PIONEER CALIFORNIA
DOUBLE TAX-FREE FUND
PIONEER NEW YORK
TRIPLE TAX-FREE FUND
PIONEER MASSACHUSETTS
DOUBLE TAX-FREE FUND
SEMIANNUAL REPORT
MARCH 31, 1995
DEAR SHAREOWNERS,
Pioneer's three single-state municipal bond funds completed the first six
months of their third fiscal year on March 31, 1995. This report details
the much- improved environment for municipal bond investing during the
period, and highlights the strong performance of:
* PIONEER CALIFORNIA DOUBLE TAX-FREE FUND, exempt from federal and Cali-
fornia state personal income taxes.
* PIONEER NEW YORK TRIPLE TAX-FREE FUND, exempt from federal, New York
state and New York City personal income taxes.
* PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND, exempt from federal and Mas-
sachusetts state personal income taxes.
Over the past six months, the Federal Reserve (the Fed) raised short-term
interest rates twice, on November 15 and February 1, bringing the federal
funds rate to a three-year high of 6.0%. The Fed's decision to raise rates
was based on its concern about the pace of economic growth and subsequent
inflation. Investors, trying to come to terms with these matters, added to
the bond market's turmoil, as reflected by its poor performance in 1994.
However, it now appears that the Fed's efforts are beginning to have the
desired effect. Many economic indicators have slowed (for example, home
sales, consumer spending, construction spending), while financial markets
have gained strength. Even the Fed's rate hike on February 1 did little to
temper the positive momentum in the bond market; if anything, many inves-
tors saw the increase as a sign of the Fed's determination to keep the
economy from expanding too quickly.
Improving conditions throughout the bond market brought the greatest bene-
fits to municipal investors, in the form of higher prices. In addition,
the record low supply of securities made available in 1995 helped further
fuel the municipal market. The new-issue supply introduced in the first
quarter of 1995 was 46% lower than one year earlier. The volume of new is-
sues currently is at its lowest level in five years, suggesting that mu-
nicipal bonds should continue to outperform taxable bonds in 1995. The ac-
companying chart shows that municipal bonds generated stronger total re-
turns than the broader taxable bond market for periods through March 31.
MUNICIPAL BONDS OUTPERFORMED TAXABLE BONDS
DESCRIPTION OF BAR GRAPH
Bar graph showing total returns as of March 31, 1995 for Lehman Brothers
Aggregate Bond Index and Lehman Brothers Municipal Bond Index. The figures
used for the bar graph are as follows:
<TABLE>
<CAPTION>
1 MONTH 3 MONTHS 6 MONTHS 1 YEAR
<S> <C> <C> <C> <C>
LEHMAN BROTHERS AGGREGATE BOND INDEX 0.61% 5.04% 5.44% 4.99%
LEHMAN BROTHERS MUNICIPAL BOND INDEX 1.15% 7.07% 5.54% 7.43%
</TABLE>
THE OUTLOOK FOR TAX-SENSITIVE INVESTORS
The Fed's two increases in short-term interest rates over the past six
months show its continued determination to keep inflation low. With eco-
nomic indicators finally pointing to a slowdown, further interest rate
increases should be minimal. Any additional increases that may occur over
the near term should not create the widespread volatility experienced in
last year's bond market. Of course, we will look for signs of economic
growth and inflation, just as we will watch for other events that could
have an impact on the overall bond market, such as the weakening dollar,
economic activity overseas and the potential for increased consumer spend-
ing stemming from IRS tax refunds.
Past events remind us that investing can be volatile in the short term.
However, they also show us how temporary conditions -- especially negative
ones -- can create buying opportunities and set the stage for long- term
rewards. Regardless of market movements, your Funds' management will con-
tinue to monitor and adjust the portfolios, working to maintain the Funds'
objective of providing a steady income stream. We are encouraged by the
current environment for municipal investing, and expect that the Funds --
and shareowners -- will benefit accordingly.
