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[Pioneer Logo]
Pioneer
America Income
Trust
ANNUAL REPORT 12/31/99
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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
<PAGE>
Pioneer America Income Trust
LETTER FROM THE CHAIRMAN 12/31/99
Dear Shareowner,
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In an ever-changing investment environment, it can sometimes be difficult to be
disciplined enough to adhere to your investment goals. We are bombarded every
day with information and advice from a variety of sources. Magazine and
newspaper headlines create a frenzy by shouting - "Top 10 stocks for the year
2000" - sending many investors scrambling to adjust their holdings so that they
too can have a share in these winners. But as history often shows us,
yesterday's winners are in no way tomorrow's sure thing.
We know it's challenging to digest all this information. But no one can know
with absoloute certainty which stocks or bonds will have good performance from
day to day. It is important to keep sight of your own investment goals and to
stick to them. Jumping from one investment to another based upon the latest hot
trend may not help you reach the financial goals for which you are aiming. We
think a well reasoned investment plan will.
As in any other year, the first few months of this year are a practical time to
take a step back to revisit your investment goals and make appropriate
adjustments in your personal portfolio. Scheduling a review session with your
financial professional is a good starting point. A professional acquainted with
your individual circumstances can help you to distill information, examine your
current strategy and make informed decisions that can effectively satisfy your
long-term investment needs.
Among the key topics to cover with your advisor is your retirement - including
the IRA options available to you. Now is the time to think about making a 1999
contribution to an IRA, if your haven't already. This year, you'll have until
April 17 to make your prior-year IRA contribution because April 15 falls on a
Saturday. And, to begin taking advantage of tax-deferred growth, you might want
to get a head start on your year 2000 contribution.
I encourage you to read on to learn more about Pioneer America Income Trust. If
you have questions, please contact your investment professional. Visit our web
site at www.pioneerfunds.com for more information about your fund or Pioneer.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
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Pioneer America Income Trust
PORTFOLIO SUMMARY 12/31/99
Portfolio Diversification
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(As a percentage of total investment portfolio)
[Pie Chart]
U.S. Government Ageny Obligations 57%
U.S. Treasury Obligations 41%
Short-Term Cash Equivalents 2%
[End Pie Chart]
Portfolio Maturity
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(Effective life as a percentage of total investment portfolio)
[Pie Chart]
0-2 Years 5.3%
2-5 Years 8.1%
5-7 Years 16.0%
7-10 Years 31.4%
10-20 Years 30.4%
20+ Years 8.8%
[End Pie Chart]
10 Largest Holdings
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(As a percentage of debt holdings)
1. Government National Mortgage Association, 6.5%, 4/15/28 9.68%
2. U.S. Treasury Bonds, 8.0%, 11/15/21 8.90
3. Government National Mortgage Association, 7.5%, 2/15/27 6.81
4. Government National Mortgage Association, 6.5%, 6/15/28 6.52
5. U.S. Treasury Bonds, 7.25%, 5/15/16 6.24
6. U.S. Treasury Notes, 6.625%, 5/15/07 5.47
7. U.S. Treasury Notes, 6.875%, 5/15/06 5.32
8. U.S. Treasury Bonds, 9.125%, 5/15/09 4.55
9. U.S. Treasury Bonds, 6.375%, 9/30/01 3.74
10. Government National Mortgage Association, 7.5%, 8/15/29 3.69
Fund holdings will vary for other periods.
2
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Pioneer America Income Trust
PERFORMANCE UPDATE 12/31/99 CLASS A SHARES
Share Prices and Distributions
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Net Asset Value
per Share 12/31/99 12/31/98
$9.30 $10.10
Distributions per Share Income Short-Term Long-Term
(12/31/98 - 12/31/99) Dividends Capital Gains Capital Gains
$0.549 - -
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.
