<PAGE>
DEAR FELLOW SHAREOWNERS,
We are pleased to present this semiannual report covering the progress and
performance of Pioneer's three money market funds: Pioneer Cash Reserves
Fund, Pioneer U.S. Government Money Fund and Pioneer Tax-Free Money Fund.
During the six- month period ended June 30, 1995, two events deserve par-
ticular notice. First, we would like to thank those shareowners who, on
February 7, 1995, voted on six proposals regarding the Trust -- all of
which were approved. Second, on March 31, 1995, Class B shares were added
to Pioneer Cash Reserves Fund. Also of interest during the past six months
was the Federal Reserve's (the Fed's) raising of short-term interest
rates. This action proved favorable for short-term, income-oriented in-
vestments, including money funds, even as longer-term interest rates moved
lower during the period.
MARKET UNCERTAINTY MOVED INVESTORS
TO MONEY FUNDS
Despite six interest rate hikes in 1994, the Fed still believed the econ-
omy was growing too fast and that inflation remained a risk. So on Febru-
ary 1, 1995, it raised the federal funds rate (the interest rate that
banks charge each other for overnight loans) by one-half of one percent to
a three-year high of 6%. Following this increase, economic growth appeared
to slow, but while heading toward a "soft landing" (enough growth to pre-
vent inflation but avoid recession), the economy threatened to stall. In
response, the Fed prepared to lower short-term rates if necessary, which
it did on July 7 -- the first time since the summer of 1992.
Since money fund yields follow short-term interest rates, February's rate
hike boosted the Funds' performance. Longer-term interest rates dropped
dramatically during the following months, however, at times making money
market rates higher than those offered by longer-term securities. Uncer-
tain about the next direction of financial markets and interest rates, and
the resulting effect on various investments, many investors turned to
money funds for the stable $1 share price they seek to maintain. Histori-
cally, money funds have provided "safe harbors" -- and liquid cash -- dur-
ing unsettling times.
HOW YOUR FUND PERFORMED
We are pleased to present the following results for Pioneer Cash Reserves
Fund, Pioneer U.S. Government Money Fund and Pioneer Tax-Free Money Fund.
In the first six months of 1995, all three funds provided a steady stream
of income while adhering to their objective of maintaining a $1 share
price. Preserving capital and providing high current income by investing
in high-quality securities remains each Fund's objective as we move into
the second half of 1995.
PIONEER CASH RESERVES FUND invests in high- quality money market instru-
ments issued by the U.S. government, corporations and banks to provide
shareowners with high current income and to preserve capital. On March 31,
Class B shares were added to the Fund to give investors in the Class B
shares of other Pioneer funds the flexibility to move into a money market
fund to meet their short-term cash needs.
As of June 30, 1995:
* 93% of the Fund's portfolio was invested in commercial paper, with the
remaining 7% in U.S. government agency obligations.
* Average portfolio maturity was 29 days, versus 27 days on December 31,
1994.
Class A Shares
* Shareowners had received total distributions of $.026 per share over the
past six months.
* Net 7-day annualized yield was 5.19%, compared with 4.91% six months
earlier.
* The 7-day effective yield (taking into account the compounding of daily
dividends) was 5.32%, up from 5.03% on December 31, 1994.
Class B Shares
* Shareowners had received total distributions of $.011 per share since
the Fund's inception.
* Net 7-day annualized yield was 4.56%.
* The 7-day effective yield (taking into account the compounding of daily
dividends) was 4.66%.
We focused on portfolio liquidity during the period, and placed a large
percentage of the portfolio in overnight repurchase agreements. Again this
period, the Fund bought only issues given the highest rating (A1/P1) by
Standard & Poor's and Moody's rating organizations.
<PAGE>
PIONEER U.S. GOVERNMENT MONEY FUND invests in U.S. government and agency
obligations to provide high current income and to preserve capital. Gener-
ally, the Fund's income is free from state and local taxes.
As of June 30, 1995:
* Shareowners had received total distributions of $.026 per share over the
past six months.
* Net 7-day annualized yield was 5.09%, compared with 5.03% six months
earlier.
* The 7-day effective yield (taking into account the compounding of daily
dividends) was 5.22%, up from 5.15% on December 31, 1994.
* 100% of the Fund's portfolio was invested in U.S. government agency ob-
ligations.
* Average portfolio maturity was 28 days, versus 32 days on December 31,
1994.
While we kept the Fund's average portfolio maturity short this period, we
will work to extend it if there are signs of further interest rate cuts.
By extending maturity, we can retain higher yields in the portfolio
longer. As usual, the Fund invested in only the highest quality issues --
those of the U.S. Treasury and government agencies.
PIONEER TAX-FREE MONEY FUND invests in short- term municipal securities to
provide income free from federal income taxes and to preserve capital.
As of June 30, 1995:
* Shareowners had received total distributions of $.016 per share over the
past six months.
* Net 7-day annualized yield was 3.43%, compared with 4.63% six months
earlier.
* The 7-day effective yield (taking into account the compounding of daily
dividends) was 3.48%, versus 4.73% on December 31, 1994.
* 88% of the Fund's portfolio was invested in variable rate securities,
with 9% in general market notes and the remaining 3% in tax-free commer-
cial paper.
* Average portfolio maturity was 8 days, up from 4 days on December 31,
1994.
Your Fund's 3.48% 7-day effective yield is even more rewarding when you
look at its taxable equivalent.
