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Pioneer Fund/MA – ‘N-30D’ for 12/31/00

On: Monday, 2/26/01, at 4:15pm ET · For: 12/31/00 · Accession #: 78713-1-1 · File #s: 811-01466, 811-07613 · Correction: This Filing’s “Filed as of” Date was Corrected and “Changed as of” 2/27/01 by the SEC on 4/5/04. `®`

  As Of                Filer                Filing    For·On·As Docs:Size

 2/26/01  Pioneer Fund/MA                   N-30D®     12/31/00    1:80K

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    149K 

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[PIONEER LOGO]

PIONEER                                                                         
FUND                                                                            

-----------------------------                                                   
ANNUAL REPORT 12/31/00                                                          
-----------------------------                                                   

                      [STANDARD & POOR'S SELECT FUND LOGO]

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TABLE OF CONTENTS                                                       
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                                                                [Download Table]
                                                            
Letter from the President                                 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                 32 
Results of Shareowner Meeting                            33 
Trustees, Officers and Service Providers                 34 
The Pioneer Family of Mutual Funds                       35 
Retirement Plans from Pioneer                            36 

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PIONEER FUND                                                          

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LETTER FROM THE PRESIDENT 12/31/00                                    
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DEAR SHAREOWNER,                                                      
     ---------------------------------------------------------------------------
The year 2000 ended amid turbulent markets and rancorous politics as  
the election drama played out against a background of exceptional     
market volatility. By the time you read this letter the new           
administration will be in place in Washington, but it's less clear    
what will be happening on Wall Street. At Pioneer we recognize that   
economics, not politics, is driving today's market activity. Signs of 
a slowing economy and changing investor preferences are everywhere.   
Periods like this accentuate the benefits of discipline and           
fundamental analysis.                                                 

Meanwhile, value stocks have been staging a comeback after years of   
investor obsession with growth. A slowing economy tends to bring      
valuations down to earth, and Pioneer's style has always been to      
focus on value - we spend every day searching for stocks and bonds    
whose potential is going unrecognized in the marketplace.             

As investor attention shifts from growth to value or from stocks to   
bonds, one of the best suggestions I can make is that you set aside   
time to meet with your investment professional. That meeting could be 
especially important if it has been a while since you last reviewed   
your overall portfolio. Use the opportunity to reevaluate your        
retirement plan contributions and decide whether a Roth or a          
traditional IRA is the better choice for you. Your financial          
professional will also help you examine and assess your portfolio's   
exposure to different investment categories in today's fast-changing  
markets.                                                              

AN IMPORTANT ANNOUNCEMENT FROM PIONEER                                
I'm very happy to report that, on October 24, 2000, Pioneer           
Investment Management became a wholly owned subsidiary of UniCredito  
Italiano S.p.A., one of Italy's largest and most successful banking   
groups. Early in 2001, all of UniCredito's investment operations will 
be combined to form Pioneer Global Asset Management S.p.A., which     
through Pioneer and other subsidiaries will manage over $110 billion  
for global individual and institutional clients under the name        
Pioneer Investments(R). The new Pioneer Global will bring Pioneer     
greater access to analytical resources that complement our broad set  
of investment skills, reinforcing Pioneer's tradition of fundamental  
investment analysis and sound long-term portfolio management. We      
believe fund shareholders will benefit from this greater integration. 

All of us at Pioneer appreciate your decision to invest with us and   
look forward to helping you reach your financial goals.               

Sincerely,                                                            

/s/ David Tripple                                                     
David Tripple                                                         
Pioneer Investment Management, Inc.                                   

                                                                               1

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PIONEER FUND                                                          
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PORTFOLIO SUMMARY 12/31/00                                            
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PORTFOLIO DIVERSIFICATION                                             
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(As a percentage of total investment portfolio)                       

[PIE GRAPH] 

International Common Stocks                       2%                  
Short-Term Cash Equivalents                       3%                  
Depositary Receipts for International Stocks      5%                  
U.S. Common Stocks                               90%                  

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

[PIE GRAPH] 

Utilities                     2%                                      
Transportation                2%                                      
Basic Materials               2%                                      
Capital Goods                 3%                                      
Energy                        8%                                      
Communication Services       10%                                      
Consumer Staples             11%                                      
Consumer Cyclicals           12%                                      
Health Care                  13%                                      
Financial                    17%                                      
Technology                   20%                                      

10 LARGEST HOLDINGS                                                   
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(As a percentage of equity holdings)                                  

                                                                [Download Table]
                                                                           
1. Schering-Plough Corp.    3.87%   6. The Bank of New York Co., Inc. 1.81%
2. SBC Communications, Inc. 2.88    7. Exxon Mobil Corp.              1.75 
3. Verizon Communications   2.23    8. Bristol-Myers Squibb Co.       1.71 
4. IBM Corp.                1.91    9. Qwest Communications           1.68 
                                       International Inc.                  
5. Texas Instruments, Inc.  1.82   10. Walgreen Co.                   1.60 

Fund holdings will vary for other periods.                            
2                                                                           

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PIONEER FUND                                                          

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 PERFORMANCE UPDATE 12/31/00                              CLASS A SHARES
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SHARE PRICES AND DISTRIBUTIONS                                          
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                                                                [Download Table]

    NET ASSET VALUE                                               
       PER SHARE           12/31/00    12/31/99                   
                                                                  
                           $44.26    $47.60                       

DISTRIBUTIONS PER SHARE     INCOME     SHORT-TERM      LONG-TERM  
 (12/31/99 - 12/31/00)     DIVIDENDS  CAPITAL GAINS  CAPITAL GAINS
                                                                  
                           $0.123     $0.190         $3.054       

INVESTMENT RETURNS                                                      
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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 and the Lipper Growth and 
Income Funds Index.                                                     

AVERAGE ANNUAL TOTAL RETURNS (As of December 31, 2000)                          

                                                                [Download Table]

                  NET ASSET  PUBLIC OFFERING
          PERIOD    VALUE        PRICE*     
                                            
10 Years          17.38%        16.68%      
5 Years           19.87         18.46       
1 year             0.12         (5.64)      

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

[LINE GRAPH]

                                                                [Download Table]

                      STANDARD & POOR'S 500  LIPPER GROWTH AND INCOME
       PIONEER FUND*          INDEX                 FUNDS INDEX      
       -------------  ---------------------  ------------------------
                                                                     
12/90     9425.00           10000.00                 10000.00        
         11569.00           13034.00                 12775.40        
12/92    13142.00           14026.00                 14005.80        
         15012.00           15433.00                 16053.50        
12/94    14925.00           15644.00                 15987.00        
         18902.00           21503.00                 20965.30        
12/96    22626.00           26426.00                 25299.80        
         31330.00           35233.00                 32099.40        
12/98    40415.00           45281.00                 36458.50        
         46729.00           54787.00                 40782.70        
12/00    46783.00           49796.00                 40943.50        

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 Indices.                     

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                                                          
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 PERFORMANCE UPDATE 12/31/00                              CLASS B SHARES
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SHARE PRICES AND DISTRIBUTIONS                                          
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                                                                [Download Table]

NET ASSET VALUE                              
   PER SHARE           12/31/00      12/31/99
                                             
                       $43.61        $47.24  

                                                                [Download Table]

DISTRIBUTIONS PER SHARE     INCOME       SHORT-TERM        LONG-TERM  
 (12/31/99 - 12/31/00)     DIVIDENDS    CAPITAL GAINS    CAPITAL GAINS
                                                                      
                           -            $0.190           $3.054       

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 and the Lipper Growth and Income Funds Index.        

AVERAGE ANNUAL TOTAL RETURNS (As of December 31, 2000)                          

                                                                [Download Table]

PERIOD        IF HELD  IF REDEEMED*
                                   
Life-of-Fund   19.06%     18.82%   
(7/1/96)                           
1 year         (0.75)     (4.45)   

* Reflects deduction of the maximum applicable contingent deferred sales charge 
  (CDSC) at the end of the period and assumes reinvestment of distributions. The
maximum CDSC of 4% declines over six years.                                 

[LINE GRAPH]

                                                                [Download Table]

                      STANDARD & POOR'S 500  LIPPER GROWTH AND INCOME
       PIONEER FUND*          INDEX                 FUNDS INDEX      
       -------------  ---------------------  ------------------------
                                                                     
7/96     10000.00           10000.00                 10000.00        
         10212.00           10247.00                 10322.30        
12/96    10991.00           11100.00                 11125.80        
         11235.00           11399.00                 11313.00        
         13253.00           13385.00                 12900.10        
         14473.00           14387.00                 13979.90        
12/97    15079.00           14799.00                 14116.00        
         17056.00           16859.00                 15725.40        
         17319.00           17415.00                 15755.60        
         15803.00           15686.00                 13791.10        
12/98    19275.00           19020.00                 16033.00        
         19543.00           19965.00                 16372.60        
         21194.00           21369.00                 17891.40        
         19891.00           20035.00                 16460.10        
12/99    22094.00           23013.00                 17934.60        
         22599.00           23536.00                 18236.50        
         22843.00           22910.00                 17779.00        
         22557.00           22690.00                 18302.50        
12/00    21727.00           20916.00                 18005.30        

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 Indices.                     

