<PAGE>
[Pioneer Logo]
Pioneer
Indo-Asia
Fund
S E M I A N N U A L R E P O R T 4 / 3 0 / 9 9
<PAGE>
T a b l e o f C o n t e n t s
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 18
Notes to Financial Statements 24
Report of Independent Public Accountants 31
Trustees, Officers and Service Providers 32
The Pioneer Family of Mutual Funds 33
Retirement Plans from Pioneer 34
Programs and Services for Pioneer Shareowners 36
</TABLE>
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
LETTER FROM THE CHAIRMAN 4/30/99
- --------------------------------------------------------------------------------
D e a r S h a r e o w n e r ,
- --------------------------------------------------------------------------------
I am pleased to introduce this semiannual report for Pioneer Indo-Asia Fund
covering the six months ended April 30, 1999. Thank you for your investment with
Pioneer and your patience over the last six months as we broadened the
investment scope of your Fund to include all of Asia except Japan. I am happy to
report that our hard work has been rewarded with an outstanding six months.
Investor interest returned to Asia early in the period as inexpensive stocks and
dropping interest rates created an investing environment too tempting for many
investors to pass up. Money poured into the region as word spread through the
business media and momentum built. Now, at period end, with Singapore, Taiwan
and South Korea all reporting positive economic numbers for the first quarter of
1999, the first real signs of an economic recovery are in place. Although
investing in international markets - especially emerging markets - comes with
special risks and volatility, we believe the Asian markets may be an exciting
place for investors over the next couple of years.
Of course extracting the potential reward from an area notorious for volatility
and risk takes hard work. It requires time and experience. Nowhere are the
fundamentals of long-term investing more important than overseas. At Pioneer, we
invest from the ground up. It means talking face to face with management -
wherever they live and work - to garner concrete facts, facts that tell us about
a company's balance sheet, management's commitment to excellence and any
competitive edge the company might have. These are the elements that define a
successful company over time and, we believe a successful investment as well.
I encourage you to read on and learn more about Pioneer Indo-Asia Fund. If you
have any questions about your Fund, please contact your investment professional,
or call Pioneer at 1-800-225-6292.
Respectfully,
[Signature of John F. Cogan, Jr.]
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO SUMMARY 4/30/99
- --------------------------------------------------------------------------------
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)
[Pie Chart]
International Common Stocks 93.0%
Depositary Receipts for International Stocks 4.8%
Warrants 1.1%
International Preferred Stocks 0.6%
International Corporate Bonds 0.5%
[End Pie Chart]
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 long-term holdings)
[Bar Chart]
Hong Kong 31.1% Malaysia 5.3%
Singapore 15.1% Philippines 4.7%
South Korea 12.2% Indonesia 4.1%
Taiwan 8.8% People's Republic of China 2.1%
India 7.5% Australia 2.0%
Thailand 6.8% Pakistan 0.3%
[End Bar Chart]
1 0 L a r g e s t H o l d i n g s
- --------------------------------------------------------------------------------
(As a percentage of long-term holdings)
<TABLE>
<S> <C> <C> <C>
1. Cheung Kong Holdings 2.91% 6. Hutchison Whampoa 1.86%
Ltd. Ltd.
2. Giordano International 2.42 7. Jardine Matheson 1.60
Ltd. Holdings Ltd.
3. Development Bank of 2.32 8. Singapore Press 1.60
Singapore Ltd. Holdings
4. Hong Kong 1.92 9. Housing & Commercial 1.55
Telecommunications Ltd. Bank, Korea
5. Sun Hung 1.88 10. Overseas-Chinese Banking 1.54
Kai Properties Ltd. Corp., Ltd.
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/99 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 4/30/99 10/31/98
$ 9.36 $ 6.28
Distributions per Share Income Short-Term Long-Term
(10/31/98-4/30/99) 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.
Average Annual Total Returns
(As of April 30, 1999)
<TABLE>
<CAPTION>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life-of-Fund -4.12% -5.28%
(6/23/94)
1 Year 32.58 24.97
</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.
[Mountain Chart]
Growth of $10,000
MSCI All Country Asia Free
Pioneer Indo-Asia Fund* (Ex-Japan) Index
----------------------- --------------------------
6/94 9425 10000
4/95 7538 9604
4/96 8252 11853
4/97 6084 10976
4/98 5797 6816
4/99 7686 6825
[End Mountain Chart]
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,
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 4/30/99 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 4/30/99 10/31/98
$9.04 $6.08
Distributions per Share Income Short-Term Long-Term
(10/31/98 - 4/30/99) 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.
Average Annual Total Returns
(As of April 30, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund -4.83% -5.23%
(6/23/94)
1 Year 31.59 27.59
</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.
