<PAGE>
[Graphic: Pioneer Logo]
Pioneer
Indo-Asia
Fund
ANNUAL REPORT 10/31/99
<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 19
Notes to Financial Statements 25
Report of Independent Public Accountants 32
Trustees, Officers and Service Providers 33
The Pioneer Family of Mutual Funds 34
Retirement Plans from Pioneer 36
</TABLE>
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 10/31/99
- --------------------------------------------------------------------------------
Dear Shareowner,
- --------------------------------------------------------------------------------
As we approach the new millennium, it seems a suitable time to look back on how
the world of investing has changed since Pioneer was founded in 1928. The
creation of affordable investment options, including mutual funds, has brought
opportunity to millions of people worldwide and surely should be counted among
this century's greatest accomplishments. Just consider the impact a few notable
innovations - money market funds, employer-sponsored retirement vehicles and the
concept of international investing - have had on your life.
In some ways, investing has changed a great deal. One thing, however, remains
the same - our belief in the importance of a long-term perspective. Attempts at
market timing and the advent of day-trading unfortunately have led some to adopt
a "get rich quick" mentality. Looking back over time, lasting wealth has come to
investors who held to their discipline and didn't veer off course to chase the
rising star of the day. A solid, forward-thinking plan can offer great rewards,
even though it can be a tad dull moment to moment.
This year, we took extra steps to make your year-end planning easier, especially
tax planning. In November Pioneer funds distributed their capital gains - a
month earlier than in past years. We hope this early distribution helped you to
take advantage of the additional time to work with your investment professional
in preparing for the new century.
I encourage you to read on to learn more about your Fund, including the question
and answer session with portfolio manager Christopher Lively. You can visit our
web site at www.pioneerfunds.com to obtain information about our funds and to
view 1999 distribution information.
Respectfully,
[Graphic: Signature of John F. Cogan, Jr.]
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 10/31/99
- --------------------------------------------------------------------------------
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[Data for pie chart]
<TABLE>
<S> <C>
International Common Stocks 90.4%
Depositary Receipts for International Stocks 5.6%
Short-Term Investments 2.6%
Rights and Warrants 0.7%
International Preferred Stocks 0.7%
</TABLE>
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[Data for bar chart]
<TABLE>
<S> <C>
Hong Kong 29.4%
Taiwan 13.2%
South Korea 13.1%
Singapore 11.3%
India 7.1%
Malaysia 6.5%
Thailand 6.2%
Indonesia 5.6%
Philippines 3.8%
Peoples Republic of China 2.7%
Australia 0.9%
Pakistan 0.2%
</TABLE>
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C>
1. Cheung Kong Holdings 3.27% 6. Henderson Land 1.53%
Ltd. Development Company Ltd.
2. Sun Hung Kai Properties 2.55 7. Taiwan Semiconductor 1.48
Ltd. Manufacturing Co.
3. Hutchison Whampoa Ltd. 2.27 8. Giordano International Ltd. 1.42
4. Samsung Electronics Co. 2.16 9. Kookmin Bank 1.36
5. Swire Pacific Ltd. 2.15 10. AXA China Region Ltd. 1.28
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 10/31/99 CLASS A SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 10/31/99 10/31/98
$11.05 $6.28
Distributions per Share Income Short-Term Long-Term
(10/31/98-10/31/99) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
- --------------------------------------------------------------------------------
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.
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 1999)
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund -0.71% -1.80%
(6/23/94)
5 Years -0.38 -1.55
1 Year 75.96 65.92
</TABLE>
[Data for mountain chart]
Growth of $10,000
<TABLE>
<CAPTION>
Pioneer MSCI
Indo-Asia All-Country
Fund* Asia Free
(Ex-Japan)
Index
<S> <C> <C>
6/94 9425 10000
10/94 9246 11312
7538 9604
10/95 6955 10166
8252 11853
10/96 5690 10993
6084 10976
10/97 5863 7638
5797 6816
10/98 5157 5725
7686 8072
10/99 9073 8785
</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.
Prior to October 1, 1998, the Fund was named Pioneer India Fund and primarily
invested in securities of Indian issuers.
Index comparison begins 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, Hong Kong, India, Indonesia, Korea,
Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan and Thailand; 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. You cannot invest directly
in the 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 10/31/99 CLASS B SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 10/31/99 10/31/98
$10.62 $6.08
Distributions per Share Income Short-Term Long-Term
(10/31/98 - 10/31/99) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
- --------------------------------------------------------------------------------
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.
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 1999)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund -1.46% -1.65%
(6/23/94)
5 Years -1.13 -1.33
1 Year 74.67 70.67
</TABLE>
[Data for mountain chart]
Growth of $10,000
<TABLE>
<CAPTION>
Pioneer MSCI
Indo-Asia All-Country
Fund* Asia Free
(Ex-Japan)
Index
<S> <C> <C>
6/94 10000 10000
10/94 9783 11312
7944 9604
10/95 7300 10166
8640 11853
10/96 5917 10993
6308 10976
10/97 6056 7638
5977 6816
10/98 5290 5725
7866 8072
10/99 9148 8785
</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.
Prior to October 1, 1998, the Fund was named Pioneer India Fund and invested in
securities of Indian issuers.
Index comparison 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, Hong Kong, India, Indonesia, Korea,
Pakistan, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan and Thailand; 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. You cannot invest directly
in the 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 10/31/99 CLASS C SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Net Asset Value
per Share 10/31/99 10/31/98
$10.50 $6.00
Distributions per Share Income Short-Term Long-Term
(10/31/98 - 10/31/99) Dividends Capital Gains Capital Gains
- - -
</TABLE>
Investment Returns
- --------------------------------------------------------------------------------
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.