<TABLE>
<CAPTION>
TAXABLE
TAX BRACKET EQUIVALENT YIELD
<S> <C>
39.6% 5.76%
36% 5.44%
31% 5.04%
28% 4.83%
</TABLE>
To keep Fund dividends stable, we added high- quality general market notes
with longer maturities to the portfolio. Throughout the period, however,
the Fund essentially held to its strategy of investing in very short-term
securities.
The following pages present audited financial statements and schedules of
portfolio holdings at the period's end. If you have any questions about
your investment in Pioneer Cash Reserves Fund, Pioneer U.S. Government
Money Fund or Pioneer Tax-Free Income Fund, please consult your investment
representative, or call Pioneer at 1-800-225-6292.
Respectfully,
/s/John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President,
August 10, 1995
The Funds are currently waiving all or a portion of their management fees
and/or expenses. Otherwise 7-day annualized yields would have been: 4.90% for
Class A shares and 4.30% for Class B shares of Pioneer Cash Reserves Fund;
4.46% for Pioneer U.S. Government Money Fund; and 1.43% for Pioneer Tax-Free
Money Fund.
Past performance does not guarantee future results. Investment returns will
fluctuate, and there can be no guarantee that the Funds will be able to main-
tain a stable net asset value of $1.00 per share. An investment in the Funds is
neither insured nor guaranteed by the U.S. government.
<PAGE>
SCHEDULE OF INVESTMENTS -- PIONEER CASH RESERVES FUND -- JUNE 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT INVESTMENT IN SECURITIES VALUE
<S> <C> <C>
COMMERCIAL PAPER -- 93.2%
$2,852,000 American Express Co., 5.85%, 7/5/95 $ 2,851,073
4,100,000 American General Finance Corp., 5.94%, 7/7/95 4,097,294
2,650,000 Bell Atlantic, 5.87%, 7/13/95 2,645,679
2,875,000 Bell Atlantic, 5.92%, 7/28/95 2,863,181
6,070,000 Chevron Oil Finance Co., 5.93%, 7/3/95 6,070,000
7,000,000 Coca-Cola Co., 5.88%, 8/11/95 6,955,410
4,100,000 Commercial Credit Corp., 5.95%, 7/21/95 4,087,803
7,450,000 Dupont (E.I.) De Nemours & Co., 5.90%, 7/12/95 7,439,011
5,325,000 Equitable Resources, Inc., 5.89%, 8/30/95 5,274,469
6,000,000 Florida Power Corp., 5.95%, 7/28/95 5,975,208
7,000,000 Ford Motor Credit Co., 5.94%, 7/6/95 6,996,535
5,460,000 General Electric Capital Corp., 5.96%, 7/17/95 5,447,345
5,000,000 Golden Peanut Co., 5.72%, 8/1/95 4,976,961
2,450,000 Heinz (H.J.) Co., 5.87%, 7/19/95 2,443,608
7,000,000 Hewlett Packard Co., 5.91%, 7/25/95 6,974,718
2,550,000 Household Finance Corp., 5.96%, 7/19/95 2,543,245
128,000 Household Finance Corp., 6.08%, 7/3/95 128,000
8,000,000 Kellogg Co., 5.91%, 7/31/95 7,963,226
3,500,000 Melville Corp., 6.00%, 7/5/95 3,498,833
5,150,000 Motorola, Inc., 5.89%, 7/27/95 5,129,778
6,000,000 National Rural Utilities Corp., 5.91%, 8/30/95 5,942,870
5,650,000 Northwest Financial, Inc., 5.96%, 7/18/95 5,635,969
6,325,000 Pitney Bowes Credit Corp., 5.80%, 9/25/95 6,239,402
5,600,000 Prudential Funding Corp., 5.87%, 7/13/95 5,590,869
5,000,000 Safeco Credit Co., 5.92%, 7/14/95 4,990,956
4,400,000 Southwestern Bell Capital Corp., 5.81%, 8/9/95 4,373,726
7,350,000 State Street Bank and Trust Co., 5.87%, 7/10/95 7,341,611
5,300,000 Texaco, Inc., 5.93%, 7/20/95 5,285,159
7,000,000 Toys "R" Us, Inc., 5.89%, 7/24/95 6,975,949
6,700,000 Transamerica Finance Corp., 5.95%, 8/7/95 6,661,242
2,000,000 U.S. West Communications, Inc., 5.85%, 9/5/95 1,979,200
4,625,000 U.S. West Communications, Inc., 5.92%, 8/16/95 4,591,536
5,000,000 Xerox Corp., 5.87%, 7/11/95 4,993,478
TOTAL COMMERCIAL PAPER $164,963,344
U.S. GOVERNMENT AGENCIES -- 6.8%
4,000,000 Federal Farm Credit Bank, 5.80%, 10/2/95 $ 4,000,000
4,000,000 Federal Farm Credit Bank, 5.98%, 9/01/95 4,000,000
4,000,000 Federal Farm Credit Bank, 6.00%, 7/5/95 4,000,000
TOTAL U.S. GOVERNMENT AGENCIES $ 12,000,000
TOTAL INVESTMENT IN SECURITIES(A) $176,963,344
<FN>
(a) At December 31, 1994, Pioneer Cash Reserves Fund had a net capital
loss carryforward of $275,424 which will expire in 2002 if not
utilized.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
PIONEER CASH RESERVES FUND
BALANCE SHEET -- JUNE 30, 1995
<TABLE>
<S> <C>
ASSETS:
Investments, at value based on amortized cost (see
Schedule of Investments and Note 1) $176,963,344
Receivables --
Trust shares sold 2,558,865
Interest 80,814
Other 25,275
Total assets $179,628,298
LIABILITIES:
Payables --
Investment securities purchased $ 4,000,000
Trust shares repurchased 2,808,484
Dividends 41,824
Due to bank 329,724
Accrued expenses --
Management fees (Note 2) 17,972
Other (Notes 2, 3 and 4) 99,315
Total liabilities $ 7,297,319
NET ASSETS:
Trust shares $172,607,042
Accumulated realized loss on investments (276,063)
Total net assets $172,330,979
NET ASSET VALUE PER SHARE:
Class A -- (based on $169,256,987 / 169,533,050 shares
of beneficial interest outstanding -- unlimited number
of shares authorized with no par value) $ 1.00