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 12/31/00                              CLASS C SHARES
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SHARE PRICES AND DISTRIBUTIONS                                          
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                                                                [Download Table]

NET ASSET VALUE                              
   PER SHARE           12/31/00      12/31/99
                                             
                       $43.15        $46.76  

                                                                [Download Table]

DISTRIBUTIONS PER SHARE     INCOME       SHORT-TERM        LONG-TERM  
 (12/31/99 - 12/31/00)     DIVIDENDS    CAPITAL GAINS    CAPITAL GAINS
                                                                      
                              -         $0.190           $3.054       

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 and the Lipper Growth and Income Funds Index.        

AVERAGE ANNUAL TOTAL RETURNS (As of December 31, 2000)                  

                                                                [Download Table]

PERIOD        IF HELD  IF REDEEMED*
                                   
Life-of-Fund   18.82%     18.82%   
(7/1/96)                           
1 year         (0.72)     (0.72)   

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

[LINE GRAPH]

                                                                [Download Table]

                      STANDARD & POOR'S 500  LIPPER GROWTH AND INCOME
       PIONEER FUND*          INDEX                 FUNDS INDEX      
       -------------  ---------------------  ------------------------
                                                                     
7/96     10000.00           10000.00                 10000.00        
         10117.00           10247.00                 10322.30        
12/96    10874.00           11100.00                 11125.80        
         11117.00           11399.00                 11313.00        
         13114.00           13385.00                 12900.10        
         14326.00           14387.00                 13979.90        
12/97    14925.00           14799.00                 14116.00        
         16880.00           16859.00                 15725.40        
         17139.00           17415.00                 15755.60        
         15644.00           15686.00                 13791.10        
12/98    19081.00           19020.00                 16033.00        
         19349.00           19965.00                 16372.60        
         20987.00           21369.00                 17891.40        
         19701.00           20035.00                 16460.10        
12/99    21883.00           23013.00                 17934.60        
         22384.00           23536.00                 18236.50        
         22622.00           22910.00                 17779.00        
         22342.00           22690.00                 18302.50        
12/00    21726.00           20916.00                 18005.30        

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 Indices.                     

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                                                          
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 PERFORMANCE UPDATE 12/31/00                              CLASS Y SHARES
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SHARE PRICES AND DISTRIBUTIONS                                          
   -----------------------------------------------------------------------------

                                                                [Download Table]

NET ASSET VALUE                                        
   PER SHARE           12/31/00      12/31/99          
                                                       
                       $44.34      $47.62              

                                                                [Download Table]

DISTRIBUTIONS PER SHARE     INCOME       SHORT-TERM        LONG-TERM  
 (12/31/99 - 12/31/00)     DIVIDENDS    CAPITAL GAINS    CAPITAL GAINS
                                                                      
                           $0.247       $0.190           $3.054       

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 and the Lipper Growth and Income Funds Index.        

[LINE GRAPH]

                                                                [Download Table]

                       STANDARD & POOR'S 500  LIPPER GROWTH AND INCOME
        PIONEER FUND*          INDEX                 FUNDS INDEX      
        -------------  ---------------------  ------------------------
                                                                      
5/6/99    10000.00           10000.00                                 
           9811.00            9773.00                 10000.00        
6/99      10293.00           10337.00                 10413.00        
           9972.00           10005.00                 10114.00        
           9877.00            9943.00                  9891.00        
           9692.00            9692.00                  9580.00        
          10273.00           10299.00                  9990.00        
          10402.00           10495.00                 10077.00        
12/99     10800.00           11133.00                 10438.00        
          10372.00           10566.00                 10029.00        
          10168.00           10353.00                  9703.00        
          11079.00           11386.00                 10614.00        
6/00      10984.00           11035.00                 10426.00        
          11116.00           10793.00                 10387.00        
          11234.00           11083.00                 10348.00        
          11099.00           10902.00                 10311.00        
12/00     11566.00           11564.00                 10952.00        
          11129.00           10976.00                 10652.00        
          11391.00           10922.00                 10683.00        
          10669.00           10047.00                 10098.00        
12/00     10854.00           10119.00                 10479.00        

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 Indices.                     

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 12/31/00                              
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Volatile is a good word to describe the stock market of 2000. Changeable,       
explosive, excitable, airborne, and, yes, in the unfortunate but memorable cases
of some of the now-you-see-them-now-you-don't internet stocks, vaporizable. The 
technology sector, especially important in the Nasdaq Composite Index, started  
the year with a bang, took a tumble in March and April, began a recovery towards
the end of May, then went down in early September. By the end of the year the   
Nasdaq was down nearly 50% from its March 10 peak. The Standard & Poor's 500    
Index also closed the year down significantly from its peak on March 24. In the 
following discussion, Pioneer Fund's portfolio manager, John Carey, reviews the 
year and the factors that had an impact on the Fund's performance.              

Q.  HOW DID VOLATILITY, ESPECIALLY IN THE TECHNOLOGY SECTOR, AFFECT THE 
       PERFORMANCE OF PIONEER FUND IN 2000? WHAT ELSE HAD A SIGNIFICANT EFFECT
ON PERFORMANCE?                                                 

A.  During a market like that of 2000, the main objective is asset      
     preservation. We achieved that. For the year ended December 31, 2000,
       Class A shares of Pioneer Fund had a total return of 0.12% at net asset
       value. The average fund in the Lipper Large-Cap Value category returned
       1.32%. By contrast, the Standard & Poor's 500 racked up a loss of 9.11%
over the twelve months.                                         

    Our positive performance relative to the market as measured by the S&P
can be attributed to the broad diversification of Pioneer Fund's  
  portfolio and to our general bias toward stocks selling at prices we
    believe are well supported by earnings prospects. We certainly had our
    share of disappointments in the portfolio during the year, but we also
owned some large positions in the kinds of "defensive" stocks that
suddenly came into favor.                                         

  The market of the past year presented some rare buying opportunities
      particularly in the ravaged technology sector. We did some buying there,
      beginning in the late summer and continuing right through the end of the
       year, as the sector continued to decline. But we also found values during
the last few months of the year in energy, consumer cyclicals, and
  financials. We aimed to maintain representation in each of the major
       market sectors, and in 2000 it was particularly fortunate that we were so
   diversified. The Fund definitely benefited from owning so many of the
"re-discovered" stocks outside the technology sector.             

Q.  CAN YOU TALK MORE ABOUT THE MODIFICATIONS YOU MADE TO THE PORTFOLIO 
DURING THE LATTER PART OF THE YEAR?                             

   A.  The investment strategy for Pioneer Fund emphasizes large, high-quality
        companies whose shares sell below a value we can estimate for them based

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PIONEER FUND                                                          
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PORTFOLIO MANAGEMENT DISCUSSION 12/31/00  (CONTINUED)                 
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  on longer-term earnings potential. Once we have decided that a stock
      merits our investment commitment, we are patient and give the management
   of the company a chance to develop the earnings potential and achieve
 greater value for shareholders. The rough-and-tumble market of 2000
created many imbalances between price and value, and we did find  
     ourselves somewhat more active than usual in buying and selling stocks.

After reducing our exposure to the technology sector in the first 
     quarter, principally by selling large positions in Sun Microsystems and
      Oracle, we used the price weakness in the sector at the end of the third
quarter and throughout the fourth quarter to make new technology  
     purchases. We emphasized semiconductors and semiconductor manufacturing
equipment, software, and telecommunications equipment. New entries
    included such stocks as Micrel, Micron Technology, Lam Research, Veeco
     Instruments, and Ericcson; and we added meaningfully to our position in
     Microsoft. At different times during the year we also took advantage of
     low prices to buy stocks in other industries. During the fourth quarter
      we initiated positions in the oil producers Royal Dutch Petroleum, Shell
Transport & Trading, Lowe's, the building-supplies retailer, and  
Citigroup, the diversified financial-services company.            

     There was an extraordinary amount of merger-and-acquisition activity in
      the portfolio, and among stocks we liquidated following the announcement
of their acquisition by other companies were Best Foods, Central  
       Newspapers, Reliastar, Paine Webber Group, and Lycos. Late in the year we
received shares of Glaxo Smith-Kline in exchange for our shares of
      SmithKline Beecham and shares of AXA (France) in exchange for our shares
      of AXA Financial (U.S.) in mergers of those companies. We also began the
    year 2000 with shares of Bell Atlantic and GTE and ended the year with
 shares of Verizon when those two telephone giants combined; and our
      shares of USWest were converted into shares of Qwest Communications upon
completion of a similar transaction. CBS was taken over by Viacom,
General Instruments by Motorola, and MediaOne by AT&T.            