- -----------------------------------------
Average Annual Total Returns
(As of December 31, 1999)
Net Asset Public Offering
Period Value Price*
10 Years 6.34 5.85
5 Years 6.24 5.27
1 Year -2.52 -6.95
- -----------------------------------------
* Reflects deduction of the maximum 4.5% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
Growth of $10,000
[Mountain Chart]
Pioneer America Income Trust* Lehman Brothers Government Bond Index
12/89 9550 10000
10412 10872
12/91 11665 12539
12455 13444
12/93 13586 14875
13046 14372
12/95 15142 17008
15489 17478
12/97 16807 19152
18114 21039
12/99 17657 20566
[End Mountain Chart]
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
PERFORMANCE UPDATE 12/31/99 CLASS B SHARES
Share Prices and Distributions
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Net Asset Value
per Share 12/31/99 12/31/98
$9.28 $10.07
Distributions per Share Income Short-Term Long-Term
(12/31/98 - 12/31/99) Dividends Capital Gains Capital Gains
$0.470 - -
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.
- ---------------------------------------
Average Annual Total Returns
(As of December 31, 1999)
If If
Period Held Redeemed*
Life of Fund
(4/29/94) 4.67% 4.54%
5 Years 5.44 5.28
1 Year -3.24 -6.93
- ---------------------------------------
* 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.
Growth of $10,000
[Mountain Chart]
Pioneer America Income Trust* Lehman Brothers Government Bond Index
4/94 10000 10000
9952 9964
12/94 9943 10041
10856 11166
12/95 11442 11883
11186 11668
12/96 11624 12211
11890 12531
12/97 12508 13381
12878 13942
12/98 13394 14699
13002 14365
12/99 12866 14369
[End Mountain Chart]
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
PERFORMANCE UPDATE 12/31/99 CLASS C SHARES
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value
per Share 12/31/99 12/31/98
$9.28 $10.07
Distributions per Share Income Short-Term Long-Term
(12/31/98 - 12/31/99) Dividends Capital Gains Capital Gains
$0.474 - -
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.
- ---------------------------------------
Average Annual Total Returns
(As of December 31, 1999)
If If
Period Held Redeemed*
Life of Fund
(1/31/96) 3.15% 3.15%
1 Year -3.19 -3.19
- ---------------------------------------
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to investments made within one year of purchase.
Growth of $10,000
[Mountain Chart]
Pioneer America Income Trust* Lehman Brothers Government Bond Index
1/96 10000 10000
9748 9714
6/96 9728 9759
9861 9924
12/96 10104 10214
10020 10131
6/97 10335 10481
10607 10832
12/97 10890 11192
10995 11361
6/98 11194 11661
11680 12306
12/98 11663 12295
11531 12119
6/99 11313 12016
11372 12095
12/99 11291 12019
[End Mountain Chart]
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
PORTFOLIO MANAGEMENT DISCUSSION 12/31/99
December 31, 1999 ended a difficult year for most fixed-income securities as
the Federal Reserve Board raised short-term interest rates in an attempt to slow
economic activity. In the following conversation, Sherman B. Russ and Kenneth J.
Taubes, co-heads of Pioneer's fixed-income management team, discuss the factors
and events that shaped performance during the year.
Q. The past year was challenging for bonds. How did Pioneer America Income Trust
perform?
A. Rising interest rates throughout the year hampered the performance of all
bond investments, your Fund included. (By nature, bond prices tend to fall as
interest rates rise.) The Fund did relatively well, considering the
environment. In addition to maintaining the highest quality credit standards,
Pioneer America Income Trust continued to produce an attractive level of
income. (Quality ratings apply to underlying portfolio securities, not fund
shares.) At the end of 1999, the 30-day SEC yield on the Fund's Class A
shares stood at 5.67%. For the 12 months ending December 31, 1999, Class A
shares generated a total return of -2.52%, Class B -3.24% and Class C -3.19%,
all at net asset value. In comparison, the average return of the 179 general
U.S. government funds followed by Lipper, Inc. was -3.01% for the same
period.
