[LOGO]
Pioneer
America Income
Trust
SEMIANNUAL REPORT 6/30/98
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Table of Contents
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Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 10
Financial Statements 12
Notes to Financial Statements 18
Report of Independent Public Accountants 22
Trustees, Officers and Service Providers 23
Retirement Plans from Pioneer 24
Programs and Services for Pioneer Shareowners 26
The Pioneer Family of Mutual Funds 28
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Pioneer America Income Trust
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LETTER FROM THE CHAIRMAN 6/30/98
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Dear Shareowner,
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Fixed-income markets, in particular U.S. bonds, produced strong results over the
past six months as the powerful combination of low interest rates and benign
inflation pushed bond prices higher. Holders of government securities - like
those owned by Pioneer America Income Trust - enjoyed stable prices and
competitive yields. Investors who were willing to accept more risk were rewarded
with even stronger returns, but this should not deter you from having a portion
of your portfolio in relatively conservative investments like your Fund.
Predicting the short-term direction of financial markets is almost always a
futile exercise, as the first six months of 1998 reminded many investors. While
stock and bond markets produced solid returns, concerns about the Asian economic
crisis and its effect on corporate earnings prompted periods of volatility. What
can you as an investor do? I encourage you to periodically review your financial
goals with your investment professional. It's a simple step to make sure you
will be better prepared to weather the inevitable swings in the market.
Please read on to learn more about how your Fund is being managed. If you have
questions about Pioneer America Income Trust, please contact your investment
professional, or Pioneer at 1-800-225-6292.
Respectfully,
/s/ John F. Cogan, Jr.,
John F. Cogan, Jr.,
Chairman and President
1
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Pioneer America Income Trust
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PORTFOLIO SUMMARY 6/30/98
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[The following data was represented as a pie chart in the printed material.]
Short-Term Cash Equivalents 1%
U.S. Treasury Obligations 60%
U.S. Government Agency Obligations 39%
Portfolio Maturity
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(Effective life as a percentage of total investment portfolio)
[The following data was represented as a pie chart in the printed material.]
0-2 Years 16.9%
2-5 Years 16.1%
5-7 Years 28.4%
7-10 Years 20.2%
10-20 Years 4.8%
20+ Years 13.6%
10 Largest Holdings
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(As a percentage of long-term holdings)
1. U.S. Treasury Bond, 8.0%, 11/15/21 13.75%
2. Government National Mortgage Association, 7.5%, 2/15/27 11.01
3. U.S. Treasury Bond, 8.25%, 5/15/05 7.14
4. Government National Mortgage Association, 6.5%, 6/15/28 6.82
5. U.S. Treasury Notes, 7.0%, 7/15/06 6.61
6. U.S. Treasury Bond, 6.375%, 3/31/01 4.92
7. U.S. Treasury Bond, 7.25%, 5/15/16 4.84
8. U.S. Treasury Bond, 9.125%, 5/15/09 4.51
9. U.S. Treasury Notes, 7.25%, 5/15/04 4.11
10. Government National Mortgage Association, 7.0%, 2/15/28 3.45
Fund holdings will vary for other periods.
2
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Pioneer America Income Trust
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PERFORMANCE UPDATE 6/30/98 CLASS A SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 6/30/98 12/31/97
$9.95 $9.93
Distributions per Share Income Short-Term Long-Term
(12/31/97 - 6/30/98) Dividends Capital Gains Capital Gains
$0.301 -- --
Investment Returns
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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.
Average Annual Total Returns
(As of June 30, 1998)
Net Asset Public Offering
Period Value Price*
10 Years 7.59% 7.10%
5 Years 5.49 4.52
1 Year 9.16 4.22
* Reflects deduction of the maximum 4.5% sales charge at the beginning of
the period and assumes reinvestment of distributions at net asset value.