[Mountain Chart]
Growth of $10,000
MSCI All Country Asia Free
Pioneer Indo-Asia Fund* (Ex-Japan) Index
----------------------- --------------------------
6/94 10000 10000
4/95 7944 9604
4/96 8640 11853
4/97 6308 10976
4/98 5977 6816
4/99 7708 6825
[End Mountain Chart]
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, 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 4/30/99 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 4/30/99 10/31/98
$8.93 $6.00
Distributions per Share Income Short-Term Long-Term
(10/31/98 - 4/30/99) 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.
Average Annual Total Returns
(As of April 30, 1999)
<TABLE>
<CAPTION>
If If
Period Held Redeemed
<S> <C> <C>
Life-of-Fund 4.05% 4.05%
(1/31/96)
1 Year 30.56 30.56
</TABLE>
* Assumes reinvestment of distributions.
The 1% contingent deferred sales
charge (CDSC) applies to investments
sold within one year of purchase.
[Mountain Chart]
Growth of $10,000
MSCI All Country Asia Free
Pioneer Indo-Asia Fund* (Ex-Japan) Index
----------------------- --------------------------
1/96 10000 10000
4/96 12548 10549
10/96 8624 9784
4/97 9197 9768
10/97 8828 6798
4/98 8713 6067
10/98 7682 5095
4/99 11376 6074
[End Mountain Chart]
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, 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 4/30/99
- --------------------------------------------------------------------------------
Asian markets continued their rebound as investors returned hoping to get in on
the ground floor of the region's economic recovery. And while most pundits would
agree that the region has stabilized, fewer would say that a full recovery is
underway. International investing, especially in emerging markets, carries
special risks including currency fluctuations and political unrest. But with
those special risks comes the potential for special rewards, as we find out in
this interview with Christopher D. Lively, portfolio manager of Pioneer
Indo-Asia Fund. Mr. Lively, who handles the day to day business of the Fund,
looks back over the semiannual period ended April 30, 1999 - the first full
semi-annual period since the Fund changed its investment focus from solely India
to include all of Asia except Japan.
Q: Most Asian markets are up in the last six months. How did this affect the
Fund?
A: The Fund had a very strong six months. Class A shares returned 49.04% at net
asset value for the six months ended April 30, 1999 (48.68% and 48.83% for B
and C shares, respectively). These returns easily outperformed the 33.45%
average return posted by the 85 funds in Lipper, Inc.'s Pacific ex. Japan
category as well as the 40.99% return of the MSCI All-Country Asia Free (ex.
Japan) Index for the same period. It's a remarkable turnaround for the region
compared to one year ago. (Lipper is an independent firm that tracks the
performance of mutual funds.)
Q: How did the Fund outperfom its peers?
A: Two reasons mainly - country selection and identifying certain positive
trends in the region that allowed us to make good stock picks. The Fund was
invested more heavily in Singapore compared to our MSCI index. Singapore was
up 43% as resurgent investor interest discovered, among other things, the
strong fundamentals and good values available in Singapore's banking sector.
On the other hand, we did not invest too heavily in Taiwan, which we avoided
because of the high valuations of its stocks compared to the rest of Asia and
its exposure to the economic slowdown in China. Taiwan was one of the poorest
performing markets in the region over the six-month period, up only 2%.
6
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The banking sector was a predominant theme for us in the last six months.
Outside of Singapore, we found good bank stocks in Thailand and Korea. Thai
Farmers Bank was up 121% in U.S. dollars for the period. Housing & Commercial
Bank, Korea rose an incredible 478%, as investor's took notice of the bank's
efforts to increase shareholder value by cutting costs, hiring new management
and formulating new business strategies. Even with the recent run-up, Housing
& Commercial bank was still trading at a very inexpensive level.
Telecommunications was another focus in the portfolio. The highly diversified
Hutchison Whampoa (Hong Kong) and the well-managed Smartone
Telecommunications (Hong Kong) did well for the Fund.
Other successful stock picks for us included Giordano International (Hong
Kong), a clothing retailer, up 291%. Total Access Communication (Thailand)
and City Developments (Singapore) also did well.
Q: Have you fully converted the Fund's portfolio to include Indo-Asia, rather
than India alone?
A: Yes. By the mid-point of the semiannual period, we had cut investments in
India by almost half and then halved that percentage again by April 30. Right
now, less than 10% of the portfolio is invested in India, much of it in the
software and pharmaceuticals industries that have done well for the Fund.
Several Indian holdings outside the pharmaceutical and software industries
hurt the Fund's performance. Most of them were state owned companies,
including Mahanagar Telephone Nigam and Videsh Sanchar Nigam in the
telecommunications sector as well as Hindustan Petroleum. There was concern
that the Indian government, facing some fiscal pressures, would force several
of these companies to buy stakes in each other, which is not in the best
interests of minority shareholders.
7
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/99 (continued)
- --------------------------------------------------------------------------------
Q: Are the Asian economies out of the woods yet?
A: No, but they've made a good start. Reform and restructuring are still needed
throughout the region. For instance, South Korea's chaebols - large business
conglomerates - need to sell off side businesses and continue to reduce debt.
