<PAGE>
[logo]
Pioneer
Indo-Asia
Fund
SEMIANNUAL REPORT 4/30/00
<PAGE>
Table of Contents
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 18
Notes to Financial Statements 24
Trustees, Officers and Service Providers 31
Retirement Plans from Pioneer 32
Programs and Services for Pioneer Shareowners 34
</TABLE>
<PAGE>
Pioneer Indo-Asia Fund
LETTER FROM THE CHAIRMAN 4/30/00
Dear Shareowner,
--------------------------------------------------------------------------------
As you may know, on May 15, 2000 The Pioneer Group, Inc. and UniCredito Italiano
Group announced an agreement under which UniCredito is expected to purchase all
of the outstanding stock of Pioneer Group. UniCredito is Italy's second largest
banking group and has over $150 billion in assets. We are pleased to be joining
with UniCredito not only because of its reputation and breadth, but also because
of the similar business strategies shared by the two companies. UniCredito
employs many of the same investment philosophies that Pioneer has believed in
for over 70 years. In the meantime, your mutual fund will be managed by the same
portfolio management team, which is overseen by a Board of Trustees. In
addition, the union with UniCredito will give Pioneer Investment Management,
your fund's investment adviser, access to greater resources, enabling us to
strengthen and support our money management efforts for all Pioneer shareowners.
We expect that the transition resulting from the acquisition will not have a
direct impact on fund shareowners. At Pioneer we always strive to provide our
shareowners with exemplary customer service and a diverse product line. Going
forward, we will continue to work as hard as we can to ensure that our
investors' needs are met and that you are satisfied in any dealings you have
with Pioneer.
Soon you will receive a letter and a proxy statement that will contain more
information about the transaction along with information about a special
shareholder meeting. We are excited about the acquisition(which is subject to
regulatory approval)and hope you are as well. I feel confident about prospects
for the days ahead and I truly believe that Pioneer Group has entered into a
relationship that will be beneficial to you.
Please read this report closely, particularly the Portfolio Manager Discussion
with Mark Madden. The Q&A in this section gives you the opportunity to read
about your Fund and its performance over the period covered in the report. If
you have questions, please contact your investment professional or call Pioneer
at 1-800-225-6292. You can also visit our web site at www.pioneerfunds.com for
more information.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Indo-Asia Fund
PORTFOLIO SUMMARY 4/30/00
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[pie chart]
International Common Stocks 89.4%
Depositary Receipts for
International Stocks 6.0%
Short-Term Cash Equivalents 3.5%
International Preferred Stocks 1.0%
Rights/Warrants 0.1%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[bar chart]
Hong Kong 28.3%
Taiwan 19.5%
South Korea 16.7%
India 11.1%
Malaysia 8.5%
Singapore 6.9%
Thailand 3.8%
Philippines 2.2%
Indonesia 1.4%
Australia 0.7%
Peoples Republic
of China 0.5%
United Kingdom 0.3%
Pakistan 0.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holding)
<TABLE>
<S> <C> <C>
1. Samsung Electronics Co. 5.25%
2. Hutchison Whampoa Ltd. 3.65
3. Cheung Kong Holdings Ltd. 3.44
4. Taiwan Semiconductor Manufacturing Co. 3.09
5. China Telecom Ltd. 2.35
6. United Microelectrics Corp., Ltd. 2.20
7. SK Telecom Co., Ltd. (A.D.R.) 1.95
8. Unisem Bhd. 1.70
9. NIIT Ltd. 1.63
10. Swire Pacific Ltd. 1.56
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Indo-Asia Fund
PERFORMANCE UPDATE 4/30/00 CLASS A SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 4/30/00 10/31/99
<S> <C> <C>
$12.90 $11.05
</TABLE>
<TABLE>
<CAPTION>
Long-Term
Distributions per Share Income Short-Term Capital
(10/31/99 - 4/30/00) Dividends Capital Gains Gains
<S> <C> <C> <C>
- - -
</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.
Average Annual Total Returns
(As of April 30, 2000)
<TABLE>
<CAPTION>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life of Fund
(6/23/94) 2.01% 0.99%
5 Years 7.04 5.78
1 Year 37.82 29.91
</TABLE>
* Reflects deduction of the maximum 5.75% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
Growth of $10,000+
[mountain chart]
<TABLE>
<CAPTION>
MSCI All-Country Asia Free
Pioneer Indo-Asia Fund* (Ex-Japan) Index
<S> <C> <C>
6/94 9425 10000
9246 11312
4/95 7538 9604
6955 10166
4/96 8252 11853
5690 10993
4/97 6084 10976
5863 7638
4/98 5797 6816
5157 5725
4/99 7686 8072
9073 8785
4/00 10592 9420
</TABLE>
[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, 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. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
3
<PAGE>
Pioneer Indo-Asia Fund
PERFORMANCE UPDATE 4/30/00 CLASS B SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 4/30/00 10/31/99
<S> <C> <C>
$12.36 $10.62
</TABLE>
<TABLE>
<CAPTION>
Long-Term
Distributions per Share Income Short-Term Capital
(10/31/99 - 4/30/00) Dividends Capital Gains Gains
<S> <C> <C> <C>
- - -
</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.
Average Annual Total Returns
(As of April 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(6/23/94) 1.25% 1.09%
5 Years 6.25 6.09
1 Year 36.73 32.73
</TABLE>
* Reflects deduction of the maximum applicable contingent deferred sales charge
(CDSC) at the end of the period and assumes reinvestment of distributions. The
maximum CDSC of 4% declines over six years.
