[PIONEER LOGO]
PIONEER AMERICA
INCOME TRUST
----------------------
ANNUAL REPORT 12/31/96
----------------------
<PAGE>
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 11
Notes to Financial Statements 17
Report of Independent Public Accountants 21
Tax Treatment of Distributions 22
Trustees' Fees and Share Ownership 23
Trustees, Officers and Service Providers 24
Programs and Services for Pioneer Shareowners 26
The Pioneer Family of Mutual Funds 28
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 12/31/96
- ------------------------------------------------------------------------------
DEAR SHAREOWNER,
- ------------------------------------------------------------------------------
It is my pleasure to introduce this report for Pioneer America Income Trust,
covering the year ended December 31, 1996.
The bond market went full cycle in 1996, going from falling interest rates and
rising bond prices to rising rates and falling prices, and back again. The year
was difficult for quality-oriented investors, as "junk" bonds grew in
popularity as a way to tie-in to the surging stock market. In fact, by the end
of the year, low-quality bonds cost nearly as much as the high-quality issues
in your Fund's portfolio.
Your Fund's management team had an active year adjusting the portfolio to
pursue an attractive income stream without losing sight of generating a solid
total return for shareowners. I am pleased to report they were successful on
both counts. Pioneer America Income Trust continues to be a high-quality choice
for shareowners looking for regular income.
A final note. As you see, we've given your Fund's annual report a facelift. The
new, improved style reflects what shareowners told us they want to see in fund
reports. Now you'll find a Table of Contents and consistent, easy-to-read
summaries of portfolio information and performance. There's also a Portfolio
Management Discussion of the portfolio management team's insights into market
conditions, portfolio strategy and results. We hope you find them informative.
Please contact your investment representative, or Pioneer at 1-800-225-6292, if
you have questions about your investment in Pioneer America Income Trust. Thank
you for your continued support.
Respectfully,
[SIGNATURE]
John F. Cogan, Jr.,
Chairman and President
1
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PORTFOLIO SUMMARY 12/31/96
- ------------------------------------------------------------------------------
PORTFOLIO DIVERSIFICATION
- ------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[A pie chart depicting the diversification of the portfolio as a percentage of
the total investment portfolio. The numbers are as follows:
U.S. Government Agency Obligations 55%
U.S. Treasury Obligations 45%]
PORTFOLIO MATURITY
- ------------------------------------------------------------------------------
(Effective life as a percentage of total investment portfolio)
[A pie chart depicting the maturity of the portfolio with the effective life as
a percentage of the total investment portfolio. The numbers are as follows:
0-2 Years 8%
2-5 Years 8%
5-7 Years 20%
7-10 Years 53%
20+ Years 11% ]
10 LARGEST HOLDINGS
- ------------------------------------------------------------------------------
(As a percentage of long-term holdings)
1. Government National Mortgage Association, 8.0%, 10/15/24 9.29%
2. U.S. Treasury Notes, 7.0%, 07/15/06 7.38
3. U.S. Treasury Bond, 8.0%, 11/15/21 6.67
4. Government National Mortgage Association, 8.5%, 10/15/24 4.82
5. Government National Mortgage Association, 7.5%, 07/20/25 4.45
6. U.S. Treasury Notes, 8.875%, 05/15/00 4.20
7. U.S. Treasury Bond, 9.125%, 05/15/09 4.16
8. U.S. Treasury Notes, 7.25%, 08/15/22 3.76
9. Government National Mortgage Association, 8.5%, 03/15/25 3.59
10. Government National Mortgage Association, 8.0%, 06/05/26 3.31
Fund holdings will vary for other periods.
2
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PERFORMANCE UPDATE 12/31/96 CLASS A SHARES
- ------------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
- ------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE 12/31/96 12/31/95
$9.77 $10.20
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/95 - 12/31/96) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.645 - -
INVESTMENT RETURNS
- ------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer America Income Trust at public offering price, compared to the growth of
the Lehman Brothers Government Bond Index.
[A MOUNTAIN CHART DEPICTING THE GROWTH OF A $10,000 INVESTMENT FROM JUNE 1988 TO
DECEMBER 1996. THE LINE FOR PIONEER AMERICA INCOME TRUST ENDS AT $17,715 FOR
DECEMBER 1996. THE LINE FOR THE LEHMAN BROTHERS GOVERNMENT BOND INDEX ENDS AT
$20,494 FOR DECEMBER 1996.]
- --------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(As of December 31, 1996)
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
Life-of-Fund 7.60% 7.02%
(6/1/88)
5 Years 5.81 4.84
1 Year 2.29 -2.30
- --------------------------------------------------------
* Reflects deduction of the maximum 4.5% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
Index comparison begins 6/30/88. The Lehman Brothers Government Bond Index is an
unmanaged measure of the performance of U.S. Treasury debt, all publicly issued
debt of U.S. government agencies and quasi-federal corporations, and corporate
debt guaranteed by the U.S. government. Index returns assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
3
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PERFORMANCE UPDATE 12/31/96 CLASS B SHARES
- ------------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
- ------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE 12/31/96 12/31/95
$9.75 $10.17
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(12/31/95 - 12/31/96) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.567 - -
INVESTMENT RETURNS
- ------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer America Income Trust, compared to the growth of the Lehman Brothers
Government Bond Index.
