<PAGE>
(Pioneer Logo]
Pioneer
Cash Reserves
Fund
SEMIANNUAL REPORT 6/30/00
<PAGE>
Table of Contents
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<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 4
Schedule of Investments 6
Financial Statements 8
Notes to Financial Statements 14
Trustees, Officers and Service Providers 18
Programs and Services for Pioneer Shareowners 19
The Pioneer Family of Mutual Funds 21
</TABLE>
<PAGE>
Pioneer Cash Reserves Fund
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LETTER FROM THE CHAIRMAN 6/30/00
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Dear Shareowner,
--------------------------------------------------------------------------------
For over a year, the Federal Reserve has been trying to suppress inflationary
pressures and restrain economic growth in the U.S. by raising short-term
interest rates. Because they represent increased costs, higher interest rates
cut into corporate profits.
With the possibility of a slowing economy and an uncertain profit outlook
overhanging the stock market, investors shifted from sector to sector in the
first half of 2000 looking for attractive opportunities. Heightened stock market
volatility was the result. Bonds also lost luster, because existing,
lower-paying issues could not compete with the higher rates that now prevail. By
summer, we began to see evidence that the Fed's tactics were having some impact,
as key statistics hinted at a contraction of the economy's growth rate.
Volatile markets should not sidetrack your plans for dealing with your essential
financial goals. Whatever your long-range needs may be -- money for a child's
education, funding a comfortable retirement, or some other cherished objective
-- those needs remain in place no matter what the market may do this week or
next month. For that reason, it makes sense to focus your investment strategy
beyond interim ups and downs.
Mid-year is a good time to talk to your financial representative to review what
has been happening and to make sure your strategy is intact. Part of that
discussion should be devoted to your portfolio's diversification. Do you have a
blend of stocks and bonds that you are comfortable with, and that can help you
meet your goals? Or is it time to make adjustments? Be sure to include your IRAs
and other retirement vehicles when you evaluate your overall portfolio.
I hope you will take time to read the following discussion about Pioneer Cash
Reserves Fund. It's an excellent way to understand performance during the past
six months and to learn about expectations for the months ahead. If you have
questions or would like more information about your fund, visit our web site at
www.pioneerfunds.com.
Respectfully,
/s/ John F. Cogan, Jr.
--------------------------
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Cash Reserves Fund
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PORTFOLIO SUMMARY 6/30/00
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[Begin pie chart]
<TABLE>
<S> <C>
Commercial Paper 90%
Certificates of Deposit 6%
U.S. Government Agency Obligations 4%
</TABLE>
[End pie chart]
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
<TABLE>
<S> <C>
1. Federal Home Loan Mortgage Corp., 6.09%, 8/17/00 3.90%
2. American Express Credit Corp., 6.1%, 8/10/00 3.66
3. Gannett Co., 6.61%, 9/14/00 3.54
4. Ford Motor Credit Corp., 6.12%, 7/20/00 3.21
5. General Electric Capital Corp., 6.43%, 8/25/00 3.14
6. American General Finance Corp., 6.61%, 8/16/00 3.06
7. Banc One Corp., 6.3%, 8/29/00 3.01
8. Citigroup, Inc., 6.88%, 7/3/00 3.00
9. Southern California Edison, 6.12%, 7/25/00 2.97
10. Virginia Electric & Power Co., 6.27%, 7/13/00 2.92
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Cash Reserves Fund
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PERFORMANCE UPDATE 6/30/00
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Share Prices
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<TABLE>
<CAPTION>
Net Asset Value per Share 6/30/00 12/31/99
<S> <C> <C>
Class A Shares $1.00 $1.00
Class B Shares 1.00 1.00
Class C Shares 1.00 1.00
</TABLE>
Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Per Share Income Short-Term Long-Term
(12/31/99 - 6/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
Class A Shares $0.025 - -
Class B Shares 0.021 - -
Class C Shares 0.020 - -
</TABLE>
Yields
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Annualized) 7-Day 7-Day Effective*
<S> <C> <C>
Class A Shares 5.48% 5.63%
Class B Shares 4.61 4.71
Class C Shares 4.50 4.60
</TABLE>
*Assumes daily compounding of dividends.
Past performance does not guarantee future results. Investment returns will
fluctuate, and there can be no guarantee the Fund will be able to maintain a
stable net asset value of $1.00 per share. An investment in the Fund is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.
