PIONEER TAX-FREE
MONEY FUND
FINAL REPORT
January 8, 1996
(Unaudited)
<PAGE>
Pioneer Tax-Free Money Fund
Balance Sheet
January 8, 1996
(Unaudited)
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Assets:
Due from Pioneering Management Corporation (Note 2) $ 20,849
------------
Total assets $ 20,849
------------
Liabilities:
Accrued expense (Note 1) $ 21,974
-------------
Total liabilities $ 21,974
-------------
Net Assets:
Accumulated realized loss on investments (Note 1) $ (1,125)
------------
Total net assets (offering and redemption price of $1.00 per share) $ (1,125)
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Tax-Free Money Fund
Statement of Operations
For the Period from January 1, 1996 to January 8, 1996
(Unaudited)
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<TABLE>
<CAPTION>
<S> <C>
Investment Income (Note 1):
Interest $ 343
-----------
Expenses:
Management fees (Note 2) $ 139
Distribution fees (Note 4) 42
Transfer agent fees (Note 3) 162
Professional fees 420
Accounting (Note 2) 750
Custodian fees 974
Printing 6
Regulatory reporting 96
Miscellaneous 129
-----------
Total expense $ 2,718
Less fees paid indirectly (Note 6) (740)
Less management fees waived and expenses assumed
by Pioneering Management Corporation (Note 2) $ 1,879
-----------
Net expenses $ 99
-----------
Net increase in net assets resulting from operations $ 244
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Tax-Free Money Fund
Statement of Changes in Net Assets
For the Period from January 1, 1996 to January 8, 1996 and for the Year
Ended December 31, 1995
(Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
January 1, 1996
to Year Ended
January 8, 1996 1995
--------------- ---------------
From Operations:
Net investment income $ 244 $ 210,152
Net realized loss on investments - (1,125)
------------- --------------
Net increase in net assets resulting from operation $ 244 $ 209,027
-------------- --------------
Distributions to Shareholders from:
Net investment income ($0.00 and $0.03 per share, respectively) $ (244) $ (210,152)
-------------- ---------------
From Fund Share Transactions (at $1.00 per share):
Net proceeds from sale of shares $ - $ 11,315,345
Net asset value of shares issued to shareholders in reinvestment of dividends - 180,768
Cost of shares repurchased (2,295,823) (19,259,298)
--------------- ---------------
Net decrease in net assets resulting from fund share transactions $ (2,295,823) $ (7,763,185)
--------------- ---------------
Net decrease in net assets $ (2,295,823) $ (7,764,310)
Net Assets:
Beginning of period 2,294,698 10,059,008
-------------- ----------------
End of period $ (1,125) $ 2,294,698
============== ================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Tax-Free Money Fund
Financial Highlights
Selected Data for a Share Outstanding for the Periods Presented
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
January 1,1996
to Janaury 8, For the Year Ended December 31,
1996 ----------------------------------------
(Unaudited) 1995 1994 1993
------------ ---------- ---------- ----------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ---------- ---------- ----------
Income from investment operations:
Net investment income $ -- $ 0.03 $ 0.02 $ 0.02
Distributions to shareholders from:
Net investment income $ -- $ (0.03) $ (0.02) $ (0.02)
------------ ---------- ---------- ----------
Net increase in net asset value $ -- $ -- $ -- $ --
------------ ---------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ =========== ========== ==========
Total return* 0.01% 3.09% 2.40% 1.92%
Ratio of net expenses to average net assets 4.39% ** + 0.73% + 0.50% 0.50%
Ratio of net investment income (loss) to (2.59%) ** + 3.00% + 2.34% 1.92%
average net assets
Net assets end of period (in thousands) $ -- $ 2,295 $ 10,059 $ 8,114
Ratios assuming no waiver of management fees and
assumption of expenses by PMC and no reduction for
fees paid indirectly:
Net expenses 13.54% ** 2.75% 1.87% 1.85%
Net investment income (loss) (11.74%) ** 0.98% 0.97% 0.57%
Ratios assuming waiver of management fees or
assumption of expense by PMC and reduction for
fees paid indirectly:
Net expenses 0.52% ** 0.68% -- --
Net investment income 1.28% ** 3.05% -- --
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
April 11,
For the Year Ended December 31, 1988 to
------------------------------------------------------- December 31,
1992 1991 1990 1989 1988
---------- --------- ---------- --------- ----------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- --------- ---------- --------- ---------
Income from investment operations:
Net investment income $ 0.02 $ 0.04 $ 0.05 $ 0.06 $ 0.04
Distributions to shareholders from:
Net investment income $ (0.02) $ (0.04) $ (0.05) $ (0.06) $ (0.04)
---------- --------- ---------- --------- ---------
Net increase in net asset value $ -- $ -- $ -- $ -- $ --
---------- --------- ---------- --------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========= ========== ========= =========
Total return* 2.38% 4.00% 5.48% 6.06% 3.71%
Ratio of net expenses to average net assets 0.50% 0.50% 0.50% 0.50% 4.98% **
Ratio of net investment income (loss) to average net assets 2.33% 3.91% 5.37% 5.86% 5.13% **
Net assets end of period (in thousands) $ 7,241 $ 7,539 $ 6,968 $ 5,351 $ 3,272
Ratios assuming no waiver of management fees and
ssumption of expenses by PMC and no reduction for
fees paid indirectly:
Net expenses 2.07% 1.08% 1.91% 2.27% 1.50% **
Net investment income (loss) 0.77% 4.81% 3.96% 4.09% 4.13% **
Ratios assuming waiver of management fees or
assumption of expense by PMC and reduction for
fees paid indirectly:
Net expenses -- -- -- -- --
Net investment income -- -- -- -- --
<FN>
+ 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.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Tax-Free Money Fund
Notes to Financial Statements - January 8, 1996 (Unaudited)
- -------------------------------------------------------------------------------
1. Pioneer Tax-Free Money Fund (the Fund), one of three funds that composed
Pioneer Money Market Trust (the Trust), was a Massachusetts business trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund was to
provide high current income, preservation of capital and liquidity through
investments in high quality short-term securities.
