<PAGE>
[PIONEER LOGO]
Pioneer Indo-Asia
Fund*
ANNUAL REPORT 10/31/98
*Formerly Pioneer India Fund
<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 9
Financial Statements 15
Notes to Financial Statements 21
Report of Independent Public Accountants 28
Results of Shareowner Meeting 29
Trustees, Officers and Service Providers 31
Retirement Plans from Pioneer 32
Programs & Services 34
A Salute to Pioneer Fund 36
The Pioneer Family of Mutual Funds 37
</TABLE>
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 10/31/98
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
I am pleased to introduce this report for Pioneer Indo-Asia Fund, covering the
fiscal year ended October 31, 1998. Thank you for your investment with Pioneer,
and I appreciate this opportunity to comment briefly on the world of finance. I
would also like to thank you for voting on the proposals put forth earlier in
the year. Please see the results on page 30.
Change is inevitable and the future uncertain. Seventy years of experience in an
up and down investment world tells us that. And so, after much deliberation and
not a little research, we concluded that it was time to broaden the investment
focus of Pioneer India Fund to include significant portions of Indo-Asia. As an
India-only investment, your Fund was a stalwart performer among its peers.
However, we felt it was in the best interest of shareowners to invest across a
variety of markets as opposed to the focus of a single-country fund. Our
research has pointed to incredible potential values throughout Asia, not just
India. So we expanded the scope of the Fund with your approval.
At Pioneer, we believe the success of long-term investing has most often been
determined by discipline, patience and clear thinking. We are conservative
investors who believe in the value of compounding and long-term appreciation.
However, this does not mean that a company that has invested in an ever-changing
marketplace for more than 70 years cannot recognize a new opportunity when it
sees it.
I encourage you to read on and learn more about Pioneer Indo-Asia Fund. Please
pay special attention to the portfolio manager's discussion as it provides you
with a look into the nuts and bolts of your Fund's new portfolio. If you have
questions about your Fund, please contact your investment professional, or call
Pioneer at 1-800-225-6292.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.,
Chairman and President
1
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 10/31/98
- --------------------------------------------------------------------------------
P o r t f o l i o D i v e r s i f i c a t i o n
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
<TABLE>
<S> <C>
International Common Stocks 77%
Short-Term Cash Equivalents 9%
Depositary Receipts
for International
Stocks 6%
U.S. Common Stocks 6%
Warrants 2%
</TABLE>
G e o g r a p h i c a l D i s t r i b u t i o n
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
Hong Kong 32% Thailand 4%
India 22% Australia 3%
Singapore 16% Indonesia 2%
Taiwan 8% People's Republic of China 2%
United States 6% Pakistan 1%
Philippines 4%
</TABLE>
1 0 L a r g e s t H o l d i n g s
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. Korea Fund, Inc. 5.76% 6. Hutchison Whampoa Ltd. 2.84%
2. Cheung Kong Holdings 3.85 7. Sun Hung 2.47
Ltd. Kai Properties Ltd.
3. IDT International Ltd. 3.37 8. Keppel Corp. 2.30
4. Development Bank of 3.27 9. City Developments Ltd. 2.21
Singapore
5. NIIT Ltd. 3.20 10. Housing Development 2.20
Finance Corp.
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/98 CLASS A SHARES
- --------------------------------------------------------------------------------
S h a r e P r i c e s a n d D i s t r i b u t i o n s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 10/31/98 10/31/97
$ 6.28 $ 7.14
Distributions per Share Income Short-Term Long-Term
(10/31/97-10/31/98) Dividends Capital Gains Capital Gains
- - -
</TABLE>
I n v e s t m e n t R e t u r n s
- --------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Indo-Asia Fund at public offering price, compared to the growth of
the MSCI All Country Asia Free Ex-Japan Index and the MSCI Emerging Markets Asia
Free Index.
<TABLE>
<CAPTION>
Class A Mountain Chart Plot Points
<S> <C> <C>
9425 10000 10000
9574 10519 10364
9246 11313 11317
7620 8995 9087
7538 9605 9306
7981 10716 10425
6955 10166 9455
6520 11237 9924
8252 11855 11035
6988 10695 9746
5707 10994 9613
5772 11711 10154
6093 10977 9676
6914 11993 9903
5863 7639 6140
4672 6257 4894
5797 6817 5419
4721 4998 3921
5157 5725 3822
</TABLE>
Pioneer Indo-Asia Fund*
MSCI All Country Asia Free
Ex-Japan
MSCI Emerging Markets
Asia Free Index
Average Annual Total Returns
(As of October 31, 1998)
<TABLE>
<CAPTION>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund -12.92% -14.09%
(6/23/94)
1 Year -12.04 -17.15
</TABLE>
* Reflects deduction of the maximum
5.75% sales charge at the beginning
of the period and assumes reinvest-
ment of distributions at net asset
value.
+ Index comparisons begin 6/30/94. The Morgan Stanley Capital International
(MSCI) All Country Asia Free Ex-Japan Index is an unmanaged,
capitalization-weighted measure of securities trading in China Free, Hong Kong,
India, Indonesia Free, Korea @ 50%, Malaysia Free, Pakistan, Philippines Free,
Singapore Free, Sri Lanka, Taiwan @ 50%, and Thailand Free; it reflects only
those securities available to foreign investors. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. Prior to October 1, 1998, the Fund
primarily invested in securities of Indian issuers and its comparative index was
the MSCI Emerging Markets Asia Free Index. You cannot invest directly in either
Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
3
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/98 CLASS B SHARES
- --------------------------------------------------------------------------------
S h a r e P r i c e s a n d D i s t r i b u t i o n s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 10/31/98 10/31/97
$ 6.08 $ 6.96
Distributions per Share Income Short-Term Long-Term
(10/31/97 - 10/31/98) Dividends Capital Gains Capital Gains
- - -
</TABLE>
I n v e s t m e n t R e t u r n s
- --------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Indo-Asia Fund, compared to the growth of the MSCI All Country Asia
Free Ex-Japan Index and the MSCI Emerging Markets Asia Free Index.