Growth of $10,000+
[mountain chart]
<TABLE>
<CAPTION>
MSCI All-Country Asia Free
Pioneer Indo-Asia Fund* (Ex-Japan) Index
<S> <C> <C>
6/94 10000 10000
9783 11312
4/95 7944 9604
7300 10166
4/96 8640 11853
5917 10993
4/97 6308 10976
6056 7638
4/98 5977 6816
5290 5725
4/99 7866 8072
9240 8785
4/00 10654 9420
</TABLE>
[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, 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. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
4
<PAGE>
Pioneer Indo-Asia Fund
PERFORMANCE UPDATE 4/30/00 CLASS C SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share 4/30/00 10/31/99
<S> <C> <C>
$12.22 $10.50
</TABLE>
<TABLE>
<CAPTION>
Long-Term
Distributions per Share Income Short-Term Capital
(10/31/99 - 4/30/00) Dividends Capital Gains Gains
<S> <C> <C> <C>
- - -
</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.
Average Annual Total Returns
(As of April 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(1/31/96) 10.97% 10.97%
1 Year 36.84 36.84
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to investments sold within one year of purchase.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
MSCI All-Country Asia Free
Pioneer Indo-Asia Fund* (Ex-Japan) Index
<S> <C> <C>
1/96 10000 10000
4/96 12548 10549
10611 9517
8624 9784
8739 10421
4/97 9197 9768
10433 10672
8828 6798
7019 5568
4/98 8713 6067
7045 4448
7682 5095
8586 5532
4/99 11376 7184
13656 7949
13376 7819
17529 9211
4/00 15567 8384
</TABLE>
[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, 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. Return and share price
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 4/30/00
In the following discussion, the portfolio management team of Mark Madden,
Manish Modi and Paul Cloonan explain the current positioning of Pioneer
Indo-Asia Fund and the factors impacting its performance.
Q: How did the Fund perform over the past six months?
A: For the six months ended April 30, 2000, Pioneer Indo-Asia Fund's Class A, B
and C shares delivered total returns at net asset value of 16.74%, 16.38%
and 16.38%, respectively. This performance surpassed the 7.23% return for
the MSCI All-Country Asia Free (ex. Japan) Index. In addition, the Fund
achieved performance gains that scored in the top half of its Lipper
category beating the 13.76% average return for the 85 funds included in
Lipper, Inc.'s Pacific ex. Japan category. (Lipper is an independent firm
that tracks mutual fund performance excluding sales charges.) This solid
performance can be attributed to our rigorous research efforts and our focus
on companies with strong, long-term growth prospects, proven management
ability and reasonable valuations.
The correction in U.S. equity markets led to similar corrections in nearly
all equity markets worldwide. The primary cause of investors' concerns has
been the potential for higher inflation rates and increased interest rates
in the United States. Despite the improving prospects of the countries and
companies in which the Fund is invested many of these holdings saw
significant corrections in March and April. We believe that although the
current uncertainty relating to the U.S. economy and equity markets may
continue to weigh on equity markets in Asia, the recent improvement in many
Asian economies and companies will likely provide attractive investment
opportunities for the long term.
Q: What strategies are you using to find attractive investment opportunities in
Asia?
A: The economic recovery in Asia is one key theme emphasized by the Fund. With
many Asian economies showing a strong recovery from the recession of
1997-98, we are finding numerous companies that are poised to deliver strong
earnings growth over the next several years. For example, Fund holding Star
Publications, an English language newspaper chain based in Malaysia, is
experiencing a sharp recovery in profitability. During the recession,
advertising revenue fell by over 20% because advertising is one of
6
<PAGE>
Pioneer Indo-Asia Fund
the easiest expenses for companies to cut during difficult times. Now that
the Malaysian economy is growing again - gross domestic product grew by over
11% in the first quarter of this year - advertising revenues are recovering
sharply.
A second investment theme relates to outsourcing. Multinational corporations
in the United States and Europe are increasingly outsourcing production and
services to Asian companies in order to reduce costs and improve efficiency
in bringing new products to the marketplace. Today, the need for
semiconductor outsourcing is particularly strong because of the increasing
demand for products such as personal computers, cellular phones and internet
devices. The research group, International Data Corporation, estimates that
the semiconductor foundry market will grow 40% annually for the next four
years. Fund holdings United Microelectronics and Taiwan Semiconductor
Manufacturing are among the most competitive producers of semiconductor
wafers in the world and are poised to benefit from the growth in this
industry.
Q: How do the valuations of Asian stocks compare to the stock of similar
companies in the United States?
A: Across a variety of industries, we find that many Asian stocks have
significantly lower valuations than those seen in the United States. Our
research efforts are dedicated to valuation analysis so that we may reduce
risk by investing in companies that have valuations below which we believe
to be fair value.
Q: Is it still possible for an investor to benefit from geographic
diversification?
A: Yes. During market corrections, it is not uncommon for the performance of
global markets to temporarily move together. However, over a longer time
horizon, there may be significant divergences in performance.
From 1995-99, the U.S. equity markets experienced an extraordinary period
that surpassed all other time periods in history. We believe it will be
difficult for these equity markets to maintain such high levels of returns
going forward. Historically, the U.S. markets have not always performed
better than those equity markets overseas. For example, during the period
from 1990 through 1994,
7
<PAGE>
Pioneer Indo-Asia Fund
PORTFOLIO MANAGEMENT DISCUSSION 4/30/00 (continued)
the return of the MSCI All-Country Asia Free (ex. Japan) Index was more than
double that of the S&P 500 Index. (The Standard & Poor's (S&P) 500 Index is
an unmanaged measure of 500 widely held common stocks listed on the New York
Stock Exchange, American Stock Exchange and the over-the-counter market.) In
1997-98, when many Asian economies were experiencing a severe recession,
Asian equity markets dramatically underperformed U.S. equity markets. In
1999, the Asian economies began to recover and once again the MSCI
All-Country Asia Free (ex. Japan) Index outperformed the S&P 500 Index. We
believe that the recovery in the Asian economies can be sustained because we
are optimistic about the prospects for Asian equity markets.
