[PIONEER LOGO]
Pioneer
Winthrop
Real Estate
Investment
Fund
Semiannual Report
June 30, 1995
<PAGE>
Pioneer Winthrop Real Estate Investment Fund
Dear Fellow Shareowners,
This semiannual report to shareowners of Pioneer Winthrop Real Estate
Investment Fund covers the Fund's performance for the six months through June
30, 1995. While real estate investment trusts (REITs) lagged the general stock
market during the first few months of the period, they picked up strongly in
May, and the positive momentum carried into June.
How Your Fund Performed
For the six months ended June 30, 1995, we report the following results:
o Shareowners received income dividends totaling $0.33 per share and a
capital gains distribution of $0.0018 per share.
o Net asset value stood at $11.47 per share on June 30, versus $11.38 six
months earlier, even after the payment of distributions.
o The Fund's six-month total return was 3.82% based on net asset value, and
-2.11% based on maximum public offering price. Total return assumes the
reinvestment of all distributions at net asset value. Your Fund's 3.82%
total return outpaced the average real estate mutual fund for the
semiannual period. The 22 real estate funds tracked by Lipper Analytical
Services, an independent mutual fund research firm, gained an average of
3.12% over the six months. The accompanying chart provides the Fund's
results over its lifetime.
AVERAGE ANNUAL TOTAL RETURNS
(as of June 30, 1995)
--------------------------------------------------------------------------------
Net Asset Public
Period Value Offering Price*
--------------------------------------------------------------------------------
Life-of-Fund
(10/25/93) 0.05% -3.40%
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1 Year 1.58 -4.23
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Favorable Interest Rates Gradually Improved
REIT Market
Short-term interest rates moved higher in the early stages of the semiannual
period, prompting negative reaction from the real estate market. The Federal
Reserve (the Fed), in its pursuit of low inflation and moderate economic growth,
raised the benchmark federal funds rate to a three-year high of 6% on February
1. This event added enthusiasm to the general stock market, although the
optimism did not immediately spill over into the REIT arena. Because real estate
stocks tend to be highly sensitive to interest rate changes, these securities
lagged other investments for more than half of the period. Instead, investors
generally turned to popular, "blue-chip" stocks, which experienced significant
growth.
As the semiannual period progressed, however, signs of a slowing economy began
to surface. This helped send long-term interest rates lower and created a more
optimistic climate for REIT investing. Your Fund's results in May and June
reflect this trend; Pioneer Winthrop Real Estate Investment Fund returned 5.73%
in May and 3.50% in June, at net asset value. While we expect the market's
recent pace will subside somewhat as the longer-term direction of the economy
----------
* Reflects deduction of the maximum 5.75% sales charge and assumes reinvestment
of all distributions at net asset value. Past performance does not
guarantee future results. Return and share price fluctuate, and your
shares, when redeemed, may be worth more or less than their original cost.
<PAGE>
and interest rates unfolds, we nonetheless think REITs offer solid long-term
growth potential. We also expect that your Fund will maintain its competitive
dividend stream, which has helped offset declines in REIT prices.
How Pioneer Managed Your Investment
In pursuing your Fund's long-term growth objective, we focus on individual
securities, rather than following macroeconomic indicators such as housing
starts and general real estate values. We analyze company fundamentals,
maintaining and adding stocks that exhibit strong earnings and growth potential.
We are pleased to report that the majority of the Fund's holdings continue to
meet -- and in some cases, exceed -- their projected earnings. Of course, we do
review broad-based statistics to identify trends that may affect the markets
where we invest the Fund's assets. For example, we think office and hotel REITs
presently are delivering strong growth. We therefore added Duke Realty
Investments, an office-related enterprise based in Indiana. The Fund also owns a
significant position in Equity Inns, a hotel company.
On the other side of the ledger, we sold the Fund's position in DeBartolo
Realty. The mall-based REIT became less appealing due to lackluster sales in the
retail industry. We also started to modestly reduce the Fund's weighting in
factory outlets and other retail-oriented holdings as the REIT market began to
rally near the period's end. While factory outlets continue to play an important
role in the portfolio, and they represent one of the most reasonably priced
segments of the REIT market, we decided to begin re-deploying the assets in
commercial and industrial areas.
Looking Ahead
Your management is encouraged by recent investor movement back to the REIT
market. While real estate investments entail a degree of risk relating to
economic conditions and interest rate changes, they also provide the opportunity
to diversify into an area with high-growth potential. Your Fund's management
remains committed to uncovering REITs that offer solid earnings and long-term
value, and we will continue to pursue the specific companies and locations we
believe offer the best chance of meeting the Fund's objective of long-term
capital growth.