Fortunately, there's pressure from the Korean government to do just that.
Even DaeWoo and Hyundai, two well-known chaebols, have vowed publicly to
comply. Other anecdotal information includes positive GDP figures in the
first quarter for Singapore and Korea and strong auto sales in Korea and
Malaysia. Thailand has recently passed two major bankruptcy laws. It remains
extremely important that we, as fund managers, stay vigilant - interviewing
the management teams of current and prospective holdings, and monitoring the
economic policies of the region's countries. We meet constantly with the
management teams of current and prospective holdings to scrutinize their
capabilities and their attitudes toward reform and restructuring.
Overall, I'm cautiously optimistic about the changes that have come to the
region and the possibility for continuing reform. Housing and Commercial Bank
is a perfect example of a smart Asian company that has seen the light
regarding shareholder value - stronger balance sheets, better accounting and
a commitment to doing what it takes to compete globally.
Q: What's your outlook for the rest of the fiscal year?
A: In the short term, we believe volatility will probably return to the region
as U.S. interest rates and profit taking comes into play. But for the longer
term, the next two years or so, we look for a better environment for Asian
investors. When you look at Korea, which outperformed all markets in 1998
including the United States, and realize that it has still only recovered
half of its market value (in U.S. dollar terms) of several years ago, you see
the potential upside of investing in Asia.
8
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
CORPORATE BONDS - 0.5%
$ 60,000 Finlayson Global Corp. Ltd., 0.0%, 2/19/04
(Convertible) (144A)* $ 73,200
INR 782,000 National Aluminum Co., 14.5%, 3/25/05 20,286
--------
Total Corporate Bonds
(Cost $97,972) $ 93,486
--------
<CAPTION>
Shares
<S> <C> <C>
PREFERRED STOCK - 0.6%
104,600 Siam Commercial Bank* $107,224
--------
Total Preferred Stock
(Cost $73,779) $107,224
--------
COMMON STOCKS - 97.8%
Basic Materials - 7.9%
Aluminum - 0.8%
7,900 Hindalco Industries Ltd. $105,235
78,250 National Aluminum Co. Ltd. 45,900
--------
$151,135
--------
Chemicals (Diversified) - 0.8%
350,000 Thai Petrochemical Industry Co. $ 84,974
15,500 WMC Ltd. 66,979
--------
$151,953
--------
Chemicals (Specialty) - 1.0%
7,200 Honam Petrochemical Corp. $133,277
15,100 Reliance Industries Ltd. 45,522
--------
$178,799
--------
Construction (Cements & Aggregates) - 1.6%
91,000 PT Semen Gresik TBK $143,165
5,000 Siam Cement Public Co., Ltd.* 147,828
--------
$290,993
--------
Iron & Steel - 2.2%
6,700 Broken Hill Proprietary Co., Ltd. $ 75,746
158,000 China Steel Corp., Ltd.* 125,627
7,500 Pohang Iron & Steel Co. Ltd. (A.D.R.) 193,125
250 Tata Iron & Steel Co., Ltd. 469
--------
$394,967
--------
Metals Mining - 0.8%
600,000 Yanzhou Coal Mining Co. (Class H) $140,885
--------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Paper & Forest Products - 0.7%
8,000 Hansol Paper Co. $ 134,623
----------
Total Basic Materials $1,443,355
----------
Capital Goods - 2.0%
Electrical Equipment - 0.6%
25,000 Bharat Heavy Electricals Ltd.* $ 99,030
----------
Machinery (Diversified) - 0.8%
300,000 First Tractor Co., Ltd. (Class H) $ 59,992
1,410,000 PT Komatsu Indonesia 91,700
----------
$ 151,692
----------
Manufacturing (Diversified) - 0.0%
142 Asea Brown Boveri Ltd. $ 962
----------
Manufacturing (Specialized) - 0.6%
200,000 Omni Industries Ltd. $ 106,113
----------
Total Capital Goods $ 357,797
----------
Communication Services - 14.2%
Cellular/Wireless Telecommunications - 5.3%
15,000 Cable & Wireless Optus Ltd.* $ 33,749
44,000 China Telecom Ltd.* 100,477
38,000 Hutchison Whampoa Ltd. 340,730
10,000 SK Telecom Co., Ltd. (A.D.R.) 138,750
74,000 Smartone Telecommunications Inc. 256,341
31,500 Total Access Communication Ltd.* 107,100
----------
$ 977,147
----------
Telecommunications (Long Distance) - 1.4%
88,000 Asia Satellite Telecommunications Holdings Ltd. $ 158,947
1,200 Dacom Corp. 101,472
----------
$ 260,419
----------
Telephone - 7.5%
130,200 Hong Kong Telecommunications Ltd. $ 350,235
1,700 Korea Telecom Corp. 88,512
52,500 Mahanagar Telephone Nigam Ltd. 190,418