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 1999)
If If
Period Held Redeemed*
<S> <C> <C>
Life-of-Fund 8.07% 8.07%
(1/31/96)
1 Year 75.00 75.00
</TABLE>
[Data for mountain chart]
Growth of $10,000
<TABLE>
<CAPTION>
Pioneer MSCI
Indo-Asia All-Country
Fund* Asia Free
(Ex-Japan)
Index
<S> <C> <C>
1/96 10000 10000
10/96 8624 9784
8739 10421
9197 9768
10433 10672
10/97 8828 6798
7019 5568
8713 6067
7045 4448
10/98 7682 5095
8586 5532
11376 7184
13656 7949
10/99 13376 7819
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales charge
(CDSC) applies to investments sold within one year of purchase.
Prior to October 1, 1998, the Fund was named Pioneer India Fund and primarily
invested in securities of Indian issuers.
The Morgan Stanley Capital International (MSCI) All-Country Asia Free (Ex-Japan)
Index is an unmanaged, capitalization-weighted measure of securities trading in
China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines,
Singapore, Sri Lanka, Taiwan and Thailand; 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. You cannot invest directly in the 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 10/31/99
- --------------------------------------------------------------------------------
Economic progress and genuine reform have produced strong returns for investors
in Asia. Amidst Asia's rebuilding, the groundwork for a new economy is being
laid - led by long-ignored service sectors and deregulated industries. Your Fund
is invested in many of the high-growth companies leading the region's
transformation into a more technologically savvy and globally competitive
economy. The following discussion with portfolio manager Christopher D. Lively
highlights these companies and other factors that influenced your Fund's
performance during the year ended October 31, 1999.
Q: Asian markets are in the midst of a renaissance. How did the Fund fare?
A: The Fund had an excellent year, thanks largely to an effective combination
of country and stock selection. All share classes posted total returns at
net asset value in excess of 70% for the fiscal year ending October 31,
1999. The Fund surpassed the 53.45% return for the MSCI All-Country Asia
Free (excluding Japan) Index and the 48.33% average return for the 86 funds
included in Lipper Inc.'s Pacific Ex Japan category. (Lipper is an
independent firm that tracks mutual fund performance.) While we are
delighted with the Fund's performance, we want to remind you that
international investing, especially in emerging markets, involves special
risks including political unrest and currency fluctuations. Shareowners
should not expect stocks or the Fund's net asset value to continue
increasing at the same breathtaking pace.
Q: Which countries contributed to the Fund's success?
A: All of the Fund's country selections generated strong performance, but
three countries stand out. South Korea's economy is turning in its best
performance in a decade. Semiconductor manufacturers Samsung Electronics
and L.G. Electronics are helping to lead that recovery. In India, stronger
economic growth and a favorable political environment are contributing to
higher stock valuations. The Fund's software holdings were among the
strongest performers, including Satyam Computer Services, Infosys
Technologies and NIIT. Indonesia is farther behind in its recovery process,
but this is creating the potential for performance gains, as in the case of
the retail holding PT Matahari Putra Prima. Indonesian investments are
benefiting from improving political stability, lower inflation, and a
strengthening currency.
6
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Q: Prior to the market reversal in 1997, much of Asia's growth was rooted in
manufacturing, banking and property assets. Where is growth likely to come
from in the future?
A: Technology is having and will continue to have a profound impact on
economic development throughout Asia. Businesses are reinventing themselves
with cutting-edge technologies - increasing productivity and igniting
faster growth rates. The Internet, in particular, is spawning new or more
aggressive companies that offer the necessary equipment and services to
build infrastructure. Singapore is encouraging the growth of
knowledge-based industries such as multimedia software and entertainment.
With its highly educated and computer-literate workforce, Korea has one of
the highest Internet user rates in the region. Many Asian countries are
also benefiting from contract manufacturing, in which U.S., European and
Japanese multinational companies outsource the construction of a wide range
of hardware from personal computer components to phone sets.
Deregulation is another trend transforming the region's growth. Many
governments are eliminating advantages previously afforded coddled cartels
as a way to promote job growth and attract new businesses. Companies are
becoming more sophisticated, focusing on profits and fiscal soundness
instead of production goals. In the telecommunication sector, less red tape
is helping the Fund's investments in cellular-service providers gain market
share, including Advanced Information Service Public (Thailand), SK Telecom
(South Korea) and Smartone Telecommunications (Hong Kong). In the banking
arena, deregulation is sparking competition for customers, forcing banks to
modernize, reduce expenses and improve lending practices.
Q: Is reform still moving forward?
A: Absolutely. Efforts to reform both financial systems and corporations are
widespread throughout Asia. South Korea and Singapore are at the forefront
of this change, demonstrating a sincere political willingness to enact
stronger governance of unfair practices and promote greater competition. In
South Korea, the government ended its support of chaebols, or large
conglomerates, forcing them to fail or succeed on their own merit. With its
highly educated and fairly prosperous workforce, Singapore is making it
easier for high-tech start-ups to succeed with venture capital and
simplified public-listing rules. These countries
7
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 10/31/99 (continued)
- --------------------------------------------------------------------------------
are also encouraging companies to implement U.S.-style management
techniques to improve returns on equity. The Fund's investment in
Development Bank of Singapore climbed dramatically on news of its efforts
to revitalize management.
Q: Looking ahead, will China's admittance into the World Trade Organization
(WTO) affect your strategy in Hong Kong?