Q.  WHICH SECTORS CONTRIBUTED POSITIVELY TO PERFORMANCE, AND WHICH ONES 
HINDERED IT?                                                    

A.  Our major pharmaceutical positions kicked in with some very good    
 performance during the year, and some of our financials, consumer
    staples, utilities, and energy stocks also showed nice gains for the
year. Southwest Airlines was a great stock in the transportation
   industry. The year showed the importance of diversification and the
      critical importance of an independent investment approach. If we think
back on the stocks that helped out during                       

8                                                                           

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PIONEER FUND                                                          

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     the year, few of them were being recommended by Wall Street analysts at
     the end of 1999. In fact, with respect to pharmaceuticals, the frequent
advice was to avoid the entire group because of the possibility of
   prescription-drug legislation and the general uncertainty expected to
    persist during the election season. Fortunately we ignored the advice,
       focusing instead on the strong earnings trends and attractive share-price
valuations in that industry.                                      

       Disappointments in the portfolio unrelated to the "tech debacle" included
      some of our retailers, the telecommunications service companies, and the
      railroads. However, by making sure that individual positions remained in
    proportion to what we regarded as reasonable for the portfolio, and by
   balancing different kinds of risks against each other, we steered the
     portfolio through the difficult market of 2000 with minimal overall ill
effects.                                                          

Q.  WHAT IS YOUR OUTLOOK FOR THE NEW YEAR?                              

  A.  At present, much attention is being given to signs of slowing economic
    growth. Many companies are reporting sales and earnings results that
       investors are finding disappointing, and stories of corporate financial
 difficulties, plant closings, and employee lay-offs are adding to
        concerns. The Federal Reserve accompanied its interest-rate reduction in
        early January with cautionary words about the state of economic affairs.
       It may be that we do have some less robust times ahead of us. Since its
      founding in 1928, Pioneer Fund has weathered many such periods. At the
   same time, it is possible to see the building blocks for a stronger
     market being put in place as we move through the year. Lower interest
       rates will help, and a tax cut may also be positive. Reduced regulatory
       burdens for business, a stable relationship between the U.S. dollar and
      the Euro, and moderating energy prices should also be constructive. We
  are always wary of pat explanations and simple, "connect-the-dots"
        forecasts. One thing we have learned over the years to expect is what we
     do not expect. Hence, we place a lot of importance on the fundamental
        business and financial strengths of companies in which we invest, and on
their record of making it through economic downturns.           

       We hope that by later in the year we shall have a brighter outlook, based
    on evidence of economic improvement. In the meantime, we thank you for
your support and your interest.                                   

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PIONEER FUND                                                          

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SCHEDULE OF INVESTMENTS 12/31/00                                      
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                                                                [Download Table]

SHARES                                                VALUE     
                                                                
           COMMON STOCKS - 97.5%                                
           BASIC MATERIALS - 2.5%                               
           ALUMINUM - 0.6%                                      
1,476,000  Alcoa, Inc.                            $   49,446,000
                                                  --------------
           CHEMICALS - 0.6%                                     
  916,896  E.I. du Pont de Nemours & Co.          $   44,297,538
                                                  --------------
           CONTAINERS & PACKAGING (PAPER) - 0.3%                
  896,600  Greif Brothers Corp. (Non-voting)      $   25,553,100
                                                  --------------
           GOLD & PRECIOUS METALS MINING - 0.2%                 
1,113,500  Newmont Mining Corp.                   $   18,999,094
                                                  --------------
           METALS MINING - 0.8%                                 
  797,900  Phelps Dodge Corp.                     $   44,532,794
1,000,000  Rio Tinto Plc                              17,480,060
                                                  --------------
                                                  $   62,012,854
                                                  --------------
           TOTAL BASIC MATERIALS                  $  200,308,586
                                                  --------------
           CAPITAL GOODS - 2.5%                                 
           AEROSPACE/DEFENSE - 0.7%                             
  500,000  Boeing Co.                             $   33,000,000
  312,300  General Dynamics Corp.                     24,359,400
                                                  --------------
                                                  $   57,359,400
                                                  --------------
           ELECTRICAL EQUIPMENT - 0.7%                          
  445,800  Emerson Electric Co.                   $   35,134,613
  336,000  General Electric Co.                       16,107,000
                                                  --------------
                                                  $   51,241,613
                                                  --------------
           MACHINERY (DIVERSIFIED) - 0.2%                       
  404,450  Ingersoll-Rand Co.                     $   16,936,344
                                                  --------------
           MANUFACTURING (DIVERSIFIED) - 0.5%                   
  280,800  Illinois Tool Works, Inc.              $   16,725,150
  343,300  Johnson Controls, Inc.                     17,851,600
                                                  --------------
                                                  $   34,576,750
                                                  --------------
           MANUFACTURING (SPECIALIZED) - 0.1%                   
  191,100  Diebold, Inc.                          $    6,377,962
                                                  --------------
           OFFICE EQUIPMENT & SUPPLIES - 0.3%                   
  693,900  Canon Inc. (A.D.R.)                    $   23,375,756
                                                  --------------
           TOTAL CAPITAL GOODS                    $  189,867,825
                                                  --------------

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

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                                                                [Download Table]

SHARES                                                      VALUE     
                                                                      
           COMMUNICATION SERVICES - 9.9%                              
           CELLULAR/WIRELESS TELECOMMUNICATIONS - 0.5%                
  169,000  AT&T Wireless Group*                         $    2,925,812
1,600,000  Sprint Corp. (PCS Group)*                        32,700,000
                                                        --------------
                                                        $   35,625,812
                                                        --------------
           TELECOMMUNICATIONS (LONG DISTANCE) - 0.8%                  
2,068,000  Sprint Corp.                                 $   42,006,250
1,191,571  AT&T Corp.                                       20,629,073
                                                        --------------
                                                        $   62,635,323
                                                        --------------
           TELEPHONE - 8.6%                                           
  505,448  Alltel Corp.                                 $   31,558,909
2,859,600  BellSouth Corp.                                 117,064,875
3,068,420  Qwest Communications International, Inc.*       125,805,220
4,495,637  SBC Communications, Inc.                        214,666,667
3,327,006  Verizon Communications                          166,766,176
                                                        --------------
                                                        $  655,861,847
                                                        --------------
           TOTAL COMMUNICATION SERVICES                 $  754,122,982
                                                        --------------
           CONSUMER CYCLICALS - 11.4%                                 
           AUTOMOBILES - 1.2%                                         
3,957,168  Ford Motor Corp.                             $   92,746,125
                                                        --------------
           HOUSEHOLD FURNISHINGS & APPLIANCES - 0.7%                  
  729,600  Sony Corp. (A.D.R.)                          $   50,889,600
                                                        --------------
           PUBLISHING - 2.2%                                          
3,494,400  John Wiley & Sons, Inc.+                     $   75,129,600
1,606,000  McGraw-Hill Co., Inc.                            94,151,750
                                                        --------------
                                                        $  169,281,350
                                                        --------------
           PUBLISHING (NEWSPAPERS) - 0.8%                             
  443,000  Dow Jones & Co., Inc.                        $   25,084,875
  600,000  Gannett Co., Inc.                                37,837,500
                                                        --------------
                                                        $   62,922,375
                                                        --------------
           RETAIL (BUILDING SUPPLIES) - 0.3%                          
  500,000  Lowe's Companies, Inc.                       $   22,250,000
                                                        --------------
           RETAIL (COMPUTERS & ELECTRONICS) - 0.1%                    
  250,000  Best Buy Co., Inc.*                          $    7,390,625
                                                        --------------

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

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  SCHEDULE OF INVESTMENTS 12/31/00                             (CONTINUED)
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                                                                [Download Table]

SHARES                                                       VALUE     
                                                                       
           RETAIL (DEPARTMENT STORES) - 1.7%                           
  474,500  Harcourt General, Inc.                        $   27,141,400
1,192,800  Kohl's Corp.*                                     72,760,800
  884,800  May Department Stores Co.                         28,977,200
                                                         --------------
                                                         $  128,879,400
                                                         --------------
           RETAIL (DISCOUNTERS) - 0.6%                                 
2,304,843  Dollar General Corp.                          $   43,503,912
                                                         --------------
           RETAIL (GENERAL MERCHANDISE) - 1.9%                         
2,760,000  Target Corp.                                  $   89,010,000
1,052,000  Wal-Mart Stores, Inc.                             55,887,500
                                                         --------------
                                                         $  144,897,500
                                                         --------------
           RETAIL (SPECIALTY) - 0.1%                                   
  305,700  Barnes & Noble, Inc.*                         $    8,101,050
                                                         --------------
           RETAIL (SPECIALTY/APPAREL) - 0.3%                           
  972,900  Gap Inc.                                      $   24,808,950
                                                         --------------
           SERVICES (ADVERTISING/MARKETING) - 1.5%                     
1,000,000  The Interpublic Group of Companies, Inc.      $   42,562,500
  890,200  Omnicom Group                                     73,775,325
                                                         --------------
                                                         $  116,337,825
                                                         --------------
           TOTAL CONSUMER CYCLICALS                      $  872,008,712
                                                         --------------
           CONSUMER STAPLES - 10.6%                                    
           BEVERAGES (NON-ALCOHOLIC) - 0.9%                            
1,357,900  PepsiCo, Inc.                                 $   67,300,919
                                                         --------------
           BROADCASTING (CABLE/TELEVISION/RADIO) - 0.1%                
  202,000  Cox Communication, Inc.*                      $    9,405,625
                                                         --------------
           DISTRIBUTORS (FOOD & HEALTH) - 0.7%                         
1,732,400  Sysco Corp.                                   $   51,972,000
                                                         --------------
           ENTERTAINMENT - 1.0%                                        
1,640,411  Viacom, Inc. (Class B) (Non-voting)*          $   76,689,214
                                                         --------------
           FOODS - 2.9%                                                
  966,000  Campbell Soup Co.                             $   33,447,750
  960,600  General Mills, Inc.                               42,806,738
1,296,150  H.J. Heinz Co.                                    61,486,116
  550,000  Hershey Foods Corp.                               35,406,250