3
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 6/30/00
--------------------------------------------------------------------------------
Pioneer Cash Reserves Fund continued to provide investors with current income
while maintaining a $1 share price during the six-month period ended June 30,
2000. The Fund invests exclusively in high quality money market instruments
issued by the U.S. government, corporations and banks. All issues in the
portfolio have the highest ratings from the two leading nationally recognized
securities ratings organizations: A1 by Standard & Poor's Investor Services and
P1 by Moody's Investors Service. (Ratings apply to underlying securities, not
Fund shares.)
In the discussion below, Sherman Russ reviews the investment environment and
strategies that affected the Fund's performance over the six months. Mr. Russ
has been an investment professional for more than 20 years and is co-leader of
Pioneer's fixed-income team.
Q: How did the Fund perform during the six-month period?
A: The seven-day effective yield on June 30, 2000 was 5.63%, compared to 3.84%
six months ago and 4.00% one year ago. For the six-month period, the total
return for the Fund's Class A shares was 2.57%, while Class B shares
returned 2.13% and Class C shares had a return of 2.04%, all at net asset
value. In comparison, the average return of money market funds was 2.66%,
according to Lipper, Inc. (Lipper is an independent research firm that
tracks mutual fund performance.)
Q: During the six months, the U.S. Federal Reserve raised short-term rates
three times. How did this affect Pioneer Cash Reserves Fund?
A: The Federal Reserve Board's actions provided good opportunities for
investing in short-term securities in general and money market instruments
in particular. Since June 1999, the Fed has raised rates six successive
times, by a total of 1.75%. In this environment of steadily rising
short-term rates, we tried to extend maturities to lock in the greater
income that was available. By the end of the six-month period, the average
maturity of portfolio holdings had been extended to about 50 days.
4
<PAGE>
Pioneer Cash Reserves Fund
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Q: In addition to extending maturities to take advantage of the greater income
available, what other strategies did you pursue?
A: In our approach we strove to minimize risk, to provide an attractive level
of income and to offer a low-risk diversification opportunity for
investors. We maintained our emphasis on the highest quality securities. We
invested only in instruments with the highest ratings from Standard &
Poor's and Moody's, and we continued to avoid any investments in non-rated
securities.
Q: What is your outlook?
A: While we believe the Federal Reserve Board may raise short-term rates
again, we think the Fed is approaching the end of its cycle of raising
rates. We have begun to see some signs that the Fed may be successful in
its policy of tightening the money supply to slow the pace of economic
growth. In this environment, it would be prudent to continue to extend
maturities and lock in the higher rates that are available in the
marketplace. This strategy has the potential to provide Fund shareowners
with higher yields.
5
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 6/30/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
INVESTMENT IN SECURITIES - 100.0%
Commercial Paper - 90.2%
$10,284,000 American Express Credit Corp., 6.1%, 8/10/00 $ 10,214,297
8,600,000 American General Finance Corp., 6.61%, 8/16/00 8,527,364
6,085,000 Associates First Capital Corp., 6.11%, 7/28/00 6,057,116
6,025,000 AT&T Corp., 6.54%, 9/5/00 5,952,760
8,373,000 Citigroup Inc., 6.88%, 7/3/00 8,369,800
5,117,000 Citicorp Inc., 6.54%, 8/23/00 5,067,732
6,775,000 The Coca Cola Co., 6.24%, 7/31/00 6,739,770
6,530,000 The Coca Cola Co., 6.54%, 9/29/00 6,423,234
7,000,000 Dupont (E.I.) de Nemours & Co., 6.09%, 7/21/00 6,976,317
4,200,000 Dupont (E.I.) de Nemours & Co., 6.52%, 7/27/00 4,180,223
8,990,000 Ford Motor Credit Corp., 6.12%, 7/20/00 8,960,962
10,000,000 Gannett Co., 6.61%, 9/14/00 9,862,292
8,835,000 General Electric Capital Corp., 6.43%, 8/25/00 8,748,208
5,632,000 General Motors Corp., 6.19%, 7/12/00 5,621,348
3,060,000 General Motors Corp., 6.59%, 10/6/00 3,005,665
5,810,000 Hershey Foods Co., 6.52%, 8/30/00 5,746,865
8,074,000 Household Finance Corp., 6.56%, 10/10/00 7,925,402
5,814,000 JDC Corp., 6.05%, 7/6/00 5,809,115
