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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05516
Pioneer America Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: December 31
Date of reporting period: January 1, 2004 through December 31, 2004
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
item 1.REPORTS TO SHAREOWNERS.
PIONEER
-----------------------
AMERICA
INCOME
TRUST
Annual
Report
12/31/04
[LOGO] PIONEER
Investments(R)
Table of Contents
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Letter to Shareowners 1
Portfolio Summary 2
Performance Update 3
Comparing Ongoing Fund Expenses 8
Portfolio Management Discussion 10
Schedule of Investments 14
Financial Statements 24
Notes to Financial Statements 33
Report of Independent Registered Public Accounting Firm 40
The Pioneer Family of Mutual Funds 41
Trustees, Officers and Service Providers 42
Pioneer America Income Trust
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LETTER TO SHAREOWNERS 12/31/04
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Dear Shareowner,
- --------------------------------------------------------------------------------
After three calendar quarters of listless performance, U.S. equity markets
improved strongly late in the year. Anxiety over energy prices, international
tensions and the falling American dollar had held the markets back, but
uneasiness about the presidential election was the principal source of investor
hesitation. The election went smoothly, the result was decisive, and the
ensuing rally pushed major indices into the black for the second year running.
However, returns trailed 2003's levels. Small capitalization companies
outperformed large cap issues for the sixth consecutive year. Markets overseas
were generally buoyant: commodity-rich nations saw surging demand for copper,
gold, lumber and other materials, with much of their output destined to feed
China's vast economic appetite.
Bond investors focused on longer-term issues. Reflecting the risk aversion that
favored small cap stocks, high-yield bonds were the strongest performers, while
higher quality issues, including U.S. Treasury issues, scored more modest
gains. Municipal bond returns were generally favorable as well; economic growth
spurred rising tax revenues, putting many issuers into surplus for the first
time in years.
A measured pace of growth seems in store for the U.S. economy, which generated
2.2 million jobs after years of employment declines. By the end of September,
the economy had tallied twelve straight up quarters and the nation's annualized
growth rate stood at a respectable four percent. We believe this rate of
expansion is enough to sustain growth without provoking the Federal Reserve
Board into aggressive interest rate hikes aimed at calming inflation.
Welcome to former Safeco fund shareholders
With this report, we also would like to acknowledge the investors in former
Safeco mutual funds who now are shareholders of Pioneer funds. We would like to
welcome you again to the Pioneer fund family and assure you of our commitment to
provide the highest quality portfolio management and personal service. Pioneer
has emerged as a growing presence in the ranks of major U.S. management firms.
As a shareholder in a Pioneer mutual fund, you have significantly more
investment options available to you. A conversation with your investment
professional will help you understand how these new funds may enhance your
portfolio diversification and fit in with your long-range goals. Or, feel free
to call Pioneer directly at 1-800-225-6292 for assistance.
Please consider a fund's investment objective, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about each fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, contact your
financial advisor, call 1-800-225-6292 or visit our web site at
www.pioneerfunds.com.
Respectfully,
/s/ Osbert M. Hood
Osbert M. Hood
President
Pioneer Investment Management, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
1
Pioneer America Income Trust
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PORTFOLIO SUMMARY 12/31/04
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[The following table was depicted as a pie chart in the printed material.]
U.S. Government Securities 97.6%
U.S. Government Agency Obligations 2.0%
Foreign Government Bonds 0.4%
Portfolio Maturity
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(Effective life as a percentage of total investment portfolio)
[The following table was depicted as a pie chart in the printed material.]
0-1 Year 3.6%
1-3 Years 69.3%
3-4 Years 6.6%
4-6 Years 8.6%
6-8 Years 2.0%
8+ Years 9.9%
10 Largest Holdings
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(As a percentage of debt holdings)*
1. U.S. Treasury Notes, 6.5%, 2/15/10 6.53%
2. U.S. Treasury Bonds, 7.25%, 5/15/16 5.37
3. Government National Mortgage Association II, 6.0%, 11/20/33 3.13
4. U.S. Treasury Notes, 6.375%, 8/15/27 2.77
5. Government National Mortgage Association, 5.5%, 3/20/34 2.53
6. Government National Mortgage Association II, 5.5%, 11/20/34 2.21
7. Government National Mortgage Association, 5.5%, 11/15/34 2.13
8. US Treasury Notes, 4.625%, 5/15/06 2.01
9. Government National Mortgage Association II, 6.0%, 12/20/33 1.84
10. Government National Mortgage Association, 5.5%, 7/15/33 1.53
*This list excludes temporary cash and derivative instruments. Portfolio
holdings will vary for other periods.
2
Pioneer America Income Trust
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PERFORMANCE UPDATE 12/31/04 CLASS A SHARES
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Share Prices and Distributions
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Net Asset Value per Share 12/31/04 12/31/03
$9.79 $9.95
Net
Distributions per Share Investment Short-Term Long-Term
(1/1/04 - 12/31/04) Income Capital Gains Capital Gains
$0.4286 $ - $ -
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer America Income Trust at public offering price,
compared to that of the Lehman Brothers Government Bond Index and of the Lehman
Brothers Fixed-Rate Mortgage-Backed Securities Index.
- -----------------------------------------
Average Annual Total Returns
(As of December 31, 2004)
Net Asset Public Offering
Period Value Price (POP)
10 Years 6.24% 5.75%
5 Years 6.23 5.26
1 Year 2.77 -1.86
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[THE FOLLOWING TABLE WAS DEPICTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Lehman Brothers
Fixed-Rate Lehman Brothers
Pioneer America Mortgage-Backed Government
Income Trust Securities Index Bond Index
12/94 $ 9,550 $10,000 $10,000
11,088 11,680 11,834
12/96 11,342 12,305 12,161
12,307 13,472 13,326
12/98 13,265 14,411 14,639
12,930 14,678 14,310
12/00 14,427 16,317 16,206
15,281 17,657 17,379
12/02 16,775 19,201 19,377
17,022 19,787 19,835
12/04 17,493 20,718 20,527
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 4.50% sales charge. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the redemption of Trust
shares.
The Lehman Brothers Government Bond Index measures the performance of the U.S.
government bond market. The Lehman Brothers Fixed-Rate Mortgage-Backed
Securities Index is an unmanaged index including 15- and 30-year fixed rate
securities backed by mortgage pools of the Government National Mortgage
Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal
National Mortgage Association (FNMA). Index returns assume reinvestment of
dividends and, unlike Trust returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in the Indexes.
3
Pioneer America Income Trust
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PERFORMANCE UPDATE 12/31/04 CLASS B SHARES
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Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 12/31/04 12/31/03
$9.74 $9.89
Net
Distributions per Share Investment Short-Term Long-Term
(1/1/04 - 12/31/04) Income Capital Gains Capital Gains
$0.3452 $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer America Income Trust, compared to that of the Lehman
Brothers Government Bond Index and of the Lehman Brothers Fixed-Rate
Mortgage-Backed Securities Index.
- -----------------------------------------
Average Annual Total Returns
(As of December 31, 2004)
If If
Period Held Redeemed
10 Years 5.41% 5.41%
5 Years 5.37 5.37
1 Year 2.02 -1.92
- -----------------------------------------
[The following table was depicted as a mountain chart in the printed material.]
Value of $10,000 Investment
Lehman Brothers
Fixed-Rate Lehman Brothers
Pioneer America Mortgage-Backed Government
Income Trust Securities Index Bond Index
12/94 $10,000 $10,000 $10,000
11,508 11,680 11,834
12/96 11,691 12,305 12,161
12,580 13,472 13,326
12/98 13,471 14,411 14,639
13,035 14,678 14,310
12/00 14,427 16,317 16,206
15,147 17,657 17,379
12/02 16,483 19,201 19,377
16,596 19,787 19,835
12/04 16,931 20,718 20,527
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If redeemed" returns reflect the deduction of applicable contingent deferred
sales charge (CSDC). Effective December 1, 2004, the period during which a CDSC
is applied to withdrawals was shortened to 5 years. The maximum CDSC for class B
shares continues to be 4%. For more complete information, please see the
prospectus for details. Note: Shares purchased prior to December 1, 2004 remain
subject to the CDSC in effect at the time you purchased those shares. For
performance information for shares purchased prior to December 1, 2004, please
visit www.pioneerfunds.com/bshares.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the redemption of Trust
shares.
Index comparisons begin 4/30/94. The Lehman Brothers Government Bond Index
measures the performance of the U.S. government bond market. The Lehman Brothers
Fixed-Rate Mortgage-Backed Securities Index is an unmanaged index including 15-
and 30-year fixed rate securities backed by mortgage pools of the Government
National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation
(FHLMC) and Federal National Mortgage Association (FNMA). Index returns assume
reinvestment of dividends and, unlike Trust returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Indexs.
4
Pioneer America Income Trust
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PERFORMANCE UPDATE 12/31/04 CLASS C SHARES
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Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 12/31/04 12/31/03
$9.77 $9.92
Net
Distributions per Share Investment Short-Term Long-Term
(1/1/04 - 12/31/04) Income Capital Gains Capital Gains
$0.3533 $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer America Income Trust, compared to that of the Lehman
Brothers Government Bond Index and of the Lehman Brothers Fixed-Rate
Mortgage-Backed Securities Index.
- -----------------------------------------
Average Annual Total Returns
(As of December 31, 2004)
If If
Period Held Redeemed
Life of Fund
(1/31/96) 4.41% 4.41%
5 Years 5.40 5.40
1 Year 2.09 2.09
- -----------------------------------------
[The following table was depicted as a mountain chart in the printed material.]
Value of $10,000 Investment
Lehman Brothers
Fixed-Rate Lehman Brothers
Pioneer America Mortgage-Backed Government
Income Trust Securities Index Bond Index
01/96 $10,000 $10,000 $10,000
10,104 10,457 10,214
10,890 11,449 11,192
12/98 11,663 12,247 12,295
11,291 12,473 12,019
12/00 12,479 13,866 13,611
13,109 15,006 14,596
12/02 14,280 16,317 16,274
14,387 16,815 16,659
12/04 14,688 17,606 17,240
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. All results
are historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Trust performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Trust
shares.
