DEAR FELLOW SHAREOWNERS,
- --------------------------------------------------------------------------------
This annual report covers 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. Several important events occurred during the Funds'
fiscal year ended December 31, 1995: shareowners approved proposals updating the
Funds' structure; Class B shares were introduced for Pioneer Cash Reserves Fund;
and in November, we announced plans to close Pioneer Tax- Free Money Fund in
January 1996.
INTEREST RATES MOVED LOWER
AS YEAR PROGRESSED
In 1994, the Federal Reserve (the Fed) increased short-term interest rates six
times in an attempt to stem strong economic growth and avert any potential
increase in the rate of inflation. Going into 1995, economic indicators led the
Fed to act yet again, and it hiked short rates one final time on February 1,
moving the federal funds rate 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 prevent inflation but avoid recession), the economy
threatened to stall. In response, the Fed shifted gears and lowered short- term
rates, first on July 7 and again on December 19. By December 31, the federal
funds rate stood at 5.5%, near where it began the year.
Since money fund yields follow short-term rates, February's hike boosted the
Funds' income, and the rate cuts later in the year reduced it. Longer-term
interest rates dropped dramatically during the year, however, at times making
money market rates higher than those offered by longer-term securities,
particularly two-year issues. Uncertain 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. Historically, money funds have provided ``safe harbors'' -- and liquid
cash -- during 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. Throughout
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 the objective as
Pioneer Cash Reserves Fund and Pioneer U.S. Government Money Fund move into
1996.
PIONEER CASH RESERVES FUND invests in high- quality money market instruments
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 December 31, 1995:
o 81% of the Fund's portfolio was invested in commercial paper, with 11% in
U.S. government agency obligations. Overnight repurchase agreements and
banker's acceptances accounted for 5% and 3%, respectively.
o Average portfolio maturity was 25 days, versus 27 days on December 31,
1994.
Class A Shares
o Shareowners had received total distributions of $0.0505 per share over the
year.
o Net 7-day annualized yield was 4.91%, the same as at the end of 1994.
o The 7-day effective yield (taking into account the compounding of daily
dividends) was 5.03%, the same as the effective yield on December 31, 1994.
Class B Shares
o Shareowners had received total distributions of $0.0324 per share since the
Fund's inception.
o Net 7-day annualized yield was 4.03%.
o The 7-day effective yield (taking into account the compounding of daily
dividends) was 4.11%.
We focused on portfolio liquidity during the period, and placed a large
percentage of the portfolio in overnight repurchase agreements. Again this year,
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. Generally,
the Fund's income is free from state and local income taxes.
As of December 31, 1995:
o Shareowners had received total distributions of $0.0504 per share over the
year.
o Net 7-day annualized yield was 4.96%, compared with 5.03% a year earlier.
o The 7-day effective yield (taking into account the compounding of daily
dividends) was 5.09%, down slightly from 5.15% on December 31, 1994.
o 100% of the Fund's portfolio was invested in U.S. government agency
obligations.
o Average portfolio maturity was 38 days, versus 32 days on December 31,
1994.
The increase in portfolio maturity reflects your manager's efforts to hold
higher yields in the portfolio as long as possible as short-term rates declined.
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 invested in short- term municipal securities to
provide income free from federal income taxes and to preserve capital. As
shareowners were notified in November and December, Pioneer Tax-Free Money Fund
ceased shareowner operations on January 5, 1996. The Fund's Trustees authorized
this course of action because they believed the Fund's continued small size was
not in shareowners' best interests.
As of December 31, 1995:
o Shareowners had received total distributions of $0.0305 per share for the
year.
o Net 7-day annualized yield was 3.01%, equivalent to a 4.98% taxable yield
for shareowners in the 39.6% federal income tax bracket.
o The 7-day effective yield (taking into account the compounding of daily
dividends) was 3.05%, the same as a taxable yield of 5.05% for shareowners
in the 39.6% federal income tax bracket.
o 94% of the Fund's portfolio was invested in variable rate securities, with
the remaining 6% in tax-free commercial paper.
o Average portfolio maturity was 5 days.
To keep Fund dividends stable, we added high- quality general market notes with
longer maturities to the portfolio. Throughout the year, 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 Money 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,
Pioneer Money Market Trust
The Funds are currently waiving all or a portion of their management fees and/or
expenses. Otherwise 7-day annualized yields would have been: 4.63% for Class A
shares and 3.80% for Class B shares of Pioneer Cash Reserves Fund; 4.34% for
Pioneer U.S. Government Money Fund; and 1.26% for Pioneer Tax-Free Money Fund.
Past performance does not guarantee future results. Investment return will
fluctuate, and there can be no guarantee that the Funds will be able to maintain
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.