A: The November 15 announcement of China's decision to lower trade barriers
and enter the WTO is very positive for the Fund's Hong Kong holdings. We
anticipate increasing the weighting to take advantage of this historic
development. As China opens its market to foreign investment, Hong Kong's
conglomerates, which understand the Chinese market well, stand to profit
greatly. We are also encouraged by the recent strength in Hong Kong's
currency, which is bolstering consumer confidence, wages and property
prices.
The Fund's investments in Hong Kong, many of which rank among its largest
holdings, are well positioned to benefit from the recent turn of events.
Hutchison Whampoa is the world's largest port operator and manages several
strategic operations in China, including Shanghai. This company is also
benefiting from its partnership with Global Crossings Ltd., which is laying
fiber optic networks worldwide to develop communication and Internet
networks between the world's major business centers. Other holdings -
developers Cheung Kong Holdings, Sun Hung Kai Properties and Henderson Land
Development as well as retailer Giordano International - were strong
beneficiaries of the rising economic prosperity.
Q: What is your outlook?
A: Investor sentiment is clearly more positive. However, we would not be
surprised to see the pace of growth slow temporarily or investors take
profits in the current rally. Minor setbacks keep business leaders focused
on longer-term goals and serve to remind investors that full recovery will
take time.
While further reform is needed throughout Asia to ensure that prosperity
broadens into all sectors of the economy, we are heartened by the Fund's
performance this past year. Country and stock selection, a cornerstone of
our investment process, were critical to achieving the year's strong
results.
8
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 97.4%
PREFERRED STOCK - 0.7%
221,600 Siam Commerical Bank* $ 251,133
----------
Total Preferred Stock
(Cost $250,340) $ 251,133
----------
COMMON STOCKS - 96.0%
Basic Materials - 7.8%
Aluminum - 0.5%
10,900 Hindalco Industries Ltd. $ 181,541
----------
Chemicals - 0.7%
18,991 Daelim Industrial Co. $ 239,070
----------
Chemicals (Diversified) - 0.2%
15,500 WMC Ltd. $ 66,522
----------
Chemicals (Specialty) - 2.6%
125,190 Formosa Plastic Corp. $ 250,617
8,700 Honam Petrochemical Corp. 168,270
2,700 Korea Chemical Co. 180,075
62,100 Reliance Industries Ltd. 334,104
----------
$ 933,066
----------
Construction (Cements & Aggregates) - 1.1%
1,150,000 Anhui Conch Cement Co. Ltd. $ 112,506
11,400 Siam Cement Public Co., Ltd.* 295,298
----------
$ 407,804
----------
Iron & Steel - 1.5%
6,700 Broken Hill Proprietary Co., Ltd. $ 69,246
224,650 China Steel Corp., Ltd. 172,808
8,600 Pohang Iron & Steel Co. Ltd. (A.D.R.) 287,025
250 Tata Iron & Steel Co., Ltd. 849
----------
$ 529,928
----------
Metals Mining - 0.5%
486,000 Yanzhou Coal Mining Co. (Class H) $ 161,093
----------
Paper & Forest Products - 0.7%
27,100 Hansol Paper Co. Ltd. $ 262,076
----------
Total Basic Materials $2,781,100
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Capital Goods - 1.5%
Electrical Equipment - 0.5%
1,250,000 Nanjing Panda Electronics Co., Ltd. (Class H)* $ 175,388
----------
Machinery (Diversified) - 0.4%
600,500 PT Komatsu Indonesia* $ 142,350
----------
Manufacturing (Diversified) - 0.4%
84,000 Natsteel Ltd. $ 140,396
----------
Manufacturing (Specialized) - 0.2%
80,000 Omni Industries Ltd. $ 75,994
----------
Total Capital Goods $ 534,128
----------
Communication Services - 14.8%
Cellular/Wireless Telecommunications - 6.2%
12,000 Advanced Information Service Public Co., Ltd $ 139,878
40,000 Cable & Wireless Optus Ltd.* 91,574
600,000 CCT Telecom Holdings Ltd. 193,087
68,000 China Telecom Ltd.* 232,838
79,000 Hutchison Whampoa Ltd. 793,203
20,870 SK Telecom Co., Ltd. (A.D.R.) 272,614
100,000 Smartone Telecommunications Inc. 352,706
280,000 Technology Resources Industries Bhd. 155,475
----------
$2,231,375
----------
Telecommunications (Long Distance) - 1.6%
158,000 Asia Satellite Telecommunications Holdings Ltd. $ 372,196
1,717 Dacom Corp. 210,420
----------
$ 582,616
----------
Telephone - 7.0%
10,000 Hanaro Telecom STK* $ 162,566
135,000 Hong Kong Telecommunications Ltd. 308,457
1,700 Korea Telecom Corp.* 114,373
10,100 Korea Telecom Corp. (A.D.R.)* 356,025
150,000 Pacific Century Cyberworks Ltd.* 112,956
7,700 Philippine Long Distance Telephone Co. (A.D.R.) 158,331
8,000 PT Indonesian Satellite Corp. (A.D.R.) 127,500
130,000 Singapore Telecommunications, Ltd. 246,979
240,000 TelecomAsia Corp. Public Co., Ltd.* 184,950
41,000 Telekom Malaysia 126,237