The Lehman Brothers Government Bond Index measures the performance of the U.S.
government bond market. The Lehman Brothers Fixed-Rate Mortgage-Backed
Securities Index is an unmanaged index including 15- and 30-year fixed rate
securities backed by mortgage pools of the Government National Mortgage
Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal
National Mortgage Association (FNMA). Index returns assume reinvestment of
dividends and, unlike Trust returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in the Indexes.
5
Pioneer America Income Trust
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PERFORMANCE UPDATE 12/31/04 CLASS R SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 12/31/04 12/31/03
$9.89 $10.07
Net
Distributions per Share Investment Short-Term Long-Term
(1/1/04 - 12/31/04) Income Capital Gains Capital Gains
$0.432 $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer America Income Trust, compared to that of the Lehman
Brothers Government Bond Index and of the Lehman Brothers Fixed-Rate
Mortgage-Backed Securities Index.
- -----------------------------------------
Average Annual Total Returns
(As of December 31, 2004)
If If
Period Held Redeemed
10 Years 5.85% 5.85%
5 Years 5.99 5.99
1 Year 2.58 2.58
- -----------------------------------------
[THE FOLLOWING TABLE WAS DEPICTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Lehman Brothers
Fixed-Rate Lehman Brothers
Pioneer America Mortgage-Backed Government
Income Trust Securities Index Bond Index
12/94 $10,000 $10,000 $10,000
11,549 11,680 11,834
12/96 11,754 12,305 12,161
12,690 13,472 13,326
12/98 13,609 14,411 14,639
13,199 14,678 14,310
12/00 14,654 16,317 16,206
15,444 17,657 17,379
12/02 16,869 19,201 19,377
17,212 19,787 19,835
12/04 17,667 20,718 20,527
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance of Class R shares for the period prior to the commencement of
operations of Class R shares on April 1, 2003 is based on the performance of
Class A shares, reduced to reflect the higher distribution and service fees of
Class R shares. For the period after April 1, 2003, the actual performance of
Class R shares is reflected, which performance may be influenced by the smaller
asset size of Class R shares compared to Class A shares. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Trust performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Lehman Brothers Government Bond Index measures the performance of the U.S.
government bond market. The Lehman Brothers Fixed-Rate Mortgage-Backed
Securities Index is an unmanaged index including 15- and 30-year fixed rate
securities backed by mortgage pools of the Government National Mortgage
Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Federal
National Mortgage Association (FNMA). Index returns assume reinvestment of
dividends and, unlike Trust returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in the Indexes.
6
Pioneer America Income Trust
- --------------------------------------------------------------------------------
PERFORMANCE UPDATE 12/31/04 INVESTOR CLASS SHARES
- --------------------------------------------------------------------------------
Share Prices and Distributions
- --------------------------------------------------------------------------------
Net Asset Value per Share 12/31/04 12/11/04
$9.79 $9.82
Net
Distributions per Share Investment Short-Term Long-Term
(12/11/04 - 12/31/04) Income Capital Gains Capital Gains
$0.0265 $ - $ -
Investment Returns
- --------------------------------------------------------------------------------
- -----------------------------------------
Average Annual Total Returns
(As of December 31, 2004)
If If
Period Held Redeemed
Life of Fund
(12/11/04) -0.04% -0.04%
Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end
performance results. Current performance may be lower or higher than the
performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Certain Pioneer funds (the "Funds") issued Investor Class shares in connection
with the reorganization of Safeco mutual funds. The Funds are not offering
additional Investor Class shares except in connection with the reinvestment of
dividends on the Funds' outstanding Investor Class shares. All [Investor Class]
shares of the Funds, whenever issued, convert to Class A shares of their
respective Funds on December 10, 2006. Investor Class shares are not subject to
sales charges.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Trust performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information. The performance table
does not reflect the deduction of fees and taxes that a shareowner would pay on
Trust distributions or the redemption of Trust shares.
7
Pioneer America Income Trust
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareowner in the Trust, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Trust and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Trust's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [Divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number in
the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer America Income Trust
Based on actual returns from July 1, 2004 through December 31, 2004.
Investor
Share Class A B C R Class
- -------------------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
On 7/1/04**
Ending Account Value $1,029.14 $1,025.95 $1,026.24 $1,028.99 $ 999.60
On 12/31/04
Expenses Paid During Period* $ 5.83 $ 9.88 $ 9.08 $ 6.18 $ 0.44
* Expenses are equal to the Trust's annualized expense ratio of 1.14%, 1.94%,
1.78%, 1.21% and 0.74%, for Class A, Class B, Class C, Class R and Investor
Class shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period) (21/366
for Investor Class shares).
** 12/11/04 for Investor Class shares
8
Pioneer America Income Trust
- --------------------------------------------------------------------------------
COMPARING ONGOING FUND EXPENSES (continued)
- --------------------------------------------------------------------------------
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Trust's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Trust's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Trust and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads). Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer America Income Trust
Based on a hypothetical 5% per year return before expenses, reflecting the
period from July 1, 2004 through December 31, 2004
Investor
Share Class A B C R Class
- -------------------------------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
On 7/1/04**
Ending Account Value $1,019.30 $1,015.18 $1,015.63 $1,019.10 $1,002.56
On 12/31/04
Expenses Paid During Period* $ 5.80 $ 9.83 $ 9.04 $ 6.15 $ 0.45
* Expenses are equal to the Trust's annualized expense ratio of 1.14%, 1.94%,
1.78%, 1.21% and 0.74%, for Class A, Class B, Class C, Class R and Investor
Class shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period) (21/366
for Investor Class shares).
** 12/11/04 for Investor Class shares
9
Pioneer America Income Trust
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 12/31/04
- --------------------------------------------------------------------------------
As the U.S. economy expanded, the Federal Reserve began raising interest rates
at a slow but steady pace. Short-term interest rates rose more than long-term
rates, which remained virtually unchanged for the year. For example, at the
beginning of the year, the yield on the two-year Treasury was 1.82%. At the end
of the year, it was 3.07%. The yield on the 10-year Treasury began the year at
4.25% and ended the year at 4.22%. Against this backdrop, investors in U.S.
Government and agency securities were rewarded with a relatively attractive
level of income during the 12-month period ended December 31, 2004. In the
interview below, Richard Schlanger, a member of the Pioneer fixed-income team,
discusses the factors that affected the fixed-income market and the Trust over
the past 12 months.
Q: How did the Trust perform during the period?
A: For the 12-month period ended December 31, 2004, Class A shares of Pioneer
America Income Trust produced a total return of 2.77% at net asset value. The
Trust underperformed its benchmark, the Lehman Brothers Government Bond
Index, which returned 3.48% for the same period. The Trust also
underperformed the Lehman Brothers Fixed-Rate Mortgage-Backed Index, which
returned 4.70%. We attribute the shortfall relative to the Lehman Brothers
Fixed-Rate Mortgage-Backed Index to the index's significant exposure to
securities issued by the Federal Home Loan Mortgage Corporation (Freddie Mac)
and the Federal National Mortgage Association (Fannie Mae), which
outperformed Ginnie Maes. Because conventional mortgages--those issued by
Freddie Mac and Fannie Mae--do not have the backing of the full faith and
credit of the U.S. Government, we do not invest in them. The Trust
underperformed the 3.19% return generated by the General U.S. Government
Funds Category of Lipper, an independent monitor of mutual fund performance.
At the end of the period, the 30-day SEC yield for Class A shares was 3.25%.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
10
Pioneer America Income Trust
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Q. What was the investment environment like during the period?
A. The economy continued to gain strength in 2004, reflected by improving job
growth, relatively strong consumer spending, and higher commodity and oil
prices. With the economy on a firmer footing, the Federal Reserve boosted
short-term interest rates in June and continued raising them through the end
of the year. By year-end, the federal funds rate was 2.25%, up from 1.00% at
the start of 2004. (The federal funds rate is the rate banks charge each
other for overnight loans.) Initially, the Fed's actions caused Treasury
yields to move higher but when it appeared that inflation was under control,
the yield curve flattened. The yield curve shows the relationship between
bond yields and maturity lengths. With a flatter yield curve, short-term
yields moved higher and prices declined; longer-term yields fell or remained
stable, boosting prices. An enormous amount of Treasury buying by overseas
investors was also instrumental in keeping Treasury yields low. Foreign
central banks had large cash reserves, which they invested at record levels
in the U.S. Treasury market in an attempt to stem the decline of the U.S.
dollar relative to their own currencies.
Q: How did you manage the Trust in this environment?
A: The Trust was divided between mortgage-backed securities, which accounted for
70.6% of net assets, and Treasury securities, which composed 28.2% of net
assets. The Trust also had a 1.2% cash position. In the mortgage market, we
invested in securities issued by the Government National Mortgage Association
(GNMA), which are backed by the full faith and credit of the U.S. government.
(A full faith and credit backing applies to underlying Trust securities, not
to Trust shares). Because interest rates remained attractive and the housing
market was strong, we sought to avoid prepayment risk. When interest rates
decline, homeowners often "prepay" their existing mortgages and refinance
their homes at a lower rate. Significant prepayment activity can result in
declining yields and share prices in portfolios with investments in
mortgages. To mitigate this risk, we favored mortgages with low loan balances
that were not likely to be refinanced. We also emphasized mortgage pools in
slow-paying states, such as New York and Texas,
11
Pioneer America Income Trust
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PORTFOLIO MANAGEMENT DISCUSSION 12/31/04 (continued)
- --------------------------------------------------------------------------------
where the rate of housing turnover is relatively low in comparison to other
states. In addition, we sought mortgages with coupons (stated rates of
interest) in the 4.5% to 5.5% range, which would probably not be refinanced
quickly.
In the Treasury portion of the Trust, we emphasized securities with short to
intermediate durations. We expected yields to move higher and wanted to
minimize the price volatility that would naturally occur as yields rose.
Therefore, we kept duration shorter than the benchmark. Measured in years,
duration measures a bond's price sensitivity to interest-rate changes. A
shorter duration can protect a portfolio from price declines as yields rise.
We were premature, however, in our expectation of higher yields. As a result,
our short-duration strategy worked against the Trust. Long-term Treasuries
outperformed, because of the huge demand from overseas investors and the
flattening of the yield curve. For example, the 30-year Treasury bond
returned 8.89%; the five-year Treasury returned 2.39%.
Q: What contributed most to performance?
