<PAGE>
[PIONEER LOGO]
Pioneer
America Income
Trust
SEMIANNUAL REPORT 6/30/00
<PAGE>
Table of Contents
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 10
Financial Statements 13
Notes to Financial Statements 19
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
</TABLE>
<PAGE>
Pioneer America Income Trust
LETTER FROM THE CHAIRMAN 6/30/00
Dear Shareowner,
--------------------------------------------------------------------------------
For over a year, the Federal Reserve has been trying to suppress inflationary
pressures and restrain economic growth in the U.S. by raising short-term
interest rates. Because they represent increased costs, higher interest rates
cut into corporate profits.
With the possibility of a slowing economy and an uncertain profit outlook
overhanging the stock market, investors shifted from sector to sector in the
first half of 2000 looking for attractive opportunities. Heightened stock market
volatility was the result. Bonds also lost luster, because existing,
lower-paying issues could not compete with the higher rates that now prevail. By
summer, we began to see evidence that the Fed's tactics were having some impact,
as key statistics hinted at a contraction of the economy's growth rate.
Volatile markets should not sidetrack your plans for dealing with your essential
financial goals. Whatever your long-range needs may be - money for a child's
education, funding a comfortable retirement, or some other cherished objective -
those needs remain in place no matter what the market may do this week or next
month. For that reason, it makes sense to focus your investment strategy beyond
interim ups and downs.
Mid-year is a good time to talk to your financial representative to review what
has been happening and to make sure your strategy is intact. Part of that
discussion should be devoted to your portfolio's diversification. Do you have a
blend of stocks and bonds that you are comfortable with and that can help you
meet your goals? Or is it time to make adjustments? Be sure to include your IRAs
and other retirement vehicles when you evaluate your overall portfolio.
I hope you will take time to read the following discussion about Pioneer America
Income Trust. It's an excellent way to understand performance during the past
six months and to learn about expectations for the months ahead. If you have
questions or would like more information about your fund, visit our web site at
www.pioneerfunds.com.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer America Income Trust
PORTFOLIO SUMMARY 6/30/00
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[pie chart]
U.S. Government Agency Obligations 67%
U.S. Treasury Obligations 31%
Short-Term Cash Equivalents 2%
[end pie chart]
Portfolio Maturity
--------------------------------------------------------------------------------
(Effective life as a percentage of total investment portfolio)
[pie chart]
0-1 Years 3.5%
1-3 Years 13.5%
3-4 Years 19.3%
4-6 Years 48.4%
6-8 Years 0.5%
8+ Years 14.8%
[end pie chart]
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of debt holdings)
<TABLE>
<S> <C> <C>
1. U.S. Treasury Bonds, 7.25%, 5/15/16 7.67%
2. U.S. Treasury Bonds, 8.0%, 11/15/21 7.62
3. Government National Mortgage Association, 7.5%, 2/15/27 7.40
4. Government National Mortgage Association, 6.5%, 4/15/28 7.36
5. U.S. Treasury Bonds, 9.125%, 5/15/09 5.30
6. Government National Mortgage Association II, 8.0%, 6/20/30 4.24
7. Government National Mortgage Association, 7.5%, 8/15/29 4.17
8. Government National Mortgage Association, 7.0%, 1/15/30 3.80
9. Government National Mortgage Association, 6.5%, 6/15/28 3.72
10. Government National Mortgage Association, 7.0%, 2/15/29 3.71
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer America Income Trust
PERFORMANCE UPDATE 6/30/00 CLASS A SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 6/30/00 12/31/99
<S> <C> <C>
$9.43 $9.30
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(12/31/99 - 6/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
$0.286 - -
</TABLE>
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.
<TABLE>
<CAPTION>
--------------------------------------
Average Annual Total Returns
(As of June 30, 2000)
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
10 Years 6.47% 5.97%
5 Years 5.24 4.27
1 Year 4.65 -0.05
--------------------------------------
</TABLE>
* 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]
Lehman Brothers
Pioneer America Government Bond
Income Trust* Index
---------------- ---------------
6/90 $ 9550 $10000
6/91 10481 11015
11620 12529
12860 14144
6/94 12585 13953
13843 15636
14366 16339
6/97 15390 17548
16801 19523
17072 20117
6/00 17866 21119
[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
<PAGE>
Pioneer America Income Trust
PERFORMANCE UPDATE 6/30/00 CLASS B SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 6/30/00 12/31/99
<S> <C> <C>
$9.41 $9.28
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(12/31/99 - 6/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
$0.245 - -
</TABLE>
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.
