<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000831120
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PIONEER AMERICA INCOME TRUST
001 B000000 811-5516
001 C000000 6177427825
002 A000000 60 STATE STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
002 D020000 1820
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 PIONEERING MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-8255
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
008 D040001 1820
011 A000001 PIONEER FUNDS DISTRIBUTOR, INC.
011 B000001 8-41256
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
011 C040001 1820
012 A000001 PIONEERING SERVICES CORPORATION
012 B000001 84-1359
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
<PAGE> PAGE 2
012 C040001 1820
013 A000001 ARTHUR ANDERSEN LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
013 B040001 2604
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 C040001 1882
015 E010001 X
015 A000002 NATIONAL AUSTRALIA BANK
015 B000002 S
015 C010002 MELBOURNE 3000
015 D010002 AUSTRALIA
015 D020002 3000
015 E040002 X
015 A000003 CREDITANSTALT BANK VEREIN
015 B000003 S
015 C010003 VIENNA A-1090
015 D010003 AUSTRIA
015 D020003 A-1090
015 E040003 X
015 A000004 BANQUE BRUXELLES LAMBERT
015 B000004 S
015 C010004 BRUSSELS 1040
015 D010004 BELGIUM
015 D020004 1040
015 E040004 X
015 A000005 DEN DANSKE BANK, COPENHAGEN
015 B000005 S
015 C010005 COPENHAGEN
015 D010005 DENMARK
015 E040005 X
015 A000006 MERITA BANK
015 B000006 S
015 C010006 HELSINKI
015 D010006 FINLAND
015 E040006 X
015 A000007 BANQUE PARIBAS
015 B000007 S
015 C010007 PARIS 75001
015 D010007 FRANCE
015 D020007 75001
015 E040007 X
015 A000008 DRESDENER BANK
015 B000008 S
015 C010008 FRANKFURT D-6000
015 D010008 GERMANY
<PAGE> PAGE 3
015 D020008 D-6000
015 E040008 X
015 A000009 STANDARD CHARTERED BANK HONG KONG
015 B000009 S
015 C010009 HONG KONG
015 D010009 HONG KONG
015 E040009 X
015 A000010 BANCA COMMERCIALE ITALIANA, MILAN
015 B000010 S
015 C010010 20121 MILAN
015 D010010 ITALY
015 D020010 20121
015 E040010 X
015 A000011 THE SUMITOMO TRUST & BANKING CO., LTD.
015 B000011 S
015 C010011 TOKYO 100
015 D010011 JAPAN
015 D020011 100
015 E040011 X
015 A000012 CITIBANK, N.A.
015 B000012 S
015 C010012 SEOUL 110
015 D010012 KOREA
015 D020012 110
015 E040012 X
015 A000013 HONGKONG BANK MALAYSIA BERHAD
015 B000013 S
015 C010013 KUALA LAMPUR 50100
015 D010013 MALAYSIA
015 D020013 50100
015 E040013 X
015 A000014 CITIBANK, N.A.
015 B000014 S
015 C010014 MEXICO CITY 06695
015 D010014 MEXICO
015 D020014 06695
015 E040014 X
015 A000015 ABN-AMRO BANK
015 B000015 S
015 C010015 BREDA
015 D010015 NETHERLANDS
015 E040015 X
015 A000016 DEN NORSKE BANK
015 B000016 S
015 C010016 OSLO
015 D010016 NORWAY
015 D020016 N-0107
015 E040016 X
015 A000017 CITIBANK,N.A.
015 B000017 S
015 C010017 MAKATI, MANILA
<PAGE> PAGE 4
015 D010017 PHILIPPINES
015 E040017 X
015 A000018 BANCO ESPIRITO SANTO COMMERCIAL DE LISBOA
015 B000018 S
015 C010018 1200 LISBON
015 D010018 PORTUGAL
015 D020018 1200
015 E040018 X
015 A000019 STANDARD CHARTERED BANK
015 B000019 S
015 C010019 0104 SINGAPORE
015 D010019 SINGAPORE
015 D020019 0104
015 E040019 X
015 A000020 BANCO SANTANDER
015 B000020 S
015 C010020 MADRID 28022
015 D010020 SPAIN
015 D020020 28022
015 E040020 X
015 A000021 SKANDINAVISKA ENSKILDA BANKEN,