A: The significant overweight in mortgage-backed securities made the largest
positive impact, as mortgages outperformed other fixed-income assets.
Minimizing prepayment risk by selecting specific mortgage pools also helped
drive performance. The flatter yield curve, which boosted the prices of
longer-term Treasury securities, also benefited results.
Q: What detracted from performance?
A: The Trust's underweight in long-term Treasuries. We continue to believe,
however, that yields on such Treasuries are artificially low, given the weak
U.S. dollar, the growing trade imbalance and a Fed that is likely to continue
raising interest rates.
Q: What is your outlook for the next six months?
A: In the short term, we expect the investment environment to remain unchanged
and are unlikely to alter the Trust significantly during the first quarter of
2005. We plan to continue to emphasize mortgage securities. In February,
Federal Reserve Chairman Alan
12
Pioneer America Income Trust
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- --------------------------------------------------------------------------------
Greenspan will make his semi-annual Humphrey-Hawkins testimony before
Congressional committees. At that time, we will learn what to expect in the
way of Fed interest-rate policy and what the central bank's thinking is about
the prospects for accelerating inflation. Whenever the Fed raises rates,
there is a lag effect; and it can take as long as a year for higher rates to
affect the economy. Over the next several months, we will be closely
monitoring data to determine the appropriate action to take should the
economic backdrop change.
Government guarantees apply to the underlying securities only and not to the
prices and yields of the portfolio. When interest rates rise, the prices of
fixed income securities in the fund will generally fall. Conversely, when
interest rates fall the prices of fixed income securities in the fund will
generally rise.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other
fixed-income securities. Mortgage-backed securities are also subject to
pre-payments. Investments in the fund are subject to possible loss due to the
financial failure of underlying securities and their inability to meet their
debt obligations.
Any information in this shareholder report regarding market or economic
trends or the factors influencing the Trust's historical or future
performance are statements of the opinion of Trust management as of the date
of this report. These statements should not be relied upon for any other
purposes. Past performance is no guarantee of future results, and there is no
guarantee that market forecasts discussed will be realized.
13
Pioneer America Income Trust
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 12/31/04
- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. TREASURY OBLIGATIONS - 2.0%
$ 4,700,000 U.S. Treasury Notes, 4.625%, 5/15/06 $ 4,808,321
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,823,615) $ 4,808,321
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 96.4%
648,057 Government National Mortgage Association,
4.5%, 4/15/18 652,055
225,418 Government National Mortgage Association,
4.5%, 12/15/19 226,461
426,396 Government National Mortgage Association,
4.5%, 8/15/19 428,371
920,545 Government National Mortgage Association,
4.5%, 8/15/33 899,128
3,442,875 Government National Mortgage Association,
4.5%, 6/15/34 3,361,523
1,776,302 Government National Mortgage Association,
5.0%, 2/15/19 1,822,244
980,422 Government National Mortgage Association,
5.0%, 7/15/19 1,005,780
288,370 Government National Mortgage Association,
5.5%, 6/15/18 300,759
2,419,169 Government National Mortgage Association,
5.5%, 2/15/19 2,523,119
452,603 Government National Mortgage Association,
5.5%, 4/15/19 472,022
2,888,247 Government National Mortgage Association,
5.5%, 7/15/19 3,012,164
688,186 Government National Mortgage Association,
5.5%, 10/15/19 717,712
870,762 Government National Mortgage Association,
5.5%, 1/15/29 892,384
573,699 Government National Mortgage Association,
5.5%, 4/15/31 587,089
3,271,341 Government National Mortgage Association,
5.5%, 5/15/33 3,344,311
3,585,980 Government National Mortgage Association,
5.5%, 7/15/33 3,665,969
1,391,876 Government National Mortgage Association,
5.5%, 8/15/33 1,422,923
3,182,560 Government National Mortgage Association,
5.5%, 9/15/33 3,253,872
The accompanying notes are an integral part of these financial statements.
14
Pioneer America Income Trust
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- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 1,683,130 Government National Mortgage Association,
5.5%, 10/15/33 $ 1,720,674
3,394,855 Government National Mortgage Association,
5.5%, 4/15/34 3,469,049
1,997,034 Government National Mortgage Association,
5.5%, 10/15/34 2,040,680
7,490,084 Government National Mortgage Association,
5.5%, 11/15/34 7,653,780
5,189,211 Government National Mortgage Association,
5.5%, 11/20/34 5,297,744
1,285,170 Government National Mortgage Association,
6.0%, 5/15/17 1,354,220
460,133 Government National Mortgage Association,
6.0%, 7/20/19 483,328
142,682 Government National Mortgage Association,
6.0%, 1/15/24 148,829
36,888 Government National Mortgage Association,
6.0%, 10/15/28 38,368
2,347,567 Government National Mortgage Association,
6.0%, 9/15/32 2,435,925
6,730,457 Government National Mortgage Association,
6.0%, 10/15/32 6,991,030
8,817,279 Government National Mortgage Association,
6.0%, 11/15/32 9,177,313
6,719,913 Government National Mortgage Association,
6.0%, 12/15/32 7,012,955
4,980,037 Government National Mortgage Association,
6.0%, 1/15/33 5,205,134
1,301,544 Government National Mortgage Association,
6.0%, 1/20/33 1,348,174
4,360,655 Government National Mortgage Association,
6.0%, 2/15/33 4,522,334
1,758,815 Government National Mortgage Association,
6.0%, 3/15/33 1,824,026
2,018,238 Government National Mortgage Association,
6.0%, 4/15/33 2,111,081
516,290 Government National Mortgage Association,
6.0%, 5/15/33 535,433
598,877 Government National Mortgage Association,
6.0%, 9/15/33 621,082
The accompanying notes are an integral part of these financial statements.
15
Pioneer America Income Trust
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SCHEDULE OF INVESTMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 1,486,651 Government National Mortgage Association,
6.0%, 10/20/33 $ 1,544,987
1,242,974 Government National Mortgage Association,
6.0%, 11/15/33 1,289,060
938,669 Government National Mortgage Association,
6.0%, 3/15/34 973,528
1,925,917 Government National Mortgage Association,
6.0%, 6/15/34 1,997,440
1,480,876 Government National Mortgage Association,
6.0%, 8/15/34 1,536,312
484,003 Government National Mortgage Association,
6.0%, 9/15/34 501,977
2,401,597 Government National Mortgage Association,
6.0%, 10/15/34 2,490,785
241,645 Government National Mortgage Association,
6.5%, 4/15/17 257,757
179,846 Government National Mortgage Association,
6.5%, 6/15/17 191,837
559,568 Government National Mortgage Association,
6.5%, 2/15/28 590,162
665,108 Government National Mortgage Association,
6.5%, 3/15/28 701,867
543,572 Government National Mortgage Association,
6.5%, 4/15/28 573,374
109,241 Government National Mortgage Association,
6.5%, 6/15/28 115,246
181,356 Government National Mortgage Association,
6.5%, 8/15/28 191,271
314,403 Government National Mortgage Association,
6.5%, 10/15/28 331,593
694,380 Government National Mortgage Association,
6.5%, 3/15/29 731,866
92,632 Government National Mortgage Association,
6.5%, 5/15/29 97,633
85,855 Government National Mortgage Association,
6.5%, 6/15/29 90,490
223,928 Government National Mortgage Association,
6.5%, 4/20/31 235,439
402,023 Government National Mortgage Association,
6.5%, 6/15/31 423,568
The accompanying notes are an integral part of these financial statements.
16
Pioneer America Income Trust
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- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 550,380 Government National Mortgage Association,
6.5%, 7/15/31 $ 579,876
155,440 Government National Mortgage Association,
6.5%, 8/15/31 163,770
571,658 Government National Mortgage Association,
6.5%, 9/15/31 602,294
23,306 Government National Mortgage Association,
6.5%, 10/15/31 24,555
351,574 Government National Mortgage Association,
6.5%, 12/15/31 370,415
1,900,568 Government National Mortgage Association,
6.5%, 1/15/32 2,004,665
1,712,397 Government National Mortgage Association,
6.5%, 2/15/32 1,804,188
848,761 Government National Mortgage Association,
6.5%, 3/15/32 894,258
1,551,215 Government National Mortgage Association,
6.5%, 4/15/32 1,634,367
1,173,417 Government National Mortgage Association,
6.5%, 5/15/32 1,236,316
450,198 Government National Mortgage Association,
6.5%, 6/15/32 475,154
919,418 Government National Mortgage Association,
6.5%, 7/15/32 968,702
1,073,932 Government National Mortgage Association,
6.5%, 8/15/32 1,132,377
513,361 Government National Mortgage Association,
6.5%, 9/15/32 540,879
912,261 Government National Mortgage Association,
6.5%, 4/15/33 960,558
22,689 Government National Mortgage Association,
6.5%, 10/15/33 23,891
384,494 Government National Mortgage Association,
7.0%, 10/15/16 409,634
744,950 Government National Mortgage Association,
7.0%, 9/15/24 795,892
369,573 Government National Mortgage Association,
7.0%, 7/15/25 394,805
124,277 Government National Mortgage Association,
7.0%, 11/15/26 132,594
The accompanying notes are an integral part of these financial statements.
17
Pioneer America Income Trust
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SCHEDULE OF INVESTMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 257,720 Government National Mortgage Association,
7.0%, 2/15/28 $ 274,350
225,879 Government National Mortgage Association,
7.0%, 3/15/28 240,455
265,111 Government National Mortgage Association,
7.0%, 4/15/28 282,218
283,281 Government National Mortgage Association,
7.0%, 7/15/28 301,662
252,980 Government National Mortgage Association,
7.0%, 4/15/29 269,098
272,685 Government National Mortgage Association,
7.0%, 5/15/29 290,059
143,102 Government National Mortgage Association,
7.0%, 6/15/29 152,219
128,852 Government National Mortgage Association,
7.0%, 7/15/29 137,061
142,484 Government National Mortgage Association,
7.0%, 9/15/29 151,562
251,945 Government National Mortgage Association,
7.0%, 11/15/29 267,997
179,190 Government National Mortgage Association,
7.0%, 1/15/30 190,666
182,472 Government National Mortgage Association,
7.0%, 1/15/31 193,946
159,729 Government National Mortgage Association,
7.0%, 2/15/31 169,774
102,963 Government National Mortgage Association,
7.0%, 4/15/31 109,437
61,396 Government National Mortgage Association,
7.0%, 5/15/31 65,257
96,973 Government National Mortgage Association,
7.0%, 6/15/31 103,071
285,315 Government National Mortgage Association,
7.0%, 9/15/31 303,257
73,071 Government National Mortgage Association,
7.0%, 10/15/31 77,665
69,038 Government National Mortgage Association,
7.0%, 11/15/31 73,379
252,840 Government National Mortgage Association,
7.0%, 2/15/32 268,718
The accompanying notes are an integral part of these financial statements.