One final note. Apollo Real Estate Advisors, L.P., recently acquired an indirect
controlling interest in Pioneer's joint venture partner, Winthrop Financial
Associates, and the Fund's previous manager, Pioneer Winthrop Advisers. While
this change will prompt a proxy solicitation to Fund shareowners in August to
request their approval of a new management contract, it will not disrupt the
day-to-day activities of the Fund, which Pioneering Management Corporation will
continue to manage on your behalf. Effective September 1, 1995, your Fund's name
will change to Pioneer Real Estate Shares.
The following pages show the Fund's audited Schedule of Investments and
financial statements as of June 30, 1995. If you have any questions about your
investment in Pioneer Winthrop Real Estate Investment Fund, please contact your
investment representative, or call Pioneer at 1-800-225-6292.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman,
Pioneer Winthrop Real Estate Investment Fund
August 14, 1995
2
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
SCHEDULE OF INVESTMENTS
June 30, 1995
Shares Value
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REAL ESTATE INVESTMENT TRUSTS--94.6%
70,000 Bradley Real Estate Trust ...................... $ 1,128,750
10,900 Carr Realty Corp. .............................. 188,025
65,000 CenterPoint Properties Corp. ................... 1,340,625
30,000 Developers Diversified Realty Corp. ............ 862,500
50,000 Duke Realty Investments, Inc. .................. 1,412,500
125,300 Equity Inns, Inc. .............................. 1,346,975
6,000 Equity Residential Property .................... 167,250
50,000 Factory Stores of America, Inc. ................ 1,025,000
58,000 Gables Residential Trust ....................... 1,189,000
50,000 Horizon Outlet Centers ......................... 1,162,500
54,100 JP Realty, Inc. ................................ 1,109,050
69,000 McArthur/Glen Realty Corp. ..................... 1,009,125
60,500 Merry Land & Investment Co., Inc. .............. 1,232,688
60,000 National Golf Properties, Inc. ................. 1,260,000
57,900 Oasis Residential, Inc. ........................ 1,259,325
35,000 Post Properties Inc. ........................... 1,058,750
60,000 Spieker Properties, Inc. ....................... 1,342,500
60,000 Sun Communities, Inc. .......................... 1,500,000
53,000 Tanger Factory Outlet Centers, Inc. ............ 1,344,875
47,200 Trinet Corporate Realty Trust, Inc. ............ 1,321,600
1,000 Walden Residential Properties, Inc. ............ 18,375
20,000 Weingarten Realty Investors .................... 755,000
80,000 Wellsford Residential Properties Trust ......... 1,820,000
-----------
$24,854,413
-----------
REAL ESTATE SERVICES -- 5.4%
150,000 Amresco, Inc. .................................. $ 1,406,250
-----------
TOTAL INVESTMENT IN SECURITIES -- 100%
(Cost $27,415,475)(a) ........................ $26,260,663
===========
(a) At June 30, 1995, the net unrealized depreciation on investments based on
cost for federal income tax purposes of $27,415,475 was as follows:
Aggregate gross unrealized appreciation for all
investments in which there is an
excess of value over tax cost ........................... $ 958,493
Aggregate gross unrealized depreciation for all
investments in which there is an
excess of tax cost over value ........................... (2,113,305)
-----------
Net unrealized depreciation ............................... $(1,154,812)
===========
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended June 30, 1995 aggregated $1,878,889 and $3,883,374,
respectively.
