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Pioneer Fund/MA · N-30D · For 12/31/99

Filed On 2/28/00 · SEC Files 811-01466, 811-07613 · Accession Number 78713-0-3

This Filing's "Filed As Of" Date was Corrected by the SEC on 4/5/04.

  As Of               Filer                 Filing     As/For/On Docs:Pgs

 2/28/00  Pioneer Fund/MA                   N-30D®     12/31/99    1:40
Subsequent Filing That References This Filing:
 4/28/00  Pioneer Fund/MA                   485BPOS®    4/28/00    4:145                                    Pietkiewicz Mark/FA
          Pioneer Fund/MA

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annualreport                                          40    100K 

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 Sponsored Ads...







                                                          [PIONEER LOGO]

PIONEER                                                           
FUND                                                              

----------------------                                            
ANNUAL REPORT 12/31/99                                            
----------------------                                            

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TABLE OF CONTENTS                                                       
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                                                                [Download Table]
                                                              
Letter from the Chairman                                    1 

Portfolio Summary                                           2 

Performance Update                                          3 

Portfolio Management Discussion                             7 

Schedule of Investments                                    10 

Financial Statements                                       19 

Notes to Financial Statements                              27 

Report of Independent Public Accountants                   33 

Retirement Plans from Pioneer                              34 

Programs and Services for Pioneer Shareowners              36 

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PIONEER FUND                                                          

     ---------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 12/31/99                                     
     ---------------------------------------------------------------------------

DEAR SHAREOWNER,                                                      
     ---------------------------------------------------------------------------
In an ever-changing investment environment, it can sometimes be       
difficult to be disciplined enough to adhere to your investment       
goals. We are bombarded every day with information and advice from a  
variety of sources. Magazine and newspaper headlines create a frenzy  
by shouting - "Top 10 stocks for the year 2000" - sending many        
investors scrambling to adjust their holdings so that they too can    
have a share in these winners. But as history often shows us,         
yesterday's winners are in no way tomorrow's sure thing.              

We know it's challenging to digest all of this information. But no    
one can know with absolute certainty which stocks or bonds will have  
good performance from day to day. It is important to keep sight of    
your own investment goals and to stick to them. Jumping from one      
investment to another based upon the latest hot trend is unlikely to  
help you reach your financial goals. We believe a well-reasoned       
investment plan will.                                                 

As in any other year, the first few months of this year are a         
practical time to take a step back to revisit your investment goals   
and make appropriate adjustments in your personal portfolio.          
Scheduling a review session with your financial professional is a     
good starting point. A professional acquainted with your individual   
circumstances can help you to distill information, examine your       
current strategy and make informed decisions that can effectively     
satisfy your long-term investment needs.                              

Among the key topics to cover with your advisor is your retirement -  
including the IRA options available to you. Now is the time to think  
about making a 1999 contribution to an IRA, if you haven't already.   
This year, you'll have until April 17 to make your prior-year IRA     
contribution because April 15 falls on a Saturday.                    

I encourage you to read on to learn more about Pioneer Fund. If you   
have questions, please contact your investment professional. Visit    
our web site at www.pioneerfunds.com for more information about your  
fund or Pioneer.                                                      

Respectfully,                                                         

/s/ John F. Cogan, Jr.                                                
John F. Cogan, Jr.                                                    
Chairman and President                                                

                                                                               1

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PIONEER FUND                                                          

     ---------------------------------------------------------------------------
PORTFOLIO SUMMARY 12/31/99                                            
     ---------------------------------------------------------------------------

PORTFOLIO DIVERSIFICATION                                             
     ---------------------------------------------------------------------------
(As a percentage of total investment portfolio)                       

[TABULAR PRESENTATION OF PIE CHART]                                   

U.S. Common Stocks            94%                                     
International Common Stocks    2%                                     
Depositary Receipts for                                               
International Stocks         3%                                   
Short-Term Cash Equivalents    1%                                     

SECTOR DISTRIBUTION                                                   
     ---------------------------------------------------------------------------
(As a percentage of equity holdings)                                  

[TABULAR PRESENTATION OF PIE CHART]                                   

Technology               23%                                          
Financial                15%                                          
Communication Services   13%                                          
Consumer Cyclicals       12%                                          
Consumer Staples         11%                                          
Healthcare                9%                                          
Energy                    6%                                          
Capital Goods             4%                                          
Basic Materials           4%                                          
Other                     3%                                          

10 LARGEST HOLDINGS                                                   
     ---------------------------------------------------------------------------
(As a percentage of equity holdings)                                  

                                                        [Enlarge/Download Table]
                                                                                       
---------------------------------------------------------------------------------------
  1.  Sun Microsystems, Inc.          4.27%   6.  Motorola, Inc.                  1.88%
---------------------------------------------------------------------------------------
  2.  SBC Communications, Inc.        2.98    7.  Texas Instruments, Inc.         1.83 
---------------------------------------------------------------------------------------
  3.  Schering-Plough Corp.           2.93    8.  BellSouth Corp.                 1.82 
---------------------------------------------------------------------------------------
  4.  IBM Corp.                       2.46    9.  Hewlett-Packard Co.             1.77 
---------------------------------------------------------------------------------------
  5.  Sprint Corp.                    1.90   10.  US West Communications Group,   1.74 
                                                  Inc.                                 
---------------------------------------------------------------------------------------

Fund holdings will vary for other periods.                            

2                                                                           

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PIONEER FUND                                                          

   -----------------------------------------------------------------------------
 PERFORMANCE UPDATE 12/31/99                              CLASS A SHARES
   -----------------------------------------------------------------------------

SHARE PRICES AND DISTRIBUTIONS                                        
   -----------------------------------------------------------------------------

                                                                [Download Table]

    NET ASSET VALUE                                               
    PER SHARE              12/31/99  12/31/98                     
                                                                  
                           $47.60    $43.30                       

DISTRIBUTIONS PER SHARE    INCOME     SHORT-TERM     LONG-TERM    
 (12/31/98 - 12/31/99)     DIVIDENDS  CAPITAL GAINS  CAPITAL GAINS
                                                                  
                           $0.170     -              $2.224       

INVESTMENT RETURNS                                                      
   -----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000           
investment made in Pioneer Fund at public offering price, compared to   
the growth of the Standard & Poor's 500 Index.                          

Average Annual Total Returns                                            
(As of December 31, 1999)                                               

                                                                [Download Table]

                               Public  
                Net Asset      Offering
Period          Value          Price   
                                       

10 Years        16.07%         15.38%  
5 Years         25.64          24.16   
1 Year          15.63           8.98   

* Reflects deduction of the maximum 5.75% sales charge at the beginning         
of the period and assumes reinvestment of distributions at net asset        
value.                                                                      

Growth of $10,000                                                               

[TABULAR PRESENTATION OF MOUNTAING CHART]                                       

                                                                [Download Table]


                         Standard       Lipper Growth
               Pioneer   & Poors        and Income   
               Fund*     500 Index      Funds Index  

                                                     

12/31/89       9425      10000          10000        
               8434       9688           9555        
12/31/91      10354      12628          12347        
              11762      13588          13466        
12/31/93      13435      14951          15172        
              13358      15156          15042        
12/31/95      16917      20832          19651        
              20249      25602          23710        
12/31/97      28040      34134          30254        
              36171      43869          34843        
12/31/99      41821      53079          39389        


The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500    
widely held common stocks listed on the New York Stock Exchange,        
American Stock Exchange and the over-the-counter market. The Lipper     
growth and income funds index reflects the performance (excluding sales 
charges) of mutual funds with similar portfolio characteristics and     
capitalization. Index returns assume reinvestment of dividends and,     
unlike Fund returns, do not reflect any fees, expenses or sales         
charges. You cannot invest directly in the Index.                       

Past performance does not guarantee future results. Return and share    
price fluctuate, and your shares, when redeemed, may be worth more or   
less than their original cost.                                          

                                                                               3

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PIONEER FUND                                                          

   -----------------------------------------------------------------------------
 PERFORMANCE UPDATE 12/31/99                              CLASS B SHARES
   -----------------------------------------------------------------------------

SHARE PRICES AND DISTRIBUTIONS                                        
   -----------------------------------------------------------------------------

                                                                [Download Table]

NET ASSET VALUE                                        
PER SHARE              12/31/99    12/31/98            
                                                       
                       $47.24      $43.20              

                                                                [Download Table]

DISTRIBUTIONS PER SHARE    INCOME       SHORT-TERM       LONG-TERM    
 (12/31/98 - 12/31/99)     DIVIDENDS    CAPITAL GAINS    CAPITAL GAINS
                                                                      
                           -            -                $2.224       

INVESTMENT RETURNS                                                      
   -----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000           
investment made in Pioneer Fund, compared to the growth of the Standard 
& Poor's 500 Index.                                                     

Average Annual Total Returns                                            
(As of December 31, 1999)                                               

                                                                [Download Table]


                 If            If    
Period          Held        Redeemed*
                                     

Life-of-Fund   25.42%        24.93%  
(7/1/96)                             
1 Year         14.63         10.63   

* 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 6 years.               