18
Pioneer America Income Trust
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- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 582,030 Government National Mortgage Association,
7.0%, 3/15/32 $ 618,582
273,818 Government National Mortgage Association,
7.0%, 4/15/32 291,015
200,535 Government National Mortgage Association,
7.5%, 2/15/27 215,848
427,841 Government National Mortgage Association,
7.5%, 10/15/27 460,511
104,337 Government National Mortgage Association,
7.5%, 6/15/29 112,114
67,488 Government National Mortgage Association,
7.5%, 8/15/29 72,500
616,538 Government National Mortgage Association,
7.5%, 9/15/29 662,318
27,745 Government National Mortgage Association,
7.5%, 6/15/30 29,801
13,007 Government National Mortgage Association,
7.5%, 9/15/30 13,971
249,964 Government National Mortgage Association,
7.5%, 11/15/30 268,491
50,964 Government National Mortgage Association,
7.5%, 2/15/31 54,736
118,601 Government National Mortgage Association,
7.5%, 3/15/31 127,379
256,484 Government National Mortgage Association,
7.5%, 12/15/31 275,466
173,053 Government National Mortgage Association,
7.5%, 1/15/32 185,852
181,919 Government National Mortgage Association,
7.5%, 3/15/32 195,374
16,113 Government National Mortgage Association,
7.5%, 11/15/32 17,305
306,909 Government National Mortgage Association,
8.0%, 12/15/29 333,280
428,602 Government National Mortgage Association,
8.25%, 5/15/20 469,862
84,496 Government National Mortgage Association,
8.5%, 7/15/24 92,647
1,485 Government National Mortgage Association,
9.0%, 9/15/16 1,661
The accompanying notes are an integral part of these financial statements.
19
Pioneer America Income Trust
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SCHEDULE OF INVESTMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 5,247 Government National Mortgage Association,
9.0%, 10/15/16 $ 5,871
9,838 Government National Mortgage Association,
9.0%, 4/15/20 11,051
910 Government National Mortgage Association,
10.0%, 11/15/18 1,013
113,003 Government National Mortgage Association,
10.0%, 1/15/19 125,946
57,931 Government National Mortgage Association,
10.0%, 3/15/20 64,620
414,029 Government National Mortgage Association I,
6.5%, 11/15/31 436,218
279,032 Government National Mortgage Association I,
6.5%, 5/15/32 293,990
366,321 Government National Mortgage Association I,
6.5%, 9/15/32 385,957
470,518 Government National Mortgage Association I,
7.0%, 12/15/30 500,149
289,673 Government National Mortgage Association I,
7.5%, 8/15/23 309,482
878,394 Government National Mortgage Association II,
5.0%, 12/20/18 898,256
892,666 Government National Mortgage Association II,
5.0%, 2/20/19 912,301
2,627,984 Government National Mortgage Association II,
5.5%, 7/20/19 2,732,533
3,171,697 Government National Mortgage Association II,
5.5%, 2/20/34 3,238,033
5,923,896 Government National Mortgage Association II,
5.5%, 3/20/34 6,047,793
375,666 Government National Mortgage Association II,
6.0%, 7/20/17 394,678
950,152 Government National Mortgage Association II,
6.0%, 12/20/18 998,311
578,020 Government National Mortgage Association II,
6.0%, 2/20/19 607,158
339,349 Government National Mortgage Association II,
6.0%, 10/20/31 351,875
1,234,726 Government National Mortgage Association II,
6.0%, 11/20/31 1,280,304
The accompanying notes are an integral part of these financial statements.
20
Pioneer America Income Trust
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- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 2,365,437 Government National Mortgage Association II,
6.0%, 3/20/33 $ 2,450,183
7,236,574 Government National Mortgage Association II,
6.0%, 11/20/33 7,495,838
4,252,925 Government National Mortgage Association II,
6.0%, 12/20/33 4,405,222
1,868,919 Government National Mortgage Association II,
6.0%, 6/20/34 1,935,989
200,416 Government National Mortgage Association II,
6.5%, 1/20/24 211,611
613,509 Government National Mortgage Association II,
6.5%, 8/20/28 645,882
153,797 Government National Mortgage Association II,
6.5%, 6/20/31 161,702
695,553 Government National Mortgage Association II,
6.5%, 10/20/32 731,313
788,980 Government National Mortgage Association II,
6.5%, 10/20/33 829,021
801,383 Government National Mortgage Association II,
6.5%, 3/20/34 842,021
34,354 Government National Mortgage Association II,
7.0%, 12/20/08 35,981
113,112 Government National Mortgage Association II,
7.0%, 5/20/26 120,217
168,598 Government National Mortgage Association II,
7.0%, 1/20/31 178,620
77,321 Government National Mortgage Association II,
7.0%, 3/20/31 81,917
301,674 Government National Mortgage Association II,
7.0%, 7/20/31 319,606
113,900 Government National Mortgage Association II,
7.0%, 11/20/32 120,671
47,442 Government National Mortgage Association II,
7.5%, 6/20/30 50,750
74,048 Government National Mortgage Association II,
7.5%, 12/20/30 79,211
659 Government National Mortgage Association II,
8.0%, 5/20/25 716
104,322 Government National Mortgage Association II,
8.0%, 3/20/30 112,801
The accompanying notes are an integral part of these financial statements.
21
Pioneer America Income Trust
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SCHEDULE OF INVESTMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
Principal
Amount Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$ 16,769 Government National Mortgage Association II,
9.0%, 9/20/21 $ 18,785
48,586 Government National Mortgage Association II,
9.0%, 3/20/22 54,438
6,724 Government National Mortgage Association II,
9.0%, 4/20/22 7,533
101,579 Government National Mortgage Association II,
9.0%, 11/20/24 113,697
1,797 Government National Mortgage Association II,
10.0%, 1/20/06 1,867
800,000 U.S. Treasury Bonds, 6.25%, 8/15/23 936,594
250,000 U.S. Treasury Bonds, 6.5%, 11/15/26 303,721
10,270,000 U.S. Treasury Bonds, 7.25%, 5/15/16 12,855,154
500,000 U.S. Treasury Bonds, 8.75%, 5/15/20 721,270
3,100,000 U.S. Treasury Bonds, 10.0%, 5/15/10 3,182,342
1,500,000 U.S. Treasury Notes, 1.125%, 6/30/05 1,489,921
1,000,000 U.S. Treasury Notes, 1.625%, 4/30/05 997,538
3,500,000 U.S. Treasury Notes, 3.5%, 11/15/06 3,529,533
3,000,000 U.S. Treasury Notes, 4.0%, 11/15/12 2,994,960
650,000 U.S. Treasury Notes, 4.75%, 11/15/08 680,799
1,950,000 U.S. Treasury Notes, 4.75%, 5/15/14 2,032,113
1,750,000 U.S. Treasury Notes, 5.5%, 2/15/08 1,864,707
2,000,000 U.S. Treasury Notes, 5.5%, 8/15/28 2,164,688
3,300,000 U.S. Treasury Notes, 5.75%, 11/15/05 3,384,563
250,000 U.S. Treasury Notes, 6.125%, 8/15/29 293,516
1,100,000 U.S. Treasury Notes, 6.25%, 2/15/07 1,170,813
5,525,000 U.S. Treasury Notes, 6.375%, 8/15/27 6,634,315
13,800,000 U.S. Treasury Notes, 6.5%, 2/15/10 15,623,642
2,000,000 U.S. Treasury Notes, 6.625%, 5/15/07 2,157,578
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS $234,633,889
------------
(Cost $232,916,968) $234,633,889
------------
The accompanying notes are an integral part of these financial statements.
22
Pioneer America Income Trust
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- --------------------------------------------------------------------------------
Principal
Amount Value
TEMPORARY CASH INVESTMENT - 1.3%
Repurchase Agreement - 1.3%
$ 3,100,000 UBS Warburg, Inc., 1.00%, dated 12/31/04,
repurchase price of $3,100,000 plus accrued
interest on 1/3/05 collateralized by $3,089,000
U.S. Treasury Bill, 6.75%, 5/15/05 $ 3,100,000
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $3,100,000) $ 3,100,000
------------
TOTAL INVESTMENTS IN SECURITIES - 99.7%
(Cost $240,840,583)(a) $242,542,210
------------
OTHER ASSETS AND LIABILITIES - 0.3% $ 760,431
------------
TOTAL NET ASSETS - 100.0% $243,302,641
============
(a) At December 31, 2004, the net unrealized gain on investments based on
cost for federal income tax purposes of $242,351,097 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $1,603,331
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (1,412,218)
----------
Net unrealized gain $ 191,113
==========
Purchases and sales of securities (excluding temporary cash investments) for the year
ended December 31, 2004 aggregated $57,759,155 and $112,636,778 , respectively.
The accompanying notes are an integral part of these financial statements.
23
Pioneer America Income Trust
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STATEMENT OF ASSETS AND LIABILITIES 12/31/04
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities (cost $240,840,583) $242,542,210
Cash 47,250
Receivables -
Fund shares sold 443,446
Interest 1,680,114
Due from Pioneer Investment Management, Inc. 3,980
Other 6,059
-------------
Total assets $244,723,059
-------------
LIABILITIES:
Payables -
Investment securities purchased $ 503,402
Fund shares repurchased 410,600
Dividends 154,110
Due to affiliates 270,387
Accrued expenses 81,919
-------------
Total liabilities $ 1,420,418
-------------
NET ASSETS:
Paid-in capital $253,477,672
Distributions in excess of net investment income (1,304,113)
Accumulated net realized loss on investments (10,572,545)
Net unrealized gain on investments 1,701,627
-------------
Total net assets $243,302,641
=============
NET ASSET VALUE PER SHARE:
(No par value, Unlimited number of shares authorized)
Class A (based on $123,524,445/12,614,003 shares) $ 9.79
=============
Class B (based on $39,640,704/4,071,413 shares) $ 9.74
=============
Class C (based on $27,832,335/2,849,057 shares) $ 9.77
=============
Investor Class (based on $51,475,391/5,257,117 shares) $ 9.79
=============
Class R (based on $829,766/83,858 shares) $ 9.89
=============
MAXIMUM OFFERING PRICE:
Class A ($9.79 [divided by] 95.5%) $ 10.25
=============
The accompanying notes are an integral part of these financial statements.