</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>
Telephone - (continued)
45,876 Telekomunik Indonesia (A.D.R.) $ 421,486
3,883 Videsh Sanchar Nigam Ltd.* 117,850
2,900 Videsh Sanchar Nigam Ltd.* (G.D.R.) (144A) 46,328
----------
$2,484,038
----------
Total Communication Services $5,298,029
----------
Consumer Cyclicals - 9.0%
Automobiles - 0.5%
10,000 Mahindra & Mahindra Ltd.* $ 81,894
14,000 Mahindra & Mahindra Ltd. (G.D.R.) 107,450
----------
$ 189,344
----------
Homebuilding - 0.3%
105,000 Land & House Public Co. Ltd.* $ 97,915
----------
Household Furnishings & Appliances - 0.4%
170,000 Guangdong Kelon Electronics Holdings Inc. (Class H) $ 150,994
----------
Leisure Time (Products) - 0.9%
150,000 Berjaya Sports Toto Bhd. $ 325,658
----------
Publishing (Newspapers) - 2.9%
21,200 Singapore Press Holdings $ 363,254
540,000 South China Morning Post Ltd. 392,740
117,500 Star Publications 270,559
----------
$1,026,553
----------
Retail (Deptartment Stores) - 0.7%
1,250,000 PT Matahari Putra Prima* $ 154,996
1,510 Shinsegae Department Store Co. 82,959
----------
$ 237,955
----------
Retail (Specialty Apparel) - 1.4%
467,000 Giordano International Ltd. $ 495,945
----------
Services (Commercial & Consumer) - 1.3%
4,729 Hansol CSN $ 195,941
60,600 Jardine Matheson Holdings Ltd. 260,580
----------
$ 456,521
----------
Textiles (Home Furnishings) - 0.6%
165,220 Far Eastern Textile Ltd. $ 226,057
----------
Total Consumer Cyclicals $3,206,942
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Consumer Staples - 6.4%
Beverages - 0.2%
25,500 Coca-Cola Amatil Ltd. $ 78,705
----------
Broadcasting (Television/Radio/Cable) - 1.6%
1,120,000 Benpres Holdings Corp.* $ 195,511
73,000 Television Broadcasts Ltd. 389,973
----------
$ 585,484
----------
Distributors (Food & Health) - 1.0%
96,000 Li & Fung Ltd. $ 163,738
122,000 Siam Makro Public Co., Ltd. 203,834
----------
$ 367,572
----------
Foods - 1.9%
97,000 Cerebos Pacific Ltd. $ 195,948
3,200 Cheil Jedang Corp. 184,077
178,000 PT Indofood Sukses Makmur TBK* 210,328
80,500 Standard Foods Taiwan Ltd. 79,180
----------
$ 669,533
----------
Personal Care - 0.3%
1,750 Hindustan Lever Ltd. $ 92,765
----------
Restaurants - 0.4%
120,000 Kentucky Fried Chicken Bhd. $ 154,105
----------
Retail Stores (Food Chains) - 1.0%
124,320 President Chain Store Corp. $ 350,776
----------
Total Consumer Staples $2,298,940
----------
Energy - 0.3%
Oil & Gas (Production & Exploration) - 0.0%
100 Oil & Natural Gas Corp. Ltd. $ 553
----------
Oil & Gas (Refining & Marketing) - 0.3%
19,200 Hindustan Petroleum Corp. Ltd. $ 70,745
9,600 Hindustan Petroleum Corp. Ltd. (New Shares)* 33,751
----------
$ 104,496
----------
Total Energy $ 105,049
----------
</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>
Financial - 33.0%
Banks (Major Regional) - 11.7%
129,000 Bangkok Bank Ltd. $ 300,738
5,000,000 Bank International Indonesia 109,409
44,000 Bank of Philippine Islands 116,309
445,669 Bank Sinopac 251,497
30,200 Dah Sing Financial Co. 120,512
50,500 Dao Heng Bank Group Ltd. 232,072
26,193 Development Bank of Singapore Ltd. 296,055
16,900 Housing & Commercial Bank, Korea 446,628
606,000 JCG Holdings Ltd. 329,581
30,511 Kookmin Bank 475,661
61,100 Malayan Bank Bhd. 207,418
512,000 National Finance Public Co., Ltd.* 195,622
2,265,000 PT Pan Indonesia Bank TBK* 264,333
156,000 Thai Farmers Bank Ltd.* 220,231
42,000 United Overseas Bank Ltd. 318,163
97,000 Wing Hang Bank Ltd. 316,529
----------
$4,200,758
----------
Banks (Money Center) - 2.9%
46,000 Corporation Bank* $ 111,265
38,675 Overseas Chinese Banking Corp., Ltd. 290,650
11,030,000 PT Lippo Bank TBK* 362,035
1,980,000 PT Lippo Bank TBK (Certificate of Entitlement)* 0
202,600 United World Chinese Commercial Bank 256,762
----------
$1,020,712
----------
Banks (Regional) - 0.1%
5,700 Metropolitan Bank & Trust Co. $ 42,643
----------
Financial (Diversified) - 13.5%
973,600 Ayala Corp. $ 242,793
125,500 Cheung Kong Holdings Ltd. 1,138,926
60,100 City Developments Inc. 310,744
117,000 Henderson Land Development Company Ltd. 533,153
27,000 Housing Development Finance Corp., Ltd. 164,202
12,600 HSBC Holdings Plc 151,245
9,800 Industrial Credit & Investment Corp. of India Ltd. (A.D.R.)* 107,800
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Financial (Diversified) - (continued)
25,000 Pakistan Investment Fund, Inc. $ 57,813
186,000 Public Finance Bhd. 199,705
860,000 SM Prime Holdings Inc. 152,269
110,300 Sun Hung Kai Properties Ltd. 890,947
151,000 Swire Pacific Ltd. 748,343
174,000 Wing Tai Holdings Ltd. 152,733
-----------
$ 4,850,673
-----------
Insurance (Multi-Line) - 1.9%
518,000 AXA China Region Ltd. $ 446,753
