605
$12,093 $11,888 $11,906
$13,076 $13,796 $13,536
11/98 $10,877 $13,841 $13,325
$11,146 $14,395 $14,121
$13,456 $16,761 $16,473
$13,646 $16,866 $16,731
11/00 $11,270 $15,142 $14,816
</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.
+ 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. The MSCI All Country
World Free Index excluding the United States, is composed of 46 markets --
21 developed countries and 25 emerging countries. We believe the ACWF Index
is more representative of the companies in the Fund's portfolio than the
EAFE Index and will not provide the EAFE Index in the future. 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 Indices.
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 11/30/00 CLASS C SHARES
SHARE PRICES AND DISTRIBUTIONS
-------------------------------
<TABLE>
<CAPTION>
NET ASSET VALUE
PER SHARE 11/30/00 11/30/99
<S> <C> <C> <C>
$17.08 $20.43
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(11/30/99-11/30/00) 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) Europe, Australasia, Far East (EAFE) Index and the
MSCI All Country World Free Index (ACWF), excluding the U.S.
AVERAGE ANNUAL TOTAL RETURNS
(As of November 30, 2000)
<TABLE>
<CAPTION>
IF IF
PERIOD HELD REDEEMED*
<S> <C> <C>
Life-of-Fund 0.86% 0.86%
(1/31/96)
1 Year -16.40 -16.40
</TABLE>
[CHART]
GROWTH OF $10,000+
<TABLE>
<CAPTION>
Pioneer International ACWF ex
Growth Fund* MSCI EAFE Index U.S. Index
<S> <C> <C> <C>
1/96 $10,000 $10,000 $10,000
$10,076 $10,034 $10,187
$10,588 $10,351 $10,390
$10,023 $10,127 $10,355
11/96 $10,275 $10,700 $10,646
$10,998 $10,359 $10,497
$11,415 $11,132 $11,860
$11,702 $11,044 $11,751
11/97 $11,143 $10,656 $10,616
$12,353 $11,962 $12,205
$12,061 $12,367 $12,024
$9,067 $11,027 $10,206
11/98 $10,079 $12,406 $11,881
$9,812 $12,551 $12,582
$10,331 $12,903 $13,169
$11,277 $13,855 $13,616
11/99 $12,467 $15,024 $14,688
$14,816 $15,746 $16,215
$12,595 $15,118 $15,554
$12,632 $15,182 $14,285
11/00 $10,423 $13,573 $13,211
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
+ Index Comparison begins January 31, 1996. 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. The MSCI All Country
World Free Index excluding the United States, is composed of 46 markets --
21 developed countries and 25 emerging countries. We believe the ACWF Index
is more representative of the companies in the Fund's portfolio than the
EAFE Index and will not provide the EAFE Index in the future. 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 Indices.
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 11/30/00
After a rise in stock prices during the early months of Pioneer International
Growth Fund's fiscal year, international markets reversed course. Given the
high-quality companies comprising your portfolio, we're riding out the storm
with an eye to better days. In the following interview, portfolio manager Pavlos
M. Alexandrakis discusses the factors influencing your Fund's performance for
the year ended November 30, 2000.
Q: HOW DID THE FUND WEATHER THE CORRECTION IN INTERNATIONAL MARKETS?
A: It was a very challenging period for many industries across international
markets, but the steepest declines came in technology-related stocks. Your
Fund suffered disproportionately relative to its peers, since it holds a
large weighting in technology and telecommunications stocks. During the
second half of the year, investors' concerns about world growth and
corporate profits depressed stock prices further. However, stocks in the
Fund that tend to do well in periods of slower growth performed quite well
and helped soften the negative performance of other investments.
Class A, B and C shares generated total returns of -15.47%, -16.24% and
-16.40%, respectively, at net asset value for the year ending November 30,
2000. The Fund's comparative benchmark, the Morgan Stanley Capital
International (MSCI) All Country World Free Index excluding the United
States returned -9.67% for the same period. The 678 international funds
tracked by Lipper, Inc. posted a return of -8.99%. (Lipper is an
independent firm that tracks mutual fund performance.)
Q: DO YOU ANTICIPATE ANY MAJOR SHIFTS IN THE PORTFOLIO GIVEN SIGNS OF A GLOBAL
SLOWDOWN?
A: While we are constantly fine-tuning the Fund in response to changing market
conditions, we do not anticipate major changes to the portfolio. We
constantly weigh the risk/reward quotient of every holding in the Fund and
believe the current composition best captures a wide range of opportunities
in international markets.
Our decision-making revolves around a simple formula. We invest 80% of the
assets in strategic long-term investments, which we tend to buy and hold
through all market conditions until they achieve our objectives. These
6
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
companies are seasoned global leaders with talented management teams, sound
balance sheets and the ability to deliver strong returns over the long
term. Short-term market pressure becomes an opportunity to buy more stock
at bargain prices. For instance, cellular handset provider NOKIA (Finland)
predicted slower mobile phone sales for the second half of 2000. Its stock
price dropped significantly in the aftermath of the announcement, when
investors indiscriminately sold in response to temporary, overblown fears.
Ultimately, Nokia proved to be a positive influence on your Fund,
delivering a gain of 20% for the year.