Class B -- (based on $3,073,992 / 3,073,992 shares of
beneficial interest outstanding -- unlimited number
of shares authorized with no par value) $ 1.00
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
PIONEER CASH RESERVES FUND
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED JUNE 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $4,994,201
EXPENSES:
Management fees (Note 2) $ 334,046
Distribution fees (Note 4)
Class A 107,789
Class B 4,794
Transfer agent fees (Note 3)
Class A 282,682
Class B 688
Registration fees 64,300
Professional fees 33,090
Accounting (Note 2) 32,070
Custodian fees 24,200
Printing 31,502
Fees and expenses of nonaffiliated trustees 2,085
Miscellaneous 24,215
Total expenses $ 941,461
Less management fees waived by Pioneering Management
Corporation (Note 2) 268,791
Net expenses $ 672,670
Net investment income $4,321,531
Net realized loss on investments (Note 1) (639)
Net increase in net assets resulting from
operations $4,320,892
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
PIONEER CASH RESERVES FUND
STATEMENTS OF CHANGES IN NET ASSETS --
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND THE YEAR ENDED DECEMBER 31,
1994
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 4,321,531 $ 4,449,118
Net realized loss on investments (639) (275,424)
Net increase in net assets resulting from operations $ 4,320,892 $ 4,173,694
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A ($0.03 and $0.03, respectively) $ (4,299,196) $ (4,449,118)
Class B ($0.01 and $0.00, respectively) (22,335) --
Decrease in net assets resulting from distributions
to shareholders $ (4,321,531) $ (4,449,118)
FROM TRUST SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Net proceeds from sale of shares $ 312,406,316 $ 510,388,826
Net asset value of shares issued to shareholders in
reinvestment of dividends 3,911,780 4,140,612
Cost of shares repurchased (317,181,682) (405,899,999)
Net increase (decrease) in net assets resulting
from trust share transactions $ (863,586) $ 108,629,439
Net increase (decrease) in net assets $ (864,225) $ 108,354,015
NET ASSETS:
Beginning of period 173,195,204 64,841,189
End of period $ 172,330,979 $ 173,195,204
</TABLE>
<TABLE>
<CAPTION>
PERIOD ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
AMOUNT AMOUNT
<S> <C> <C>
Class A
Shares sold $ 306,827,516 $ 510,388,826
Shares issued to shareholders in reinvestment of
distributions 3,892,796 4,140,612
Less shares repurchased (314,657,890) (405,899,999)
Net increase (decrease) $ (3,937,578) $ 108,629,439
Class B*
Shares sold $ 5,578,800
Shares issued to shareholders in reinvestment of
distributions 18,984
Less shares repurchased (2,523,792)
Net increase $ 3,073,992
<FN>
* Class B shares were first publicly offered on March 31, 1995.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
PIONEER CASH RESERVES FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31,
FOR THE
SIX MONTHS JUNE 22,
ENDED 1987 TO
JUNE 30, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989 1988 1987
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from invest-
ment operations:
Net investment
income $ 0.03 $ 0.03 $ 0.02 $ 0.03 $ 0.05 $ 0.07 $ 0.08 $ 0.07 $ 0.03
Distributions to
shareholders from:
Net investment
income (0.03) (0.03) (0.02) (0.03) (0.05) (0.07) (0.08) (0.07) (0.03)
Net increase in
net asset value $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Net asset value,
end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return* 2.60% 3.57% 2.47% 3.06% 5.29% 7.74% 8.80% 7.05% 3.48%
Ratio of net operating
expenses to average
net assets 0.80%** 0.50% 0.75% 0.81% 0.88% 0.75% 0.82% 0.78% 0.53%**
Ratio of net invest-
ment income to
average net assets 5.18%** 2.59% 2.44% 3.03% 5.23% 7.53% 8.43% 6.91% 6.94%**
Net assets end of
period (in thou-
sands) $169,257 $173,195 $64,841 $59,097 $73,010 $101,120 $80,121 $59,592 $ 34,756
Ratios assuming no
waiver of fees or
assumption of ex-
penses:
Net operating ex-
penses 1.12%** 0.65% 1.10% 1.01% -- -- -- 0.91% 1.01%**
Net investment
income 4.86%** 2.44% 2.09% 2.82% -- -- -- 6.77% 6.46%**
</TABLE>
<TABLE>
<CAPTION>
MARCH 31,
1995 TO
JUNE 30,
1995
<S> <C>
CLASS B***
Net asset value, beginning of period $ 1.00
Income from investment operations:
Net investment income $ 0.01
Distributions to shareholders from:
Net investment income (0.01)
Net increase in net asset value $ 0.00
Net asset value, end of period $ 1.00
Total return* 1.12%
Ratio of net operating expenses to average net assets 1.52%**
Ratio of net investment income to average net assets 4.74%**
Net assets end of period (in thousands) $3,074
Ratios assuming no waiver of fees or assumption of expenses:
Net operating expenses 1.82%**
Net investment income 4.44%**
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption
of the investment at the net asset value at the end of each period and
no sales charges.