[The following material was represented by a graph in the printed material]
Pioneer America Lehman Brothers
Income Trust* Government Bond Index
6/88 9,550 10,000
10,439 11,208
6/90 11,283 11,985
12,385 13,199
6/92 13,731 15,014
15,197 16,951
6/94 14,871 16,724
16,358 18,741
6/96 16,976 19,587
18,186 21,036
6/98 19,853 23,402
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
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Pioneer America Income Trust
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PERFORMANCE UPDATE 6/30/98 CLASS B SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 6/30/98 12/31/97
$9.92 $9.90
Distributions per Share Income Short-Term Long-Term
(12/31/97 - 6/30/98) Dividends Capital Gains Capital Gains
$0.269 -- --
Investment Returns
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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.
Average Annual Total Returns
(As of June 30, 1998)
If If
Period Held Redeemed*
Life-of-Fund 6.25% 5.86%
(4/29/94)
1 Year 8.31 4.31
* 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 following material was represented by a graph in the printed material]
Pioneer America Lehman Brothers
Income Trust* Government Bond Index
4/94 10,000 10,000
6/94 9,952 9,964
9,978 10,006
9,943 10,041
10,395 10,514
6/95 10,856 11,166
11,034 11,364
11,442 11,883
11,197 11,614
6/96 11,186 11,670
11,338 11,866
11,624 12,212
11,516 12,113
6/97 11,890 12,533
12,188 12,953
12,508 13,383
12,632 13,585
6/98 12,678 13,943
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
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Pioneer America Income Trust
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PERFORMANCE UPDATE 6/30/98 CLASS C SHARES
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Share Prices and Distributions
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Net Asset Value
per Share 6/30/98 12/31/97
$9.91 $9.90
Distributions per Share Income Short-Term Long-Term
(12/31/97 - 6/30/98) Dividends Capital Gains Capital Gains
$0.263 -- --
Investment Returns
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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.
Average Annual Total Returns
(As of June 30, 1998)
If If
Period Held Redeemed*
Life-of-Fund 4.79% 4.79%
(1/31/96)
1 Year 8.32 8.32
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
[The following material was represented by a graph in the printed material]
Pioneer America Lehman Brothers
Income Trust* Government Bond Index
1/96 10,000 10,000
9,748 9,714
6/96 9,728 9,761
9,861 9,925
10,104 10,214
10,020 10,131
6/97 10,335 10,483
10,607 10,834
10,890 11,194
10,995 11,363
6/98 11,194 11,662
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
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Pioneer America Income Trust
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PORTFOLIO MANAGEMENT DISCUSSION 6/30/98
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The first half of Pioneer America Income Trust's fiscal year ended on June 30,
1998. During that time, both foreign and domestic investors were attracted to
the favorable investment climate in the United States, and the safe haven that
U.S. government securities represent. This demand pushed bond prices higher and
interest rates lower, and produced attractive total returns for investors in
U.S. government bonds.
The following discussion with Sherman B. Russ, your Fund's portfolio manager,
details the investment environment and the strategies that affected your Fund's
performance during the reporting period. An investment professional for over 20
years, Mr. Russ oversees the team responsible for the daily management of
Pioneer America Income Trust.
Q: How did the Trust perform over the past six months?
A: The Fund produced an attractive level of income and a solid return while
maintaining the highest standards of quality. Pioneer America Income Trust
invests only in securities that carry the "full faith and credit" pledge of
the U.S. government. (This guarantee applies to the timely payment of
interest and principal, not to the underlying value of the securities
themselves, or the value of Fund shares.) As of June 30, the Fund's Class A
Shares, 30-day SEC yield was 5.25%.
For the six months ended June 30, Class A Shares returned 3.28%, Class B
2.96% and Class C 2.79%, all at net asset value. In comparison, the 194
general U.S. government funds followed by Lipper Analytical Services returned
an average of 3.62%. We attribute the difference in performance to the Fund's
higher investment standards. Other funds in this category can invest in
corporate debt, foreign government issues, commercial mortgage-backed
securities and even equities. Because these securities involve greater risk,
they often provide higher returns.
6
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Pioneer America Income Trust
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Q: What influenced the investment environment for U.S. government securities?