5,200 Philippine Long Distance Telephone Co. (A.D.R.) 167,700
7,500 PT Indonesian Satellite Corp. (A.D.R.) 141,563
50,000 Singapore Telecommunications, Ltd. 92,554
41,000 Telekom Malaysia 120,842
14,700 Telekomunik Indonesia (A.D.R.) 128,625
</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)
3,000 Videsh Sanchar Nigam Ltd. $ 48,839
2,900 Videsh Sanchar Nigam Ltd. (G.D.R.) 34,800
----------
$1,364,088
----------
Total Communication Services $2,601,654
----------
Consumer Cyclicals - 12.3%
Homebuilding - 0.6%
100,000 Land & House Co. Ltd.* $ 107,230
----------
Household Furnishings & Appliances - 0.6%
120,000 Guangdong Kelon Electronics Holdings Inc. (Class H) $ 108,373
----------
Leisure Time (Products) - 0.7%
80,000 Berjaya Sports Toto Bhd. $ 136,842
----------
Publishing (Newspapers) - 3.7%
8,300 News Corporation Ltd. $ 69,557
19,800 Singapore Press Holdings 291,812
328,000 South China Morning Post Ltd. 197,833
67,500 Star Publications 113,684
----------
$ 672,886
----------
Retail (Department Stores) - 1.2%
1,450,000 PT Matahari Putra Prima* $ 94,302
3,800 Shinsegae Department Store Co. 131,090
----------
$ 225,392
----------
Retail (Specialty Apparel) - 2.4%
954,000 Giordano International Ltd. $ 443,091
----------
Services (Commercial & Consumer) - 1.6%
68,600 Jardine Matheson Holdings Ltd. $ 292,236
----------
Textiles (Apparel) - 0.4%
21,000 Youngone Corp. $ 66,260
----------
Textiles (Home Furnishings) - 1.1%
146,000 Far Eastern Textile Ltd. $ 196,006
----------
Total Consumer Cyclicals $2,248,316
----------
Consumer Staples - 9.1%
Beverages - 0.7%
25,500 Coca-Cola Amatil Ltd. $ 121,025
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Broadcasting (Television/Radio/Cable) - 2.0%
620,000 Benpres Holdings Corp*. $ 145,115
53,000 Television Broadcasts Ltd. 215,392
----------
$ 360,507
----------
Distributors (Food & Health) - 0.6%
48,000 Li & Fung Ltd. $ 117,662
----------
Foods - 2.2%
47,000 Cerebos Pacific Ltd. $ 114,154
2,700 Cheil Jedang Corp. 143,122
120,000 PT Indofood Sukses Makmur TBK* 95,138
42,500 Standard Foods Taiwan Ltd. 60,176
----------
$ 412,590
----------
Personal Care - 0.5%
1,750 Hindustan Lever Ltd. $ 83,921
----------
Restaurants - 1.3%
314,000 Cafe de Coral Holdings Ltd. $ 103,303
120,000 Kentucky Fried Chicken Bhd. 135,158
----------
$ 238,461
----------
Retail Stores (Food Chains) - 1.8%
111,000 Dairy Farm International Holdings Ltd. $ 164,280
54,000 President Chain Store Corp. 166,789
----------
$ 331,069
----------
Total Consumer Staples $1,665,235
----------
Energy - 1.2%
Oil & Gas (Production & Exploration) - 0.2%
13,000 Oil & Natural Gas Corp., Ltd. $ 33,237
----------
Oil & Gas (Refining & Marketing) - 1.0%
1,000 Cochin Refineries Ltd. $ 2,980
48,200 Hindustan Petroleum Corp. Ltd. 188,833
----------
$ 191,813
----------
Total Energy $ 225,050
----------
</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 - 31.0%
Banks (Major Regional) - 14.5%
57,000 Bangkok Bank Ltd.* $ 170,677
4,000 Bank of India 1,683
25,000 Bank of Philippine Islands 78,895
120,000 Bank Sinopac* 84,404
53,000 Dah Sing Financial Co. 167,185
52,000 Dao Heng Bank Group Ltd. 211,328
40,000 Development Bank of Singapore Ltd. 424,453
12,000 Housing & Commercial Bank, Korea 282,709
180,000 JCG Holdings Ltd. 66,185
20,000 Kookmin Bank 272,613
44,100 Malayan Bank Bhd. 117,213
230,000 National Finance Public Co., Ltd.* 164,419
30,000 Overseas-Chinese Banking Corp., Ltd. 281,200
500,000 PT Bank TBK 60,390
49,000 Thai Farmers Bank Ltd.* 136,148
18,000 United Overseas Bank Ltd. 139,008
----------
$2,658,510
----------
Banks (Money Center) - 0.5%
8,000 Hang Seng Bank $ 94,697
----------
Banks (Regional) - 0.6%
10,000 Metropolitan Bank & Trust Co. $ 99,934
----------
Financial (Diversified) - 12.2%
13,450 Allgreen Properties Ltd.* $ 8,167
303,000 Ayala Corp. 109,566
58,500 Cheung Kong Holdings Ltd. 532,093
33,100 City Developments Inc. 220,498
16,000 Henderson Land Development Company Ltd. 96,813
2,700 Housing Development Finance Corp. 124,920
5,200 HSBC Holdings Plc 193,214
30 Industrial Credit & Investment Corp. of India Ltd. 33
3,500 Korea Fund, Inc.* 43,750
25,000 Pakistan Investment Fund, Inc. 56,250
111,000 Public Finance Bhd. 94,642
39,300 Sun Hung Kai Properties Ltd. 344,781
45,000 Swire Pacific Ltd. 252,548
9,000 WEBS - Malaysia Index Series 56,250