** Annualized.
*** Class B shares were first publicly offered on March 31, 1995.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
SCHEDULE OF INVESTMENTS -- PIONEER U.S. GOVERNMENT MONEY FUND -- JUNE 30,
1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT INVESTMENT IN SECURITIES VALUE
<S> <C> <C>
U.S. GOVERNMENT AGENCIES -- 100%
$1,000,000 Federal Farm Credit Bank, 5.80%, 8/4/95 $ 994,844
2,000,000 Federal Farm Credit Bank, 5.80%, 10/2/95 2,000,000
1,130,000 Federal Farm Credit Bank, 5.84%, 7/28/95 1,125,417
2,000,000 Federal Farm Credit Bank, 5.98%, 9/1/95 2,000,000
2,000,000 Federal Farm Credit Bank, 6.00%, 7/5/95 2,000,000
2,000,000 Federal Farm Credit Bank, 6.02%, 8/1/95 2,000,000
1,350,000 Federal Home Loan Bank, 5.74%, 8/7/95 1,342,466
1,650,000 Federal Home Loan Bank, 5.80%, 7/6/95 1,649,202
445,000 Federal Home Loan Bank, 5.80%, 8/15/95 441,917
1,345,000 Federal Home Loan Bank, 5.81%, 8/1/95 1,338,705
1,350,000 Federal Home Loan Bank, 5.84%, 7/3/95 1,350,000
950,000 Federal Home Loan Bank, 5.84%, 7/11/95 948,767
1,450,000 Federal Home Loan Bank, 5.84%, 7/24/95 1,445,060
1,375,000 Federal Home Loan Bank, 5.85%, 7/31/95 1,368,744
975,000 Federal Home Loan Bank, 5.85%, 8/2/95 970,247
4,000,000 Federal Home Loan Bank, 5.86%, 7/21/95 3,988,280
1,500,000 Federal Home Loan Bank, 5.87%, 7/27/95 1,494,130
1,780,000 Federal Home Loan Bank, 5.90%, 7/7/95 1,778,833
2,440,000 Tennessee Valley Authority, 5.88%, 7/10/95 2,437,212
870,000 Tennessee Valley Authority, 5.89%, 7/12/95 868,720
TOTAL INVESTMENT IN SECURITIES $31,542,544
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
PIONEER U.S. GOVERNMENT MONEY FUND
BALANCE SHEET -- JUNE 30, 1995
<TABLE>
<S> <C>
ASSETS:
Investments, at value based on amortized cost (see
Schedule of Investments and Note 1) $31,542,544
Cash 5,382
Receivables --
Trust shares sold 183,597
Interest 61,019
Due from Pioneering Management Corporation (Note 2) 9,583
Total assets $31,802,125
LIABILITIES:
Payables --
Investment securities purchased $ 2,000,000
Trust shares repurchased 169,567
Dividends 5,838
Accrued expenses (Notes 2, 3 and 4) 19,451
Total liabilities $ 2,194,856
NET ASSETS:
Trust shares (unlimited number of shares authorized),
amount paid in on 29,607,269 shares outstanding $29,607,269
Total net assets (offering and redemption price of
$1.00 per share) $29,607,269
</TABLE>
PIONEER U.S. GOVERNMENT MONEY FUND
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED JUNE 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $875,905
EXPENSES:
Management fees (Note 2) $ 58,835
Distribution fees (Note 4) 17,650
Transfer agent fees (Note 3) 25,041
Registration fees 19,606
Professional fees 25,295
Accounting (Note 2) 24,140
Custodian fees 2,212
Printing 797
Fees and expenses of nonaffiliated trustees 2,038
Miscellaneous 4,437
Total expenses $180,051
Less management fees waived and expenses assumed
by Pioneering Management
Corporation (Note 2) 72,410
Net expenses $107,641
Net increase in net assets resulting from
operations $768,264
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
PIONEER U.S. GOVERNMENT MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS --
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND THE YEAR ENDED DECEMBER 31,
1994
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
1995 1994
<S> <C> <C>
FROM OPERATIONS:
Net increase in net assets resulting from operations $ 768,264 $ 1,093,789
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ($0.03 and $0.04, respectively) $ (768,264) $ (1,093,789)
FROM TRUST SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Net proceeds from sale of shares $ 52,064,768 $ 62,195,011
Net asset value of shares issued to shareholders in
reinvestment of dividends 700,053 996,345
Cost of shares repurchased (52,258,131) (57,965,900)
Net increase in net assets resulting from trust share
transactions $ 506,690 $ 5,225,456
Net increase in net assets $ 506,690 $ 5,225,456
NET ASSETS:
Beginning of period 29,100,579 23,875,123
End of period $ 29,607,269 $ 29,100,579
</TABLE>
PIONEER U.S. GOVERNMENT MONEY FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31,
SIX MONTHS APRIL 11,
ENDED 1988 TO
JUNE 30, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989 1988
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment
operations:
Net investment income $ 0.03 $ 0.04 $ 0.03 $ 0.03 $ 0.05 $ 0.07 $ 0.08 $ 0.05
Distributions to share-
holders from:
Net investment income (0.03) (0.04) (0.03) (0.03) (0.05) (0.07) (0.08) (0.05)
Net increase in net
asset value $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return* 2.62% 3.65% 2.63% 3.19% 5.41% 7.61% 8.80% 5.34%
Ratio of net operating
expenses to average net
assets 0.73%** 0.63% 0.55% 0.59% 0.60% 0.60% 0.53% 0.50%**
Ratio of net investment
income to average net
assets 5.23%** 3.64% 2.61% 3.15% 5.29% 7.37% 8.37% 7.52%**
Net assets, end of period
(in thousands) $ 29,607 $29,101 $23,875 $23,619 $28,373 $27,828 $20,508 $ 9,503
Ratios assuming no waiver
of fees or assumption of
expenses:
Net operating expenses 1.23%** 1.08% 1.37% 1.24% 1.08% 0.80% 1.12% 1.13%**
Net investment income 4.73%** 3.19% 1.79% 2.50% 4.81% 7.17% 7.77% 6.88%**
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption
of the investment at the net asset value at the end of each period.
** Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
SCHEDULE OF INVESTMENTS -- PIONEER TAX-FREE MONEY FUND -- JUNE 30, 1995
<TABLE>
<CAPTION>
RATINGS
(UNAUDITED)
PRINCIPAL
AMOUNT MOODY'S S&P INVESTMENT IN SECURITIES* LOC/GUARANTOR** VALUE
<S> <C> <C> <C> <C> <C>
VARIABLE RATE SECURITIES -- 87.8%
DAILY RATE SECURITIES -- 8.6%
$300,000 Louisiana Offshore Terminal Union Bank of Switzer-
VMIG-1 NR Authority, 4.10%, 9/1/06 land $ 300,000
300,000 Salt Lake County, Utah, Pollution
Control Revenue Series 1994B, British Petroleum Com-
A1+ AA- 4.50%, 8/1/07 pany 300,000
$ 600,000
WEEKLY RATE SECURITIES -- 73.4%
300,000 Arkansas Development Finance
VMIG-1 A-1+ Authority, 4.00%, 12/1/15 FGIC $ 300,000
300,000 Ashland, Kentucky, Pollution
Control Revenue for Ashland Oil,
Baa1 NR 3.70%, 4/1/09 Swiss Bank 300,000
200,000 Calhoun County, Texas, Industrial
Development Authority Pollution
Contol Revenue for Alcoa, 4.20%,
VMIG-1 NR 3/1/01 Credit Suisse 200,000
200,000 Chelan County, Washington, Devel-
opment Corporation Pollution
Control Revenue for Alcoa, 4.20%,
VMIG-1 NR 3/1/01 Credit Suisse 200,000
200,000 Colorado Student Obligation Bond
VMIG-1 A-1+ Authority, 4.15%, 7/1/99 SLMA 200,000
100,000 Colorado Student Obligation Bond
VMIG-1 A-1+ Authority, 4.15%, 8/1/00 SLMA 100,000
200,000 District of Columbia Revenue for
American University, 4.30%, National Westminster
VMIG-1 NR 10/1/15 Bank 200,000
200,000 District of Columbia Revenue for
Georgetown University, 4.30%,
VMIG-1 A-1+ 4/1/17 Sanwa Bank 200,000
100,000 District of Columbia Revenue for
Georgetown University, 4.30%,
VMIG-1 A-1+ 4/1/12 Sanwa Bank 100,000
300,000 City of Duluth, Minnesota, Tax
Increment Revenue for Lake
Superior Paper Industries, 4.05%,
VMIG-1 A-1+ 9/1/10 National Australia Bank 300,000
300,000 Eddy County, New Mexico, Pollution
NR A-1+ Control Revenue, 3.95%, 2/1/03 Harris Trust & Savings 300,000
300,000 Hunt County, Texas Industrial
Development Corporation for Trico
NR A-1+ Industries, 4.50%, 10/1/02 Algemene Bank Nederland 300,000
300,000 Illinois Development Finance
Authority for Columbia Graphics
NR A-1+ Corp., 4.20%, 6/1/04 Harris Trust & Savings 300,000
300,000 Los Angeles County Museum of Arts
Project, California, 4.05%,
VMIG-1 A-1 11/1/05 Bank of America 300,000
300,000 New Jersey Turnpike Authority
VMIG-1 AAA Revenue, 4.05%, 1/1/00 MBIA 300,000
300,000 New York State Power Authority
VMIG-1 NR Revenue, 4.05%, 1/1/03 300,000
300,000 North Carolina Education Facilities
Authority for Bowman Grey School
VMIG-1 NR of Medicine, 4.00%, 9/1/20 Wachovia Bank 300,000
300,000 Pinal County Industrial Development
Authority, Arizona Revenue,
NR A-1+ 4.10%, 12/1/05 Industrial Bank of Japan 300,000
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
300,000 Scioto County, Ohio, Marine Terminal
Facilities Revenue, 4.00%,
VMIG-1 A-1+ 8/15/13 Norfolk Southern 300,000
300,000 Utah State Board of Regents Student
VMIG-1 A-1+ Loan Revenue, 4.00%, 11/1/00 AMBAC 300,000
$5,100,000
MONTHLY RATE SECURITIES -- 5.8%
100,000 Baltimore, Maryland, Port Series
1981, Oxy Petroleum, 4.25%, National Westminster
P-1 A-1+ 10/14/11 Bank $ 100,000
300,000 Cuyahoga County, Ohio, Industrial
Development Revenue, 4.10%, Hong Kong and Shanghai
VMIG-1 A-1+ 12/1/09 Bank 300,000
$ 400,000
TOTAL VARIABLE RATE SECURITIES $6,100,000
GENERAL MARKET NOTES -- 8.6%
300,000 Indiana Bond Bank Advance Funding
MIG1 SP-1+ Program Notes, 5.25%, 7/10/95 NBD Bank $ 300,037
300,000 State of Texas Tax and Revenue
Anticipation Notes, 5.00%,
MIG1 SP-1+ 8/31/95 300,405
TOTAL GENERAL MARKET NOTES $ 600,442
COMMERCIAL PAPER -- 3.6%
250,000 Nebraska Public Power District,
P-1 A-1+ 4.10%, 7/12/95 Morgan Guaranty $ 250,000
TOTAL COMMERCIAL PAPER $ 250,000
TOTAL INVESTMENT IN SECURITIES $6,950,442
<FN>
* Interest rates shown are interest rates in effect at June 30, 1995.