<TABLE>
<CAPTION>
Class B Mountain Chart Plot Points
<S> <C> <C>
10000 10000 10000
10157 10519 10364
9783 11313 11317
8048 8995 9087
7944 9605 9306
8396 10716 10425
7309 10166 9455
6839 11237 9924
8614 11855 11035
7283 10695 9746
5925 10994 9613
5995 11711 10154
6308 10977 9676
7152 11993 9903
6056 7639 6140
4820 6257 4894
5977 6817 5419
4855 4998 3921
5184 5725 3822
</TABLE>
Pioneer Indo-Asia Fund*
MSCI All Country Asia Free
Ex-Japan
MSCI Emerging Markets
Asia Free Index
Average Annual Total Returns
(As of October 31, 1998)
<TABLE>
<CAPTION>
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund -13.59% -13.99%
(6/23/94)
1 Year -12.64 -16.14
</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.
+ Index comparisons begin 6/30/94. The Morgan Stanley Capital International
(MSCI) All Country Asia Free Ex-Japan Index is an unmanaged,
capitalization-weighted measure of securities trading in China Free, Hong Kong,
India, Indonesia Free, Korea @ 50%, Malaysia Free, Pakistan, Philippines Free,
Singapore Free, Sri Lanka, Taiwan @ 50%, and Thailand Free; it reflects only
those securities available to foreign investors. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. Prior to October 1, 1998, the Fund
primarily invested in securities of Indian issuers and its comparative index was
the MSCI Emerging Markets Asia Free Index. You cannot invest directly in either
Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
4
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/98 CLASS C SHARES
- --------------------------------------------------------------------------------
S h a r e P r i c e s a n d D i s t r i b u t i o n s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 10/31/98 10/31/97
$ 6.00 $ 6.93
Distributions per Share Income Short-Term Long-Term
(10/31/97 - 10/31/98) Dividends Capital Gains Capital Gains
- - -
</TABLE>
I n v e s t m e n t R e t u r n s
- --------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made
in Pioneer Indo-Asia Fund, compared to the growth of the MSCI All Country Asia
Free Ex-Japan Index and the MSCI Emerging Markets Asia Free Index.
<TABLE>
<CAPTION>
Class C Mountain Chart Plot Points
<S> <C> <C>
10000 10000 10000
12548 10550 11119
10611 9517 9820
8637 9784 9686
8739 10422 10231
9197 9769 9750
10433 10673 9979
8828 6798 6187
7019 5568 4931
8713 6067 5461
7045 4448 3951
7643 5095 3851
</TABLE>
Pioneer Indo-Asia Fund*
MSCI All Country Asia Free
Ex-Japan
MSCI Emerging Markets
Asia Free Index
Average Annual Total Returns
(As of October 31, 1998)
<TABLE>
<CAPTION>
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund -9.31% -9.31%
(1/31/96)
1 Year -13.42 -13.42
</TABLE>
* Assumes reinvestment of distributions.
The 1% contingent deferred sales
charge (CDSC) applies to investments
sold within one year of purchase.
The Morgan Stanley Capital International (MSCI) All Country Asia Free Ex-Japan
Index is an unmanaged, capitalization-weighted measure of securities trading in
China Free, Hong Kong, India, Indonesia Free, Korea @ 50%, Malaysia Free,
Pakistan, Philippines Free, Singapore Free, Sri Lanka, Taiwan @ 50%, and
Thailand Free; it reflects only those securities available to foreign investors.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. Prior
to October 1, 1998, the Fund primarily invested in securities of Indian issuers
and its comparative index was the MSCI Emerging Markets Asia Free Index. You
cannot invest directly in either Index.
Past performance does not guarantee future results. Returns and share prices
fluctuate, and your shares, when redeemed, may be worth more or less than their
original cost.
5
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 10/31/98
- --------------------------------------------------------------------------------
The successful conversion of the Fund's investment focus from India to Indo-Asia
is the dominant topic in the following interview with Christopher D. Lively,
portfolio manager of the Fund. Mr. Lively handles the day-to-day management of
the Fund and was instrumental in converting to its new investment strategy.
Q: How did the conversion affect the Fund's performance?
A: Over the entire fiscal year the Fund returned -12.0% outperforming the
-24.4% average of the 84 funds in the Lipper Pacific ex-Japan category. The
Fund converted from India to Indo-Asia on October 1. Since then, shareowners
have enjoyed positive returns. Class A Shares returned 12.3% at net asset
value for the month ended October 31, 1998, while the 88 funds in the Lipper
Pacific ex-Japan category had an average return of 16.3%. (Lipper Analytical
Services, Inc. is an independent research firm that tracks mutual fund
performance.)
Q: Why change the Fund's investment focus from India to Indo-Asia?
A: Broadening the Fund's investment range provides better, more diversified,
investment opportunities for the portfolio. We believe that the most
exciting Asian recovery stories will happen in many different places. Even
in the less developed countries of the region such as Thailand and the
Philippines, we believe we now have the opportunity to buy stocks that,
despite higher risk, will benefit from improving fundamentals and greater
financial disclosure. While in countries such as Hong Kong and Singapore,
there is a history of capable legal, banking and administrative systems. The
lack of these broad country-wide fundamentals generally defines the greater
risk of investing overseas, especially in emerging markets.
Some of the countries the Fund may now invest in are Australia, China, Hong
Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore,
Sri Lanka, Taiwan and Thailand.
Q: Will the Fund continue to invest in India?
A: Yes. We continue to believe in India's long-term prospects. It is a dynamic
nation with some very interesting, very well-run companies.
6
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
As of October 31, 22% of the portfolio's equity assets are still invested
there. That allocation is expected eventually to drop to around 10% as we
align ourselves more closely with the Fund's comparative index and seek
opportunities elsewhere in Asia.
In India, we continue to favor the pharmaceutical and software industries.
India's pharmaceutical companies are high growth companies that tend to be
less affected by cyclical swings in the national economy, while its software
companies are competitive worldwide. The Fund's holdings include, among
others, top ten company NIIT, one of world's largest educational multimedia
developers and the first independent course developer Microsoft has used
outside the United States, and Pfizer, the Indian subsidiary of the U.S.
pharmaceutical giant. The Fund also maintains a presence in the Indian
telecom industry with familiar names from the past, Videsh Sanchar Nigam and
Mahanagar Telephone Nigam.
However, to move forward and make room for holdings outside of India, we
have sold most of our holdings in the Indian hotel sector and the Indian
energy sector including Bharat Petroleum and Madras Refineries among others.
In anticipation of lower commodities prices, we have kept the Fund's
position in energy smaller than in the past. We have significantly increased
the Fund's exposure to the financial sector in Asia but eliminated a
majority of our position in India's financial sector including State Bank of
India. Again, these changes and others allowed us to invest in many of the
underpriced, quality companies outside of India that we believe will
eventually benefit the Fund.