A: Robust economic and fiscal health in the United States, and concerns about
problems in Asia, dominated the period. This combination gave positive
momentum to a rising U.S. dollar and sparked a "flight to quality" that drove
the yield on 30-year U.S. Treasury bonds from 5.87% on December 31 to 5.63%
on June 30. Bond prices rose accordingly.
In the United States, strong labor and housing markets propelled economic
growth while inflation remained at historically low levels. The U.S. Treasury
also generated its first budget surplus in nearly 30 years, and subsequently
issued fewer securities. A smaller supply tends to be positive for bond
prices.
Q: How did the situation in Asia affect U.S. interest rates?
A: The uncertainty of the Asian crisis kept interest rates, and bond prices,
within a narrow range for most of the period. Generally, investors waited for
new developments or news of the situation's effect on the U.S. economy. When
the crisis worsened during the second quarter, investors responded by seeking
the safety and security of U.S. Treasurys. This demand pushed prices for
these bonds higher and interest rates lower.
Asia's problems held down U.S. interest rates for yet another reason. Many
investors became concerned that our economy's strong pace eventually might
stimulate inflation and lead the Federal Reserve to raise interest rates;
however, since the United States and Asia are such active trading partners, a
slowdown in Asia's economy could lessen U.S. economic growth. This would ease
inflationary pressures and reduce the Fed's impetus to change rates. This
possibility gave investors more confidence in government securities.
7
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Pioneer America Income Trust
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PORTFOLIO MANAGEMENT DISCUSSION 6/30/98 (continued)
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Q: How did you manage the Fund during this time?
A: We emphasized U.S. Treasurys and continued to reduce the Fund's position in
higher coupon mortgage-backed securities. We selected Treasury bonds because
they tend to outperform mortgage-backed securities in a declining interest
rate environment, and they benefit more than any other sector from the
"flight to quality." We focused on the five- to 10-year maturity range,
because securities with these maturities provided much of the yield, but
considerably less risk, than similar bonds with longer maturities. For
example, on June 30, the 10-year U.S. Treasury provided 97% of the yield of
the 30-year U.S. Treasury bond. Also, because of its shorter maturity, the
price of the 10-year bond tends to fluctuate within a more limited band than
the price of the so-called "long bond."
We reduced the Fund's mortgage-backed holdings, and replaced securities
sporting higher coupons with issues that reflect current, lower interest
rates. We believe this enhanced the Fund's potential for total return by
reducing the possibility of prepayments. Prepayments occur when a mortgage
is paid off prior to its stated maturity - an activity that typically
increases when interest rates decline and homeowners refinance to take
advantage of lower interest rates. When the older, higher interest rate
mortgage is paid off, its coupon no longer contributes to the Fund's income
stream. As of June 30, 36% of the Fund's assets were invested in GNMAs -
primarily in securities with "current coupons." We expect this position to
produce a longer-lasting stream of attractive income, because there is a
lower chance that these mortgages will be prepaid.
8
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Pioneer America Income Trust
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Q: What is your outlook for the next six months?
A: We think U.S. government securities will continue to benefit from many of the
trends that existed during the first half of the fiscal period. We expect the
domestic economy to remain solid and developments regarding the Federal
budget surplus to be positive.
We also believe the uncertainty of the Asian crisis will continue to affect
the U.S. bond market. Near-term, we think it will prompt investors to
maintain a strong preference for quality and liquidity, which should
particularly benefit U.S. Treasurys and support the U.S. dollar. Longer term,
we expect that the situation's outcome will determine the direction of
interest rates - if the U.S. economy continues to slow, interest rates should
remain stable or move moderately lower.
We believe the Fund is well-structured in this present environment. With its
policy of investing exclusively in securities backed by the U.S. government,
and its emphasis on intermediate-term maturities, we believe the Fund can
play an integral role in a diversified portfolio.