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
BALANCE SHEET
June 30, 1995
Assets:
Investment in securities, at value
(cost $27,415,475; see Schedule of Investments and Note 1) .. $ 26,260,663
Cash .......................................................... 64,349
Receivables--
Dividends ................................................... 278,765
Trust shares sold ........................................... 170,831
Organizational cost--net (Note 1) ............................. 64,685
Other ......................................................... 1,600
------------
Total assets ............................................ $ 26,840,893
------------
Liabilities:
Payables--
Investment securities purchased ............................. $ 45,120
Trust shares repurchased .................................... 47,072
Dividends ................................................... 767
Accrued expenses--
Management fees (Note 2) .................................... 5,839
Other (Notes 2, 3 and 4) .................................... 87,417
------------
Total liabilities ....................................... $ 186,215
------------
Net Assets:
Paid-in capital (Note 1) ...................................... $ 28,193,598
Accumulated distributions in excess of net investment income .. (4,563)
Accumulated net realized loss on investments .................. (379,545)
Net unrealized loss on investments ............................ (1,154,812)
------------
Total net assets (equivalent to $11.47 per share based
on 2,323,482 trust shares outstanding--
unlimited number of shares authorized) ................ $ 26,654,678
============
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995
Investment Income (Note 1):
Dividends ..................................................... $ 962,529
Interest ...................................................... 19,632
---------
Total investment income ..................................... $ 982,161
---------
Expenses:
Management fees (Note 2) ...................................... $ 130,341
Distribution fees (Note 4) .................................... 32,585
Transfer agent fees (Note 3) .................................. 41,690
Registration fees ............................................. 25,585
Professional fees ............................................. 37,745
Accounting (Note 2) ........................................... 31,850
Custodian fees ................................................ 7,785
Printing ...................................................... 4,550
Amortization of organizational costs (Note 1) ................. 8,994
Fees and expenses of nonaffiliated trustees ................... 2,548
Miscellaneous ................................................. 11,841
---------
Total expenses .............................................. $ 335,514
Less Management fees waived by Pioneer Winthrop
Advisers (Note 2) ......................................... 107,417
---------
Net expenses ................................................ $ 228,097
---------
Net investment income ..................................... $ 754,064
---------
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments .............................. $(384,818)
Decrease in net unrealized loss on investments ................ 558,128
---------
Net gain on investments ..................................... $ 173,310
---------
Net increase in net assets resulting from operations ...... $ 927,374
=========
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 1995 and December 31, 1994+
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended
June 30, 1995 December 31, 1994
---------------- -----------------
<S> <C> <C>
From Operations:
Net investment income .......................................................... $ 754,064 $ 525,476
Net realized gain (loss) on investments ........................................ (384,818) 34,557
(Increase) decrease in net unrealized loss on investments ...................... 558,128 (1,237,463)
------------ ------------
Net increase (decrease) in net assets resulting from operations .............. $ 927,374 $ (677,430)
------------ ------------
Distributions to Shareholders:
From net investment income ($0.33 and $0.20 per share, respectively) ........... $ (754,064) $ (525,476)
In excess of net investment income ($0.00 and $0.00 per share, respectively) ... (4,563) --
From paid-in capital ($0.00 and $0.15 per share, respectively) ................. -- (346,042)
From net realized gain ($0.00 and $0.02 per share, respectively) ............... (4,125) (62,209)
------------ ------------
Decrease in net assets resulting from distributions to shareholders .......... (762,752) $ (933,727)
------------ ------------
</TABLE>
<TABLE>
<CAPTION>
Shares
----------------------
<S> <C> <C> <C> <C>
From Trust Share Transactions:
Net proceeds from sale of shares .................... 358,113 526,831 $ 3,956,061 $ 6,037,861
Net asset value of shares issued to shareholders in
reinvestment of dividends ......................... 52,175 62,858 579,896 709,833
Cost of shares repurchased .......................... (554,056) (583,891) (6,114,003) (6,652,624)
--------- --------- ------------ ------------
Increase (decrease) in net assets resulting from
trust share transactions ........................ (143,768) 5,798 $ (1,578,046) $ 95,070
========= ========= ------------ ------------
Net decrease in net assets ................................................... $ (1,413,424) $ (1,516,087)
Net Assets:
Beginning of period .............................................................. 28,068,102 29,584,189
------------ ------------
End of period (including (accumulated distributions in excess of)
accumulated undistributed net investment income
of $(4,563) and $0, respectively) ............................................ $ 26,654,678 $ 28,068,102
============ ============
</TABLE>
+ Subsequent to December 31, 1994, the Fund's year end was changed to
December 31.
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
FINANCIAL HIGHLIGHTS
Selected Data for a Share Outstanding for the Periods Presented
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended Period Ended
June 30, 1995+ December 31, 1994+ June 30, 1994
---------------- ------------------ -------------
<S> <C> <C> <C>
Net asset value, beginning of period ............................. $ 11.38 $ 12.02 $ 12.50
------- ------- -------
Increase (decrease) from investment operations:
Net investment income ......................................... $ 0.33 $ 0.21 $ 0.27
Net realized and unrealized gain (loss) on investments ........ 0.09 (0.48) (0.45)
------- ------- -------
Total increase (decrease) from investment operations ....... $ 0.42 $ (0.27) $ (0.18)
Distributions to shareholders from:
Net investment income ......................................... (0.33) (0.20) (0.27)
Paid-in capital ............................................... -- (0.15) (0.03)
Net realized gain ............................................. -- (0.02) --
------- ------- -------
Net increase (decrease) in net asset value ....................... $ 0.09 $ (0.64) $ (0.48)
------- ------- -------
Net asset value, end of period ................................... $ 11.47 $ 11.38 $ 12.02
======= ======= =======
Total return* .................................................... 3.82% (2.16)% (1.47)%
Ratio of net operating expenses to average net assets ............ 1.75%** 1.75%** 1.71%**
Ratio of net investment income to average net assets ............. 5.79%** 3.72%** 3.73%**
Portfolio turnover rate .......................................... 14.83%** 17.40%** 23.98%**
Net assets, end of period (in thousands) ......................... $26,655 $28,068 $29,584
Ratios assuming no waiver of fees or assumption of expenses:
Net operating expenses ...................................... 2.58%** 2.27%** 2.15%**
Net investment income ....................................... 4.97%** 3.20%** 3.28%**
</TABLE>
+ Subsequent to December 31, 1994, the Fund's year end was changed to
December 31.