406,000 Pacific Century Insurance Ltd.* 218,195
-----------
$ 664,948
-----------
Insurance (Property/Casualty) - 0.6%
81,350 Cathay Life Insurance Co. $ 210,300
-----------
Investment (Bank & Brokerage) - 1.2%
135,000 Arab Malaysian Merchant Bank Holdings Bhd. $ 291,316
275,100 Capital Securities Corp.* 153,508
-----------
$ 444,824
-----------
Investment Management - 0.8%
404,000 China Everbright Ltd. $ 288,627
-----------
Savings & Loan Companies - 0.3%
60,000 Hong Leong Finance Ltd. $ 110,383
-----------
Total Financial $11,833,868
-----------
Healthcare - 0.7%
Biotechnology - 0.2%
3,200 Dr. Reddy's Laboratories, Ltd.* $ 78,507
-----------
Healthcare (Drugs & Major Pharmaceuticals) - 0.5%
50 Ranbaxy Laboratories Ltd. $ 1,002
6,400 Sun Pharmaceutical Industries, Ltd. 177,832
-----------
$ 178,834
-----------
Total Healthcare $ 257,341
-----------
Technology - 17.0%
Communications Equipment - 0.6%
18,000 Global Tele-Systems Ltd. $ 219,786
-----------
</TABLE>
14 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Computer (Hardware) - 2.7%
371,500 Great Wall Technology Co. (Class H)* $ 227,151
4,528 Samsung Electronics Co. 754,982
----------
$ 982,133
----------
Computer (Peripherals) - 0.8%
45,524 Acer Peripherals, Inc. $ 121,273
185,000 GES International Ltd. 161,276
----------
$ 282,549
----------
Computer (Software & Services) - 1.9%
5,000 BFL Software Ltd.* $ 78,242
381,000 Informatics Holdings Ltd. 185,540
600 Infosys Technologies Ltd. 96,033
1,710 NIIT Ltd. 85,303
1,340 NIIT Ltd. (New Shares)* 66,768
2,810 Satyam Computer Services Ltd. 82,339
2,810 Satyam Computer Services Ltd. (Bonus Shares)* 82,223
----------
$ 676,448
----------
Electronics (Component Distributors) - 3.1%
23,000 Asustek Computer Inc. $ 241,456
34,520 Hitron Technology Inc.* 134,946
7,000 L.G. Electronics 229,346
208,426 Phoenixtec Power Co., Ltd. 423,817
10,000 Venture Manufacturing Ltd. 88,980
----------
$1,118,545
----------
Electronics (Instrumentation) - 2.2%
91,000 Elec & Eltek International Co., Ltd. $ 309,400
210,190 IDT Holdings Singapore Ltd. 315,285
156,000 Yageo Corp. 167,705
----------
$ 792,390
----------
Electronics (Semiconductors) - 4.8%
41,600 Hon Hai Precision Industry* $ 284,590
170,880 Siliconware Precision Industries Co., Ltd.* 307,067
116,490 Taiwan Semiconductor Manufacturing Co.* 517,815
55,000 Unisem Bhd. 224,342
147,000 United Microelectronics Corp., Ltd.* 382,330
----------
$1,716,144
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Services (Data Processing) - 0.6%
48,000 Shin Corporation Public Co. Ltd. $ 197,695
450 Tata Infotech Ltd. (New Shares)* 5,464
-----------
$ 203,159
-----------
Photography/Imaging - 0.3%
390,000 PT Modern Photo TBK* $ 103,828
-----------
Total Technology $ 6,094,982
-----------
Transportation - 1.3%
Airlines - 0.9%
29,000 Singapore Airlines Inc. $ 306,860
-----------
Railroads - 0.4%
97,000 Malaysia International Shipping Bhd. $ 145,500
-----------
Total Transportation $ 452,360
-----------
Utilities - 4.2%
Electric Companies - 2.5%
76,000 Hong Kong Electric Holdings Ltd. $ 232,349
14,650 Korea Electric Power Co. 428,691
50,800 Manila Electric Co. (Class B) 139,352
27,000 Shandong Huaneng Power Co., Ltd. (N Shares) (G.D.R.) 111,374
-----------
$ 911,766
-----------
Natural Gas - 1.0%
263,400 Hong Kong & China Gas Co., Ltd. $ 349,234
-----------
Power Producers (Independent) - 0.7%
123,000 First Philippine Holdings Corp. $ 104,289
160,800 YTL Power International Bhd. 133,718
-----------
$ 238,007
-----------
Total Utilities $ 1,499,007
-----------
Total Common Stocks
(Cost $28,198,408) $34,361,746
-----------
RIGHTS - 0.2%
8,967 Hansol Paper Co. Ltd., 12/1/99* $ 23,174
263 Shinsegae Department Store Co., 12/1/99* 4,599
4,794 Korea Data System, 11/12/99* 37,969
-----------
Total Rights
(Cost $36,466) $ 65,742
-----------
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
WARRANTS - 0.5%
406,500 Queenbee Restaurants Inc., 3/24/03* $ 154,592
1,980,000 PT Lippo Bank TBK, 4/15/02* 0
217,500 PT Pan Indonesia Bank TBK, 7/8/02* 8,567
104,600 Siam Commercial Bank, 5/10/02* 36,578
Total Warrants -----------
(Cost $146,613) $ 199,737
-----------
TOTAL INVESTMENT IN SECURITIES $34,878,358
(Cost $28,631,827) (a) (b) -----------
Principal
Amount
TEMPORARY CASH INVESTMENTS - 2.6%
$ 26,000 Federal National Mortgage Association,
5.5%, 1/26/00 $ 25,658
903,000 Household Finance Corp., 5.3%, 11/1/99 903,000
-----------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $928,658) $ 928,658
-----------
TOTAL INVESTMENTS IN SECURITIES AND
TEMPORARY CASH INVESTMENTS - 100%
(Cost $29,560,485) (c) $35,807,016
===========
</TABLE>
* Non-income producing security.