24
Pioneer America Income Trust
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STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended 12/31/04
INVESTMENT INCOME:
Interest $9,079,156
----------
Total investment income $9,079,156
----------
EXPENSES:
Management fees $1,079,991
Transfer agent fees and expenses
Class A 403,830
Class B 167,120
Class C 87,515
Investor Class 11,234
Class R 509
Distribution fees
Class A 337,075
Class B 461,372
Class C 314,494
Class R 2,940
Administrative reimbursements 69,627
Custodian fees 18,714
Registration fees 74,280
Professional fees 51,583
Printing expense 20,530
Fees and expenses of nonaffiliated trustees 4,358
Miscellaneous 3,195
----------
Total expenses $3,108,367
----------
Less management fees waived and expenses
reimbursed by Pioneer Investment Management, Inc. (6,446)
Less fees paid indirectly (3,414)
----------
Net expenses $3,098,507
----------
Net investment income $5,980,649
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (284,687)
----------
Change in net unrealized gain on investments $ (509,007)
----------
Net loss on investments $ (793,694)
----------
Net increase in net assets resulting from operations $5,186,955
==========
The accompanying notes are an integral part of these financial statements.
25
Pioneer America Income Trust
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Years Ended 12/31/04 and 12/31/03
Year Ended Year Ended
12/31/04 12/31/03
FROM OPERATIONS:
Net investment income $ 5,980,649 $ 7,253,361
Net realized gain (loss) on investments (284,687) 1,554,904
Change in net unrealized gain on investments (509,007) (6,064,242)
------------ ------------
Net increase in net assets resulting
from operations $ 5,186,955 $ 2,744,023
------------ ------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.43 and $0.47 per share, respectively) $ (5,875,264) (7,744,965)
Class B ($0.35 and $0.38 per share, respectively) (1,631,240) (2,415,765)
Class C ($0.35 and $0.40 per share, respectively) (1,135,022) (1,646,030)
Investor Class ($0.03 and $0.00 per share,
respectively) (141,451) -
Class R ($0.43 and $0.32 per share, respectively) (25,408) (3,517)
------------ ------------
Total distributions to shareowners $ (8,808,385) $(11,810,277)
------------ ------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 52,481,179 $182,396,793
Shares issued in reorganization 53,131,201 -
Reinvestment of distributions 6,832,862 8,650,754
Cost of shares repurchased (112,546,777) (204,620,502)
------------ ------------
Net decrease in net assets resulting from Fund
share transactions $ (101,535) $(13,572,955)
------------ ------------
Net decrease in net assets (3,722,965) (22,639,209)
NET ASSETS:
Beginning of year 247,025,606 269,664,815
------------ ------------
End of year (including distributions in excess of
net investment income of ($1,304,113) and
($1,067,988), respectively) $243,302,641 $247,025,606
============ ============
The accompanying notes are an integral part of these financial statements.
26
Pioneer America Income Trust
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
For the Years Ended 12/31/04 and 12/31/03
'04 Shares '04 Amount '03 Shares '03 Amount
CLASS A
Shares sold 2,554,762 $ 25,153,365 11,111,851 $ 113,426,133
Reinvestment of distributions 497,374 4,892,250 594,445 6,002,597
Less shares repurchased (5,906,236) (58,252,318) (12,248,450) (124,349,426)
---------- ------------- ----------- --------------
Net decrease (2,854,100) $ (28,206,703) (542,154) $ (4,920,696)
========== ============= =========== ===============
CLASS B
Shares sold 1,250,986 $ 12,206,639 3,183,952 $ 32,226,735
Reinvestment of distributions 116,378 1,138,044 162,736 1,634,160
Less shares repurchased (2,886,505) (28,273,002) (4,323,064) (43,493,823)
---------- ------------- ----------- ---------------
Net decrease (1,519,141) $ (14,928,319) (976,376) $ (9,632,928)
========== ============= =========== ===============
CLASS C
Shares sold 1,464,627 $ 14,366,399 3,578,490 $ 36,404,685
Reinvestment of distributions 67,716 664,306 100,303 1,010,487
Less shares repurchased (2,458,051) (24,137,347) (3,640,601) (36,765,189)
---------- ------------- ----------- ---------------
Net increase (decrease) (925,708) $ (9,106,642) 38,192 $ 649,983
========== ============= =========== ===============
INVESTOR CLASS
Shares sold -- $ --
Shares issued in reorganization 5,410,509 53,131,201
Reinvestment of distributions 11,861 116,123
Less shares repurchased (165,253) (1,618,941)
---------- -------------
Net increase 5,257,117 $ 51,628,383
========== =============
CLASS R (a)
Shares sold 75,438 $ 754,776 33,479 $ 339,240
Reinvestment of distributions 2,226 22,139 348 3,510
Less shares repurchased (26,439) (265,169) (1,195) (12,064)
---------- ------------- ----------- --------------
Net increase 51,225 $ 511,746 32,632 $ 330,686
========== ============= =========== ===============
(a) Class R shares were first publicly offered April 13, 2004.
The accompanying notes are an integral part of these financial statements.
27
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/04 12/31/03 12/31/02 12/31/01(a) 12/31/00
CLASS A
Net asset value, beginning of period $ 9.95 $ 10.27 $ 9.79 $ 9.76 $ 9.30
-------- -------- -------- -------- -------
Increase from investment operations:
Net investment income $ 0.28 $ 0.28 $ 0.40 $ 0.52 $ 0.58
Net realized and unrealized gain (loss) on investments (0.01) (0.13) 0.54 0.05 0.46
-------- -------- -------- -------- -------
Net increase from investment operations $ 0.27 $ 0.15 $ 0.94 $ 0.57 $ 1.04
Distributions to shareowners:
Net investment income (0.43) (0.47) (0.46) (0.51) (0.58)
Net realized gain - - - (0.03) -
-------- -------- -------- -------- -------
Net increase (decrease) in net asset value $ (0.16) $ (0.32) $ 0.48 $ 0.03 $ 0.46
-------- -------- -------- -------- -------
Net asset value, end of period $ 9.79 $ 9.95 $ 10.27 $ 9.79 $ 9.76
======== ======== ======== ======== =======
Total return* 2.77% 1.47% 9.78% 5.92% 11.58%
Ratio of net expenses to average net assets+ 1.16% 1.10% 1.00% 1.01% 1.04%
Ratio of net investment income to average net assets+ 3.04% 2.85% 4.17% 5.14% 6.09%
Portfolio turnover rate 27% 66% 76% 72% 56%
Net assets, end of period (in thousands) $123,524 $153,939 $164,393 $115,998 $96,068
Ratios with no waiver of management fees by
PIM and no reductions for fees paid indirectly:
Net expenses 1.16% 1.12% 1.08% 1.12% 1.16%
Net investment income 3.04% 2.83% 4.09% 5.03% 5.97%
Ratios with waiver of management fees by
PIM and reductions for fees paid indirectly:
Net expenses 1.16% 1.10% 1.00% 1.00% 1.00%
Net investment income 3.04% 2.85% 4.18% 5.15% 6.13%
* 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.
+ Ratio with no reduction for fees paid indirectly.
(a) On January 1, 2001, the Trust began accreting discounts and amortizing
premiums on debt securities. The effect of this charges for the year ended
December 31, 2001, was to decrease net investment income by $0.02 per share,
increase net realized and unrealized gain (loss) by $0.02 per share and
decrease the ratio of net investment income to average net assets assuming
waiver of management fees by PIM and reduction for fees paid indirectly from
5.35% to 5.15%. Per share ratios and supplemental data for periods prior to
January 1, 2001, have not been restated to reflect this change in
presentation.
The accompanying notes are an integral part of these financial statements.
28
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/04 12/31/03 12/31/02 12/31/01(a) 12/31/00
CLASS B
Net asset value, beginning of period $ 9.89 $ 10.20 $ 9.76 $ 9.74 $ 9.28
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.19 $ 0.34 $ 0.44 $ 0.50
Net realized and unrealized gain (loss) on investments 0.02 (0.12) 0.50 0.04 0.46
------- ------- ------- ------- -------
Net increase from investment operations $ 0.20 $ 0.07 $ 0.84 $ 0.48 $ 0.96
Distributions to shareowners:
Net investment income (0.35) (0.38) (0.40) (0.42) (0.50)
Net realized gain - - - (0.04) -
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (0.15) $ (0.31) $ 0.44 $ 0.02 $ 0.46
------- ------- ------- ------- -------
Net asset value, end of period $ 9.74 $ 9.89 $ 10.20 $ 9.76 $ 9.74
======= ======= ======= ======= =======
Total return* 2.02% 0.69% 8.82% 4.99% 10.68%
Ratio of net expenses to average net assets+ 1.98% 1.94% 1.80% 1.95% 1.85%
Ratio of net investment income to average net assets+ 2.22% 2.02% 3.26% 4.18% 5.29%
Portfolio turnover rate 27% 66% 76% 72% 56%
Net assets, end of period (in thousands) $39,641 $55,302 $67,013 $25,008 $16,889
Ratios with no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 1.98% 1.96% 1.88% 2.06% 1.98%
Net investment income 2.22% 2.00% 3.19% 4.07% 5.16%
Ratios with waiver of management fees by
PIM and reductions for fees paid indirectly:
Net expenses 1.98% 1.94% 1.79% 1.93% 1.83%
Net investment income 2.22% 2.02% 3.27% 4.20% 5.31%
* 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.
+ Ratio with no reduction for fees paid indirectly.
