<PAGE>
[logo] PIONEER
Investments(R)
<PAGE>
Pioneer
Indo-Asia
Fund
ANNUAL REPORT 10/31/00
<PAGE>
Table of Contents
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<TABLE>
<S> <C>
Letter from the President 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 17
Notes to Financial Statements 23
Report of Independent Public Accountants 30
Results of Shareowner Meeting 31
Trustees, Officers and Service Providers 32
The Pioneer Family of Mutual Funds 33
Programs and Services for Pioneer Shareowners 34
Retirement Plans from Pioneer 36
</TABLE>
<PAGE>
Pioneer Indo-Asia Fund
LETTER FROM THE PRESIDENT 10/31/00
Dear Shareowner,
-------------------------------------------------------------------------------
-
The year 2000, the last year of the old millennium, is ending on an
historically unsettling note. The bewildering final days of the presidential
election have come on top of a period of increased market volatility, leaving
us all feeling unsettled. We at Pioneer are convinced that the market's
volatility has its roots not in politics but in the signs of a slowing economy
and in the sudden realization by investors that some market valuations,
notably
technology, had become irrational. As the new millennium unfolds we expect
investors to get back to work assessing the policies of the new
administration,
evaluating the prospects for a growing economy and identifying undervalued
companies.
As seasoned investors we treat periods of turmoil as periods of opportunity,
looking for the few significant facts and trends that hide well behind the
clutter of daily events. I think that you should do the same thing. This is a
good year, and a good time of year, to evaluate your retirement program
contributions, to compare a Roth IRA with a traditional IRA and to reassess
your investment allocations in light of current market conditions. A
successful
investment program requires not only money, but time and planning. Your
investment professional is your best guide to making these important
decisions.
An important announcement from Pioneer
I'm very happy to report that, on October 24, 2000, Pioneer Investment
Management became a wholly owned subsidiary of UniCredito Italiano S.p.A., one
of Italy's largest and most successful banking groups. All of UniCredito's
investment operations will be combined to form Pioneer Global Asset Management
S.p.A., which will manage over $110 billion for global individual and
institutional clients. The new Pioneer Global will bring to Pioneer greater
analytical resources that complement our investment skills, reinforcing
Pioneer's tradition of fundamental investment analysis and sound long-term
portfolio management. We believe fund shareowners, will benefit from this
merger.
All of us at Pioneer Investments appreciate your decision to invest with
us and
look forward to helping you reach your financial goals.
Sincerely,
[GRAPHIC OMITTED]
David Tripple
President
Pioneer Investment Management, Inc.
1
<PAGE>
Pioneer Indo-Asia Fund
PORTFOLIO SUMMARY 10/31/00
Portfolio Diversification
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(As a percentage of total investment portfolio)
[GRAPHIC OMITTED]
Geographical Distribution
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-
(As a percentage of equity holdings) [GRAPHIC OMITTED]
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
<TABLE>
<S> <C>
<C>
1. Hutchinson Whampoa Ltd. 5.44%
2. Samsung Electronics Co. 4.30
3. Taiwan Semiconductor Manufacturing Co. 4.05
4. Cheung Kong Holdings Ltd. 3.75
5. China Mobile Ltd. 3.70
6. Development Bank of Singapore Ltd. 2.86
7. SK Telecom Co., Ltd. (A.D.R.) 2.56
8. United Microelectronic Corp., Ltd. 2.51
9. Sun Hung Kai Properties Ltd. 2.14
10. Wharf Holdings Ltd. 2.11
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Indo-Asia Fund
PERFORMANCE UPDATE 10/31/00 CLASS A SHARES
Share Prices and Distributions
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-
<TABLE>
<CAPTION>
Net Asset Value
per Share 10/31/00 10/31/99
<S> <C> <C>
$ 9.38 $ 11.05
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 10/31/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
- - -
</TABLE>
Investment Returns
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-
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.
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
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2000)
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life of Fund
(6/23/94) -3.13% -4.02%
5 Years 2.06 0.85
1 Year -15.11 -19.97
</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.
[GRAPHIC OMITTED]
Pioneer Indo-Asia Fund*
MSCI All-Country Asia Free
(Ex-Japan) Index
$7,702
$7,018
<PAGE>
Pioneer Indo-Asia Fund
PERFORMANCE UPDATE 10/31/00 CLASS B SHARES
Share Prices and Distributions
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-
<TABLE>
<CAPTION>
Net Asset Value
per Share 10/31/00 10/31/99
<S> <C> <C>
$ 8.94 $ 10.62
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 10/31/00) Dividends Capital Gains Capital 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.
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
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(6/23/94) -3.87% -3.87%
5 Years 1.28 1.09
1 Year -15.82 -19.19
</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.
[GRAPHIC OMITTED]
Pioneer Indo-Asia Fund*
MSCI All-Country Asia Free
(Ex-Japan) Index
$7,778
$7,018
<PAGE>
Pioneer Indo-Asia Fund
PERFORMANCE UPDATE 10/31/00 CLASS C SHARES
Share Prices and Distributions
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-
<TABLE>
<CAPTION>
Net Asset Value
per Share 10/31/00 10/31/99
<S> <C> <C>
$ 8.84 $ 10.50
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(10/31/99 - 10/31/00) Dividends Capital Gains Capital 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.
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
<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2000)
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(1/31/96) 2.53% 2.53%
1 Year -15.81 -15.81
</TABLE>
* Assumes reinvestment of distribu-tions. The 1% contingent deferred
sales charge (CDSC) applies to
investments sold within one year
of purchase.