015 B000021 S
015 C010021 STOCKHOLM, S-10640
015 D010021 SWEDEN
015 D020021 S-10640
015 E040021 X
015 A000022 SWISS BANK CORPORATION
015 B000022 S
015 C010022 ZURICH
015 D010022 SWITZERLAND
015 E040022 X
015 A000023 CENTRAL TRUST OF CHINA
015 B000023 S
015 C010023 TAIPEI
015 D010023 TAIWAN, R.O.C.
015 E040023 X
015 A000024 HONGKONG & SHANGAI BANKING CORP
015 B000024 S
015 C010024 BANGKOK 10500
015 D010024 THAILAND
015 D020024 10500
015 E040024 X
015 A000025 ROYAL BANK OF SCOTLAND
015 B000025 S
015 C010025 LONDON EC4YOJT
015 D010025 UNITED KINGDOM
015 D020025 EC4YOJT
015 E040025 X
015 A000026 CITIBANK N.A.
015 B000026 S
015 C010026 BUENOS AIRES
<PAGE> PAGE 5
015 D010026 ARGENTINA
015 E040026 X
015 A000027 THE FIRST NATIONAL BANK OF BOSTON
015 B000027 S
015 C010027 SAN PAULO
015 D010027 BRAZIL
015 E040027 X
015 A000028 CITIBANK N.A.
015 B000028 S
015 C010028 SANTIAGO
015 D010028 CHILE
015 E040028 X
015 A000029 STANDARD CHARTERED BANK
015 B000029 S
015 C010029 SHANGHAI
015 D010029 CHINA
015 E040029 X
015 A000030 STANDARD CHARTERED BANK
015 B000030 S
015 C010030 SHENZHEN
015 D010030 CHINA
015 E040030 X
015 A000031 CITITRUST COLOMBIA S.A., SOCIEDAD
015 B000031 S
015 C010031 BOGOTA
015 D010031 COLOMBIA
015 E040031 X
015 A000032 CESKOLOVENSKA OBCHODNI BANKA A.S. PRAGUE
015 B000032 S
015 C010032 PRAGUE
015 D010032 CZECH REPUBLIC
015 E040032 X
015 A000033 CITIBANK N.A. ATHENS
015 B000033 S
015 C010033 ATHENS
015 D010033 GREECE
015 E040033 X
015 A000034 CITIBANK BUDAPEST RT. FOR CITIBANK N.A.
015 B000034 S
015 C010034 BUDAPEST
015 D010034 HUNGARY
015 E040034 X
015 A000035 CITIBANK
015 B000035 S
015 C010035 JAKARTA
015 D010035 INDONESIA
015 E040035 X
015 A000036 CITIBANK N.A. MUMBAI
015 B000036 S
015 C010036 BOMBAY
015 D010036 INDIA
<PAGE> PAGE 6
015 E040036 X
015 A000037 ALLIED IRISH BANKS PLC
015 B000037 S
015 C010037 DUBLIN
015 D010037 IRELAND
015 E040037 X
015 A000038 BANK HAPOLAIM B.M.
015 B000038 S
015 C010038 HAPOALIM
015 D010038 ISREAL
015 E040038 X
015 A000039 BANQUE MAROCAINE DU COMMERCE EXTERIOR
015 B000039 S
015 C010039 MOROCCO
015 D010039 MOROCCO
015 E040039 X
015 A000040 NATL. AUSTRALIA BANK LTD. AUCKLAND
015 B000040 S
015 C010040 AUCKLAND
015 D010040 NEW ZEALAND
015 E040040 X
015 A000041 STANDARD CHARTERED BANK
015 B000041 S
015 C010041 KARACHI
015 D010041 PAKISTAN
015 E040041 X
015 A000042 CITIBANK N.A. LIMA
015 B000042 S
015 C010042 LIMA
015 D010042 PERU
015 E040042 X
015 A000043 CITIBANK (POLAND) S.A. FOR CITIBANK N.A.
015 B000043 S
015 C010043 WARSAW
015 D010043 POLAND
015 E040043 X
015 A000044 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B000044 S
015 C010044 JOHANNESBURG
015 D010044 SOUTH AFRICA
015 E040044 X
015 A000045 HONGKONG & SHANGHAI BANKING CORP.
015 B000045 S
015 C010045 COLUMBO
015 D010045 SRI LANKA
015 E040045 X
015 A000046 CITIBANK N.A. ISTANBUL
015 B000046 S
015 C010046 ISTANBUL
015 D010046 TURKEY
015 E040046 X
<PAGE> PAGE 7
015 A000047 THE FIRST NATIONAL BANK OF BOSTON
015 B000047 S
015 C010047 MONTEVIDEO
015 D010047 URUGUAY
015 E040047 X
015 A000048 CITIBANK N.A.
015 B000048 S
015 C010048 CARACAS
015 D010048 VENZUELA
015 E040048 X
018 000000 Y
019 A000000 Y
019 B000000 25
019 C000000 PIONEERFDS
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 BROWN BROTHERS HARRIMAN & CO.