Q: Who are some of these quality companies?
A: Many of Singapore's banks are a good example. First, the country has a
healthy current account surplus and the currency there is relatively strong.
In general, there are not the same threats to Singapore's banks as there are
for other countries in the region. The banks also have a history of strong,
conservative management. Prices for these financial companies fell unfairly
with the rest of Asia in the past year and we see them as a real
opportunity. One of the Fund's early top ten holdings is Development Bank of
Singapore.
7
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 10/31/98 (continued)
- --------------------------------------------------------------------------------
Telecommunications holds promise throughout Asia. Right now, stocks for
cellular companies are much cheaper in Asia than other parts of the world.
Smartone, a recent acquisition for the Fund, is one of the top three
cellular phone companies in Hong Kong and has excellent potential for
expansion into Taiwan and China. Another Hong Kong based company, Hutchison
Whampoa, is one of the Fund's top ten holdings and a multi-business
conglomerate with large interests in mobile telephony. It is well positioned
to benefit from the growing market in China and elsewhere in the region.
Outsourcing - companies that manufacture goods for large multinational
businesses such as Dell or Walmart - is a theme that runs through the new
portfolio. Taiwan Semiconductor Manufacturing, which has been doing work for
U.S. based fabless semiconductor companies, and Li & Fung (Hong Kong), a
supplier for the Gap, are two examples.
Q: Going forward, what are the prospects for the Asia and how do you plan to
invest in that environment?
A: We believe the region, however slowly, is on the way back from a tumultuous
period of economic recession and destabilized currencies. Long term,
prospects are looking up. Investor attitudes seem to have turned from
outright fear to cautious interest. Korea and Thailand are making progress
with bank reforms, working with the International Monetary Fund. Currencies
are stabilizing throughout the region. We are also seeing companies - much
the way European enterprises have - begin to build value for stockholders by
restructuring balance sheets and positioning themselves to be competitive
locally and globally.
Although we see great potential in Asia, we move forward with cautious
optimism. Strong research is crucial in this still volatile investing
environment, and we continue to screen each company carefully before making
any investment decisions. With that in mind, we look forward to an exciting
year in 1999.
8
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 91.3%
COMMON STOCKS - 89.5%
Basic Materials - 5.4%
Agricultural Products - 0.4%
2,500 Novartis India Ltd. $ 41,017
--------
Aluminum - 0.8%
100 Hindalco Industries Ltd. $ 1,207
197,900 National Aluminum Co. Ltd. 80,795
--------
$ 82,002
--------
Chemicals (Specialty) - 1.0%
25 Ciba Specialty Chemicals* $ 80
100 Reliance Industries Ltd. 260
19,600 Reliance Industries Ltd. (G.D.R.) 99,960
--------
$100,300
--------
Construction (Cements & Aggregates) - 0.9%
63,000 PT Semen Gresik TBK $ 51,395
3,800 Siam Cement Public Co., Ltd.* 47,571
--------
$ 98,966
--------
Iron & Steel - 1.1%
163,000 China Steel Corp. $110,594
250 Tata Iron & Steel Co. Ltd. 490
--------
$111,084
--------
Metals & Mining - 1.2%
15,500 WMC Ltd. $ 52,631
400,000 Yanzhou Coal Mining Co. (Class H) 78,502
--------
$131,133
--------
Total Basic Materials $564,502
--------
Capital Goods - 1.4%
Electrical Equipment - 0.9%
17,000 Bharat Heavy Electricals Ltd.* $ 94,879
--------
Engineering & Construction - 0.4%
7,000 Larsen & Toubro Ltd. (G.D.R.) $ 47,250
--------
Manufacturing (Diversified) - 0.1%
142 ABB Asea Brown Boveri Ltd. $ 1,766
93 SKF Bearings India Ltd. 1,514
--------
$ 3,280
--------
Total Capital Goods $145,409
--------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/98 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Communication Services - 11.1%
Cellular/Wireless Telecommunications - 4.6%
38,000 Hutchison Whampoa Ltd. $ 272,305
54,000 Smartone Telecommunications Inc. 153,389
41,500 Total Access Communication Ltd.* 54,365
----------
$ 480,059
----------
Telephone - 6.5%
50,400 Hong Kong Telecommunications Ltd. $ 100,865
14,000 Mahanagar Telephone Nigam Ltd.* 153,650
22,500 Mahanagar Telephone Nigam Ltd. (G.D.R.) 97,434
5,200 Philippine Long Distance Telephone Co. (A.D.R.) 126,750
9,500 PT Indonesian Satellite Corp. 99,156
5,000 Videsh Sanchar Nigam Ltd. (G.D.R.) 52,375
3,000 Videsh Sanchar Nigam Ltd. 52,035
----------
$ 682,265
----------
Total Communication Services $1,162,324
----------
Consumer Cyclicals - 7.3%
Automobiles - 0.5%
3,550 Bajaj Auto Ltd. $ 47,333
----------
Hotel/Restaurant - 0.0%
269 East India Hotels Ltd.* $ 1,530
----------
Household Furniture & Appliances - 0.8%
95,000 Guangdong Kelon Electronics Holdings Inc. (Class H) $ 80,955
----------
Publishing - 2.3%
8,300 News Corp. Ltd. $ 56,740
21,600 Singapore Press Holdings 187,134
----------
$ 243,874
----------
Retail - 3.0%
704,000 Giordano International Ltd. $ 84,535
55,600 Jardine Matheson Holdings Ltd. 155,680
21,500 Woolworths Ltd. 75,708
----------
$ 315,923
----------
Textiles - 0.7%
38,000 Nien Hsing Textile Co. Ltd.* $ 77,934
----------
Total Consumer Cyclicals $ 767,549
----------