Despite their credit safety, U.S. Treasury securities experienced the
steepest price declines among fixed-income sectors as interest rates rose,
making your Fund's comparatively solid performance particularly notable.
Unlike some of the other funds in its peer group, the Fund invests only in
those securities that carry the full faith and credit guarantee 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 the fund shares.) Other funds in the U.S. government fund category
can invest a portion of their assets in U.S. agency and corporate debt,
foreign government issues, and even equities. Because these securities
involve greater risk, they often provide higher returns.
Q. 1999 was the second worst year for bonds since 1973 - only 1994 was worse.
What made the investment environment so challenging?
A. A shift in market sentiment and investment conditions, which changed sharply
from the first half of the year to the second, was
6
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Pioneer America Income Trust
largely responsible; it resulted in the rising interest rate climate. U.S.
Treasurys are more sensitive to interest rate changes than other bond sectors
because of their virtual absence of credit risk - they don't have the
advantage (or, sometimes disadvantage) of economic forces that can influence
the performance of other types of fixed-income securities. Price movement in
other sectors depends on the security's sensitivity not to just interest rate
changes, but credit conditions - which happened to benefit from the strong
economy.
At the start of 1999, interest rates were at extraordinarily low levels in
the aftermath of 1998's international financial crisis. The Federal Reserve
Board had cut short-term rates in the final months of 1998 to keep the U.S.
economy strong enough to help stimulate economies worldwide. Instead of
faltering, however, the U.S. economy remained vibrant; and many foreign
economies - especially in Asia - recovered faster and hardier than investors
expected. By mid-year, worries about excessive economic growth and a revival
of inflation prompted investors to push yields higher and bond prices lower.
Meanwhile, the Federal Reserve Board raised short-term interest rates three
times in 1999, bringing levels back to where they were prior to the
international crisis. The yield on long-term bonds, as measured by the
30-year U.S. Treasury bond, rose to 6.48% from 5.09% during the course of
1999. The result: long-term Treasury bonds generated a return of -8.96% in
1999, which stood in stark contrast to the 13.06% return produced only one
year earlier as interest rates fell.
Q. What strategies did you use to manage the effect of rising interest rates on
the Fund?
A. We took measures to emphasize income and limit interest rate risk by
increasing the Fund's position in mortgage-backed securities, steps that
worked well for the Fund. Mortgage-backed securities offered an attractive
yield advantage to U.S. Treasurys. The higher stream of income helped offset
some of the bonds' price declines. In addition, stronger relative demand for
mortgage-backed securities helped them to perform markedly better than U.S.
Treasurys.
During the year, we added to the Fund's holdings in GNMAs (Government
National Mortgage Association), favoring securities with higher coupons
(stated rate of interest) to help boost the Fund's income. We also extended
the maturities of GNMA hold-
7
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Pioneer America Income Trust
PORTFOLIO MANAGEMENT DISCUSSION 12/31/99 (continued)
ings, reducing investments in securities with 15-year maturities to build
investments with 30-year maturities. Longer-term bonds had become
attractively priced, and we believe they can offer the opportunity to
increase total return when rates on mortgage-backed securities begin to
descend.
Given the rough conditions for U.S. Treasurys, the Fund reduced its emphasis
on them to as low as 36.9% - which is especially low by the Fund's historical
standards - mid-way through the year from 42.5% of the portfolio at the start
of the year. We believe the credit safety and liquidity of Treasurys is
consistent with the Fund's conservative nature and can still benefit the
portfolio over time.
Q. What is your outlook in the months ahead?
A. The Federal Reserve Board already has raised short-term interest rates by
three quarters of a percentage point since June of last year. We believe the
Fed is still pursuing a goal of economic growth at more sustainable rates, so
further increases cannot be ruled out. Furthermore, if the Fed institutes
additional rate increases, as the market is anticipating, the cumulative
actions may begin to moderate economic growth later in 2000 - a positive for
bonds. In addition, it appears that current bond prices already reflect the
effect of higher rates, suggesting that prices have room to improve.