[GRAPHIC OMITTED]
Pioneer Indo-Asia Fund*
MSCI All-Country Asia Free
(Ex-Japan) Index
$11,261
$6,246
<PAGE>
Pioneer Indo-Asia Fund
PORTFOLIO MANAGEMENT DISCUSSION 10/31/00
For the fiscal year ended October 31, 2000, Pioneer Indo-Asia Fund's Class
A, B
and C shares delivered total returns at net asset value of -15.11%,
-15.82% and
-15.81% respectively. This performance surpasses the -21.11% return for the
MSCI All-Country Asia Free (ex- Japan) Index for the same period.
In the following discussion, the portfolio management team of Mark Madden,
Manish Modi and Paul Cloonan address the factors impacting the Fund's
performance and the outlook for the Asian markets (excluding Japan).
Q: What is your investment strategy?
A: Our investment process is driven by rigorous research that focuses on
companies with strong long-term growth prospects, proven management
ability and selling at a discount to our estimation of fair value. We look
for companies that are well-positioned in industries with favorable
long-term trends and growth potential. We manage risk through
diversification among various Asian countries, sectors and companies while
emphasizing stocks that are attractively valued.
Q: What factors influenced the performance of the Asian equity markets in the
year ended October 31, 2000?
A: Despite the continued improvement in most Asian economies, Asian equity
markets experienced dramatic corrections this year due to a number of
factors. Most significant among these factors were the concerns related to
rising interest rates and slowing growth in the United States. These
concerns, along with rising oil prices, contributed to global equity
market weakness. Asian equity markets reacted negatively to the potential
for a slowdown in exports caused by weaker demand from the United States
and Europe. Political uncertainty also contributed to equity market
weakness in some Asian countries as elections approached or new leadership
assumed power.
6
<PAGE>
Pioneer Indo-Asia Fund
We believe that Asian equity markets already reflect these risks and that
prices of many stocks have reached attractively low levels. In some cases,
valuations have approached those last seen during the worst of the Asian
crisis in 1998. In our view, this market reaction is an opportunity to buy
stocks at undervalued prices. We believe that the market is not properly
reflecting the substantial improvements in many Asian companies, economies
and financial systems that have been made since 1998. The structural and
cyclical improvements that have occurred in the last two years have
reduced many of the risks of investing in Asia while the prospects for
growth have improved. We are, therefore, optimistic that performance of
the Asian equity markets will improve.
Q: How are the Asian economies performing this year?
A: All of the major countries in Asia returned to positive growth in 1999
after experiencing very difficult economic conditions during the Asian
crisis of 1997-98. The economic recovery is continuing this year. South
Korea, China, Taiwan, India, Malaysia and Singapore are showing the
strongest economic activity with growth rates expected to be more than 6%
this year. We expect the positive growth trends to continue next year, as
we expect that Asia (excluding Japan) once again will become one of the
fastest growing regions in the world. In addition to strong growth,
inflation and interest rates in Asia are relatively low, providing a good
environment for equity investing.
Today, Asian economies are counter-cyclical to the U.S. economy. While the
current 10-year expansion of the U.S. economy may be losing momentum,
Asian economies are entering their second year of recovery from the
recession that was brought on by the Asian currency crisis of 1997-98.
Consumer demand has been depressed for the last few years and should
recover in the years ahead. In addition, Asia's favorable demographics
with its young and growing populations, high savings rates, improved
manufacturing expertise and strengthened financial systems provide a good
foundation for economic growth and attractive investment opportunities
over the next few years.
7
<PAGE>
Pioneer Indo-Asia Fund
PORTFOLIO MANAGEMENT DISCUSSION 10/31/00 (continued)
Q: What is your outlook?
A: The leading indicators show that the U.S. economy is beginning to
decelerate, which should take pressure off the Federal Reserve to increase
interest rates. If this trend holds, Asian equity markets could benefit,
as long as the slowdown in the United States is not much worse than
expected. The uncertainty related to U.S. monetary policy has worked
against the performance of Asian equity markets this year. As those
uncertainties are resolved investors will refocus on the positive trends
in Asian economies such as strong growth, stable inflation rates and
relatively low interest rates. Valuation levels of Asian stocks are
attractive, and the earnings outlook for Asian businesses is strong;
accordingly, we are optimistic about the prospects for favorable
investment performance in the coming year.
Investing in emerging markets carries its own set of risks, including but not
limited to, currency fluctuations, and social and economic instability.
However, we feel confident that the long-term prospects invite serious
consideration.