Electronic components and semiconductors temporarily hurt performance when
prices of chips fell in response to low demand from personal computer
makers. Once again, we decided to hold onto Fund holdings, including
STMICROELECTRONICS (France), PHILIPS ELECTRONICS (Netherlands) and HYUNDAI
ELECTRONIC INDUSTRIES CO. (South Korea), because they work closely with the
cellular phone market, which has a more robust outlook.
Q: WHERE IS THE BALANCE OF ASSETS INVESTED?
A: The remaining 20% of the portfolio is more tactical and is invested in
companies that we would hold for a shorter period of time than the
strategic component. Internet-related companies or potential mergers and
acquisitions candidates provide fertile ground for investment. For example,
we've invested in three alternative telecommunications providers - CABLE &
WIRELESS (United Kingdom), COLT TELECOM (United Kingdom) and EQUANT
(France) - which are competing with larger, well-established companies to
provide long distance service. We believe these fund holdings are
attractive takeover candidates, because purchasing businesses with
established assets is a quicker and more affordable way to expand a
company's global presence than replicating it.
Q: WHAT CONTRIBUTED TO THE FAVORABLE RETURNS IN THE OIL AND FINANCIAL SECTORS?
A: Rising oil prices helped push up the profits, and ultimately, the stock
prices of oil companies higher. Fund holdings TOTAL FINA ELF (France), ENI
(Italy), SHELL TRANSPORT & TRADING CO. (United Kingdom) and PETROBRAS
7
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
PORTFOLIO MANAGEMENT DISCUSSION (CONTINUED)
BRASILEIRO (Brazil) made strong gains during the year. We expect oil prices
to stabilize and possibly decline in 2001, so we have shifted the Fund's
emphasis from producers to drillers. We invested the proceeds from the sale
of LASMO (United Kingdom), which is in takeover talks, in ENTERPRISE OIL
(United Kingdom), an oil exploration company.
Solid earnings growth and increased interest among investors for savings
and investment strategies are favorably impacting European financial
stocks. Fund holdings are focused on private banking and investment
management companies rather than traditional commercial banking
institutions. BIPOP-CARIRE (Italy), RAS (Italy) and ROYAL BANK OF SCOTLAND
GROUP (United Kingdom) were strong performers. We've minimized financial
investments in Asia, as the fate of these companies is too closely linked
with those of local technology companies.
Q: HAS THE FUND'S GEOGRAPHIC FOCUS SHIFTED?
A: Political uncertainties and lack of genuine banking reform prompted us to
trim five percent of the Fund's assets in Japan during the last half of the
year. The Fund's considerable underweighting relative to its benchmark
proved to be a wise decision as Japan was one of the poorest performing
countries for the year. We reallocated the proceeds evenly to Europe and
Canada.
Of the 52 countries comprising the Morgan Stanley Capital International
(MSCI) All Country World Free Index excluding the United States, Canada was
one of only eight countries posting positive performance for the 12-month
period. Unemployment is at a 24-year low, inflation remains below two
percent and Canadian stocks offer good value. Optical communications
equipment provider NORTEL NETWORKS CORP., newsprint producer
ABITIBI-CONSOLIDATED and aerospace leader BOMBARDIER represent the Fund's
largest Canadian holdings.
8
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
Q: WHAT'S YOUR OUTLOOK?
A: Concerns about slowing world growth and dwindling corporate profits will
produce choppy markets for the foreseeable future. However, 2001 should
bring lower interest rates as the world's central banks take steps to
foster economic growth. With Europe set to overtake the United States as
the engine of world growth and low stock valuations available in foreign
markets, international markets are poised to lead the recovery in the
world's financial markets. We believe your Fund is well positioned to
benefit from long-term structural forces destined to shape this recovery.