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

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                                                                [Download Table]

SHARES                                                   VALUE     
                                                                   

           FOODS - (CONTINUED)                                     
  489,100  Ralston-Ralston Purina Group              $   12,777,737
1,330,000  Sara Lee Corp.                                32,668,125
                                                     --------------
                                                     $  218,592,716
                                                     --------------
           HOUSEHOLD PRODUCTS (NON-DURABLES) - 2.1%                
1,358,600  Colgate-Palmolive Co.                     $   87,697,630
  900,000  Procter & Gamble Co.                          70,593,750
                                                     --------------
                                                     $  158,291,380
                                                     --------------
           RETAIL STORES (FOOD CHAINS) - 0.2%                      
  300,000  Safeway Inc.*                             $   18,750,000
                                                     --------------
           RETAIL (DRUG STORES) - 2.0%                             
  559,800  CVS Corp.                                 $   33,553,012
2,851,200  Walgreen Co.                                 119,215,800
                                                     --------------
                                                     $  152,768,812
                                                     --------------
           SERVICES (EMPLOYMENT) - 0.7%                            
2,133,800  Robert Half International, Inc.*          $   56,545,700
                                                     --------------
           TOTAL CONSUMER STAPLES                    $  810,316,366
                                                     --------------
           ENERGY - 7.9%                                           
           OIL (DOMESTIC INTEGRATED) - 2.0%                        
1,884,852  BP Amoco Plc (A.D.R.)                     $   90,237,290
  700,000  Conoco, Inc.                                  20,037,500
  711,256  Conoco Inc. Class B                           20,581,971
  485,000  Shell Transport & Trading Co. (A.D.R.)        23,946,875
                                                     --------------
                                                     $  154,803,636
                                                     --------------
           OIL (INTERNATIONAL INTEGRATED) - 4.6%                   
1,115,500  Chevron Corp.                             $   94,190,031
  600,000  Royal Dutch Petroleum Co.                     36,337,500
1,500,000  Texaco, Inc.                                  93,187,500
1,503,493  Exxon Mobil Corp.                            130,709,923
                                                     --------------
                                                     $  354,424,954
                                                     --------------

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

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                                                                [Download Table]

SHARES                                                     VALUE     
                                                                     
           OIL & GAS (DRILLING & EQUIPMENT) - 1.3%                   
  370,100  Smith International, Inc.*                  $   27,595,581
  523,000  Schlumberger Ltd.                               41,807,312
  601,252  Transocean Sedco Forex Inc.                     27,657,592
                                                       --------------
                                                       $   97,060,485
                                                       --------------
           TOTAL ENERGY                                $  606,289,075
                                                       --------------
           FINANCIALS - 16.5%                                        
           BANKS (MAJOR REGIONAL) - 5.9%                             
2,446,800  The Bank of New York Co., Inc.              $  135,032,775
  811,910  Huntington Bancshares, Inc.                     13,142,793
1,886,600  Mellon Bank Corp.                               92,797,137
2,864,648  National City Corp.                             82,358,630
  806,800  State Street Corp.                             100,212,628
  500,000  Wells Fargo Co.                                 27,843,750
                                                       --------------
                                                       $  451,387,713
                                                       --------------
           BANKS (REGIONAL) - 0.6%                                   
  755,700  First Tennessee National Corp.              $   21,868,069
  439,200  Zions Bancorporation                            27,422,550
                                                       --------------
                                                       $   49,290,619
                                                       --------------
           FINANCIAL (DIVERSIFIED) - 1.0%                            
  400,000  Citigroup Inc.                              $   20,425,000
  693,500  Morgan Stanley, Dean Witter, Discover & Co.     54,959,875
                                                       --------------
                                                       $   75,384,875
                                                       --------------
           INSURANCE BROKERS - 1.1%                                  
  729,000  Marsh & McLennan Co., Inc.                  $   85,293,000
                                                       --------------
           INSURANCE (MULTI-LINE) - 1.7%                             
  862,218  American International Group, Inc.          $   84,982,362
  630,238  AXA (A.D.R.)                                    45,258,966
                                                       --------------
                                                       $  130,241,328
                                                       --------------
           INSURANCE (PROPERTY/CASUALTY) - 3.1%                      
1,174,200  Chubb Corp.                                 $  101,568,300
  607,300  Exel Ltd.*                                      53,062,837
  331,300  Partnerre Ltd.                                  20,209,300
  760,400  Safeco Corp.                                    24,998,150
  647,600  St. Paul Companies, Inc.                        35,172,775
                                                       --------------
                                                       $  235,011,362
                                                       --------------

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

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                                                                [Download Table]

SHARES                                                           VALUE     
                                                                           
           INVESTMENT BANK/BROKERAGE - 1.1%                                
1,242,000  Merrill Lynch & Co., Inc.                         $   84,688,875
                                                             --------------
           INVESTMENT MANAGEMENT - 1.5%                                    
1,015,500  Federated Investors Inc.                          $   29,576,438
2,100,000  T. Rowe Price Associates, Inc.                        88,757,813
                                                             --------------
                                                             $  118,334,251
                                                             --------------
           SAVINGS & LOAN COMPANIES - 0.5%                                 
  693,840  Washington Mutual, Inc.                           $   36,816,885
                                                             --------------
           TOTAL FINANCIALS                                  $1,266,448,908
                                                             --------------
           HEALTH CARE - 12.8%                                             
           HEALTH CARE (DIVERSIFIED) - 3.8%                                
1,233,300  Abbott Laboratories                               $   59,737,969
1,728,000  Bristol-Myers Squibb Co.                             127,764,000
  950,000  Johnson & Johnson                                     99,809,375
                                                             --------------
                                                             $  287,311,344
                                                             --------------
           HEALTH CARE (DRUGS/MAJOR PHARMACEUTICALS) - 8.3%                
  749,000  Eli Lilly & Co.                                   $   69,703,812
1,414,534  Glaxo Smith-Kline Plc*                                79,213,904
1,200,600  Merck & Co., Inc.                                    112,406,175
1,100,000  Pfizer, Inc.                                          50,600,000
    3,898  Roche Holdings AG                                     39,703,856
5,092,800  Schering-Plough Corp.                                289,016,400
                                                             --------------
                                                             $  640,644,147
                                                             --------------
           HEALTH CARE (MEDICAL PRODUCTS/SUPPLIES) - 0.7%                  
1,532,800  Becton, Dickinson & Co.                           $   53,073,200
                                                             --------------
           TOTAL HEALTH CARE                                 $  981,028,691
                                                             --------------
           TECHNOLOGY - 19.6%                                              
           COMMUNICATIONS EQUIPMENT - 2.5%                                 
1,150,000  ADC Telecommunications, Inc.*                     $   20,843,750
  101,413  Avaya Inc.*                                            1,045,822
1,216,968  Lucent Technologies, Inc.                             16,429,068
4,482,061  Motorola Inc.                                         90,761,735
  700,000  Tellabs, Inc.*                                        39,550,000
2,193,200  Telefonaktiebolaget LM Ericsson (A.D.R.)              24,536,425
                                                             --------------
                                                             $  193,166,800
                                                             --------------

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

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                                                                [Download Table]

SHARES                                                           VALUE     
                                                                           
           COMPUTERS (HARDWARE) - 4.1%                                     
3,590,000  Compaq Computer Corp.                             $   54,029,500
2,480,000  Hewlett-Packard Co.                                   78,275,000
1,674,000  IBM Corp.                                            142,290,000
1,379,383  Palm Inc.*                                            39,053,781
                                                             --------------
                                                             $  313,648,281
                                                             --------------
           COMPUTERS (NETWORKING) - 0.1%                                   
  930,000  3COM Corp.*                                       $    7,905,000
                                                             --------------
           COMPUTERS (SOFTWARE & SERVICES) - 2.8%                          
  816,000  Adobe Systems, Inc.                               $   47,481,000
  500,000  America Online Inc.*                                  17,400,000
1,180,000  BMC Software, Inc.*                                   16,520,000
1,490,000  Microsoft Corp.*                                      64,628,750
  498,500  Peoplesoft Inc.*                                      18,537,969
1,000,000  Synopsys, Inc.*                                       47,437,500
                                                             --------------
                                                             $  212,005,219
                                                             --------------
           ELECTRONICS (COMPONENT DISTRIBUTORS) - 0.4%                     
  776,000  Koninklijke Philips Electronics NV                $   28,130,000
                                                             --------------
           ELECTRONICS (INSTRUMENTATION) - 0.3%                            
  434,796  Agilent Technologies Inc.*                        $   23,805,081
                                                             --------------
           ELECTRONICS (SEMICONDUCTORS) - 4.3%                             
1,600,000  Altera Corp.*                                     $   42,100,000
2,940,000  Intel Corp.                                           88,935,000
  900,000  Micrel Inc.*                                          30,318,750
  800,000  Micron Technology, Inc.*                              28,400,000
2,868,000  Texas Instruments, Inc.                              135,871,500
                                                             --------------
                                                             $  325,625,250
                                                             --------------
           EQUIPMENT (SEMICONDUCTOR) - 1.9%                                
1,187,000  Applied Materials, Inc.*                          $   45,328,563
2,022,700  Lam Research Corp.*                                   29,329,150
1,027,000  Novellus Systems, Inc.*                               36,907,813
  500,000  Taiwan Semiconductor Manufacturing Co. (A.D.R.)*       8,625,000
  600,000  Veeco Instruments, Inc.*                              24,075,000
                                                             --------------
                                                             $  144,265,526
                                                             --------------