Growth of $10,000                                                               

[TABULAR PRESENTATION OF MOUNTAING CHART]                                       

                                                                [Download Table]


                            Standard       Lipper Growth
             Pioneer        & Poors        and Income   
             Fund*          500 Index      Funds Index  
                                                        

  7/1/96     10000          10000          10000        
             10212          10247          10303        
12/31/96     10991          11100          11086        
             11235          11399          11218        
 6/30/97     13253          13385          12846        
             14473          14387          14010        
12/31/97     15079          14799          14129        
             17056          16859          15796        
 6/30/98     17319          17415          15842        
             15803          15686          13879        
12/31/98     19275          19020          16332        
             19543          19965          16615        
 6/30/99     21194          21367          18092        
             19891          20035          16636        
12/31/99     21794          23013          18427        


The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500  
widely held common stocks listed on the New York Stock Exchange,        
American Stock Exchange and the over-the-counter market. The Lipper     
growth and income funds index reflects the performance (excluding sales 
charges) of mutual funds with similar portfolio characteristics and     
capitalization. Index returns assume reinvestment of dividends and,     
unlike Fund returns, do not reflect any fees, expenses or sales         
charges. You cannot invest directly in the Index.                       

Past performance does not guarantee future results. Return and share    
price fluctuate, and your shares, when redeemed, may be worth more or   
less than their original cost.                                          

4                                                                           

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PIONEER FUND                                                          

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 PERFORMANCE UPDATE 12/31/99                              CLASS C SHARES
   -----------------------------------------------------------------------------

SHARE PRICES AND DISTRIBUTIONS                                        
   -----------------------------------------------------------------------------

                                                                [Download Table]

NET ASSET VALUE                                        
PER SHARE              12/31/99    12/31/98            
                                                       
                       $46.76      $42.76              

                                                                [Download Table]

DISTRIBUTIONS PER SHARE    INCOME       SHORT-TERM       LONG-TERM    
 (12/31/98 - 12/31/99)     DIVIDENDS    CAPITAL GAINS    CAPITAL GAINS
                                                                      
                           -            -                $2.224       

INVESTMENT RETURNS                                                      
   -----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000           
investment made in Pioneer Fund, compared to the growth of the Standard 
& Poor's 500 Index.                                                     

Average Annual Total Returns                                            
(As of December 31, 1999)                                               

                                                                [Download Table]


                 If            If    
Period          Held        Redeemed*
                                     

Life-of-Fund   25.08%        25.08%  
(7/1/96)                             
1 Year         14.68         14.68   

* Assumes reinvestment of distributions.  The 1% continget deferred sales       
charge (CDSC) applies to redemptions made within one year of purchase.      

Growth of $10,000                                                               

[TABULAR PRESENTATION OF MOUNTAING CHART]                                       

                                                                [Download Table]


                            Standard       Lipper Growth
             Pioneer        & Poors        and Income   
             Fund*          500 Index      Funds Index  
                                                        

 7/1/96      10000          10000          10000        
             10117          10247          10303        
12/31/96     10874          11100          11086        
             11117          11399          11218        
 6/30/97     13114          13385          12846        
             14326          14387          14010        
12/31/97     14925          14799          14129        
             16880          16859          15796        
 6/30/98     17139          17415          15842        
             15644          15686          13879        
12/31/98     19081          19020          16332        
             19349          19965          16615        
 6/30/99     20987          21367          18092        
             19701          20035          16636        
12/31/99     21883          23013          18427        

The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500    
widely held common stocks listed on the New York Stock Exchange,        
American Stock Exchange and the over-the-counter market. The Lipper     
growth and income funds index reflects the performance (excluding sales 
charges) of mutual funds with similar portfolio characteristics and     
capitalization. Index returns assume reinvestment of dividends and,     
unlike Fund returns, do not reflect any fees, expenses or sales         
charges. You cannot invest directly in the Index.                       

Past performance does not guarantee future results. Return and share    
price fluctuate, and your shares, when redeemed, may be worth more or   
less than their original cost.                                          

                                                                               5

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PIONEER FUND                                                          

   -----------------------------------------------------------------------------
 PERFORMANCE UPDATE 12/31/99                              CLASS Y SHARES
   -----------------------------------------------------------------------------

SHARE PRICES AND DISTRIBUTIONS                                        
   -----------------------------------------------------------------------------

                                                                [Download Table]

NET ASSET VALUE                                        
PER SHARE              12/31/99    5/6/99              
                                                       
                       $47.62      $46.44              

                                                                [Download Table]

DISTRIBUTIONS PER SHARE    INCOME       SHORT-TERM       LONG-TERM    
  (5/6/99 - 12/31/99)      DIVIDENDS    CAPITAL GAINS    CAPITAL GAINS
                                                                      
                           $0.238       -                $2.224       

INVESTMENT RETURNS                                                      
   -----------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000           
investment made in Pioneer Fund, compared to the growth of the Standard 
& Poor's 500 Index.                                                     

Cumulative Annual Total Returns                                         
(As of December 31, 1999)                                               

                                                                [Download Table]


                 If            If    
Period          Held        Redeemed*
                                     

Life-of-Fund    8.00%         8.00%  
(5/6/99)                             


* Assumes reinvestment of distributions.                                        

Growth of $10,000                                                               

[TABULAR PRESENTATION OF MOUNTAING CHART]                                       

                                                                [Download Table]


                            Standard       Lipper Growth
             Pioneer        & Poors        and Income   
             Fund*          500 Index      Funds Index  
                                                        

  5/6/99     10000          10000          10000        
              9811           9773           9870        
 6/30/99     10293          10337          10296        
              9972          10005           9999        
 8/31/99      9877           9943           9794        
              9692           9692           9482        
10/31/99     10273          10299           9914        
             10402          10495          10061        
12/31/99     10800          11133          10546        

The Standard & Poor's (S&P) 500 Index is an unmanaged measure of 500    
widely held common stocks listed on the New York Stock Exchange,        
American Stock Exchange and the over-the-counter market. The Lipper     
growth and income funds index reflects the performance (excluding sales 
charges) of mutual funds with similar portfolio characteristics and     
capitalization. Index returns assume reinvestment of dividends and,     
unlike Fund returns, do not reflect any fees, expenses or sales         
charges. You cannot invest directly in the Index.                       

Past performance does not guarantee future results. Return and share    
price fluctuate, and your shares, when redeemed, may be worth more or   
less than their original cost.                                          

6                                                                           

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PIONEER FUND                                                          

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PORTFOLIO MANAGEMENT DISCUSSION 12/31/99                              
--------------------------------------------------------------------------------

In the following interview John Carey, the portfolio manager for Pioneer Fund,  
discusses the events and factors that influenced your Fund's performance over   
the last year.                                                                  

Q:  THE MARKET HAS CHANGED QUITE A BIT OVER THE PAST YEAR. WHAT HAS TAKEN PLACE?

A:  The stock market appeared to be very strong during 1999. Yet, upon closer   
inspection, the strength was primarily in a few sectors, most notably   
  technology. Across many other sectors there was little price movement, and
in some cases price declines. It is, we think, fair to say that large   
numbers of investors have become enthralled by the possibilities for new
    technology, especially as it relates to the Internet, and are focusing their
 attention, and investment dollars, on the companies they believe are well
positioned to realize the possibilities. On the other hand, companies in
such traditional businesses as food processing, railway transportation, 
banking and insurance, and electrical power supply are having difficulty
attracting any investor attention at all.                               

As value-oriented investors, we tend to favor companies with established
operations, substantial sales and earnings, and conservatively priced   
shares. So there were times during the year when we felt a bit like the 
    proverbial child with his nose pressed against the glass, looking in on some
   very grand festivities. Nevertheless, Pioneer Fund did find itself, to some
  degree, the beneficiary of the prevailing market sentiment. Several of our
 technology stocks, including Sun Microsystems, Hewlett-Packard, Motorola,
   and Texas Instruments, had extraordinary years in the stock market. In most
  cases we had purchased the shares of our technology holdings years before,
when the shares were out of favor and trading at much lower prices.     

Similarly, today we are looking for new investments among sectors and   
   securities other investors appear to be neglecting. Like the market, we are
   enthusiastic about the future of our economy and its leading industries. As
  we have often observed, however, during the more than 70 years Pioneer has
managed this portfolio, the market may overlook some attractive         
opportunities in its rush to get aboard the fastest moving stocks.      
    Historically, the tortoises have fared quite well against the hares, and now
as always we are spending the bulk of our time evaluating the tortoises.

                                                                               7

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PIONEER FUND                                                          

--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 12/31/99  (CONTINUED)                 
--------------------------------------------------------------------------------

Q:  HOW DID THE FUND PERFORM DURING THE YEAR?                                   

A:  The Fund's Class A shares returned 15.63% at net asset value for 1999. Most 
 of the gain was recorded during the fourth quarter, when the Fund rose by
    11.31%. The stock market staged a strong recovery during the fourth quarter,
  with the Standard & Poor's 500 Index gaining 14.86%. Although Pioneer Fund
ended the year with a lower gain than the S&P 500 Index, which returned 
  20.99% for the year, the Fund fared quite well versus its Lipper Large-Cap
  Value competitors. These comparable funds rose by an average of 11.26% for
 the calendar year. (Lipper is an independent firm that tracks mutual fund
performance.)                                                           

Q:  IN WHAT SECTORS HAVE YOU FOUND OPPORTUNITIES IN RECENT MONTHS?              