(a) On January 1, 2001, the Trust began accreting discounts and amortizing
premiums on debt securities. The effect of this charges for the year ended
December 31, 2001, was to decrease net investment income by $0.02 per share,
increase net realized and unrealized gain (loss) by $0.02 per share and
decrease the ratio of net investment income to average net assets assuming
waiver of management fees by PIM and reduction for fees paid indirectly from
4.36% to 4.20%. Per share ratios and supplemental data for periods prior to
January 1, 2001, have not been restated to reflect this change in
presentation.
The accompanying notes are an integral part of these financial statements.
29
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/04 12/31/03 12/31/02 12/31/01(a) 12/31/00
CLASS C
Net asset value, beginning of period $ 9.92 $ 10.24 $ 9.79 $ 9.74 $ 9.28
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.19 $ 0.21 $ 0.36 $ 0.46 $ 0.49
Net realized and unrealized gain (loss) on investments 0.01 (0.13) 0.50 0.03 0.46
------- ------- ------- ------- -------
Net increase from investment operations $ 0.20 $ 0.08 $ 0.86 $ 0.49 $ 0.95
Distributions to shareowners:
Net investment income (0.35) (0.40) (0.41) (0.43) (0.49)
Net realized gain - - - (0.01) -
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (0.15) $ (0.32) $ 0.45 $ 0.05 $ 0.46
------- ------- ------- ------- -------
Net asset value, end of period $ 9.77 $ 9.92 $ 10.24 $ 9.79 $ 9.74
======= ======= ======= ======= =======
Total return* 2.09% 0.75% 8.93% 5.05% 10.52%
Ratio of net expenses to average net assets+ 1.89% 1.81% 1.77% 1.84% 2.02%
Ratio of net investment income to average net assets+ 2.31% 2.14% 3.16% 4.22% 5.14%
Portfolio turnover rate 27% 66% 76% 72% 56%
Net assets, end of period (in thousands) $27,832 $37,456 $38,258 $ 6,776 $ 3,221
Ratios with no waiver of management fees by
PIM and no reduction for fees paid indirectly:
Net expenses 1.89% 1.83% 1.84% 1.95% 2.15%
Net investment income 2.31% 2.12% 3.08% 4.11% 5.01%
Ratios with waiver of management fees by
PIM and reductions for fees paid indirectly:
Net expenses 1.89% 1.81% 1.76% 1.81% 1.97%
Net investment income 2.31% 2.14% 3.16% 4.25% 5.19%
* 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.
+ Ratio with no reduction for fees paid indirectly.
(a) On January 1, 2001, the Trust began accreting discounts and amortizing
premiums on debt securities. The effect of this changes for the year ended
December 31, 2001, was to decrease net investment income by $0.01 per share,
increase net realized and unrealized gain (loss) by $0.01 per share and
decrease the ratio of net investment income to average net assets assuming
waiver of management fees by PIM and reduction for fees paid indirectly from
4.42% to 4.25%. Per share ratios and supplemental data for periods prior to
January 1, 2001, have not been restated to reflect this change in
presentation.
The accompanying notes are an integral part of these financial statements.
30
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
12/11/04 to
INVESTOR CLASS 12/31/04
Net asset value, beginning of period $ 9.82
-------
Increase (decrease) from investment operations:
Net investment income $ 0.02
Net realized and unrealized loss on investments (0.02)
-------
Net increase (decrease) from investment operations $ -
Distributions to shareowners:
Net investment income (0.03)
Net realized gain -
-------
Net decrease in net asset value $ (0.03)
-------
Net asset value, end of period $ 9.79
=======
Total return* (0.04)%
Ratio of net expenses to average net assets+ 0.74%**
Ratio of net investment income (loss) to average
net assets+ 3.70%**
Portfolio turnover rate 27%
Net assets, end of period (in thousands) $51,475
Ratios with no waiver of management fees by
PIM and no reductions for fees paid indirectly:
Net expenses 0.96%**
Net investment income (loss) 3.49%**
Ratios with waiver of management fees by
PIM and reductions for fees paid indirectly:
Net expenses 0.74%**
Net investment income (loss) 3.70%**
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions, and the complete redemption of the
investment at net asset value at each end of each period.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
31
Pioneer America Income Trust
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Year Ended 4/1/03 to (a)
CLASS R 12/31/04 12/31/03
Net asset value, beginning of period $ 10.07 $ 10.31
------- --------
Increase (decrease) from investment operations:
Net investment income $ 0.37 $ 0.25
Net realized and unrealized loss on investments (0.12) (0.17)
------- --------
Net increase from investment operations $ 0.25 $ 0.08
Distributions to shareowners:
Net investment income (0.43) (0.32)
------- --------
Net decrease in net asset value $ (0.18) $ (0.24)
------- --------
Net asset value, end of period $ 9.89 $ 10.07
======= ========
Total return* 2.58% 0.83%
Ratio of net expenses to average net assets+ 1.20% 1.08%**
Ratio of net investment income (loss) to average
net assets+ 3.01% (2.91)%**
Portfolio turnover rate 28% 66%
Net assets, end of period (in thousands) $ 830 $ 329
Ratios with no waiver of management fees by
PIM and no reductions for fees paid indirectly:
Net expenses 1.20% 1.08%**
Net investment income (loss) 3.01% (2.91)%**
Ratios with waiver of management fees by
PIM and reductions for fees paid indirectly:
Net expenses 1.20% 1.08%**
Net investment income (loss) 3.01% (2.91)%**
(a) Class R shares were first publicly offered on April 1,2003.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions, and the complete redemption of the
investment at net asset value at each end of each period.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32
Pioneer America Income Trust
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/04
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer America Income Trust (the Trust) is a Massachusetts statutory trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Trust is to
provide a high level of current income consistent with preservation of capital
and prudent investment risk.
The Trustees have authorized the issuance of five classes of shares of the Fund.
The Fund offers five classes of shares designated as - Class A, Class B, Class
C, Investor Class and Class R shares. Class R shares were first publicly offered
on April 1, 2003. Investor Class shares were first publicly offered on December
10, 2004. The Fund is not offering additional Investor Class shares except in
connection with the reinvestment of dividends on the Fund's outstanding Investor
Class Shares. Each class of shares represents an interest in the same portfolio
of investments of the Trust 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 has exclusive voting rights with
respect to the distribution plans that have been adopted by Class A, Class B,
Class C and Class R shareowners, respectively. There is no distribution plan for
Investor Class shares.
The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust 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 income, expenses and gains and losses on investments during the
reporting year. Actual results could differ from those estimates. The following
is a summary of significant accounting policies followed by the Trust in the
preparation of its financial statements, which are consistent with those
policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Trust is computed once daily on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities are valued at prices supplied by independent
pricing services, which consider such factors as Treasury spreads, yields,
maturities and ratings.
33
Pioneer America Income Trust
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
Valuations may be supplemented by dealers and other sources, as required.
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. Securities for which there are no other readily available valuation
methods are valued at their fair values as determined by, or under the
direction of the Board of Trustees. As of December 31, 2004, there were no
securities fair valued. Principal amounts of mortgage-backed securities are
adjusted for monthly paydowns. Premiums and discounts related to certain
mortgage-backed securities are amortized or accreted in proportion to the
underlying monthly pay downs. All discounts/premiums on debt securities are
accreted/amortized into interest income on a yield to maturity basis for
financial reporting purposes. Interest income is recorded on the accrual
basis. 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.
B. Federal Income Taxes
It is the Trust'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
shareowners. Therefore, no federal income tax provision is required.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Trust's distributions may be shown
in the accompanying financial statements as either from net investment income
or net realized gain on investment transactions, or from paid-in-capital,
depending on the type of book/ tax differences that may exist.
At December 31, 2004, the Trust had a net capital loss carryforward of
$10,221,165, of which $742,335 will expire in 2006, $2,705,283 will expire in
2007, $1,526,846 will expire in 2008, $2,070,786 will expire in 2011 and
$3,175,915 will expire in 2012 if not utilized.
The Trust has elected to defer approximately $261,212 of capital losses
recognized between November 1, 2004 and December 31, 2004 to its fiscal year
ended December 31, 2005.
34
Pioneer America Income Trust
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The tax character of distributions paid during the years ended December 31,
2004 and 2003 were as follows:
- --------------------------------------------------------------------------------
2004 2003
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $8,808,385 $11,810,277
Long-term capital gain - -
---------- -----------
$8,808,385 $11,810,277
Return of Capital - -
---------- -----------
Total $8,808,385 $11,810,277
========== ===========
- --------------------------------------------------------------------------------
The following shows the components of accumulated losses on a federal income
tax basis at December 31, 2004.
- --------------------------------------------------------------------------------
2004
- --------------------------------------------------------------------------------
Undistributed ordinary income $ 116,233
Capital loss carryforward (10,221,165)
Post October losses deferred (261,212)
Unrealized appreciation 191,113
------------
Total $(10,175,031)
============
The difference between book basis and tax-basis unrealized appreciation is
primarily attributable to the tax deferral of losses on wash sales and the
tax treatment of premium and amortization.
At December 31, 2004, the Trust has reclassified $2,591,611 to decrease
distributions in excess of net investment income, $1,051,552 to increase
accumulated net realized loss on investments and $1,540,059 to decrease
paid-in capital, to reflect permanent book/tax differences. The
reclassification has no impact on the net assets of the Trust and is designed
to present the Trust's capital accounts on a tax basis.
C. Fund Shares
The Trust records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Trust and a wholly owned indirect subsidiary of UniCredito Italiano S.p.A.
(UniCredito Italiano), earned $24,079 in underwriting commissions on the sale
of Class A shares for the year ended December 31, 2004.
35
Pioneer America Income Trust
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
D. Class Allocations
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Trust,
respectively (See Notes 4). Investor Class Shares are not subject to a
distribution plan. Shareowners of each class share all expenses and fees paid
to the transfer agent, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), for its services, which are allocated based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3). Income, common expenses and realized and unrealized
gains and losses are calculated at the Trust level and allocated daily to
each class of shares based on the respective percentage of adjusted net
assets at the beginning of the day.
The Trust declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Trust 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, Class C, Investor Class and Class R shares can
bear different transfer agent and distribution fees.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Trust, the value of
the underlying securities (collateral), including accrued interest received
from counter parties, 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 Trust's custodian, or sub custodians. The Trust'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, a wholly owned indirect subsidiary of UniCredito Italiano, manages the
Trust's portfolio. Management fees are calculated daily at the annual rate of
0.50% of the Trust's average daily net assets.