* 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.
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
1. Pioneer Winthrop Real Estate Investment Fund (the Fund) is a Massachusetts
business trust organized on July 1, 1993, and is registered under the Investment
Company Act of 1940 as a non-diversified, open-end management company. The Fund
commenced operations on October 25, 1993. Prior to October 25, 1993, the Fund
had no operations other than those relating to organizational matters and the
initial capitalization of the Fund by The Pioneer Group, Inc. (PGI) and Winthrop
Financial Associates (WFA) (see Note 2).
The following is a summary of significant accounting policies consistently
followed by the Fund, which are in conformity with those generally accepted in
the investment company industry.
A. Security Valuation--Security transactions are recorded on the date the
securities are purchased or sold. 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 available will be valued at their
fair market value as determined by, or under the direction of, the Board of
Trustees (the Trustees). Temporary cash investments are valued at cost plus
accrued interest, which approximates market value. Dividend income is recorded
on the ex-dividend date and interest income is recorded on the accrual basis.
Because the Fund may invest a substantial portion of its assets in Real
Estate Investment Trusts (REITs), the Fund may be subject to certain risks
associated with direct investments in REITs. REITs may be affected by changes in
the value of their underlying properties and by defaults by borrowers or
tenants. REITs depend generally on their ability to generate cash flow to make
distributions to shareholders, and certain REITs have self-liquidation
provisions by which mortgages held may be paid in full and distributions of
capital returns may be made at any time. In addition, the performance of a REIT
may be affected by its failure to qualify for tax-free pass-through of income
under the Internal Revenue Code or its failure to maintain exemption from
registration under the Investment Company Act of 1940.
Gains and losses from 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 first to select for sale those securities
that have the highest cost and also qualify for long-term capital gain or loss
treatment for tax purposes.
B. Federal Taxes--It is the policy of the Fund 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 provisions
are required.
The characterization of distributions to shareholders for financial
reporting purposes is determined in accordance with 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 capital, depending on the type
of book/tax differences that may exist.
A portion of the dividend income recorded by the Fund is from distributions
by publicly traded REITs, and such distributions for tax purposes may consist of
capital gains and return of capital. The actual return of capital and capital
8
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Continued)
gains portions of such distributions will be determined by formal notifications
from the REITs subsequent to the calendar year-end. Distributions received from
the REITs, that are determined to be a return of capital, are recorded by the
Fund as a reduction of the cost basis of the securities held. The character of
such distributions, for tax purposes, is determined by the Fund based on
estimates and information received by the Fund from the REITs.
The Fund has reclassified $47,700 from Accumulated undistributed net
investment income to Paid-in-capital. This 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.
C. Trust Shares--The Fund records sales and repurchases of its trust shares
on the trade date. Net losses, if any, as a result of cancellations are absorbed
by Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned subsidiary of PGI. PFD earned $15,461 in underwriting
commissions on the sale of shares during the six months ended June 30, 1995.
Dividends and distributions to shareholders are recorded as of the ex-dividend
date.
D. Organization Costs--The costs incurred by the Fund in connection with
its organization and initial registration of shares have been deferred and are
amortized on a straight-line basis over a period of five years.
2. For the period ended June 30, 1995, Pioneer Winthrop Advisers (PWA), a joint
venture between PGI and WFA, served as investment adviser to the Fund and was
responsible for the overall management of the Fund's business affairs, subject
only to the authority of the Trustees. All of the Fund's portfolio investment
decisions were made by PWA's advisory committee that relied on investment
subadvisory services provided by Pioneering Management Corporation (PMC) and by
Winthrop Advisors Limited Partnership (WALP) pursuant to their investment
subadvisory contracts with the Fund. As compensation for its investment advisory
services and certain expenses which it incurred, PWA was entitled to a
management fee equal to 1.00% per annum of the Fund's average daily net assets.