<TABLE>
<CAPTION>
--------------------------------------
Average Annual Total Returns
(As of June 30, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(4/29/94) 4.97% 4.97%
5 Years 4.44 4.28
1 Year 3.76 -0.18
--------------------------------------
</TABLE>
* 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]
Lehman Brothers
Pioneer America Government Bond
Income Trust* Index
---------------- ---------------
4/94 $10000 $10000
6/94 9952 9964
9943 10041
10856 11166
11442 11883
6/96 11186 11668
11624 12211
11890 12531
12508 13381
6/98 12878 13942
13394 14669
13002 14365
12960 14369
6/00 13491 15081
[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
<PAGE>
Pioneer America Income Trust
PERFORMANCE UPDATE 6/30/00 CLASS C SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 6/30/00 12/31/99
<S> <C> <C>
$9.41 $9.28
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(12/31/99 - 6/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
$0.249 - -
</TABLE>
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.
<TABLE>
<CAPTION>
--------------------------------------
Average Annual Total Returns
(As of June 30, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(1/31/96) 3.73% 3.73%
1 Year 3.94 3.94
--------------------------------------
</TABLE>
* 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]
Lehman Brothers
Pioneer America Government Bond
Income Trust* Index
---------------- ---------------
1/96 10000 10000
9748 9714
9728 9759
9861 9924
10104 10214
10020 10131
6/97 10335 10481
10607 10832
10890 11192
10995 11361
11194 11661
11680 12306
12/98 11663 12295
11531 12119
11313 12016
11372 12095
11291 12019
11595 12421
6/00 11758 12614
[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
<PAGE>
Pioneer America Income Trust
PORTFOLIO MANAGEMENT DISCUSSION 6/30/00
The climate for fixed-income investments strayed far from the norm during the
first six months of 2000, yet offered attractive opportunities for bond
investors. In the following conversation, Richard Schlanger, a member of
Pioneer's fixed-income team, discusses the factors that contributed to Pioneer
America Income Trust's performance.
Q. The Federal Reserve Board implemented a series of interest rate hikes during
the period. What was the impact on fixed-income investments and the Fund?
A. Despite three consecutive short-term interest rate increases, totaling a
full percentage point, the environment for fixed-income investments was
surprisingly favorable. Although the economy continued to grow at a brisk
pace, inflation - a major concern of the bond market - was kept at bay,
thanks to the Fed's restrictive monetary policy. The fixed-income market was
also bolstered in the early part of the period by the U.S. Treasury
Department's announcement that it was buying back long-term debt. This
created a huge demand for long-term Treasuries, driving up prices.
Against this backdrop, Pioneer America Income Trust rewarded shareowners
with solid performance. For the six months ended June 30, 2000, Class A
shares generated a total return of 4.54%, Class B shares 4.10% and Class C
shares 4.14%, all at net asset value. This compares favorably to the 3.95%
average return of the 189 general U.S. government funds for the same period,
as tracked by Lipper, Inc. (Lipper is an independent firm that tracks mutual
fund performance.)
Your Fund also provided an attractive level of income while maintaining the
highest credit quality. (Quality ratings apply to underlying portfolio
securities, not Fund shares.) At period-end, the 30-day SEC yield for Class
A shares was 5.87%.
6
<PAGE>
Pioneer America Income Trust
Q. During the period, yields on long-term Treasuries fell, resulting in an
inverted yield curve. What effect did this have on the bond market?
A. Typically with a positively sloping yield curve, long-term rates are higher
than short-term rates. However, yields on long-term Treasury securities fell
during the period, dropping well below yields being offered by shorter-term
issues.