[A MOUNTAIN CHART DEPICTING THE GROWTH OF A $10,000 INVESTMENT FROM APRIL 1994
TO DECEMBER 1996. THE LINE FOR PIONEER AMERICA INCOME TRUST ENDS AT $12,211 FOR
DECEMBER 1996. THE LINE FOR THE LEHMAN BROTHERS GOVERNMENT BOND INDEX ENDS AT
$11,327 FOR DECEMBER 1996.]
- --------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(As of December 31, 1996)
IF IF
PERIOD HELD REDEEMED*
Life-of-Fund 5.78% 4.76%
(4/29/94)
1 Year 1.59 -2.25
- --------------------------------------------------------
* 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.
The Lehman Brothers Government Bond Index is an unmanaged measure of the
performance of U.S. Treasury debt, all publicly issued debt of U.S. government
agencies and quasi-federal corporations, and corporate debt guaranteed by the
U.S. government. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees, expenses or sales charges. You cannot invest
directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
4
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PERFORMANCE UPDATE 12/31/96 CLASS C SHARES
- ------------------------------------------------------------------------------
SHARE PRICES AND DISTRIBUTIONS
- ------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE 12/31/96 12/31/95
$9.74 $10.16
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(1/31/96 - 12/31/96) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.517 - -
INVESTMENT RETURNS
- ------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer America Income Trust, compared to the growth of the Lehman Brothers
Government Bond Index.
[A MOUNTAIN CHART DEPICTING THE GROWTH OF A $10,000 INVESTMENT FROM JANUARY 1996
TO DECEMBER 1996. THE LINE FOR PIONEER AMERICA INCOME TRUST ENDS AT $10,214 FOR
DECEMBER 1996. THE LINE FOR THE LEHMAN BROTHERS GOVERNMENT BOND INDEX ENDS AT
$10,008 FOR DECEMBER 1996.]
- --------------------------------------------------------
CUMULATIVE TOTAL RETURNS
(As of December 31, 1996)
IF IF
PERIOD HELD REDEEMED*
Life-of-Fund 1.04% 0.08%
(1/31/96)
- --------------------------------------------------------
* Reflects deduction of the 1% contingent deferred sales charge (CDSC) at the
end of the period and assumes reinvestment of distributions.
The Lehman Brothers Government Bond Index is an unmanaged measure of the
performance of U.S. Treasury debt, all publicly issued debt of U.S. government
agencies and quasi-federal corporations, and corporate debt guaranteed by the
U.S. government. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees, expenses or sales charges. You cannot invest
directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
5
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 12/31/96
- ------------------------------------------------------------------------------
DEAR SHAREOWNER,
- ------------------------------------------------------------------------------
This annual report discusses the performance of Pioneer America Income Trust
during its fiscal year ended December 31, 1996. We are pleased to inform you
that, once again, the Fund met its investment objective of providing high
current income consistent with preservation of capital, by investing exclusively
in U.S. government securities and its agencies.
It was a challenging 12 months for the Fund. The bond market and interest rates
showed a lot of volatility, reacting to the threat of rising inflation. As it
turned out, it was a threat that never materialized, but it still had a
significant impact on the bond markets.
Also, because of higher interest rates offered by lower quality, but better
performing, corporate bonds, investors sold government securities. Corporate
bonds also benefited from favorable earnings associated with a steadily growing
economy. The lesser demand for government issues influenced volatility in that
market.
SLOW, STEADY ECONOMY IN FIRST HALF
After making a small cut in interest rates in January, the Federal Reserve did
not change rates again over the remainder of the year. Wage inflation stayed
minimal due to foreign competition, and corporate America continued to
downsize. As a result, inflation stayed in a comfortable range, and the economy
never picked up enough steam to warrant interest rate increases. Even the
federal budget quietly made progress without the intense scrutiny of the
previous year.
This healthy economic environment pushed interest rates higher without any
Federal Reserve intervention. Bond vigilantes became concerned that employment
growth would put pressure on wages and push up inflation. As a result, bond
prices fell and yields rose in the first half of the year. The benchmark 30-year
Treasury bond moved from a yield of 5.95% at the beginning of the year to a high
of 7.20% on June 12.
6
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
As interest rates rose, we took the opportunity to lock-in higher yields for
the Fund's portfolio by increasing investments in Government National Mortgage
Association (GNMA) mortgage-backed securities. GNMAs offer a slightly higher
income stream than U.S. Treasury bonds, and outperformed Treasurys in 1996.