Q: What is your outlook?
A: We view the recent pullback in stock prices as an opportunity to add to
existing positions that have compelling prospects. We believe the companies
in your portfolio are well-established with strong underlying fundamentals,
effective management, dynamic growth prospects and reasonable valuations. We
also think that these same companies have limited downside during market
corrections and will eventually reward shareholders who stay the course.
Investing in emerging markets carries its own set of risks, including but
not limited to, currency fluctuations, and social and economic instability.
However, we are confident that the long-term prospects invite serious
consideration. Arguably, low inflation, accelerating gross domestic product
growth, stable interest rates and declining political risk all point to
solid economic expansion in the years ahead.
8
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 96.5%
PREFERRED STOCKS - 1.0%
263 Shinsegae Department Store* $ 8,875
681,600 Siam Commercial Bank* 546,140
----------
Total Preferred Stocks
(Cost $570,927) $ 555,015
----------
COMMON STOCKS - 95.5%
Basic Materials - 3.2%
Aluminum - 0.3%
10,900 Hindalco Industries Ltd. $ 176,048
----------
Chemicals - 0.1%
1,329 Daelim Industrial Co. $ 7,413
----------
Chemicals (Diversified) - 0.6%
77,500 WMC Ltd. $ 321,771
----------
Chemicals (Specialty) - 1.0%
277,190 Formosa Plastic Corp. $ 575,309
----------
Construction (Cements & Aggregates) - 0.4%
9,800 Siam Cement Public Co., Ltd.* $ 226,560
----------
Iron & Steel - 0.4%
6,700 Broken Hill Proprietary Co., Ltd. $ 72,146
8,600 Pohang Iron & Steel Co., Ltd. (A.D.R.) 180,600
250 Tata Iron & Steel Co., Ltd. 621
----------
$ 253,367
----------
Paper & Forest Products - 0.4%
34,960 Hansol Paper Co., Ltd. $ 237,215
----------
Total Basic Materials $1,797,683
----------
Capital Goods - 1.2%
Electrical Equipment - 0.4%
500,000 Nanjing Panda Electronics Co., Ltd. (Class H)* $ 208,622
----------
Trucks & Parts - 0.8%
60,000 Escorts Ltd. $ 175,945
57,000 Larsen and Tourbo Ltd. 304,914
----------
$ 480,859
----------
Total Capital Goods $ 689,481
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Communication Services - 17.8%
Cellular/Wireless Telecommunications - 12.2%
325,000 Cable & Wireless HKT Ltd. $ 765,643
766,000 CCT Telecom Holdings Ltd.* 178,981
178,000 China Telecom Ltd.* 1,285,434
5,700 Hansol M. Com Co. Ltd.* 113,769
137,000 Hutchison Whampoa Ltd. 1,996,290
33,270 SK Telecom Co., Ltd. (A.D.R.) 1,066,719
173,000 Smartone Telecommunications Inc. 541,930
350,000 Technology Resources Industries Bhd. 447,632
115,000 Total Access Communication Ltd.* 302,450
283,000 United Communications Industry Ltd.* 223,040
-----------
$ 6,921,888
-----------
Telecommunications (Long Distance) - 1.5%
158,000 Asia Satellite Telecommunications Holdings Ltd. $ 493,927
315,000 City Telecom Ltd. 110,201
166,000 Keppel Telecom & Transport Ltd. 218,843
-----------
$ 822,971
-----------
Telephone - 4.1%
10,000 Hanaro Telecom STK* $ 83,803
17,200 Korea Telecom Corp. (A.D.R.) 593,400
14,700 Philippine Long Distance Telephone Co. (A.D.R.) 271,031
11,000 PT Indonesian Satellite Corp. (A.D.R.) 146,437
190,000 Telekom Malaysia 660,000
46,176 Telekomunikasi Indonesia (A.D.R.) 398,268
3,883 Videsh Sanchar Nigam Ltd.* 118,314
2,900 Videsh Sanchar Nigam Ltd. (G.D.R.) (144A) 54,810
-----------
$ 2,326,063
-----------
Total Communication Services $10,070,922
-----------
Consumer Cyclicals - 8.0%
Automobiles - 0.5%
27,000 Mahindra & Mahindra Ltd. $ 164,567
14,000 Mahindra & Mahindra Ltd. (G.D.R.) 93,450
-----------
$ 258,017
-----------
Leisure Time (Products) - 0.6%
150,000 Berjaya Sports Toto Bhd. $ 313,816
-----------
</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>
Lodging (Hotels) - 0.2%
2,000,000 Sino-I.Com Ltd.* $ 130,951
----------
Publishing (Newspapers) - 2.4%
14,200 Singapore Press Holdings $ 277,893
630,000 South China Morning Post Ltd. 667,270
72,500 Star Publications Inc. 263,289
68,000 Times Publishing Ltd. 171,325
----------
$1,379,777
----------
Retail (Department Stores) - 0.3%
4,510 Shinsegae Department Store Co. $ 169,468
----------
Retail (General Merchandise) - 0.6%
2,500 LG Home Shopping Inc.* $ 199,144
4,400 39Shopping Corp.* 160,973
----------
$ 360,117
----------
Retail (Specialty Apparel) - 1.3%
467,000 Giordano International Ltd. $ 764,424
----------
Services (Advertising/Marketing) - 1.4%