Concerned that the high rate of economic growth might be unhealthy and lead
to inflation, the Federal Reserve continued its program of tightening
monetary policy by raising short-term interest rates. The Fed's goal was a
"soft landing" - to slow the economy just enough to moderate growth and curb
inflation yet not enough to cripple economic activity.
At the same time, as demand for long-term Treasuries soared - and prices
rose - yields dropped. As a result, 30-year U.S. Treasury bonds outperformed
all other fixed-income investments, returning 10.56% for the six months
ended June 30, 2000. In fact, 30-year U.S. Treasury bonds exhibited the
strongest performance for the period since 1995. With long-term Treasuries
anticipated to be in short supply, due to projected budget surpluses, GNMA
(Government National Mortgage Association) securities became the investment
of choice for many. (GNMAs can be subject to risks associated with investing
in mortgage securities, including prepayment risks.) GNMAs, like U.S.
Treasuries, are full faith and credit securities - an important distinction
for investors - and offer competitive yields. (A full faith and credit
backing applies to underlying portfolio securities not Fund shares.)
Q. How did you position the Fund in this environment?
A. We took advantage of the relative value of mortgage-backed securities,
increasing our exposure to GNMAs - a move that benefited the Fund. Healthy
demand for GNMAs helped them to perform well
7
<PAGE>
Pioneer America Income Trust
PORTFOLIO MANAGEMENT DISCUSSION 6/30/00 (continued)
from a total return perspective. In addition, GNMAs continued to offer an
attractive yield advantage over comparable Treasuries. As of June 30, GNMAs
accounted for more than 67% of the portfolio - which is high by the Fund's
historical standards - up from over 58% at year-end. The remaining assets
were invested in U.S. Treasury securities, including longer-term bonds,
which benefited from declining rates and rising prices.
We also pulled back slightly on duration during the first two quarters.
Duration is a measure of a bond's price sensitivity to interest rate
changes. In general, the shorter a bond's duration, the less price
volatility and potential loss of principal in a rising interest rate
environment.
Q. What is your near-term outlook for fixed-income investments and the Fund?
A. Although the economy has shown some signs of slowing, the general consensus
is that growth has remained strong enough that the Federal Reserve will
raise interest rates at least once more this year. If this happens, we may
begin to see greater economic slowing later in 2000 - a positive for the
bond market. Accordingly, we will continue to keep a tight rein on duration
as we add new positions.
And while the past couple of years have been less than exciting for
fixed-income investors, we believe that bonds deserve a place in a
well-diversified portfolio. We don't believe that stocks can continue to
deliver the generous returns that investors have become accustomed to in
recent years. Should the stock market exhibit the volatility of the past
several months and budget surpluses continue, we believe that bond investors
will be rewarded for their patience. Now may be a good time for investors to
consider reallocating a portion of their assets to fixed-income securities.
8
<PAGE>
Pioneer America Income Trust
In our opinion, the Fund is an attractive choice for more conservative
investors looking for solid long-term value and competitive income from the
highest credit quality securities available.