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Consumer Staples - 9.3%
Beverages - 0.9%
25,500 Coca-Cola Amatil Ltd. $ 94,211
--------
Broadcasting - 0.5%
20,000 Television Broadcasts Ltd. $ 53,196
--------
Distributors (Food/Health) - 1.0%
66,000 Li & Fung Ltd. $103,112
--------
Foods - 2.1%
47,000 Cerebos Pacific Ltd. $ 85,481
64,000 Standard Foods Taiwan Ltd. 130,270
--------
$215,751
--------
Personal Care - 1.0%
2,850 Hindustan Lever Ltd. $107,812
--------
Restaurants - 1.0%
314,000 Cafe' de Coral Holdings Ltd. $107,437
--------
Retail Stores (Food Chains) - 2.8%
141,000 Dairy Farm International Holdings Ltd. $173,430
39,000 President Chain Store Corp. 124,487
--------
$297,917
--------
Total Consumer Staples $979,436
--------
Energy - 3.5%
Oil & Gas - 3.5%
11,000 Cochin Refineries Ltd. $ 34,629
6,000 Gulf Indonesia Resources Ltd.* 59,250
21,700 Hindustan Petroleum Corp. Ltd. 142,362
31,000 Oil & Natural Gas Commission Ltd. 129,121
--------
Total Energy $365,362
--------
Financial - 29.7%
Banks (Major Regional) - 6.2%
50,000 Bangkok Bank Ltd. $ 76,201
4,000 Bank of India 2,124
76,000 Dah Sing Financial Group 133,454
50,000 Development Bank of Singapore 313,364
155,000 National Finance Public Co.* 41,761
71,000 Thai Farmers Bank Ltd.* 89,849
--------
$656,753
--------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/98 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Financial (Diversified) - 21.7%
453,000 Ayala Corp. $ 115,074
54,000 Cheung Kong Holdings Ltd. 369,529
58,600 City Developments Ltd. 212,436
4,000 Housing Development Finance Corp. 210,667
6,800 HSBC Holdings Plc 155,842
43,990 Industrial Credit & Investment Corp. of India Ltd 41,940
110,000 Keppel Corp. 220,338
66,500 Korea Fund, Inc.* 552,781
25,000 Pakistan Investment Fund, Inc. 39,063
34,000 Sun Hung Kai Properties Ltd. 237,056
78,000 Wharf Holdings Ltd. 123,873
----------
$2,278,599
----------
Insurance (Multi-Line) - 1.8%
16,000 Cathay Life Insurance Co. $ 56,500
198,000 National Mutual Asia Ltd. 135,494
----------
$ 191,994
----------
Total Financial $3,127,346
----------
Healthcare - 2.2%
Healthcare (Diversified) - 2.2%
2,350 Cipla Ltd. $ 50,452
3,025 Glaxo India Ltd. 32,409
50 Hoechst Marion Roussel Ltd. 362
4,600 Knoll Pharmaceuticals Ltd. 45,132
7,975 Merck & Co., Ltd. 56,178
3,200 Pfizer Ltd. 51,030
50 Ranbaxy Laboratories Ltd. 597
----------
Total Healthcare $ 236,160
----------
Technology - 13.6%
Computer Services - 5.5%
180,000 Informatics Holdings Ltd. $ 56,958
800 Infosys Technologies Ltd. 43,988
3,200 Maars Software International Ltd. 12,332
10,000 NIIT Ltd. 307,257
100 Pentafour Software & Exports Ltd. 1,541
3,000 Pentafour Software & Exports Ltd. (G.D.R.) 45,000
3,810 Satyam Computer Services Ltd. 53,317
69,000 ST Computer System & Service 54,691
----------
$ 575,084
----------
</TABLE>
12 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Electronics - 8.1%
13,000 Compal Electronics Inc.* $ 40,493
10,000 Elec & Eltek International Co. Ltd. 50,000
127,000 IDT Holdings Singapore Ltd. 97,155
2,480,000 IDT International Ltd. 323,409
38,000 Phoenixtec Power, Ltd.* 80,278
34,000 Siliconware Precision Industries Co., Ltd.* 54,526
26,000 Taiwan Semiconductor Manafacturing Co.* 52,521
53,000 Varitronix International Ltd. 100,594
15,000 Venture Manafacturing Ltd. 49,770
----------
$ 848,746
----------
Total Technology $1,423,830
----------
Transportation - 3.2%
Airlines - 3.2%
28,000 Singapore Airlines Inc. $ 172,043
31,000 Swire Pacific Ltd. 164,506
----------
Total Transportation $ 336,549
----------
Utilities - 2.8%
Electric Companies - 2.8%
550 BSES Ltd. $ 1,942
31,500 CLP Holdings Ltd. 176,920
19,200 Electricity Generating Public Co.* 50,684
13,000 Shandong Huaneng Power Co., Ltd. (G.D.R.) 66,625
----------
Total Utilities $ 296,171
----------
Total Common Stocks
(Cost $8,661,173) $9,404,638
----------
WARRANTS - 1.8%
431,500 Queenbee Restaurants Inc., 3/24/03* $ 192,491
----------
Total Warrants
(Cost $90,992) $ 192,491
----------
TOTAL INVESTMENT IN SECURITIES
(Cost $8,752,165) (a) $9,597,129
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/98 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
TEMPORARY CASH INVESTMENTS - 8.7%
$ 400,000 American Express Credit Corp. 5.35%, 11/2/98 $ 400,000
520,000 Household Finance Corp. 5.50%, 11/3/98 520,000
-----------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $920,000) $ 920,000
-----------
TOTAL INVESTMENT IN SECURITIES AND
TEMPORARY CASH INVESTMENTS - 100%
(Cost $9,672,165) (b)(c) $10,517,129
===========
</TABLE>
* Non-income producing security.
(a) Distribution of investments by country of issue, as a percentage of total
equity holdings, is as follows:
<TABLE>
<S> <C>
Hong Kong 32%
India 22%
Singapore 16%
Taiwan 8%
United States 6%
Philippines 4%
Thailand 4%
Australia 3%
Indonesia 2%
People's Republic of China 2%
Pakistan 1%
----
100%
====
</TABLE>
(b) At October 31, 1998, the net unrealized gain on
investments based on cost for federal income tax
purposes of $9,673,439 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost. $ 1,681,825
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (838,825)
-----------
Net unrealized gain $ 843,690
===========
(c) At October 31, 1998, the Fund had a capital loss carry forward of
$14,357,643 which will expire between 2002 and 2006 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 1998 aggregated $12,915,187 and $20,971,969 respectively.