** Name of the issuer of the Letter of Credit (LOC) or Guarantor securing
the investment.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
PIONEER TAX-FREE MONEY FUND
BALANCE SHEET -- JUNE 30, 1995
<TABLE>
<S> <C>
ASSETS:
Investments, at value based on amortized cost (see
Schedule of Investments and Note 1) $6,950,442
Receivables --
Trust shares sold 17,585
Interest 43,516
Due from Pioneering Management Corporation (Note 2) 18,165
Other 4,177
Total assets $7,033,885
LIABILITIES:
Payables --
Trust shares repurchased $ 1,320
Dividends 1,364
Due to bank 4,436
Accrued expenses (Notes 2, 3 and 4) 16,617
Total liabilities $ 23,737
NET ASSETS:
Trust shares (unlimited number of shares authorized),
amount paid in on 7,010,148 shares outstanding $7,010,148
Total net assets (offering and redemption price of
$1.00 per share) $7,010,148
</TABLE>
PIONEER TAX-FREE MONEY FUND
STATEMENT OF OPERATIONS -- FOR THE SIX MONTHS ENDED JUNE 30, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $146,479
EXPENSES:
Management fees (Note 2) $ 15,387
Distribution fees (Note 4) 3,462
Transfer agent fees (Note 3) 7,004
Registration fees 12,562
Professional fees 20,749
Accounting (Note 2) 9,058
Custodian fees 3,492
Printing 588
Fees and expenses of nonaffiliated trustees 1,420
Miscellaneous 5,002
Total expenses $ 78,724
Less management fees waived and expenses assumed
by Pioneering Management
Corporation (Note 2) 54,848
Net expenses $ 23,876
Net increase in net assets resulting from
operations $122,603
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
PIONEER TAX-FREE MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS --
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND THE YEAR ENDED DECEMBER 31,
1994
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
<S> <C> <C>
FROM OPERATIONS:
Net increase in net assets resulting from operations $ 122,603 $ 209,639
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ($0.02 and $0.02 per share,
respectively) $ (122,603) $ (209,639)
FROM TRUST SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Net proceeds from sale of shares $ 7,784,575 $ 9,036,859
Net asset value of shares issued to shareholders in
reinvestment of dividends 108,426 197,844
Cost of shares repurchased (10,941,861) (7,289,256)
Net increase (decrease) in net assets resulting from
trust share transactions $ (3,048,860) $ 1,945,447
Net increase (decrease) in net assets $ (3,048,860) $ 1,945,447
NET ASSETS:
Beginning of period 10,059,008 8,113,561
End of period $ 7,010,148 $10,059,008
</TABLE>
PIONEER TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31,
SIX
MONTHS APRIL 11,
ENDED 1988 TO
JUNE 30, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989 1988
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment
operations:
Net investment income $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.04 $ 0.05 $ 0.06 $ 0.04
Distributions to share-
holders from:
Net investment income (0.02) (0.02) (0.02) (0.02) (0.04) (0.05) (0.06) (0.04)
Net increase in net
asset value $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return* 1.61% 2.40% 1.92% 2.38% 4.00% 5.48% 6.06% 3.71%
Ratio of net operating
expenses to average net
assets 0.62%** 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 4.98%**
Ratio of net investment
income to average net
assets 3.18%** 2.34% 1.92% 2.33% 3.91% 5.37% 5.86% 5.13%**
Net assets end of period
(in thousands) $ 7,010 $10,059 $8,114 $7,241 $7,539 $6,968 $5,351 $ 3,272
Ratios assuming no waiver
of fees or assumption of
expenses:
Net operating ex-
penses 2.04%** 1.87% 1.85% 2.07% 1.08% 1.91% 2.27% 1.50%**
Net investment in-
come 1.76%** 0.97% 0.57% 0.77% 4.81% 3.96% 4.09% 4.13%**
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption
of the investment at the net asset value at the end of each period.
** Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- JUNE 30, 1995
1. Pioneer Money Market Trust (the Trust) is a Massachusetts business
trust registered under the Investment Company Act of 1940 as a diversi-
fied, open-end management company. The Trust consists of three separate
no- load money market funds (the Funds): Pioneer Cash Reserves Fund (the
Cash Reserves Fund), Pioneer U.S. Government Money Fund (the U.S. Govern-
ment Fund) and Pioneer Tax-Free Money Fund (the Tax-Free Fund).
After the close of business on June 30, 1994, the Cash Reserves Fund ac-
quired all assets of the Pioneer Money Market Account, Inc. (the Money
Market Account) in exchange solely for (i) the issuance of shares of the
Cash Reserves Fund to the Money Market Account and (ii) the assumption by
the Cash Reserves Fund of the liabilities of the Money Market Account.
Following this tax-free transfer, the Money Market Account was liquidated
and dissolved and the Cash Reserves Fund shares were distributed to the
former shareholders of the Money Market Account.