9
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Pioneer America Income Trust
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SCHEDULE OF INVESTMENTS 6/30/98
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Principal
Amount Value
INVESTMENT IN SECURITIES - 99.2%
U.S. Government Obligations - 60.2%
$ 9,915,000 U.S. Treasury Bond, 8.25%, 5/15/05 $ 10,374,560
5,590,000 U.S. Treasury Bond, 9.125%, 5/15/09 6,548,909
4,000,000 U.S. Treasury Bond, 10.375, 11/15/09 5,001,320
3,000,000 U.S. Treasury Bond, 10.00%, 5/15/10 3,736,650
6,000,000 U.S. Treasury Bond, 7.25%, 5/15/16 7,030,260
15,500,000 U.S. Treasury Bond, 8.00%, 11/15/21 19,982,910
4,000,000 U.S. Treasury Notes, 7.125%, 9/30/99 4,076,040
4,000,000 U.S. Treasury Notes, 8.875%, 5/15/00 4,237,520
7,000,000 U.S. Treasury Notes, 6.375%, 3/31/01 7,146,790
5,500,000 U.S. Treasury Notes, 7.25%, 5/15/04 5,967,225
4,000,000 U.S. Treasury Notes, 7.875%, 11/15/04 4,492,600
8,800,000 U.S.Treasury Notes, 7.00%, 7/15/06 9,611,448
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Total U.S. Government Obligations $ 88,206,232
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U.S. Government Agency Obligations - 36.0%
51,157 Government National Mortgage Association Midget,
10.5%, 8/15/00 to 8/15/03 $ 54,036
185,675 Government National Mortgage Association Midget,
9.5%, 12/15/03 193,180
142,075 Government National Mortgage Association Midget,
10.0%, 1/20/06 147,181
872,716 Government National Mortgage Association,
10.0%, 11/15/18 to 3/15/20 964,595
4,328,758 Government National Mortgage Association,
9.0%, 9/15/16 to 11/20/24 4,612,787
610,281 Government National Mortgage Association,
8.5%, 7/15/24 644,359
9,974,633 Government National Mortgage Association,
8.0%, 5/20/25 to 4/20/27 10,273,872
15,563,254 Government National Mortgage Association,
7.5%, 2/15/27 15,995,135
9,842,236 Government National Mortgage Association,
7.0%, 2/15/28 to 3/15/28 9,993,216
9,950,000 Government National Mortgage Association,
6.5%, 6/15/28 9,916,071
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Total U.S. Government Agency Obligations $ 52,794,432
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The accompanying notes are an integral part of these financial statements.
10
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Pioneer America Income Trust
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SCHEDULE OF INVESTMENTS 6/30/98
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Principal
Amount Value
Other Government Agencies - 3.0%
$ 4,275,000 Federal Credit System Financial Assistance Corp.,
9.45%, 11/21/03 $ 4,336,945
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Total Other Government Agencies $ 4,336,945
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TOTAL INVESTMENT IN SECURITIES
(Cost $142,074,140) $ 145,337,609
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TEMPORARY CASH INVESTMENT - 0.8%
Repurchase Agreement - 0.8%
1,200,000 Chase Manhattan Bank, 7/1/98, 5.5%, repurchase
price of $1,200,000 plus accrued interest on
7/1/98, collateralized by $1,203,000 U.S.
Treasury Notes, 6.375%, 4/30/99 $ 1,200,000
TOTAL TEMPORARY CASH INVESTMENT -------------
(Cost $1,200,000) $ 1,200,000
TOTAL INVESTMENT IN SECURITIES AND -------------
TEMPORARY CASH INVESTMENT - 100%
(Cost $143,274,140) (a) (b) $ 146,537,609
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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 June 30, 1998, the net unrealized gain on investments based on cost for
federal income tax purposes of $143,274,140 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 3,805,798
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (542,329)
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Net unrealized gain $ 3,263,469
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(b) At December 31, 1997, the Trust had a net capital loss carryforward of
$7,671,053 which will expire between 2002 and 2004 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended June 30, 1998 aggregated $53,878,414 and $57,316,908,
respectively.
The accompanying notes are an integral part of these financial statements.