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At October 31, 1999, the
value of these securities amounted to $46,328 or 0.1% of total net assets.
(a) Distribution of investments by country of issue, as a percentage of total
equity holdings, is as follows:
<TABLE>
<S> <C>
Hong Kong 29.4%
Taiwan 13.2
South Korea 13.1
Singapore 11.3
India 7.1
Malaysia 6.5
Thailand 6.2
Indonesia 5.6
Philippines 3.8
Peoples Republic of China 2.7
Australia 0.9
Pakistan 0.2
-----
100.0%
-----
</TABLE>
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 10/31/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
(b) At October 31, 1999, the net unrealized gain on investments based on cost
for federal income tax purposes of $29,876,462 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $7,160,610
Aggregrate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,230,056)
----------
Net unrealized gain $5,930,554
==========
</TABLE>
(c) At October 31, 1999, the Fund had a capital loss carryforward of $9,909,055
which will expire between 2005 and 2006 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 1999 aggregated $38,185,211 and $22,424,923,
respectively.
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 10/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investments of $928,658) (cost $29,560,485) $35,807,016
Cash 53,151
Foreign currencies, at value 455,131
Receivables -
Investment securities sold 857,961
Fund shares sold 1,956,148
Dividends, interest and foreign taxes withheld 63,722
Due from Pioneer Investment Management, Inc. 2,216
Other 4,266
-----------
Total assets $39,199,611
-----------
LIABILITIES:
Payables -
Investment securities purchased $ 928,383
Fund shares repurchased 87,631
Forward foreign currency settlement hedge contracts - net 445
Reserve for repatriation tax 25,453
Due to affiliates 21,298
Accrued expenses 156,459
Other 4,282
-----------
Total liabilities $ 1,223,951
-----------
NET ASSETS:
Paid-in capital $41,980,986
Accumulated net investment loss (4,760)
Accumulated net realized loss on investments, futures contracts
and foreign currency transactions (10,221,859)
Net unrealized gain on investments (including reserve for repatriation
taxes of $25,453) 6,221,078
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 215
-----------
Total net assets $37,975,660
===========
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $19,383,812/1,753,657 shares) $ 11.05
===========
Class B (based on $16,077,862/1,513,352 shares) $ 10.62
===========
Class C (based on $2,513,986/239,336 shares) $ 10.50
===========
MAXIMUM OFFERING PRICE:
Class A $ 11.72
===========
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended 10/31/99
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Dividends (net of foreign taxes withheld of $32,374) $ 355,626
Interest (net of foreign taxes withheld of $1,107) 35,600
----------
Total investment income $ 391,226
----------
EXPENSES:
Management fees $ 236,831
Transfer agent fees
Class A 48,402
Class B 32,668
Class C 3,442
Distribution fees
Class A 28,648
Class B 87,039
Class C 13,670
Administrative fees 32,716
Custodian fees 177,351
Registration fees 59,063
Professional fees 103,680
Printing 30,218
Fees and expenses of nonaffiliated trustees 24,911
Miscellaneous 22,268
----------
Total expenses $ 900,907
Less management fees waived and expenses
reimbursed by Pioneer Investment
Management, Inc. (372,412)
Less fees paid indirectly (10,275)
----------
Net expenses $ 518,220
----------
Net investment loss $ (126,994)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $4,196,254
Futures contracts (68,950)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (144,384) $3,982,920
---------- ----------
Change in net unrealized gain or loss from:
Investments $5,376,114
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 84,148 $5,460,262
---------- ----------
Net gain on investments and foreign currency transactions $9,443,182
----------
Net increase in net assets resulting from operations $9,316,188
==========
</TABLE>
20 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 10/31/99 and 10/31/98
<TABLE>
<CAPTION>
Year Year
Ended Ended
FROM OPERATIONS: 10/31/99 10/31/98
<S> <C> <C>
Net investment loss $ (126,994) $ (98,732)
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions 3,982,920 (7,135,137)
Change in net unrealized gain or loss on investments and
foreign currency transactions 5,460,262 4,771,923
------------ ------------
Net increase (decrease) in net assets resulting from
operations $ 9,316,188 $ (2,461,946)
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 95,334,963 $ 5,656,252
Cost of shares repurchased (77,476,468) (12,434,423)
------------ ------------
Net increase (decrease) in net assets resulting from
fund share transactions $ 17,858,495 $ (6,778,171)
------------ ------------
Net increase (decrease) in net assets $ 27,174,683 $ (9,240,117)
NET ASSETS:
Beginning of year 10,800,977 20,041,094
------------ ------------
End of year (including accumulated net investment loss of
$4,760 and $1,541, respectively) $ 37,975,660 $ 10,800,977
============ ============
</TABLE>
<TABLE>
<CAPTION>
CLASS A '99 Shares '99 Amount '98 Shares '98 Amount
<S> <C> <C> <C> <C>
Shares sold 5,781,204 $ 59,415,867 604,454 $ 3,887,954
Less shares repurchased (4,860,199) (50,171,135) (1,151,732) (7,275,852)
---------- ------------ ---------- -----------
Net increase (decrease) 921,005 $ 9,244,732 (547,278) $(3,387,898)
========== ============ ========== ===========
CLASS B
Shares sold 1,920,982 $ 19,147,136 200,684 $ 1,191,510
Less shares repurchased (1,235,422) (11,843,517) (722,950) (4,389,750)
---------- ------------ ---------- -----------
Net increase (decrease) 685,560 $ 7,303,619 (522,266) $(3,198,240)
========== ============ ========== ===========
CLASS C
Shares sold 1,908,859 $ 16,771,960 99,893 $ 576,788
Less shares repurchased (1,758,788) (15,461,816) (126,411) (768,821)