Both GNMAs and Treasurys carry the "full faith and credit" backing of the U.S.
government, insuring that your Fund will receive interest and principal
payments on time and in full. (Of course, this guarantee does not extend to the
price or yield of Fund shares.) By purchasing GNMAs with coupons in the 7.5% to
8.0% range, the Fund faced little risk from prepayment as long as mortgage
rates didn't move substantially below 7.0%. This strategy helped the Fund
maintain its yield. With GNMAs, the Fund is rewarded with a slightly higher
income stream and, in the right environment, price appreciation potential. By
December 31, 1996, we had increased GNMA holdings to about 51% of the
portfolio.
BOND PRICES HEADED UP, INTEREST RATES FELL AS YEAR PROGRESSED
By mid-year, worries surfaced about an overheating economy and interest rates
spiked up. However, after a few months, it became evident that the economy was
not moving too fast and that inflation remained benign. Interest rates reversed
their direction, heading downward and sending bond prices back up. One strategy
we used during this time was to slightly lengthen the portfolio's duration in
order to lock-in higher yields and provide a better monthly income. (Duration
reflects an instrument's sensitivity to changes in interest rates; the lower
the duration, the less effect interest rates have on prices.) By year end, we
had moved the Fund to a duration of 5.02 years, considered "neutral" - neither
bullish or bearish. We believe this gives the Fund a good tradeoff between
reward and risk.
The slightly longer duration strategy helped increase the Fund's yield. On
December 31, 1996, the Fund's 30-day SEC yield was 6.15% - up from 5.68% at the
beginning of the year. However, net asset value did moderately decrease as bond
prices shifted and investors favored lower-quality securities.
7
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 12/31/96 (continued)
- ------------------------------------------------------------------------------
LOOKING AHEAD: GOOD CONDITIONS FOR THE BOND MARKET
As we head into 1997, we think investors can expect less volatility in the bond
market. The economy is slowing from its rapid growth in the fourth quarter,
with no sign of a pick-up in inflation. Although interest rates will continue
to gyrate, we believe the secular trend toward lower long-term rates remains in
effect. In this steady economic environment, we would not expect the Federal
Reserve to raise interest rates dramatically. This should be good news for
bond investors who weathered 1996's difficult market.
We believe the Fund's neutral duration of approximately five years still makes
sense as we begin 1997. We are optimistic about generating a good level of
income for shareowners along with the chance for price appreciation. We will
continue to closely monitor the markets and economic data for signs of a change
in economic growth and Fed policy.
Once again, our focus is on investments issued only by the U.S. government and
its agencies. We will continue to invest Pioneer America Income Trust for the
liquidity and steady monthly income that only a conservative government bond
mutual fund can deliver.
Respectfully,
[SIGNATURE]
Sherman B. Russ,
Portfolio Manager
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/96
- ------------------------------------------------------------------------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
INVESTMENTS IN SECURITIES - 100.0%
U.S. GOVERNMENT OBLIGATIONS - 45.3%
$2,000,000 U.S. Treasury Bonds, 10.75%, 2003 $ 2,460,620
3,415,000 U.S. Treasury Bonds, 8.25%, 2005 3,599,615
5,590,000 U.S. Treasury Bonds, 9.125%, 2009 6,438,115
4,000,000 U.S. Treasury Bonds, 10.375%, 2009 4,941,880
3,000,000 U.S. Treasury Bonds, 10.0%, 2010 3,668,430
1,000,000 U.S. Treasury Bonds, 7.875%, 2021 1,130,310
9,000,000 U.S. Treasury Bonds, 8.0%, 2021 10,319,040
5,500,000 U.S. Treasury Bonds, 7.25%, 2022 5,817,955
3,750,000 U.S. Treasury Notes, 9.0%, 1998 3,908,212
3,000,000 U.S. Treasury Notes, 9.25%, 1998 3,156,090
6,000,000 U.S. Treasury Notes, 8.875%, 2000 6,500,640
2,000,000 U.S. Treasury Notes, 7.875%, 2004 2,182,500
4,500,000 U.S. Treasury Notes, 6.875%, 2006 4,637,115
11,000,000 U.S. Treasury Notes, 7.0%, 2006 11,428,010
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS $ 70,188,532
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) - 51.8%
105,898 GNMA Midget, 10.5%, 1998 to 2003 $ 113,112
939,064 GNMA Midget, 10.0%, 2001 to 2006 992,064
712,700 GNMA Midget, 9.5%, 2004 to 2006 756,886
98,381 GNMA Midget, 9.0%, 2004 to 2005 102,610
8,146,772 GNMA, 9.0%, 2016 to 2024 8,594,627
1,634,824 GNMA, 10.0%, 2016 to 2020 1,798,546
196,808 GNMA, 10.5%, 2017 to 2018 219,766
375,454 GNMA, 9.5%, 2019 to 2021 405,028
41,708,904 GNMA, 8.0%, 2024 to 2026 42,552,211
16,976,695 GNMA, 8.5%, 2024 to 2025 17,680,611
6,916,798 GNMA, 7.5%, 2025 6,895,148
------------
TOTAL GNMA $ 80,110,609
------------
OTHER U.S. GOVERNMENT AGENCY OBLIGATION - 2.9%
4,275,000 Financial Assistance Corp., 9.45%, 2003 $ 4,517,478
------------
Total Other U.S. Government Agency Obligation $ 4,517,478
------------
TOTAL INVESTMENT IN SECURITIES
(Cost $153,594,655)(a)(b) $154,816,619
============
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
9
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/96 (continued)
- ------------------------------------------------------------------------------
Note: The Trust's investments in mortgage-backed securities of the Government
National Mortgage Association (GNMA) are interests in separate pools of
mortgages. All separate investments in this issuer which have the same
coupon rate have been aggregated for the purpose of presentation in this
schedule of investments.