11
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Pioneer America Income Trust
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BALANCE SHEET 6/30/98
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ASSETS:
Investment in securities, at value (including temporary cash
investment of $1,200,000) (cost $143,274,140) $ 146,537,609
Cash 3,156
Receivables -
Fund shares sold 110,883
Investment securities sold 186,683
Interest 1,446,189
Other 554
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Total assets $ 148,285,074
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LIABILITIES:
Payables -
Fund shares repurchased $ 205,776
Dividends 220,478
Due to affiliates 165,819
Accrued expenses 64,759
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Total liabilities $ 656,832
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NET ASSETS:
Paid-in capital $ 151,834,087
Distributions in excess of net investment income (101,416)
Accumulated net realized loss on investments (7,367,898)
Net unrealized gain on investments 3,263,469
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Total net assets $ 147,628,242
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Net Asset Value Per Share:
(Unlimited number of shares authorized)
Class A (based on $130,506,371/13,121,723 shares) $ 9.95
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Class B (based on $13,534,918/1,364,681 shares) $ 9.92
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Class C (based on $3,586,953/361,924 shares) $ 9.91
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Maximum Offering Price:
Class A $ 10.42
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The accompanying notes are an integral part of these financial statements.
12
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Pioneer America Income Trust
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STATEMENT OF OPERATIONS
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For the Six Months Ended 6/30/98
INVESTMENT INCOME:
Interest $ 5,219,052
EXPENSES:
Management fees $ 372,435
Transfer agent fees
Class A 108,743
Class B 8,815
Class C 1,588
Distribution fees
Class A 165,895
Class B 63,270
Class C 18,022
Accounting 46,904
Custodian fees 17,399
Registration fees 34,956
Professional fees 25,828
Printing 10,606
Fees and expenses of nonaffiliated trustees 12,372
Miscellaneous 17,936
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Total expenses $ 904,769
Less management fees waived
by Pioneering Management Corporation (99,146)
Less fees paid indirectly (2,823)
-----------
Net expenses $ 802,800
-----------
Net investment income $ 4,416,252
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REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $ 303,155
Change in net unrealized gain on investments 68,759
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Net gain on investments $ 371,914
-----------
Net increase in net assets resulting from operations $ 4,788,166
-----------
The accompanying notes are an integral part of these financial statements.
13
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Pioneer America Income Trust
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STATEMENTS OF CHANGES IN NET ASSETS
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For the Six Months Ended 6/30/98 and the Year Ended 12/31/97
<TABLE>
<CAPTION>
Six Months Ended Year Ended
6/30/98 12/31/97
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 4,416,252 $ 9,732,858
Net realized gain on investments 303,155 363,186
Change in net unrealized gain on investments 68,759 1,972,746
------------- -------------
Net increase in net assets resulting from operations $ 4,788,166 $ 12,068,790
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DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.30 and $0.64 per share, respectively) $ (4,079,698) $ (9,003,410)
Class B ($0.27 and $0.57 per share, respectively) (348,786) (574,191)
Class C ($0.26 and $0.57 per share, respectively) (97,166) (151,208)
------------- -------------
Total distributions to shareholders $ (4,525,650) $ (9,728,809)
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FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 14,870,221 $ 27,247,962
Reinvestment of distributions 3,229,753 7,358,078