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

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                                                                [Download Table]

SHARES                                             VALUE     
                                                             
           PHOTOGRAPHY/IMAGING - 0.8%                        
1,637,400  Eastman Kodak Co.                   $   64,472,625
                                               --------------
           SERVICES (COMPUTER SYSTEMS) - 0.6%                
  823,100  Computer Sciences Corp.*            $   49,488,887
                                               --------------
           SERVICES (DATA PROCESSING) - 1.8%                 
  914,200  Automatic Data Processing, Inc.*    $   57,880,287
  552,800  DST Systems, Inc.*                      37,037,600
  454,000  Electronic Data Systems Corp.           26,218,500
  367,500  Fiserv, Inc.*                           17,433,281
                                               --------------
                                               $  138,569,668
                                               --------------
           TOTAL TECHNOLOGY                    $1,501,082,337
                                               --------------
           TRANSPORTATION - 2.1%                             
           AIRLINES - 0.8%                                   
1,892,400  Southwest Airlines Co.              $   63,452,172
                                               --------------
           RAILROADS - 1.3%                                  
1,054,200  Burlington Northern, Inc.           $   29,847,038
3,730,100  Norfolk Southern Corp.                  49,656,956
  320,800  Union Pacific Corp.                     16,280,600
                                               --------------
                                               $   95,784,594
                                               --------------
           TOTAL TRANSPORTATION                $  159,236,766
                                               --------------
           UTILITIES - 1.7%                                  
           ELECTRIC COMPANIES - 1.2%                         
1,125,100  Allegheny Energy, Inc.              $   54,215,756
1,068,900  DPL, Inc.                               35,474,119
                                               --------------
                                               $   89,689,875
                                               --------------
           NATURAL GAS - 0.3%                                
  767,533  Vectren Corp.                       $   19,668,033
                                               --------------
           WATER UTILITIES - 0.2%                            
  552,600  American Water Works Co., Inc.      $   16,232,625
                                               --------------
           TOTAL UTILITIES                     $  125,590,533
                                               --------------
           TOTAL COMMON STOCKS                               
           (Cost $4,474,976,813)               $7,466,300,781
                                               --------------

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

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                                                                [Download Table]

PRINCIPAL                                                               
 AMOUNT                                                            VALUE
                                                                        
            TEMPORARY CASH INVESTMENTS - 2.5%                           
            COMMERCIAL PAPER - 2.5%                                     
35,000,000  American Express Credit Corp., 6.38%, 1/3/01  $   35,000,000
36,479,000  Citigroup Inc., 6.45%, 1/2/01                     36,479,000
50,000,000  Home Financing Corp., 6.5%, 1/2/01                50,000,000
34,423,000  John Deere Credit Corp., 6.38%, 1/8/01            34,423,000
35,643,000  Prudential Credit Corp., 6.4%, 1/4/01             35,643,000
                                                          --------------
                                                          $  191,545,000
                                                          --------------
            TOTAL TEMPORARY CASH INVESTMENTS                            
            (Cost $191,545,000)                           $  191,545,000
                                                          --------------
            TOTAL INVESTMENT IN SECURITIES - 100.0%                     
            (Cost $4,666,521,813)(a)                      $7,657,845,781
                                                          ==============

* Non-income producing security.                                        
+ Investment held by the fund representing 5% or more of the            
outstanding voting stock of such company.                           
(a) At 12/31/00, the net unrealized gain on investments based on cost   
 for federal income tax purposes of $4,670,095,657 was as follows:

                                                                [Download Table]
                                                                    
Aggregate gross unrealized gain for all investments                 
in which there is an excess of value over tax cost   $3,372,147,485 
 Aggregate gross unrealized loss for all                            
 investments in which there is an excess of tax                     
 cost over value                                       (384,397,361)
                                                     -------------- 
 Net unrealized gain                                 $2,987,750,124 
                                                     ============== 

Purchases and sales of securities (excluding temporary cash             
investments) for the year ended 12/31/00 aggregated $1,643,508,671 and  
$1,496,832,405, respectively.                                           

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

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BALANCE SHEET 12/31/00                                                
--------------------------------------------------------------------------------

                                                                [Download Table]
                                                                               
ASSETS:                                                                        
   Investment in securities, at value (including temporary                     
     cash investments of $191,545,000) (cost $4,666,521,813)    $7,657,845,781 
   Cash                                                                630,673 
   Receivables -                                                               
      Investment securities sold                                    17,387,819 
      Fund shares sold                                              18,960,574 
      Dividends, interest and foreign taxes withheld                 6,294,862 
   Other                                                                65,217 
                                                                -------------- 
         Total assets                                           $7,701,184,926 
                                                                -------------- 
LIABILITIES:                                                                   
   Payables -                                                                  
      Investment securities purchased                           $   80,806,746 
      Fund shares repurchased                                        7,394,437 
   Due to affiliates                                                 7,687,045 
   Accrued expenses                                                    645,164 
                                                                -------------- 
         Total liabilities                                      $   96,533,392 
                                                                -------------- 
NET ASSETS:                                                                    
   Paid-in capital                                              $4,560,975,151 
   Accumulated undistributed net investment income                   1,050,838 
   Accumulated net realized gain on investments                     51,302,188 
   Net unrealized gain on investments                            2,991,323,968 
   Net unrealized loss on assets and liabilities denominated                   
     in foreign currencies                                                (611)
                                                                -------------- 
         Total net assets                                       $7,604,651,534 
                                                                ============== 
NET ASSET VALUE PER SHARE:                                                     
(Unlimited number of shares authorized)                                        
   Class A (based on $6,645,954,242/150,153,010 shares)         $        44.26 
                                                                ============== 
   Class B (based on $705,338,960/16,171,942 shares)            $        43.61 
                                                                ============== 
   Class C (based on $240,792,465/5,579,910 shares)             $        43.15 
                                                                ============== 
   Class Y (based on $12,565,867/283,417 shares)                $        44.34 
                                                                ============== 
MAXIMUM OFFERING PRICE:                                                        
   Class A                                                      $        46.96 
                                                                ============== 

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

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STATEMENT OF OPERATIONS                                               
--------------------------------------------------------------------------------
FOR THE YEAR ENDED 12/31/00                                           

                                                                [Download Table]
                                                                                   
INVESTMENT INCOME:                                                                 
   Dividends (net of foreign taxes withheld                                        
     of $509,717)                                    $ 104,434,986                 
   Interest                                              3,495,919                 
                                                     -------------                 
         Total investment income                                     $ 107,930,905 
                                                                     ------------- 
EXPENSES:                                                                          
   Management fees                                                                 
      Basic fee                                      $  45,561,838                 
      Performance adjustment                             5,667,643                 
   Transfer agent fees                                                             
      Class A                                           12,844,983                 
      Class B                                            1,768,882                 
      Class C                                              472,941                 
      Class Y                                                1,341                 
   Distribution fees                                                               
      Class A                                           14,206,502                 
      Class B                                            6,494,520                 
      Class C                                            1,968,210                 
   Administrative fees                                   1,025,631                 
   Custodian fees                                          108,133                 
   Registration fees                                       352,427                 
   Professional fees                                       140,012                 
   Printing                                                419,007                 
   Fees and expenses of nonaffiliated trustees              98,681                 
   Miscellaneous                                            77,627                 
                                                     -------------                 
         Total expenses                                              $  91,208,378 
         Less fees paid indirectly                                      (1,180,823)
                                                                     ------------- 
         Net expenses                                                $  90,027,555 
                                                                     ------------- 
            Net investment income                                    $  17,903,350 
                                                                     ------------- 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                
   Net realized gain (loss) from:                                                  
      Investments                                    $ 570,469,740                 
      Other assets and liabilities denominated in                                  
        foreign currencies                                 (14,794)  $ 570,454,946 
                                                     -------------   ------------- 
   Change in net unrealized gain (loss) from:                                      
      Investments                                    $(593,774,580)                
      Other assets and liabilities denominated in                                  
        foreign currencies                                   1,800                 
                                                     -------------                 
            Net loss on investments                                  $(593,772,780)
                                                                     ------------- 
            Net decrease in net assets resulting                                   
             from operations                                         $  (5,414,484)
                                                                     ============= 

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                                   
--------------------------------------------------------------------------------
FOR THE YEARS ENDED 12/31/00 AND 12/31/99                             

                                                        [Enlarge/Download Table]

                                                               YEAR ENDED        YEAR ENDED   
FROM OPERATIONS:                                                12/31/00          12/31/99    
                                                                                              