7,000 LG AD Inc. $ 428,925
3,300 Cheil Communication 346,429
----------
$ 775,354
----------
Services (Commercial & Consumer) - 0.0%
251 Hansol CSN $ 1,380
----------
Textiles (Home Furnishings) - 0.7%
251,220 Far Eastern Textile Ltd. $ 385,924
----------
Total Consumer Cyclicals $4,539,228
----------
Consumer Staples - 5.9%
Broadcasting (Television/Radio/Cable) - 2.2%
310,800 ABS-CBN Broadcasting Corp. (A.D.R.)* $ 368,880
3,006,000 Benpres Holdings Corp.* 422,303
70,000 Television Broadcasts Ltd. 478,547
----------
$1,269,730
----------
Distributors (Food & Health) - 0.7%
96,000 Li & Fung Ltd. $ 370,975
----------
Entertainment - 0.6%
127,000 Tanjong Plc $ 350,921
----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 11
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Foods - 1.0%
6,000 Cheil Jedang Corp. $ 308,177
92,575 Standard Foods Taiwan Ltd. 59,911
25,000 Tata Tea Ltd. (G.D.S.) (144A)* 179,375
----------
$ 547,463
----------
Personal Care - 0.2%
1,750 Hindustan Lever Ltd. $ 96,015
----------
Restaurants - 0.3%
120,000 Kentucky Fried Chicken Bhd. $ 189,474
----------
Retail Stores (Food Chains) - 1.0%
152,320 President Chain Store Corp. $ 542,666
----------
Total Consumer Staples $3,367,244
----------
Energy - 0.3%
Oil & Gas (Production & Exploration) - 0.0%
100 Oil & Natural Gas Corp. Ltd. $ 252
----------
Oil & Gas (Refining & Marketing) - 0.3%
4,200 Hindustan Petroleum Corp. Ltd. $ 10,762
67,600 Hindustan Petroleum Corp. Ltd. (New Shares)* 161,868
----------
$ 172,630
----------
Total Energy $ 172,882
----------
Financial - 22.5%
Banks (Major Regional) - 5.7%
116,000 Bangkok Bank Ltd. $ 196,558
479,669 Bank Sinopac 266,526
30,200 Dah Sing Financial Co. 118,254
50,500 Dao Heng Bank Group Ltd. 233,400
45,193 Development Bank of Singapore Ltd. 622,273
18,590 Housing & Commercial Bank, Korea 318,279
30,511 Kookmin Bank 329,923
91,100 Malayan Bank Bhd. 378,784
1,422,000 National Finance Public Co., Ltd.* 339,950
38,752 United Overseas Bank Ltd. 270,199
75,000 Wing Hang Bank Ltd. 183,908
----------
$3,258,054
----------
Banks (Money Center) - 1.3%
38,675 Overseas Chinese Banking Corp., Ltd. $ 265,130
</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>
Banks (Money Center) - (continued)
12,530,000 PT Lippo Bank TBK* $ 237,911
1,980,000 PT Lippo Bank TBK (Certificate of Entitlement)
(144A)* -
232,600 United World Chinese Commercial Bank 229,597
-----------
$ 732,638
-----------
Financial (Diversified) - 12.9%
240,000 Bank of East Asia $ 519,180
157,500 Cheung Kong Holdings Ltd. 1,880,489
99,100 City Developments Inc. 450,007
197,000 Great Eagle Holdings Ltd. 336,376
117,000 Henderson Land Development Co. Ltd. 510,707
27,000 Housing Development Finance Corp., Ltd. 292,515
31,400 HSBC Holdings Plc 350,716
21,000 Pacific Century Region Development Inc.* 174,723
25,000 Pakistan Investment Fund, Inc. 75,781
96,000 Public Finance Bhd. 123,789
900,000 Shum Yip Investment Ltd. 206,825
860,000 SM Prime Holdings Inc. 112,486
90,300 Sun Hung Kai Properties Inc. 715,866
151,000 Swire Pacific Ltd. 852,976
321,000 Wharf Holdings Ltd. 665,556
9,270 Trigem Ventures Co. 23,974
-----------
$ 7,291,966
-----------
Insurance (Property/Casualty) - 1.0%
224,350 Cathay Life Insurance Co. $ 542,634
-----------
Investment Banking & Brokerage - 1.1%
167,000 Arab Malaysian Merchant Bank Holdings Bhd. $ 632,842
-----------
Investment Management - 0.5%
400,000 China Everbright Ltd. $ 282,442
-----------
Total Financial $12,740,576
-----------
Healthcare - 2.4%
Biotechnology - 1.3%
24,000 Dr. Reddy's Laboratories, Ltd. $ 709,278
-----------
Healthcare (Drugs & Major Pharmaceuticals) - 0.9%
27,476 E. Merck Ltd. $ 168,066
15,500 Hoechst Marion Roussel Ltd. 141,329
15,050 Ranbaxy Laboratories Ltd. 212,700
-----------
$ 522,095
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 13
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Healthcare (Medical Products/Supplies) - 0.3%
14,000 Medison Co. Ltd. $ 151,385
----------
Total Healthcare $1,382,758
----------
Technology - 30.9%
Communications Equipment - 1.4%
34,000 Datacraft Asia Ltd. $ 255,000
3,100 Global Tele-Systems Ltd. 84,513
12,000 Insung Information Co. Ltd. 201,126
3,350 LG Information & Communication Ltd. 258,099
----------
$ 798,738
----------
Computers (Hardware) - 6.2%
149,000 Acer Inc. $ 311,685
10,628 Samsung Electronics Co. 2,873,081
50,000 Synnex Technology International Corp. 338,291
----------