9
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
SCHEDULE OF INVESTMENTS 11/30/00
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
PREFERRED STOCKS - 2.8%
461,173 News Corp. Ltd. $ 3,558,928
60,000 Petrobras Brasileiro SA 1,445,233
14,000 SAP AG 1,842,294
--------------
TOTAL PREFERRED STOCKS $ 6,846,455
--------------
(Cost $6,841,793) $ 6,846,455
--------------
COMMON STOCKS - 97.2%
BASIC MATERIALS - 7.3%
CHEMICALS (DIVERSIFIED) - 2.6%
60,000 Aventis SA $ 4,702,587
500,000 WMC Ltd. 1,906,112
--------------
$ 6,608,699
--------------
CONSTRUCTION (CEMENT & AGGREGATES) - 1.8%
380,003 Cemex, SA (CPO) $ 1,506,362
2,740 Holderbank Financiere Glarus AG (Bearer Shares) 2,859,954
--------------
$ 4,366,316
--------------
PAPER & FOREST PRODUCTS - 2.0%
172,000 Abitibi Consolidated, Inc. $ 1,490,002
120,000 UPM-Kymmene Corp. 3,442,825
--------------
$ 4,932,827
--------------
METALS MINING - 0.9%
150,000 Rio Tinto Plc $ 2,234,599
--------------
TOTAL BASIC MATERIALS $ 18,142,441
--------------
CAPITAL GOODS - 4.0%
AEROSPACE/DEFENSE - 0.6%
70,000 European Aeronautic Defence* $ 1,466,678
--------------
ENGINEERING & CONSTRUCTION - 0.5%
27,000 Bouygues SA $ 1,185,427
--------------
MACHINERY (DIVERSIFIED) - 0.7%
700,000 Invensys Plc $ 1,691,586
--------------
OFFICE EQUIPMENT & SUPPLIES - 2.2%
140,000 Canon, Inc. $ 5,490,196
--------------
TOTAL CAPITAL GOODS $ 9,833,887
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements
10
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
COMMUNICATION SERVICES - 14.0%
CELLULAR/WIRELESS TELECOMMUNICATIONS - 5.9%
39,200 China Telecom Hong Kong Ltd. (A.D.R.)* $ 1,038,800
84,000 Libertel NV* 967,643
150 NTT Mobile Communications Network, Inc. 3,826,910
45,000 SK Telecom Co. Ltd. (A.D.R.) 959,063
86,000 Sonera Group Plc 1,644,158
1,800,000 Vodafone AirTouch Plc 6,198,452
--------------
$ 14,635,026
--------------
TELECOMMUNICATIONS (LONG DISTANCE) - 2.5%
300,000 Cable & Wireless Plc $ 3,722,910
60,000 COLT Telecom Group Plc* 1,027,745
30,000 KPNQwest NV * 571,196
27,000 NTL, Inc.* 735,750
--------------
$ 6,057,601
--------------
TELEPHONE - 5.6%
204,000 British Telecom Plc $ 1,760,216
140,000 Global Telesytems Group, Inc.* 175,000
60,000 Hellenic Telecommunication Organization SA 860,240
58,405 Koninklije KPN NV 786,033
25,000 Korea Telecom Corp. (A.D.R.) 681,250
300 Nippon Telegraph & Telephone Corp. 2,582,826
4,000 Swisscom AG (Registered Shares) 956,221
300,000 Telefonica SA* 4,720,843
30,000 Telefonos De Mexico (A.D.R.) 1,406,250
--------------
$ 13,928,879
--------------
TOTAL COMMUNICATION SERVICES $ 34,621,506
--------------
CONSUMER CYCLICALS - 12.5%
AUTO PARTS & EQUIPMENT - 1.0%
70,000 AutoLiv Inc. (Swedish Depository Receipt) $ 1,436,971
100,000 GKN Plc 1,094,555
--------------
$ 2,531,526
--------------
AUTOMOBILES - 3.5%
125,000 Bayerische Motoren Werke AG $ 3,792,759
100,000 Renault SA 4,773,008
--------------
$ 8,565,767
--------------
DISTRIBUTORS (DURABLES) - 0.8%
400,000 Itochu Corp. $ 1,857,111
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements
11
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
SCHEDULE OF INVESTMENTS 11/30/00 (CONTINUED)
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
HARDWARE & TOOLS - 1.0%
311,000 Makita Corp. $ 2,481,271
--------------
HOUSEHOLD FURNISHINGS & APPLIANCES - 1.2%
41,000 Sony Corp. $ 3,090,016
--------------
LEISURE TIME (PRODUCTS) - 1.2%
500,000 Tabcorp Holdings Ltd. $ 2,953,947
--------------
PUBLISHING (NEWSPAPERS) - 1.6%
91,700 Naspers Ltd., Plc $ 378,657
400,000 Reed International Plc 3,582,181
--------------
$ 3,960,838
--------------
RETAIL (GENERAL MERCHANDISE) - 0.4%
30,000 Lawson, Inc. $ 1,019,608
--------------
RETAIL (SPECIALTY - APPAREL) - 0.4%
2,000,000 Giordano International Ltd. $ 974,378
--------------
SERVICES (ADVERTISING/MARKETING) - 0.2%
1,000 Publigroupe SA $ 570,277
--------------
TEXTILES (APPAREL) - 1.2%
32,000 Gucci Group NV (NY Shares) $ 2,974,000
--------------
TOTAL CONSUMER CYCLICALS $ 30,978,739
--------------
CONSUMER STAPLES - 10.4%
BEVERAGES (NON-ALCOHOLIC) - 1.4%
500,000 Cadbury Schweppes Plc $ 3,500,445
--------------
BROADCASTING (CABLE/TELEVISION/RADIO) - 2.2%
5,000 Canal Plus $ 632,489
18,000 EM TV & Merchandising AG* 303,908
35,000 Grupo Televisa, SA (A.D.R.)* 1,629,688
10,000 Nippon Broadcasting System Inc. 435,429
90,000 Reuters Group Plc 1,325,407
100,000 United Pan-Europe Communications NV* 1,130,220
--------------
$ 5,457,141
--------------
ENTERTAINMENT - 0.4%
300,000 Manchester United Plc $ 1,007,488
--------------
FOODS - 3.1%
27,000 Groupe Danone* $ 3,584,451
1,500 Nestle SA 3,257,487
168,700 Tata Tea Ltd. (G.D.S.) (144A)* 695,888
--------------
$ 7,537,826
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements
12
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
HOUSEHOLD PRODUCTS (NON-DURABLES) - 2.0%
160,000 Kao Corp. $ 4,904,215
--------------
RETAIL STORES (DRUG STORES) - 0.6%
175,000 Boots Company Plc $ 1,517,452
--------------
RETAIL STORES (FOOD CHAINS) - 0.7%