 Net investment income                                       $    17,903,350   $   21,585,530 
 Net realized gain on investments                                570,454,946      325,811,540 
 Change in net unrealized gain (loss) on investments            (593,772,780)     609,475,052 
                                                             ---------------   -------------- 
       Net increase (decrease) in net assets resulting                                        
          from operations                                    $    (5,414,484)  $  956,872,122 
                                                             ---------------   -------------- 
 DISTRIBUTIONS TO SHAREOWNERS FROM:                                                           
 Net investment income                                                                        
       Class A ($0.12 and $0.17 per share, respectively)     $   (16,763,145)  $  (22,551,949)
       Class Y ($0.25 and $0.24 per share, respectively)             (53,336)         (58,721)
 Net realized gain:                                                                           
       Class A ($3.24 and $2.22 per share, respectively)        (454,290,634)    (296,872,046)
       Class B ($3.24 and $2.22 per share, respectively)         (47,501,308)     (25,951,539)
       Class C ($3.24 and $2.22 per share, respectively)         (15,964,446)      (6,757,201)
       Class Y ($3.24 and $2.22 per share, respectively)            (802,766)        (546,104)
                                                             ---------------   -------------- 
             Total distributions to shareholders             $  (535,375,635)  $ (352,737,560)
                                                             ---------------   -------------- 
 FROM FUND SHARE TRANSACTIONS:                                                                
 Net proceeds from sale of shares                            $ 1,600,712,584   $1,652,707,636 
 Reinvestment of distributions                                   471,554,759      317,373,755 
 Cost of shares repurchased                                   (1,327,187,774)    (881,798,971)
                                                             ---------------   -------------- 
       Net increase in net assets resulting from fund share                                   
          transactions                                       $   745,079,569   $1,088,282,420 
                                                             ---------------   -------------- 
       Net increase in net assets                            $   204,289,450   $1,692,416,982 
 NET ASSETS:                                                                                  
 Beginning of year                                             7,400,362,084    5,707,945,102 
                                                             ---------------   -------------- 
 End of year (including accumulated undistributed net                                         
  investment income of $1,050,838 and $0, respectively)      $ 7,604,651,534   $7,400,362,084 
                                                             ===============   ============== 

  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)
--------------------------------------------------------------------------------
FOR THE YEARS ENDED 12/31/00 AND 12/31/99                             

                                                        [Enlarge/Download Table]

CLASS A                         '00 SHARES      '00 AMOUNT      '99 SHARES      '99 AMOUNT   
                                                                                             
 Shares sold                    23,770,053    $ 1,133,603,484   25,703,151    $1,175,889,963 
 Reinvestment of distributions   9,593,300        421,986,915    6,247,722       289,977,993 
 Less shares repurchased        (22,676,815)   (1,082,389,510)  (16,931,541)    (775,592,354)
                                -----------   ---------------   -----------   -------------- 
          Net increase          10,686,538    $   473,200,889   15,019,332    $  690,275,602 
                                ===========   ===============   ===========   ============== 
 CLASS B                                                                                     
 Shares sold                     6,611,006    $   311,717,272    7,621,706    $  346,726,886 
 Reinvestment of distributions     912,544         39,440,020      485,474        22,383,744 
 Less shares repurchased        (3,907,350)      (183,579,578)  (1,842,368)      (84,273,185)
                                -----------   ---------------   -----------   -------------- 
          Net increase           3,616,200    $   167,577,714    6,264,812    $  284,837,445 
                                ===========   ===============   ===========   ============== 
 CLASS C                                                                                     
 Shares sold                     3,231,024    $   150,556,521    2,613,225    $  117,740,196 
 Reinvestment of distributions     217,184          9,286,849       96,697         4,413,373 
 Less shares repurchased        (1,220,601)       (56,610,151)    (465,754)      (21,021,787)
                                -----------   ---------------   -----------   -------------- 
          Net increase           2,227,607    $   103,233,219    2,244,168    $  101,131,782 
                                ===========   ===============   ===========   ============== 
 CLASS Y*                                                                                    
 Shares sold                       101,815    $     4,835,307      265,515    $   12,350,591 
 Reinvestment of distributions      19,034            840,975       12,888           598,645 
 Less shares repurchased           (96,745)        (4,608,535)     (19,090)         (911,645)
                                -----------   ---------------   -----------   -------------- 
          Net increase              24,104    $     1,067,747      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 12/31/00                                                   
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                                                        [Enlarge/Download Table]

                                                           YEAR ENDED  YEAR ENDED  YEAR ENDED  YEAR ENDED  YEAR ENDED 
CLASS A                                                     12/31/00    12/31/99    12/31/98    12/31/97    12/31/96  
                                                                                                                      
Net asset value, beginning of year                         $   47.60   $   43.30   $   34.95   $   26.89   $    24.36 
                                                           ----------  ----------  ----------  ----------  ---------- 
Increase from investment operations:                                                                                  
   Net investment income                                   $    0.16   $    0.18   $    0.21   $    0.30   $     0.37 
   Net realized and unrealized gain (loss) on investments                                                             
     and foreign currency transactions                         (0.14)       6.51        9.84        9.97         4.35 
                                                           ----------  ----------  ----------  ----------  ---------- 
      Net increase from investment operations              $    0.02   $    6.69   $   10.05   $   10.27   $     4.72 
Distributions to shareowners:                                                                                         
   Net investment income                                       (0.12)      (0.17)      (0.21)      (0.31)       (0.37)
   Net realized gain                                           (3.24)      (2.22)      (1.49)      (1.90)       (1.82)
                                                           ----------  ----------  ----------  ----------  ---------- 
Net increase (decrease) in net asset value                 $   (3.34)  $    4.30   $    8.35   $    8.06   $     2.53 
                                                           ----------  ----------  ----------  ----------  ---------- 
Net asset value, end of year                               $   44.26   $   47.60   $   43.30   $   34.95   $    26.89 
                                                           ==========  ==========  ==========  ==========  ========== 
Total return*                                                   0.12%      15.63%      29.00%      38.47%       19.70%
Ratio of net expenses to average net assets+                    1.11%       1.10%       1.09%       1.03%        1.01%
Ratio of net investment income to average net assets+           0.31%       0.39%       0.52%       0.93%        1.40%
Porfolio turnover rate                                            20%         10%          9%         17%          25%
Net assets, end of year (in thousands)                     $6,645,954  $6,638,130  $5,388,761  $3,991,726  $2,896,670 
Ratios assuming reduction for fees paid indirectly:                                                                   
   Net expenses                                                 1.09%       1.09%       1.08%       1.02%        0.99%
   Net investment income                                        0.33%       0.40%       0.53%       0.94%        1.42%

                                                                [Download Table]
                                                                 
*    Assumes initial investment at net asset value at the        
     beginning of each year, reinvestment of all distributions,  
     the complete redemption of the investment at net asset value
     at the end of each year, and no sales charges. Total return 
     would be reduced if sales charges were taken into account.  
+    Ratios assuming no reduction for fees paid indirectly.      

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

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PIONEER FUND                                                                    

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FINANCIAL HIGHLIGHTS 12/31/00                                                   
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                          YEAR ENDED   YEAR ENDED   YEAR ENDED   YEAR ENDED    7/1/96 TO 
CLASS B                                                    12/31/00     12/31/99     12/31/98    12/31/97(a)  12/31/96(a)
                                                                                                                         
Net asset value, beginning of period                       $  47.24     $  43.20     $  35.01      $ 27.02      $26.40   
                                                           --------     --------     --------      -------      ------   
Increase (decrease) from investment operations:                                                                          
   Net investment income (loss)                            $  (0.18)    $  (0.12)    $  (0.04)     $  0.01      $ 0.07   
   Net realized and unrealized gain (loss) on                                                                            
     investments and foreign currency transactions            (0.21)        6.38         9.72         9.99        2.50   
                                                           --------     --------     --------      -------      ------   
      Net increase (decrease) from investment operations   $  (0.39)    $   6.26     $   9.68      $ 10.00      $ 2.57   
Distributions to shareowners:                                                                                            
   Net investment income                                         --           --           --        (0.11)      (0.07)  
   In excess of net investment income                            --           --           --           --       (0.06)  
   Net realized gain                                          (3.24)       (2.22)       (1.49)       (1.90)      (1.82)  
                                                           --------     --------     --------      -------      ------   
Net increase (decrease) in net asset value                 $  (3.63)    $   4.04     $   8.19      $  7.99      $ 0.62   
                                                           --------     --------     --------      -------      ------   
Net asset value, end of period                             $  43.61     $  47.24     $  43.20      $ 35.01      $27.02   
                                                           ========     ========     ========      =======      ======   
Total return*                                                 (0.75)%      14.63%       27.82%       37.19%       9.92%  
Ratio of net expenses to average net assets+                   1.98%        1.98%        1.99%        1.92%       1.82%**
Ratio of net investment income (loss) to average net                                                                     
  assets+                                                     (0.56)%      (0.50)%      (0.41)%      (0.02)%      0.46%**
Porfolio turnover rate                                           20%          10%           9%          17%         25%  
Net assets, end of period (in thousands)                   $705,339     $593,145     $271,796      $53,010      $8,940   
Ratios assuming reduction for fees paid indirectly:                                                                      
   Net expenses                                                1.96%        1.96%        1.96%        1.88%       1.80%**
   Net investment income (loss)                               (0.54)%      (0.48)%      (0.38)%       0.02%       0.48%**

                                                                [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.      