We also see some encouraging developments in the mortgage-backed securities
market. Consumer demand for mortgages has declined with the rise in interest
rates. Consequently, banks have issued fewer mortgages, diminishing the
supply of securities. However, demand for mortgage-backed securities remains
strong. The combination of lower supply and heavy demand should help these
securities outperform other sectors.
Admittedly, the past year has been a difficult one for bond investors. All
financial markets experience periods of turbulence - and while those periods
challenge even the most seasoned investors in the short term, dramatic market
changes often create longer-term opportunity. We think fixed-income
securities look very attractive right now in light of their value relative to
equities, based on broad stock and bond market indices. For the past several
years, U.S. bonds have not performed as well as stocks. However, if the
8
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Pioneer America Income Trust
economy slows, as we think it will, investors could well be rewarded if they
rebalance portfolios whose allocations may have become too heavily tilted
toward stocks as stock prices rose. The value of bonds is especially
pronounced given the low level of inflation. "Real" interest rates - or the
rate received by the investor after inflation is removed - are historically
high, thanks to inflation remaining well contained. In our opinion, the Fund
can offer investors solid long-term value, competitive income and among the
highest credit quality securities available.
9
<PAGE>
Pioneer America Income Trust
SCHEDULE OF INVESTMENTS 12/31/99
Principal
Amount Value
INVESTMENT IN SECURITIES - 98.4%
U.S. GOVERNMENT OBLIGATIONS - 40.8%
$5,000,000 U.S. Treasury Bonds, 6.375%, 9/30/01 $ 5,009,850
5,590,000 U.S. Treasury Bonds, 9.125%, 5/15/09 6,094,274
2,000,000 U.S. Treasury Bonds, 10.375%, 11/15/09 2,299,820
3,000,000 U.S. Treasury Bonds, 10.0%, 5/15/10 3,436,800
8,000,000 U.S. Treasury Bonds, 7.25%, 5/15/16 8,353,600
10,500,000 U.S. Treasury Bonds, 8.0%, 11/15/21 11,906,475
2,000,000 U.S. Treasury Notes, 6.25%, 1/31/02 1,999,820
7,000,000 U.S. Treasury Notes, 6.875%, 5/15/06 7,117,180
7,300,000 U.S. Treasury Notes, 6.625%, 5/15/07 7,326,061
2,000,000 U.S. Treasury Notes, 6.0%, 8/15/09 1,936,880
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Total U.S. Government Obligations $55,480,760
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U.S. GOVERNMENT AGENCY OBLIGATIONS - 57.6%
206,039 Government National Mortgage Association,
10.0%, 11/15/18 to 1/15/19 $ 224,315
483,653 Government National Mortgage Association,
9.0%, 9/15/16 to 4/15/20 509,532
376,550 Government National Mortgage Association,
8.5%, 7/15/24 387,982
2,873,081 Government National Mortgage Association,
6.0%, 10/15/28 2,620,480
27,801,084 Government National Mortgage Association,
6.5%, 4/15/28 to 10/15/28 26,154,703
12,455,890 Government National Mortgage Association,
7.0%, 2/15/28 to 5/15/29 12,048,230
18,778,902 Government National Mortgage Association,
7.5%, 2/15/27 to 9/15/29 18,594,903
5,546,666 Government National Mortgage Association,
8.0%, 10/15/14 to 11/15/29 5,615,441
271,244 Government National Mortgage Association I,
10.0%, 3/15/20 295,303
78,713 Government National Mortgage Association II,
10.0%, 1/20/06 82,128
1,655,367 Government National Mortgage Association II,
9.0%, 3/20/18 to 11/20/24 1,723,716
4,878,000 Government National Mortgage Association II,
8.0%, 5/20/25 to 4/20/27 4,914,635
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
Principal
Amount Value
$ 2,903,196 Government National Mortgage Association II,
7.0%, 2/20/29 $ 2,800,074
13,225 Government National Mortgage Association
Midget, 10.5%, 1/15/01 to 8/15/03 13,603
77,260 Government National Mortgage Association
Midget, 9.5%, 12/15/03 79,598
2,344,182 Government National Mortgage Association
Midget, 6.5%, 5/15/13 2,276,061