Cost of shares repurchased (24,471,186) (39,480,276)
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Net decrease in net assets resulting from
fund share transactions $ (6,371,212) $ (4,874,236)
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Net decrease in net assets $ (6,108,696) $ (2,534,255)
NET ASSETS:
Beginning of period 153,736,938 156,271,193
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End of period (including (distributions in excess of)/
accumulated undistributed investment income
of $(101,416) and $7,982, respectively) $ 147,628,242 $ 153,736,938
------------- -------------
</TABLE>
<TABLE>
<CAPTION>
'98 Shares '98 Amount '97 Shares '97 Amount
<S> <C> <C> <C> <C>
Class A
Shares sold 856,974 $ 8,521,478 1,872,947 $ 18,276,093
Reinvestment of distributions 294,133 2,918,989 701,123 6,834,431
Less shares repurchased (1,932,347) (19,196,419) (3,559,994) (34,576,696)
------------ ------------ ------------ ------------
Net decrease (781,240) $ (7,755,952) (985,924) $ (9,466,172)
------------ ------------ ------------ ------------
Class B
Shares sold 466,044 $ 4,619,446 519,608 $ 5,065,460
Reinvestment of distributions 25,590 253,251 44,189 430,240
Less shares repurchased (331,965) (3,287,812) (339,383) (3,295,763)
------------ ------------ ------------ ------------
Net increase 159,669 $ 1,584,885 224,414 $ 2,199,937
------------ ------------ ------------ ------------
Class C
Shares sold 174,774 $ 1,729,297 402,752 $ 3,906,409
Reinvestment of distributions 5,814 57,513 9,590 93,407
Less shares repurchased (200,516) (1,986,955) (164,594) (1,607,817)
------------ ------------ ------------ ------------
Net increase (decrease) (19,928) $ (200,145) 247,748 $ 2,391,999
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
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Pioneer America Income Trust
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FINANCIAL HIGHLIGHTS 6/30/98
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<TABLE>
<CAPTION>
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
6/30/98 12/31/97 12/31/96 12/31/95 12/31/94 12/31/93
<S> <C> <C> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 9.93 $ 9.77 $ 10.20 $ 9.41 $ 10.48 $ 10.27
--------- --------- --------- --------- --------- ---------
Increase (decrease) from investment operations:
Net investment income $ 0.29 $ 0.64 $ 0.64 $ 0.68 $ 0.66 $ 0.68
Net realized and unrealized gain (loss) on investments 0.03 0.16 (0.43) 0.79 (1.07) 0.24
--------- --------- --------- --------- --------- ---------
Net increase (decrease) from investment operations $ 0.32 $ 0.80 $ 0.21 $ 1.47 $ (0.41) $ 0.92
Distributions to shareholders:
Net investment income (0.30) (0.64) (0.64) (0.68) (0.66) (0.67)
Net realized gain -- -- -- -- -- (0.04)
--------- --------- --------- --------- --------- ---------
Net increase (decrease) in net asset value $ 0.02 $ 0.16 $ (0.43) $ 0.79 $ (1.07) $ 0.21
--------- --------- --------- --------- --------- ---------
Net asset value, end of period $ 9.95 $ 9.93 $ 9.77 $ 10.20 $ 9.41 $ 10.48
--------- --------- --------- --------- --------- ---------
Total return* 3.28% 8.51% 2.29% 16.06% (3.97)% 9.07%
Ratio of net expenses to average net assets 1.00%**+ 1.02%+ 1.01%+ 1.02%+ 1.00% 1.00%
Ratio of net investment income to average net assets 6.01%**+ 6.55%+ 6.51%+ 6.85%+ 6.84% 6.37%
Portfolio turnover rate 75%** 63% 43% 62% 61% 42%
Net assets, end of period (in thousands) $ 130,506 $ 138,022 $ 145,408 $ 162,708 $ 161,858 $ 105,892
Ratios assuming no waiver of management fees by
PMC and no reduction for fees paid indirectly:
Net expenses 1.14%** 1.14% 1.17% 1.22% 1.12% 1.13%
Net investment income 5.87%** 6.43% 6.35% 6.65% 6.72% 6.24%
Ratios assuming waiver of management fees by
PMC and reduction for fees paid indirectly:
Net expenses 1.00%** 1.00% 1.00% 1.00% -- --
Net investment income 6.01%** 6.57% 6.52% 6.87% -- --
</TABLE>
* 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 sales charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year Year
Ended Ended Ended Ended 4/29/94 to
6/30/98 12/31/97 12/31/96 12/31/95 12/31/94
<S> <C> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 9.90 $ 9.75 $ 10.17 $ 9.40 $ 9.85
---------- ---------- ---------- ---------- ----------