022 B000001 13-4973745
022 C000001 3458680
022 D000001 0
022 A000002 CHASE SECURITIES
022 C000002 63556
022 D000002 0
022 A000003 UBS SEC.
022 B000003 13-2932996
022 C000003 23159
022 D000003 611
022 A000004 BEAR, STERNS
022 B000004 13-3299429
022 C000004 12145
022 D000004 7149
022 A000005 FUJI SEC.
022 B000005 00-0000000
022 C000005 3105
022 D000005 13616
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 3107
022 D000006 4882
022 A000007 HSBC SEC.
022 C000007 4152
022 D000007 3767
<PAGE> PAGE 8
022 A000008 SPEAR, LEEDS & KELL
022 B000008 13-5515160
022 C000008 3492
022 D000008 3345
022 A000009 DONALDSON, LUFKIN
022 B000009 13-2741729
022 C000009 2606
022 D000009 2073
022 A000010 DEAN WITTER
022 C000010 2077
022 D000010 2157
023 C000000 3583724
023 D000000 48534
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 2044
028 A020000 666
028 A030000 0
028 A040000 2819
028 B010000 810
028 B020000 0
028 B030000 0
028 B040000 2947
028 C010000 998
028 C020000 1368
028 C030000 0
028 C040000 2741
028 D010000 2564
028 D020000 676
028 D030000 0
028 D040000 3427
028 E010000 1389
028 E020000 1
028 E030000 0
<PAGE> PAGE 9
028 E040000 2634
028 F010000 1197
028 F020000 1394
028 F030000 0
028 F040000 4082
028 G010000 9002
028 G020000 4105
028 G030000 0
028 G040000 18650
028 H000000 1705
029 000000 Y
030 A000000 69692
030 B000000 4.50
030 C000000 0.00
031 A000000 8550
031 B000000 0
032 000000 61142
033 000000 0
034 000000 Y
035 000000 25
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 472
044 000000 16
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
<PAGE> PAGE 10
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.9
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
<PAGE> PAGE 11
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 45.0
062 N000000 54.7
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 8.7
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
<PAGE> PAGE 12
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 63644
071 B000000 67008
071 C000000 148518
071 D000000 43
072 A000000 12
072 B000000 12149
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 808
072 G000000 0
072 H000000 0
072 I000000 363
072 J000000 33
072 K000000 0
072 L000000 16
072 M000000 20
072 N000000 58
072 O000000 0
072 P000000 0
072 Q000000 82
072 R000000 50
072 S000000 8
072 T000000 472
072 U000000 0
072 V000000 0
072 W000000 20
072 X000000 1930
072 Y000000 264
072 Z000000 10483
072AA000000 0
072BB000000 1540
072CC010000 0
072CC020000 5605
072DD010000 10029
072DD020000 524
072EE000000 0
073 A010000 0.6400
073 A020000 1.0900
073 B000000 0.0000
073 C000000 0.0000
074 A000000 48
074 B000000 0
074 C000000 0
074 D000000 154817
074 E000000 0
074 F000000 0
<PAGE> PAGE 13
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1916
074 M000000 4
074 N000000 156785
074 O000000 0
074 P000000 211
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 303
074 S000000 0
074 T000000 156271
074 U010000 14889
074 U020000 1115
074 V010000 9.77
074 V020000 9.75
074 W000000 9.7400
074 X000000 9692
074 Y000000 0
075 A000000 0
075 B000000 161507
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 25000
081 A000000 Y
081 B000000 50
<PAGE> PAGE 14
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE WILLIAM H. KEOUGH
TITLE TREASURER
To the Board of Directors of
Pioneer America Income Trust:
In planning and performing our audit of the financial statements of Pioneer
America Income Trust for the year ended December 31, 1996, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Pioneer America Income Trust is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ ARTHUR ANDERSEN LLP
Boston, Massachusetts
February 3, 1997
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0008311208
<NAME> PIONEER AMERICA INCOME TRUST
<SERIES>
<NUMBER> 001
<NAME> PIONEER AMERICA INCOME TRUST CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 153594655
<INVESTMENTS-AT-VALUE> 154816619
<RECEIVABLES> 1916218
<ASSETS-OTHER> 4509
<OTHER-ITEMS-ASSETS> 47719
<TOTAL-ASSETS> 156785065
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513872