The Board of Trustees (the Trustees) has authorized the issuance of two
share classes of the Cash Reserves Fund, designated as Class A and Class B
shares. Class B shares were first publicly offered on March 31, 1995.
Shares issued and outstanding prior to March 31, 1995 were designated as
Class A shares. The shares of each class represent an interest in the same
portfolio of investments of the Fund and have equal rights to voting, re-
demptions, dividends and liquidations, except that each class of shares
can bear different transfer agent and distribution fees and have exclusive
voting rights with respect to the distribution plans that have been
adopted by holders of Class A and B shares, respectively.
The following is a summary of significant accounting policies consistently
followed by the Funds, which are in conformity with those generally ac-
cepted in the investment company industry.
A. Security Valuation -- Security transactions are recorded on the date
the securities are purchased, sold or matured. Securities are valued at
amortized cost, which approximates market value. Interest income is re-
corded on the accrual basis. Investments purchased at a discount or pre-
mium are valued by amortizing the difference between the original purchase
price and maturity value of the issue over the period to maturity. All
variable rate securities held by the Tax-Free Fund may be redeemed on
seven days' notice.
B. Federal Taxes -- It is the Funds' policy to comply with the require-
ments of the Internal Revenue Code applicable to regulated investment com-
panies and to distribute all of its taxable income and net realized capi-
tal gains, if any, to its shareholders. Therefore, no federal tax provi-
sions are required.
The characterization of distributions to shareholders for financial re-
porting purposes is determined in accordance with income tax rules. There-
fore, the source of the Funds' distributions may be shown in the accompa-
nying financial statements as either from or in excess of net investment
income or net realized gain on investment transactions, or from capital,
depending on the type of book/tax differences that may exist.
C. Trust Shares -- The Funds record sales and repurchases of its trust
shares on the trade date. Shares are sold and redeemed on a continuing
basis at net asset value per share. The Funds declare as daily dividends
substantially all of their respective net investment income. All dividends
are paid on the last business day of the month. Short-term capital gains
distributions, if any, may be paid with the daily dividends. Dividends
paid by the Cash Reserves Fund, with respect to each class of shares are
calculated in the same manner, at the same time, on the same day and are
in the same amount, except that Class A and Class B shares can bear dif-
ferent transfer agent and distribution fees.
D. Class Allocations -- Distribution expenses are calculated based on the
average daily net asset value attributable to Class A and Class B shares
of the Cash Reserves Fund, respectively. Shareholders of Class A and Class
B share all expenses and fees paid to the transfer service organization,
Pioneering Services Corporation (PSC), for their services, which are allo-
cated based on number of accounts in each class and the ratable allocation
of related out-of-pocket expense (see Note 3). Income, common expenses and
realized and unrealized gains (losses) are calculated at the Fund level
and allocated daily to each class of shares based on the respective per-
centage of adjusted net assets at the beginning of the day.
E. Repurchase Agreements -- The Funds may enter into repurchase agree-
ments. At the time the Funds enter into a repurchase agreement, the value
of the underlying security (collateral), including accrued interest, will
be equal to or exceed the value of the repurchase agreement, and in the
case of repurchase agreements exceeding one day, the value of the underly-
ing security, including accrued interest, is required during the term of
the agreement to be equal to or exceed the value of the repurchase agree-
ment. The underlying securities for all repurchase agreements are held in
safekeeping in the customer-only account of the Funds' custodian, or at
the Federal Reserve Bank. If the
15
<PAGE>
seller defaults and the value of the collateral declines, or if bankruptcy
proceedings commence with respect to the seller of the security, realization of
the collateral by the Funds may be delayed or limited. As of June 30, 1995, the
Funds had no outstanding repurchase agreements.
2. Pioneering Management Corporation (PMC) is the Trust's investment ad-
viser, manages the Trust's portfolio and is a wholly owned subsidiary of
The Pioneer Group, Inc. (PGI). Management fees are calculated at the an-
nual rate of 0.40% of each Fund's average daily net assets.
Effective April 1, 1995, PMC has agreed to waive its management fees and
to assume other operating expenses of the Trust to the extent necessary to
limit the Trust's expenses according to the following schedule:
<TABLE>
<CAPTION>
EXPENSES LIMITED BY
PMC AS A PERCENTAGE OF
FUND AVERAGE DAILY ASSETS
<S> <C>
Pioneer U.S. Government
Money Fund .85%
Pioneer Tax-Free Money Fund .75%
</TABLE>
PMC has agreed not to impose a portion of its management fee and to as-
sume other expenses of the Cash Reserves Fund to the extent necessary to
limit Class A expenses to 0.85% of the average daily net assets
attributable to Class A shares; the portion of the Fund- wide expenses at-
tributable to Class B shares will be reduced only to the extent such ex-
penses are reduced for Class A shares. PMC's agreement is voluntary and
temporary and may be revised or terminated at any time.
Prior to April 1, 1995, PMC waived its management fees and assumed other
operating expenses of each Fund to the extent necessary to limit expenses
of each Fund according to the following schedule:
<TABLE>
<CAPTION>
EXPENSES LIMITED BY
NET ASSETS PMC AS A PERCENTAGE OF
PER FUND AVERAGE DAILY NET ASSETS
<S> <C>
Up to $20 million 0.50%
Up to $25 million 0.55%
Up to $30 millon 0.60%
Up to $35 million 0.65%
Up to $40 million 0.70%
Over $40 million 0.75%
</TABLE>
In addition, under the management agreement, certain other services and
costs, including accounting, regulatory reporting and insurance premiums,
are paid by the Funds. Included in Accrued expenses are accounting fees
payable to PMC at June 30, 1995:
<TABLE>
<CAPTION>
FUND AMOUNT
<S> <C>
Cash Reserves Fund $4,102
U.S. Government Fund 286
Tax-Free Fund 3,113
</TABLE>
3. PSC, a wholly owned subsidiary of PGI, provides substantially all
transfer agent and shareholder services to the Funds at negotiated rates.