30,000 Carrrefour Supermarche $ 1,806,179
--------------
TOTAL CONSUMER STAPLES $ 25,730,746
--------------
ENERGY - 4.6%
OIL (DRILLING & EQUIPMENT) - 0.3%
100,000 Enterprise Oil Plc $ 831,578
--------------
OIL (INTERNATIONAL INTEGRATED) - 1.0%
300,000 Shell Transport & Trading Co. $ 2,371,063
--------------
OIL & GAS (REFINING & MARKETING) - 3.3%
520,000 ENI SpA $ 3,128,450
36,000 Total Fina Elf SA 5,142,330
--------------
$ 8,270,780
--------------
TOTAL ENERGY $ 11,473,421
--------------
FINANCIAL - 15.3%
BANKS (MAJOR REGIONAL) - 4.9%
365,000 Banca Popolare di Milano $ 2,335,557
50,000 Banco Popular Espanol 1,647,514
250,000 Banco Santander Central Hispano, SA 2,210,451
800,000 Bangkok Land Ltd. (Foreign Shares) 707,924
380,000 Bipop-Carire SpA 2,847,808
208,102 Development Bank of Singapore Ltd. 2,360,886
--------------
$ 12,110,140
--------------
BANKS (MONEY CENTER) - 1.6%
180,000 Royal Bank of Scotland Group $ 3,692,205
180,000 Royal Bank of Scotland Group (Bonus Shares)* 207,255
--------------
$ 3,899,460
--------------
BANKS (REGIONAL) - 0.5%
50,000 Toronto-Dominion Bank $ 1,291,279
--------------
FINANCIAL (DIVERSIFIED) - 1.4%
144,000 Cheung Kong Holdings Ltd. $ 1,620,031
323,000 Collins Stewart Holdings Plc (144A)* 1,744,750
50 ICICI Ltd. 93
--------------
$ 3,364,874
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements
13
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
SCHEDULE OF INVESTMENTS 11/30/00 (CONTINUED)
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
INSURANCE (LIFE/HEALTH) - 1.6%
3,800 Muenchener Rueckver AG $ 1,246,164
180,000 Prudential Corp. Plc 2,757,000
--------------
$ 4,003,164
--------------
INSURANCE (MULTI-LINE) - 4.6%
31,000 Axa Financial Inc. $ 4,339,177
320,000 Ras SpA 4,256,584
5,000 Zurich Allied AG 2,695,853
--------------
$ 11,291,614
--------------
INVESTMENT BANKING/BROKERAGE - 0.7%
170,000 Daiwa Securities Group, Inc. $ 1,785,441
--------------
TOTAL FINANCIAL $ 37,745,972
--------------
HEALTHCARE - 5.0%
HEALTHCARE (DRUGS/MAJOR PHARMACEUTICALS) - 5.0%
142,000 Glaxo Wellcome Plc $ 4,123,858
3,000 Novartis AG 4,866,359
33,000 Schering AG 1,807,483
100,000 Smithkline Beecham Plc 1,307,780
3,000 Syngenta AG* 134,793
--------------
TOTAL HEALTHCARE $ 12,240,273
--------------
TECHNOLOGY - 21.4%
COMMUNICATIONS EQUIPMENT - 6.2%
15,000 Alcatel SA (A.D.R.) $ 743,337
60,000 Marconi Plc 571,017
24,000 Matsushita Communication Industrial Ltd. 3,340,636
152,000 Nokia Oyj 6,362,967
10,000 Nortel Networks Corp. 377,500
40,000 Nortel Networks Corp. (Foreign Shares) 1,500,684
210,000 Telefonaktiebologet LM Ericsson 2,396,114
--------------
$ 15,292,255
--------------
COMPUTERS (HARDWARE) - 0.6%
520,520 Compal Electronics Corp. $ 811,589
5,000 Samsung Electronics 666,392
--------------
$ 1,477,981
--------------
COMPUTERS (NETWORKING) - 0.6%
38,000 Equant NV* $ 1,146,391
66,700 Redbus Interhouse* 175,406
</TABLE>
The accompanying notes are an integral part of these financial statements
14
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
COMPUTERS (NETWORKING) - (CONTINUED)
67,250 Sohu.com Inc.* $ 147,109
--------------
$ 1,468,906
--------------
COMPUTERS (SOFTWARE & SERVICES) - 3.8%
60,000 Autonomy Corp. Plc* $ 1,982,993
23,500 Check Point Software Technologies Ltd.* 2,411,688
16,000 Dassault Systems SA 1,138,567
28,000 FI Systems * 319,140
45,000 NIIT Ltd. 1,631,406
36,000 Softbank Corp. 1,879,108
--------------
$ 9,362,902
--------------
ELECTRONICS (COMPONENT DISTRIBUTORS) - 3.5%
121,250 Philips Electronics NV $ 4,006,817
20,000 Siemens AG 2,290,870
350,000 Toshiba Corp. 2,476,899
--------------
$ 8,774,586
--------------
ELECTRONICS (INSTRUMENTATION) - 1.1%
900,000 Elec & Eltek International Co., Ltd. $ 2,664,000
--------------
ELECTRONICS (SEMICONDUCTORS) - 4.7%
97,000 Fujitsu Ltd. $ 1,546,054
70,000 Hyundai Electronics Industries Co., Ltd.* 393,912
17,000 Rohm Co., Ltd. 4,091,954
36,000 STmicroelectronics* 1,516,408
403,200 Taiwan Semiconductor Manufacturing Co.* 1,092,534
40,000 Tokyo Electron Ltd. 2,848,772
--------------
$ 11,489,634
--------------
SERVICES (COMPUTER SYSTEMS) - 0.5%
100,000 Baltimore Technologies Plc* $ 412,235
160,000 Bull SA* 862,445
--------------
$ 1,274,680
--------------
SERVICES (DATA PROCESSING) - 0.4%
103,000 Infonet Services Corp.* $ 585,813
100,000 Merkantildata ASA* 405,957
--------------
$ 991,770
--------------
TOTAL TECHNOLOGY $ 52,796,714
--------------
</TABLE>
The accompanying notes are an integral part of these financial statements
15
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
SCHEDULE OF INVESTMENTS 11/30/00 (CONTINUED)
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
TRANSPORTATION - 1.2%
RAILROADS - 1.2%
110,000 Bombardier Inc. (Class B) $ 1,597,733
100,000 Railtrack Group Plc 1,350,425
--------------
TOTAL TRANSPORTATION $ 2,948,158
--------------
UTILITIES - 1.5%
ELECTRIC COMPANIES - 1.5%
670,000 British Energy Plc $ 2,400,062
400,000 British Energy Plc (Deferred Shares)* -
80,000 Endesa SA 1,296,450
--------------
TOTAL UTILITIES $ 3,696,512