The following pages provide details about your Fund, as well as its unau-
dited list of portfolio holdings as of March 31, 1995. If you have any
questions about your Fund, please contact your financial adviser, or call
Pioneer at 1-800-225-6292.
Respectfully,
John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
May 4, 1995
PIONEER CALIFORNIA DOUBLE TAX-FREE FUND
As of March 31, 1995, we report the following for your Fund:
* A 30-day SEC yield of 5.19%.1 This yield measures net investment income
and is calculated using a standard formula prescribed by the Securities
and Exchange Commission. Your Fund's tax-free yield was equivalent to a
taxable yield of 9.65% at the end of the period, based on the maximum
combined federal and California personal income tax rate of 46.24%.
* Shareowners received tax-exempt dividends of $0.28 per share for the pe-
riod.
* Net asset value stood at $10.63 per share, versus $10.22 six months ear-
lier.
* The Fund's six-month total return was 6.92% based on net asset value and
3.18% based on public offering price. Total return represents the change
in share price and assumes reinvestment of all distributions at net
asset value. The Fund's longer-term total returns through March 31,
1995, were as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
NET ASSET VALUE PUBLIC OFFERING PRICE*
<S> <C> <C>
Life-of-Fund (2/19/93) 2.80% 1.08%
1 Year 6.18 2.49
</TABLE>
As of March 31, 1995, your Fund's portfolio holdings had an average qual-
ity rating of AA. This focus on high quality provides a level of comfort
to conservative investors who do not want to invest in anything less than
investment-grade bonds. The Fund's management follows strict quality
guidelines, avoiding lower-quality investments as well as speculative se-
curities. The Fund also currently avoids issues subject to the Alternative
Minimum Tax (AMT).
Over the semiannual period, we added bonds with seven-to-10 years to matu-
rity to take advantage of their strong performance. We increased the
Fund's weighting in bonds in the 10- to 20-year range. We decreased the
Fund's weighting in longer-term securities with a maturity of 20 years or
more, to 33% on March 31 from 44% as of September 30. While longer- term
bonds provide high monthly income, they are more volatile than
intermediate-term securities. And, in the current interest rate environ-
ment, intermediate-term bonds are providing a competitive dividend stream.
By the end of the six-month period, the Fund's portfolio had an average
effective life of 16 years, versus 19 years on September 30, 1994.
The Fund remains diversified across many market sectors within California.
As of March 31, the Fund had a sizable weighting in water and sewer bonds,
totaling approximately 23% of the portfolio. These bonds continue to per-
form solidly. Because of the essential services they provide, their per-
formance is not directly tied to the State's lackluster economy.
During 1994, Orange County's fiscal problems attracted much publicity. The
County declared bankruptcy after a series of speculative investments led
to significant losses in its investment pool. Your Fund does not own any
direct obligations of Orange County, although two holdings in the portfo-
lio -- Orange County Local Transportation Authority Sales Tax Revenue
Bonds and South Coast Water District Revenue Bonds -- had investments in
the pool that was managed by Orange County. Nonetheless, the County's
problems have not affected the performance of these specific bonds. The
two bonds have maintained their high-quality ratings of AA and A+, respec-
tively. In addition, Orange County Local Transportation Authority is
backed by sales tax revenues, and South Coast Water District is backed by
user-service charges and property taxes. These bonds have made every one
of their interest payments, and we expect they will do so in the future.
Your management plans to hold these bonds in the Fund until we are confi-
dent we can realize maximum value by selling them.
PORTFOLIO QUALITY
(MARCH 31, 1995)
PIE CHART
<TABLE>
<S> <C>
CASH AND CASH EQUIVALENTS 4%
A 21%
AA 45%
AAA 30%
</TABLE>
PORTFOLIO MATURITY
(MARCH 31, 1995)
PIE CHART
<TABLE>
<S> <C>
0-5 YEARS 4%
5-7 YEARS 4%
7-10 YEARS 4%
10-20 YEARS 55%
20+ YEARS 33%
</TABLE>
1 The investment adviser temporarily waived its management fees and ab-
sorbed certain expenses, otherwise the Fund's total return would have
been lower and its SEC yield would have been 2.64%.