Included in Accrued expenses are transfer agent fees payable to PSC at
June 30,1995:
<TABLE>
<CAPTION>
FUND AMOUNT
<S> <C>
Cash Reserves Fund $34,196
U.S. Government Fund 5,709
Tax-Free Fund 1,415
</TABLE>
4. The Trust has adopted a Plan of Distribution (the Plan) in accor-
dance with Rule 12b-1 under the Investment Company Act of 1940. The Plan
generally provides that the Funds will reimburse Pioneer Funds Distributor
(PFD) for PFD's actual expenditures to finance activities intended to re-
sult in the sale of the Funds' shares or to provide services to the Funds'
shareholders. Expenditures of the U.S. Government Money Funds and Tax Ex-
empt Money Fund pursuant to the Plan may not exceed 0.15% of each Fund's
average daily net assets.
The Cash Reserves Fund has adopted a Plan of Distribution (the Plan) for
both Class A shares (Class A Plan) and Class B shares (Class B Plan) in
accordance with Rule 12b-1 under the Investment Company Act of 1940 pursu-
ant to which certain distribution and service fees are paid to PFD.
Pursuant to the Class A Plan the Cash Reserves Fund reimburses PFD for its
actual expenditures to finance any activities primarily intended to result
in the sale of Class A shares or to provide services to holders of Class A
shares. Reimbursement for such expenditures, if any, may not exceed 0.25%
of the Cash Reserves Fund's average net assests attributable to Class A
shares. The Class B Plan provides that the Fund may pay a distribution fee
at an annual rate of 0.75% of the Cash Reserves Fund's average net assets
attributable to Class B shares and may pay PFD a service fee at the annual
rate of 0.25% of the Cash Reserves Fund's average daily net assets attrib-
utable to
16
<PAGE>
Class B shares. Included in Accrued expenses are distribution fees payable
to PFD at June 30, 1995:
<TABLE>
<CAPTION>
FUND AMOUNT
<S> <C>
Cash Reserves Fund $74,506
U.S. Government Fund 9,200
Tax-Free Fund 1,703
</TABLE>
Class B shares that are redeemed within six years of purchase are sub-
ject to a contingent deferred sales charge (CDSC) at declining rates be-
ginning at 4.0% of the lesser of the current market value at the time of
redemption or the original purchase cost of the shares being redeemed.
Proceeds from the CDSC are paid to PFD. For the period ending June 30,
1995, CDSC in the amount of $719 was paid to PFD.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND TRUSTEES OF PIONEER MONEY MARKET TRUST:
We have audited the accompanying balance sheets of Pioneer Money Market
Trust (a Massachusetts business trust consisting of the Pioneer Cash Re-
serves Fund, the Pioneer U.S. Government Money Fund and the Pioneer Tax-
Free Money Fund), including the schedules of investments as of June 30,
1995, and the related statements of operations, statements of changes in
net assets and financial highlights for the periods presented. These fi-
nancial 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.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and fi-
nancial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclo-
sures in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1995 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and sig-
nificant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Pioneer Money Market Trust as of June 30, 1995, the results of its op-
erations, the changes in its net assets and financial highlights for the
periods presented, in conformity with generally accepted accounting
principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
July 28, 1995
17
<PAGE>
PIONEER CASH
RESERVES FUND
PIONEER U.S.
GOVERNMENT
MONEY FUND
PIONEER TAX-FREE
MONEY FUND
60 State Street
Boston, Massachusetts 02109
OFFICERS
JOHN F. COGAN, JR., Chairman and President
DAVID D. TRIPPLE, Executive Vice President
SHERMAN B. RUSS, Vice President
WILLIAM H. KEOUGH, Treasurer
JOSEPH P. BARRI, Secretary
TRUSTEES
JOHN F. COGAN, JR.
RICHARD H. EGDAHL, M.D.
MARGARET B.W. GRAHAM
JOHN W. KENDRICK
MARGUERITE A. PIRET
DAVID D. TRIPPLE
STEPHEN K. WEST
JOHN WINTHROP
INDEPENDENT PUBLIC ACCOUNTANTS
ARTHUR ANDERSEN LLP
INVESTMENT ADVISER
PIONEERING MANAGEMENT CORPORATION
CUSTODIAN
BROWN BROTHERS HARRIMAN & CO.
LEGAL COUNSEL
HALE AND DORR
SHAREHOLDER SERVICES AND TRANSFER AGENT
PIONEERING SERVICES CORPORATION
60 State Street
Boston, Massachusetts 02109
Please call Pioneer for information on:
Existing accounts, new accounts, prospectuses,
applications, and services forms 1-800-225-6292
Fund yields and prices 1-800-225-4321
Toll-free fax 1-800-225-4240
Retirement plans 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
When distributed to persons who are not shareowners of the Funds, this re-
port must be accompanied by an official prospectus, which discusses the
objectives, policies and other information concerning the Funds.
0895-2638
(C)Pioneer Funds Distributor, Inc.
PIONEER CASH
RESERVES FUND
PIONEER U.S.
GOVERNMENT
MONEY FUND
PIONEER TAX-FREE
MONEY FUND
SEMIANNUAL REPORT
JUNE 30, 1995