--------------
TOTAL COMMON STOCKS
(Cost $245,491,979)) $ 240,208,369
--------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $252,333,772) (a)(b)(c) $ 247,054,824
==============
</TABLE>
The accompanying notes are an integral part of these financial statements
16
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
* 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 November 30, 2000,
the value of these securities amounted to $2,440,638 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 21.0%
Japan 17.1
France 13.1
Switzerland 6.3
Italy 5.1
Finland 4.7
Germany 4.6
Netherlands 4.3
Spain 4.1
Australia 3.4
Canada 2.6
Singapore 2.1
Mexico 1.9
Sweden 1.6
Hong Kong 1.5
South Korea 1.1
Israel 1.0
India 1.0
Others (individually less than 1%) 3.5
-----
100.0%
-----
</TABLE>
(b) At November 30, 2000, the net unrealized loss on investments based on cost
for federal income tax purposes of $253,459,687 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 45,433,935
-------------
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (51,838,798)
-------------
Net unrealized loss $ (6,404,863)
=============
</TABLE>
(c) At November 30, 2000, the Fund had a net capital loss carryforward of
$36,126,364 which will expire in 2007 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2000 aggregated $161,136,998 and $250,391,824,
respectively.
The accompanying notes are an integral part of these financial statements
17
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
BALANCE SHEET 11/30/00
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (cost $252,333,772) $ 247,054,824
Foreign currencies, at value 141,155
Receivables -
Investment securities sold 3,242,203
Fund shares sold 63,985
Dividends, interest and net foreign taxes withheld 678,530
Forward foreign currency settlement hedge contracts, open - net 5,652
Other 7,170
--------------
Total assets $ 251,193,519
--------------
LIABILITIES:
Payables -
Fund shares repurchased $ 2,924,035
Due to bank 5,821,592
Due to affiliates 405,849
Accrued expenses 273,271
--------------
Total liabilities $ 9,424,747
--------------
NET ASSETS:
Paid-in capital $ 283,225,831
Accumulated undistributed net investment income 1,121,969
Accumulated net realized loss on investments and foreign currency
transactions (37,252,278)
Net unrealized loss on investments (5,278,948)
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (47,802)
--------------
Total net assets $ 241,768,772
==============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $194,303,633/10,873,805 shares) $ 17.87
==============
Class B (based on $42,380,158/2,461,193 shares) $ 17.22
==============
Class C (based on $5,084,981/297,752 shares) $ 17.08
==============
MAXIMUM OFFERING PRICE:
Class A $ 18.96
==============
</TABLE>
The accompanying notes are an integral part of these financial statements
18
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 11/30/00
<TABLE>
INVESTMENT INCOME:
<S> <C> <C>
Dividends (net of foreign taxes withheld of $408,907) $ 4,173,534
Interest (net of foreign taxes withheld of $793) 330,367
-------------
Total investment income $ 4,503,901
-------------
EXPENSES:
Management fees $ 3,482,177
Transfer agent fees
Class A 842,297
Class B 287,018
Class C 48,014
Distribution fees
Class A 709,583
Class B 668,720
Class C 68,333
Administrative fees 111,792
Custodian fees 174,579
Registration fees 52,137
Professional fees 95,464
Printing 32,405
Fees and expenses of nonaffiliated trustees 27,642
Miscellaneous 192,391
-------------
Total expenses $ 6,792,552
Less fees paid indirectly (71,841)
-------------
Net expenses $ 6,720,711
-------------
Net investment loss $ (2,216,810)
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments (net of capital gains taxes
paid of $2,228) $ 49,512,212
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (3,713,891) $ 45,798,321
------------- ------------
Change in net unrealized gain or loss from:
Investments $(88,115,303)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 7,353,871 $(80,761,432)
------------- ------------
Net loss on investments and foreign currency
transactions $(34,963,111)
-------------
Net decrease in net assets resulting from operations $(37,179,921)
-------------
</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 YEARS ENDED 11/30/00 AND 11/30/99
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
FROM OPERATIONS: 11/30/00 11/30/99
<S> <C> <C>
Net investment loss $ (2,216,810) $ (1,425,035)
Net realized gain (loss) on investments and foreign
currency transactions 45,798,321 (25,969,005)
Change in net unrealized gain or loss on investments
and foreign currency transactions (80,761,432) 107,535,519
--------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ (37,179,921) $ 80,141,479
--------------- ---------------
DISTRIBUTIONS TO SHAREOWNERS:
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 shareowners $ - $ (3,645,659)
--------------- ---------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 570,455,693 $ 732,186,890
Reinvestment of distributions - 3,122,489