8
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 10/31/00
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
PREFERRED STOCKS - 0.9%
681,600 Siam Commercial Bank* $ 282,645
----------
Total Preferred Stock
(Cost $558,255) $ 282,645
----------
COMMON STOCKS - 99.0%
Basic Materials - 1.5%
Chemicals (Specialty) - 0.4%
685,000 Yizheng Chemical Fibre Co., Ltd. $ 124,721
----------
Construction (Cements & Aggregates) - 0.3%
9,800 Siam Cement Public Co., Ltd.* $ 92,188
----------
Metals Mining - 0.8%
924,000 Yanzhou Coal Mining (Class H) $ 245,839
----------
Total Basic Materials $ 462,748
----------
Capital Goods - 2.4%
Electrical Equipment - 0.5%
75,000 Bharat Heavy Electricals Ltd.* $ 164,185
----------
Engineering & Construction - 0.6%
120,000 Cheung Kong Infrastructure Holdings $ 186,178
----------
Manufacturing (Diversified) - 0.4%
25,000 Grasim Industries Ltd. $ 108,496
----------
Trucks and Parts - 0.9%
60,000 Escorts Ltd. $ 92,283
56,595 Larsen and Tourbo Ltd. 178,985
405 Larsen and Tourbo Ltd. (Bonus Shares) 1,281
----------
$ 272,549
----------
Total Capital Goods $ 731,408
----------
Communication Services - 20.0%
Cellular/Wireless Telecommunications - 14.6%
178,000 China Mobile Ltd.* $1,146,878
13,400 China Mobile Ltd. (A.D.R.)* 413,725
136,000 Hutchison Whampoa Ltd. 1,687,139
31,600 SK Telecom Co., Ltd. (A.D.R.) 791,975
12,000 Taiwan Cellular Corp.* 25,077
269,000 Technology Resources Industries Bhd. 218,032
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 10/31/00 (continued)
<TABLE>
<CAPTION>
Shares
Value
<S> <C> <C>
Cellular/Wireless Telecommunications - (continued)
42,000 Total Access Communication Ltd.* $ 133,560
138,000 United Communications Industry Ltd. 100,341
----------
$4,516,727
----------
Telecommunications (Long Distance) - 1.0%
158,000 Asia Satellite Telecommunications Holdings Ltd. $ 320,092
----------
Telephone - 4.4%
12,800 Korea Telecom Corp. $ 472,000
90,000 Pacific Century Cyberworks 69,240
10,600 Philippine Long Distance Telephone Co. (A.D.R.) 164,300
34,500 PT Indosat Indonesian Satellite Corp. (A.D.R.) 243,656
65,176 Telekomunik Indonesia (A.D.R.) 342,174
8,700 Videsh Sanchar Nigam Ltd. (A.D.R.) 64,163
----------
2,900 Videsh Sanchar Nigam Ltd. (G.D.R.) (144A) 21,206
----------
$1,376,739
----------
Total Communication Services $6,213,558
----------
Consumer Cyclicals - 8.3%
Auto Parts & Equipment - 1.0%
12,500 Halla Climate Control Co. $ 295,604
----------
Automobiles - 0.4%
27,000 Mahindra & Mahindra Ltd. $ 73,833
14,000 Mahindra & Mahindra Ltd. (G.D.R.) 38,500
----------
$ 112,333
----------
Leisure Time (Products) - 0.6%
150,000 Berjaya Sports Toto Bhd. $ 197,368
----------
Publishing (Newspapers) - 2.4%
14,200 Singapore Press Holdings $ 202,938
630,000 South China Morning Post Ltd. 432,171
33,500 Star Publications Inc. 105,789
----------
$ 740,898
----------
Retail (Deptartment Stores) - 0.4%
3,000 Shinsegae Department Store Co. $ 138,198
----------
Retail (General Merchandise) - 0.8%
2,500 LG Home Shopping Inc. $ 150,330
4,400 39Shopping Corp. 84,132
----------
$ 234,462
----------
</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>
Retail (Specialty Apparel) - 0.5%
250,000 Giordano International Ltd. $ 146,653
----------
Retail (Specialty) - 0.1%
130,548 CCT Multimedia Holdings Ltd. $ 4,068
----------
Services (Advertising/Marketing) - 0.9%
2,200 Cheil Communications, Inc. $ 141,187
4,450 LG AD Inc. 140,444
----------
$ 281,631
----------
Services (Commercial & Consumer) - 0.5%
10,500 ASE Test Ltd.* $ 162,094
251 Hansol CSN 585
----------
$ 162,679
----------
Textiles (Home Furnishings) - 0.7%
281,366 Far Eastern Textile Ltd. $ 231,714
----------
Total Consumer Cyclicals $2,545,608
----------
Consumer Staples - 6.3%
Broadcasting (Television/Radio/Cable) - 2.2%
225,800 ABS-CBN Broadcasting Corp. (A.D.R.)* $ 174,371
2,811,000 Benpres Holdings Corp.* 140,138
70,000 Television Broadcasts Ltd. 383,254
----------
$ 697,763
----------
Distributors (Food & Health) - 1.0%
112,000 Li & Fung Ltd. $ 208,232
254,000 Ng Fung Hong Ltd. 112,361
----------
$ 320,593
----------
Entertainment - 0.8%
127,000 Tanjong PLC $ 237,289
----------
Foods - 0.6%
6,000 Cheil Jedang Corp. $ 175,648
----------
Personal Care - 0.2%
17,500 Hindustan Lever Ltd. $ 66,403
----------
Restaurants - 0.8%
185,000 Kentucky Fried Chicken Bhd. $ 245,855
----------
Retail Stores (Food Chains) - 0.7%
71,702 President Chain Store Corp. $ 204,228
----------
Total Consumer Staples $1,947,779
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 10/31/00 (continued)
<TABLE>
<CAPTION>
Shares
Value
<S> <C> <C>
Energy - 0.9%
Oil & Gas (Refining & Marketing) - 0.5%
71,800 Hindustan Petroleum Corp. Ltd. $ 163,924
----------
Oil (International Integrated) - 0.4%
870,000 Sinopec Zhenhai Refining and Chemical Co., Ltd. $ 120,477
----------
Total Energy $ 284,401
----------
Financial - 25.7%
Banks (Major Regional) - 8.3%
527,626 Bank Sinopac* $ 219,712
50,500 Dao Heng Bank Group Ltd. 255,122
75,193 Development Bank of Singapore Ltd. 886,235
5,590 Housing & Commercial Bank, Korea 134,406