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 10/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investment in securities, at value (including temporary cash
investments of $920,000) (cost $9,672,165) $10,517,129
Cash 896
Foreign currencies, at value 349,521
Receivables -
Investment securities sold 364,277
Fund shares sold 11,439
Dividends, interest and foreign taxes withheld 41,348
Due from Pioneer Investment Management, Inc. 27,873
Forward foreign currency settlement hedge contracts 1,554
Other 3,694
-----------
Total assets $11,317,731
-----------
LIABILITIES:
Payables -
Investment securities purchased $ 178,764
Fund shares repurchased 127,731
Forward foreign currency portfolio hedge contracts, net 82,403
Due to affiliates 17,251
Accrued expenses 110,605
-----------
Total liabilities $ 516,754
-----------
NET ASSETS:
Paid-in capital $24,400,404
Accumulated net investment loss (1,541)
Accumulated net realized loss on investments
and foreign currency transactions (14,358,917)
Net unrealized gain on investments 844,964
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (83,933)
-----------
Total net assets $10,800,977
===========
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $5,229,512/832,652 shares) $ 6.28
===========
Class B (based on $5,035,549/827,792 shares) $ 6.08
===========
Class C (based on $535,916/89,265 shares) $ 6.00
===========
MAXIMUM OFFERING PRICE:
Class A $ 6.66
===========
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended 10/31/98
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Dividends (net of foreign taxes withheld of $6,544) $ 224,227
Interest (net of foreign taxes withheld of $43) 13,494
------------
Total investment income $ 237,721
------------
EXPENSES:
Management fees $ 165,913
Transfer agent fees
Class A 53,299
Class B 36,172
Class C 3,372
Distribution fees
Class A 11,935
Class B 64,197
Class C 5,586
Accounting 28,333
Custodian fees 160,609
Registration fees 57,723
Professional fees 111,257
Printing 17,677
Fees and expenses of nonaffiliated trustees 20,405
Miscellaneous 15,159
------------
Total expenses $ 751,637
Less management fees waived and expenses
reimbursed by Pioneer Investment Management, Inc. (407,865)
Less fees paid indirectly (7,319)
------------
Net expenses $ 336,453
------------
Net investment loss $ (98,732)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss from:
Investments $ (6,894,775)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (240,362) $ (7,135,137)
------------ ------------
Change in net unrealized loss from:
Investments $ 4,851,162
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (79,239) $ 4,771,923
------------ ------------
Net loss on investments and foreign currency transactions $ (2,363,214)
------------
Net decrease in net assets resulting from operations $ (2,461,946)
============
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Years Ended 10/31/98 and 10/31/97
<TABLE>
<CAPTION>
<S> <C> <C>
Year Ended Year Ended
FROM OPERATIONS: 10/31/98 10/31/97
Net investment loss $ (98,732) $ (67,235)
Net realized loss on investments and foreign currency
transactions (7,135,137) (4,655,748)
Change in net unrealized gain on investments and foreign
currency transactions 4,771,923 5,135,041
----------- -----------
Net increase (decrease) in net assets resulting from
operations $(2,461,946) $ 412,058
----------- -----------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 5,656,252 $14,323,444
Cost of shares repurchased (12,434,423) (15,914,676)
----------- -----------
Net decrease in net assets resulting from
fund share transactions $(6,778,171) $(1,591,232)
----------- -----------
Net decrease in net assets $(9,240,117) $(1,179,174)
NET ASSETS:
Beginning of year 20,041,094 21,220,268
----------- -----------
End of year (including accumulated net investment loss of
$1,541 and $0, respectively) $10,800,977 $20,041,094
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CLASS A '98 Shares '98 Amount '97 Shares '97 Amount
Shares sold 604,454 $ 3,887,954 1,176,102 $ 8,627,795
Less shares repurchased (1,151,732) (7,275,852) (1,582,733) (11,400,215)
---------- ----------- ---------- -----------
Net decrease (547,278) $(3,387,898) (406,631) $(2,772,420)
========== =========== ========== ===========
CLASS B
Shares sold 200,684 $ 1,191,510 626,809 $ 4,498,286
Less shares repurchased (722,950) (4,389,750) (493,129) (3,529,881)
---------- ----------- ---------- -----------
Net increase (decrease) (522,266) $(3,198,240) 133,680 $ 968,405
========== =========== ========== ===========
CLASS C
Shares sold 99,893 $ 576,788 170,338 $ 1,197,363
Less shares repurchased (126,411) (768,821) (136,733) (984,580)
---------- ----------- ---------- -----------
Net increase (decrease) (26,518) $ (192,033) 33,605 $ 212,783
========== =========== ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/98 10/31/97
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 7.14 $ 6.93
---------- ---------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $ (0.01)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (0.84) 0.22
---------- ---------
Net increase (decrease) from investment operations $ (0.86) $ 0.21
Distributions to shareholders:
Net investment income - -
---------- ---------
Net increase (decrease) in net asset value $ (0.86) $ 0.21
---------- ---------
Net asset value, end of period $ 6.28 $ 7.14
========== =========
Total return* (12.04)% 3.03%
Ratio of net expenses to average net assets 2.31%+ 2.29%+
Ratio of net investment (loss) to average net assets (0.52)%+ (0.09)%+
Portfolio turnover rate 101% 71%
Net assets, end of period (in thousands) $ 5,230 $ 9,846
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 5.30% 4.39%
Net investment (loss) (3.51)% (2.19)%
Ratios assuming waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 2.24% 2.25%
Net investment (loss) (0.45)% (0.05)%
<CAPTION>
Year Ended Year Ended 6/23/94 to
10/31/96 10/31/95 10/31/94(a)
<S> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 8.47 $ 11.28 $ 11.50
--------- ---------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.03 $ (0.01) $ 0.04
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (1.57) (2.78) (0.26)
--------- ---------- ---------
Net increase (decrease) from investment operations $ (1.54) $ (2.79) $ (0.22)
Distributions to shareholders:
Net investment income - (0.02) -
--------- ---------- ---------
Net increase (decrease) in net asset value $ (1.54) $ (2.81) (0.22)
--------- ---------- ---------
Net asset value, end of period $ 6.93 $ 8.47 $ 11.28
========== ========== =========
Total return* (18.18)% (24.78)% (1.91)%
Ratio of net expenses to average net assets 2.28%+ 2.28%+ 2.25%**
Ratio of net investment (loss) to average net assets 0.32%+ ( 0.14)%+ 0.92%**
Portfolio turnover rate 64% 53% 109%**
Net assets, end of period (in thousands) $ 12,388 $ 8,397 $11,445
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 4.29% 4.21% 6.57%**
Net investment (loss) (1.69)% (2.07)% (3.40)%**
Ratios assuming waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 2.25% 2.25% -
Net investment (loss) 0.35% (0.11)% -
</TABLE>
(a) The per share data presented above is based upon the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratio assumng no reduction for fees paid indirectly.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/98 10/31/97
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 6.96 $ 6.80
---------- ---------
Increase (decrease) from investment operations:
Net investment loss $ (0.09) $ (0.04)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (0.79) 0.20
---------- ---------
Net increase (decrease) from investment operations $ (0.88) $ 0.16
Distributions to shareholders:
Net investment income - -
---------- ---------