A:  The last quarter of 1999 saw mainly adjustments in existing positions,      
though we added one stock, Union Pacific, and liquidated two holdings,  
    Hubbell and Wellpoint Health Networks. We also received three new securities
   as the result of mergers: SBC Communications for Ameritech; Exxon Mobil for
 Mobil; and Fleet Boston Financial for BankBoston. In the cases of SBC and
  Exxon Mobil, we had already owned shares of the parent company, and so the
   mergers just enlarged existing positions. In general over the past year, we
have found opportunities in a number of out-of-favor sectors and have   
  purchased shares of railroads, food processors, basic-materials producers,
and energy companies, among others. Stock-market volatility has also    
presented us with opportunities from time to time to buy shares in the  
  changeable technology, financial-services, and pharmaceuticals industries.
  The key, we think, is not to approach the market with preconceptions about
   where value may be found, but instead to study the market every day and act
whenever attractive opportunities appear.                               

Q:  WHAT STOCKS OR SECTORS HAVE YOU BEEN AVOIDING?                              

A:  Again, we make every effort not to have either a perennially positive or    
  negative view of any particular industry. We also think it is important to
   look within industries that are faring poorly to see if there may be one or
 two companies that are bucking the trend. Generally, those companies will
often have superior managements and finances. The strength of Pioneer's 
investment organization over the years has been its independent research
  effort. Our staff of analysts are always looking for values in the market.

8                                                                           

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PIONEER FUND                                                          

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--------------------------------------------------------------------------------

Q:  THE MARKET AND THE FUND HAVE POSTED IMPRESSIVE RETURNS OVER THE LAST 5      
YEARS. DO YOU EXPECT THE GOOD TIMES TO CONTINUE?                        

A:  We are always hopeful about the market and the Fund, but can never provide  
   any guarantees or predictions. Many people have commented on the high level
   of the current market relative to where the market traded last year and the
  year before and so forth. Many people have also tried to discern the "law"
of the market, which would permit them with confidence to forecast its  
   direction. Unfortunately, that is a demonstrably futile endeavor. The stock
  market mixes numbers with psychology in ever-varying proportions. To date,
    no theoretical model is sophisticated enough to account for every alteration
in investor sentiment and behavior. At Pioneer we have always taken the 
approach that we would focus on individual companies and their business 
  prospects - subjects we think we can learn something about - and leave the
prognosticating to others.                                              

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PIONEER FUND                                                          

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/99                                      
--------------------------------------------------------------------------------

                                                                [Download Table]

SHARES                                                     VALUE
                                                                
           COMMON STOCKS - 99.4%                                
           BASIC MATERIALS - 4.0%                               
           ALUMINUM - 0.8%                                      
  738,000  Alcoa, Inc.                            $   61,254,000
                                                  --------------
           CHEMICALS - 1.5%                                     
  290,000  Dow Chemical Co.                       $   38,751,250
  916,896  E.I. du Pont de Nemours & Co.              60,400,524
  200,000  Rohm & Haas Co.                             8,137,500
                                                  --------------
                                                  $  107,289,274
                                                  --------------
           CHEMICALS (SPECIALTY) - 0.0%                         
  167,051  Lilly Industries, Inc.                 $    2,244,748
                                                  --------------
           CONTAINERS & PACKAGING (PAPER) - 0.4%                
  896,600  Greif Brothers Corp. (Non-voting)      $   26,673,850
                                                  --------------
           IRON & STEEL - 0.3%                                  
  296,900  Nucor Corp.*                           $   16,273,831
  359,000  Steel Dynamics, Inc.*                       5,721,562
                                                  --------------
                                                  $   21,995,393
                                                  --------------
           METALS MINING - 1.0%                                 
1,071,200  Newmont Mining Corp.                   $   26,244,400
  747,900  Phelps Dodge Corp.                         50,202,787
                                                  --------------
                                                  $   76,447,187
                                                  --------------
           TOTAL BASIC MATERIALS                  $  295,904,452
                                                  --------------
           CAPITAL GOODS - 4.1%                                 
           AEROSPACE/DEFENSE - 0.9%                             
  500,000  Boeing Co.                             $   20,781,250
  312,300  General Dynamics Corp.                     16,473,825
1,525,000  Lockheed Martin Corp.                      33,359,375
                                                  --------------
                                                  $   70,614,450
                                                  --------------
           ELECTRICAL EQUIPMENT - 0.6%                          
  445,800  Emerson Electric Co.                   $   25,577,775
  112,000  General Electric Co.                       17,332,000
                                                  --------------
                                                  $   42,909,775
                                                  --------------

 10 The accompanying notes are an integral part of these financial statements.

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PIONEER FUND                                                          

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                                                [Download Table]

SHARES                                                  VALUE         
                                                                      
           MACHINERY (DIVERSIFIED) - 1.5%                             
1,260,600  Caterpillar, Inc.                            $   59,326,987
  571,700  Deere & Co.                                      24,797,488
  504,450  Ingersoll-Rand Co.                               27,776,278
  124,200  The Timken Co.                                    2,538,338
                                                        --------------
                                                        $  114,439,091
                                                        --------------
           MANUFACTURING (DIVERSIFIED) - 0.6%                         
  355,800  Illinois Tool Works, Inc.                    $   24,038,737
  343,300  Johnson Controls, Inc.                           19,525,187
                                                        --------------
                                                        $   43,563,924
                                                        --------------
           MANUFACTURING (SPECIALIZED) - 0.1%                         
  266,100  Diebold Inc.                                 $    6,253,350
                                                        --------------
           OFFICE EQUIPMENT & SUPPLIES - 0.4%                         
  691,400  Canon Inc. (A.D.R.)                          $   28,044,912
                                                        --------------
           TOTAL CAPITAL GOODS                          $  305,825,502
                                                        --------------
           COMMUNICATION SERVICES - 12.8%                             
           CELLULAR/WIRELESS TELECOMMUNICATIONS - 1.1%                
  800,000  Sprint Corp. (PCS Group)*                    $   82,000,000
                                                        --------------
           TELECOMMUNICATION - 1.9%                                   
2,068,000  Sprint Corp.                                 $  139,202,250
                                                        --------------
           TELEPHONE - 9.8%                                           
  505,448  Alltel Corp.                                 $   41,794,232
1,666,708  Bell Atlantic Corp.                             102,606,711
2,859,600  BellSouth Corp.                                 133,865,025
1,360,900  GTE Corp.                                        96,028,506
4,495,637  SBC Communications, Inc.                        219,162,304
1,774,351  US West Communications Group, Inc.              127,753,272
                                                        --------------
                                                        $  721,210,050
                                                        --------------
           TOTAL COMMUNICATIONS SERVICES                $  942,412,300
                                                        --------------
           CONSUMER CYCLICALS - 11.8%                                 
           AUTOMOBILES - 2.0%                                         
  650,444  DaimlerChrysler AG                           $   50,897,243
1,785,000  Ford Motor Co.                                   95,385,937
                                                        --------------
                                                        $  146,283,180
                                                        --------------
           HOUSEHOLD FURNISHINGS & APPLIANCES - 1.4%                  
  364,800  Sony Corp. (A.D.R.)                          $  103,876,800
                                                        --------------

   The accompanying notes are an integral part of these financial statements. 11

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                                                                [Download Table]

SHARES                                                       VALUE
                                                                  
           LEISURE TIME (PRODUCTS) - 0.1%                         
  300,000  Hasbro, Inc.                             $    5,718,750
                                                    --------------
           PUBLISHING - 1.8%                                      
3,494,400  John Wiley & Sons, Inc.+                 $   58,531,200
1,206,000  McGraw-Hill Co., Inc.                        74,319,750
                                                    --------------
                                                    $  132,850,950
                                                    --------------
           PUBLISHING (NEWSPAPERS) - 0.8%                         
  281,900  Belo (A.H.) Corp.                        $    5,373,719
  636,100  Central Newspapers, Inc.                     25,046,437
  400,000  Dow Jones & Co., Inc.                        27,200,000
                                                    --------------
                                                    $   57,620,156
                                                    --------------
           RETAIL (DEPARTMENT STORES) - 1.4%                      
  474,500  Harcourt General, Inc.                   $   19,098,625
  596,400  Kohl's Corp.*                                43,052,625
1,234,800  May Department Stores Co.                    39,822,300
  142,966  Neiman Marcus Group (Class B)*                3,851,147
                                                    --------------
                                                    $  105,824,697
                                                    --------------
           RETAIL (DISCOUNTERS) - 0.6%                            
1,843,875  Dollar General Corp.                     $   41,948,156
                                                    --------------
           RETAIL (GENERAL MERCHANDISE) - 2.4%                    
1,380,000  Dayton Hudson Corp.                      $  101,343,750
1,052,000  Wal-Mart Stores, Inc.                        72,719,500
                                                    --------------
                                                    $  174,063,250
                                                    --------------
           RETAIL (SPECIALTY) - 0.1%                              
  505,700  Barnes & Noble, Inc.*                    $   10,430,062
                                                    --------------
           RETAIL (SPECIALTY/APPAREL) - 0.7%                      
1,197,900  Gap Inc.                                 $   55,103,400
                                                    --------------
           SERVICES (ADVERTISING/MARKETING) - 0.5%                
  390,200  Omnicom Group                            $   39,020,000
                                                    --------------
           TOTAL CONSUMER CYCLICALS                 $  872,739,401
                                                    --------------
           CONSUMER STAPLES - 10.6%                               
           BEVERAGES (NON-ALCOHOLIC) - 0.6%                       
1,357,900  Pepsico, Inc.                            $   47,865,975
                                                    --------------

 12 The accompanying notes are an integral part of these financial statements.

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                                                                [Download Table]