Cost of shares repurchased (655,774,815) (826,468,074)
--------------- ---------------
Net decrease in net assets resulting from
fund share transactions $ (85,319,122) $ (91,158,695)
--------------- ---------------
Net decrease in net assets $ (122,499,043) $ (14,662,875)
NET ASSETS:
Beginning of period 364,267,815 378,930,690
--------------- ---------------
End of period (including accumulated undistributed net
investment income of $1,121,969 and $7,054,898,
respectively) $241,768,772 $ 364,267,815
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
'00 SHARES '00 AMOUNT '99 SHARES '99 AMOUNT
CLASS A
<S> <C> <C> <C> <C>
Shares sold 25,027,014 $ 529,332,075 32,091,205 $ 570,168,660
Reinvestment of distributions - - 183,719 3,090,161
Less shares repurchased (27,836,186) (595,590,986)(36,934,109) (660,076,431)
----------- ------------ ----------- -------------
Net decrease (2,809,172) $ (66,258,911) (4,659,185) $ (86,817,610)
=========== ============ =========== =============
CLASS B
Shares sold 941,701 $ 21,125,829 1,569,989 $ 28,634,272
Reinvestment of distributions - - 1,713 28,243
Less shares repurchased (1,836,221) (40,063,009) (1,735,677) (30,479,670)
----------- ------------ ----------- -------------
Net decrease (894,520) $ (18,937,180) (163,975) $ 1,817,155)
=========== ============ =========== =============
CLASS C
Shares sold 960,752 $ 19,997,789 7,828,598 $ 133,383,958
Reinvestment of distributions - - 249 4,085
Less shares repurchased (955,502) (20,120,820) (7,901,215) (135,911,973)
----------- ------------ ----------- -------------
Net increase (decrease) 5,250 $ (123,031) (72,368) $ (2,523,930)
=========== ============ =========== =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS 11/30/00
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
11/30/00 11/30/99 11/30/98 11/30/97 11/30/96
CLASS A
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 21.14 $ 17.14 $ 23.66 $ 23.39 $ 21.21
-------- -------- -------- -------- ---------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a) $ (0.09) $ 0.14 $ 0.13 $ 0.10
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (3.27) 4.29 (2.06) 1.87 2.32
-------- -------- -------- -------- ---------
Net increase (decrease) from investment operations $ (3.27) $ 4.20 $ (1.92) $ 2.00 $ 2.42
Distributions to shareowners:
Net investment income - (0.13) (1.15) (0.26) -
Net realized gain - - (3.45) (1.47) (0.24)
Tax return of capital - (0.07) - - -
-------- -------- -------- -------- ---------
Net increase (decrease) in net asset value $ (3.27) $ 4.00 $ (6.52) $ 0.27 $ 2.18
-------- -------- -------- -------- ---------
Net asset value, end of year $ 17.87 $ 21.14 $ 17.14 $ 23.66 $ 23.39
======== ======== ======== ======== =========
Total return* (15.47)% 24.77% (9.35)% 9.28% 11.40%
Ratio of net expenses to average net assets+ 1.71% 1.89% 1.73% 1.69% 1.77%
Ratio of net investment income (loss) to average net assets+ (0.45)% (0.27)% 0.60% 0.51% 0.26%
Portfolio turnover rate 46% 90% 123% 154% 173%
Net assets, end of year (in thousands) $194,304 $289,291 $314,381 $395,572 $378,956
Ratios assuming reduction for fees paid indirectly:
Net expenses 1.69% 1.88% 1.72% 1.67% 1.76%
Net investment income (loss) (0.43)% (0.26)% 0.61% 0.53% 0.27%
</TABLE>
(a) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each year, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ 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 11/30/00
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
11/30/00 11/30/99 11/30/98(a) 11/30/97 11/30/96
CLASS B
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 20.56 $ 16.63 $ 23.09 $ 22.89 $ 20.94
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.28) $ (0.19) $ (0.04) $ (0.06) $ 0.15
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (3.06) 4.13 (1.97) 1.85 2.04
------- ------- ------- ------- -------
Net increase (decrease) from investment operations $ (3.34) $ 3.94 $ (2.01) $ 1.79 $ 2.19
Distributions to shareowners:
Net investment income - (0.01) (1.00) (0.12) -
Net realized gain - - (3.45) (1.47) (0.24)
Tax return of capital - (0.00)(b) - - -
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (3.34) $ 3.93 $ (6.46) $ 0.20 $ 1.95
------- ------- ------- ------- -------
Net asset value, end of year $ 17.22 $ 20.56 $ 16.63 $ 23.09 $ 22.89
======= ======= ======= ======= =======
Total return* (16.24)% 23.71% (10.09)% 8.44% 10.45%
Ratio of net expenses to average net assets+ 2.61% 2.72% 2.57% 2.49% 2.60%
Ratio of net investment loss to average net assets+ (1.33)% (1.14)% (0.24)% (0.23)% (0.51)%
Portfolio turnover rate 46% 90% 123% 154% 173%
Net assets, end of year (in thousands) $42,380 $69,001 $58,519 $81,438 $69,056
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.59% 2.71% 2.56% 2.47% 2.58%
Net investment loss (1.31)% (1.13)% (0.23)% (0.21)% (0.49)%
</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
year, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each year, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS 11/30/00