Net increase (decrease) in net asset value $ (0.88) $ 0.16
---------- ---------
Net asset value, end of period $ 6.08 $ 6.96
========== =========
Total return* (12.64)% 2.35%
Ratio of net expenses to average net assets 2.81%+ 2.90%+
Ratio of net investment (loss) to average net assets (1.03)%+ (0.62)%+
Portfolio turnover rate 101% 71%
Net assets, end of period (in thousands) $ 5,036 $ 9,392
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 5.94% 4.99%
Net investment (loss) (4.16)% (2.71)%
Ratios assuming waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 2.76% 2.86%
Net investment (loss) (0.98)% (0.58)%
<CAPTION>
Year Ended Year Ended 6/23/94 to
10/31/96 10/31/95 10/31/94(a)
<S> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 8.39 $ 11.24 $ 11.50
---------- ---------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.03) $ (0.07) $ -
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (1.56) (2.77) (0.26)
---------- ---------- ---------
Net increase (decrease) from investment operations $ (1.59) $ (2.84) $ (0.26)
Distributions to shareholders:
Net investment income - (0.01) -
---------- ---------- ---------
Net increase (decrease) in net asset value $ (1.59) $ (2.85) $ (0.26)
---------- ---------- ---------
Net asset value, end of period $ 6.80 $ 8.39 $ 11.24
========== ========== =========
Total return* (18.95)% (25.31)% (2.26)%
Ratio of net expenses to average net assets 3.15%+ 3.01%+ 3.21%**
Ratio of net investment (loss) to average net assets (0.45)%+ (0.86)%+ (0.01)%**
Portfolio turnover rate 64% 53% 109%**
Net assets, end of period (in thousands) $ 8,275 $ 5,991 $ 6,084
Ratios assuming no waiver of management fees and assumption
and no reduction for fees paid indirectly:
Net expenses 5.23% 4.91% 7.50%**
Net investment (loss) (2.53)% (2.76)% (4.28)%**
Ratios assuming waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 3.13% 2.97% -
Net investment (loss) (0.43)% (0.82)% -
</TABLE>
(a) The per share data presented above is based upon the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
10/31/98
<S> <C>
CLASS C
Net asset value, beginning of period $ 6.93
----------
Increase (decrease) from investment operations:
Net investment loss $ (0.07)
Net realized and unrealized gain (loss) on investments and (0.86)
foreign currency transactions ----------
Net increase (decrease) in net asset value $ (0.93)
----------
Net asset value, end of period $ 6.00
==========
Total return* (13.42)%
Ratio of net expenses to average net assets 2.85%+
Ratio of net investment loss to average net assets ( 1.06)%+
Portfolio turnover rate 101%
Net assets, end of period (in thousands) $ 536
Ratios assuming no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 6.12%
Net investment loss ( 4.33)%
Ratios assuming waiver of management fees and assumption of expenses by
PIM and reduction for fees paid indirectly:
Net expenses 2.76%
Net investment loss ( 0.97)%
<CAPTION>
Year Ended 1/31/96 to
10/31/97 10/31/96
<S> <C> <C>
CLASS C
Net asset value, beginning of period $ 6.77 $ 7.85
--------- ---------
Increase (decrease) from investment operations:
Net investment loss $ (0.04) $ (0.02)
Net realized and unrealized gain (loss) on investments and 0.20 ( 1.06)
foreign currency transactions --------- -----------
Net increase (decrease) in net asset value $ 0.16 $ (1.08)
--------- -----------
Net asset value, end of period $ 6.93 $ 6.77
========= ===========
Total return* 2.36% (13.76)%
Ratio of net expenses to average net assets 2.84%+ 3.12%**+
Ratio of net investment loss to average net assets (0.56)%+ (0.42)%**+
Portfolio turnover rate 71% 64%
Net assets, end of period (in thousands) $ 803 $ 557
Ratios assuming no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 4.89% 4.63%**
Net investment loss (2.61)% (1.93)%**
Ratios assuming waiver of management fees and assumption of expenses by
PIM and reduction for fees paid indirectly:
Net expenses 2.78% 3.06%**
Net investment loss (0.50)% ( 0.36)%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
**Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/98
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Indo-Asia Fund (the Fund) is a Delaware business trust registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. Effective October 1, 1998, certain changes were made to the
Fund's operations including, among other things, a new management contract. In
connection with this policy change, the Fund changed its name from Pioneer India
Fund. The new investment objective of the Fund is to seek long-term growth of
capital by investing primarily in securities of issuers in Asia (excluding
Japan) and the Indian subcontinent.
The Fund 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 Fund 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 Fund's financial statements have been prepared in conformity with generally
accepted accounting principles that require the management of the Fund 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 Fund, which are in conformity with those generally
accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded on trade date. The net asset value is
computed once daily, on each day the New York Stock Exchange is open, as of
the close of regular trading on the Exchange. In computing the net asset
value, securities are valued at the last sale price on the principal exchange
where they are traded. Securities that have not traded on the date of
valuation, or securities for which sale prices are not generally reported,
are valued at the mean between the last bid and asked prices. Securities for
which market quotations are not readily available are valued at their fair
values as determined by, or under the direction of, the Board of Trustees.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the
21
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/98 (continued)
- --------------------------------------------------------------------------------
New York Stock Exchange. The values of such securities used in computing the
net asset value of the Fund's shares are determined as of such times.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund is informed of the ex-dividend data in the
exercise of reasonable diligence. Interest income is recorded on the accrual
basis, net of unrecoverable foreign taxes withheld at the applicable country
rates. 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 income tax purposes. It
is the Fund'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.
The Fund's investments in countries with limited or developing markets, such
as India, may subject the Fund to a greater degree of risk than in a
developed market. Risks associated with these developing markets,
attributable to political, social or economic factors, may affect the price
of the Fund's investments and income generated by these investments, as well
as the Fund's ability to repatriate such amounts.
In addition, delays are common in registering transfers of securities in
India, and the Fund may be unable to sell portfolio securities until the
registration process is completed. At October 31, 1998, the value of the
Fund's investments undergoing the registration process amounted to $574,124
or 5% of total net assets.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions represent,
among other things, the net realized gains and losses on foreign currency
contracts, disposition of foreign currencies and the difference between the
amount of income accrued and the U.S. dollar actually received. Further, the
effects of changes in foreign currency exchange rates on investments are not
segregated in the statement of operations from the effects of changes in
market price of those securities but are included with the net realized and
unrealized gain or loss on investments.