8,025,000 JDC Corp., 6.6%, 8/22/00 7,948,495
5,345,000 Motorola Inc., 6.12%, 7/17/00 5,330,462
7,055,000 Motorola Inc., 6.1%, 7/24/00 7,027,505
5,220,000 National Rural Utilities Corp., 6.08%,7/5/00 5,216,474
8,000,000 National Rural Utilities Corp., 6.62%, 8/22/00 7,923,502
7,005,000 Norwest Financial Inc., 6.54%, 8/14/00 6,949,007
6,800,000 Paccar Financial Corp., 6.14%, 7/18/00 6,780,284
6,000,000 Pepsico Inc., 6.85%, 7/3/00 5,997,717
6,000,000 Pepsico Inc., 6.5%, 7/26/00 5,972,917
5,265,000 Pfizer Inc., 6.46%, 7/5/00 5,261,221
7,715,000 Proctor & Gamble., 6.4%, 7/19/00 7,690,312
6,431,000 Prudential Funding Corp., 6.11%, 8/4/00 6,393,889
7,520,000 Prudential Funding Corp., 6.59%, 8/21/00 7,449,795
6,765,000 SBC Communications Inc., 6.13%, 8/9/00 6,720,075
7,695,000 Schering Corp., 6.14%, 8/29/00 7,617,567
8,310,000 Southern California Edison, 6.12%, 7/25/00 8,276,095
6,350,000 Texaco Inc., 6.59%, 8/31/00 6,279,093
8,150,000 Virginia Electric & Power Co., 6.27%, 7/13/00 8,132,967
4,485,000 Wal-Mart Stores Inc., 6.56%, 9/26/00 4,413,896
------------
Total Commercial Paper $251,569,743
------------
</TABLE>
6 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Cash Reserves Fund
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
Certificates of Deposit - 5.9%
$8,400,000 Banc One Corp., 6.3%, 8/29/00 $ 8,400,000
8,000,000 State Street Corp., 6.49%, 7/11/00 8,000,000
------------
Total Certificates of Deposit $ 16,400,000
------------
U.S. Government Agency Obligation - 3.9%
10,960,000 Federal Home Loan Mortgage Co., 6.09%, 8/17/00 $ 10,872,859
------------
Total U.S. Government Agency Obligation $ 10,872,859
------------
TOTAL INVESTMENT IN SECURITIES - 100.0%(a) $278,842,602
============
</TABLE>
(a) At December 31, 1999, the 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. 7
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
BALANCE SHEET 6/30/00 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment in securities (cost $278,842,602) $278,842,602
Cash 108
Receivables -
Fund shares sold 1,185,558
Interest 200,314
Other 26,844
------------
Total assets $280,255,426
------------
LIABILITIES:
Payables -
Fund shares repurchased $ 6,743,719
Dividends 61,803
Due to affiliates 241,083
Accrued expenses 96,513
------------
Total liabilities $ 7,143,118
------------
NET ASSETS:
Fund shares $273,388,371
Accumulated net realized loss on investments (276,063)
------------
Total net assets $273,112,308
============
NET ASSET VALUE PER SHARE:
(Offering and redemption price; unlimited number of shares authorized)
Class A (based on $225,399,105/225,675,141 shares) $ 1.00
============
Class B (based on $37,939,899/37,939,923 shares) $ 1.00
============
Class C (based on $9,773,304/9,773,307 shares) $ 1.00
============
</TABLE>
8 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
--------------------------------------------------------------------------------
For the Six Months Ended 6/30/00
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Interest $9,496,525
----------
EXPENSES:
Management fees $624,376
Transfer agent fees
Class A 442,242
Class B 79,692
Class C 36,760
Distribution fees
Class A 162,997
Class B 246,547
Class C 71,613
Administrative fees 37,770
Custodian fees 37,123
Registration fees 115,050
Professional fees 23,267
Printing 19,300
Fees and expenses of nonaffiliated trustees 14,183
Miscellaneous 29,663
--------
Total expenses $1,940,583
Less fees paid indirectly (122,074)
----------
Net expenses $1,818,509
----------
Net investment income $7,678,016
----------
Net increase in net assets resulting from operations $7,678,016
==========
</TABLE>
The accompanying notes are an integral part of these financial statements. 9
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Six Months Ended 6/30/00 and the Year Ended 12/31/99
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended
(unaudited) 12/31/99
<S> <C> <C>
FROM OPERATION
Net investment income $ 7,678,016 $ 13,961,104
------------- ---------------
Net increase in net assets resulting from
operations $ 7,678,016 $ 13,961,104
------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A ($0.03 and $0.04 per share, respectively) $ (6,355,478) $ (11,160,344)
Class B ($0.02 and $0.03 per share, respectively) (1,037,678) (1,818,635)
Class C ($0.02 and $0.03 per share, respectively) (284,860) (982,125)
------------- ---------------
Total distributions to shareholders $ (7,678,016) $ (13,961,104)