SHARES                                                            VALUE
                                                                       
           BROADCASTING (TELEVISION/RADIO/CABLE) - 2.0%                
1,511,900  CBS Corp.                                     $   96,667,106
  202,000  Cox Communications, Inc.*                         10,403,000
  565,700  MediaOne Group, Inc.*                             43,452,831
                                                         --------------
                                                         $  150,522,937
                                                         --------------
           DISTRIBUTORS (FOOD & HEALTH) - 0.5%                         
  866,200  Sysco Corp.                                   $   34,269,037
                                                         --------------
           FOODS - 4.2%                                                
1,611,800  Bestfoods                                     $   84,720,238
1,068,000  Campbell Soup Co.                                 41,318,250
  804,000  ConAgra, Inc.                                     18,140,250
  960,600  General Mills, Inc.                               34,341,450
1,055,150  H.J. Heinz Co.                                    42,008,159
  750,000  Hershey Foods Corp.                               35,625,000
   99,000  Nestle SA (A.D.R.)                                 9,067,781
  589,100  Ralston-Ralston Purina Group                      16,421,163
1,330,000  Sara Lee Corp.                                    29,343,125
                                                         --------------
                                                         $  310,985,416
                                                         --------------
           HOUSEHOLD PRODUCTS (NON-DURABLES) - 0.9%                    
1,058,600  Colgate-Palmolive Co.                         $   68,809,000
                                                         --------------
           RESTAURANTS - 0.4%                                          
  640,000  McDonald's Corp.                              $   25,800,000
                                                         --------------
           RETAIL (DRUG STORES) - 1.4%                                 
  509,800  CVS Corp.                                     $   20,360,138
2,851,200  Walgreen Co.                                      83,397,600
                                                         --------------
                                                         $  103,757,738
                                                         --------------
           RETAIL STORES (FOOD CHAINS) - 0.2%                          
  670,000  Kroger Co.*                                   $   12,646,250
                                                         --------------
           SERVICES (EMPLOYMENT) - 0.4%                                
1,066,900  Robert Half International, Inc.*              $   30,473,331
                                                         --------------
           TOTAL CONSUMER STAPLES                        $  785,129,684
                                                         --------------

   The accompanying notes are an integral part of these financial statements. 13

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                                                                [Download Table]

SHARES                                                          VALUE
                                                                     
           ENERGY - 5.6%                                             
           OIL (DOMESTIC INTEGRATED) - 1.4%                          
  849,300  Atlantic Richfield Co.                      $   73,464,450
  700,000  Conoco Inc. (Class A)                           17,325,000
  711,256  Conoco Inc. (Class B)                           17,692,493
                                                       --------------
                                                       $  108,481,943
                                                       --------------
           OIL (INTERNATIONAL INTEGRATED) - 3.4%                     
1,115,500  Chevron Corp.                               $   96,630,188
1,503,493  Exxon Mobil Corp.                              121,125,155
  600,000  Texaco, Inc.                                    32,587,500
                                                       --------------
                                                       $  250,342,843
                                                       --------------
           OIL & GAS (DRILLING & EQUIPMENT) - 0.8%                   
  523,000  Schlumberger Ltd.                           $   29,418,750
  370,100  Smith International, Inc.*                      18,389,344
  301,253  Transocean Sedco Forex Inc.                     10,148,454
                                                       --------------
                                                       $   57,956,548
                                                       --------------
           TOTAL ENERGY                                $  416,781,334
                                                       --------------
           FINANCIAL - 14.6%                                         
           BANKS (MAJOR REGIONAL) - 4.8%                             
2,846,800  The Bank of New York Co., Inc.              $  113,872,000
  532,980  Fleet Boston Financial Corp.                    18,554,366
  473,700  Comerica, Inc.                                  22,115,869
  738,100  Huntington Bancshares, Inc.                     17,622,137
1,886,600  Mellon Bank Corp.                               64,262,312
2,364,648  National City Corp.                             56,012,600
  806,800  State Street Corp.                              58,946,825
                                                       --------------
                                                       $  351,386,109
                                                       --------------
           BANKS (REGIONAL) - 0.7%                                   
  625,700  First Tennessee National Corp.              $   17,832,450
  539,200  Zions Bancorporation                            31,913,900
                                                       --------------
                                                       $   49,746,350
                                                       --------------
           FINANCIAL (DIVERSIFIED) - 0.9%                            
  535,642  Associates First Capital Corp.              $   14,696,677
  346,750  Morgan Stanley, Dean Witter, Discover & Co.     49,498,563
                                                       --------------
                                                       $   64,195,240
                                                       --------------

 14 The accompanying notes are an integral part of these financial statements.

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SHARES                                                    VALUE
                                                               
           INSURANCE (LIFE/HEALTH) - 1.3%                      
2,136,400  Axa Financial Inc.                    $   72,370,550
  536,200  ReliaStar Financial Corp.                 21,012,338
                                                 --------------
                                                 $   93,382,888
                                                 --------------
           INSURANCE (MULTI-LINE) - 0.8%                       
  574,812  American International Group, Inc.    $   62,151,548
                                                 --------------
           INSURANCE (PROPERTY/CASUALTY) - 2.1%                
1,174,200  Chubb Corp.                           $   66,122,137
  607,300  Excel Ltd.                                31,503,688
  531,300  Partnerre Ltd.                            17,234,043
  830,400  Safeco Corp.                              20,656,200
  647,600  The St. Paul Companies, Inc.              21,816,025
                                                 --------------
                                                 $  157,332,093
                                                 --------------
           INSURANCE BROKERS - 0.9%                            
  729,000  Marsh & McLennan Co., Inc.            $   69,756,188
                                                 --------------
           INVESTMENT BANKING/BROKERAGE - 1.7%                 
  621,000  Merrill Lynch & Co., Inc.             $   51,853,500
1,820,500  Paine Webber Group, Inc.                  70,658,156
                                                 --------------
                                                 $  122,511,656
                                                 --------------
           INVESTMENT MANAGEMENT - 1.2%                        
  677,000  Federated Investors, Inc. (Class B)   $   13,582,312
2,100,000  T. Rowe Price Associates, Inc.            77,568,750
                                                 --------------
                                                 $   91,151,062
                                                 --------------
           SAVINGS & LOAN COMPANIES - 0.2%                     
  693,840  Washington Mutual, Inc.               $   18,039,840
                                                 --------------
           TOTAL FINANCIAL                       $1,079,652,974
                                                 --------------
           HEALTHCARE - 9.6%                                   
           HEALTHCARE (DIVERSIFIED) - 3.0%                     
1,333,300  Abbott Laboratories                   $   48,415,456
1,428,000  Bristol-Myers Squibb Co.                  91,659,750
  850,000  Johnson & Johnson                         79,156,250
                                                 --------------
                                                 $  219,231,456
                                                 --------------

   The accompanying notes are an integral part of these financial statements. 15

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                                                                [Download Table]

SHARES                                                               VALUE
                                                                          
           HEALTHCARE (DRUGS/MAJOR PHARMACEUTICALS) - 6.1%                
  749,000  Eli Lilly & Co.                                  $   49,808,500
  600,600  Merck & Co., Inc.                                    40,277,738
  500,000  Pfizer Inc.                                          16,218,750
    3,898  Roche Holdings AG                                    46,267,789
5,092,800  Schering-Plough Corp.                               214,852,500
1,243,000  Smithkline Beecham Plc (A.D.R.)                      80,095,813
                                                            --------------
                                                            $  447,521,090
                                                            --------------
           HEALTHCARE (MEDICAL PRODUCTS/SUPPLIES) - 0.5%                  
1,532,800  Becton, Dickinson & Co.                          $   41,002,400
                                                            --------------
           TOTAL HEALTHCARE                                 $  707,754,946
                                                            --------------
           TECHNOLOGY - 23.3%                                             
           COMMUNICATIONS EQUIPMENT - 3.6%                                
  300,500  General Instrument Corp.*                        $   25,542,500
  363,400  Harris Corp.                                          9,698,238
  463,400  Lanier Worldwide, Inc.*                               1,795,675
1,216,968  Lucent Technologies, Inc.                            91,044,418
  937,900  Motorola, Inc.                                      138,105,775
                                                            --------------
                                                            $  266,186,606
                                                            --------------
           COMPUTERS (HARDWARE) - 9.6%                                    
3,290,000  Compaq Computer Corp.                            $   89,035,625
1,140,000  Hewlett-Packard Co.                                 129,888,750
1,674,000  IBM Corp.                                           180,792,000
4,045,800  Sun Microsystems, Inc.*                             313,296,638
                                                            --------------
                                                            $  713,013,013
                                                            --------------
           COMPUTERS (SOFTWARE & SERVICES) - 2.3%                         
  408,000  Adobe Systems, Inc.                              $   27,438,000
  402,200  Aspen Technology, Inc.*                              10,633,163
  360,000  BMC Software, Inc.*                                  28,777,500
  190,000  Microsoft Corp.                                      22,182,500
  600,000  Oracle Corp.*                                        67,237,500
  498,500  Peoplesoft, Inc.*                                    10,624,281
                                                            --------------
                                                            $  166,892,944
                                                            --------------

 16 The accompanying notes are an integral part of these financial statements.

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                                                                [Download Table]

