December 28, 1998
SUPPLEMENT TO PROSPECTUS FOR
PIONEER AMERICA INCOME TRUST
DATED APRIL 30, 1998
The following information supplements the corresponding section of the
Prospectus. Please consult the Prospectus for the full text of the revised
section.
INVESTMENT OBJECTIVE AND POLICIES
The Investment Company Act of 1940 (the "1940 Act") requires that the Trust
segregate assets in connection with certain types of transactions. If the Trust
enters into a transaction requiring segregation, the custodian or Pioneer
Investment Management, Inc. ("Pioneer Investments") will segregate liquid assets
in an amount required to comply with the 1940 Act. Such segregated assets will
be valued at market daily. If the aggregate value of such segregated assets
declines below the aggregate value required to satisfy the 1940 Act, additional
liquid assets will be segregated.
MANAGEMENT OF THE TRUST
As of December 2, 1998, day-to-day management of the Trust is the responsibility
of a team of fixed income portfolio managers and analysts supervised by Sherman
B. Russ and Kenneth J. Taubes. Mr. Russ and Mr. Taubes are jointly responsible
for overseeing Pioneer Investments' U.S. and global fixed income team. Mr. Russ
is a senior vice president of Pioneer Investments. He joined Pioneer Investments
in 1983 and has been an investment professional since 1962. Mr. Taubes joined
Pioneer Investments as a senior vice president in September 1998 and has been an
investment professional since 1986. Prior to joining Pioneer Investments, Mr.
Taubes had served since 1991 as a senior vice president and senior portfolio
manager for several Putnam institutional accounts and mutual funds.
1298-5969
(C) Pioneer Funds Distributor, Inc.