$3,523,057
----------
Computers (Peripherals) - 0.3%
148,000 GES International Ltd. $ 182,106
165 Korea Data System 1,341
----------
$ 183,447
----------
Computers (Software & Services) - 6.8%
14,538 BFL Software Ltd. * $ 170,076
15,000 HCL Technologies Ltd.* 536,083
381,000 Informatics Holdings Ltd. 177,474
4,000 Infosys Technologies Ltd.* 742,268
17,000 Korea Next Education Service, Inc.* 171,570
2,700 Mastek Ltd. 132,569
19,050 NIIT Ltd. 890,309
4,310 Satyam Computer Services Ltd. 308,069
4,810 Satyam Computer Services Ltd. (Bonus Shares) 343,610
166,000 ST Computer System & Service Ltd. 369,602
645 Sunevision Holdings* 840
----------
$3,842,470
----------
Electronics (Component Distributors) - 2.7%
62,000 Asustek Computer Inc. $ 686,975
276,426 Phoenixtec Power Co., Ltd. 659,555
330,000 TCL International Holding Ltd.* 199,122
----------
$1,545,652
----------
</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 (Instrumentation) - 1.5%
156,000 Elec & Eltek International Co., Ltd. $ 340,080
303,000 Yageo Corp. 493,198
-----------
$ 833,278
-----------
Electronics (Semiconductors) - 10.9%
110,000 ADV Semiconductor Industries Inc. $ 352,346
36,000 Ambit Microsystems Corp. 332,996
41,600 Hon Hai Precision Industry 401,111
33,500 Hyundai Electronics Industry* 531,291
328,880 Siliconware Precision Industries Co., Ltd. 747,088
262,490 Taiwan Semiconductor Manufacturing Co. 1,690,164
105,000 Unisem Bhd. 932,566
355,000 United Microelectronics Corp., Ltd. 1,200,932
-----------
$ 6,188,494
-----------
Services (Computer Systems) - 0.8%
264,000 Founder Hong Kong Ltd.* $ 151,672
96,000 Mercuries Data Systems Ltd. 313,777
-----------
$ 465,449
-----------
Services (Data Processing) - 0.3%
28,000 Shinawatra Computer Co., Plc $ 163,300
450 Tata Infotech Ltd. 3,103
-----------
$ 166,403
-----------
Total Technology $17,546,988
-----------
Transportation - 1.2%
Railroads - 0.3%
97,000 Malaysia International Shipping Bhd. $ 145,500
-----------
Shipping - 0.9%
880,000 Far Eastern Silo & Shipping Corp. $ 529,237
-----------
Total Transportation $ 674,737
-----------
Utilities - 2.0%
Electric Companies - 1.1%
11,400 Korea Electric Power Co. $ 333,859
15,000 Shandong Huaneng Power Co., Ltd. (N Shares)
(G.D.R.) 50,625
66,000 Tenaga Nasional Bhd. 218,843
-----------
$ 603,327
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements. 15
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 4/30/00 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Natural Gas - 0.9%
443,740 Hong Kong & China Gas Co., Ltd. $ 487,082
-----------
Total Utilities $ 1,090,409
-----------
Total Common Stocks
(Cost $48,260,455) $54,072,908
-----------
RIGHTS - 0.0%
1,188 Dreamline Co. Ltd., 5/9/00* $ 7,173
3,230 Korea Next Education Ltd., 5/26/00* 14,960
-----------
Total Rights
(Cost $54,311) $ 22,133
-----------
WARRANTS - 0.1%
1,980,000 PT Lippo Bank TBK, 4/15/02 (144A)* $ -
217,500 PT Pan Indonesia Bank TBK, 7/8/02* 3,441
104,600 Siam Commercial Bank, 5/10/02* 26,930
56,211 TelecomAsia Corp. Public Co. Ltd.* 30,125
-----------
Total Warrants
(Cost $33,223) $ 60,496
-----------
TOTAL INVESTMENT IN SECURITIES
(Cost $48,918,916) (a) (b) (c) $54,710,552
-----------
<CAPTION>
Principal
Amount
<S> <C> <C>
TEMPORARY CASH INVESTMENT - 3.5%
Commercial Paper - 3.5%
$ 2,000,000 Citicorp, Inc., 6.0%, 5/1/00 $ 2,000,000
-----------
TOTAL TEMPORARY CASH INVESTMENT $ 2,000,000
(Cost $2,000,000) -----------
TOTAL INVESTMENTS IN SECURITIES AND
TEMPORARY CASH INVESTMENT - 100%
(Cost $50,918,916) $56,710,552
===========
</TABLE>
16 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
* 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, 2000, the
value of these securities amounted to $234,185 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 28.3%
Taiwan 19.5
South Korea 16.7
India 11.1
Malaysia 8.5
Singapore 6.9
Thailand 3.8
Philippines 2.2
Indonesia 1.4
Australia 0.7
Peoples Republic of China 0.5
United Kingdom 0.3
Pakistan 0.1%
-----
100.0%
=====
</TABLE>
(b) At April 30, 2000, the net unrealized gain on investments based on cost for
federal income tax purposes of $51,218,476 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $11,026,283
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (5,534,207)
-----------
Net unrealized gain $ 5,492,076
===========
</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
six months ended April 30, 2000 aggregated $42,107,927 and $27,932,070,
respectively.