SHARES                                                   VALUE
                                                              
           ELECTRONICS (SEMICONDUCTORS) - 4.0%                
  800,000  Altera Corp.*                        $   39,650,000
1,470,000  Intel Corp.                             120,999,375
1,384,000  Texas Instruments, Inc.                 134,075,000
                                                --------------
                                                $  294,724,375
                                                --------------
           EQUIPMENT (SEMICONDUCTORS) - 0.5%                  
  295,000  Applied Materials, Inc.*             $   37,372,813
                                                --------------
           PHOTOGRAPHY/IMAGING - 0.6%                         
  729,100  Eastman Kodak Co.                    $   48,302,875
                                                --------------
           SERVICES (COMPUTER SYSTEMS) - 1.1%                 
  823,100  Computer Sciences Corp.*             $   77,885,838
                                                --------------
           SERVICES (DATA PROCESSING) - 1.6%                  
  914,200  Automatic Data Processing, Inc.      $   49,252,525
  276,400  DST Systems, Inc.*                       21,092,775
  454,000  Electronic Data Systems Corp.            30,389,625
  367,500  Fiserv, Inc.*                            14,079,844
                                                --------------
                                                $  114,814,769
                                                --------------
           TOTAL TECHNOLOGY                     $1,719,193,233
                                                --------------
           TRANSPORTATION - 2.0%                              
           AIRLINES - 0.7%                                    
  422,908  Delta Air Lines, Inc.                $   21,066,105
1,692,400  Southwest Airlines                       27,395,725
                                                --------------
                                                $   48,461,830
                                                --------------
           RAILROAD - 1.3%                                    
1,154,200  Burlington Northern, Inc.            $   27,989,350
2,313,900  Norfolk Southern Corp.                   47,434,950
  470,800  Union Pacific Corp.                      20,538,650
                                                --------------
                                                $   95,962,950
                                                --------------
           TOTAL TRANSPORTATION                 $  144,424,780
                                                --------------
           UTILITIES - 1.0%                                   
           ELECTRIC COMPANIES - 0.7%                          
1,125,100  Allegheny Power Systems, Inc.        $   30,307,381
1,068,900  DPL, Inc.                                18,505,331
                                                --------------
                                                $   48,812,712
                                                --------------

   The accompanying notes are an integral part of these financial statements. 17

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  SCHEDULE OF INVESTMENTS 12/31/99                             (CONTINUED)
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                                                                [Download Table]

  SHARES                                                            VALUE
                                                                         
             NATURAL GAS - 0.2%                                          
    767,533  Indiana Energy, Inc.                          $   13,623,711
                                                           --------------
             WATER UTILITY - 0.1%                                        
    552,600  American Water Works Co., Inc.,               $   11,742,750
                                                           --------------
             TOTAL UTILITIES                               $   74,179,173
                                                           --------------
             TOTAL COMMON STOCKS                                         
             (Cost $3,758,899,231)                         $7,343,997,779
                                                           --------------

 PRINCIPAL                                                               
  AMOUNT                                                                 
                                                                         
             TEMPORARY CASH INVESTMENT - 0.6%                            
             COMMERCIAL PAPER - 0.6%                                     
$44,885,000  American Express Credit Corp., 4.25%, 1/3/00  $   44,885,000
                                                           --------------
             TOTAL TEMPORARY CASH INVESTMENT                             
             (Cost $44,885,000)                            $   44,885,000
                                                           --------------
             TOTAL INVESTMENT IN SECURITIES - 100%                       
             (Cost $3,803,784,231)(a)                      $7,388,882,779
                                                           ==============

* Non-income producing security.                                        
+ Investment held by Fund representing 5% or more of the outstanding    
voting stock of such company.                                       
(a) At December 31, 1999, the net unrealized gain on investments based  
on cost for federal income tax purposes of $3,804,413,866 was as
follows:                                                        

                                                                [Download Table]
                                                                    
Aggregate gross unrealized gain for all investments                 
in which there is an excess of value over tax cost   $3,724,356,510 

Aggregate gross unrealized loss for all                             
investments in which there is an excess of tax                      
cost over value                                        (139,887,597)
                                                     -------------- 
Net unrealized gain                                  $3,584,468,913 
                                                     ============== 

Purchases and sales of securities (excluding temporary cash             
investments) for the year ended December 31, 1999, aggregated           
$1,397,692,329 and $646,216,999, respectively.                          

 18 The accompanying notes are an integral part of these financial statements.

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PIONEER FUND                                                          

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BALANCE SHEET 12/31/99                                                
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                                                                [Download Table]
                                                                               
ASSETS:                                                                        
   Investment in securities, at value (including temporary                     
     cash investment of $44,885,000) (cost $3,803,784,231)      $7,388,882,779 
   Cash                                                                     13 
   Receivables -                                                               
      Investments securities sold                                    4,799,990 
      Fund shares sold                                              11,818,960 
      Dividends, interest and foreign taxes withheld                 6,540,413 
   Other                                                                85,248 
                                                                -------------- 
         Total assets                                           $7,412,127,403 
                                                                -------------- 
LIABILITIES:                                                                   
   Payables -                                                                  
      Fund shares repurchased                                   $    3,899,752 
   Due to affiliates                                                 7,277,140 
   Accrued expenses                                                    588,427 
                                                                -------------- 
         Total liabilities                                      $   11,765,319 
                                                                -------------- 
NET ASSETS:                                                                    
   Paid-in capital                                              $3,815,895,582 
   Accumulated net realized loss on investments                       (629,635)
   Net unrealized gain on investments                            3,585,098,548 
   Net unrealized loss on assets and liabilities denominated                   
     in foreign currencies                                              (2,411)
                                                                -------------- 
         Total net assets                                       $7,400,362,084 
                                                                ============== 
NET ASSET VALUE PER SHARE:                                                     
(Unlimited number of shares authorized)                                        
   Class A (based on $6,638,129,901/139,466,472 shares)         $        47.60 
                                                                ============== 
   Class B (based on $593,145,005/12,555,742 shares)            $        47.24 
                                                                ============== 
   Class C (based on $156,739,091/3,352,303 shares)             $        46.76 
                                                                ============== 
   Class Y (based on $12,348,087/259,313 shares)                $        47.62 
                                                                ============== 
MAXIMUM OFFERING PRICE:                                                        
   Class A                                                      $        50.50 
                                                                ============== 

   The accompanying notes are an integral part of these financial statements. 19

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STATEMENT OF OPERATIONS                                               
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FOR THE YEAR ENDED 12/31/99                                           

                                                                [Download Table]
                                                                                   
INVESTMENT INCOME:                                                                 
   Dividends (net of foreign taxes withheld                                        
     of $552,634)                                      $ 94,221,864                
   Interest                                               2,511,671                
                                                       ------------                
         Total investment income                                      $ 96,733,535 
                                                                      ------------ 
EXPENSES:                                                                          
   Management fees                                                                 
      Basic fee                                        $ 38,965,334                
      Performance adjustment                              4,295,583                
   Transfer agent fees                                                             
      Class A                                            10,884,716                
      Class B                                             1,180,359                
      Class C                                               258,112                
      Class Y                                                   704                
   Distribution fees                                                               
      Class A                                            12,545,823                
      Class B                                             4,330,244                
      Class C                                             1,001,588                
   Administrative fees                                      887,723                
   Custodian fees                                           246,442                
   Registration fees                                        553,080                
   Professional fees                                        240,944                
   Printing                                                 441,169                
   Fees and expenses of nonaffiliated trustees               89,552                
   Miscellaneous                                             76,477                
                                                       ------------                
         Total expenses                                               $ 75,997,850 
         Less fees paid indirectly                                        (849,845)
                                                                      ------------ 
         Net expenses                                                 $ 75,148,005 
                                                                      ------------ 
            Net investment income                                     $ 21,585,530 
                                                                      ------------ 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                
   Net realized gain (loss) from:                                                  
      Investments                                      $325,812,043                
      Other assets and liabilities denominated in                                  
        foreign currencies                                     (503)  $325,811,540 
                                                       ------------                
   Change in net unrealized gain from:                                             
      Investments                                      $609,477,463                
      Other assets and liabilities denominated in                                  
        foreign currencies                                   (2,411)               
                                                       ------------                
            Net gain on investments                                   $609,475,052 
                                                                      ------------ 
            Net increase in net assets resulting from                              
              operations                                              $956,872,122 
                                                                      ============ 

 20 The accompanying notes are an integral part of these financial statements.

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PIONEER FUND                                                          

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STATEMENTS OF CHANGES IN NET ASSETS                                   
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FOR THE YEARS ENDED 12/31/99 AND 12/31/98                             

                                                        [Enlarge/Download Table]