22
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the time
a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar.
D. Federal Income Taxes
It is the Fund'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.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on net realized capital gains in certain
countries. The required capital gains taxes, if any, are determined in
accordance with local tax laws. In determining daily net asset value, the
Fund estimates the reserve for capital gains taxes, if any, associated with
net unrealized gains on certain portfolio securities. The estimated reserve
for capital gains taxes, if any, is based on the holding periods of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. During the year ended October 31, 1998, the Fund paid
no capital gains taxes on the sale of certain foreign securities.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with federal income tax rules.
Therefore, the source of the Fund'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.
23
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/98 (continued)
- --------------------------------------------------------------------------------
The Fund has reclassified $97,191 and $252,387 from accumulated net
investment loss and accumulated net realized loss on investments and foreign
currency transactions, respectively, to paid-in capital. The reclassification
has no impact on the net asset value of the Fund and is designed to present
the Fund's capital accounts on a tax basis.
E. Fund Shares
The Fund 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 Fund and an
indirect subsidiary of The Pioneer Group, Inc. (PGI). PFD earned $3,201 in
underwriting commissions on the sale of fund shares during the year ended
October 31, 1998.
F. 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 Fund,
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 Fund level and allocated daily to each class of shares
based on the respective percentage of adjusted net assets at the beginning of
the day.
Distributions to shareholders are recorded as of the ex-dividend date.
Distributions paid by the Fund 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.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, 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 Fund's custodian, or subcustodians. The Fund'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.
24
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. Management Agreement
PIM manages the Fund's portfolio and is a wholly owned subsidiary of PGI.
Management fees are calculated daily at the annual rate of 1.10% of the Fund's
average daily net assets. Prior to October 1, 1998, management fees were
calculated daily at the annual rate of 1.25% of the Fund'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 Fund to the extent necessary to limit Class A expenses
to 2.10% of the average daily net assets attributable to Class A shares; the
portion of the Fund-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. Prior to October 1, 1998, PIM had voluntarily agreed to limit management
fees and other operating expenses to the extent that such expenses exceeded
2.25% of the average daily net assets attributable to Class A shares; the
portion of the Fund-wide expenses attributable to Class B and Class C shares
were reduced only to the extent that such expenses were 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 Fund.
PIM has appointed Kothari Pioneer AMC Ltd. (the Indian Adviser) as the Fund's
adviser in India. In managing the Fund's Indian investments, PIM relies on the
advice and local expertise of the Indian Adviser. The Indian Adviser is a joint
venture between PIM and Investment Trust of India Limited, a corporation
organized under the laws of India. As compensation for its services under its
subadvisory agreement with PIM and the Fund, PIM pays the Indian Adviser a
management fee at the annual rate from 0.10% to 0.60% of the Fund's average
gross assets invested in India's securities markets, including assets invested
in American, global or other types of depository receipts for securities traded
in India's securities markets. The annual rate is 0.10% of such gross assets up
to $15 million; 0.20% of the next $30 million; 0.40% of the next $15 million;
and 0.60% of the excess over $60 million.
25
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/98 (continued)
- --------------------------------------------------------------------------------
3. Transfer Agent
PSC, a wholly owned subsidiary of PGI, provides substantially all transfer agent
and shareholder services to the Fund at negotiated rates. Included in due to
affiliates is $11,952 in transfer agent fees payable to PSC at October 31, 1998.
4. Distribution Plans
The Fund 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 Fund pays PFD a service
fee of up to 0.25% of the Fund's average daily net assets in reimbursement of
its actual expenditures to finance activities primarily intended to result in
the sale of Class A shares. Pursuant to the Class B Plan and the Class C Plan,
the Fund 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 $5,299 in distribution fees payable to
PFD at October 31, 1998.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of
certain net asset value purchases of Class A shares within one year of purchase.
Class B shares that are redeemed within six years of purchase are subject to a
CDSC at declining rates beginning at 4.0%, based on the lower of cost or market
value of shares being redeemed. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to
PFD. For the year ended October 31, 1998, CDSCs in the amount of $64,056 were
paid to PFD.
5. Expense Offsets
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the year ended October 31, 1998, the
Fund's expenses were reduced by $7,319 under such arrangements.
6. Forward Foreign Currency Contract
At October 31, 1998, the Fund had entered into various contracts that obligate
the Fund to deliver currencies at specified future dates. At the maturity of a
contact, the Fund must make delivery of the foreign currency.
26
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Alternatively, prior to the settlement date of a portfolio hedge, the Fund may
close out such contracts by entering into an offsetting hedge contract. Open
portfolio hedges at October 31, 1998 were as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Net
Contracts In Exchange Settlement Unrealized
Currency to Deliver For Date Value Loss
- ---------- ------------ ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C>
INR 67,500,000 $1,500,000 12/02/98 $1,582,403 ($ 82,403)
- ---------------------------------------------------------------------------------------
</TABLE>
At October 31, 1998, the gross forward foreign currency settlement contracts
receivable and payable were $137,732 and $139,286, respectively, resulting in a
net receivable of $1,554.
7. Line of Credit Facility
Effective April 14, 1998, the Fund, along with certain other funds in the
Pioneer Family of Funds (the Funds), collectively participate in a $50 million
committed, unsecured revolving line of credit facility. Borrowings are used
solely for temporary or emergency purposes. The Fund may borrow up to the lesser
of $50 million or the limits set by its prospectus for borrowings. Interest on
collective borrowings of up to $25 million is payable at the Federal Funds Rate
plus 3/8% on an annualized basis, or at the Federal Funds Rate plus 1/2% if the
borrowing exceeds $25 million at any one time. The Funds pay an annual
commitment fee for this facility. The commitment fee is allocated among such
Funds based on their respective borrowing limits.
The average daily amount of borrowings outstanding during the period from April
14, 1998 through October 31, 1998 was $63,399. The average daily shares
outstanding during the period were 1,931,688, resulting in an average borrowing
per share of $0.03. The related weighted average annualized interest rate for
the period was 5.8%, and the total interest expense on such borrowings was
$3,179.
27
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareowners and the Board of Trustees of Pioneer Indo-Asia Fund:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer Indo-Asia Fund, formerly Pioneer India Fund, as of
October 31, 1998, and the related statement of operations, the statements of
changes in net assets, and the financial highlights for the periods presented.