2
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS -- PIONEER CASH RESERVES FUND -- DECEMBER 31, 1995
- -----------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT INVESTMENT IN SECURITIES VALUE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 80.7%
$7,000,000 Abbott Laboratories, 5.65%, 1/3/96 $ 6,998,901
7,700,000 American Express Credit Corp., 5.60%, 2/2/96 7,662,869
7,000,000 American General Finance Corp., 5.78%, 1/18/96 6,982,017
4,100,000 Avco Financial, 5.68%, 2/2/96 4,079,946
5,000,000 Banc One Corp., 5.66%, 1/10/96 4,993,711
6,014,000 Bell South Capital, 5.62%, 2/7/96 5,980,201
1,040,000 Beneficial Corp., 5.80%, 1/26/96 1,035,979
2,880,000 Chevron Oil Finance Co., 5.77%, 1/31/96 2,866,614
6,600,000 Coca-Cola Co., 5.55%, 1/8/96 6,593,895
3,775,000 Corestates Capital Corp., 5.67%, 1/4/96 3,773,811
7,500,000 John Deere Capital Corp., 5.73%, 1/19/96 7,479,706
3,285,000 E.I. dupont de Nemours & Co., 5.68%, 1/19/96 3,276,189
6,500,000 Ford Motor Credit Co., 5.75%, 1/17/96 6,484,427
3,200,000 Gannett Co., 5.77%, 1/12/96 3,194,871
6,400,000 Golden Peanut Co., 5.60%, 2/12/96 6,359,182
5,000,000 Hewlett Packard Co., 5.60%, 2/15/96 4,965,778
5,600,000 Motorola, Inc., 5.65%, 1/9/96 5,593,848
7,200,000 National Rural Utilities Corp., 5.66%, 1/12/96 7,188,680
5,000,000 Pepsico, 5.54%, 2/5/96 4,973,839
4,950,000 Pfizer Inc., 5.52%, 2/5/96 4,924,194
5,300,000 Prudential Funding Corp., 5.75%, 1/11/96 5,292,381
3,800,000 Republic New York Corp., 5.73%, 1/3/96 3,799,395
6,000,000 Southern California Edison Co., 5.63%, 1/30/96 5,973,727
1,500,000 Southwestern Bell Telephone Co., 5.62%, 2/20/96 1,488,526
3,750,000 Southwestern Bell Telephone Co., 5.65%, 2/13/96 3,725,281
5,200,000 State Street Bank, 5.60%, 1/26/96 5,180,587
6,500,000 Transamerica Finance Corp., 5.70%, 1/16/96 6,485,592
5,800,000 Xerox Corp., 5.68%, 1/19/96 5,784,443
TOTAL COMMERCIAL PAPER $143,138,590
U.S. GOVERNMENT AGENCIES -- 11.3%
5,000,000 Federal Farm Credit Bank, 5.32%, 4/1/96 $ 5,000,000
5,000,000 Federal Farm Credit Bank, 5.63%, 3/1/96 5,000,000
5,000,000 Federal Farm Credit Bank, 5.65%, 1/2/96 5,000,000
5,000,000 Federal Farm Credit Bank, 5.66%, 2/1/96 5,000,000
TOTAL U.S. GOVERNMENT AGENCIES $ 20,000,000
BANKER'S ACCEPTANCE -- 3.4%
6,000,000 Wachovia Bank, 5.74%, 1/4/96 $ 5,998,087
REPURCHASE AGREEMENT -- 4.6%
8,100,000 Agreement with Chase Manhattan Bank, dated 12/29/95, bearing 5.65%, to
be repurchased at $8,105,085 on 1/2/96, collateralized by $7,916,000 U.S.
Treasury Note, bearing 6.125%, due 9/30/00 $ 8,100,000
TOTAL INVESTMENT IN SECURITIES(a) $177,236,677
</TABLE>
- --------
(a) At December 31, 1995, Pioneer Cash Reserves Fund had a net capital loss
carryforward of $276,063, which will expire between 2002 and 2003 if not
utilized.
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
PIONEER CASH RESERVES FUND
BALANCE SHEET -- DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investment in securities, at value based on amortized cost (see Schedule of Investments and Note 1) $177,236,677
Cash 70,013
Receivables --
Trust shares sold 2,255,983
Interest 148,136
Other 24,411
Total assets $179,735,220
LIABILITIES:
Payables --
Investment securities purchased $ 5,000,000
Trust shares repurchased 3,097,071
Dividends 40,001
Due to affiliates (Notes 2, 3 and 4) 170,778
Accrued expenses 32,855
Total liabilities $ 8,340,705
NET ASSETS:
Trust shares $171,670,578
Accumulated net realized loss on investments (276,063)
Total net assets $171,394,515
NET ASSET VALUE PER SHARE (OFFERING AND REDEMPTION PRICE):
Class A -- (based on $163,820,328 / 164,096,391 shares of beneficial interest outstanding --
unlimited number of shares authorized with no par value) $ 1.00
Class B -- (based on $7,574,187 / 7,574,187 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>
<TABLE>
<CAPTION>
PIONEER CASH RESERVES FUND
STATEMENT OF OPERATIONS -- FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $10,082,013
EXPENSES:
Management fees (Note 2) $ 684,689
Distribution fees (Note 4)
Class A 207,029
Class B 37,445
Transfer agent fees (Note 3)
Class A 633,428
Class B 8,385
Registration fees 129,500
Professional fees 70,610
Accounting (Note 2) 77,037
Custodian fees 47,689
Printing 47,812
Fees and expenses of nonaffiliated trustees 7,320
Miscellaneous 45,188
Total expenses $ 1,996,132
Less fees paid indirectly (Note 5) (89,612)
Less management fees waived by Pioneering Management Corporation (Note 2) (463,300)
Net expenses $ 1,443,220
Net investment income $ 8,638,793
Net realized loss on investments (Note 1) (639)
Net increase in net assets resulting from operations $ 8,638,154
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
PIONEER CASH RESERVES FUND
STATEMENTS OF CHANGES IN NET ASSETS --
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------------------------------------------
1995 1994
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 8,638,793 $ 4,449,118
Net realized loss on investments (639) (275,424)
Net increase in net assets resulting from operations $ 8,638,154 $ 4,173,694
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A ($0.05 and $0.03, respectively) $ (8,479,787) $ (4,449,118)
Class B ($0.03 and $0.00, respectively) (159,006) --
Decrease in net assets resulting from distributions to shareholders $ (8,638,793) $ (4,449,118)
FROM TRUST SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Net proceeds from sale of shares $ 571,316,827 $ 510,388,826
Net asset value of shares issued to shareholders in reinvestment of dividends 7,861,453 4,140,612
Cost of shares repurchased (580,978,330) (405,899,999)
Net increase (decrease) in net assets resulting from trust share transactions $ (1,800,050) $ 108,629,439
Net increase (decrease) in net assets $ (1,800,689) $ 108,354,015
NET ASSETS:
Beginning of year 173,195,204 64,841,189
End of year $ 171,394,515 $ 173,195,204
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1995 DECEMBER 31, 1994
AMOUNT AMOUNT
<S> <C> <C>
Class A
Shares sold $ 548,292,258 $ 510,388,826
Shares issued to shareholders in reinvestment of distributions 7,715,889 4,140,612
Less shares repurchased (565,382,384) (405,899,999)
Net increase (decrease) $ (9,374,237) $ 108,629,439
Class B*
Shares sold $ 23,024,569
Shares issued to shareholders in reinvestment of distributions 145,564
Less shares repurchased (15,595,946)
Net increase $ 7,574,187
</TABLE>
* Class B shares were first publicly offered on March 31, 1995.