                                                              YEAR ENDED       YEAR ENDED   
FROM OPERATIONS:                                               12/31/99         12/31/98    
                                                                                            
Net investment income                                       $   21,585,530   $   23,583,905 
Net realized gain on investments                               325,811,540      188,378,688 
Change in net unrealized gain on investments                   609,475,052    1,016,960,019 
                                                            --------------   -------------- 
      Net increase in net assets resulting                                                  
         from operations                                    $  956,872,122   $1,228,922,612 
                                                            --------------   -------------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                         
Net investment income                                                                       
      Class A ($0.17 and $0.21 per share, respectively)     $  (22,551,949)  $  (23,991,812)
      Class Y ($0.24 and $0.00 per share, respectively)            (58,721)               - 
Net realized gain:                                                                          
      Class A ($2.22 and $1.49 per share, respectively)       (296,872,046)    (178,206,860)
      Class B ($2.22 and $1.49 per share, respectively)        (25,951,539)      (8,623,800)
      Class C ($2.22 and $1.49 per share, respectively)         (6,757,201)      (1,502,241)
      Class Y ($2.22 and $0.00 per share, respectively)           (546,104)               - 
                                                            --------------   -------------- 
            Total distributions to shareholders             $ (352,737,560)  $ (212,324,713)
                                                            --------------   -------------- 
FROM FUND SHARE TRANSACTIONS:                                                               
Net proceeds from sale of shares                            $1,652,707,636   $1,075,355,825 
Reinvestment of distributions                                  317,373,755      192,687,584 
Cost of shares repurchased                                    (881,798,971)    (629,692,713)
                                                            --------------   -------------- 
      Net increase in net assets resulting from fund share                                  
       transactions                                         $1,088,282,420   $  638,350,696 
                                                            --------------   -------------- 
      Net increase in net assets                            $1,692,416,982   $1,654,948,595 
NET ASSETS:                                                                                 
Beginning of year                                            5,707,945,102    4,052,996,507 
                                                            --------------   -------------- 
End of year (including accumulated undistributed net                                        
 investment income of $0 and $0, respectively)              $7,400,362,084   $5,707,945,102 
                                                            ==============   ============== 

   The accompanying notes are an integral part of these financial statements. 21

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PIONEER FUND                                                          

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  STATEMENTS OF CHANGES IN NET ASSETS                          (CONTINUED)
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FOR THE YEARS ENDED 12/31/99 AND 12/31/98                             

                                                        [Enlarge/Download Table]

CLASS A                         '99 SHARES      '99 AMOUNT     '98 SHARES     '98 AMOUNT    
                                                                                            
 Shares sold                     25,703,151    $1,175,889,963   20,599,912    $ 809,225,041 
 Reinvestment of distributions    6,247,722       289,977,993    4,465,786      183,937,799 
 Less shares repurchased         (16,931,541)    (775,592,354)  (14,825,021)   (578,631,413)
                                 -----------   --------------   -----------   ------------- 
          Net increase           15,019,332    $  690,275,602   10,240,677    $ 414,531,427 
                                 ===========   ==============   ===========   ============= 
 CLASS B                                                                                    
 Shares sold                      7,621,706    $  346,726,886    5,636,157    $ 221,555,435 
 Reinvestment of distributions      485,474        22,383,744      186,678        7,724,353 
 Less shares repurchased         (1,842,368)      (84,273,185)  (1,046,121)     (40,159,056)
                                 -----------   --------------   -----------   ------------- 
          Net increase            6,264,812    $  284,837,445    4,776,714    $ 189,120,732 
                                 ===========   ==============   ===========   ============= 
 CLASS C                                                                                    
 Shares sold                      2,613,225    $  117,740,196    1,134,435    $  44,575,349 
 Reinvestment of distributions       96,697         4,413,373       25,035        1,025,432 
 Less shares repurchased           (465,754)      (21,021,787)    (289,689)     (10,902,244)
                                 -----------   --------------   -----------   ------------- 
          Net increase            2,244,168    $  101,131,782      869,781    $  34,698,537 
                                 ===========   ==============   ===========   ============= 
 CLASS Y*                                                                                   
 Shares sold                        265,515    $   12,350,591                               
 Reinvestment of distributions       12,888           598,645                               
 Less shares repurchased            (19,090)         (911,645)                              
                                 ----------      ------------                               
          Net increase              259,313    $   12,037,591                               
                                 ----------      ------------                               

* Class Y shares were first publicly offered on May 6, 1999.                    

 22 The accompanying notes are an integral part of these financial statements.

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PIONEER FUND                                                                    

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FINANCIAL HIGHLIGHTS 12/31/99                                                   
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                                                        [Enlarge/Download Table]

                                                        YEAR ENDED  YEAR ENDED  YEAR ENDED  YEAR ENDED  YEAR ENDED 
CLASS A                                                  12/31/99    12/31/98    12/31/97    12/31/96    12/31/95  
                                                                                                                   
Net asset value, beginning of year                      $   43.30   $   34.95   $   26.89   $   24.36   $    21.32 
                                                        ----------  ----------  ----------  ----------  ---------- 
Increase from investment operations:                                                                               
   Net investment income                                $    0.18   $    0.21   $    0.30   $    0.37   $     0.49 
   Net realized and unrealized gain on investments and                                                             
     foreign currency transactions                           6.51        9.84        9.97        4.35         5.13 
                                                        ----------  ----------  ----------  ----------  ---------- 
      Net increase from investment operations           $    6.69   $   10.05   $   10.27   $    4.72   $     5.62 
Distributions to shareholders:                                                                                     
   Net investment income                                    (0.17)      (0.21)      (0.31)      (0.37)       (0.49)
   Net realized gain                                        (2.22)      (1.49)      (1.90)      (1.82)       (2.09)
                                                        ----------  ----------  ----------  ----------  ---------- 
Net increase in net asset value                         $    4.30   $    8.35   $    8.06   $    2.53   $     3.04 
                                                        ----------  ----------  ----------  ----------  ---------- 
Net asset value, end of year                            $   47.60   $   43.30   $   34.95   $   26.89   $    24.36 
                                                        ==========  ==========  ==========  ==========  ========== 
Total return*                                               15.63%      29.00%      38.47%      19.70%       26.64%
Ratio of net expenses to average net assets+                 1.10%       1.09%       1.03%       1.01%        0.95%
Ratio of net investment income to average net assets+        0.39%       0.52%       0.93%       1.40%        2.01%
Porfolio turnover rate                                         10%          9%         17%         25%          31%
Net assets, end of year (in thousands)                  $6,638,130  $5,388,761  $3,991,726  $2,896,670  $2,466,098 
Ratios assuming reduction for fees paid indirectly:                                                                
   Net expenses                                              1.09%       1.08%       1.02%       0.99%        0.94%
   Net investment income                                     0.40%       0.53%       0.94%       1.42%        2.02%

*    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.                                                              
+    Ratios assuming no reduction for fees paid indirectly.                     

   The accompanying notes are an integral part of these financial statements. 23

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PIONEER FUND                                                                    

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FINANCIAL HIGHLIGHTS 12/31/99                                                   
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                              YEAR ENDED   YEAR ENDED   YEAR ENDED    7/1/96 TO 
CLASS B                                                        12/31/99     12/31/98    12/31/97(a)  12/31/96(a)
                                                                                                                
Net asset value, beginning of period                           $  43.20     $  35.01      $ 27.02      $26.40   
                                                               --------     --------      -------      ------   
Increase (decrease) from investment operations:                                                                 
   Net investment income (loss)                                $  (0.12)    $  (0.04)     $  0.01      $ 0.07   
   Net realized and unrealized gain on investments and                                                          
     foreign currency transactions                                 6.38         9.72         9.99        2.50   
                                                               --------     --------      -------      ------   
      Net increase from investment operations                  $   6.26     $   9.68      $ 10.00      $ 2.57   
Distributions to shareholders:                                                                                  
   Net investment income                                              -            -        (0.11)      (0.07)  
   In excess of net investment income                                 -            -            -       (0.06)  
   Net realized gain                                              (2.22)       (1.49)       (1.90)      (1.82)  
                                                               --------     --------      -------      ------   
Net increase in net asset value                                $   4.04     $   8.19      $  7.99      $ 0.62   
                                                               --------     --------      -------      ------   
Net asset value, end of period                                 $  47.24     $  43.20      $ 35.01      $27.02   
                                                               ========     ========      =======      ======   
Total return*                                                     14.63%       27.82%       37.19%       9.92%  
Ratio of net expenses to average net assets+                       1.98%        1.99%        1.92%       1.82%**
Ratio of net investment income (loss) to average net assets+      (0.50)%      (0.41)%      (0.02)%      0.46%**
Porfolio turnover rate                                               10%           9%          17%         25%  
Net assets, end of period (in thousands)                       $593,145     $271,796      $53,010      $8,940   
Ratios assuming reduction for fees paid indirectly:                                                             
   Net expenses                                                    1.96%        1.96%        1.88%       1.80%**
   Net investment income (loss)                                   (0.48)%      (0.38)%       0.02%       0.48%**

(a)  The per share data presented above is based upon the average shares        
outstanding for the period presented.                                 
*    Assumes initial investment at net asset value at the beginning of each     
   period, reinvestment of 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.                     