---------- ------------ ---------- -----------
Net increase (decrease) 150,071 $ 1,310,144 (26,518) $ (192,033)
========== ============ ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements. 21
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/99 10/31/98
<S> <C> <C>
CLASS A
Net asset value, beginning of year $ 6.28 $ 7.14
-------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.05) $ (0.02)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 4.82 (0.84)
------- -------
Net increase (decrease) from investment operations $ 4.77 $ (0.86)
Distributions to shareholders:
Net investment income - -
------- -------
Net increase (decrease) in net asset value $ 4.77 $ (0.86)
------- -------
Net asset value, end of year $ 11.05 $ 6.28
======= =======
Total return* 75.96% (12.04)%
Ratio of net expenses to average net assets 2.14%+ 2.31%+
Ratio of net investment income (loss) to average net assets (0.39)%+ ( .52)%+
Portfolio turnover rate 108% 101%
Net assets, end of year (in thousands) $19,384 $ 5,230
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 3.81% 5.30%
Net investment loss (2.06)% (3.51)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.09% 2.24%
Net investment income (loss) (0.34)% (0.45)%
<CAPTION>
Year Ended Year Ended Year Ended
10/31/97 10/31/96 10/31/95
<S> <C> <C> <C>
CLASS A
Net asset value, beginning of year $ 6.93 $ 8.47 $ 11.28
------- ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $(0.01) $ 0.03 $ (0.01)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.22 (1.57) (2.78)
------ ------- -------
Net increase (decrease) from investment operations $ 0.21 $ (1.54) $ (2.79)
Distributions to shareholders:
Net investment income - - (0.02)
------ ------- -------
Net increase (decrease) in net asset value $ 0.21 $ (1.54) $ (2.81)
------ ------- -------
Net asset value, end of year $ 7.14 $ 6.93 $ 8.47
====== ======= =======
Total return* 3.03% (18.18)% (24.78)%
Ratio of net expenses to average net assets 2.29%+ 2.28%+ 2.28%+
Ratio of net investment income (loss) to average net assets (0.09)%+ 0.32%+ (0.14)%+
Portfolio turnover rate 71% 64% 53%
Net assets, end of year (in thousands) $9,846 $12,388 $ 8,397
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 4.39% 4.29% 4.21%
Net investment loss (2.19)% (1.69)% (2.07)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.25% 2.25% 2.25%
Net investment income (loss) (0.05)% 0.35% (0.11)%
</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.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/99 10/31/98
<S> <C> <C>
CLASS B
Net asset value, beginning of year $ 6.08 $ 6.96
------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.03) $ (0.09)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 4.57 (0.79)
-------- --------
Net increase (decrease) from investment operations $ 4.54 $ (0.88)
Distributions to shareholders:
Net investment income - -
------- -------
Net increase (decrease) in net asset value $ 4.54 $ (0.88)
------- -------
Net asset value, end of year $ 10.62 $ 6.08
======= =======
Total return* 74.67% (12.64)%
Ratio of net expenses to average net assets 2.80%+ 2.81%+
Ratio of net investment loss to average net assets (0.91)%+ (1.03)%+
Portfolio turnover rate 108% 101%
Net assets, end of year (in thousands) $16,078 $ 5,036
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 4.60% 5.94%
Net investment loss (2.71)% (4.16)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.77% 2.76%
Net investment loss (0.88)% (0.98)%
<CAPTION>
Year Ended Year Ended Year Ended
10/31/97 10/31/96 10/31/95
<S> <C> <C> <C>
CLASS B
Net asset value, beginning of year $ 6.80 $ 8.39 $ 11.24
------ ------- -------
Increase (decrease) from investment operations:
Net investment loss $(0.04) $ (0.03) $ (0.07)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.20 (1.56) (2.77)
------ ------- -------
Net increase (decrease) from investment operations $ 0.16 $ (1.59) $ (2.84)
Distributions to shareholders:
Net investment income - - (0.01)
------ ------- -------
Net increase (decrease) in net asset value $ 0.16 $ (1.59) $ (2.85)
------ ------- -------
Net asset value, end of year $ 6.96 $ 6.80 $ 8.39
====== ======= =======
Total return* 2.35% (18.95)% (25.31)%
Ratio of net expenses to average net assets 2.90%+ 3.15%+ 3.01%+
Ratio of net investment loss to average net assets (0.62)%+ (0.45)%+ (0.86)%+
Portfolio turnover rate 71% 64% 53%
Net assets, end of year (in thousands) $9,392 $ 8,275 $ 5,991
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 4.99% 5.23% 4.91%
Net investment loss (2.71)% (2.53)% (2.76)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.86% 3.13% 2.97%
Net investment loss (0.58)% (0.43)% (0.82)%
</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.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 10/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
10/31/99 10/31/98
<S> <C> <C>
CLASS C
Net asset value, beginning of period $ 6.00 $ 6.93
------ -------
Increase (decrease) from investment operations:
Net investment loss $(0.03) $ (0.07)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 4.53 (0.86)
------ -------
Net increase (decrease) in net asset value $ 4.50 $ (0.93)
------ -------
Net asset value, end of period $10.50 $ 6.00
====== =======
Total return* 75.00% (13.42)%
Ratio of net expenses to average net assets 2.70%+ 2.85%+
Ratio of net investment loss to average net assets (0.89)%+ (1.06)%+
Portfolio turnover rate 108% 101%
Net assets, end of period (in thousands) $2,514 $ 536
Ratios assuming no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 4.40% 6.12%
Net investment loss (2.59)% (4.33)%
Ratios assuming waiver of management fees and assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 2.64% 2.76%
Net investment loss (0.83)% (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 foreign currency transactions 0.20 (1.06)
------ -------
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.