36
Pioneer America Income Trust
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Through December 10, 2006, PIM has agreed not to impose all or a portion of its
management fee and to assume other operating expenses (excluding taxes,
commissions, interest and extraordinary expenses) of the Fund to the extent
necessary to limit Investor Class expenses to 0.74% of the average daily net
assets attributable to Investor Class shares.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Trust. At December 31, 2004, $102,329 was payable to
PIM related to management fees, administrative costs and certain other
services, and is included in due to affiliates.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredito Italiano, provides
substantially all transfer agent and shareowner services to the Trust at
negotiated rates. Included in due to affiliates is $81,264 in transfer agent
fees payable to PIMSS at December 31, 2004.
4. Distribution and Service Plans
The Trust adopted Plans of Distribution with respect to each class of shares
(Class A Plan, Class B Plan, Class C Plan, and Class R Plan) in accordance with
Rule 12b-1 of the Investment Company Act of 1940. Pursuant to the Class A Plan,
the Trust pays PFD a service fee of up to 0.25% of the Trust's average daily
net assets attributable to Class A shares in reimbursement of such 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 Trust 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. Pursuant to
the Class R Plan, the Trust pays PFD 0.50% of the average daily net assets
attributable to Class R shares for distribution services. Included in due to
affiliates is $86,794 in distribution fees payable to PFD at December 31, 2004.
The Trust also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Trust to pay securities dealers, plan
administrators or other services organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Trust a
service fee of up to 0.25% of
37
Pioneer America Income Trust
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 12/31/04 (continued)
- --------------------------------------------------------------------------------
the Trust's daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of each class of shares may be subject to a contingent
deferred sales charge (CDSC). Effective February 1, 2004, a CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase (12 months for shares purchased prior to February
1, 2004). Effective December 31, 2004, Class B shares that are redeemed within
five 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.
Shares purchased prior to December 1, 2004 remain subject to the CDSC in effect
at the time those shares were purchased. Redemptions of Class C shares within
one year of purchase are subject to a CDSC of 1.00%. Redemption of Class R
shares within 18 months of purchase were subject to a CDSC of 1.00%. Effective
July 1, 2004 the CDSC on Class R shares was eliminated. Proceeds from the CDSCs
are paid to PFD. For the year ended December 31, 2004, CDSCs in the amount of
$218,737 were paid to PFD.
5. Expense Offset Arrangements
The Trust has entered into certain expense offset arrangements with PIMSS,
resulting in a reduction in the Trust's total expenses due to interest earned
on cash held by PIMSS. For the year ended December 31, 2004, the Trust's
expenses were reduced by $3,414 under such arrangements.
6. Merger Information
On December 8, 2004, beneficial owners of Safeco Intermediate Term U.S.
Government Fund (one of the Series that comprised Safeco Managed Bond Trust)
approved a proposed Agreement and Plan of Reorganization that provided for the
merger below. This tax-free reorganization was accomplished on December 10,
2004, by exchanging all of Safeco's net assets for Investor Class shares, based
on the Fund's Class A shares' ending net asset value. The following charts show
the details of the reorganizations as of that closing date ("Closing Date"):
38
Pioneer America Income Trust
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Merger Information (continued)
- --------------------------------------------------------------------------------------------
Safeco
Pioneer America Intermediate Term Pioneer America
Income Trust U.S. Government Fund Income Trust
(Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization)
- --------------------------------------------------------------------------------------------
Net Assets $193,756,225 $53,131,201 $246,867,456
Shares Outstanding 19,757,153 5,599,642 25,167,692
Investor Class Shares
Issued 5,410,509
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Unrealized
Appreciation on Accumulated
Closing Date Loss
- --------------------------------------------------------------------------------------------
Safeco Intermediate Term
U.S. Government Fund $33,133 $(1,399,442)
- --------------------------------------------------------------------------------------------
39
Pioneer America Income Trust
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareowners of
Pioneer America Income Trust:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer America Income Trust (the "Trust") as of
December 31, 2004, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the three years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits. The financial highlights for each of the two years in the period ended
December 31, 2001 were audited by other auditors who have ceased operations and
whose report, dated February 15, 2002, expressed an unqualified opinion on those
financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (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 consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Trust's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements and financial
highlights, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of December 31,
2004, by correspondence with the custodian and brokers or by other appropriate
auditing procedures where replies from brokers were not received. 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 America Income Trust at December 31, 2004, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the three
years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 18, 2005
40
- --------------------------------------------------------------------------------
THE PIONEER FAMILY OF MUTUAL FUNDS
- --------------------------------------------------------------------------------
Please consider a fund's investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about a fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, contact your
advisor, call 1-800-225-6292 or visit our web site at www.pioneerfunds.com.
U.S. Equity Pioneer Ibbotson Growth
Pioneer Fund Allocation Fund
Pioneer Balanced Fund Pioneer Ibbotson Aggressive
Pioneer Cullen Value Fund Allocation Fund
Pioneer Equity Income Fund
Pioneer Equity Opportunity Fund
Pioneer Growth Opportunities Fund International/Global Equity
Pioneer Growth Shares Pioneer Emerging Markets Fund
Pioneer Mid Cap Growth Fund Pioneer Europe Select Fund
Pioneer Mid Cap Value Fund Pioneer Europe Fund
Pioneer Oak Ridge Large Cap Pioneer International Equity Fund
Growth Fund Pioneer International Value Fund
Pioneer Oak Ridge Small Cap
Growth Fund
Pioneer Papp America-Pacific Fixed Income
Rim Fund Pioneer America Income Trust
Pioneer Papp Small and Mid Cap Pioneer Bond Fund
Growth Fund Pioneer California Tax Free
Pioneer Papp Stock Fund Income Fund
Pioneer Papp Strategic Pioneer Global High Yield Fund
Growth Fund Pioneer High Yield Fund
Pioneer Real Estate Shares Pioneer Municipal Bond Fund
Pioneer Research Fund Pioneer Short Term Income Fund
Pioneer Small Cap Value Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund Pioneer Tax Free Income Fund
Pioneer Value Fund
Asset Allocation Money Market
Pioneer Ibbotson Moderate Pioneer Cash Reserves Fund*
Allocation Fund Pioneer Tax Free Money
Market 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 $1.00 per share, it is possible
to lose money by investing in the Fund.
41
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Wilmer Cutler Pickering Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Trustees and Officers
The Trust's Board of Trustees provides broad supervision over the Trust's
affairs. The officers of the Trust are responsible for the Fund's operations.
The Trust's Trustees and officers are listed below, together with their
principal occupations during the past five years. Trustees who are interested
persons of the Fund within the meaning of the Investment Company Act of 1940 are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 74 U.S. registered investment portfolios for which
Pioneer Investment Management, Inc. ("Pioneer") serves as investment adviser
(the "Pioneer Funds"). The address for all Interested Trustees and all officers
of the Trust is 60 State Street, Boston, Massachusetts 02109.
The Fund's statement of additional information provides more detailed
information regarding the Fund's Trustees and is available upon request, without
charge, by calling 1-800-225-6292.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerfunds.com and on the SEC's website at
http://www.sec.gov.
42
Pioneer America Income Trust
- --------------------------------------------------------------------------------
INTERESTED TRUSTEES
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Positions Held Principal Occupation During Other Directorships
Name and Age With the Trust Term of Office Past Five Years Held by this Trustee
John F. Cogan, Jr. Chairman of the Board, Serves until Trustee and President Serves until Director of Harbor
(78)* Trustee and President successor trustee is retirement or removal Deputy Global Company,
elected or earlier Chairman and a Director of Pioneer Ltd.
retirement or Global Asset Management S.p.A.
removal ("PGAM"); Non-Executive Chairman
and a Director of Pioneer
Investment Management USA Inc.
("PIM-USA"); Chairman and a
Director of Pioneer; Director of
Pioneer Alternative Investment
Management Limited (Dublin);
President and a Director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated
funds; President and Director of
Pioneer Funds Distributor, Inc.
("PFD"); President of all of the
Pioneer Funds; and Of Counsel
(since 2000, partner prior to
2000), Wilmer Cutler Pickering Hale
and Dorr LLP (counsel to PIM-USA
and the Pioneer Funds).
*Mr. Cogan is an Interested Trustee because he is an officer or director of Pioneer and certain of its affiliates.
- -----------------------------------------------------------------------------------------------------------------------------------
Osbert M. Hood Trustee and Serves until President and Chief Executive None
(52)** Executive Vice successor trustee is Officer, PIM-USA since May 2003
President elected or earlier (Director since January 2001);
retirement or removal President and Director of Pioneer
since May 2003; Chairman and
Director of Pioneer Investment
Management Shareholder Services,
Inc. ("PIMSS") since May 2003;
Executive Vice President of all of
the Pioneer Funds since June 2003;
Executive Vice President and Chief
Operating Officer of PIM-USA,
November 2000 to May 2003;
Executive Vice President, Chief
Financial Officer and Treasurer,
John Hancock Advisers, L.L.C.,
Boston, MA, November 1999 to
November 2000; Senior Vice
President and Chief Financial
Officer, John Hancock Advisers,
L.L.C., April 1997 to November 1999
**Mr. Hood is an Interested Trustee because he is an officer or director of Pioneer and certain of its affiliates.
- -----------------------------------------------------------------------------------------------------------------------------------
43
Pioneer America Income Trust
- --------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Positions Held Principal Occupation During Other Directorships
Name and Age With the Trust Term of Office Past Five Years Held by this Trustee
David R. Bock** (61) Trustee since 2005. Serves until a
3050 K. Street NW, successor trustee is Senior Vice President and Director of The
Washington, DC 20007 elected or earlier Chief Financial Officer, Enterprise Social
retirement or removal. I-trax, Inc. (publicly traded Investment Company
health care services company) (privately-held
(2001-present); Managing affordable housing
Partner, Federal City Capital finance company);
Advisors (boutique merchant Director of New
bank) (1995-2000; 2002 to York Mortgage Trust
2004); Executive Vice (publicly traded
President and Chief Financial mortgage REIT)
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000-2002)
** Mr. Bock became a Trustee of the Trust on January 1, 2005.
- -----------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (56) Trustee since 1997. Serves until President, Bush International Director of Brady
3509 Woodbine Street, successor trustee (international financial Corporation
Chevy Chase, MD 20815 is elected or earlier advisory firm) (industrial
retirement or removal identification and
specialty coated
material products
manufacturer),
Millennium Chemicals,
Inc. (commodity
chemicals), Mortgage
Guaranty Insurance
Corporation, and R.J.