(a) At December 31, 1996, the net unrealized gain on investments based on
cost for federal income tax purposes of $153,594,655 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 2,434,495
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (1,212,531 )
------------
Net unrealized gain $1,221,964
============
(b) At December 31, 1996, the Fund had a net capital loss carryforward of
$8,034,239 which will expire between 2001 and 2004 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended December 31, 1996 aggregated $63,644,088 and $67,008,098,
respectively.
The accompanying footnotes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
BALANCE SHEET 12/31/96
- ------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investment in securities, at value (cost $153,594,655) $ 154,816,619
Cash 47,719
Receivables -
Fund shares sold 171,975
Interest 1,744,243
Other 4,509
--------------
Total assets $ 156,785,065
--------------
LIABILITIES:
Payables -
Fund shares repurchased 34,048
Dividends 197,820
Due to affiliates 211,152
Accrued expenses 70,852
--------------
Total liabilities $ 513,872
--------------
NET ASSETS:
Paid-in capital $ 163,079,535
Accumulated undistributed net investment income 3,933
Accumulated net realized loss on investments (8,034,239 )
Net unrealized gain on investments 1,221,964
--------------
Total net assets $ 156,271,193
==============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $145,407,945/14,888,887 shares) $ 9.77
==============
Class B (based on $9,556,927/980,598 shares) $ 9.75
==============
Class C (based on $1,306,321/134,104 shares) $ 9.74
==============
MAXIMUM OFFERING PRICE:
Class A $ 10.23
==============
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
11
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------
FOR THE YEAR ENDED 12/31/96
<S> <C> <C>
INVESTMENT INCOME:
Interest $12,149,338
------------
EXPENSES:
Management fees $ 808,092
Transfer agent fees
Class A 370,964
Class B 19,660
Class C 1,547
Distribution fees
Class A 381,382
Class B 85,204
Class C 5,474
Accounting 81,893
Custodian fees 36,953
Registration fees 58,300
Professional fees 58,435
Printing 15,871
Fees and expenses of nonaffiliated trustees 20,313
Miscellaneous 20,267
-----------
Total expenses $ 1,964,355
Less management fees waived by
Pioneering Management Corporation (264,316 )
Less fees paid indirectly (33,219 )
------------
Net expenses $ 1,666,820
------------
Net investment income $10,482,518
------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments $(1,540,059 )
Change in net unrealized gain on investments (5,605,335 )
------------
Net loss on investments $(7,145,394 )
------------
Net increase in net assets resulting
from operations $ 3,337,124
============
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
12
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
<CAPTION>
YEAR ENDED YEAR ENDED
FROM OPERATIONS: 12/31/96 12/31/95
<S> <C> <C>
Net investment income $ 10,482,518 $ 11,280,090
Net realized loss on investments (1,540,059) (814,678)
Change in net unrealized gain or loss on investments (5,605,335) 14,043,149
------------- ------------
Net increase in net assets resulting from operations $ 3,337,124 $ 24,508,561
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.64 and $0.68 per share, respectively) $(10,028,781)$(11,072,485)
Class B ($0.57 and $0.61 per share, respectively) (493,224) (231,937)
Class C ($0.52 per share) (31,004) -
------------ ------------
Total distributions to shareholders $(10,553,009)$(11,304,422)
------------- ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 22,744,467 $ 30,228,239
Reinvestment of distributions 8,227,893 8,782,844
Cost of shares repurchased (37,185,374) (46,543,628)
------------- ------------
Net decrease in net assets resulting from
fund share transactions $ (6,213,014)$ (7,532,545)
------------- ------------
Net increase (decrease) in net assets $(13,428,899)$ 5,671,594
NET ASSETS:
Beginning of year 169,700,092 64,028,498
------------- ------------
End of year (including accumulated undistributed
net investment income of $3,933 and $74,424,
respectively) $156,271,193 $ 169,700,092
============ ============
</TABLE>
<TABLE>
<CAPTION>
CLASS A '96 SHARES '96 AMOUNT '95 SHARES '95 AMOUNT
<S> <C> <C> <C> <C>
Shares sold 1,619,071 $ 15,878,995 2,411,447 $ 23,762,264
Reinvestment of distributions 800,704 7,833,834 871,169 8,600,898
Less shares repurchased (3,487,423) (34,124,157) (4,532,725) (44,436,985)
---------- ------------ ---------- -----------
Net decrease (1,067,648) $(10,411,328) (1,250,109) $(12,073,823)
========== ============ ========== ============
CLASS B
Shares sold 545,668 $ 5,342,163 654,066 $ 6,465,975
Reinvestment of distributions 37,373 364,533 18,343 181,946
Less shares repurchased (289,970) (2,822,817) (215,740) (2,106,643)
---------- ------------ ---------- -----------
Net increase 293,071 $ 2,883,879 456,669 $ 4,541,278
========== ============ ========== ============
CLASS C*
Shares sold 155,653 $ 1,523,309
Reinvestment of distributions 3,036 29,526
Less shares repurchased (24,585) (238,400)
---------- ------------
Net increase 134,104 $ 1,314,435
========== ============
<FN>
* Class C shares were first publicly offered on January 31, 1996.