9
<PAGE>
Pioneer America Income Trust
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 98.4%
U.S. GOVERNMENT OBLIGATIONS - 31.2%
$5,590,000 U.S. Treasury Bonds, 9.125%, 5/15/09 $ 6,079,796
2,000,000 U.S. Treasury Bonds, 10.375%, 11/15/09 2,290,300
3,000,000 U.S. Treasury Bonds, 10.0%, 5/15/10 3,433,740
8,000,000 U.S. Treasury Bonds, 7.25%, 5/15/16 8,804,880
7,250,000 U.S. Treasury Bonds, 8.0%, 11/15/21 8,747,270
3,500,000 U.S Treasury Notes, 6.375%, 9/30/01 3,495,065
500,000 U.S Treasury Notes, 5.875%, 11/15/04 492,850
1,750,000 U.S Treasury Notes, 6.875%, 5/15/06 1,801,520
1,250,000 U.S Treasury Notes, 6.625%, 5/15/07 1,277,000
-----------
Total U.S. Government Obligations $36,422,421
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 67.2%
10,141 Government National Mortgage Association,
10.5%, 1/15/01 to 8/15/03 $ 10,333
64,141 Government National Mortgage Association,
9.5%, 12/15/03 65,323
201,181 Government National Mortgage Association,
10.0%, 11/15/18 to 1/15/19 212,670
438,864 Government National Mortgage Association,
9.0%, 9/15/16 to 4/15/20 453,398
369,924 Government National Mortgage Association,
8.5%, 7/15/24 379,401
168,631 Government National Mortgage Association,
6.0%, 10/15/28 155,330
17,059,723 Government National Mortgage Association,
6.5%, 4/15/28 to 10/15/28 16,191,409
14,231,202 Government National Mortgage Association,
7.5%, 2/15/27 to 8/15/29 14,137,792
6,716,811 Government National Mortgage Association,
8.0%, 10/15/14 to 12/15/29 6,798,662
16,516,093 Government National Mortgage Association,
7.0%, 2/15/28 to 1/15/30 16,066,423
193,474 Government National Mortgage Association I,
10.0%, 3/15/20 204,528
3,674,553 Government National Mortgage Association I,
7.5%, 9/15/29 3,649,750
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
$ 999,305 Government National Mortgage Association I,
8.0%, 5/15/30 $ 1,010,607
71,538 Government National Mortgage Association II,
10.0%, 1/20/06 73,207
618,205 Government National Mortgage Association II,
7.49%, 10/20/22 610,091
1,504,169 Government National Mortgage Association II,
9.0%, 3/20/18 to 11/20/24 1,544,994
2,776,631 Government National Mortgage Association II,
7.0%, 2/20/29 2,690,222
1,000,000 Government National Mortgage Association II,
7.5%, 6/20/30 988,880
12,996,256 Government National Mortgage Association II,
8.0%, 5/20/25 to 6/20/30 13,087,651
------------
Total U.S. Government Agency Obligations $ 78,330,671
------------
TOTAL INVESTMENT IN SECURITIES
(Cost $117,016,776) $114,753,092
------------
TEMPORARY CASH INVESTMENT - 1.6%
Repurchase Agreement - 1.6%
1,900,000 Credit Suisse First Boston Group, Inc., 6.5% dated
6/30/00, repurchase price of $1,900,000 plus
accrued interest on 7/3/00, collateralized by
$2,188,000 U.S. Treasury Notes, 6.375%,
8/15/02
TOTAL TEMPORARY CASH INVESTMENT $ 1,900,000
------------
(Cost $1,900,000)
TOTAL INVESTMENT IN SECURITIES AND
TEMPORARY CASH INVESTMENT - 100.0%
(Cost $118,916,776) (a)(b) $116,653,092
============
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer America Income Trust
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited) (continued)
<TABLE>
<S> <C>
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, 2000, the net unrealized loss on investments b ased on cost
for federal income tax purposes of $118,955,991 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $774,060
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (3,076,959)
-----------
Net unrealized loss $(2,302,899)
===========
(b) At Decmember 31, 1999, the Trust had a net capital loss ca rryforward 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 six months ended June 30, 2000 aggregated $30,542,138 and $51,105,142,
respectively.