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/99
- --------------------------------------------------------------------------------
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 investment objective of the Fund is to seek long-term growth of
capital by investing primarily in equity securities of Indo-Asian issuers.
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 New York Stock Exchange. The
values of such securities used in com-
25
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 10/31/99 (continued)
- --------------------------------------------------------------------------------
puting 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 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.
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.
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Pioneer Indo-Asia Fund
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C. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices, and currency rates or to seek to
increase total return. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin")
are paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund realizes a gain or loss equal
to the difference between the opening and closing value of the contract.
The use of futures contracts involves, to varying degrees, elements of
market and counterparty risks which may exceed the amounts recognized by
the Fund. Changes in value of the contracts may not directly correlate to
the changes in value of the underlying securities. These risks may decrease
the effectiveness of the Fund's hedging strategies and potentially result
in a loss. As of October 31, 1999, the Fund had no outstanding futures
contracts.
D. Forward Foreign Currency Contracts
The Fund enters 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.
As of October 31, 1999 the Fund had no outstanding portfolio hedges. The
Fund's gross forward foreign currency settlement contracts receivable and
payable were $290,864 and $291,309, respectively, resulting in a net
payable of $445.
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Pioneer Indo-Asia Fund
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NOTES TO FINANCIAL STATEMENTS 10/31/99 (continued)
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E. 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 repatriation of capital gains
recognized in certain countries. During the year ended October 31, 1999,
the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve
for such repatriation taxes, if any, associated with investments in certain
countries. The estimated reserve for repatriation of capital gains taxes is
based on the net unrealized appreciation on certain portfolio securities,
the holding period of such securities and the related tax rates, tax loss
carryforward (if applicable) and other such factors. As of October 31, 1999
the Fund had a reserve of $25,453 related to the repatriation of capital
gains.
At October 31, 1999, the Fund has reclassified $123,775 and $154,138 from
accumulated net investment loss and accumulated net realized loss on
investments, futures contracts 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.
F. 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 $14,324 in
underwriting commissions on the sale of fund shares during the year ended
October 31, 1999.
G. 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
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Pioneer Indo-Asia Fund
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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.
H. 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.
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 exceed 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.
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Pioneer Indo-Asia Fund
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NOTES TO FINANCIAL STATEMENTS 10/31/99 (continued)
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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 Khothari 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 (ITI), 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.
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 $3,330 in transfer agent fees payable to PSC at October 31, 1999.
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 $17,968 in distribution fees payable to
PFD at October 31, 1999.
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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, 1999, CDSCs in the amount of $171,386 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, 1999, the
Fund's expenses were reduced by $10,275 under such arrangements.
6. Line of Credit Facility
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 year ended October
31, 1999 was $193,014. The average daily shares outstanding during the year were
2,320,418 resulting in an average borrowing per share of $0.08. The related
weighted average annualized interest rate for the year was 5.6%, and the total
interest expense on such borrowings was $16,103.
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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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 as of October 31, 1999, and the related
statement of operations, the statements of changes in net assets, and the
financial highlights for the periods presented. These financial statements and
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, 1999 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Indo-Asia Fund as of October 31, 1999, the results of its operations,
the changes in its net assets, and the financial highlights for the periods
presented, in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
December 3, 1999
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Pioneer Indo-Asia Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
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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 Christopher D. Lively, Vice President
Marguerite A. Piret Eric W. Reckard, Treasurer
David D. Tripple Joseph P. Barri, Secretary
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Public Accountants
Arthur Andersen LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
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THE PIONEER FAMILY OF MUTUAL FUNDS
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For information about any Pioneer mutual fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
Growth Funds Income Funds
United States Taxable
Pioneer Capital Growth Fund Pioneer America Income Trust
Pioneer Growth Shares Pioneer Bond Fund
Pioneer Micro-Cap Fund Pioneer Limited Maturity Bond Fund
Pioneer Mid-Cap Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund
Pioneer Tax-Managed Fund Tax-Free
Pioneer Tax-Free Income Fund
International/Global
Pioneer Emerging Markets Fund Money Market Fund
Pioneer Europe Fund Pioneer Cash Reserves 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
* 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.
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This page for your notes.
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RETIREMENT PLANS FROM PIONEER
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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)
Traditional IRA
A Traditional IRA 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
Contributions, up to $2,000 a year per person in earned income, are not tax-
deductible, but earnings are tax-free for qualified withdrawals. You can
contribute beyond age 70-1/2, although there are income limits for contributions
at any age.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $10,000 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees) IRA Plan
Businesses with 100 or fewer eligible employees can establish a plan; it
resembles 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.
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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-Based Profit Sharing Plan
Like traditional profit sharing plans, employer contributions are flexible, but
age-based plans allocate contributions based on both age and salary. Age-based
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.
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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.
[Graphic: Pioneer Logo]
Pioneer Investment Management, Inc.
60 State Street 7262-00-1299
Boston, Massachusetts 02109 (C) Pioneer Funds Distributor, Inc.
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