</FN>
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
13
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 12/31/96
- ------------------------------------------------------------------------------
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
CLASS A 12/31/96 12/31/95 12/31/94 12/31/93 12/31/92
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 10.20 $ 9.41 $ 10.48 $ 10.27 $ 10.35
------- -------- -------- -------- --------
Increase (decrease) from
investment operations:
Net investment income $ 0.64 $ 0.68 $ 0.66 $ 0.68 $ 0.73
Net realized and unrealized
gain (loss) on investments (0.43) 0.79 (1.07) 0.24 (0.07)
------- -------- -------- -------- --------
Net increase (decrease)
from investment operations$ 0.21 $ 1.47 $ (0.41) $ 0.92 $ 0.66
Distributions to shareholders:
Net investment income (0.64) (0.68) (0.66) (0.67) (0.73)
Net realized gain - - - (0.04) (0.01)
------- -------- -------- -------- --------
Net increase (decrease) in
net asset value $(0.43) $ 0.79 $ (1.07) $ 0.21 $ (0.08)
------- -------- -------- -------- --------
Net asset value, end of year $ 9.77 $ 10.20 $ 9.41 $ 10.48 $ 10.27
======= ======== ======== ======== ========
Total return* 2.29 % 16.06 % (3.97)% 9.07 % 6.67 %
Ratio of net expenses to
average net assets 1.01 %+ 1.02 %+ 1.00 % 1.00 % 1.03 %
Ratio of net investment income
to average net assets 6.51 %+ 6.85 %+ 6.84 % 6.37 % 7.01 %
Portfolio turnover rate 43 % 62 % 61 % 42 % 55 %
Net assets, end of
year (in thousands) $145,408 $162,708 $161,858 $105,892 $85,425
Ratios assuming no waiver of
management fees by PMC and no
reduction for fees paid
indirectly:
Net expenses 1.17 % 1.22 % 1.12 % 1.13 % 1.25 %
Net investment income 6.35 % 6.65 % 6.72 % 6.24 % 6.79 %
Ratios assuming waiver of
management fees by PMC and
reduction for fees paid
indirectly:
Net expenses 1.00 % 1.00 % - - -
Net investment income 6.52 % 6.87 % - - -
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 sale charges were taken into
account.
+ Ratio assuming no reduction for fees paid indirectly.