These financial statements and the financial highlights are the responsibility
of the Fund'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
October 31, 1998 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Indo-Asia Fund as of October 31, 1998, the results of its operations,
the changes in its net assets, and the financial highlights for the periods
presented, in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
December 4, 1998
28
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
RESULTS OF SHAREOWNER MEETING
- --------------------------------------------------------------------------------
On September 15, 1998, Pioneer Indo-Asia Fund (formerly Pioneer India Fund) held
a special meeting of shareowners. The following proposals were passed by
shareowner vote. Here are the detailed results of the vote.
Proposal 1 -- To approve a change to the Fund's primary investment focus,
allowing the Fund to invest in the securities of Asian issuers, including those
in India.
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
963,511.534 72,117.510 47,529.909
</TABLE>
Proposal 2 -- Elect nine Trustees to serve on the Board of Trustees.
<TABLE>
<CAPTION>
Nominee Affirmative Withheld
<S> <C> <C>
Mary K. Bush 1,251,925.289 41,958.664
John F. Cogan, Jr. 1,252,741.298 41,142.655
Richard H. Egdahl, M.D. 1,249,911.711 43,972.242
Margaret B.W. Graham 1,251,929.354 41,954.599
John W. Kendrick 1,249,916.861 43,967.092
Marguerite A. Piret 1,253,545.950 40,338.003
David D. Tripple 1,251,365.709 42,518.244
Stephen K. West 1,249,648.485 44,235.468
John Winthrop 1,253,539.875 40,344.078
</TABLE>
Proposal 3 -- Approve amendment or elimination of the Fund's fundamental
investment restriction regarding:
Proposal 3a -- Borrowing
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
909,301.607 87,024.866 86,832.480
</TABLE>
Proposal 3b -- Pledging Assets
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
924,075.000 75,043.474 84,040.479
</TABLE>
Proposal 3c -- Loans
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
926,548.910 69,584.707 87,025.336
</TABLE>
Proposal 3d -- Commodities
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
910,111.299 88,833.369 84,214.285
</TABLE>
29
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Proposal 4 -- Ratify the selection of Arthur Andersen LLP as the Fund's
independent public accountants for the fiscal year ending October 31, 1998.
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
1,207,023.327 25,718.741 61,141.885
</TABLE>
30
<PAGE>
Pioneer Indo-Asia Fund
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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 Jaskaran S. Teja, Vice President
John W. Kendrick Norman Kurland, Vice President
Marguerite A. Piret Mark H. Madden, Vice President
David D. Tripple John A. Boynton, Treasurer
Stephen K. West Joseph P. Barri, Secretary
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
31
<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 with earned
income to contribute up to $2,000 annually. Spouses may contribute up to $2,000
annually into a separate IRA, for a total of $4,000 per year for a married
couple. Earnings are tax-deferred, and contributions may be tax-deductible.
Roth IRA
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and is
available to investors in 1998. Contributions, up to $2,000 a year, are not
tax-deductible, but earnings are tax-free for qualified withdrawals.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $9,500 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match Plan for Employees)
401(k) or IRA Plan
Businesses with 100 or fewer eligible employees can establish either plan; both
resemble the traditional 401(k), but with less testing and lower administration
costs. Employees can make pre-tax contributions of up to $6,000 per year, and an
employer contribution is required.
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.
Most retirement plan withdrawals must meet specific
conditions to avoid penalties.
32
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
33
<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 1-800-225-6292.
FactFone(SM)
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information, have
your 13-digit account number and four-digit personal identification number at
hand.
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.
34
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds you
wish to invest in. You choose the amounts and dates for Pioneer to sell shares
of your original fund and use the proceeds to buy shares of the other funds you
have chosen. Over time, your investment will be shifted out of the original
fund. (Automatic Exchange is available for originating accounts with a balance
of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals. You
decide the frequency and the day of the month you want. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available only for accounts with a value of $10,000 or
more.)
35
<PAGE>
- --------------------------------------------------------------------------------
A SALUTE TO PIONEER FUND
- --------------------------------------------------------------------------------
[PIONEER FUND 70TH BIRTHDAY LOGO]
This year, 1998, marks a special anniversary for the Pioneer family of mutual
funds and an important milestone for the entire mutual fund industry. In the mid
1920s, a group of forward thinking financial professionals started the first
"open-end" investment companies, known today as mutual funds. They provided a
way for small investors to benefit from professional financial management.
In 1928, Pioneer Fund became the fourth mutual fund created.
Since then, Pioneer Fund has gone to work for its shareowners every day for 70
years. Through 15 bear markets, 16 bull markets and even the Great Depression,
Pioneer Fund has stayed true to an investment ethic that relies on the rewards
of hard work.
Rather than follow trends, the financial professionals at Pioneer roll-up their
sleeves and research. We look for value in an investment: companies that might
not be the current rage on Wall Street, but that we believe have the business
smarts on Main Street to keep their earnings strong. The Fund's investment
objective continues to be growth and income.
For 70 years, Pioneer Fund has made investments based on experience, our own
investment ethic, and the needs of our shareowners.
Every day, the financial professionals at Pioneer Fund come to work, aware of
the job at hand. We know shareowners are investing their hard-earned money to
provide for the future.
In 1928 there were four mutual funds. Today there are 11,000. Only one can tell
the Pioneer Fund story.
For the complete Pioneer Fund story call your investment professional, or
Pioneer at 1-800-225-6292, for a prospectus. Please read it carefully before you
invest or send money.
*Class B and C Shares have been available since 7/1/96. Past performance does
not guarantee future results.
36
<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 Fund Income Funds
United States Taxable
Pioneer Capital Growth Fund Pioneer America Income Trust
Pioneer Growth Shares Pioneer Bond Fund
Pioneer Micro-Cap Fund Pioneer Short-Term Income Trust
Pioneer Mid-Cap Fund
Pioneer Small Company Fund Tax-Free
Pioneer Intermediate Tax-Free Fund
International/Global Pioneer Tax-Free Income Fund
Pioneer Emerging Markets Fund
Pioneer Europe Fund Money Market Fund
Pioneer Gold Shares Pioneer Cash Reserves Fund
Pioneer Indo-Asia Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
Growth and Income Funds
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Fund
Pioneer Real Estate Shares
Pioneer II
37
<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
1298-5783
(C) Pioneer Funds Distributor, Inc.
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