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>
JUNE 22,
1987 TO
FOR THE YEAR ENDED DECEMBER 31, 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 investment operations:
Net investment income $ 0.05 $ 0.03 $ 0.02 $ 0.03 $ 0.05 $ 0.07 $ 0.08 $ 0.07 $ 0.03
Distributions to shareholders from:
Net investment income (0.05) (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* 5.17% 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 0.88%+ 0.50% 0.75% 0.81% 0.88% 0.75% 0.82% 0.78% 0.53%**
Ratio of net investment income to
average net assets 5.00%+ 2.59% 2.44% 3.03% 5.23% 7.53% 8.43% 6.91% 6.94%**
Net assets end of period (in thousands) $163,820 $173,195 $64,841 $59,097 $73,010 $101,120 $80,121 $59,592 $34,756
Ratios assuming no waiver of manage-
ment fees or assumption of ex-
penses by PMC and no reduction for
fees paid indirectly:
Net operating expenses 1.15% 0.65% 1.10% 1.01% 0.88% 0.75% 0.82% 0.91% 1.01%**
Net investment income 4.73% 2.44% 2.09% 2.82% 5.23% 7.53% 8.43% 6.77% 6.46%**
Ratios assuming waiver of manage-
ment fees and assumption of ex-
penses by PMC and reduction for
fees paid indirectly:
Net operating expenses 0.82% -- -- -- -- -- -- -- --
Net investment income 5.06% -- -- -- -- -- -- -- --
</TABLE>
<TABLE>
<CAPTION>
MARCH 31,
1995 TO
DECEMBER 31,
1995
<S> <C>
CLASS B***
Net asset value, beginning of period $ 1.00
Income from investment operations:
Net investment income $ 0.03
Distributions to shareholders from:
Net investment income (0.03)
Net increase in net asset value $ 0.00
Net asset value, end of period $ 1.00
Total return* 3.28%
Ratio of net operating expenses to
average net assets 1.66%**+
Ratio of net investment income to
average net assets 4.20%**+
Net assets end of period (in thousands) $7,574
Ratios assuming no waiver of manage-
ment fees or assumption of ex-
penses by PMC and reduction for
fees paid indirectly:
Net operating expenses 1.86%**
Net investment income 4.00%**
Ratios assuming waiver of manage-
ment fees and assumption of ex-
penses by PMC and reduction for fees
paid indirectly:
Net operating expenses 1.61%**
Net investment income 4.25%**
</TABLE>
+ Ratios assuming no reduction for fees paid indirectly.
* 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.
*** Class B shares were first publicly offered on March 31, 1995.
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS -- PIONEER U.S. GOVERMENT MONEY FUND --
DECEMBER 31, 1995
- -----------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT INVESTMENT IN SECURITIES VALUE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES -- 100%
$2,000,000 Federal Farm Credit Bank, 5.32%, 4/1/96 $ 2,000,000
3,000,000 Federal Farm Credit Bank, 5.58%, 2/2/96 2,985,613
1,000,000 Federal Farm Credit Bank, 5.61%, 1/8/96 999,065
2,000,000 Federal Farm Credit Bank, 5.63%, 3/1/96 2,000,000
810,000 Federal Farm Credit Bank, 5.64%, 1/4/96 809,746
2,000,000 Federal Farm Credit Bank, 5.65%, 1/2/96 2,000,000
2,000,000 Federal Farm Credit Bank, 5.66%, 2/1/96 2,000,000
2,075,000 Federal Home Loan Bank, 5.43%, 3/20/96 2,050,588
1,110,000 Federal Home Loan Bank, 5.44%, 1/23/96 1,106,478
900,000 Federal Home Loan Bank, 5.52%, 2/27/96 892,272
1,125,000 Federal Home Loan Bank, 5.53%, 2/29/96 1,114,977
1,000,000 Federal Home Loan Bank, 5.54%, 2/2/96 995,229
790,000 Federal Home Loan Bank, 5.54%, 2/16/96 784,529
1,500,000 Federal Home Loan Bank, 5.58%, 1/9/96 1,498,373
1,085,000 Federal Home Loan Bank, 5.60%, 1/16/96 1,082,637
860,000 Federal Home Loan Bank, 5.60%, 1/22/96 857,324
1,000,000 Federal Home Loan Bank, 5.67%, 1/2/96 1,000,000
1,000,000 Tennessee Valley Authority, 5.53%, 2/1/96 995,392
1,000,000 Tennessee Valley Authority, 5.53%, 2/12/96 993,702
1,500,000 Tennessee Valley Authority, 5.59%, 1/19/96 1,496,040
1,800,000 Tennessee Valley Authority, 5.59%, 1/25/96 1,793,572
TOTAL INVESTMENT IN SECURITIES $29,455,537
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
PIONEER U.S. GOVERNMENT MONEY FUND
BALANCE SHEET -- DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investment in securities, at value based on amortized cost (see Schedule of Investments and Note 1) $29,455,537
Receivables --
Trust shares sold 2,646,543
Interest 57,221
Other 3,648
Total assets $32,162,949
LIABILITIES:
Payables --
Investment securities purchased $ 2,000,000
Trust shares repurchased 563,479
Dividends 7,425
Due to bank 1,247,056
Due to affiliates (Notes 2, 3 and 4) 21,737
Accrued expenses 11,481
Total liabilities $ 3,851,178
NET ASSETS:
Trust shares (unlimited number of shares authorized), amount paid in on 28,311,771 shares outstanding $28,311,771
Total net assets (offering and redemption price of $1.00 per share) $28,311,771
</TABLE>
<TABLE>
<CAPTION>
PIONEER U.S. GOVERNMENT MONEY FUND
STATEMENT OF OPERATIONS -- FOR THE YEAR ENDED DECEMBER 31, 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $1,746,071
EXPENSES:
Management fees (Note 2) $ 119,725
Distribution fees (Note 4) 37,232
Transfer agent fees (Note 3) 73,080
Registration fees 28,878
Professional fees 52,257
Accounting (Note 2) 53,887
Custodian fees 15,180
Printing 4,490
Fees and expenses of nonaffiliated trustees 8,516
Miscellaneous 15,744
Total expenses $ 408,989
Less fees paid indirectly (Note 5) (21,473)
Less management fees waived and expenses assumed by Pioneering Management
Corporation (Note 2) (150,483)
Net expenses $ 237,033