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

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PIONEER FUND                                                                    

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FINANCIAL HIGHLIGHTS 12/31/00                                                   
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                                                        [Enlarge/Download Table]

                                                      YEAR ENDED   YEAR ENDED   YEAR ENDED  YEAR ENDED    7/1/96 TO 
CLASS C                                                12/31/00    12/31/99(A)   12/31/98   12/31/97(a)  12/31/96(a)
                                                                                                                    
Net asset value, beginning of period                   $  46.76     $  42.76     $ 34.66      $26.74       $26.40   
                                                       --------     --------     -------      ------       ------   
Increase (decrease) from investment operations:                                                                     
   Net investment income (loss)                        $  (0.12)    $  (0.09)    $ (0.04)     $ 0.02       $ 0.03   
   Net realized and unrealized gain (loss) on                                                                       
     investments and foreign currency transactions        (0.25)        6.31        9.63        9.89         2.23   
                                                       --------     --------     -------      ------       ------   
      Net increase (decrease) from investment                                                                       
operations                                             $  (0.37)    $   6.22     $  9.59      $ 9.91       $ 2.26   
Distributions to shareowners:                                                                                       
   Net investment income                                     --           --          --       (0.09)       (0.03)  
   In excess of net investment income                        --           --          --          --        (0.07)  
   Net realized gain                                      (3.24)       (2.22)      (1.49)      (1.90)       (1.82)  
                                                       --------     --------     -------      ------       ------   
Net increase (decrease) in net asset value             $  (3.61)    $   4.00     $  8.10      $ 7.92       $ 0.34   
                                                       --------     --------     -------      ------       ------   
Net asset value, end of period                         $  43.15     $  46.76     $ 42.76      $34.66       $26.74   
                                                       ========     ========     =======      ======       ======   
Total return*                                             (0.72)%      14.68%      27.85%      37.25%        8.74%  
Ratio of net expenses to average net assets+               1.95%        1.96%       1.97%       1.87%        2.11%**
Ratio of net investment income (loss) to average net                                                                
  assets+                                                 (0.54)%      (0.49)%     (0.39)%      0.02%        0.20%**
Porfolio turnover rate                                       20%          10%          9%         17%          25%  
Net assets, end of period (in thousands)               $240,792     $156,739     $47,389      $8,261       $1,831   
Ratios assuming reduction for fees paid indirectly:                                                                 
   Net expenses                                            1.92%        1.93%       1.93%       1.83%        2.08%**
   Net investment income (loss)                           (0.51)%      (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 12/31/00                                         
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                                                                [Download Table]

                                                     YEAR ENDED    5/6/99 TO  
CLASS Y(a)                                            12/31/00      12/31/99  
                                                                              
 Net asset value, beginning of period                 $ 47.62       $ 46.44   
                                                      -------       -------   
 Increase from investment operations:                                         
    Net investment income                             $  0.35       $  0.23   
    Net realized and unrealized gain (loss) on                                
      investments and foreign currency transactions     (0.14)         3.41   
                                                      -------       -------   
          Net increase from investment operations     $  0.21       $  3.64   
 Distributions to shareowners:                                                
    Net investment income                               (0.25)        (0.24)  
    Net realized gain                                   (3.24)        (2.22)  
                                                      -------       -------   
 Net increase (decrease) in net asset value           $ (3.28)      $  1.18   
                                                      -------       -------   
 Net asset value, end of period                       $ 44.34       $ 47.62   
                                                      =======       =======   
 Total return*                                           0.50%         8.00%  
 Ratio of net expenses to average net assets+            0.72%         0.72%**
 Ratio of net investment income (loss) to average                             
    net assets+                                          0.70%         0.73%**
 Porfolio turnover rate                                    20%           10%  
 Net assets, end of period (in thousands)             $12,566       $12,348   
 Ratios assuming reduction for fees paid                                      
    indirectly:                                                               
    Net expenses                                         0.70%         0.71%**
    Net investment income                                0.72%         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 each period, reinvestment of all distributions,        
and the complete redemption of the investment at net asset          
value at the end of each 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 12/31/00                                
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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  
are reasonable income and growth of capital.                          

The Fund offers four classes of shares - Class A, Class B, Class C and
Class Y shares. 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 shareowners 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 
accounting principles generally accepted in the United States that    
require the management of the Fund to, among other things, make       
estimates and assumptions that affect the reported amounts of assets  
and liabilities, the disclosure of contingent assets and liabilities  
at the date of the financial statements, and the reported amounts of  
revenues and expenses during the reporting periods. Actual results    
could differ from those estimates. The following is a summary of      
significant accounting policies consistently followed by the Fund,    
which are in conformity with those generally accepted in the          
investment company industry:                                          

A. SECURITY VALUATION                                                 

  Security transactions are recorded as of trade date. The net asset
value is computed once daily, on each day the New York 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, including interest on 
income bearing cash accounts, is recorded                       

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PIONEER FUND                                                          

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  NOTES TO FINANCIAL STATEMENTS 12/31/00                       (CONTINUED)
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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.                                            

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 shareowners. Therefore, no federal
income tax provision is required.                               

  The characterization of distributions to shareowners for financial
  reporting purposes is determined in accordance with federal income
   tax rules. Therefore, the source of the Fund's distributions may be
   shown in the accompanying financial statements as either from or in
  excess of net investment income or net realized gain on investment
transactions, or from paid-in capital, depending on the type of 
book/tax differences that may exist.                            

At December 31, 2000, the Fund reclassified $36,031 from        
  accumulated undistributed net investment income to accumulated net
   realized gain on investments. The reclassification has no impact on
the net asset                                                   

28                                                                          

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PIONEER FUND                                                          

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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 $543,124,488 as a capital gain dividend for purposes
of the dividend paid deduction.                                 

D. FUND SHARES                                                        

The Fund records sales and repurchases of its shares as of trade
date. Pioneer Funds Distributor, Inc. (PFD), the principal      
 underwriter for the Fund and a majority owned indirect subsidiary
of UniCredito Italiano S.p.A. (UniCredito Italiano), earned     
 $1,387,583 in underwriting commissions on the sale of Fund shares
during the year ended December 31, 2000.                        

E. CLASS ALLOCATIONS                                                  

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

Distributions to shareowners are recorded as of the ex-dividend 
  date. Distributions paid by the Fund with respect to each class of
  shares are calculated in the same manner, at the same time, and in
  the same amount, except that Class A, Class B, Class C 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 majority owned         
subsidiary of UniCredito Italiano. PIM receives a basic fee that is   
calculated at the annual rate of 0.60% of the Fund's average daily    

                                                                              29

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PIONEER FUND                                                          

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  NOTES TO FINANCIAL STATEMENTS 12/31/00                       (CONTINUED)
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net assets. The basic fee is subject to a performance adjustment up to
a maximum of +/-0.10% based on the Fund's investment performance as   
compared with the Lipper Growth & Income Funds Index. The performance 
comparison is made for a rolling 36-month period. For the year ended  
December 31, 2000, the aggregate performance adjustment resulted in an
increase to management fees of $5,667,643, resulting in a management  
fee equivalent to 0.70% of the Fund's 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, 2000, $4,427,846 was payable to PIM related to management fees,   
administrative fees and certain other services.                       

3. TRANSFER AGENT                                                     

PSC, a majority owned indirect subsidiary of UniCredito Italiano,     
provides substantially all transfer agent and shareholder services to 
the Fund at negotiated rates. Included in due to affiliates is        
$1,239,656 in transfer agent fees payable to PSC at December 31, 2000.

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. 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
$2,019,543 in distribution fees payable to PFD at December 31, 2000.  

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PIONEER FUND                                                          

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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, 2000, CDSCs in the amount of $2,174,960 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, 2000, the Fund's expenses   
were reduced by $1,180,823 under such arrangements.                   

6. LINE OF CREDIT                                                     

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. For the year ended December 31, 
2000, the Fund had no borrowings under this agreement.                

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, 2000:     

                                                        [Enlarge/Download Table]

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                                                            DIVIDEND                 
AFFILIATES                    PURCHASE       SALES          INCOME           VALUE   

                                                                                     
John Wiley & Sons, Inc.           --           --           $543,833       75,129,600

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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 (the Fund) as of December    
31, 2000, and the related statement of operations, the statements of  
changes in net assets, and the financial highlights for the periods   
presented. These financial statements and financial highlights are    
the responsibility of the Fund's management. Our responsibility is to 
express an opinion on these financial statements and financial        
highlights based on our audits.                                       

We conducted our audits in accordance with auditing standards         
generally accepted in the United States. Those standards require that 
we plan and perform the audit to obtain reasonable assurance about    
whether the financial statements and financial highlights are free of 
material misstatement. An audit includes examining, on a test basis,  
evidence supporting the amounts and disclosures in the financial      
statements. Our procedures included confirmation of securities owned  
as of December 31, 2000, by correspondence with the custodian. An     
audit also includes assessing the accounting principles used and      
significant estimates made by management, as well as evaluating the   
overall financial statement presentation. We believe that our audits  
provide a reasonable basis for our opinion.                           

In our opinion, the financial statements and financial highlights     
referred to above present fairly, in all material respects, the       
financial position of Pioneer Fund as of December 31, 2000, the       
results of its operations, the changes in its net assets, and the     
financial highlights for the periods presented, in conformity with    
accounting principles generally accepted in the United States.        