------------- ---------------
FROM FUND SHARE TRANSACTION
Net proceeds from sale of shares $691,096,266 $2,578,744,476
Reinvestment of distributions 6,805,935 12,193,464
Cost of shares repurchased (796,068,295) (2,527,931,874)
------------- ---------------
Net increase (decrease) in net assets resulting
from fund share transactions $(98,166,094) $ 63,006,066
------------- ---------------
Net increase (decrease) in net assets $(98,166,094) $ 63,006,066
------------- ---------------
NET ASSETS:
Beginning of period 371,278,402 308,272,336
------------- ---------------
End of period $273,112,308 $ 371,278,402
============= ===============
</TABLE>
<TABLE>
<CAPTION>
'00 Amount
(unaudited) '99 Amount
<S> <C> <C>
CLASS A
Shares sold $ 542,430,313 $ 1,942,247,005
Reinvestment of distributions 5,651,712 9,841,272
Less shares repurchased (609,809,189) (1,915,279,542)
------------- ---------------
Net increase (decrease) $ (61,727,164) $ 36,808,735
============= ===============
CLASS B
Shares sold $ 62,160,586 $ 191,889,286
Reinvestment of distributions 909,648 1,590,022
Less shares repurchased (92,314,666) (165,933,810)
------------- ---------------
Net increase (decrease) $ (29,244,432) $ 27,545,498
============= ===============
CLASS C
Shares sold $ 86,505,367 $ 444,608,185
Reinvestment of distributions 244,575 762,170
Less shares repurchased (93,944,440) (446,718,522)
------------- ---------------
Net decrease $ (7,194,498) $ (1,348,167)
============= ===============
</TABLE>
10 The accompanying notes are an integral part of these financial statements.
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <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
-------- ------- -------- -------- -------- ---------
Increase from investment operations:
Net investment income $ 0.03 $ 0.04 $ 0.05 $ 0.05 $ 0.05 $ 0.05
Distributions to shareholders:
Net investment income (0.03) (0.04) (0.05) (0.05) (0.05) (0.05)
-------- -------- --------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return* 2.57% 4.23% 4.84% 4.78% 4.65% 5.17%
Ratio of net expenses to average net assets+ 1.07%** 1.01% 0.88% 0.94% 0.91% 0.88%
Ratio of net investment income to average net assets+ 5.04%** 4.11% 4.61% 4.62% 4.50% 5.00%
Net assets, end of period (in thousands) $225,399 $287,126 $250,318 $209,041 $189,346 $163,820
Ratios assuming no waiver of management fees and
assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 1.07%** 1.01% 0.88% 0.98% 1.05% 1.15%
Net investment income 5.04%** 4.11% 4.61% 4.58% 4.36% 4.73%
Ratios assuming waiver of management fees and
assumption of expenses by PIM and reduction for
fees paid indirectly:
Net expenses 0.99%** 0.95% 0.77% 0.87% 0.85% 0.82%
Net investment income 5.12%** 4.17% 4.72% 4.69% 4.56% 5.06%
</TABLE>
*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 net asset value at the end of each period.
**Annualized.
+Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
Pioneer Cash Reserves Fund
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FINANCIAL HIGHLIGHTS 6/30/00
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<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended Year Ended Year Ended Year Ended 3/31/95 to
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
CLASS B
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ---------
Increase from investment operations:
Net investment income $ 0.02 $ 0.03 $ 0.04 $ 0.04 $ 0.04 $ 0.03
Distributions to shareholders:
Net investment income (0.02) (0.03) (0.04) (0.04) (0.04) (0.03)
------- ------- ------- ------- ------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =========
Total return* 2.13% 3.36% 3.96% 3.89% 3.82% 3.28%
Ratio of net expenses to average net assets+ 1.90%** 1.83% 1.67% 1.75% 1.75% 1.66%**
Ratio of net investment income to average net assets+ 4.17%** 3.33% 3.79% 3.85% 3.66% 4.20%**
Net assets, end of period (in thousands) $37,940 $67,184 $39,639 $32,477 $10,342 $7,574
Ratios assuming no waiver of management fees by PIM and
no reduction for fees paid indirectly:
Net expenses 1.90%** 1.83% 1.67% 1.78% 1.88% 1.86%**
Net investment income 4.17%** 3.33% 3.79% 3.82% 3.53% 4.00%**
Ratios assuming waiver of management fees by PIM and
reduction for fees paid indirectly:
Net expenses 1.85%** 1.80% 1.60% 1.70% 1.67% 1.61%**
Net investment income 4.22%** 3.36% 3.86% 3.90% 3.74% 4.25%**
</TABLE>
*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 net asset value at the end of each period.