Net increase in net assets resulting from operations $1,509,038
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
<TABLE>
<CAPTION>
PIONEER U.S. GOVERNMENT MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS --
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------------------------------------------
1995 1994
<S> <C> <C>
FROM OPERATIONS:
Net increase in net assets resulting from operations $ 1,509,038 $ 1,093,789
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ($0.05 and $0.04, respectively) $ (1,509,038) $ (1,093,789)
FROM TRUST SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Net proceeds from sale of shares $ 125,746,780 $ 62,195,011
Net asset value of shares issued to shareholders in reinvestment of dividends 1,352,576 996,345
Cost of shares repurchased (127,888,164) (57,965,900)
Increase (decrease) in net assets resulting from trust share transactions $ (788,808) $ 5,225,456
Net increase (decrease) in net assets $ (788,808) $ 5,225,456
NET ASSETS:
Beginning of year 29,100,579 23,875,123
End of year $ 28,311,771 $ 29,100,579
</TABLE>
<TABLE>
<CAPTION>
PIONEER U.S. GOVERNMENT MONEY FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
- ------------------------------------------------------------------------------------------------------------------------------------
APRIL 11,
1988 TO
FOR THE YEAR ENDED DECEMBER 31, 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 $ 0.05 $ 0.04 $ 0.03 $ 0.03 $ 0.05 $ 0.07 $ 0.08 $ 0.05
Distributions to shareholders from:
Net investment income (0.05) (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* 5.16% 3.65% 2.63% 3.19% 5.41% 7.61% 8.80% 5.34%
Ratio of net operating expenses to
average net assets 0.86%+ 0.63% 0.55% 0.59% 0.60% 0.60% 0.53% 0.50%**
Ratio of net investment income to
average net assets 4.96%+ 3.64% 2.61% 3.15% 5.29% 7.37% 8.37% 7.52%**
Net assets, end of period (in thousands) $28,312 $29,101 $23,875 $23,619 $28,373 $27,828 $20,508 $9,503
Ratios assuming no waiver of manage-
ment fees and assumption of ex-
penses by PMC and no reduction for
fees paid indirectly:
Net operating expenses 1.36% 1.08% 1.37% 1.24% 1.08% 0.80% 1.12% 1.13%**
Net investment income 4.46% 3.19% 1.79% 2.50% 4.81% 7.17% 7.77% 6.88%**
Ratio assuming waiver of manage-
ment fees and assumption of ex-
penses by PMC and reduction for
fees paid indirectly:
Net operating expenes 0.79% -- -- -- -- -- -- --
Net investment income 5.03% -- -- -- -- -- -- --
</TABLE>
+ Ratios assuming no reduction for fees paid indirectly.
* 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.
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS -- PIONEER TAX-FREE MONEY FUND -- DECEMBER 31, 1995
- -------------------------------------------------------------------------------------------------------------------------
RATINGS
PRINCIPAL (UNAUDITED)
AMOUNT MOODY'S S&P INVESTMENT IN SECURITIES* LOC/GUARANTOR** VALUE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
VARIABLE RATE SECURITIES -- 94.4%
DAILY RATE SECURITIES -- 38.9%
$100,000 VMIG A-1+ California Pollution Control Financing Authority,
Pollution Control Revenue, 5.90%, 11/1/00 Shell Oil $ 100,000
100,000 Aaa A-1+ Harris County, Texas Industrial Development
Corporation Pollution Control Revenue, 6.00%,
3/1/24 Exxon Guarantee 100,000
100,000 P1 NR Jackson County, Mississippi, Pollution Control
Revenue, 5.90%, 6/1/23 Chevron Guarantee 100,000
100,000 P1 A-1+ Lincoln County, Wyoming, Pollution Control Revenue,
Series A, 5.90%, 11/1/14 Exxon Guarantee 100,000
100,000 P1 A-1+ Louisiana Offshore Terminal Authority, Series 1986,
5.90%, 9/1/06 Union Bank of Switzerland 100,000
100,000 P1 NR Perry County, Mississippi, Pollution Control Revenue,
5.90%, 3/1/02 Credit Suisse 100,000
100,000 P1 NR Uinta County, Wyoming, Pollution Control Revenue,
5.90%, 12/1/22 Chevron Corp. 100,000
$ 700,000
WEEKLY RATE SECURITIES -- 44.4%
100,000 VMIG-1 A-1+ Arkansas Development Finance Authority, 5.00%,
12/1/15 Citibank $ 100,000
100,000 VMIG-1 A-1+ Colorado Student Obligation Bond Authority, 5.05%,
8/1/00 SLMA 100,000
100,000 VMIG-1 A-1+ City of Duluth, Minnesota, Tax Increment Revenue for
Lake Superior Paper Industries, 5.10%, 9/1/10 National Australia Bank 100,000
100,000 NR A-1+ Eddy County, New Mexico, Pollution Control Revenue,
5.05%, 2/1/03 Harris Trust & Savings Bank 100,000
100,000 NR A-1+ Illinois Development Finance Authority for Columbia
Graphics Corp., 5.25%, 6/1/04 Harris Trust & Savings Bank 100,000
100,000 VMIG-1 AAA New Jersey Turnpike Authority Revenue, 3.00%,
1/1/00 MBIA 100,000
100,000 VMIG-1 NR North Carolina Education Facilities Authority for
Bowman Grey School of Medicine, 5.00%, 9/1/20 Wachovia Bank 100,000
100,000 Aa2 AAA Peninsula Ports Authority of Virginia, Port Facility
Revenue, 5.90%, 12/1/05 Shell Oil 100,000
$ 800,000
MONTHLY RATE SECURITIES -- 11.1%
100,000 P-1 A-1+ Baltimore, Maryland, Port Series 1981, Oxy Petroleum,
4.05%, 10/14/11 Morgan Guaranty $ 100,000
100,000 VMIG-1 A-1+ Cuyahoga County, Ohio, Industrial Development
Revenue, 3.85%, 12/1/09 Marine Midland Bank 100,000
$ 200,000
TOTAL VARIABLE RATE SECURITIES $1,700,000
COMMERCIAL PAPER -- 5.6%
100,000 P-1 A-1+ Nebraska Public Power District, Series B, 3.60%,
1/18/96 Morgan Guaranty $ 100,000
TOTAL INVESTMENT IN SECURITIES $1,800,000
</TABLE>
* Coupon rates shown reflect rates as of December 31, 1995.