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Financial (Diversified) - (continued)
74,000 Wing Tai Holdings Ltd. $ 92,047
----------
$2,225,572
----------
Insurance (Multi-Line) - 1.2%
288,000 AXA China Region Ltd. $ 221,081
----------
Insurance (Property/Casualty) - 0.8%
43,000 Cathay Life Insurance Co. $ 153,853
----------
Investment (Bank & Brokerage) - 0.3%
2,300 Dongwon Securities Co. $ 54,186
----------
Investment Management - 0.4%
114,000 Kim Eng Holdings Ltd. $ 65,189
----------
Savings & Loan Companies - 0.5%
40,000 Hong Leong Finance Ltd. $ 98,567
----------
Total Financial $5,671,589
----------
Healthcare - 0.6%
Healthcare (Drugs & Major Pharmaceuticals) - 0.6%
1,950 Cipla Ltd. $ 61,988
25 Glaxo India Ltd. 381
50 Hoechst Marion Roussel Ltd. 602
3,300 Knoll Pharmaceuticals Ltd. 45,578
199 Pfizer Ltd. 4,647
----------
Total Healthcare $ 113,196
----------
Technology - 11.6%
Computer (Hardware) - 1.4%
3,398 Samsung Electronics Co. $ 261,319
----------
Computer (Networking) - 0.8%
73,000 D-Link Corp.* $ 150,688
----------
Computer (Peripherals) - 0.4%
41,000 Acer Peripherals, Inc. $ 72,095
----------
Computer (Software & Services) - 1.9%
381,000 Informatics Holdings Ltd. $ 152,732
600 Infosys Technologies Ltd.* 36,741
2,200 Mastek Ltd. 32,841
750 NIIT Ltd. 28,255
1,300 NIIT Ltd. (New Shares)* 48,898
1,710 Satyam Computer Services Ltd.* 43,959
----------
$ 343,426
----------
</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>
Electronics (Component Distributors) - 2.3%
30,000 KCE Electronics Co., Ltd.* $ 66,361
80,000 Phoenixtec Power Co., Ltd.* 143,119
73,000 Varitronix International Ltd. 125,261
15,000 Venture Manufacturing Ltd. 82,238
----------
$ 416,979
----------
Electronics (Instrumentation) - 1.4%
224,000 IDT Holdings Singapore Ltd. $ 248,640
----------
Electronics (Semiconductors) - 2.4%
25,000 Hon Hai Precision Industry* $ 136,086
41,000 Siliconware Precision Industries Co., Ltd.* 73,349
16,000 Sunplus Technology Co., Ltd.* 53,578
54,000 Taiwan Semiconductor Manufacturing Co.* 182,477
----------
$ 445,490
----------
Services (Data Processing) - 1.0%
31,000 Shinawatra Computer Co., Plc $ 112,058
2,250 Tata Infotech Ltd. 67,240
----------
$ 179,298
----------
Total Technology $2,117,935
----------
Transportation - 2.4%
Airlines - 1.4%
28,000 Singapore Airlines Inc. $ 257,502
----------
Railroads - 0.5%
53,000 Malaysia International Shipping Bhd. $ 83,684
----------
Shipping - 0.5%
50,000 New World Infrastructure Ltd.* $ 91,279
----------
Total Transportation $ 432,465
----------
Utilities - 5.5%
Electric Companies - 3.4%
32,500 CLP Holdings Ltd. $ 174,429
29,000 Hongkong Electric Holdings Ltd. 92,415
6,100 Korea Electric Power Co. 175,533
24,800 Manila Electric Co. (Class B) 94,569
18,000 Shandong Huaneng Power Co., Ltd. (G.D.R.) 79,875
----------
$ 616,821
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Natural Gas - 1.5%
196,400 Hong Kong & China Gas Co., Ltd. $ 276,191
-----------
Power Producers (Independent) - 0.6%
134,000 YTL Power International Bhd. $ 112,842
-----------
Total Utilities $ 1,005,854
-----------
Total Common Stocks
(Cost $13,095,451) $17,882,446
-----------
WARRANTS - 1.1%
104,600 Siam Commercial Bank, 5/10/02* $ 39,504
281,500 Queenbee Restaurants Inc., 3/24/03* 170,270
-----------
Total Warrants
(Cost $58,898) $ 209,774
-----------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $13,326,100) (a) (b) (c) $18,292,930
===========
</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 April 30, 1999, the
value of these securities amounted to $73,200 or 0.4% 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 31.1%
Singapore 15.1
South Korea 12.2
Taiwan 8.8
India 7.5
Thailand 6.8
Malaysia 5.3
Philippines 4.7
Indonesia 4.1
Peoples Republic of China 2.1
Australia 2.0
Pakistan 0.3
-----
100.0%
-----
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(b) At April 30, 1999, the net unrealized gain on
investments based on cost for federal income tax
purposes of $13,329,039 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $5,500,931
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (537,040)
----------
Net unrealized gain $4,963,891
==========
(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
six months ended April 30, 1999 aggregated $9,465,590 and $6,334,260,
respectively.