13,650 Kookmin Bank 156,000
52,100 Malayan Bank Bhd. 208,400
842,000 National Finance Public Co., Ltd.* 93,747
13,500 Shinhan Bank 135,297
32,752 United Overseas Bank Ltd. 242,428
75,000 Wing Hang Bank Ltd. 228,876
----------
$2,560,223
----------
Banks (Money Center) - 0.5%
1,980,000 PT Lippo Bank (Certificate of Entitlement)* $ --
260,512 United World Chinese Commercial Bank 169,373
----------
$ 169,373
----------
Banks (Regional) - 0.2%
13,400 ICICI Bank Ltd. (A.D.R.)* $ 63,650
----------
Financial (Diversified) - 14.6%
100,000 Bank of East Asia $ 226,311
105,000 Cheung Kong Holdings Ltd. 1,161,207
66,000 City Developments Inc. 304,390
135,000 Great Eagle Holdings Ltd. 193,871
40,000 Henderson Land Development Company Ltd. 172,330
20,000 Housing Development Finance Corp., Ltd. 201,025
15,000 HSBC Holdings Plc 208,681
550,400 New World China Land Ltd.* 176,433
75,000 New World Development Co., Ltd. 88,954
80,300 Sun Hung Kai Properties Inc. 664,104
</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 (Diversified) - (continued)
76,000 Swire Pacific Ltd. $ 468,727
321,000 Wharf Holdings Ltd. 654,430
----------
$4,520,463
----------
Insurance (Property/Casualty) - 1.5%
251,272 Cathay Life Insurance Co. $ 451,201
----------
Investment (Bank & Brokerage) - 0.6%
176,000 Arab Malaysian Merchant Bank Holdings Bhd. $ 197,305
----------
Total Financial $7,962,215
----------
Healthcare - 1.8%
Biotechnology - 0.2%
2,000 Dr. Reddy's Laboratories, Ltd. $ 59,853
----------
Healthcare (Drugs & Major Pharmaceuticals) - 1.6%
17,000 E. Merck Ltd. $ 135,779
15,500 Hoechst Marion Roussel Ltd. 147,158
15,050 Ranbaxy Laboratories Ltd. 224,055
----------
$ 506,992
----------
Total Healthcare $ 566,845
----------
Technology - 30.0%
Communications Equipment - 1.5%
13,500 China Unicom Ltd. (A.D.R.) $ 276,750
90,000 China Unicom Ltd. 180,600
----------
$ 457,350
----------
Computer (Hardware) - 5.2%
86,250 Acer Inc. $ 71,563
18,000 Compeq Manufacturing Co., Ltd. 67,988
10,628 Samsung Electronics Co. 1,331,420
65,000 Synnex Technology International Corp. 136,842
----------
$1,607,813
----------
Computer (Peripherals) - 0.0%
165 Korea Data System* $ 397
----------
Computer (Software & Services) - 6.5%
14,538 BFL Software Ltd.* $ 118,722
10,000 HCL Technologies Ltd.* 253,933
381,000 Informatics Holdings Ltd. 177,885
3,200 Infosys Technologies Ltd.* 489,744
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 10/31/00 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Computer (Software & Services) - (continued)
400 Mastek Ltd. $ 5,662
5,600 Mastek Ltd. (New Shares) 79,263
19,050 NIIT Ltd. 641,222
38,000 Satyam Computer Services Ltd. 242,139
645 Sunevision Holdings* 316
----------
$2,008,886
----------
Electronics (Component Distributors) - 3.0%
68,320 Asustek Computer Inc. $ 340,542
3,500 L.G. Electronics 48,769
311,532 Phoenixtec Power Co., Ltd. 261,378
1,500 Samsung Electronics Co. (G.D.R.) 111,000
17,000 Venture Manufacturing Ltd. 164,550
----------
$ 926,239
----------
Electronics (Instrumentation) - 1.6%
135,000 Elec & Eltek International Co., Ltd. $ 376,650
152,700 Yageo Corp.* 117,243
----------
$ 493,893
----------
Electronics (Semiconductors) - 11.8%
163,060 Advanced Semiconductor Engineering $ 187,292
35,000 Ambit Microsystems Corp. 162,539
4,100 Chartered Semiconductor (A.D.R.)* 190,650
41,200 Hana Microelectronics Public Co., Ltd. 102,040
74,080 Hon Hai Precision Industry 387,601
43,250 Hyundai Electronics Industry* 265,774
30,000 Siliconware Precision Industries Co., Ltd.* 120,000
414,147 Taiwan Semiconductor Manufacturing Co.* 1,256,546
441,000 United Microelectronics Corp., Ltd. 778,235
10,000 United Microelectronics Corp., Ltd. (A.D.R.) 113,750
12,000 Winbond Electronics Corp. (G.D.R.) 117,000
----------
$3,681,427
----------
Services (Computer Systems) - 0.2%
30,000 Mercuries Data Systems Ltd.* $ 46,904
----------
Services (Data Processing) - 0.2%
28,000 Shinawatra Computer Co., Plc $ 83,345
----------
Total Technology $9,306,254
----------
</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>
Transportation - 0.8%
Railroads - 0.5%
97,000 Malaysia International Shipping Bhd. $ 171,026
-----------
Shipping - 0.3%
440,000 Far Eastern Silo & Shipping Corp. $ 87,183
-----------
Total Transportation $ 258,209
-----------
Utilities - 1.3%
Electric Companies - 0.5%
13,200 Korea Electric Power Co. (A.D.R.) $ 160,875
-----------
Natural Gas - 0.8%
188,740 Hong Kong & China Gas Co., Ltd. $ 238,375
-----------
Total Utilities $ 399,250
-----------
Total Common Stocks
(Cost $36,167,588) $30,678,275
-----------
WARRANTS - 0.1%
1,980,000 PT Lippo Bank TBK, 4/15/02* $ -
217,500 PT Pan Indonesia Bank TBK, 7/8/02* 881
104,600 Siam Commercial Bank, 5/10/02* 7,606
56,211 TelecomAsia Foreign Corp. Public Co. Ltd.* 18,616
-----------
Total Warrants
(Cost $33,223) $ 27,103
-----------
TOTAL INVESTMENTS IN SECURITIES - 100%
(Cost $36,759,066) (a)(b)(c) $30,988,023
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
Pioneer Indo-Asia Fund
SCHEDULE OF INVESTMENTS 10/31/00 (continued)
* Non-income producing security.