** Name of the issuer of the Letter of Credit (LOC) or Guarantor securing the
investment.
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
<TABLE>
<CAPTION>
PIONEER TAX-FREE MONEY FUND
BALANCE SHEET -- DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investment in securities, at value based on amortized cost (see Schedule of Investments and Note 1) $ 1,800,000
Cash 696,528
Receivables --
Trust shares sold 726
Interest 9,030
Due from Pioneering Management Corporation (Note 2) 34,995
Total assets $ 2,541,279
LIABILITIES:
Payables --
Trust shares repurchased $ 219,387
Dividends 2,682
Due to affiliates (Notes 2, 3 and 4) 2,967
Accrued expenses 21,545
Total liabilities $ 246,581
NET ASSETS:
Trust shares (unlimited number of shares authorized), amount paid in on 2,295,823 shares outstanding $ 2,295,823
Accumulated net realized loss on investments (1,125)
Total net assets (offering and redemption price of $1.00 per share) $ 2,294,698
</TABLE>
<TABLE>
<CAPTION>
PIONEER TAX-FREE MONEY FUND
STATEMENT OF OPERATIONS -- FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $ 256,904
EXPENSES:
Management fees (Note 2) $ 27,588
Distribution fees (Note 4) 7,812
Transfer agent fees (Note 3) 15,967
Registration fees 18,548
Professional fees 46,659
Accounting (Note 2) 42,329
Custodian fees 10,572
Printing 771
Fees and expenses of nonaffiliated trustees 4,471
Regulatory reporting 8,907
Miscellaneous 5,851
Total expenses $ 189,475
Less fees paid indirectly (Note 5) (3,802)
Less management fees waived and expenses assumed by Pioneering Management Corporation (Note 2) (138,921)
Net expenses $ 46,752
Net investment income $ 210,152
Net realized loss on investments (Note 1) (1,125)
Net increase in net assets resulting from operations $ 209,027
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
<TABLE>
<CAPTION>
PIONEER TAX-FREE MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS --
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------------------------------------------
1995 1994
<S> <C> <C>
FROM OPERATIONS:
Net investment income $210,152 $209,639
Net realized loss on investments (1,125) --
Net increase in net assets resulting from operations $209,027 $209,639
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ($0.03 and $0.02 per share, respectively) $ (210,152) $(209,639)
FROM TRUST SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Net proceeds from sale of shares $11,315,345 $9,036,859
Net asset value of shares issued to shareholders in reinvestment of dividends 180,768 197,844
Cost of shares repurchased (19,259,298) (7,289,256)
Net increase (decrease) in net assets resulting from trust share transactions $(7,763,185) $1,945,447
Net increase (decrease) in net assets $(7,764,310) $1,945,447
NET ASSETS:
Beginning of year 10,059,008 8,113,561
End of year $2,294,698 $10,059,008
</TABLE>
<TABLE>
<CAPTION>
PIONEER TAX-FREE MONEY FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
- --------------------------------------------------------------------------------
April 11,
1988 to
For the Year Ended December 31, 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 $0.02 $0.02 $0.02 $0.04 $0.05 $0.06 $0.04
Distributions to shareholders from:
Net investment income (0.03) (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* 3.09% 2.40% 1.92% 2.38% 4.00% 5.48% 6.06% 3.71%
Ratio of net operating expenses to average
net assets 0.73%+ 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 4.98%**
Ratio of net investment income to average
net assets 3.00%+ 2.34% 1.92% 2.33% 3.91% 5.37% 5.86% 5.13%**
Net assets end of period (in thousands) $2,295 $10,059 $8,114 $7,241 $7,539 $6,968 $5,351 $3,272
Ratios assuming no waiver of management
fees and assumption of expenses by PMC
and no reduction for fees paid indirectly:
Net operating expenses 2.75% 1.87% 1.85% 2.07% 1.08% 1.91% 2.27% 1.50%**
Net investment income 0.98% 0.97% 0.57% 0.77% 4.81% 3.96% 4.09% 4.13%**
Ratios assuming waiver of management
fees and assumption of expenses by PMC
and reduction for fees paid indirectly:
Net operating expenses 0.68% -- -- -- -- -- -- --
Net investment income 3.05% -- -- -- -- -- -- --
</TABLE>
+ Ratios assuming no reduction for fees paid indirectly.
* 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.