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
BALANCE SHEET 4/30/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (cost $13,326,100) $18,292,930
Foreign currencies, at value 582,394
Receivables -
Investment securities sold 222,980
Fund shares sold 383,010
Dividends, interest and foreign taxes withheld 62,297
Due from Pioneer Investment Management, Inc. 44,563
Other 1,183
-----------
Total assets $19,589,357
-----------
LIABILITIES:
Payables -
Investment securities purchased $ 810,235
Fund shares repurchased 115,629
Forward foreign currency settlement hedge contracts - net 57
Due to bank 56,589
Due to affiliates 19,370
Accrued expenses 91,833
Reserve for repatriation taxes 26,167
-----------
Total liabilities $ 1,119,880
-----------
NET ASSETS:
Paid-in capital $26,542,585
Accumulated net investment loss (22,371)
Accumulated net realized loss on investments
and foreign currency transactions (12,990,402)
Net unrealized gain on investments 4,940,663
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (998)
-----------
Total net assets $18,469,477
===========
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $9,521,582/1,016,722 shares) $ 9.36
===========
Class B (based on $7,713,193/853,582 shares) $ 9.04
===========
Class C (based on $1,234,702/138,342 shares) $ 8.93
===========
MAXIMUM OFFERING PRICE:
Class A $ 9.93
===========
</TABLE>
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/99
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $2,699) $ 114,078
Interest (net of foreign taxes withheld of $228) 12,130
----------
Total investment income $ 126,208
----------
EXPENSES:
Management fees $ 68,316
Transfer agent fees
Class A 23,264
Class B 16,648
Class C 1,535
Distribution fees
Class A 7,608
Class B 27,889
Class C 3,784
Administrative fees 18,784
Custodian fees 65,625
Registration fees 21,839
Professional fees 50,120
Printing 10,386
Fees and expenses of nonaffiliated trustees 12,399
Miscellaneous 4,395
----------
Total expenses $ 332,592
Less management fees waived and expenses
reimbursed by Pioneer Investment
Management, Inc. (183,628)
Less fees paid indirectly (1,926)
----------
Net expenses $ 147,038
----------
Net investment loss $ (20,830)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $1,493,828
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (125,313) $1,368,515
---------- ----------
Change in net unrealized gain or loss from:
Investments (including reserve for repatriation
taxes of $26,167) $4,095,699
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 82,935 $4,178,634
---------- ----------
Net gain on investments and foreign currency transactions $5,547,149
----------
Net increase in net assets resulting from operations $5,526,319
==========
</TABLE>
The accompanying notes are an integral part of these financial statements. 19
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/99 and the Year Ended 10/31/98
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
FROM OPERATIONS: 4/30/99 10/31/98
<S> <C> <C>
Net investment loss $ (20,830) $ (98,732)
Net realized gain (loss) on investments and foreign
currency transactions 1,368,515 (7,135,137)
Change in net unrealized gain or loss on investments and
foreign currency transactions 4,178,634 4,771,923
----------- -----------
Net increase (decrease) in net assets resulting from
operations $ 5,526,319 $(2,461,946)
----------- -----------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $16,876,004 $ 5,656,252
Cost of shares repurchased (14,733,823) (12,434,423)
----------- -----------
Net increase (decrease) in net assets resulting from
fund share transactions $ 2,142,181 $(6,778,171)
----------- -----------
Net increase (decrease) in net assets $ 7,668,500 $(9,240,117)
NET ASSETS:
Beginning of period 10,800,977 20,041,094
----------- -----------
End of period (including accumulated net investment loss
of $22,371 and $1,541 respectively) $18,469,477 $10,800,977
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
CLASS A '99 Shares '99 Amount '98 Shares '98 Amount
<S> <C> <C> <C> <C>
Shares sold 1,067,231 $8,610,359 604,454 $ 3,887,954
Less shares repurchased (883,161) (7,086,895) (1,151,732) (7,275,852)
--------- ---------- ---------- -----------
Net increase (decrease) 184,070 $1,523,464 (547,278) $(3,387,898)
--------- ---------- ---------- -----------
CLASS B
Shares sold 319,209 $2,434,165 200,684 $ 1,191,510
Less shares repurchased (293,419) (2,168,749) (722,950) (4,389,750)
--------- ---------- ---------- -----------
Net increase (decrease) 25,790 $ 265,416 (522,266) $(3,198,240)
--------- ---------- ---------- -----------
CLASS C
Shares sold 838,808 $5,831,480 99,893 $ 576,788
Less shares repurchased (789,731) (5,478,179) (126,411) (768,821)
--------- ---------- ---------- -----------
Net increase (decrease) 49,077 $ 353,301 (26,518) $ (192,033)