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
BALANCE SHEET 6/30/00 (unaudited)
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investment of $1,900,000) (cost $118,916,776) $116,653,092
Cash 49,376
Receivables -
Fund shares sold 2,086,352
Interest 849,717
Other 458
------------
Total assets $119,638,995
------------
LIABILITIES:
Payables -
Fund shares repurchased $ 121,784
Dividends 135,463
Due to affiliates 118,288
Accrued expenses 72,962
------------
Total liabilities $ 448,497
------------
NET ASSETS:
Paid-in capital $131,820,621
Accumulated undistributed net investment income 47,281
Accumulated net realized loss on investments (10,413,720)
Net unrealized loss on investments (2,263,684)
------------
Total net assets $119,190,498
============
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $99,126,164/10,512,537 shares) $ 9.43
============
Class B (based on $15,788,137/1,677,242 shares) $ 9.41
============
Class C (based on $4,276,197/454,459 shares) $ 9.41
============
MAXIMUM OFFERING PRICE:
Class A $ 9.87
============
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer America Income Trust
STATEMENT OF OPERATIONS (unaudited)
For the Six Months Ended 6/30/00
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 4,374,756
------------
EXPENSES:
Management fees $304,347
Transfer agent fees
Class A 147,447
Class B 28,089
Class C 8,062
Distribution fees
Class A 126,145
Class B 82,899
Class C 21,214
Administrative fees 18,639
Custodian fees 17,785
Registration fees 24,413
Professional fees 19,259
Printing 8,106
Fees and expenses of nonaffiliated trustees 12,446
Miscellaneous 3,022
--------
Total expenses $ 821,873
Less management fees waived by Pioneer Investment
Management, Inc. (110,708)
Less fees paid indirectly (18,395)
------------
Net expenses $ 692,770
------------
Net investment income $ 3,681,986
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (1,221,954)
Change in net unrealized loss on investments 2,760,644
------------
Net gain on investments $ 1,538,690
------------
Net increase in net assets resulting from operations $ 5,220,676
============
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended 6/30/00 and the Year Ended 12/31/99
<TABLE>
<CAPTION>
Six Months
Ended 6/30/00 Year Ended
(unaudited) 12/31/99
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 3,681,986 $ 8,204,591
Net realized loss on investments (1,221,954) (2,535,201)
Change in net unrealized gain or loss on investments 2,760,644 (9,836,502)
------------- --------------
Net increase (decrease) in net assets resulting
from operations $ 5,220,676 $ (4,167,112)
------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A ($0.29 and $0.55 per share, respectively) $ (3,109,706) $ (6,822,957)
Class B ($0.25 and $0.47 per share, respectively) (439,349) (1,022,504)
Class C ($0.25 and $0.47 per share, respectively) (113,396) (368,171)
------------- --------------
Total distributions to shareholders $ (3,662,451) $ (8,213,632)
------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 50,403,528 $ 94,603,768
Reinvestment of distributions 2,737,379 6,082,057
Cost of shares repurchased (72,097,992) (115,133,507)
------------- --------------
Net decrease in net assets resulting
from fund share transactions $ (18,957,085) $ (14,447,682)
------------- --------------
Net decrease in net assets $ (17,398,860) $ (26,828,426)
NET ASSETS:
Beginning of period 136,589,358 163,417,784
------------- --------------
End of period (including accumulated undistributed
net investment income of $47,281 and $27,746,
respectively) $ 119,190,498 $ 136,589,358
============= ==============
</TABLE>
<TABLE>
<CAPTION>
'00 Shares '00 Amount
CLASS A (unaudited) (unaudited) '99 Shares '99 Amount
<S> <C> <C> <C> <C>
Shares sold 4,043,519 $ 37,787,032 8,061,406 $79,323,896
Reinvestment of distributions 251,588 2,348,305 539,447 5,190,686
Less shares repurchased (5,743,539) (53,571,809) (9,401,649) (92,135,263)
---------- ------------ ---------- -----------
Net decrease (1,448,432) $(13,436,472) (800,796) $(7,620,681)
========== ============ ========== ===========
CLASS B
Shares sold 873,917 $ 8,250,371 1,095,455 $10,618,307
Reinvestment of distributions 32,946 306,872 72,923 699,032
Less shares repurchased (1,351,542) (12,670,833) (1,290,255) (12,492,019)
---------- ------------ ---------- -----------
Net decrease (444,679) $ (4,113,590) (121,877) $(1,174,680)
========== ============ ========== ===========
CLASS C
Shares sold 463,731 $ 4,366,125 483,216 $ 4,661,565
Reinvestment of distributions 8,829 82,202 20,092 192,339
Less shares repurchased (625,094) (5,855,350) (1,076,979) (10,506,225)
---------- ------------ ---------- -----------
Net decrease (152,534) $ (1,407,023) (573,671) $(5,652,321)