Increase (decrease) from investment operations:
Net investment income $ 0.26 $ 0.57 $ 0.57 $ 0.61 $ 0.40
Net realized and unrealized gain (loss) on investments 0.03 0.15 (0.42) 0.77 (0.45)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) from investment operations $ 0.29 $ 0.72 $ 0.15 $ 1.38 $ (0.05)
Distributions to shareholders:
Net investment income (0.27) (0.57) (0.57) (0.61) (0.40)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value $ 0.02 $ 0.15 $ (0.42) $ 0.77 $ (0.45)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 9.92 $ 9.90 $ 9.75 $ 10.17 $ 9.40
---------- ---------- ---------- ---------- ----------
Total return* 2.96% 7.61% 1.59% 15.08% (0.57)%
Ratio of net expenses to average net assets 1.73%**+ 1.77%+ 1.75%+ 1.77%+ 1.78%**
Ratio of net investment income to average net assets 5.27%**+ 5.78%+ 5.78%+ 5.92%+ 6.35%**
Portfolio turnover rate 75%** 63% 43% 62% 61%
Net assets, end of period (in thousands) $ 13,535 $ 11,935 $ 9,557 $ 6,992 $ 2,170
Ratios assuming no waiver of management fees by
PMC and no reduction for fees paid indirectly:
Net expenses 1.86%** 1.90% 1.91% 1.97% 1.90%**
Net investment income 5.14%** 5.65% 5.62% 5.72% 6.23%**
Ratios assuming waiver of management fees by
PMC and reduction for fees paid indirectly:
Net expenses 1.73%** 1.75% 1.73% 1.72% --
Net investment income 5.27%** 5.80% 5.80% 5.97% --
</TABLE>
* 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 sales charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/98
- --------------------------------------------------------------------------------
Six Months
Ended Year Ended 1/31/96 to
6/30/98 12/31/97 12/31/96
CLASS C
Net asset value, beginning of period $ 9.90 $ 9.74 $ 10.16
--------- --------- ---------
Increase (decrease) from investment
operations:
Net investment income $ 0.26 $ 0.57 $ 0.52
Net realized and unrealized gain
(loss) on investments 0.01 0.16 (0.42)
--------- --------- ---------
Net increase from investment
operations $ 0.27 $ 0.73 $ 0.10
Distributions to shareholders:
Net investment income (0.26) (0.57) (0.52)
--------- --------- ---------
Net increase (decrease) in net
asset value $ 0.01 $ 0.16 $ (0.42)
--------- --------- ---------
Net asset value, end of period $ 9.91 $ 9.90 $ 9.74
--------- --------- ---------
Total return* 2.79% 7.78% 1.04%
Ratio of net expenses to average
net assets 1.68%**+ 1.73%+ 1.80%**+
Ratio of net investment income
to average net assets 5.32%**+ 5.74%+ 5.73%**+
Portfolio turnover rate 75%** 63% 43%
Net assets, end of period
(in thousands) $ 3,587 $ 3,780 $ 1,306
Ratios assuming no waiver
of management fees by PMC
and no reduction for fees
paid indirectly:
Net expenses 1.81%** 1.85% 1.95%**
Net investment income 5.19%** 5.62% 5.58%**
Ratios assuming waiver
of management fees by PMC
and reduction for fees
paid indirectly:
Net expenses 1.67%** 1.68% 1.76%**
Net investment income 5.33%** 5.79% 5.77%**
* 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 sales charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
Notes to financial statements 6/30/98
- --------------------------------------------------------------------------------
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.
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 has 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 at
prices supplied by independent pricing services, which consider such factors
as Treasury spreads, yields, maturities and ratings, and valuations may be
supplemented by dealers and 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.
18
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 $10,902 in
underwriting commissions on the sale of fund shares during the six months
ended June 30, 1998.
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. The Trust declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-
19
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 6/30/98 (continued)
- --------------------------------------------------------------------------------
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 Trust, 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,
Pioneering 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 June 30, 1998, $56,862 was payable to PMC related to management
fees and certain other services.