144A Security is exempt from registration under Rule 144A of the
Securities Act
of 1933. Such securities may be resold normally to qualified
institutional
buyers in a transaction exempt from registration. At October 31,
2000, the
value of these securities amounted to $21,206 or 0.07% 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 32.0%
Taiwan 18.9
South Korea 15.1
India 11.9
Singapore 8.1
Malaysia 5.3
Thailand 2.9
Peoples Republic of China 2.4
Indonesia 1.9
Philippines 1.5
-----
100.0%
=====
</TABLE>
<TABLE>
<S>
<C>
(b) At October 31, 2000, the net unrealized gain on investments based on
cost for
federal
income tax purposes of $36,819,404 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost
$ 3,330,033
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value
(9,161,414)
-----------
Net unrealized loss
$(5,831,381)
===========
</TABLE>
(c) At October 31, 2000, the Fund had a capital loss carryforward of
$4,891,082 which will expire in 2006 if not utilized.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2000 aggregated $53,701,940 and $50,800,246,
respectively.
16 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Indo-Asia Fund
BALANCE SHEET 10/31/00
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (cost $36,759,066) $
30,988,023
Cash 593,131
Foreign currencies, at value 378,699
Receivables -
Investment securities sold 446,935
Fund shares sold 435,491
Forward foreign currency settlement hedge contracts - ne t 1
Dividends, interest and foreign taxes withheld 95,334
Other 37,603
------------
Total assets $32,975,217
------------
LIABILITIES:
Payables -
Investment securities purchased $ 941,487
Fund shares repurchased 43,381
Reserve for repatriation tax 61,018
Due to affiliates 86,135
Accrued expenses 139,629
------------
Total liabilities $ 1,271,650
------------
NET ASSETS:
Paid-in capital $42,488,885
Accumulated net realized loss on investments and foreign
currency transactions
(4,951,419)
Net unrealized loss on investments (including reserve for
repatriation taxes of $61,018)
(5,832,061)
Net unrealized loss on forward foreign currency contracts
and other assets and liabilities denominated in
foreign currencies
(1,838)
------------
Total net assets $31,703,567
============
NET ASSET VALUE PER SHARE:
Class A (based on $18,164,040/1,936,651 shares) $ 9.38
============
Class B (based on $10,322,287/1,154,691 shares) $ 8.94
============
Class C (based on $3,217,240/363,815 shares) $ 8.84
============
MAXIMUM OFFERING PRICE:
Class A $ 9.95
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
Pioneer Indo-Asia Fund
STATEMENT OF OPERATIONS
For the Year Ended 10/31/00
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $52,831) $ 626,504
Interest (net of foreign taxes withheld of $1,497) 47,598
------------
Total investment income
$ 674,102
------------
EXPENSES:
Management fees 577,152
Transfer agent fees
Class A 108,708
Class B 91,571
Class C 19,561
Distribution fees
Class A 68,706
Class B 203,828
Class C 46,032
Administrative fees 29,996
Custodian fees 259,589
Registration fees 59,511
Professional fees 41,783
Printing 18,632
Fees and expenses of nonaffiliated trustees 22,378
Miscellaneous 21,836
------------
Total expenses
$ 1,569,283
Less management fees waived and expenses reim-
bursed by Pioneer Investment Management, Inc.