The accompanying notes are an integral part of these financial statements. 17
<PAGE>
Pioneer Indo-Asia Fund
BALANCE SHEET 4/30/00 (unaudited)
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investment of $2,000,000) (cost $50,918,916) $56,710,552
Foreign currencies, at value 1,161,015
Receivables -
Investment securities sold 462,654
Fund shares sold 159,059
Dividends, interest and foreign taxes withheld 165,910
Other 1,889
-----------
Total assets $58,661,079
-----------
LIABILITIES:
Payables -
Investment securities purchased $ 256,564
Fund shares repurchased 545,058
Reserve for repatriation tax 149,841
Due to bank 906
Due to affiliates 73,751
Accrued expenses 91,217
Other 16,261
-----------
Total liabilities $ 1,133,598
-----------
NET ASSETS:
Paid-in capital $56,346,547
Accumulated net investment loss (390,754)
Accumulated net realized loss on investments, futures
contracts and foreign currency transactions (4,068,633)
Net unrealized gain on investments (including reserve for
repatriation taxes of $149,841) 5,641,795
Net unrealized loss on forward foreign currency contracts
and other assets and liabilities denominated in
foreign currencies (1,474)
-----------
Total net assets $57,527,481
===========
NET ASSET VALUE PER SHARE:
Class A (based on $28,663,793/2,221,235 shares) $ 12.90
===========
Class B (based on $23,590,177/1,908,125 shares) $ 12.36
===========
Class C (based on $5,273,511/431,620 shares) $ 12.22
===========
MAXIMUM OFFERING PRICE:
Class A $ 13.69
===========
</TABLE>
18 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
STATEMENT OF OPERATIONS (unaudited)
For the Six Months Ended 4/30/00
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $27,107) $ 311,807
Interest (net of foreign taxes withheld of $833) 26,408
----------
Total investment income $ 338,215
----------
EXPENSES:
Management fees $ 320,152
Transfer agent fees
Class A 48,591
Class B 37,243
Class C 10,716
Distribution fees
Class A 37,051
Class B 119,590
Class C 23,254
Administrative fees 15,741
Custodian fees 124,613
Registration fees 32,082
Professional fees 30,439
Printing 11,192
Fees and expenses of nonaffiliated trustees 12,332
Miscellaneous 13,751
----------
Total expenses $ 836,747
Less management fees waived
by Pioneer Investment Management, Inc. (100,788)
Less fees paid indirectly (11,750)
----------
Net expenses $ 724,209
----------
Net investment loss $ (385,994)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from:
Investments $5,974,201
Futures contracts 98,601
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 80,424 $6,153,226
---------- ----------
Change in net unrealized gain from:
Investments $ (579,283)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (1,689) $ (580,972)
---------- ----------
Net gain on investments and foreign currency
transactions $5,572,254
----------
Net increase in net assets resulting from operations $5,186,260
==========
</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 4/30/00 and the Year Ended 10/31/99
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended
(unaudited) 10/31/99
<S> <C> <C>
FROM OPERATIONS:
Net investment loss $ (385,994) $ (126,994)
Net realized gain on investments,
futures contracts and foreign currency
transactions 6,153,226 3,982,920
Change in net unrealized gain or loss on
investments and foreign currency
transactions (580,972) 5,460,262
----------- -----------
Net increase in net assets resulting
from operations $ 5,186,260 $ 9,316,188
----------- -----------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $78,608,858 $95,334,963
Cost of shares repurchased (64,243,297) (77,476,468)
----------- -----------
Net increase in net assets resulting from
fund share transactions $14,365,561 $17,858,495
----------- -----------
Net increase in net assets $19,551,821 $27,174,683
NET ASSETS:
Beginning of period 37,975,660 10,800,977
----------- -----------
End of period (including accumulated net investment
loss of $390,754 and $4,760, respectively) $57,527,481 $37,975,660
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
'00 Shares '00 Amount
CLASS A (unaudited) (unaudited) '99 Shares '99 Amount
<S> <C> <C> <C> <C>
Shares sold 3,539,513 $49,438,739 5,781,204 $59,415,867
Less shares repurchased (3,071,935) (43,136,504) (4,860,199) (50,171,135)
---------- ----------- ---------- -----------
Net increase 467,578 $ 6,302,235 921,005 $ 9,244,732
========== =========== ========== ===========
CLASS B
Shares sold 1,299,869 $17,467,935 1,920,982 $19,147,136
Less shares repurchased (905,096) (12,031,310) (1,235,422) (11,843,517)
---------- ----------- ---------- -----------
Net increase 394,773 $ 5,436,625 685,560 $ 7,303,619
========== =========== ========== ===========
CLASS C
Shares sold 907,316 $11,702,184 1,908,859 $16,771,960
Less shares repurchased (715,032) (9,075,483) (1,758,788) (15,461,816)
---------- ----------- ---------- -----------
Net increase 192,284 $ 2,626,701 150,071 $ 1,310,144
========== =========== ========== ===========
</TABLE>
20 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
FINANCIAL HIGHLIGHTS 4/30/00
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended
(unaudited) 10/31/99
<S> <C> <C>
CLASS A
Net asset value, beginning of period $ 11.05 $ 6.28
------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.07) $ (0.05)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 1.92 4.82
------- -------
Net increase (decrease) from investment operations $ 1.85 $ 4.77
Distributions to shareholders:
Net investment income - -
------- -------
Net increase (decrease) in net asset value $ 1.85 $ 4.77
------- -------
Net asset value, end of period $ 12.90 $ 11.05
======= =======
Total return* 16.74% 75.96%
Ratio of net expenses to average net assets+ 2.13%** 2.14%
Ratio of net investment income (loss) to average net assets+ (0.99)%** (0.39)%
Portfolio turnover rate 102%** 108%
Net assets, end of period (in thousands) $28,664 $19,384
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.47%** 3.81%
Net investment loss (1.33)%** (2.06)%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.10%** 2.09%
Net investment income (loss) (0.96)%** (0.34)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
10/31/98 10/31/97 10/31/96 10/31/95
<S> <C> <C> <C> <C>
CLASS A
Net asset value, beginning of period $ 7.14 $ 6.93 $ 8.47 $ 11.28
------- ------ ------- -------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $(0.01) $ 0.03 $ (0.01)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions (0.84) 0.22 (1.57) (2.78)