3. Transfer Agent
PSC, a wholly owned subsidiary of PGI, provides substantially all trans-
20
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 6/30/98 (continued)
- --------------------------------------------------------------------------------
fer agent and shareholder services to the Trust at negotiated rates. Included in
due to affiliates is $14,366 in transfer agent fees payable to PSC at June 30,
1998.
4. Distribution Plans
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 the Class B Plan and the 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 $94,591 in distribution fees payable to
PFD at June 30, 1998.
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 CDSCs are paid to
PFD. For the six months ended June 30, 1998, CDSCs in the amount of $24,440 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 six months ended June 30, 1998,
the Trust's expenses were reduced by $2,823 under such arrangements.
21
<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 June 30, 1998, 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 the 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 June
30, 1998 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 June 30, 1998, 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
August 7, 1998
22
<PAGE>
Pioneer America Income Trust
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice President
Margaret B.W. Graham Sherman B. Russ, Vice President
John W. Kendrick William H. Keough, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
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
23
<PAGE>
- --------------------------------------------------------------------------------
RETIREMENT PLANS FROM PIONEER
- --------------------------------------------------------------------------------
Pioneer has a long history of helping people work toward their retirement goals,
offering plans suited to the individual investor and businesses of all sizes.
For more information on Pioneer retirement plans, contact your investment
professional, or call Pioneer at 1-800-622-0176.
Individual Retirement Account (IRA)
An IRA is a tax-favored account that allows anyone under age 701/2 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 is
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 $9,500 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees)
401(k) or IRA Plan
Businesses with 100 or fewer eligible employees can establish either plan; both
resemble the traditional 401(k), but with less testing and lower administration
costs. Employees can make pre-tax contributions of up to $6,000 per year, and an
employer contribution is required.
Most retirement plan withdrawals must meet specific
conditions to avoid penalties.
24
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
403(b) Plan
Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is available only to
employees of public schools, not-for-profit hospitals and other tax-exempt
organizations. A 403(b) plan lets employees set aside a portion of their salary,
before taxes, through payroll deduction.
Simplified Employee Pension Plan (SEP)
SEPs let self-employed people and small-business owners make tax-deductible
contributions of up to 15% of their income. Generally, employers must contribute
the same percentage of pay for themselves and any eligible employees;
contributions are made directly to employees' IRAs. SEPs are easy to administer
and can be an especially good choice for firms with few or no employees.
Profit Sharing Plan
Profit sharing plans offer companies considerable flexibility, allowing them to
decide each year whether a contribution will be made and how much, up to 15% of
each participant's pay. These plans can include provisions for loans and vesting
schedules.
Age-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.
25
<PAGE>
- --------------------------------------------------------------------------------
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.
FactFoneSM
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>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds you
wish to invest in. You choose the amounts and dates for Pioneer to sell shares
of your original fund and use the proceeds to buy shares of the other funds you
have chosen. Over time, your investment will be shifted out of the original
fund. (Automatic Exchange is available for originating accounts with a balance
of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals. You
decide the frequency and the day of the month 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>
- --------------------------------------------------------------------------------
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 Income Funds
Global/International Taxable
Pioneer Emerging Markets Fund Pioneer America Income Trust
Pioneer Europe Fund Pioneer Bond Fund
Pioneer Gold Shares Pioneer Short-Term Income Trust
Pioneer International Growth Fund
Pioneer World Equity Fund Tax-Exempt
Pioneer Intermediate Tax-Free Fund
United States Pioneer Tax-Free Income Fund
Pioneer Capital Growth Fund
Pioneer Growth Shares Money Market Fund
Pioneer Micro-Cap Fund Pioneer Cash Reserves Fund
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
28
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFonesm for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current
Fund prospectus.
[LOGO] Pioneer Funds Distributor, Inc. 0898-5438
60 State Street (c) Pioneer Funds Distributor, Inc.
Boston, Massachussetts 02109 Printed on Recycled Paper
www.pioneerfunds.com