PWA had agreed not to impose a portion of its management fees and to assume
other operating expenses for the Fund to the extent necessary to limit expenses
of the Fund to 1.75% of the Fund's average daily net assets.
In addition, under the management agreement, certain other services and
costs, including accounting, regulatory reporting and insurance premiums were
paid by the Fund. Included in Accrued expenses - Other is $12,620 in accounting
fees payable to PWA at June 30, 1995.
On July 17, 1995, the Fund's management contract with PWA and subadvisory
contracts with WALP and PMC terminated as a result of the sale by Nomura
Securities Co., Ltd. of its interest in the parent company of WALP. PMC, which
had served as the Fund's co-investment subadviser since the inception, has
served as the Fund's sole investment adviser pursuant to an interim management
contract since July 17, 1995.
3. Pioneering Services Corporation (PSC), a wholly owned subsidiary of PGI,
provides substantially all transfer agent and shareholder services to the Fund
at negotiated rates. Included in Accrued expenses--Other is $7,975 in transfer
agent fees payable to PSC at June 30, 1995.
4. The Fund has adopted a Plan of Distribution (the Plan) in accordance with
Rule 12b-1 under the Investment Company Act of 1940 pursuant to which certain
distribution fees are paid to PFD. Under the Plan, the Fund reimburses PFD for
9
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Continued)
PFD's actual expenditures to finance any activities primarily intended to result
in the sale of the Fund's shares or to provide services to the Fund's
shareholders. Reimbursements of such expenditures, if any, may not exceed 0.25%
of the Fund's average daily net assets. In addition, the Plan provides for a
service fee at the annual rate of 0.25% of the Fund's average daily net asset to
be paid to PFD. Included in Accrued expenses--Other is $18,642 in distribution
fees payable to PFD at June 30, 1995.
10
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
June 30, 1995
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER WINTHROP REAL ESTATE
INVESTMENT FUND:
We have audited the accompanying balance sheet of Pioneer Winthrop Real Estate
Investment Fund, including the schedule of investments as of June 30, 1995, and
the related statement of operations, statements of changes in net assets and
financial highlights for the periods presented. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1995 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 Winthrop Real Estate Investment Fund as of June 30, 1995, the results of
its operations, the changes in its net assets and financial highlights for the
periods presented, in conformity with generally accepted accounting principles.
Boston, Massachusetts ARTHUR ANDERSEN LLP
July 28, 1995
11
<PAGE>
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
60 State Street
Boston, Massachusetts 02109
OFFICERS
JOHN F. COGAN, JR.
Chairman and Chief Executive Officer
DAVID D. TRIPPLE
Executive Vice President
STEPHEN G. KASNET
Vice President
WILLIAM H. KEOUGH
Treasurer
JOSEPH P. BARRI
Secretary
TRUSTEES
JOHN F. COGAN, JR.
RICHARD H. EGDAHL, M.D.
MARGARET B. W. GRAHAM
STEPHEN G. KASNET
JOHN W. KENDRICK
MARGUERITE A. PIRET
DAVID D. TRIPPLE
STEPHEN K. WEST
JOHN WINTHROP
INVESTMENT ADVISER
PIONEERING MANAGEMENT
CORPORATION
CUSTODIAN
BROWN BROTHERS
HARRIMAN &CO.
PRINCIPAL UNDERWRITER
PIONEER FUNDS
DISTRIBUTOR, INC.
LEGAL COUNSEL
HALE AND DORR
INDEPENDENT PUBLIC
ACCOUNTANTS
ARTHUR ANDERSEN LLP
SHAREHOLDER
SERVICES AND
TRANSFER AGENT
PIONEERING SERVICES
CORPORATION
60 State Street
Boston, Massachusetts
02109
--------------------------------------------------------------------------------
Please call Pioneer for information on:
Existing accounts, new accounts, prospectuses,
applications, and service forms................... 1-800-225-6292
Fund yields and prices............................ 1-800-225-4321
Toll-free fax..................................... 1-800-225-4240
Retirement plans.................................. 1-800-622-0176
Telecommunications Device for the Deaf (TDD) ..... 1-800-225-1997
--------------------------------------------------------------------------------
When distributed to persons who are not shareowners of the Fund, this report
must be accompanied by an official prospectus, which discusses the objectives,
policies, sales charges, and other information about the Fund.
0895-2637
(C) Pioneer Funds Distributor, Inc.