**Annualized.
+Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
6/30/00 Year Ended Year Ended Year Ended 1/31/96 to
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96
<S> <C> <C> <C> <C> <C>
CLASS C
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------- ------- ------ ------
Increase from investment operations:
Net investment income $ 0.02 $ 0.03 $ 0.04 $ 0.04 $0.03
Distributions to shareholders:
Net investment income (0.02) (0.03) (0.04) (0.04) (0.03)
-------- ------- ------- ------- --------
Net asset value, end of period $ 1.00 1.00 $ 1.00 $ 1.00 $1.00
======== ======== ======= ====== ========
Total return* 2.04% 3.34% 4.12% 3.96% 3.35%
Ratio of net expenses to average net assets+ 2.08%** 1.76% 1.66% 1.79% 1.84%**
Ratio of net investment income to average net assets+ 3.86%** 3.41% 3.79% 3.84% 3.61%**
Net assets, end of period (in thousands) $9,773 $16,968 $18,316 $7,537 $ 912
Ratios assuming no waiver of management fees by PIM and no
reduction for fees paid indirectly:
Net expenses 2.08%** 1.76% 1.66% 1.81% 1.95%**
Net investment income 3.86%** 3.41% 3.79% 3.82% 3.50%**
Ratios assuming waiver of management fees by PIM and
reduction for fees paid indirectly
Net expenses 1.95%** 1.72% 1.38% 1.62% 1.77%**
Net investment income 3.99%** 3.45% 4.07% 4.01% 3.68%**
</TABLE>
*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 net asset value at the end of each period.
**Annualized
+Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Cash Reserves Fund (the Fund) is a Delaware business trust registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to provide current
income, preservation of capital and liquidity.
The Fund offers three classes of shares--Class A, Class B and Class C shares.
Shares of Class A, Class B and Class C each represent an interest in the same
portfolio of investments of the Fund and have equal rights to voting,
redemptions, dividends and liquidation, except that each class of shares can
bear different transfer agent and distribution fees and have exclusive voting
rights with respect to the distribution plans that have been adopted by Class A,
Class B and Class C shareholders, respectively.
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 are recorded as of trade date. Securities are valued
at amortized cost, which approximates market value. 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. Interest income is recorded on the accrual basis.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareholders. Therefore, no federal income tax provision is required.
14
<PAGE>
Pioneer Cash Reserves Fund
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The characterization of distributions to shareholders for financial
reporting purposes is determined in accordance with federal income tax
rules. Therefore, the source of the Fund's 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. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
D. Class Allocations
Distribution fees are calculated based on the average daily net asset
values attributable to Class A, Class B and Class C shares of the Fund,
respectively. Shareholders of each class 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.
Distributions to shareholders are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner, at the same time, and in the same amount,
except that Class A, Class B and Class C shares can bear different transfer
agent and distribution fees.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian, or subcustodians. The
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NOTES TO FINANCIAL STATEMENTS 6/30/00 (unaudited) (cont'd)
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Fund's investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM manages the Fund's portfolio and is a wholly owned subsidiary of The Pioneer
Group, Inc. (PGI). Management fees are calculated daily at the annual rate of
0.40% of the Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund. At June 30, 2000, $101,705 was payable to PIM
related to management fees, administrative fees and certain other services.
3. Transfer Agent
PSC, a wholly owned subsidiary of PGI, provides substantially all transfer agent
and shareholder services to the Fund at negotiated rates. Included in due to
affiliates is $84,062 in transfer agent fees payable to PSC at June 30, 2000.