 24 The accompanying notes are an integral part of these financial statements.

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PIONEER FUND                                                                    

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FINANCIAL HIGHLIGHTS 12/31/99                                                   
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                                                        [Enlarge/Download Table]

                                                              YEAR ENDED   YEAR ENDED  YEAR ENDED    7/1/96 TO 
CLASS C                                                        12/31/99     12/31/98   12/31/97(a)  12/31/96(a)
                                                                                                               
Net asset value, beginning of period                           $  42.76     $ 34.66      $26.74       $26.40   
                                                               --------     -------      ------       ------   
Increase (decrease) from investment operations:                                                                
   Net investment income (loss)                                $  (0.09)    $ (0.04)     $ 0.02       $ 0.03   
   Net realized and unrealized gain on investments and                                                         
     foreign currency transactions                                 6.31        9.63        9.89         2.23   
                                                               --------     -------      ------       ------   
      Net increase from investment operations                  $   6.22     $  9.59      $ 9.91       $ 2.26   
Distributions to shareholders:                                                                                 
   Net investment income                                              -           -       (0.09)       (0.03)  
   In excess of net investment income                                 -           -           -        (0.07)  
   Net realized gain                                              (2.22)      (1.49)      (1.90)       (1.82)  
                                                               --------     -------      ------       ------   
Net increase in net asset value                                $   4.00     $  8.10      $ 7.92       $ 0.34   
                                                               --------     -------      ------       ------   
Net asset value, end of period                                 $  46.76     $ 42.76      $34.66       $26.74   
                                                               ========     =======      ======       ======   
Total return*                                                     14.68%      27.85%      37.25%        8.74%  
Ratio of net expenses to average net assets+                       1.96%       1.97%       1.87%        2.11%**
Ratio of net investment income (loss) to average net assets+      (0.49)%     (0.39)%      0.02%        0.20%**
Porfolio turnover rate                                               10%          9%         17%          25%  
Net assets, end of period (in thousands)                       $156,739     $47,389      $8,261       $1,831   
Ratios assuming reduction for fees paid indirectly:                                                            
   Net expenses                                                    1.93%       1.93%       1.83%        2.08%**
   Net investment income (loss)                                   (0.46)%     (0.35)%      0.06%        0.23%**

                                                                [Download Table]
                                                                              
(a)  The per share data presented above is based upon the average shares      
     outstanding for the period presented.                                    
*    Assumes initial investment at net asset value at the beginning of each   
     period, reinvestment of 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. 25

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PIONEER FUND                                                          

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FINANCIAL HIGHLIGHTS 12/31/99                                         
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                                                                [Download Table]

                                                              5/6/99 TO  
CLASS Y(a)                                                     12/31/99  
                                                                         
Net asset value, beginning of period                           $ 46.44   
                                                               -------   
Increase from investment operations:                                     
   Net investment income                                       $  0.23   
   Net realized and unrealized gain on investments and                   
     foreign currency transactions                                3.41   
                                                               -------   
         Net increase from investment operations               $  3.64   
Distributions to shareholders:                                           
   Net investment income                                         (0.24)  
   Net realized gain                                             (2.22)  
                                                               -------   
Net increase in net asset value                                $  1.18   
                                                               -------   
Net asset value, end of period                                 $ 47.62   
                                                               =======   
Total return*                                                     8.00%  
Ratio of net expenses to average net assets+                      0.72%**
Ratio of net investment income to average net assets+             0.73%**
Porfolio turnover rate                                              10%  
Net assets, end of period (in thousands)                       $12,348   
Ratios assuming reduction for fees paid indirectly:                      
   Net expenses                                                   0.71%**
   Net investment income                                          0.74%**

(a)  Class Y shares were first publicly offered on May 6, 1999.               
*    Assumes initial investment at net asset value at the beginning of the    
    period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.         
**   Annualized.                                                              
+    Ratios assuming no reduction for fees paid indirectly.                   

 26 The accompanying notes are an integral part of these financial statements.

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PIONEER FUND                                                          

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NOTES TO FINANCIAL STATEMENTS 12/31/99                                
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1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES                   

Pioneer 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 objectives of the Fund  
is reasonable income and capital growth.                              

The Fund offers four classes of shares - Class A, Class B, Class C and
Class Y shares. Class Y shares were first publicly offered on May 6,  
1999. Each class of shares represents an interest in the same         
portfolio of investments of the Fund and has equal rights to voting,  
redemptions, dividends and liquidation, except that the level of      
transfer agent and distribution fees may differ among classes. Class  
A, Class B and Class C shareholders have exclusive voting rights with 
respect to the distribution plan for each class. There is no          
distribution plan for Class Y shares.                                 

The Fund's financial statements have been prepared in conformity with 
generally accepted accounting principles that require the management  
of the Fund to, among other things, make estimates and assumptions    
that affect the reported amounts of assets and liabilities, the       
disclosure of contingent assets and liabilities at the date of the    
financial statements, and the reported amounts of revenues and        
expenses during the reporting periods. Actual results could differ    
from those estimates. The following is a summary of significant       
accounting policies consistently followed by the Fund, which are in   
conformity with those generally accepted in the investment company    
industry:                                                             

A. SECURITY VALUATION                                                 

Security transactions are recorded on trade date. The net asset 
value is computed once daily, on each day the New York Stock    
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. Dividend income is recorded on
the ex-dividend date and interest income is                     

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PIONEER FUND                                                          

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  NOTES TO FINANCIAL STATEMENTS 12/31/99                       (CONTINUED)
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recorded on the accrual basis. Temporary cash investments are   
valued at amortized cost.                                       

Gains and losses on sales of investments are calculated on the  
identified cost method for both financial reporting and federal 
  income tax purposes. It is the Fund's practice to first select for
 sale those securities that have the highest cost and also qualify
for long-term capital gain or loss treatment for tax purposes.  

 Settlements from litigation and class action suits are recognized
when the Fund acquires an enforceable right to such awards.     
Included in net realized gain on investments is $59,103 of class
action settlements received by the Fund during the year ended   
December 31, 1999.                                              

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. FEDERAL INCOME TAXES                                               

It is the Fund's policy to comply with the requirements of the  
  Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income and net realized    
 capital gains, if any, to its shareholders. Therefore, no federal
income tax provision is required.                               

   The characterization of distributions to shareholders for financial
  reporting purposes is determined in accordance with federal income
   tax rules. Therefore, the source of the Fund's distributions may be
   shown in the accompanying financial statements as either from or in
excess of net investment income or net realized                 

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PIONEER FUND                                                          

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   gain on investment transactions, or from paid-in capital, depending
on the type of book/tax differences that may exist.             

At December 31, 1999, the Fund reclassified $1,025,140 and      
  $3,685,715 from paid-in capital to accumulated net investment loss
   and accumulated net realized loss on investments, respectively. 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.                                                          

In order to comply with federal income tax regulations, the Fund
   has designated $326,441,678 as a capital gain dividend for purposes
of the dividend paid deduction.                                 

D. FUND SHARES                                                        

   The Fund records sales and repurchases of its shares on trade date.
Net losses, if any, as a result of cancellations are absorbed by
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter
  for the Fund and an indirect subsidiary of The Pioneer Group, Inc.
(PGI). PFD earned approximately $3,237,835 in underwriting      
commissions on the sale of fund shares during the year ended    
December 31, 1999.                                              

E. CLASS ALLOCATIONS                                                  

Distribution fees are calculated based on the average daily net 
  asset value attributable to Class A, Class B and Class C shares of
the Fund, respectively. Class Y shares are not subject to a     
distribution plan. Shareholders of each class share all expenses
and fees paid to the transfer agent, Pioneering Services        
   Corporation (PSC), for their services, which are allocated based on
  the number of accounts in each class and the ratable allocation of
   related out-of-pocket expense (see Note 3). Income, common expenses
  and realized and unrealized gains and losses are calculated at the
   Fund level and allocated daily to each class of shares based on the
respective percentage of adjusted net assets at the beginning of
the day.                                                        

Distributions to shareholders are recorded as of the ex-dividend
  date. Distributions paid by the Fund with respect to each class of
  shares are calculated in the same manner, at the same time, and in
the same amount, except that Class A, Class B, Class C          

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PIONEER FUND                                                          

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  NOTES TO FINANCIAL STATEMENTS 12/31/99                       (CONTINUED)
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and Class Y shares can bear different transfer agent and        
distribution fees.                                              

2. MANAGEMENT AGREEMENT                                               

   Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser,
   manages the Fund's portfolio and is a wholly owned subsidiary of PGI. PIM
    receives a basic fee that is calculated at the annual rate of 0.60% of the
    Fund's average daily net assets. The basic fee is subject to a performance
     adjustment up to a maximum of (plus or minus sign)0.10% based on the Fund's
  investment performance as compared with the Lipper Growth & Income Funds
Index. For the year ended December 31, 1999, the aggregate performance
  adjustment resulted in an increase to management fees of $4,295,583. For
the year ended December 31, 1999, the management fee was equivalent to
0.67% of average daily net assets.                                    

  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 December 31, 1999, $4,211,080
was payable to PIM related to management fees, administrative fees and
certain other services.                                               

3. TRANSFER AGENT                                                     

    PSC, a wholly owned subsidiary of PGI, provides substantially all transfer
     agent and shareholder services to the Fund at negotiated rates. Included in
  due to affiliates is $1,140,327 in transfer agent fees payable to PSC at
December 31, 1999.                                                    

4. DISTRIBUTION PLANS                                                 

  The Fund adopted a Plan of Distribution with respect to Class A, Class B
and Class C 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. On qualifying investments made prior to
August 19, 1991, the Class A Plan provides for reimbursement of such  
     expenditures in an amount not to exceed 0.15%. Pursuant to the Class B Plan
and the Class C Plan, the Fund pays PFD 1.00% of the average daily net
assets attributable to each class of shares.                          

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PIONEER FUND                                                          

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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 $1,925,733 in distribution   
fees payable to PFD at December 31, 1999.                             

In addition, redemptions of each class of shares (except Class Y      
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 December  
31, 1999, CDSCs in the amount of $946,101 were paid to PFD.           

5. EXPENSE OFFSETS                                                    

The Fund has entered into certain directed brokerage and expense      
offset arrangements resulting in a reduction in the Fund's total      
expenses. For the year ended December 31, 1999, the Fund's expenses   
were reduced by $849,845 under such arrangements.                     