========= ========== ========== ===========
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
4/30/99 10/31/98
<S> <C> <C>
CLASS A
Net asset value, beginning of period 6.28 $ 7.14
------ -------
Increase (decrease) from investment operations:
Net investment income (loss) (0.01) $ (0.02)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 3.09 (0.84)
------ -------
Net increase (decrease) from investment operations 3.08 $ (0.86)
Distributions to shareholders:
Net investment income - -
------ -------
Net increase (decrease) in net asset value $ 3.08 $ (0.86)
------ -------
Net asset value, end of period $ 9.36 $ 6.28
====== =======
Total return* 49.04% (12.04)%
Ratio of net expenses to average net assets 2.14%* *+ 2.31%+
Ratio of net investment income (loss) to average net assets (0.11)%**+ (0.52)%+
Portfolio turnover rate 106%** 101%
Net assets, end of period (in thousands) $9,522 $ 5,230
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 5.04%** 5.30%
Net investment loss (3.01)%** (3.51)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.10%** 2.24%
Net investment income (loss) (0.07)%** (0.45)%
<CAPTION>
Year Ended Year Ended Year Ended 6/23/94 to
10/31/97 10/31/96 10/31/95 10/31/94(a)
<S> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 6.93 $ 8.47 $11.28 $ 11.50
------ ------- ------ -------
Increase (decrease) from investment operations:
Net investment income (loss) $(0.01) $ 0.03 $(0.01) $ 0.04
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.22 (1.57) (2.78) (0.26)
------ ------- ------ -------
Net increase (decrease) from investment operations $ 0.21 $ (1.54) $(2.79) $ (0.22)
Distributions to shareholders:
Net investment income - - (0.02) -
------ ------- ------ -------
Net increase (decrease) in net asset value $ 0.21 $ (1.54) $(2.81) $ (0.22)
------ ------- ------ -------
Net asset value, end of period $ 7.14 $ 6.93 $ 8.47 $ 11.28
====== ======= ====== =======
Total return* 3.03% (18.18)% (24.78)% (1.91)%
Ratio of net expenses to average net assets 2.29%+ 2.28%+ 2.28%+ 2.25%**
Ratio of net investment income (loss) to average net assets (0.09)%+ 0.32%+ (0.14)%+ 0.92%**
Portfolio turnover rate 71% 64% 53% 109%**
Net assets, end of period (in thousands) $9,846 $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 4.39% 4.29% 4.21% 6.57%**
Net investment loss (2.19)% (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% 2.25% -
Net investment income (loss) (0.05)% 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 assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
4/30/99 10/31/98
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 6.08 $ 6.96
------ ------
Increase (decrease) from investment operations:
Net investment loss $(0.02) $(0.09)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.98 (0.79)
------ ------
Net increase (decrease) from investment operations $ 2.96 $(0.88)
Distributions to shareholders:
Net investment income - -
------ ------
Net increase (decrease) in net asset value $ 2.96 $(0.88)
------ ------
Net asset value, end of period $ 9.04 $ 6.08
====== ======
Total return* 48.68% (12.64)%
Ratio of net expenses to average net assets 2.68%**+ 2.81%+
Ratio of net investment loss to average net assets (0.66)%**+ (1.03)%+
Portfolio turnover rate 106%** 101%
Net assets, end of period (in thousands) $7,713 $5,036
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 5.65%** 5.94%
Net investment loss (3.63)%** (4.16)%
Ratios assuming waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.66%** 2.76%
Net investment loss (0.64)%** (0.98)%
<CAPTION>
Year Ended Year Ended Year Ended 6/23/94 to
10/31/97 10/31/96 10/31/95 10/31/94(a)
<S> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 6.80 $ 8.39 $11.24 $11.50
------ ------ ------ ------
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) (0.26)
------ ------ ------ ------
Net increase (decrease) from investment operations $ 0.16 $(1.59) $(2.84) $(0.26)
Distributions to shareholders:
Net investment income - - (0.01) -
------ ------ ------ ------
Net increase (decrease) in net asset value $ 0.16 $(1.59) $(2.85) $(0.26)
------ ------ ------ ------
Net asset value, end of period $ 6.96 $ 6.80 $ 8.39 $11.24
====== ====== ====== ======
Total return* 2.35% (18.95)% (25.31)% (2.26)%
Ratio of net expenses to average net assets 2.90%+ 3.15%+ 3.01%+ 3.21%**
Ratio of net investment loss to average net assets (0.62)%+ (0.45)%+ (0.86)%+ (0.01)%**
Portfolio turnover rate 71% 64% 53% 109%**
Net assets, end of period (in thousands) $9,392 $8,275 $5,991 $6,084
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% 7.50%**
Net investment loss (2.71)% (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 2.86% 3.13% 2.97% -
Net investment loss (0.58)% (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.