------------
Total U.S. Government Agency Obligations $ 78,340,704
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TOTAL INVESTMENT IN SECURITIES
(Cost $138,845,792) $133,821,464
------------
TEMPORARY CASH INVESTMENT - 1.6%
Repurchase Agreement - 1.6%
2,200,000 Credit Suisse First Boston Group, Inc.,
3.0% dated 12/31/99, repurchase price of
$2,200,000 plus accrued interest on 1/3/00,
collateralized by $2,188,000 U.S. Treasury
Notes, 6.375%, 8/15/02
TOTAL TEMPORARY CASH INVESTMENT $ 2,200,000
(Cost $2,200,000) ------------
TOTAL INVESTMENT IN SECURITIES AND
TEMPORARY CASH INVESTMENT - 100%
(Cost $141,045,792) (a)(b) $136,021,464
============
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 31,1999, the net unrealized loss on investment s based on cost
for federal income tax purposes of $141,045,792 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 98,685
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (5,123,013)
-----------
Net unrealized loss $(5,024,328)
===========
(b) At December 31, 1999, the Trust had a net capital loss carryforward of
$8,703,136 which will expire between 2002 and 2007 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended December 31, 1999 aggregated $104,723,644 and $112,094,598,
respectively.
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer America Income Trust
BALANCE SHEET 12/31/99
ASSETS:
Investment in securities, at value (including temporary cash
investment of $2,200,000) (cost $141,045,792) $136,021,464
Cash 8,929
Receivables -
Fund shares sold 67,079
Interest 1,094,474
Other 5,933
------------
Total assets $137,197,879
------------
LIABILITIES:
Payables -
Fund shares repurchased $ 236,187
Dividends 159,727
Due to affiliates 112,852
Accrued expenses 99,755
------------
Total liabilities $ 608,521
------------
NET ASSETS:
Paid-in capital $150,777,706
Accumulated undistributed net investment income 27,746
Accumulated net realized loss on investments (9,191,766)
Net unrealized loss on investments (5,024,328)
------------
Total net assets $136,589,358
============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $111,262,407/11,960,969 shares) $ 9.30
============
Class B (based on $19,694,654/2,121,921 shares) $ 9.28
============
Class C (based on $5,632,297/606,993 shares) $ 9.28
============
MAXIMUM OFFERING PRICE:
Class A $ 9.74
============
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
STATEMENT OF OPERATIONS
For the Year Ended 12/31/99
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 9,896,944
-------------
EXPENSES:
Management fees $738,275
Transfer agent fees
Class A 284,754
Class B 55,327
Class C 15,337
Distribution fees
Class A 298,326
Class B 208,892
Class C 74,352
Administrative fees 34,629
Custodian fees 38,419
Registration fees 69,728
Professional fees 45,367
Printing 21,581
Fees and expenses of nonaffiliated trustees 27,150
Miscellaneous 8,565
--------
Total expenses $ 1,920,702
Less management fees waived by Pioneer Investment
Management, Inc. (196,175)
Less fees paid indirectly (32,174)
-------------
Net expenses $ 1,692,353
-------------
Net investment income $ 8,204,591
-------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments $ (2,535,201)
Change in net unrealized gain on investments (9,836,502)
-------------
Net loss on investments $ (12,371,703)
-------------
Net decrease in net assets resulting from operations $ (4,167,112)
=============
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer America Income Trust
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended 12/31/99 and 12/31/98
<TABLE>
<CAPTION>
Year Ended Year Ended
12/31/99 12/31/98
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 8,204,591 $ 8,813,891
Net realized gain (loss) on investments (2,535,201) 1,015,080
Change in net unrealized gain on investments (9,836,502) 1,617,464
------------ ------------
Net increase (decrease) in net assets resulting
from operations $ (4,167,112) $ 11,446,435