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 1/31/96 TO
11/30/00 11/30/99(a) 11/30/98(a) 11/30/97(a) 11/30/96
CLASS C
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 20.43 $ 16.53 $ 22.90 $ 22.84 $ 22.46
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.37) $ (0.17) $ (0.02) $ - $ 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (2.98) 4.08 (1.87) 1.77 0.60
------- ------- ------- ------- -------
Net increase (decrease) from investment operations $ (3.35) $ 3.91 $ (1.89) $ 1.77 $ 0.62
Distributions to shareowners:
Net investment income - (0.01) (1.03) (0.24) -
Net realized gain - - (3.45) (1.47) (0.24)
Tax return of capital - (0.00)(b) - - -
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (3.35) $ 3.90 $ (6.37) $ 0.06 $ 0.38
------- ------- ------- ------- -------
Net asset value, end of period $ 17.08 $ 20.43 $ 16.53 $ 22.90 $ 22.84
======= ======= ======= ======= =======
Total return* (16.40)% 23.69% (9.55)% 8.45% 2.75%
Ratio of net expenses to average net assets + 2.87% 2.67% 2.38% 2.50% 2.36%**
Ratio of net investment income (loss) to average net assets + (1.61)% (1.00)% (0.13)% (0.03)% 0.13%**
Portfolio turnover rate 46% 90% 123% 154% 173%
Net assets, end of period (in thousands) $ 5,085 $ 5,976 $ 6,031 $ 9,303 $ 6,078
Ratios assuming reduction for fees paid indirectly:
Net expenses 2.82% 2.64% 2.35% 2.47% 2.31%**
Net investment income (loss) (1.56)% (0.97)% (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 11/30/00
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 shareowners, respectively.
The Fund's financial statements have been prepared in conformity with accounting
principles generally accepted in the United States 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 data in the
24
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, 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.
The Fund's investments in emerging markets or countries with limited or
developing markets, may subject the Fund to greater degree of risk than in
a developed market. Risks associated with these developing markets,
attributable to political, social or economic factors, may affect the price
of the Fund's investments and income generated by these investments, as
well as the Fund's ability to repatriate such amounts. In addition, delays
are common in registering transfers of securities in certain countries, and
the Fund may be unable to sell portfolio securities until the registration
process is completed.
B. FOREIGN CURRENCY TRANSLATION
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions represent,
among other things, the net realized gains and losses on foreign currency
contracts, disposition of foreign currencies and the difference between the
amount of income accrued and the U.S. dollar actually received. Further,
the effects of changes in foreign currency exchange rates on investments
are not segregated in the statement of operations from the effects of
changes in market price of those securities but are included with the net
realized and unrealized gain or loss on investments.
C. FORWARD FOREIGN CURRENCY CONTRACTS
The Fund enters into forward foreign currency contracts (contracts) for the
purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the
time a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may
25
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PIONEER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS 11/30/00 (CONTINUED)
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
shareowners. 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 year ended November 30, 2000, the Fund paid $2,228 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 November 30, 2000, the Fund had no reserve
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 November, 2000, the Fund
had no reserve related to taxes on the repatriation of foreign currencies.
The characterization of distributions to shareowners for financial
reporting purposes is determined in accordance with federal income tax
rules. Therefore, the source of the Fund's distributions may be shown in
the accompanying financial statements as either from or in excess of net
investment income or net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
At November 30, 2000, the Fund reclassified $3,716,119 from accumulated
undistributed net investment income to accumulated net realized loss on
investments and foreign currency transactions. The reclassification has no
impact on the net asset value of the Fund and is designed to present the
Fund's capital accounts on a tax basis.
26
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
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
Fund and a wholly owned subsidiary of UniCredito Italiano S.p.A.
(UniCredito Italiano), earned $74,816 in underwriting commissions on the
sale of fund shares during the year ended November 30, 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. Shareowners 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 it's respective percentage of adjusted net assets at the beginning
of the day.