<TOTAL-LIABILITIES> 513872
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163079535
<SHARES-COMMON-STOCK> 14888887
<SHARES-COMMON-PRIOR> 687528
<ACCUMULATED-NII-CURRENT> 3933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8034239)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1221964
<NET-ASSETS> 156271193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12149338
<OTHER-INCOME> 0
<EXPENSES-NET> (1666820)
<NET-INVESTMENT-INCOME> 10482518
<REALIZED-GAINS-CURRENT> (1540059)
<APPREC-INCREASE-CURRENT> (5605335)
<NET-CHANGE-FROM-OPS> 3337124
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10028781)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1619071
<NUMBER-OF-SHARES-REDEEMED> 3487423
<SHARES-REINVESTED> 800704
<NET-CHANGE-IN-ASSETS> (13428899)
<ACCUMULATED-NII-PRIOR> 74424
<ACCUMULATED-GAINS-PRIOR> (6494180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 808092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1964355
<AVERAGE-NET-ASSETS> 152442279
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (0.43)
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0008311208
<NAME> PIONEER AMERICA INCOME TRUST
<SERIES>
<NUMBER> 002
<NAME> PIONEER AMERICA INCOME TRUST CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 153594655
<INVESTMENTS-AT-VALUE> 154816619
<RECEIVABLES> 1916218
<ASSETS-OTHER> 4509
<OTHER-ITEMS-ASSETS> 47719
<TOTAL-ASSETS> 156785065
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513872
<TOTAL-LIABILITIES> 513872
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163079535
<SHARES-COMMON-STOCK> 980598
<SHARES-COMMON-PRIOR> 687528
<ACCUMULATED-NII-CURRENT> 3933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8034239)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1221964
<NET-ASSETS> 156271193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12149338
<OTHER-INCOME> 0
<EXPENSES-NET> (1666820)
<NET-INVESTMENT-INCOME> 10482518
<REALIZED-GAINS-CURRENT> (1540059)
<APPREC-INCREASE-CURRENT> (5605335)
<NET-CHANGE-FROM-OPS> 3337124
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (493224)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 545668
<NUMBER-OF-SHARES-REDEEMED> 289970
<SHARES-REINVESTED> 37373
<NET-CHANGE-IN-ASSETS> (13428899)
<ACCUMULATED-NII-PRIOR> 74424
<ACCUMULATED-GAINS-PRIOR> (6494180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 808092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1964355
<AVERAGE-NET-ASSETS> 8517891
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (0.42)
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0008311208
<NAME> PIONEER AMERICA INCOME TRUST
<SERIES>
<NUMBER> 003
<NAME> PIONEER AMERICA INCOME TRUST CLASS C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 153594655
<INVESTMENTS-AT-VALUE> 154816619
<RECEIVABLES> 1916218
<ASSETS-OTHER> 4509
<OTHER-ITEMS-ASSETS> 47719
<TOTAL-ASSETS> 156785065
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513872
<TOTAL-LIABILITIES> 513872
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163079535
<SHARES-COMMON-STOCK> 134104
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8034239)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1221964
<NET-ASSETS> 156271193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12149338
<OTHER-INCOME> 0
<EXPENSES-NET> (1666820)
<NET-INVESTMENT-INCOME> 10482518
<REALIZED-GAINS-CURRENT> (1540059)
<APPREC-INCREASE-CURRENT> (5605335)
<NET-CHANGE-FROM-OPS> 3337124
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31004)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155653
<NUMBER-OF-SHARES-REDEEMED> 3036
<SHARES-REINVESTED> 24585
<NET-CHANGE-IN-ASSETS> (13428899)
<ACCUMULATED-NII-PRIOR> 74424
<ACCUMULATED-GAINS-PRIOR> (6494180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 808092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1964355
<AVERAGE-NET-ASSETS> 586252
<PER-SHARE-NAV-BEGIN> 10.16
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> (0.42)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.74
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