22
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 4/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
4/30/99 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 $ 0.00 $ (0.07)
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.93 (0.86)
------ -------
Net increase (decrease) in net asset value $ 2.93 $ (0.93)
------ -------
Net asset value, end of period $ 8.93 $ 6.00
====== =======
Total return* 48.83% (13.42)%
Ratio of net expenses to average net assets 2.51%**+ 2.85%+
Ratio of net investment loss to average net assets (0.51)%**+ (1.06)%+
Portfolio turnover rate 106%** 101%
Net assets, end of period (in thousands) $1,235 $ 536
Ratios assuming no waiver of management fees and assumption of expenses by PIM and
no reduction for fees paid indirectly:
Net expenses 5.44%** 6.12%
Net investment loss (3.44)%** (4.33)%
Ratios assuming waiver of management fees and assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 2.47%** 2.76%
Net investment loss (0.47)%** (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.
23
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/99
- --------------------------------------------------------------------------------
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-
24
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
25
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
C. 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 April 30, 1999, the Fund had no outstanding portfolio hedges. The
Fund's gross forward foreign currency settlement contracts receivable and
payable were $23,360 and $23,417, respectively, resulting in a net payable of
$57.
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 the repatriation of capital gains
recognized and principal balances held in certain countries. During the six
months ended April 30, 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 the repatriation of capital gains 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 April 30, 1999,
the Fund had a reserve of $26,167 related to the repatriation of capital
gains. The estimated reserve for repatriation of principal balances is based
on the holding period of such balances and the related tax rates and other
such factors. As of April 30, 1999, the Fund had no reserve related to taxes
on the repatriation of principal balances.
26
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 $1,214 in
underwriting commissions on the sale of fund shares during the six months
ended April 30, 1999.
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 inter-est 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.
27
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
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 (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.
28
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 $11,339 in transfer agent fees payable to PSC at April 30, 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 $8,031 in distribution fees payable to
PFD at April 30, 1999.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of
certain net asset value purchases of Class A shares within one year of purchase.
Class B shares that are redeemed within six years of purchase are subject to a
CDSC at declining rates beginning at 4.0%, based on the lower of cost or market
value of shares being redeemed. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to
PFD. For the six months ended April 30, 1999, CDSCs in the amount of $19,752
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 six months ended April 30, 1999,
the Fund's expenses were reduced by $1,926 under such arrangements.
29
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/99 (continued)
- --------------------------------------------------------------------------------
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. For the six months ended April 30, 1999 the Fund had no borrowings under
this agreement.
30
<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 (the Fund) as of April 30, 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 April
30, 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 April 30, 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
June 4, 1999
31
<PAGE>
Pioneer Indo-Asia Fund
- --------------------------------------------------------------------------------
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 Mark H. Madden, Vice President
Marguerite A. Piret John A. Boynton, 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
32
<PAGE>
- --------------------------------------------------------------------------------
THE PIONEER FAMILY OF MUTUAL FUNDS
- --------------------------------------------------------------------------------
For information about any Pioneer mutual fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
Growth Funds Income Funds
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 Strategic Income Fund
Pioneer Small Company Fund
Tax-Free
International/Global Pioneer Tax-Free Income Fund
Pioneer Emerging Markets Fund
Pioneer Europe Fund Money Market Fund
Pioneer Indo-Asia Fund Pioneer Cash Reserves 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
33
<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)
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.
34
<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-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.
35
<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.
36
<PAGE>
- --------------------------------------------------------------------------------
PROGRAMS AND SERVICES
- --------------------------------------------------------------------------------
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds you
wish to invest in. You choose the amounts and dates for Pioneer to sell shares
of your original fund and use the proceeds to buy shares of the other funds you
have chosen. Over time, your investment will be shifted out of the original
fund. (Automatic Exchange is available for originating accounts with a balance
of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals. You
decide the frequency and the day of the month you want. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available for accounts with a value of $10,000 or more.)
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:
<TABLE>
<S> <C>
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
</TABLE>
This report must be preceded or accompanied by a current Fund prospectus.
[Pioneer Ship logo] Pioneer Investment Management, Inc.
60 State Street
Boston, Massachusetts 02109
www.pioneerfunds.com
0699 - 6558
(C) Pioneer Funds Distributor, Inc.
[Recycle bug] Printed on Recycled Paper