------- ------ ------- -------
Net increase (decrease) from investment operations $ (0.86) $ 0.21 $ (1.54) $ (2.79)
Distributions to shareholders:
Net investment income - - - (0.02)
------- ------ ------- -------
Net increase (decrease) in net asset value $ (0.86) $ 0.21 $ (1.54) $ (2.81)
------- ------ ------- -------
Net asset value, end of period $ 6.28 $ 7.14 $ 6.93 $ 8.47
======= ====== ======= =======
Total return* (12.04)% 3.03% (18.18)% (24.78)%
Ratio of net expenses to average net assets+ 2.31% 2.29% 2.28% 2.28%
Ratio of net investment income (loss) to average net assets+ (0.52)% (0.09)% 0.32% (0.14)%
Portfolio turnover rate 101% 71% 64% 53%
Net assets, end of period (in thousands) $ 5,230 $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 5.30% 4.39% 4.29% 4.21%
Net investment loss (3.51)% (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 2.24% 2.25% 2.25% 2.25%
Net investment income (loss) (0.45)% (0.05)% 0.35% (0.11)%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
21 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
FINANCIAL HIGHLIGHTS 4/30/00
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended
(unaudited) 10/31/99
<S> <C> <C>
CLASS B
Net asset value, beginning of period $ 10.62 $ 6.08
------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.10) $ (0.03)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 1.84 4.57
------- -------
Net increase (decrease) from investment operations $ 1.74 $ 4.54
Distributions to shareholders:
Net investment income - -
------- -------
Net increase (decrease) in net asset value $ 1.74 $ 4.54
------- -------
Net asset value, end of period $ 12.36 $ 10.62
======= =======
Total return* 16.38% 74.67%
Ratio of net expenses to average net assets+ 2.85%** 2.80%
Ratio of net investment loss to average net assets+ (1.70)%** (0.91)%
Portfolio turnover rate 102%** 108%
Net assets, end of period (in thousands) $23,590 $16,078
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 3.20%** 4.60%
Net investment loss (2.05)%** (2.71)%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.83%** 2.77%
Net investment loss (1.68)%** (0.88)%
<CAPTION>
Year Ended Year Ended Year Ended Year Ended
10/31/98 10/31/97 10/31/96 10/31/95
<S> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 6.96 $ 6.80 $ 8.39 $ 11.24
------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.09) $ (0.04) $ (0.03) $ (0.07)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions (0.79) 0.20 (1.56) (2.77)
------- ------- ------- -------
Net increase (decrease) from investment operations $ (0.88) $ 0.16 $ (1.59) $ (2.84)
Distributions to shareholders:
Net investment income - - - (0.01)
------- ------- ------- -------
Net increase (decrease) in net asset value $ (0.88) $ 0.16 $ (1.59) $ (2.85)
------- ------- ------- -------
Net asset value, end of period $ 6.08 $ 6.96 $ 6.80 $ 8.39
======= ======= ======= =======
Total return* (12.64)% 2.35% (18.95)% (25.31)%
Ratio of net expenses to average net assets+ 2.81% 2.90% 3.15% 3.01%
Ratio of net investment loss to average net assets+ (1.03)% (0.62)% (0.45)% (0.86)%
Portfolio turnover rate 101% 71% 64% 53%
Net assets, end of period (in thousands) $ 5,036 $ 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 5.94% 4.99% 5.23% 4.91%
Net investment loss (4.16)% (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 2.76% 2.86% 3.13% 2.97%
Net investment loss (0.98)% (0.58)% (0.43)% (0.82)%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
22 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Indo-Asia Fund
FINANCIAL HIGHLIGHTS 4/30/00
<TABLE>
<CAPTION>
Six Months Ended
4/30/00 Year Ended
(unaudited) 10/31/99
<S> <C> <C>
CLASS C
Net asset value, beginning of period $ 10.50 $ 6.00
------- -------
Increase (decrease) from investment operations:
Net investment loss $ (0.08) $ (0.03)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 1.80 4.53
------- -------
Net increase (decrease) in net asset value $ 1.72 $ 4.50
------- -------
Net asset value, end of period $ 12.22 $ 10.50
======= =======
Total return* 16.38% 75.00%
Ratio of net expenses to average net assets+ 2.99%** 2.70%
Ratio of net investment loss to average net assets+ (1.82)%** (0.89)%
Portfolio turnover rate 102%** 108%
Net assets, end of period (in thousands) $ 5,274 $ 2,514
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 3.32%** 4.40%
Net investment loss (2.15)%** (2.59)%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.94%** 2.64%
Net investment loss (1.77)%** (0.83)%
<CAPTION>
Year Ended Year Ended 1/31/96 to
10/31/98 10/31/97 10/31/96
<S> <C> <C> <C>
CLASS C
Net asset value, beginning of period $ 6.93 $ 6.77 $ 7.85
------- ------ -------
Increase (decrease) from investment operations:
Net investment loss $ (0.07) $(0.04) $ (0.02)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions (0.86) 0.20 (1.06)
------- ------ -------
Net increase (decrease) in net asset value $ (0.93) $ 0.16 $ (1.08)
------- ------ -------
Net asset value, end of period $ 6.00 $ 6.93 $ 6.77
======= ====== =======
Total return* (13.42)% 2.36% (13.76)%
Ratio of net expenses to average net assets+ 2.85% 2.84% 3.12%**
Ratio of net investment loss to average net assets+ (1.06)% (0.56)% (0.42)%**
Portfolio turnover rate 101% 71% 64%
Net assets, end of period (in thousands) $ 536 $ 803 $ 557
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 6.12% 4.89% 4.63%**
Net investment loss (4.33)% (2.61)% (1.93)%**
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses 2.76% 2.78% 3.06%**
Net investment loss (0.97)% (0.50)% (0.36)%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 23
<PAGE>
Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited)
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. The investment objective of the Fund is to seek long-term
growth of capital.
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 as of 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 computing the net
24
<PAGE>
Pioneer Indo-Asia Fund
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.
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.
C. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices, and currency rates or
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Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited) (continued)
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 values of the contract.