Distributions to shareowners 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
Pioneer Investment Management, Inc. (PIM), the Fund's investment advisor,
manages the Fund's portfolio and is a wholly owned subsidiary of UniCredito
Italiano. 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 November 30, 2000, $221,231 was payable to
PIM related to management fees, administrative fees and certain other expenses.
3. TRANSFER AGENT
PSC, a wholly owned subsidiary of UniCredito Italiano, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Included in due to affiliates is $91,642 in transfer agent fees payable to PSC
at November 30, 2000.
27
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS 11/30/00 (CONTINUED)
4. DISTRIBUTION PLANS
The Fund adopted a Plan of Distribution for each class of shares (Class A Plan,
Class B Plan and Class C Plan) in accordance with Rule 12b-1 of the Investment
Company Act of 1940. Pursuant to the Class A Plan, the Fund pays PFD a service
fee of up to 0.25% of the 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 PFD1.00% 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 $83,794
in distribution fees payable to PFD at November 30, 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 year ended November 30, 2000, CDSCs in the amount of $407,636 were
paid to PFD.
5. EXPENSE OFFSETS
The Fund has entered into certain expenses offset arrangements resulting in a
reduction in the Fund's total expenses. For the year ended November 30, 2000,
the Fund's expenses were reduced by $71,841 under such arrangements.
6. FORWARD FOREIGN CURRENCY CONTRACTS
At November 30, 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,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. As of November 30,
2000, the Fund had no outstanding portfolio hedges. At November 30, 2000, the
gross forward currency settlement contracts receivable and payable were
$3,247,856 and $3,242,204, respectively, resulting in a net receivable of
$5,652.
28
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
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 year ended
November 30, 2000 was $1,948,361. The average daily shares outstanding during
the period were 16,152,449 resulting in an average borrowing per share of $0.12.
The related weighted average annualized interest rate for the period was 6.44%,
and the total interest expense on such borrowings was $178,335.
29
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
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 November 30,
2000, 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 auditing standards generally accepted
in the United States. 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 November 30, 2000 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 November 30, 2000, the results of its
operations, the changes in its net assets, and the financial highlights for the
periods presented, in conformity with accounting principles generally accepted
in the United States.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
January 8, 2000
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<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
RESULTS OF SHAREOWNER MEETING
On September 11, 2000, Pioneer International Growth Fund held a special meeting
of shareowners to approve a new management contract between the Fund and Pioneer
Investment Management, Inc. ("Pioneer"), the Fund's investment adviser.
Shareowners also voted to elect trustees. Both proposals passed by shareowner
vote. The new management contract took effect when UniCredito Italiano S.p.A.
completed its acquisition of The Pioneer Group, Inc. on October 24, 2000. Here
are the detailed results of the votes.
PROPOSAL 1 - TO APPROVE A NEW MANAGEMENT CONTRACT.
AFFIRMATIVE AGAINST ABSTAIN
----------- ------- -------
9,613,072.382 262,933.674 351,554.199
PROPOSAL 2 - TO ELECT TRUSTEES.
NOMINEE AFFIRMATIVE WITHHELD
------- ----------- --------
M.K. Bush 9,991,840.162 235,720.093
J.F. Cogan, Jr. 9,991,375.374 236,184.881
Dr. R.H. Egdahl 9,998,136.944 229,423.311
M.B.W. Graham 10,008,079.844 219,480.411
M.A. Piret 10,013,631.633 213,928.622
D.D. Tripple 10,007,882.113 219,678.142
S.K. West 9,991,937.074 235,623.181
J. Winthrop 10,010,529.121 217,031.134
31
<PAGE>
PIONEER INTERNATIONAL GROWTH FUND
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
TRUSTEES OFFICERS
JOHN F. COGAN, JR., CHAIRMAN John F. Cogan, Jr., President
David D. Tripple, Executive Vice President
Mary K. Bush Vincent Nave, Treasurer
Richard H. Egdahl, M.D. Joseph P. Barri, Secretary
Margaret B.W. Graham
Marguerite A. Piret
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
32
<PAGE>
THE PIONEER FAMILY OF MUTUAL FUNDS
For information about any Pioneer mutual fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
GROWTH FUNDS 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
INTERNATIONAL/GLOBAL Pioneer Tax-Free Income Fund
Pioneer Emerging Markets Fund MONEY MARKET FUND
Pioneer Europe 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
* 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.
33
<PAGE>
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 PLANS
INDIVIDUAL RETIREMENT ACCOUNT (IRA)
An IRA is a tax-favored account that 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
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 a plan; it
resembles a 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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<PAGE>
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.
35
<PAGE>
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
Your Investment representative can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-800-225-6292.
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>
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>
HOW TO CONTACT PIONEER
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
CALL US FOR:
ACCOUNT INFORMATION, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
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.
[LOGO] PIONEER
INVESTMENTS*
PIONEER INVESTMENT MANAGEMENT, INC.
60 STATE STREET 9501-00-0101
BOSTON, MASSACHUSETTS 02109 -C- PIONEER FUNDS DISTRIBUTOR, INC.
www.pioneerfunds.com PRINTED ON RECYCLED PAPER [LOGO]