(236,394)
Less fees paid indirectly
(22,169)
------------
Net expenses
$ 1,310,720
------------
Net investment loss
$ (636,618)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ 5,174,549
Futures contracts 98,584
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (126,073)
$ 5,147,060
------------
------------
Change in net unrealized gain (loss) from:
Investments $(12,053,139)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (2,053)
$(12,055,192)
------------
------------
Net loss on investments and foreign currency
transactions
$ (6,908,132)
------------
Net decrease in net assets resulting from operation s
$ (7,544,750)
============
</TABLE>
18 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Indo-Asia Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended 10/31/00 and 10/31/99
<TABLE>
<CAPTION>
Year Ended
Year Ended
10/31/00
10/31/99
<S> <C> <C>
FROM OPERATIONS:
Net investment loss $ (636,618) $
(126,994)
Net realized gain (loss) on investments, futures
contracts and foreign currency transactions 5,147,060
3,982,920
Change in net unrealized gain (loss) on
investments and foreign currency
transactions (12,055,192)
5,460,262
-------------
-----------
Net increase (decrease) in net assets
resulting from operations $ (7,544,750) $
9,316,188
-------------
-----------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $100,290,455
$95,334,963
Cost of shares repurchased (99,017,798)
(77,476,468)
-------------
-----------
Net increase in net assets resulting from
Fund share transactions $ 1,272,657
$17,858,495
-------------
-----------
Net increase (decrease) in net assets $ (6,272,093)
$27,174,683
NET ASSETS:
Beginning of year 37,975,660
10,800,977
-------------
-----------
End of year (including accumulated net investment
loss of $0 and $4,760, respectively) $ 31,703,567
$37,975,660
=============
===========
</TABLE>
<TABLE>
<CAPTION>
CLASS A '00 Shares '00 Amount '99
Shares '99 Amount
<S> <C> <C> <C>
<C>
Shares sold 5,217,207 $68,649,688
5,781,204 $59,415,867
Less shares repurchased (5,034,213) (66,077,346)
(4,860,199) (50,171,135)
---------- -----------
---------- -----------
Net increase 182,994 $ 2,572,342
921,005 $ 9,244,732
========== ===========
========== ===========
CLASS B
Shares sold 1,435,155 $19,004,056
1,920,982 $19,147,136
Less shares repurchased (1,793,816) (22,162,447)
(1,235,422) (11,843,517)
---------- -----------
---------- -----------
Net increase (decrease) (358,661) $(3,158,391)
685,560 $ 7,303,619
========== ===========
========== ===========
CLASS C
Shares sold 989,712 $12,636,711
1,908,859 $16,771,960
Less shares repurchased (865,233) (10,778,005)
(1,758,788) (15,461,816)
---------- -----------
---------- -----------
Net increase 124,479 $ 1,858,706
150,071 $ 1,310,144
========== ===========
========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS 10/31/00
Pioneer Indo-Asia Fund
Year
Ended Year Ended Year Ended Year Ended Year Ended
10/31/00 10/31/99 10/31/98 10/31/97 10/31/96
20
<S> <C>
<C> <C> <C> <C>
CLASS A
Net asset value, beginning of year $ 11.05
$ 6.28 $ 7.14 $ 6.93 $ 8.47
--------
------- -------- ------- --------
Increase (decrease) from investment operations:
Net investment income (loss) $
(0.12) $ (0.05) $ (0.02) $ (0.01) $ 0.03
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions (
1.55) 4.82 ( 0.84) 0.22 ( 1.57)
--------
------- -------- ------- --------
Net increase (decrease) in net asset value $
(1.67) $ 4.77 $ (0.86) $ 0.21 $ (1.54)
--------
------- -------- ------- --------
Net asset value, end of year $ 9.38
$ 11.05 $ 6.28 $ 7.14 $ 6.93
========
======= ======== ======= ========
Total return*
(15.11)% 75.96% (12.04)% 3.03% (18.18)%
Ratio of net expenses to average net assets+
2.16% 2.14% 2.31% 2.29% 2.28%
Ratio of net investment income (loss) to average net assets+ (
0.88)% ( 0.39)% ( 0.52)% (0.09)% 0.32%
Portfolio turnover rate
103% 108% 101% 71% 64%
Net assets, end of year (in thousands) $ 18,164
$19,384 $ 5,230 $ 9,846 $ 12,388
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses
2.61% 3.81% 5.30% 4.39% 4.29%
Net investment loss (
1.33)% ( 2.06)% ( 3.51)% (2.19)% ( 1.69)%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses
2.10% 2.09% 2.24% 2.25% 2.25%
Net investment income (loss) (
0.82)% ( 0.34)% ( 0.45)% (0.05)% 0.35%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
year,
reinvestment of all distributions, the complete redemption of the investment
at net asset value at the end of each year, and no sales charges. Total
return
would be reduced if sales charges were taken into account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS 10/31/00
Pioneer Indo-Asia Fund
Year
Ended Year Ended Year Ended Year Ended Year Ended
10/31/00 10/31/99 10/31/98 10/31/97 10/31/96
21
<S> <C>
<C> <C> <C> <C>
CLASS B
Net asset value, beginning of year $ 10.62
$ 6.08 $ 6.96 $ 6.80 $ 8.39
--------
------- -------- ------- --------
Increase (decrease) from investment operations:
Net investment loss $
(0.31) $ (0.03) $ (0.09) $ (0.04) $ (0.03)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions (
1.37) 4.57 ( 0.79) 0.20 ( 1.56)
--------
------- -------- ------- --------
Net increase (decrease) in net asset value $
(1.68) $ 4.54 $ (0.88) $ 0.16 $ (1.59)
--------
------- -------- ------- --------
Net asset value, end of year $ 8.94
$ 10.62 $ 6.08 $ 6.96 $ 6.80
========
======= ======== ======= ========
Total return*
(15.82)% 74.67% (12.64)% 2.35% (18.95)%
Ratio of net expenses to average net assets+
2.97% 2.80% 2.81% 2.90% 3.15%
Ratio of net investment loss to average net assets+ (
1.68)% ( 0.91)% ( 1.03)% (0.62)% ( 0.45)%
Portfolio turnover rate
103% 108% 101% 71% 64%
Net assets, end of year (in thousands) $ 10,322
$16,078 $ 5,036 $ 9,392 $ 8,275
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses
3.41% 4.60% 5.94% 4.99% 5.23%
Net investment loss (
2.12)% ( 2.71)% ( 4.16)% (2.71)% ( 2.53)%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses
2.95% 2.77% 2.76% 2.86% 3.13%
Net investment loss (
1.66)% ( 0.88)% ( 0.98)% (0.58)% ( 0.43)%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
year,
reinvestment of all distributions, the complete redemption of the investment
at net asset value at the end of each year, and no sales charges. Total
return
would be reduced if sales charges were taken into account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS 10/31/00
Pioneer Indo-Asia Fund
22
Year
Ended Year Ended
10/31/00 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 $
(0.19) $ (0.03)
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions (
1.47) 4.53
--------- -------
Net increase (decrease) in net asset value $
(1.66) $ 4.50
--------- -------
Net asset value, end of period $
8.84 $ 10.50
========= =======
Total return*
(15.81)% 75.00%
Ratio of net expenses to average net assets+
2.92% 2.70%
Ratio of net investment loss to average net assets+ (
1.61)% ( 0.89)%
Portfolio turnover rate
103% 108%
Net assets, end of period (in thousands) $
3,217 $ 2,514
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses
3.39% 4.40%
Net investment loss (
2.08)% ( 2.59)%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses
2.89% 2.64%
Net investment loss (
1.58)% ( 0.83)%
<CAPTION>
FINANCIAL HIGHLIGHTS 10/31/00
Pioneer Indo-Asia Fund
22
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.