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.55 and $0.58 per share, respectively) $ (6,822,957) $ (7,662,749)
Class B ($0.47 and $0.51 per share, respectively) (1,022,504) (792,353)
Class C ($0.47 and $0.52 per share, respectively) (368,171) (330,576)
------------ ------------
Total distributions to shareholders $ (8,213,632) $ (8,785,678)
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 94,603,768 $ 71,663,010
Reinvestment of distributions 6,082,057 6,242,716
Cost of shares repurchased (115,133,507) (70,885,637)
------------ ------------
Net increase (decrease) in net assets resulting
from fund share transactions $(14,447,682) $ 7,020,089
------------ ------------
Net increase (decrease) in net assets $(26,828,426) $ 9,680,846
NET ASSETS:
Beginning of year 163,417,784 153,736,938
------------ ------------
End of year (including accumulated undistributed net
investment income of $27,746 and $36,195,
respectively) $136,589,358 $163,417,784
============ ============
</TABLE>
<TABLE>
<CAPTION>
CLASS A '99 Shares '99 Amount '98 Shares '98 Amount
<S> <C> <C> <C> <C>
Shares sold 8,061,406 $79,323,896 3,719,228 $ 37,434,949
Reinvestment of distributions 539,447 5,190,686 553,656 5,539,806
Less shares repurchased (9,401,649) (92,135,263) (5,414,082) (54,421,651)
---------- ----------- ---------- ------------
Net decrease (800,796) $(7,620,681) (1,141,198) $(11,446,896)
========== =========== ========== ============
CLASS B
Shares sold 1,095,455 $10,618,307 1,759,137 $ 17,658,764
Reinvestment of distributions 72,923 699,032 55,353 553,156
Less shares repurchased (1,290,255) (12,492,019) (775,704) (7,755,185)
---------- ----------- ---------- ------------
Net increase (decrease) (121,877) $(1,174,680) 1,038,786 $ 10,456,735
========== =========== ========== ============
CLASS C
Shares sold 483,216 $ 4,661,565 1,651,735 $ 16,569,297
Reinvestment of distributions 20,092 192,339 14,959 149,754
Less shares repurchased (1,076,979) (10,506,225) (867,882) (8,708,801)
---------- ----------- ---------- ------------
Net increase (decrease) (573,671) $(5,652,321) 798,812 $ 8,010,250
========== =========== ========== ============
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
FINANCIAL HIGHLIGHTS 12/31/99
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of year $ 10.10 $ 9.93 $ 9.77 $ 10.20 $ 9.41
------- ------- ------- -------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.55 $ 0.58 $ 0.64 $ 0.64 $ 0.68
Net realized and unrealized gain (loss) on investments (0.80) 0.17 0.16 (0.43) 0.79
------- ------- ------- -------- --------
Net increase (decrease) from investment operations $ (0.25) $ 0.75 $ 0.80 $ 0.21 $ 1.47
Distributions to shareholders:
Net investment income (0.55) (0.58) (0.64) (0.64) (0.68)
------- ------- ------- -------- --------
Net increase (decrease) in net asset value $ (0.80) $ 0.17 $ 0.16 $ (0.43) $ 0.79
------- ------- ------- -------- --------
Net asset value, end of year $ 9.30 $ 10.10 $ 9.93 $ 9.77 $ 10.20
======= ======= ======= ======== ========
Total return* (2.52)% 7.78% 8.51% 2.29% 16.06%
Ratio of net expenses to average net assets+ 1.01% 1.00% 1.02% 1.01% 1.02%
Ratio of net investment income to average net assets+ 5.63% 5.80% 6.55% 6.51% 6.85%
Portfolio turnover rate 72% 81% 63% 43% 62%
Net assets, end of year (in thousands) $111,262 $128,925 $138,022 $145,408 $162,708
Ratios assuming no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 1.14% 1.10% 1.14% 1.17% 1.22%
Net investment income 5.50% 5.70% 6.43% 6.35% 6.65%
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.00% 1.00% 1.00% 1.00% 1.00%
Net investment income 5.64% 5.80% 6.57% 6.52% 6.87%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each period,
reinvestment of all distributions, the complete redemption of the investment
at net asset value at the end of each period, and no sales charges. Total
return would be reduced if sales charges were taken into account.