========== ============ ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer America Income Trust
FINANCIAL HIGHLIGHTS 6/30/00
<TABLE>
<CAPTION>
Six Months Ended
6/30/00 Year Ended
(unaudited) 12/31/99
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 9.30 $ 10.10
------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.29 $ 0.55
Net realized and unrealized gain (loss) on investments 0.13 (0.80)
------- --------
Net increase (decrease) from investment operations $ 0.42 $ (0.25)
Distributions to shareholders:
Net investment income (0.29) (0.55)
------- --------
Net increase (decrease) in net asset value $ 0.13 $ (0.80)
------- --------
Net asset value, end of period $ 9.43 $ 9.30
======= ========
Total return* 4.54% (2.52)%
Ratio of net expenses to average net assets+ 1.03%** 1.01%
Ratio of net investment income to average net assets+ 6.16%** 5.63%
Portfolio turnover rate 51%** 72%
Net assets, end of period (in thousands) $99,126 $111,262
Ratios assuming no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 1.21%** 1.14%
Net investment income 5.98%** 5.50%
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.00%** 1.00%
Net investment income 6.19%** 5.64%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 9.93 $ 9.77 $ 10.20 $ 9.41
-------- -------- -------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.58 $ 0.64 $ 0.64 $ 0.68
Net realized and unrealized gain (loss) on investments 0.17 0.16 (0.43) 0.79
-------- -------- -------- --------
Net increase (decrease) from investment operations $ 0.75 $ 0.80 $ 0.21 $ 1.47
Distributions to shareholders:
Net investment income (0.58) (0.64) (0.64) (0.68)
-------- -------- -------- --------
Net increase (decrease) in net asset value $ 0.17 $ 0.16 $ (0.43) $ 0.79
-------- -------- -------- --------
Net asset value, end of period $ 10.10 $ 9.93 $ 9.77 $ 10.20
======== ======== ======== ========
Total return* 7.78% 8.51% 2.29% 16.06%
Ratio of net expenses to average net assets+ 1.00% 1.02% 1.01% 1.02%
Ratio of net investment income to average net assets+ 5.80% 6.55% 6.51% 6.85%
Portfolio turnover rate 81% 63% 43% 62%
Net assets, end of period (in thousands) $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 1.10% 1.14% 1.17% 1.22%
Net investment income 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%
Net investment income 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.
**Annualized.
+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 6/30/00
<TABLE>
<CAPTION>
Six Months Ended
6/30/00 Year Ended
(unaudited) 12/31/99
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 9.28 $ 10.07
------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.47
Net realized and unrealized gain (loss) on investments 0.13 (0.79)
------- -------
Net increase (decrease) from investment operations $ 0.38 $ (0.32)
Distributions to shareholders:
Net investment income (0.25) (0.47)
------- -------
Net increase (decrease) in net asset value $ 0.13 $ (0.79)
------- -------
Net asset value, end of period $ 9.41 $ 9.28
======= =======
Total return* 4.10% (3.24)%
Ratio of net expenses to average net assets+ 1.83%** 1.78%
Ratio of net investment income to average net assets+ 5.37%** 4.87%
Portfolio turnover rate 51%** 72%
Net assets, end of period (in thousands) $15,788 $19,695
Ratios assuming no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 2.01%** 1.91%
Net investment income 5.19%** 4.74%
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.80%** 1.76%
Net investment income 5.40%** 4.89%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 9.90 $ 9.75 $10.17 $ 9.40
------ ------ ------ ------
Increase (decrease) from investment operations:
Net investment income $ 0.51 $ 0.57 $ 0.57 $ 0.61
Net realized and unrealized gain (loss) on investments 0.17 0.15 (0.42) 0.77
------ ------ ------ ------
Net increase (decrease) from investment operations $ 0.68 $ 0.72 $ 0.15 $ 1.38
Distributions to shareholders:
Net investment income (0.51) (0.57) (0.57) (0.61)
------ ------ ------ ------
Net increase (decrease) in net asset value $ 0.17 $ 0.15 $(0.42) $ 0.77
------ ------ ------ ------
Net asset value, end of period $10.07 $ 9.90 $ 9.75 $10.17
====== ====== ====== ======
Total return* 7.08% 7.61% 1.59% 15.08%
Ratio of net expenses to average net assets+ 1.74% 1.77% 1.75% 1.77%
Ratio of net investment income to average net assets+ 4.99% 5.78% 5.78% 5.92%
Portfolio turnover rate 81% 63% 43% 62%
Net assets, end of period (in thousands) $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 1.81% 1.90% 1.91% 1.97%
Net investment income 4.92% 5.65% 5.62% 5.72%
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.72% 1.75% 1.73% 1.72%
Net investment income 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.