<PAGE>
Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 10/31/00
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 shareowners, respectively.
The Fund's financial statements have been prepared in conformity with
accounting principles generally accepted in the United States 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
asset value of the Fund's shares are determined as of such times. Dividend
23
<PAGE>
Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 10/31/00 (continued)
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, including interest on
income bearing cash accounts, 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.
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.
C. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency rates or to
24
<PAGE>
Pioneer Indo-Asia Fund
seek to increase total return. Upon entering into a futures contract, the
Fund is required to deposit with a broker an amount of cash or securities
equal to the minimum "initial margin" requirements of the associated
futures exchange. Subsequent payments for futures contracts ("variation
margin") are paid or received by the Fund, depending on the daily
fluctuation in the value of the contracts, and are recorded by the Fund as
unrealized gains or losses. When the contract is closed, the Fund realizes
a gain or loss equal to the difference between the opening and closing
value of the contract. The use of futures contracts involves, to varying
degrees, elements of market and counterparty risks which may exceed the
amounts recognized by the Fund. Changes in value of the contracts may not
directly correlate to the changes in value of the underlying securities.
These risks may decrease the effectiveness of the Fund's hedging
strategies and potentially result in a loss. At October 31, 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 October 31, 2000 the Fund had no outstanding portfolio hedges. The
Fund's gross forward foreign currency settlement contracts receivable and
payable were $8,623 and $8,622, respectively, resulting in a net
receivable of $1.
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
25
<PAGE>
Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 10/31/00 (continued)
gains, if any, to its shareowners. 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 recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the year ended October 31, 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 October 31, 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
October 31, 2000, the Fund had a reserve of $61,018 related to taxes on
the repatriation of foreign currencies.
At October 31, 2000, the Fund reclassified $641,378 and $123,380 from
paid-in capital to accumulated net investment loss and accumulated net
realized loss on investments and foreign currency transactions,
respectively. The reclassification has no impact on the net asset value of
the Fund and is designed to present the Fund's capital accounts on a tax
basis.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned subsidiary of UniCredito Italiano S.p.A.
(UniCredito Italiano), earned $10,352 in underwriting commissions on the
sale of fund shares during the year ended October 31, 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. Shareowners of each class share all
26
<PAGE>
Pioneer Indo-Asia Fund
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 shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner, at the same time, and in the same amount,
except that Class A, Class B and Class C shares can bear different
transfer agent and distribution fees.
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian, or subcustodians. The
Fund's investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM manages the Fund's portfolio and is a wholly owned subsidiary of
UniCredito
Italiano. 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.
27
<PAGE>
Pioneer Indo-Asia Fund
NOTES TO FINANCIAL STATEMENTS 10/31/00 (continued)
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 October 31, 2000, $27,572 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 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 UniCredito Italiano, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Included in due to affiliates is $42,080 in transfer agent fees payable to PSC
at October 31, 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 $16,483
in distribution fees payable to PFD at October 31, 2000.
28
<PAGE>
Pioneer Indo-Asia Fund
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. Also, upon the redemption or exchange of Class A shares worth more
than $25,000 within 90 days of any purchase of fund shares, the fund will
apply
a 2.0% fee to the entire amount of the sale proceeds. The fee is payable
to the
Fund and is not a CDSC or commission. The fee is calculated after any
applicable sales charge is deducted and is in addition to any sales charge
paid. 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 year ended October 31, 2000, CDSCs in the amount of
$169,956 were paid to PFD.
5. Expense Offsets
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the year ended October 31, 2000,
the Fund's expenses were reduced by $22,169 under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $50 million committed, unsecured
revolving line of credit facility. Borrowings are used solely for temporary or
emergency purposes. The Fund may borrow up to the lesser of $50 million or the
limits set by its prospectus for borrowings. Interest on collective borrowings
of up to $25 million is payable at the Federal Funds Rate plus 3/8% on an
annualized basis, or at the Federal Funds Rate plus 1/2% if the borrowing
exceeds $25 million at any one time. The Funds pay an annual commitment
fee for
this facility. The commitment fee is allocated among such Funds based on their
respective borrowing limits.
The average daily amount of borrowings outstanding during the year ended
October 31, 2000 was $159,701. The average daily shares outstanding during the
period were 2,443,042 resulting in an average borrowing per share of
$0.65. The
related weighted average annualized interest rate for the period was 6.5%, and
the total interest expense on such borrowings was $15,621.