+ Ratios 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 12/31/99
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of year $ 10.07 $ 9.90 $ 9.75 $ 10.17 $ 9.40
------- ------- ------- -------- ------
Increase (decrease) from investment operations:
Net investment income $ 0.47 $ 0.51 $ 0.57 $ 0.57 $ 0.61
Net realized and unrealized gain (loss) on investments (0.79) 0.17 0.15 (0.42) 0.77
------- ------- ------- -------- ------
Net increase (decrease) from investment operations $ (0.32) $ 0.68 $ 0.72 $ 0.15 $ 1.38
Distributions to shareholders:
Net investment income (0.47) (0.51) (0.57) (0.57) (0.61)
------- ------- ------- -------- ------
Net increase (decrease) in net asset value $ (0.79) $ 0.17 $ 0.15 $ (0.42) $ 0.77
------- ------- ------- -------- ------
Net asset value, end of year $ 9.28 $ 10.07 $ 9.90 $ 9.75 $10.17
======= ======= ======= ======== ======
Total return* (3.24)% 7.08% 7.61% 1.59% 15.08%
Ratio of net expenses to average net assets+ 1.78% 1.74% 1.77% 1.75% 1.77%
Ratio of net investment income to average net assets+ 4.87% 4.99% 5.78% 5.78% 5.92%
Portfolio turnover rate 72% 81% 63% 43% 62%
Net assets, end of year (in thousands) $19,695 $22,602 $11,935 $ 9,557 $6,992
Ratios assuming no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 1.91% 1.81% 1.90% 1.91% 1.97%
Net investment income 4.74% 4.92% 5.65% 5.62% 5.72%
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.76% 1.72% 1.75% 1.73% 1.72%
Net investment income 4.89% 5.01% 5.80% 5.80% 5.97%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each period,
reinvestment of all distributions, the complete redemption of the investment
at net asset value at the end of each period, and no sales charges. Total
return would be reduced if sales charges were taken into account.
+ Ratios assuming no reduction for fees paid indirectly.
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
FINANCIAL HIGHLIGHTS 12/31/99
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended 1/31/96 to
12/31/99 12/31/98 12/31/97 10/31/96
<S> <C> <C> <C> <C>
CLASS C
Net asset value, beginning of period $10.07 $ 9.90 $ 9.74 $10.16
------ ------- ------ ------
Increase (decrease) from investment operations:
Net investment income $ 0.47 $ 0.52 $ 0.57 $ 0.52
Net realized and unrealized gain (loss) on investments (0.79) 0.17 0.16 (0.42)
------ ------- ------ ------
Net increase (decrease) from investment operations $(0.32) $ 0.69 $ 0.73 $ 0.10
Distributions to shareholders:
Net investment income (0.47) (0.52) (0.57) (0.52)
------ ------- ------ ------
Net increase (decrease) in net asset value $(0.79) $ 0.17 $ 0.16 $(0.42)
------ ------- ------ ------
Net asset value, end of period $ 9.28 $ 10.07 $ 9.90 $ 9.74
====== ======= ====== ======
Total return* (3.19)% 7.09% 7.78% 1.04%
Ratio of net expenses to average net assets+ 1.73% 1.65% 1.73% 1.80%**
Ratio of net investment income to average net assets+ 4.88% 4.97% 5.74% 5.73%**
Portfolio turnover rate 72% 81% 63% 43%
Net assets, end of period (in thousands) $5,632 $11,891 $3,780 $1,306
Ratios assuming no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 1.85% 1.70% 1.85% 1.95%**
Net investment income 4.76% 4.92% 5.62% 5.58%**
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.70% 1.62% 1.68% 1.76%**
Net investment income 4.91% 5.00% 5.79% 5.77%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer America Income Trust
NOTES TO FINANCIAL STATEMENTS 12/31/99
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 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 at
prices supplied by independent pricing services, which consider such factors
as Treasury spreads, yields, maturities and ratings. 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.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal
18
<PAGE>
Pioneer America Income Trust
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.