</FN>
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
14
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 12/31/96
- ------------------------------------------------------------------------------
<CAPTION>
YEAR ENDED YEAR ENDED 4/29/94 TO
CLASS B 12/31/96 12/31/95 12/31/94
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.17 $ 9.40 $ 9.85
--------- -------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.57 $ 0.61 $ 0.40
Net realized and unrealized gain (loss) on
investments (0.42) 0.77 (0.45)
--------- -------- -------
Net increase (decrease) from investment
operations $ 0.15 $ 1.38 $ (0.05 )
Distributions to shareholders:
Net investment income (0.57) (0.61) (0.40)
--------- -------- -------
Net increase (decrease) in net asset value $ (0.42) $ 0.77 $ (0.45)
--------- -------- -------
Net asset value, end of period $ 9.75 $ 10.17 $ 9.40
========= ======== =======
Total return* 1.59 % 15.08 % (0.57)%
Ratio of net expenses to average net assets 1.75 %+ 1.77 %+ 1.78 %**
Ratio of net investment loss to
average net assets 5.78 %+ 5.92 %+ 6.35 %**
Portfolio turnover rate 43 % 62 % 61 %
Net assets, end of period (in thousands) $9,557 $6,992 $2,170
Ratios assuming no waiver of management fees by
PMC and no reduction for fees paid indirectly:
Net expenses 1.91 % 1.97 % 1.90 %**
Net investment income 5.62 % 5.72 % 6.23 %**
Ratios assuming waiver of management fees by
PMC and reduction for fees paid indirectly:
Net expenses 1.73 % 1.72 % -
Net investment income 5.80 % 5.97 % -
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 sale charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
</FN>
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
15
<PAGE>
<TABLE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 12/31/96
- ------------------------------------------------------------------------------
<CAPTION>
1/31/96 TO
CLASS C (a) 12/31/96
<S> <C>
Net asset value, beginning of period $ 10.16
---------
Increase (decrease) from investment operations:
Net investment income $ 0.52
Net realized and unrealized loss on investments (0.42)
---------
Net increase from investment operations $ 0.10
Distributions to shareholders:
Net investment income (0.52)
---------
Net decrease in net asset value $ (0.42)
---------
Net asset value, end of period $ 9.74
=========
Total return* 1.04%
Ratio of net expenses to average net assets 1.80%**+
Ratio of net investment income to average net assets 5.73%**+
Portfolio turnover rate 43%
Net assets, end of period (in thousands) $ 1,306
Ratios assuming no waiver of management fees
by PMC and no reduction for fees paid indirectly:
Net expenses 1.95%**
Net investment income 5.58%**
Ratios assuming waiver of management fees
by PMC and reduction for fees paid indirectly:
Net expenses 1.76%**
Net investment income 5.77%**
<FN>
(a)Class C shares were first publicly offered on January 31, 1996.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 sale charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
</FN>
</TABLE>
The accompanying footnotes are an integral part of these financial statements.
16
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/96
- ------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Pioneer America Income Trust (the Trust) is a Massachusetts business trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company.The investment objective of the Trust is to
provide a high level of current income consistent with preservation of capital
and prudent investment risk.
The Trust offers three classes of shares - Class A, Class B and Class C
shares.Class C shares were first publicly offered on January 31, 1996.Shares of
Class A, Class B and Class C each represent an interest in the same portfolio of
investments of the Trust and have equal rights to voting, redemptions, dividends
and liquidation, except that each class of shares can bear different transfer
agent and distribution fees and have exclusive voting rights with respect to the
distribution plans that have been adopted by Class A, Class B and Class C
shareholders, respectively.
The Trust's financial statements have been prepared in conformity with generally
accepted accounting principles that require the management of the Trust 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 Trust, which are in conformity with those
generally accepted in the investment company industry:
A. SECURITY VALUATION
Security transactions are recorded on trade date.Securities are valued
based on valuations furnished by independent pricing services that utilize
matrix systems.These matrix systems reflect such factors as security
prices, yields, maturities and ratings and are supplemented by dealer and
exchange quotations and fair market value information from other sources,
as required.Principal amounts of mortgage-backed securities are adjusted
for monthly paydowns.Premium and discount related to certain mortgage-
backed securities are amortized or accreted in proportion to the underlying
monthly paydowns.Interest income is recorded on the accrual basis.Temporary
cash investments are valued at amortized cost.
17
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/96 (continued)
- ------------------------------------------------------------------------------
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.It
is the Trust's practice to first select for sale those securities that have
the highest cost and also qualify for long-term capital gain or loss
treatment for tax purposes.
B. FEDERAL INCOME TAXES
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareholders.Therefore, no federal income tax provision is required.
The characterization of distributions to shareholders for financial
reporting purposes is determined in accordance with federal income tax
rules.Therefore, the source of the Trust'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.
C. FUND SHARES
The Trust records sales and repurchases of its shares on trade date. Net
losses, if any, as a result of cancellations are absorbed by Pioneer Funds
Distributor, Inc. (PFD), the principal underwriter for the Trust and an
indirect subsidiary of The Pioneer Group, Inc. (PGI).PFD earned $34,997 in
underwriting commissions on the sale of fund shares during the year ended
December 31, 1996.
D. CLASS ALLOCATIONS
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Trust,
respectively.Shareholders of each class share all expenses and fees paid to
the transfer agent, Pioneering Services Corporation (PSC), for their
services, which are allocated based on the number of accounts in each class
and the ratable allocation of related out-of-pocket expense (see Note
3).Income, common expenses and realized and unrealized gains and losses are
calculated at the Trust level and allocated daily to each class of shares
based on the respective percentage of adjusted net assets at the beginning
of the day.
18
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
The Trust declares as daily dividends substantially all of its net
investment income.All dividends are paid on a monthly basis.Short-term
capital gain distributions, if any, may be declared with the daily
dividends.Distributions to shareholders are recorded as of the ex-dividend
date.Distributions paid by the Trust with respect to each class of shares
are calculated in the same manner, at the same time, and in the same
amount, except that Class A, Class B and Class C shares can bear different
transfer agent and distribution fees.
E. REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Trust's custodian, or subcustodians.The
Trust's investment adviser, Pioneer Management Corporation (PMC), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. MANAGEMENT AGREEMENT
PMC manages the Trust's portfolio and is a wholly owned subsidiary of PGI.
Management fees are calculated daily at the annual rate of 0.50% of the Trust's
average daily net assets.
PMC has agreed not to impose a portion of its management fee and to assume other
operating expenses of the Trust to the extent necessary to limit Class A
expenses to 1.00% of the average daily net assets attributable to Class A
shares; the portion of the Trust-wide expenses attributable to Class B and Class
C shares will be reduced only to the extent that such expenses are reduced for
Class A shares.PMC's agreement is voluntary and temporary and may be revised or
terminated at any time.
In addition, under the management agreement, certain other services and costs,
including accounting, regulatory reporting and insurance premiums, are paid by
the Trust.At December 31, 1996, $70,559 was payable to PMC related to management
fees and certain other services.
19
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/96 (continued)
- ------------------------------------------------------------------------------
3. TRANSFER AGENT
PSC, a wholly owned subsidiary of PGI, provides substantially all transfer agent
and shareholder services to the Trust at negotiated rates.Included in due to
affiliates is $36,639 in transfer agent fees payable to PSC at December 31,
1996.
4. PLAN OF DISTRIBUTION
The Trust adopted a Plan of Distribution for each class of shares (Class A Plan,
Class B Plan and Class C Plan) in accordance with Rule 12b-1 of the Investment
Company Act of 1940.Pursuant to the Class A Plan, the Trust pays PFD a service
fee of up to 0.25% of the Trust's average daily net assets in reimbursement of
its actual expenditures to finance activities primarily intended to result in
the sale of Class A shares.Pursuant to Class B Plan and Class C Plan, the Trust
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 $103,954 in distribution fees payable to PFD at December 31,
1996.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC).A CDSC of 1.00% may be imposed on redemptions of
certain net asset value purchases of Class A shares within one year of
purchase.Class B shares that are redeemed within six years of purchase are
subject to a CDSC at declining rates beginning at 4.0%, 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
CDSC are paid to PFD.For the year ended December 31, 1996, CDSCs in the amount
of $25,142 were paid to PFD.
5. EXPENSE REDUCTIONS
The Trust has entered into certain expense offset arrangements resulting in a
reduction in the Trust's total expenses.For the year ended December 31, 1996,
the Trust's expenses were reduced by $33,219 under such arrangements.
20
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- ------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER AMERICA INCOME TRUST:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer America Income Trust as of December 31, 1996, 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 Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards.Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement.An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements.Our procedures included confirmation of securities owned as of
December 31, 1996 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 America Income Trust as of December 31, 1996, the results of its
operations, the changes in its net assets, and the financial highlights for the
periods presented, in conformity with generally accepted accounting principles
ARTHUR ANDERSEN LLP
Boston, Massachusetts
February 3, 1997
21
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
TAX TREATMENT OF DISTRIBUTIONS
- ------------------------------------------------------------------------------
MADE DURING THE YEAR ENDED 12/31/96
During the year ended December 31, 1996, the Fund paid the following
distributions per share from net investment income:
<TABLE>
--------------------------------------------------------------------------------
<CAPTION>
PAYMENT
DATE CLASS A CLASS B CLASS C
<S> <C> <C> <C>
1/31/96 $0.0550 $0.0490 $0.0049
2/29/96 0.0530 0.0470 0.0470
3/29/96 0.0530 0.0470 0.0470
4/30/96 0.0540 0.0480 0.0480
5/31/96 0.0520 0.0460 0.0460
6/28/96 0.0520 0.0460 0.0460
7/31/96 0.0520 0.0460 0.0460
8/30/96 0.0540 0.0460 0.0460
9/30/96 0.0540 0.0480 0.0480
10/31/96 0.0538 0.0460 0.0460
11/29/96 0.0550 0.0480 0.0450
12/31/96 0.0570 0.0500 0.0470
-------- -------- --------
Total $0.6448 $0.5670 $0.5169
======== ======== ========
For purposes of the dividend exclusion, none of the distributions per share
qualify for the exclusion.
- -------------------------------------------------------------------------------
</TABLE>
22
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
TRUSTEES' FEES AND SHARE OWNERSHIP 12/31/96
- ------------------------------------------------------------------------------
TRUSTEES' FEES, PRINCIPAL SHAREHOLDERS AND SHARE OWNERSHIP OF TRUSTEES AND
OFFICERS (UNAUDITED)
The aggregate direct remuneration paid by the Trust to trustees and officers
during the year ended December 31, 1996 was $14,152, plus expenses incurred in
attending trustees meetings of $3,423. Fees of trustees who are affiliated with
or "interested persons" of Pioneering Management Corporation and Pioneer Funds
Distributor, Inc., investment adviser and underwriter, respectively, of the
Trust ($1,000 in 1996), are reimbursed to the Trust by Pioneering Management
Corporation in accordance with the management contract with the Fund.At December
31, 1996, the trustees and officers of the Fund owned beneficially 11,784 Class
A shares of the Trust (0.1% of the outstanding Class A shares).The Pioneer
Group, Inc. is a publicly held corporation of which Mr. Cogan, Chairman and
President of the Trust,beneficially owned approximately 14% of the outstanding
shares of capital stock at December 31, 1996.