**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
FINANCIAL HIGHLIGHTS 6/30/00
<TABLE>
<CAPTION>
Six Months Ended
6/30/00 Year Ended Year Ended Year Ended 1/31/96 to
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96
<S> <C> <C> <C> <C> <C>
CLASS C
Net asset value, beginning of period $ 9.28 $10.07 $ 9.90 $ 9.74 $10.16
------ ------ ------- ------ ------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.47 $ 0.52 $ 0.57 $ 0.52
Net realized and unrealized gain (loss) on investments 0.13 (0.79) 0.17 0.16 (0.42)
------ ------ ------- ------ ------
Net increase (decrease) from investment operations $ 0.38 $(0.32) $ 0.69 $ 0.73 $ 0.10
Distributions to shareholders:
Net investment income (0.25) (0.47) (0.52) (0.57) (0.52)
------ ------ ------- ------ ------
Net increase (decrease) in net asset value $ 0.13 $(0.79) $ 0.17 $ 0.16 $(0.42)
------ ------ ------- ------ ------
Net asset value, end of period $ 9.41 $ 9.28 $ 10.07 $ 9.90 $ 9.74
====== ====== ======= ====== ======
Total return* 4.14% (3.19)% 7.09% 7.78% 1.04%
Ratio of net expenses to average net assets+ 1.87%** 1.73% 1.65% 1.73% 1.80%**
Ratio of net investment income to average net assets+ 5.32%** 4.88% 4.97% 5.74% 5.73%**
Portfolio turnover rate 51%** 72% 81% 63% 43%
Net assets, end of period (in thousands) $4,276 $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 2.05%** 1.85% 1.70% 1.85% 1.95%**
Net investment income 5.14%** 4.76% 4.92% 5.62% 5.58%**
Ratios assuming waiver of management fees by
PIM and reduction for fees paid indirectly:
Net expenses 1.83%** 1.70% 1.62% 1.68% 1.76%**
Net investment income 5.36%** 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.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer America Income Trust
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited)
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 as of 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
19
<PAGE>
Pioneer America Income Trust
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited) (continued)
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 as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Trust and an indirect subsidiary of The Pioneer Group, Inc. (PGI), earned
$2,557 in underwriting commissions on the sale of fund shares during the six
months ended June 30, 2000.
D. Class Allocations
Distribution fees are calculated based on the average daily net asset values
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.
20
<PAGE>
Pioneer America Income Trust
The Trust declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareholders are recorded as of the ex-dividend
date. Distributions paid by the Trust with respect to each class of shares
are calculated in the same manner, at the same time, and in the same amount,
except that Class A, Class B and Class C shares can bear different transfer
agent and distribution fees.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the 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 reporting and insurance
premiums, are paid by the Trust. At June 30, 2000, $43,370 was payable to PIM
related to management fees, administrative fees and certain other services.
21
<PAGE>
Pioneer America Income Trust
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited) (continued)
3. Transfer Agent
PSC, a wholly owned subsidiary of PGI, provides substantially all transfer agent
and shareholder services to the Trust at negotiated rates. Included in due to
affiliates is $39,916 in transfer agent fees payable to PSC at June 30, 2000.
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 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 $35,002
in distribution fees payable to PFD at June 30, 2000.
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 six months ended June 30, 2000, CDSCs in the amount of $48,083 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 six months ended June 30, 2000,
the Trust's expenses were reduced by $18,395 under such arrangements.
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 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.
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 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 became
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 $10,500 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 the plan; it resembles the
traditional 401(k), but has no 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 certain 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
professional, 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 Growth Shares
Pioneer Micro-Cap Fund
Pioneer Mid-Cap Fund
Pioneer Mid-Cap Value Fund
Pioneer Science & Technology 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 High Yield 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, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
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
8634-00-0800
(C) Pioneer Funds Distributor, Inc.
[Recycle Logo] Printed on Recycled Paper