Reynolds Tobacco
Holdings, Inc.
(tobacco)
- -----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (57) Trustee since 1990. Serves until Founding Director, The None
1001 Sherbrooke Street West, successor trustee Winthrop Group, Inc.
Montreal, Quebec, Canada is elected or earlier (consulting Firm; Professor
H3A 1G5 retirement or removal of Management, Faculty of
Management, Mr. Gill University
- -----------------------------------------------------------------------------------------------------------------------------------
44
Pioneer America Income Trust
- --------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Positions Held Principal Occupation During Other Directorships
Name and Age With the Trust Term of Office Past Five Years Held by this Trustee
Marguerite A. Piret (56) Trustee since 1988. Serves until President and Chief Executive Director of New
One Boston Place, 28th Floor, successor trustee Officer, Newbury, Piret & America High Income
Boston, MA 02108 is elected or earlier Company, Inc. (investment Fund, Inc.
retirement or removal banking firm) (closed-end
investment company)
- -----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (76) Trustee since 1993. Serves until Senior Counsel, Sullivan & Director, The Swiss
125 Broad Street, successor trustee Cromwell (law firm) Helvetia Fund, Inc.
New York, NY 10004 is elected or earlier (closed-end investment
retirement or removal company) and
AMVESCAP PLC
(investment managers)
- -----------------------------------------------------------------------------------------------------------------------------------
John Winthrop (68) Trustee since 1988. Serves until President, John Winthrop & None
One North Adgers Wharf, successor trustee Co., Inc. (private investment
Charleston, SC 29401 is elected or earlier Firm)
retirement or removal
- -----------------------------------------------------------------------------------------------------------------------------------
45
Pioneer America Income Trust
- --------------------------------------------------------------------------------
TRUST OFFICERS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Positions Held Principal Occupation During Other Directorships
Name and Age With the Trust Term of Office Past Five Years Held by this Officer
Dorothy E. Bourassa (57) Secretary Serves at the Secretary of PIM-USA; Senior None
discretion of Vice President-Legal of
the Board Pioneer; and Secretary/Clerk
of most of PIM-USA's
subsidiaries since October
2000; Secretary of all of the
Pioneer Funds since September
2003 (Assistant Secretary from
November 2000 to September
2003); and Senior Counsel,
Assistant Vice President and
Director of Compliance of
PIM-USA from April 1998
through October 2000
- -----------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (40) Assistant Secretary Serves at the Assistant Vice President and None
discretion of Senior Counsel of Pioneer
the Board since July 2002; Vice
President and Senior Counsel
of BISYS Fund Services, Inc.
(April 2001 to June 2002);
Senior Vice President and
Deputy General Counsel of
Funds Distributor, Inc. (July
2000 to April 2001; Vice
President and Associate
General Counsel from July 1996
to July 2000); Assistant
Secretary of all Pioneer Funds
since September 2003
- -----------------------------------------------------------------------------------------------------------------------------------
David C. Phelan (47) Assistant Secretary Serves at the Partner, Wilmer Cutler None
discretion of Pickering Hale and Dorr LLP;
the Board Assistant Secretary of all
Pioneer Funds since September
2003
- -----------------------------------------------------------------------------------------------------------------------------------
Vincent Nave (59) Treasurer Serves at the Vice President-Fund None
discretion of Accounting, Administration and
the Board Custody Services of Pioneer;
and Treasurer of all of the
Pioneer Funds (Assistant
Treasurer from June 1999 to
November 2000)
- -----------------------------------------------------------------------------------------------------------------------------------
46
Pioneer America Income Trust
- --------------------------------------------------------------------------------
TRUST OFFICERS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Positions Held Principal Occupation During Other Directorships
Name and Age With the Trust Term of Office Past Five Years Held by this Officer
Mark E. Bradley (45) Assistant Serves at the Deputy Treasurer of Pioneer None
Treasurer discretion since 2004; Treasurer and
of the Board Senior Vice President, CDC
IXIS Asset Management Services
from 2002 to 2003; Assistant
Treasurer and Vice President,
MFS Investment Management from
1997 to 2002; and Assistant
Treasurer of all of the
Pioneer Funds since November
2004
- -----------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (39) Assistant Serves at the Assistant Vice President-Fund None
Treasurer discretion Accounting, Administration and
of the Board Custody Services of Pioneer;
and Assistant Treasurer of all
of the Pioneer Funds since
November 2000
- -----------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (46) Assistant Serves at the Fund Accounting Manager-Fund None
Treasurer discretion Accounting, Administration and
of the Board Custody Services of Pioneer;
and Assistant Treasurer of all
of the Pioneer Funds since May
2002
- -----------------------------------------------------------------------------------------------------------------------------------
Katharine Kim Sullivan (31) Assistant Serves at the Fund Administration None
Treasurer discretion Manager-Fund Accounting,
of the Board Administration and Custody
Services since June 2003;
Assistant Vice
President-Mutual Fund
Operations of State Street
Corporation from June 2002 to
June 2003 (formerly Deutsche
Bank Asset Management);
Pioneer Fund Accounting,
Administration and Custody
Services (Fund Accounting
Manager from August 1999 to
May 2002, Fund Accounting
Services Supervisor from 1997
to July 1999); Assistant
Treasurer of all Pioneer Funds
since September 2003
- -----------------------------------------------------------------------------------------------------------------------------------
47
Pioneer America Income Trust
- --------------------------------------------------------------------------------
TRUST OFFICERS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Positions Held Principal Occupation During Other Directorships
Name and Age With the Trust Term of Office Past Five Years Held by this Officer
Martin J. Wolin (37) Chief Compliance Serves at the Chief Compliance Officer of None
Officer discretion of Pioneer (Director of
the Board Compliance and Senior Counsel
from November 2000 to
September 2004); Vice
President and Associate
General Counsel of UAM Fund
Services, Inc. (mutual fund
administration company) from
February 1998 to November
2000; and Chief Compliance
Officer of all of the Pioneer
Funds.
- -----------------------------------------------------------------------------------------------------------------------------------
The outstanding capital stock of PFD, Pioneer and PIMSS is indirectly wholly
owned by UniCredito Italiano S.p.A. ("UniCredito Italiano"), one of the largest
banking groups in Italy. Pioneer, the fund's investment advisor, provides
investment management and financial services to mutual funds, institutional and
other clients.
48
- --------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
- --------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvest.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
Please consider the Fund's investment objectives, risks, charges and expenses
carefully before investing. The prospectus contains this and other information
about the Fund and should be read carefully before you invest or send money. To
obtain a prospectus and for other information on any Pioneer fund, call
1-800-225-6292 or visit our web site www.pioneerfunds.com.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and the third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec/gov. The filed form may also by viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Trust, including fees associated with
the routine filing of its Form N-1A, totaled approximately $26,000 in 2004 and
approximately $35,200 in 2003. Included in the 2003 fees is an additional
billing related to that audit, which was billed after the Trusts filing of
its N-CSR for the year ended December 31, 2003.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related and Other Fees
There were no audit-related and other services provided to the Trust during the
fiscal years ended December 31, 2004 and 2003.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns, totaled
$7,000 in 2004 and $3,600 in 2003.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Audit-Related and Other Fees
There were no audit-related and other services provided to the Trust during
the fiscal years ended December 31, 2004 and 2003.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognizes the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognizes that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The Fund's independent auditor, Ernst & Young
LLP ("E&Y"), recently has advised the Securities
and Exchange Commission, the Public Company
Accounting Oversight Board, and the Audit
Committee of the Fund's Board of Trustees that
certain non-audit work performed by E&Y's China
affiliate has raised questions regarding E&Y's
independence with respect to its performance of
audit services for the Fund. In July 2004, E&Y
became aware that member firms in China ("E&Y
China") provided certain tax services to offices of
UniCredito Italiano, S.p.A. ("UCI"), a member of
the Fund's Investment Company Complex. The
services included receipt and disbursement of
monies transferred to E&Y China by UCI in
payment of individual expatriate income taxes due
on returns prepared by E&Y China for certain UCI
employees located in China from October 1998 to
May 2003. E&Y became auditors of the Fund in
May 2002. These expatriate tax services were
discontinued in May 2003. The fees received by
E&Y China for all such services totaled $3,685.
The Fund's Audit Committee and E&Y have
discussed the matter, including the nature of the
services provided, the personnel involved in
providing the services and the fees received by
E&Y for performing the services. The Committee
continues to review the facts and circumstances
surrounding the matter, including the issue of
whether the monies transferred for employees' taxes
were de facto monies due the employees for tax
payments rather than monies belonging to UCI.
E&Y has informed the Audit Committee that based
on its internal reviews and the de minimis nature of
the services provided and fees received, it does not
believe its independence with respect to the Fund
has been impaired.
Aggregate Non-Audit Fees
The aggregate non-audit fees for the Trust and affiliates,
as previously defined, totaled $6,000 in 2004 and $26,900 in 2003.
These fees include services provided prior to May 6, 2003, the
effective date of the pre-approval process
The Trusts audit committee of the Board of Trustees has considered
whether the provision of non-audit services that were rendered to
the Affiliates (as defined) that were not pre-approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
S-X is compatible with maintaining the principal accountant's independence.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after
May 6, 2003, the effective date of the new SEC pre-approval rules, the Funds
audit committee is required to pre-approve services to affiliates defined by
SEC rules to the extent that the services are determined to have a direct impact
on the operations or financial reporting of the Trust. For the years ended
December 31, 2004 and 2003, there were no services provided to an affiliate
that required the Trusts audit committee pre-approval.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer and principal financial
officer have concluded, that the registrant's disclosure controls and
procedures are effective based on their evaluation of these controls and
procedures as of a date within 90 days of the filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard
to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer America Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 9, 2005
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 9, 2005
* Print the name and title of each signing officer under his or her signature.