23
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- ------------------------------------------------------------------------------
TRUSTEES
John F. Cogan, Jr.
Richard H. Egdahl, M.D.
Margaret B.W. Graham
John W. Kendrick
Marguerite A. Piret
David D. Tripple
Stephen K. West
John Winthrop
OFFICERS
John F. Cogan, Jr., Chairman and President
David D. Tripple, Executive Vice President
Sherman B. Russ, Vice President
William H. Keough, Treasurer
Joseph P. Barri, Secretary
INVESTMENT ADVISER
Pioneering Management Corporation
CUSTODIAN
Brown Brothers Harriman & Co
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
PRINCIPAL UNDERWRITER
Pioneer Funds Distributor, Inc.
LEGAL COUNSEL
Hale and Dorr LLP
SHAREOWNER SERVICES AND TRANSFER AGENT
Pioneering Services Corporation
24
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
THIS PAGE FOR YOUR NOTES.
25
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
- ------------------------------------------------------------------------------
Your investment representative can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-8O0-225-6292.
FACTFONE[SM]
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information, have
your 13-digit account number and four-digit personal identification number at
hand.
9O-DAY REINSTATEMENT PRIVILEGE (FOR CLASS A SHARES)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge -within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long as you
meet its minimum investment requirement.
INVESTOMATIC PLAN
An easy and convenient way for you to invest on a regular basis. All you need to
do is authorize a set amount of money to be moved out of your bank account into
the Pioneer fund of your choice. Investomatic also allows you to change the
dollar amount, frequency and investment date right over the phone. By putting
aside affordable amounts of money regularly, you can build a long-term
investment - without sacrificing your current standard of living.
PAYROLL INVESTMENT PROGRAM (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing Pioneer
to deduct from participating employees' paychecks. You specify the dollar amount
you want to invest into the Pioneer fund(s) of your choice.
26
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
AUTOMATIC EXCHANGE PROGRAM
A simple way to move money from a money market or bond fund into a stock fund
over a period of time. Just invest a lump sum in a Pioneer money market fund or
bond fund. Then, select the Pioneer equity fund or funds you wish to invest in,
and choose the amounts and dates for Pioneer to sell shares of your money market
or bond fund and use the proceeds to buy shares of the Pioneer equity fund you
have chosen. Over time, your original investment will be shifted to your Pioneer
equity fund.
DIRECTED DIVIDENDS
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
DIRECT DEPOSIT
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
SYSTEMATIC WITHDRAWAL PLAN (SWP)
Lets you establish automatic withdrawals from your account at set intervals. You
decide the frequency and the day of the month you want. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available only for accounts with a value of $10,000 or
more.)
27
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
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
GLOBAL/INTERNATIONAL
Pioneer Emerging Markets Fund
Pioneer Europe Fund
Pioneer Gold Shares
Pioneer India Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
UNITED STATES
Pioneer Capital Growth Fund
Pioneer Growth Shares
Pioneer Mid-Cap Fund
Pioneer Small Company Fund
GROWTH AND INCOME FUNDS
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Fund
Pioneer Real Estate Shares
Pioneer II
INCOME FUNDS
TAXABLE
Pioneer America Income Trust
Pioneer Bond Fund
Pioneer Short-Term Income Trust*
TAX-EXEMPT
Pioneer Intermediate Tax-Free Fund
Pioneer Tax-Free Income Fund
MONEY MARKET FUND
Pioneer Cash Reserves Fund
*0ffers Class A and B Shares only
28
<PAGE>
PIONEER AMERICA INCOME TRUST
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
THIS PAGE FOR YOUR NOTES.
29
<PAGE>
- ------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
- ------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
YOU CAN CALL US FOR:
ACCOUNT INFORMATION, including existing accounts,
new accounts, propectuses, 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
OR WRITE TO US AT:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
OUR TOLL-FREE FAX 1-800-225-4240
OUR INTERNET E-MAIL ADDRESS [email protected]
(for general questions about Pioneer only)
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT FUND PROSPECTUS.
[PIONEER LOGO] PIONEER FUNDS DIST., INC. 0297-3935
60 STATE STREET [COPYRIGHT]PIONEER FUNDS DIST.,INC.
BOSTON, MASSACHUSETTS 02109 [LOGO]PRINTED ON RECYCLED PAPER