29
<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 as of October 31, 2000, 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
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 auditing standards generally
accepted in the United States. Those standards require that we plan and
perform
the audit to obtain reasonable assurance about whether the financial
statements
and financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of October 31, 2000 by correspondence with the custodian. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Indo-Asia Fund as of October 31, 2000, the results of its operations,
the changes in its net assets, and the financial highlights for the periods
presented, in conformity with accounting principles generally accepted in the
United States.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
December 5, 2000
30
<PAGE>
Pioneer Indo-Asia Fund
RESULTS OF SHAREOWNER MEETING
On September 11, 2000, Pioneer Indo-Asia Fund held a special meeting of
shareowners to approve a new management contract between the Fund and Pioneer
Investment Management, Inc., the Fund's investment adviser. Shareowners also
voted to elect trustees. Both proposals passed by shareowner vote. The new
management contract took effect when UniCredito Italiano S.p.A. completed its
acquisition of The Pioneer Group, Inc. on October 24, 2000. Here are the
detailed results of the votes.
Note, proposal 1(b) applies to Indo-Asia Fund. Please call with any questions.
Proposal 1(a) - To approve a new management contract.
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
3,126,322.835 54,690.197 52,876.539
</TABLE>
Proposal 1(b) - To approve a new subadvisory contract.
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
3,134,048.628 50,176.419 49,664.524
</TABLE>
Proposal 2 - To elect Trustees.
<TABLE>
<CAPTION>
Nominee Affirmative Withheld
<S> <C> <C>
M.K. Bush 3,101,629.948 132,259.623
J.F. Cogan, Jr. 3,097,139.732 136,749.839
Dr. R. H. Egdahl 3,101,744.902 132,144.669
M.B.W. Graham 3,101,744.902 132,144.669
M.A. Piret 3,105,527.061 128,362.510
D.D. Tripple 3,096,950.732 136,938.839
S.K. West 3,104,694.750 129,194.821
J. Winthrop 3,107,425.339 126,464.232
</TABLE>
31
<PAGE>
Pioneer Indo-Asia Fund
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
Officers Trustees
John F. Cogan, Jr., John F. Cogan, Jr., President
Chairman David D. Tripple, Executive Vice President
Mary K. Bush Vincent Nave, Treasurer
Richard H. Egdahl, M.D. Joseph P. Barri, Secretary
Margaret B.W. Graham
Marguerite A. Piret
David D. Tripple
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
professional, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
Growth Funds
United States
Pioneer Growth Shares
Pioneer Micro-Cap Fund
Pioneer Mid-Cap Fund
Pioneer Mid-Cap Value Fund
Pioneer Science & Technology Fund
Pioneer Small Company Fund
Pioneer Tax-Managed Fund
International/Global
Pioneer Emerging Markets Fund
Pioneer Europe Fund
Pioneer Indo-Asia Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
Growth and Income Funds
Pioneer Fund
Pioneer II
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Real Estate Shares
Income Funds
Taxable
Pioneer America Income Trust
Pioneer Bond Fund
Pioneer High Yield Fund
Pioneer Limited Maturity Bond Fund
Pioneer Strategic Income Fund
Tax-Free
Pioneer Tax-Free Income Fund
Money Market Fund
Pioneer Cash Reserves Fund*
*An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1 per share, it is
possible to lose money by investing in the Fund.
33
<PAGE>
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.
FactFoneSM
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFoneSM gives you a quick and easy way to check fund
share prices, yields, dividends and distributions, as well as information
about
your own account. Simply call 1-800-225-4321. For specific account
information,
have your 13-digit account number and four-digit personal identification
number
at hand.
90-Day Reinstatement Privilege (for Class A Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long as
you meet its minimum investment requirement.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you need
to do is authorize a set amount of money to be moved out of your bank account
into the Pioneer fund of your choice. Investomatic also allows you to change
the dollar amount, frequency and investment date right over the phone. By
putting aside affordable amounts of money regularly, you can build a long-term
investment without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing
Pioneer to deduct from participating employees' paychecks. You specify the
dollar amount you want to invest into the Pioneer fund(s) of your choice.
34
<PAGE>
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer funds
you wish to invest in. You choose the amounts and dates for Pioneer to sell
shares of your original fund and use the proceeds to buy shares of the other
funds you have chosen. Over time, your investment will be shifted out of the
original fund. (Automatic Exchange is available for originating accounts
with a
balance of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals.
You decide the frequency and the day of the month you want. Pioneer will send
the proceeds by check to the address you designate, or electronically to your
bank account. You also can authorize Pioneer to make the redemptions
payable to
someone else. (SWPs are available for accounts with a value of $10,000 or
more.)
35
<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 Plans
Individual Retirement Account (IRA)
An IRA is a tax-favored account that allows anyone under age 701|M/2 with
earned income to contribute up to $2,000 annually. Spouses may contribute
up to
$2,000 annually into a separate IRA, for a total of $4,000 per year for a
married couple. Earnings are tax-deferred, and contributions may be
tax-deductible.
Roth IRA
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and became
available to investors in 1998. Contributions, up to $2,000 a year, are not
tax-deductible, but earnings are tax-free for qualified withdrawals.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $10,500 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees) IRA Plan
Businesses with 100 or fewer eligible employees can establish 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.
36
<PAGE>
403(b) Plan
Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is available
only to
employees of public schools, not-for-profit hospitals and 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.
37
<PAGE>
HOW TO CONTACT PIONEER
We are pleased to offer a variety of convenient ways for you to contact
us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, propectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current
Fund prospectus.
Pioneer Investment Management, Inc.
60 State Street
Boston, Massachusetts 02109
www.pioneerfunds.com
9442-00-1200
(Copyright) Pioneer Funds Distributor, Inc.
[GRAPHIC OMITTED]
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