On January 8, 1996, the Tax-Free Money Fund ceased operations following the
distribution of the Fund's remaining assets to shareholders. Effective on such
date, Pioneering Management Corporation (PMC) assumed the Fund's outstanding
liabilities. In addition, the Fund's capital loss carryforward of $1,125 as of
December 31, 1995 expired when the Fund ceased operations. 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.
The Fund's financial statements have been prepared in conformity with generally
accepted accounting principles that require the management of the Fund to, among
other things, make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those
estimates. The following is a summary of significant accounting policies
consistently followed by the Fund, which are in conformity with those generally
accepted in the investment company industry:
A. Security Valuation - Security transactions were recorded on trade date.
Securities were valued at amortized cost, which approximated market value.
Interest income for securities purchased at face (par) value was accrued daily.
Investments purchased at a discount or premium were valued by amortizing the
difference between the original purchase price and maturity value of the issue
over the period to maturity.
B. Federal Income Taxes - For the period ended January 8, 1996, the Fund
complied with the requirements of the Internal Revenue Code applicable to
regulated investment companies and distributed all of its income to its
shareholders. Therefore, no federal income tax provision was required.
C. Fund Shares - The Fund recorded sales and repurchases of its fund shares on
trade date. Shares are sold and redeemed on a continuous basis at net asset
value per share. The Fund declared as daily dividends substantially all of its
net investment income.
2. PMC, the Fund's investment adviser, managed the Fund's portfolio and is a
wholly owned subsidiary of The Pioneer Group, Inc. (PGI). Management fees were
calculated daily at the annual rate of 0.40% of the Fund's average daily net
assets. PMC agreed to waive its management fees and to assume other operating
expenses of the Fund to the extent necessary to limit the Fund's expenses to
0.75% of average daily net assets.
In addition, under the management agreement, certain other services and costs,
including accounting, regulatory reporting and insurance premiums, were paid by
the Fund.
3. Pioneering Services Corporation, a wholly owned subsidiary of PGI, provided
substantially all transfer agent and shareholder services to the Fund at
negotiated rates.
4. The Trust adopted a Plan of Distribution (the Plan) that allowed for the Fund
to reimburse PFD for expenditures to finance activities primarily intended to
result in the sale of fund shares. The Plan provided for reimbursement in an
amount not to exceed 0.15% of the Fund's average daily net assets.
5. The Fund entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the period ended January 8, 1996,
custody fees were reduced by $740 from interest earned on cash balances
maintained by the custodian.
<PAGE>
PIONEER TAX-FREE
MONEY FUND
60 State Street
Boston, MA 02109
OFFICERS TRUSTEES
JOHN F. COGAN, JR., Chairman and President JOHN F. COGAN, JR.
DAVID D. TRIPPLE, Executive Vice President RICHARD H. EGDAHL, M.D.
SHERMAN B. RUSS, Vice President MARGARET B.W. GRAHAM
WILLIAM H. KEOUGH, Treasurer JOHN W. KENDRICK
JOSEPH P. BARRI, Secretary MARGUERITE A. PIRET
DAVID D. TRIPPLE
INVESTMENT ADVISER STEPHEN K. WEST
PIONEERING MANAGEMENT JOHN WINTHROP
CORPORATION
PRINCIPAL UNDERWRITER LEGAL COUNSEL
PIONEER FUNDS HALE AND DORR
DISTRIBUTOR, INC.
CUSTODIAN SHAREHOLDER SERVICES
BROWN BROTHERS AND TRANSFER AGENT
HARRIMAN & CO. PIONEERING SERVICES
CORPORATION
INDEPENDENT PUBLIC 60 State Street
ACCOUNTANTS Boston, Massachusetts 02109
ARTHUR ANDERSEN LLP
Please call Pioneer for information on:
Existing accounts, new accounts,
prospectuses, applications and service 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
0896-3642
(c) Pioneer Funds Distributor, Inc.