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 1995
- --------------------------------------------------------------------------------
1. Pioneer Money Market Trust (the Trust) is a Massachusetts business trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment 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. Government Fund) and Pioneer
Tax-Free Money Fund (the Tax-Free Money Fund). The investment objective of the
Trust is to provide high current income, preservation of capital and liquidity
through investments in high quality, short-term securities. Each Fund employs
different investment policies to achieve this investment objective.
On June 30, 1994, the Cash Reserves Fund acquired the assets of the Pioneer
Money Market Account, Inc. (the Money Market Account) in exchange solely for (i)
the issuance of shares of beneficial interest of the Fund and (ii) the
assumption by the Fund of the liabilities of the Money Market Account. Following
this tax-free transfer, the Money Market Account was liquidated and dissolved
and the shares of the Cash Reserves Fund were distributed to the former
shareholders of the Money Market Account.
The Board of 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, redemptions, dividends and liquidation, except that
each class of shares can bear different transfer agent and distribution fees and
have exclusive voting rights with respect to the distribution plans that have
been adopted by shareholders of Class A and Class B shares, respectively.
The Trust's financial statements have been prepared in conformity with
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 revenues and expenses during the reporting periods. Actual results
could differ from those estimates.
The following is a summary of significant accounting policies consistently
followed by the Funds, which are in conformity with those generally accepted in
the investment company industry:
A. Security Valuation -- Security transactions are recorded on trade date.
Securities are valued at amortized cost, which approximates market value.
Interest income for securities purchased at face (par) value is accrued daily.
Investments purchased at a discount or premium 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
Money Fund may be redeemed on seven days' notice.
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 shareholders. Therefore, no federal income tax provision
is required.
The characterization of distributions to shareholders for financial
reporting purposes is determined in accordance with federal income tax rules.
Therefore, the source of the Funds' distributions may be shown in the
accompanying financial statements as either from or in excess of 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.
C. Trust Shares -- The Funds record sales and repurchases of its trust
shares on trade date. Shares are sold and redeemed on a continuous 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 a monthly
basis. Short-term capital gains distributions, if any, may be declared with the
daily dividends. Dividends paid by the Cash Reserves Fund, if any, with respect
to each class of shares are calculated in the same manner, at the same time, on
the same day and in the same amount, except that Class A and Class B shares can
bear different transfer agent and distribution fees.
D. Class Allocations -- Distribution fees are calculated based on the
average daily net asset value attributable to Class A and Class B shares of the
Cash Reserves Fund. Shareholders of Class A and Class B share all expenses and
fees paid to the transfer agent, Pioneering Services Corporation (PSC), for
their services, which are allocated based on the number of accounts in each
class and the ratable allocation of related out-of-pocket expense (see Note 3).
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares based
on the respective percentage of adjusted net assets at the beginning of the day.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 1995 -- CONTINUED
- --------------------------------------------------------------------------------
E. Repurchase Agreements -- The Funds may enter into repurchase agreements.
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 underlying security, including
accrued interest, is required during the term of the agreement to be equal to or
exceed the value of the repurchase agreement. 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 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.
2. Pioneering Management Corporation (PMC), the Trust's investment adviser,
manages the Trust's portfolios and is a wholly owned subsidiary of The Pioneer
Group, Inc. (PGI). Management fees are calculated daily at the annual 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 for the Trust to the extent necessary to limit
the Trust's expenses according to the following schedule:
EXPENSES LIMITED BY
PMC AS A PERCENTAGE OF
FUND AVERAGE DAILY NET ASSETS
U.S. Government Money Fund 0.85%
Tax-Free Money Fund 0.75%
PMC has agreed not to impose a portion of its management fee and to assume
other operating 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 attributable to Class B
shares will be reduced only to the extent that such expenses 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:
EXPENSES LIMITED BY
NET ASSETS PMC AS A PERCENTAGE OF
PER FUND AVERAGE DAILY NET ASSETS
Up to $20 million 0.50%
Up to $25 million 0.55%
Up to $30 million 0.60%
Up to $35 million 0.65%
Up to $40 million 0.70%
Over $40 million 0.75%
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 due to affiliates are management and accounting
fees payable to PMC at December 31, 1995:
ACCOUNTING MANAGEMENT
FUND FEES FEES
Cash Reserves Fund $5,586 $51,578
U.S. Government Fund 4,458 --
Tax-Free Money Fund 6,557 --
3. PSC, a wholly owned subsidiary of PGI, provides substantially all
transfer agent and shareholder services to the Funds at negotiated rates.
Included in due to affiliates are transfer agent fees payable to PSC at December
31, 1995:
FUND AMOUNT
Cash Reserves Fund $51,124
U.S. Government Fund 8,311
Tax-Free Money Fund 1,144
4. The Trust adopted a Plan of Distribution (the Plan) in accordance with
Rule 12b-1 of the Investment Company Act of 1940. The Plan allows for the Funds
to reimburse Pioneer Funds Distributor, Inc. (PFD) for expenditures to finance
any activities primarily intended to result in the sale of the Funds' trust
shares. The Plan provides for reimbursement of such expenditures in an amount
not to exceed 0.15% of the U.S. Government Money Fund's and Tax- Free Money
Fund's respective average daily net assets.
The Cash Reserves Fund adopted a Plan of Distribution for Class A shares
(Class A Plan) and Class B shares (Class B Plan) in accordance with Rule 12b-1
of the Investment Company Act of 1940. These plans allow for Class A shares and
Class B shares to reimburse and compensate, respectively, PFD for providing
varying levels of distribution services and other account maintenance services.