4. Distribution Plans
The Fund adopted a Plan of Distribution for each class of shares (Class A Plan,
Class B Plan and Class C Plan) in accordance with Rule 12b-1 of the Investment
Company Act of 1940. Pursuant to the Class A Plan, the Fund pays Pioneer Funds
Distributor, Inc. (PFD), its principal underwriter and an indirect subsidiary of
PGI, a service fee of up to 0.15% of the average daily net assets attributable
to Class A shares in reimbursement of its actual expenditures to finance
activities primarily intended to result in the sale of Class A shares. Pursuant
to the Class B Plan and the Class C Plan, the Fund pays PFD 1.00% of the average
daily net assets attributable to each class of shares. The fee consists of a
0.25% service fee and a 0.75% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class B and Class C shares. Included in due to affiliates is $55,316
in distribution fees payable to PFD at June 30, 2000.
In addition, redemptions of Class B and Class C shares may be subject to a
contingent deferred sales charge (CDSC). Class B shares that are
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Pioneer Cash Reserves Fund
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redeemed within six years of purchase are subject to a CDSC at declining rates
beginning at 4.00%. Redemptions of Class C shares within one year of purchase
are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to PFD. For the
six months ended June 30, 2000, CDSCs in the amount of $519,496 were paid to
PFD.
5. Expense Offsets
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the six months ended June 30, 2000,
the Fund's expenses were reduced by $122,074 under such arrangements.
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Pioneer Cash Reserves Fund
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TRUSTEES, OFFICERS AND SERVICE PROVIDERS
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Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice
Margaret B.W. Graham President
Marguerite A. Piret Sherman B. Russ, Vice President
David D. Tripple Eric W. Reckard, Treasurer
Stephen K. West Joseph P. Barri, Secretary
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
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PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
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Your investment professional can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-800-225-6292.
FactFoneSM
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone gives you a quick and easy way to check fund share
prices, yields, dividends and distributions, as well as information about your
own account. Simply call 1-800-225-4321. For specific account information, have
your 13-digit account number and four-digit personal identification number at
hand.
90-Day Reinstatement Privilege (for Class A Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long as you
meet its minimum investment requirement.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you need to
do is authorize a set amount of money to be moved out of your bank account into
the Pioneer fund of your choice. Investomatic also allows you to change the
dollar amount, frequency and investment date right over the phone. By putting
aside affordable amounts of money regularly, you can build a long-term
investment - without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing Pioneer
to deduct from participating employees' paychecks. You specify the dollar amount
you want to invest into the Pioneer fund(s) of your choice.
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PROGRAMS AND SERVICES (continued)
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Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, then select the other Pioneer funds
you wish to invest in. You choose the amounts and dates for Pioneer to sell
shares of your original fund, and use the proceeds to buy shares of the other
funds you have chosen. Over time, your investment will be shifted out of the
original fund. (Automatic Exchange is available for originating accounts with a
balance of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set intervals. You
decide the frequency and the day of the month you want. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available for accounts with a value of $10,000 or more.)
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THE PIONEER FAMILY OF MUTUAL FUNDS
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For information about any Pioneer mutual fund, please contact your investment
professional, or call Pioneer at 1-800-225-6292. Ask for a free fund information
kit, which includes a fund prospectus. Please read the prospectus carefully
before you invest or send money.
Growth Funds Income Funds
United States Taxable
Pioneer Growth Shares Pioneer America Income Trust
Pioneer Micro-Cap Fund Pioneer Bond Fund
Pioneer Mid-Cap Fund Pioneer High Yield Fund
Pioneer Mid-Cap Value Fund Pioneer Limited Maturity Bond Fund
Pioneer Science & Technology Fund Pioneer Strategic Income Fund
Pioneer Small Company Fund
Pioneer Tax-Managed Fund Tax-Free
Pioneer Tax-Free Income Fund
International/Global Money Market Fund
Pioneer Emerging Markets Fund Pioneer Cash Reserves Fund*
Pioneer Europe Fund
Pioneer Indo-Asia Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
Growth and Income Funds
Pioneer Fund
Pioneer II
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Real Estate Shares
* An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
Fund seeks to preserve the value of your investment at $1 per share, it is
possible to lose money by investing in the Fund.
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HOW TO CONTACT PIONEER
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We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
<TABLE>
<S> <C>
Account information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone[SM] for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our Internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
</TABLE>
This report must be preceded or accompanied by a current Fund prospectus.
[Pioneer Logo]
Pioneer Investment Management, Inc.
60 State Street 8637-00-0800
Boston, Massachusetts 02109 (c) Pioneer Funds Distributor, Inc.
www.pioneerfunds.com [Recycle] Printed on Recycled Paper