ARTHUR ANDERSEN LLP                                                   

Boston, Massachusetts                                                 
February 9, 2001                                                      

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PIONEER FUND                                                          

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RESULTS OF SHAREOWNER MEETING                                         
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On September 11, 2000, Pioneer Fund held a special meeting of shareowners to    
approve a new management contract between the Fund and Pioneer Investment       
Management, Inc., the Fund's investment adviser. Shareowners also voted to elect
trustees. Both proposals passed by shareowner vote. The new management contract 
took effect when UniCredito Italiano S.p.A. completed its acquisition of The    
Pioneer Group, Inc. on October 24, 2000. Here are the detailed results of the   
votes.                                                                          

PROPOSAL 1 -- TO APPROVE A NEW MANAGEMENT CONTRACT.                             

                                                                [Download Table]

 AFFIRMATIVE                     AGAINST                       ABSTAIN   
                                                                         
85,576,609.320                4,504,155.580                 2,639,721.823

PROPOSAL 2 -- TO ELECT TRUSTEES.                                                

                                                                [Download Table]

  NOMINEE                      AFFIRMATIVE                    WITHHELD   
                                                                         
M.K. Bush                     90,146,807.434                2,573,679.289
J.F. Cogan, Jr.               90,017,941.525                2,702,545.198
Dr. R.H. Egdahl               90,148,424.525                2,572,062.198
M.B.W. Graham                 90,253,546.121                2,466,940.602
M.A. Piret                    90,231,509.270                2,488,977.453
D.D. Tripple                  90,163,793.181                2,556,693.542
S.K. West                     90,144,507.493                2,575,979.230
J. Winthrop                   90,213,820.778                2,506,665.945

                                                                              33

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PIONEER FUND                                                          

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TRUSTEES, OFFICERS AND SERVICE PROVIDERS                              
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                                                                [Download Table]
                                                                   
TRUSTEES                           OFFICERS                        
John F. Cogan, Jr., Chairman       John F. Cogan, Jr., President   
Mary K. Bush                       David D. Tripple, Executive Vice
Richard H. Egdahl, M.D.            President                       
Margaret B.W. Graham               Vincent Nave, Treasurer         
Marguerite A. Piret                Joseph P. Barri, Secretary      
David D. Tripple                                                   
Stephen K. West                                                    
John Winthrop                                                      

INVESTMENT ADVISER                                                      
Pioneer Investment Management, Inc.                                     

CUSTODIAN                                                               
Brown Brothers Harriman & Co.                                           

INDEPENDENT PUBLIC ACCOUNTANTS                                          
Arthur Andersen LLP                                                     

PRINCIPAL UNDERWRITER                                                   
Pioneer Funds Distributor, Inc.                                         

LEGAL COUNSEL                                                           
Hale and Dorr LLP                                                       

SHAREOWNER SERVICES AND TRANSFER AGENT                                  
Pioneer Investment Management Shareholder Services, Inc.                

34                                                                          

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THE PIONEER FAMILY OF MUTUAL FUNDS                                    
    ----------------------------------------------------------------------------

For information about any Pioneer mutual fund, please contact your      
investment representative, or call Pioneer at 1-800-225-6292. Ask for   
a free fund information kit, which includes a fund prospectus. Please   
read the prospectus carefully before you invest or send money.          

GROWTH FUNDS                                                                    
UNITED STATES                                                                   
Pioneer Growth Shares                                                           
Pioneer Micro-Cap Fund                                                          
Pioneer Mid-Cap Fund                                                            
Pioneer Mid-Cap Value Fund                                                      
Pioneer Small Company Fund                                                      
Pioneer Tax-Managed Fund                                                        

INTERNATIONAL/GLOBAL                                                            
Pioneer Emerging Markets Fund                                                   
Pioneer Europe Fund                                                             
Pioneer Europe Select Fund                                                      
Pioneer Indo-Asia Fund                                                          
Pioneer International Growth Fund                                               
Pioneer World Equity Fund                                                       

SECTOR FUNDS                                                                    
Pioneer Global Financials Fund                                                  
Pioneer Global Health Care Fund                                                 
Pioneer Global Telecoms Fund                                                    
Pioneer Real Estate Shares                                                      
Pioneer Science & Technology Fund                                               

GROWTH AND INCOME FUNDS                                                         
Pioneer Fund                                                                    
Pioneer II                                                                      
Pioneer Balanced Fund                                                           
Pioneer Equity-Income Fund                                                      

INCOME FUNDS                                                                    
TAXABLE                                                                         
Pioneer America Income Trust                                                    
Pioneer Bond Fund                                                               
Pioneer High Yield Fund                                                         
Pioneer Limited Maturity Bond Fund                                              
Pioneer Strategic Income Fund                                                   

TAX-FREE                                                                        
Pioneer Tax-Free Income Fund                                                    

MONEY MARKET FUND                                                               

Pioneer Cash Reserves Fund*                                                     

*An investment in the Fund is not insured or guaranteed by the Federal  
Deposit Insurance Corporation or any other government agency.         
Although the Fund seeks to preserve the value of your investment at   
$1 per share, it is possible to lose money by investing in the Fund.  

                                                                              35

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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 PLANS                                                        
INDIVIDUAL RETIREMENT ACCOUNT (IRA)                                     
An IRA is a tax-favored account that allows anyone under age 70 1/2     
with earned income to contribute up to $2,000 annually. Spouses may     
contribute up to $2,000 annually into a separate IRA, for a total of    
$4,000 per year for a married couple. Earnings are tax-deferred, and    
contributions may be tax-deductible.                                    

ROTH IRA                                                                
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and  
became available to investors in 1998. Contributions, up to $2,000 a    
year, are not tax-deductible, but earnings are tax-free for qualified   
withdrawals.                                                            

401(k) PLAN                                                             
The traditional 401(k) plan allows employees to make pre-tax            
contributions through payroll deduction, up to $10,500 per year or 25%  
of pay, whichever is less. Employers may contribute.                    

SIMPLE (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES) IRA PLAN            
Businesses with 100 or fewer eligible employees can establish either    
plan; both resemble the traditional 401(k), but has no administration   
costs. Employees can make pre-tax contributions of up to $6,000 per     
year, and an employer contribution is required.                         

36                                                                              

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

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

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

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

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

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

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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:                                                              

PIMSS, Inc.                                                               
P.O. Box 9014                                                             
Boston, Massachusetts 02205-9014                                          

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.                                                          

S&P SELECT FUND NOTES:                                                    

Pioneer Fund's Standard & Poor's Select Fund designation is based on a    
 six-month moving average of three years of absolute and volatility adjusted
performance relative to 473 Large-Cap Blend funds as of 11/30/99. Select  
funds must also demonstrate an appropriate level of management skill and  
experience, consistency of investment process and depth of organization.  
Standard & Poor's Select Fund evaluations are not a recommendation to buy,
  sell or hold. Standard & Poor's does not guarantee the accuracy, adequacy or
completeness of this information and is not responsible for any error or  
  omission in or for results obtained from the use of such information. Select
  Fund evaluations are based on information available to Standard & Poor's and
  may change at any time. Complete and current details regarding terms for use
of this designation can be found at www.standardandpoors.com/onfunds.     

                                                        [Enlarge/Download Table]
                                                                                            
[Pioneer Logo]  PIONEER INVESTMENT MANAGEMENT, INC. 9626-00-0201                            
                60 STATE STREET                     (c) PIONEER FUNDS DISTRIBUTOR, INC.     
                BOSTON, MASSACHUSETTS 02109         UNDERWRITER OF PIONEER MUTUAL FUNDS     
                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

Corrected on:	4/5/04
Changed as of:	2/27/01
Filed on:	2/26/01
	2/9/01	34
For Period End:	12/31/00	5	34	24F-2NT, N-30D, NSAR-A, NSAR-B
	10/24/00	3	35
	9/11/00	35		DEFS14A
	5/6/99	24	28
				List all Filings

1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/01  Pioneer Fund/MA                   NSAR-B®    12/31/00    3:13K                                    Pioneer America Inco… Tr

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Filing Submission 0000078713-01-000001 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Pioneer Fund/MA – ‘N-30D’ for 12/31/00

On: Monday, 2/26/01, at 4:15pm ET · For: 12/31/00 · Accession #: 78713-1-1 · File #s: 811-01466, 811-07613 · Correction: This Filing’s “Filed as of” Date was Corrected and “Changed as of” 2/27/01 by the SEC on 4/5/04. ®

Previous ‘N-30D’: ‘N-30D’ on 8/21/00 for 6/30/00 · Next: ‘N-30D’ on 8/28/01 for 4/30/01 · Latest: ‘N-30D’ on 8/5/03 for 6/30/02 · 1 Reference: By: Pioneer Fund/MA – ‘NSAR-B’ on 2/28/01 for 12/31/00

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

Dates Referenced Herein and Documents Incorporated by Reference

1 Subsequent Filing that References this Filing

On: Monday, 2/26/01, at 4:15pm ET · For: 12/31/00 · Accession #: 78713-1-1 · File #s: 811-01466, 811-07613 · Correction: This Filing’s “Filed as of” Date was Corrected and “Changed as of” 2/27/01 by the SEC on 4/5/04. `®`

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