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 1995 -- CONTINUED
- --------------------------------------------------------------------------------
The Class A Plan and Class B Plan provide for reimbursement of PFD's
distribution services in an amount up to 0.25% and 0.75%, respectively, of the
average daily net assets of the respective classes of shares. The Fund may also
compensate PFD for additional services in an amount up to 0.25% of the Fund's
average daily net assets attributable to Class B shares. Included in due to
affiliates are distribution fees payable to PFD at December 31, 1995:
FUND AMOUNT
Cash Reserves Fund $62,490
U.S. Government Fund 8,968
Tax-Free Money Fund 1,823
In addition, Class B shares that are redeemed within six years of purchase
are subject to a contingent deferred sales charge (CDSC) at declining rates
beginning at 4.0% based on the lower of cost or market value of shares being
redeemed. Proceeds from the CDSC are paid to PFD. For the year ended December
31, 1995, CDSC in the amount of $12,858 was paid to PFD.
5. The Trust has entered into certain expense offset arrangements resulting
in a reduction in each Fund's total expenses. For the year ended December 31,
1995, the Funds' expenses were reduced by the following:
FUND AMOUNT
Cash Reserves Fund $89,612
U.S. Government Fund 21,473
Tax-Free Money Fund 3,802
6. On January 8, 1996, the Tax-Free Money Fund ceased operations following
the distribution of the Fund's remaining assets to shareholders. The liquidation
of the Tax-Free Money Fund had no effect on any of the other Pioneer mutual
funds, including the Cash Reserves Fund and U.S. Government Money Fund.
- --------------------------------------------------------------------------------
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
(comprising the Pioneer Cash Reserves Fund, the Pioneer U.S. Government Money
Fund and the Pioneer Tax-Free Money Fund), including the schedules of
investments, as of December 31, 1995, and the related statements of operations,
statements of changes in net assets and financial highlights for the periods
presented. 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.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds composing Pioneer Money Market Trust as of December 31,
1995, the results of their operations, the changes in their net assets and
financial highlights for the periods presented, in conformity with generally
accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
February 2, 1996
16
<PAGE>
RESULTS OF FEBRUARY 7, 1995 SHAREOWNER MEETING (UNAUDITED)
- --------------------------------------------------------------------------------
On February 7, 1995, Pioneer Money Market Trust held a special meeting of
shareowners. All Proposals were passed by shareowner vote. Following are the
detailed results of the vote for each Proposal presented.
PROPOSAL 1 -- TO ELECT EIGHT TRUSTEES TO SERVE ON THE BOARD OF TRUSTEES
<TABLE>
<CAPTION>
PIONEER CASH RESERVES FUND PIONEER U.S. GOVERNMENT MONEY FUND
NOMINEE AFFIRMATIVE WITHHELD AFFIRMATIVE WITHHELD
<S> <C> <C> <C> <C>
John F. Cogan, Jr. 99,943,956.278 5,657,296.730 20,286,573.963 1,511,235.880
Richard H. Egdahl, M.D. 99,609,138.848 5,992,114.160 20,209,316.193 1,588,493.650
Margaret B.W. Graham 99,876,929.778 5,724,323.230 20,222,362.863 1,575,446.980
John W. Kendrick 99,770,435.148 5,830,817.860 20,299,364.003 1,498,445.840
Marguerite A. Piret 99,888,835.338 5,712,417.670 20,225,835.873 1,571,973.970
David D. Tripple 99,965,672.388 5,635,580.620 20,299,364.003 1,498,445.840
Stephen K. West 99,830,655.218 5,770,597.790 20,233,197.083 1,564,612.760
John Winthrop 99,996,713.788 5,604,539.220 20,299,364.003 1,498,445.840
</TABLE>
<TABLE>
<CAPTION>
PIONEER TAX-FREE MONEY FUND NOMINEE
AFFIRMATIVE WITHHELD
<S> <C> <C>
John F. Cogan, Jr. 6,222,899.120 233,415.650
Richard H. Egdahl, M.D. 6,119,782.660 336,532.110
Margaret B.W. Graham 6,208,695.970 247,618.800
John W. Kendrick 6,222,899.120 233,415.650
Marguerite A. Piret 6,222,899.120 233,415.650
David D. Tripple 6,222,899.120 233,415.650
Stephen K. West 6,208,149.110 248,165.660
John Winthrop 6,222,899.120 233,415.650
</TABLE>
PROPOSAL 2 -- TO APPROVE THE NEW MANAGEMENT CONTRACT BETWEEN THE TRUST,
ON BEHALF OF THE FUND, AND PIONEERING MANAGEMENT CORPORATION,
THE TRUST'S INVESTMENT ADVISER
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 95,759,931.180 19,909,501.363 6,094,905.630
Against 2,675,955.720 603,734.420 60,953.600
Abstain 7,165,366.108 1,284,574.060 300,455.540
</TABLE>
PROPOSAL 3 -- TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION PURSUANT TO
WHICH THE FUND WILL BE ORGANIZED AS A SERIES OF A DELAWARE
BUSINESS TRUST
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 93,284,577.628 19,221,920.033 5,905,660.110
Against 4,098,613.752 1,064,679.240 44,313.550
Abstain 8,218,061.628 1,511,210.570 506,341.110
</TABLE>
17
<PAGE>
RESULTS OF FEBRUARY 7, 1995 SHAREOWNER MEETING (UNAUDITED) -- CONTINUED
PROPOSAL 4A. -- TO CONSIDER AND ACT ON A PROPOSAL TO AMEND THE FUND'S EXISTING
FUNDAMENTAL INVESTMENT RESTRICTION NUMBER 2
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 90,923,707.230 18,715,132.803 6,024,318.732
Against 4,223,344.250 1,161,329.810 99,500.720
Abstain 8,218,061.628 1,654,680.230 332,495.318
Not Voting 13,881.000 266,667.000