At December 31, 1999, the Trust reclassified $592 from accumulated net
realized loss on investments to accumulated undistributed net investment
income. The reclassification has no impact on the net asset value of the Fund
and is designed to present the Trust's capital accounts on a tax basis.
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 $27,764 in
underwriting commissions on the sale of fund shares during the year ended
December 31, 1999.
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
19
<PAGE>
Pioneer America Income Trust
NOTES TO FINANCIAL STATEMENTS 12/31/99 (continued)
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-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,
Pioneer Investment Management, Inc. (PIM) is responsible for determining that
the value of the collateral remains at least equal to the repurchase price.
2. Management Agreement
PIM 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.
PIM 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. PIM's agreement is voluntary and temporary and may be revised or
terminated at any time.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory
20
<PAGE>
Pioneer America Income Trust
reporting and insurance premiums, are paid by the Trust. At December 31, 1999,
$44,421 was payable to PIM related to management fees, administrative fees and
certain other services.
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 $32,584 in transfer agent fees payable to PSC at December 31,
1999.
4. Plans 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 average daily net assets attributable to Class A
shares in reimbursement of its actual expenditures to finance activities
primarily intended to result in the sale of Class A shares. Pursuant to the
Class B Plan and the Class C Plan, the 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 $35,847 in
distribution fees payable to PFD at December 31, 1999.
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 4.00%, based on the lower of cost or market
value of shares being redeemed. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to
PFD. For the year ended December 31, 1999, CDSCs in the amount of $100,841 were
paid to PFD.
5. Expense Offsets
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, 1999,
the Trust's expenses were reduced by $32,174 under such arrangements.
21
<PAGE>
Pioneer America Income Trust
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareowners 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, 1999, 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, 1999, 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, 1999, 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 4, 2000
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 Eric W. Reckard, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Public Accountants
Arthur Andersen LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
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 Plans
Individual Retirement Account (IRA)
An IRA is a tax-favored account that allows anyone under age 70 1/2 with earned
income to contribute up to $2,000 annually. Spouses may contribute up to $2,000
annually into a separate IRA, for a total of $4,000 per year for a married
couple. Earnings are tax-deferred, and contributions may be tax-deductible.
Roth IRA
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and 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 $10,000 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees) IRA Plan
Businesses with 100 or fewer eligible employees can establish a plan; it
resembles a 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.
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.
FactFone(SM)
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone(SM) 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.
90-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 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
United States
Pioneer Capital Growth Fund
Pioneer Growth Shares
Pioneer Micro-Cap Fund
Pioneer Mid-Cap Fund
Pioneer Small Company Fund
Pioneer Tax-Managed Fund
International/Global
Pioneer Emerging Markets Fund
Pioneer Europe Fund
Pioneer Indo-Asia Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
Growth and Income Funds
Pioneer Fund
Pioneer II
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Real Estate Shares
Income Funds
Taxable
Pioneer America Income Trust
Pioneer Bond Fund
Pioneer Limited Maturity Bond Fund
Pioneer Strategic Income Fund
Tax-Free
Pioneer Tax-Free Income Fund
Money Market Fund
Pioneer Cash Reserves Fund*
* An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks
to preserve the value of your investment at $1 per share, it is possible to
lose money by investing in the Fund.
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, propectuses, 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.
[Pioneer Logo] Pioneer Investment Management, Inc.
60 State Street
Boston, Massachusetts 02109
www.pioneerfunds.com
7312-00-0200
(Copyright) Pioneer Funds Distributor, Inc.
[Recycle Logo] Printed on Recycled Paper