The use of futures contracts involves, to varying degrees, elements of
market risk which may exceed the amounts recognized by the Fund. Changes in
the 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 April 30, 2000, the Fund had no open 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 April 30, 2000 the
Fund had no outstanding portfolio or settlement hedges.
E. 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.
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Pioneer Indo-Asia Fund
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the six months ended April 30, 2000, the Fund paid no such taxes.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for 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, 2000 the Fund had no reserve related
to capital gains. The estimated reserve for repatriation of foreign
currencies is based on principal balances and/or unrealized appreciation of
applicable securities, the holding period of such investments and the
related tax rates and other such factors. As of April 30, 2000, the Fund had
a reserve of $149,841 related to taxes on the repatriation of foreign
currencies.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and an indirect subsidiary of The Pioneer Group, Inc. (PGI), earned
$10,352 in underwriting commissions on the sale of fund shares during the
six months ended April 30, 2000.
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 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
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Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited) (continued)
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.
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. 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. At April 30, 2000, $29,405 was payable to PIM
related to management fees, administrative fees and certain other services.
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
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Pioneer Indo-Asia Fund
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 $14,454 in transfer agent fees payable to PSC at April 30, 2000.
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 average daily net assets attributable to Class A
shares in reimbursement of its actual expenditures to finance activities
primarily intended to result in the sale of Class A shares. Pursuant to the
Class B Plan and the Class C Plan, the 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 $29,892
in distribution fees payable to PFD at April 30, 2000.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of
certain net asset value purchases of Class A shares within one year of purchase.
Class B shares that are redeemed within six years of purchase are subject to a
CDSC at declining rates beginning at 4.00%, based on the lower of cost or market
value of shares being redeemed. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to
PFD. For the six months ended April 30, 2000, CDSCs in the amount of $110,192
were paid to PFD.
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Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 4/30/00 (unaudited) (continued)
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, 2000,
the Fund's expenses were reduced by $11,750 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 six months ended
April 30, 2000 was $216,264. The average daily shares outstanding during the
period were 4,310,752 resulting in an average borrowing per share of $0.05
cents. The related weighted average annualized interest rate for the period was
6.21%, and the total interest expense on such borrowings was $9,897.
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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 Eric W. Reckard, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
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RETIREMENT PLANS FROM PIONEER
Pioneer has a long history of helping people work toward their retirement goals,
offering plans suited to the individual investor and businesses of all sizes.
For more information on Pioneer retirement plans, contact your investment
professional, or call Pioneer at 1-800-622-0176.
Individual Plans
Individual Retirement Account (IRA)
An IRA is a tax-favored account that allows anyone under age 70-1/2 with earned
income to contribute up to $2,000 annually. Spouses may contribute up to $2,000
annually into a separate IRA, for a total of $4,000 per year for a married
couple. Earnings are tax-deferred, and contributions may be tax-deductible.
Roth IRA
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and is
available to investors in 1998. Contributions, up to $2,000 a year, are not
tax-deductible, but earnings are tax-free for qualified withdrawals.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $40,000 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees) IRA Plan
Businesses with 100 or fewer eligible employees can establish a plan; it
resembles a traditional 401(k), but with less testing and lower administration
costs. Employees can make pre-tax contributions of up to $6,000 per year, and an
employer contribution is required.
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403(b) Plan
Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is available only to
employees of public schools, not-for-profit hospitals and other tax-exempt
organizations. A 403(b) plan lets employees set aside a portion of their salary,
before taxes, through payroll deduction.
Simplified Employee Pension Plan (SEP)
SEPs let self-employed people and small-business owners make tax-deductible
contributions of up to 15% of their income. Generally, employers must contribute
the same percentage of pay for themselves and any eligible employees;
contributions are made directly to employees' IRAs. SEPs are easy to administer
and can be an especially good choice for firms with few or no employees.
Profit Sharing Plan
Profit sharing plans offer companies considerable flexibility, allowing them to
decide each year whether a contribution will be made and how much, up to 15% of
each participant's pay. These plans can include provisions for loans and vesting
schedules.
Age-Weighted Profit Sharing Plan
Like traditional profit sharing plans, employer contributions are flexible, but
age-weighted plans allocate contributions based on both age and salary.
Age-weighted plans are designed for employers who want to maximize their own
contributions while keeping contributions to employees affordable.
Money Purchase Pension Plan (MPP)
Money purchase plans are similar to profit-sharing plans, but allow for higher
annual contributions - up to 25% of pay. MPPs aren't as flexible as profit
sharing plans; a fixed percentage of pay must be contributed each year,
determined when the plan is established. Businesses often set up both MPPs and
profit sharing plans.
Most retirement plan withdrawals must meet specific conditions to avoid
penalties.
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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
Your investment professional can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-8O0-225-6292.
FactFone(SM)
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone(SM) gives you a quick and easy way to check fund
share prices, yields, dividends and distributions, as well as information about
your own account. Simply call 1-800-225-4321. For specific account information,
have your 13-digit account number and four-digit personal identification number
at hand.
90-Day Reinstatement Privilege (for Class A Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long as you
meet its minimum investment requirement.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you need to
do is authorize a set amount of money to be moved out of your bank account into
the Pioneer fund of your choice. Investomatic also allows you to change the
dollar amount, frequency and investment date right over the phone. By putting
aside affordable amounts of money regularly, you can build a long-term
investment without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing Pioneer
to deduct from participating employees' paychecks. You specify the dollar amount
you want to invest into the Pioneer fund(s) of your choice.
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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.)
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This page for your notes.
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This page for your notes.
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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, propectuses, 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.
[logo] Pioneer Investment Management, Inc.
60 State Street
Boston, Massachusetts 02109
www.pioneerfunds.com
8551-00-0600
(Copyright) Pioneer Funds Distributor, Inc.
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