</TABLE>
PROPOSAL 4B. -- TO CONSIDER AND ACT ON A PROPOSAL TO AMEND THE FUND'S EXISTING
FUNDAMENTAL INVESTMENT RESTRICTION NUMBER 12
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 90,278,684.050 18,652,818.273 6,003,918.732
Against 5,080,604.720 1,151,529.810 119,900.720
Abstain 10,228,083.238 1,726,794.760 332,495.318
Not Voting 13,881.000 266,667.000
</TABLE>
PROPOSAL 4C. -- TO CONSIDER AND ACT ON A PROPOSAL TO AMEND THE FUND'S EXISTING
FUNDAMENTAL INVESTMENT RESTRICTION NUMBER 7
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 89,854,968.039 18,542,831.373 5,804,107.842
Against 5,624,469.291 1,331,373.110 319,711.610
Abstain 10,107,934.678 1,656,938.360 332,495.318
Not Voting 13,881.000 266,667.000
</TABLE>
PROPOSAL 4D. -- TO CONSIDER AND ACT ON A PROPOSAL TO REDESIGNATE THE FUND'S
EXISTING FUNDAMENTAL INVESTMENT RESTRICTION NUMBER 9 AS
NON-FUNDAMENTAL
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 89,959,184.240 18,585,151.603 5,881,704.842
Against 5,545,313.750 960,800.520 242,114.610
Abstain 10,082,874.018 1,985,190.720 332,495.318
Not Voting 13,881.000 266,667.000
</TABLE>
PROPOSAL 5 -- TO RATIFY THE SELECTION OF ARTHUR ANDERSEN LLP AS THE TRUST'S
INDEPENDENT PUBLIC ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER
31, 1995
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Affirmative 95,900,131.408 19,656,823.453 6,147,954.810
Against 2,244,776.520 493,731.670 1,546.950
Abstain 7,456,345.080 1,701,254.720 306,813.010
</TABLE>
18
<PAGE>
TAX TREATMENT OF DISTRIBUTIONS
MADE DURING THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
During the year ended December 31, 1995, the Funds paid the following
distributions:
<TABLE>
<CAPTION>
DISTRIBUTIONS PER SHARE FROM NET INVESTMENT INCOME
PIONEER PIONEER
CASH RESERVES CASH RESERVES PIONEER PIONEER
FUND FUND U.S. GOVERNMENT TAX-FREE
CLASS A CLASS B MONEY FUND MONEY FUND
PAYMENT DATE
<S> <C> <C> <C> <C>
January 31, 1995 $ 0.004 $ -- $ 0.004 $ 0.002
February 28, 1995 0.004 -- 0.004 0.003
March 31, 1995 0.005 -- 0.005 0.003
April 30, 1995 0.004 0.003 0.004 0.003
May 31, 1995 0.005 0.004 0.004 0.003
June 30, 1995 0.004 0.004 0.005 0.003
July 31, 1995 0.004 0.004 0.004 0.002
August 31, 1995 0.004 0.004 0.004 0.003
September 30, 1995 0.004 0.003 0.004 0.002
October 31, 1995 0.004 0.003 0.004 0.003
November 30, 1995 0.004 0.003 0.004 0.002
December 31, 1995 0.004 0.004 0.004 0.002
$ 0.050 $ 0.032 $ 0.050 $ 0.031
</TABLE>
None of the Funds had any long or short-term gains in the periods presented.
For the purposes of the 70% dividends received deduction allowed by Corporate
Shareholders, none of the total distributions presented above represent
qualifying dividends.
Of the $0.03 per share distributed by Pioneer Tax-Free Money Fund during 1995,
100% is tax-exempt and should be reported on Form 1040, line 8B, U.S. Individual
Tax Return.
TRUSTEES' FEES, PRINCIPAL SHAREHOLDERS AND
SHARE OWNERSHIP OF TRUSTEES AND OFFICERS (UNAUDITED)
- --------------------------------------------------------------------------------
The aggregate direct remuneration paid by the Funds to nonaffiliated trustees
and officers during the year ended December 31, 1995, plus expenses incurred by
the trustees in attending Fund meetings are described below. Fees of trustees
who are affiliated with or ``interested persons'' of Pioneering Management
Corporation, investment adviser of the Funds, are reimbursed to the Funds by
Pioneering Management Corporation in accordance with the management contract
with the Funds and are described below. At December 31, 1995, the trustees and
officers of the Funds owned beneficially shares in the Funds as listed below,
together with the corresponding percentages to shares outstanding at December
31, 1995. The Pioneer Group, Inc., the parent company of Pioneering Management
Corporation and Pioneer Funds Distributor, Inc., is a publicly held corporation
of which Mr. Cogan, Chairman and President of the Trust, owned approximately 15%
of the outstanding shares of capital stock at December 31, 1995.
<TABLE>
<CAPTION>
PIONEER PIONEER PIONEER
CASH RESERVES U.S. GOVERNMENT TAX-FREE
FUND MONEY FUND MONEY FUND
<S> <C> <C> <C>
Direct remuneration paid to trustees and officers $7,000 $6,800 $6,700
Expenses incurred in attending trustees meetings $2,700 $2,700 $2,700
Trustee fees of ``interested persons'' reimbursed by
Pioneering Management Corporation $ 333 $ 333 $ 333
Shares beneficially owned by trustees and officers at
December 31, 1995 767,610 16,504 --
Percentage of shares outstanding at December 31, 1995 0.47% 0.06% --%
</TABLE>
19
<PAGE>
[LOGO]
PIONEER CASH
RESERVES FUND
PIONEER U.S.
GOVERNMENT
MONEY FUND
PIONEER TAX-FREE
MONEY FUND
Annual Report
December 31, 1995
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. MARGUERITE A. PIRET
RICHARD H. EGDAHL, M.D. DAVID D. TRIPPLE
MARGARET B.W. GRAHAM STEPHEN K. WEST
JOHN W. KENDRICK JOHN WINTHROP
INDEPENDENT PUBLIC ACCOUNTANTS
ARTHUR ANDERSEN LLP
INVESTMENT ADVISER
PIONEERING MANAGEMENT CORPORATION
PRINCIPAL UNDERWRITER
PIONEER FUNDS DISTRIBUTOR, INC.
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 report must be accompanied by an official
prospectus, which discusses the objectives, policies and
other information concerning the Funds.
0296-2995
(C)Pioneer Funds Distributor, Inc.