6. LINE OF CREDIT FACILITY                                            

The Fund, along with certain other funds in the Pioneer Family of     
Funds (the Funds), collectively participate in a $50 million          
committed, unsecured revolving line of credit facility. Borrowings are
used solely for temporary or emergency purposes. The Fund may borrow  
up to the lesser of $50 million or the limits set by its prospectus   
for borrowings. Interest on collective borrowings of up to $25 million
is payable at the Federal Funds Rate plus 3/8% on an annualized basis,
or at the Federal Funds Rate plus 1/2% if the borrowing exceeds $25   
million at any one time. The Funds pay an annual commitment fee for   
this facility. The commitment fee is allocated among such Funds based 
on their respective borrowing limits.                                 

The average daily amount of borrowings outstanding during the year    
ended December 31, 1999 was $27,213. The average daily shares         
outstanding during the year were 141,552,470 resulting in an          

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PIONEER FUND                                                          

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  NOTES TO FINANCIAL STATEMENTS 12/31/99                       (CONTINUED)
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average borrowing of less than one cent per share. The related        
weighted average annualized interest rate for the year was 5.3%, and  
the total interest expense on such borrowings was $4,312.             

7. AFFILIATED COMPANIES                                               

The Fund's investments in certain companies exceed 5% of the          
outstanding voting stock. Such companies are deemed affiliates of the 
Fund for financial reporting purposes. The following summarizes       
transactions with affiliates of the Fund as of December 31, 1999:     

--------------------------------------------------------------------------- 
                              DIVIDEND
AFFILIATES                  PURCHASES   SALES     INCOME       VALUE        

John Wiley & Sons, Inc.         --        --     $484,813   $58,531,200     
--------------------------------------------------------------------------- 

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PIONEER FUND                                                          

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS                              
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TO THE SHAREOWNERS AND THE BOARD OF TRUSTEES OF PIONEER FUND:         

We have audited the accompanying balance sheet, including the         
schedule of investments, of Pioneer Fund as of December 31, 1999, and 
the related statement of operations, the statements of changes in net 
assets, and the financial highlights for the periods presented. These 
financial statements and 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        
December 31, 1999, by correspondence with the custodian. An audit     
also includes assessing the accounting principles used and            
significant estimates made by management, as well as evaluating the   
overall financial statement presentation. We believe that our audits  
provide a reasonable basis for our opinion.                           

In our opinion, the financial statements and financial highlights     
referred to above present fairly, in all material respects, the       
financial position of Pioneer Fund as of December 31, 1999, the       
results of its operations, the changes in its net assets, and the     
financial highlights for the periods presented, in conformity with    
generally accepted accounting principles.                             

ARTHUR ANDERSEN LLP                                                   

Boston, Massachusetts                                                 
February 4, 2000                                                      

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RETIREMENT PLANS FROM PIONEER                                         
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Pioneer has a long history of helping people work toward their          
retirement goals, offering plans suited to the individual investor and  
businesses of all sizes. For more information on Pioneer retirement     
plans, contact your investment professional, or call Pioneer at         
1-800-622-0176.                                                         

INDIVIDUAL RETIREMENT ACCOUNT (IRA)                                     

TRADITIONAL IRA                                                         

A Traditional IRA allows anyone under age 70 1/2 with earned income to  
contribute up to $2,000 annually. Spouses may contribute up to $2,000   
annually into a separate IRA, for a total of $4,000 per year for a      
married couple. Earnings are tax-deferred, and contributions may be     
tax-deductible.                                                         

ROTH IRA                                                                

Contributions, up to $2,000 a year per person in earned income, are     
not tax-deductible, but earnings are tax-free for qualified             
withdrawals. You can contribute beyond age 70 1/2, although there are   
income limits for contributions at any age.                             

401(k) PLAN                                                             

The traditional 401(k) plan allows employees to make pre-tax            
contributions through payroll deduction, up to $10,000 per year or 25%  
of pay, whichever is less. Employers may contribute.                    

SIMPLE (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES)                     

IRA                                                                     

Businesses with 100 or fewer eligible employees can establish either    
plan; both resemble the traditional 401(k), but with less testing and   
lower administration costs. Employees can make pre-tax contributions    
of up to $6,000 per year, and an employer contribution is required.     

Most retirement plan withdrawals must meet specific conditions to avoid 
penalties.

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403(b) PLAN                                                             

Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is           
available only to employees of public schools, not-for-profit           
hospitals and other tax-exempt organizations. A 403(b) plan lets        
employees set aside a portion of their salary, before taxes, through    
payroll deduction.                                                      

SIMPLIFIED EMPLOYEE PENSION PLAN (SEP)                                  

SEPs let self-employed people and small-business owners make tax-       
deductible contributions of up to 15% of their income. Generally,       
employers must contribute the same percentage of pay for themselves     
and any eligible employees; contributions are made directly to          
employees' IRAs. SEPs are easy to administer and can be an especially   
good choice for firms with few or no employees.                         

PROFIT SHARING PLAN                                                     

Profit sharing plans offer companies considerable flexibility,          
allowing them to decide each year whether a contribution will be made   
and how much, up to 15% of each participant's pay. These plans can      
include provisions for loans and vesting schedules.                     

AGE-BASED PROFIT SHARING PLAN                                           

Like traditional profit sharing plans, employer contributions are       
flexible, but age-based plans allocate contributions based on both age  
and salary. Age-based plans are designed for employers who want to      
maximize their own contributions while keeping contributions to         
employees affordable.                                                   

MONEY PURCHASE PENSION PLAN (MPP)                                       

Money purchase plans are similar to profit-sharing plans, but allow     
for higher annual contributions - up to 25% of pay. MPPs aren't as      
flexible as profit sharing plans; a fixed percentage of pay must be     
contributed each year, determined when the plan is established.         
Businesses often set up both MPPs and profit sharing plans.             

Most retirement plan withdrawals must meet specific conditions to avoid 
penalties.

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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS                         
  ------------------------------------------------------------------------------

Your investment professional can give you additional information on   
Pioneer's programs and services. If you want to order literature on   
any of the following items directly, simply call Pioneer at           
1-800-225-6292.                                                       

FACTFONE(SM)                                                          

Our automated account information service, available to you 24 hours  
a day, seven days a week. FactFone gives you a quick and easy way to  
check fund share prices, yields, dividends and distributions, as well 
as information about your own account. Simply call 1-800-225-4321.    
For specific account information, have your 13-digit account number   
and four-digit personal identification number at hand.                

90-DAY REINSTATEMENT PRIVILEGE (FOR CLASS A SHARES)                   

Enables you to reinvest all or a portion of the money you redeem from 
your Pioneer account - without paying a sales charge - within 90 days 
of your redemption. You have the choice of investing in any Pioneer   
fund, as long as you meet its minimum investment requirement.         

INVESTOMATIC PLAN                                                     

An easy and convenient way for you to invest on a regular basis. All  
you need to do is authorize a set amount of money to be moved out of  
your bank account into the Pioneer fund of your choice. Investomatic  
also allows you to change the dollar amount, frequency and investment 
date right over the phone. By putting aside affordable amounts of     
money regularly, you can build a long-term investment - without       
sacrificing your current standard of living.                          

PAYROLL INVESTMENT PROGRAM (PIP)                                      

Lets you invest in a Pioneer fund directly through your paycheck. All 
that's involved is for your employer to fill out an authorization     
form allowing Pioneer to deduct from participating employees'         
paychecks. You specify the dollar amount you want to invest into the  
Pioneer fund(s) of your choice.                                       

36                                                                          

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  ------------------------------------------------------------------------------

AUTOMATIC EXCHANGE PROGRAM                                            

A simple way to move money from one Pioneer fund to another over a    
period of time. Just invest a lump sum in one fund, then 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. Pioneer 
will send the proceeds by check to the address you designate, or      
electronically to your bank account. You can also authorize Pioneer   
to make the redemptions payable to someone else. (SWPs are available  
for accounts with a value of $10,000 or more.)                        

                                                                              37

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  ------------------------------------------------------------------------------
HOW TO CONTACT PIONEER                                                  
  ------------------------------------------------------------------------------

We are pleased to offer a variety of convenient ways for you to           
contact us for assistance or information.                                 

CALL US FOR:                                                              

ACCOUNT INFORMATION, including existing accounts,                         
new accounts, 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                       ASK.PIONEER@PIOG.COM    
(for general questions about Pioneer only)                                

VISIT OUR WEBSITE:                                WWW.PIONEERFUNDS.COM    

THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT FUND PROSPECTUS. 

                                                        [Enlarge/Download Table]
                                                                                           
[PIONEER LOGO] PIONEER INVESTMENT MANAGEMENT, INC.                                         
               60 STATE STREET                         7310-00-0200                        
               BOSTON, MASSACHUSETTS 02109         (C) PIONEER FUNDS DISTRIBUTOR, INC.     
               WWW.PIONEERFUNDS.COM                [RECYCLE LOGO] PRINTED ON RECYCLED PAPER

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This N-30D Filing	Date	First	Last	Other Filings

	5/6/99	24	29
For The Period Ended	12/31/99	5	35	24F-2NT, NSAR-B
	2/4/00	35
Filed On / Filed As Of	2/28/00			497
Corrected On	3/1/00
Corrected On	4/5/04

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Pioneer Fund/MA · N-30D · For 12/31/99

Filed On 2/28/00 · SEC Files 811-01466, 811-07613 · Accession Number 78713-0-3

This Filing's "Filed As Of" Date was Corrected by the SEC on 4/5/04.

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1Filing Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
Filing Table of Contents