* Assumes deduction of the maximum 3.5% sales charge.
Past performance does not guarantee future results. Return and share
price fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. A portion of income may be
subject to state and local taxes, although the Fund intends to minimize
any taxable income.
PIONEER NEW YORK TRIPLE TAX-FREE FUND
We report the following for your Fund as of March 31, 1995:
* A 30-day SEC yield of 5.13%.1 This yield measures net investment income
and is calculated using a standard formula prescribed by the Securities
and Exchange Commission. Your Fund's tax-free yield was equivalent to a
taxable yield of 9.19% at the end of the period, based on the 44.19%
maximum combined federal and New York state personal income tax rate,
and 9.66% based on the 46.88% maximum combined federal, New York state
and New York City tax rate.
* Shareowners received tax-exempt dividends of $0.27 per share for the pe-
riod.
* Net asset value stood at $10.73 per share, versus $10.39 six months ear-
lier.
* The Fund's six-month total return was 6.07% based on net asset value and
2.32% based on public offering price. Total return represents the change
in share price and assumes reinvestment of all distributions at net
asset value. The Fund's longer-term total returns through March 31,
1995, were as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
NET ASSET VALUE PUBLIC OFFERING PRICE*
<S> <C> <C>
Life-of-Fund (2/19/93) 3.34% 1.60%
1 Year 6.13 2.38
</TABLE>
Your Fund invests only in high-quality securities; the average quality
rating in the portfolio was AA on March 31, 1995. This high-quality focus
provides a level of comfort to conservative investors who do not want ex-
posure to anything less than investment-grade bonds. The Fund's management
adheres to strict quality guidelines, avoiding lower-quality investments
as well as speculative securities. The Fund also currently avoids issues
subject to the Alternative Minimum Tax (AMT).
By the end of the six-month period, the Fund's portfolio had an average
effective life of 13 years, versus 16 years on September 30, 1994. While
your Fund still holds longer-term securities, we significantly decreased
the weighting in securities with a maturity of 20 years or more, from 23%
as of September 30 to 9% on March 31. While longer-term bonds provide
solid monthly income, they are more volatile than intermediate securities.
And, in the current interest rate environment, intermediate-term bonds are
providing a very competitive dividend stream. We therefore increased the
Fund's intermediate position (bonds in the seven-to-10-year range), from
5% on September 30 to 11% on March 31.
Since our last report to you, New York residents elected a new governor,
George Pataki, who has proposed a budget calling for lower taxes on resi-
dents and businesses. The proposal has been designed to help the State's
stagnant economy rebuild and become more competitive. The key ingredients
of the proposed budget include a 25% reduction in the top personal income
tax rate over four years, as well as a reduction in spending to accommo-
date reduced revenue. While the new administration's proposal is balanced
and based on realistic economic projections, its fate is unresolved. Your
management will monitor this situation as it continues to evolve.
Your Fund remains well-diversified across many market sectors within New
York. Over the six-month period, your management increased the Fund's
weighting in education bonds of private institutions and essential-
services bonds. The performance of these high-quality securities tends not
to be directly tied to the State's economy, which we think makes the most
sense for your Fund as we closely watch the progress and effectiveness of
the State's new administration.
PORTFOLIO QUALITY
(MARCH 31, 1995)
PIE CHART
<TABLE>
<S> <C>
CASH AND CASH EQUIVALENTS 3%
A 34%
AA 29%
AAA 34%
</TABLE>
PORTFOLIO MATURITY
(MARCH 31, 1995)
PIE CHART
<TABLE>
<S> <C>
0-7 YEARS 3%
7-10 YEARS 11%
10-20 YEARS 77%
20+ YEARS 9%
</TABLE>
1 The investment adviser temporarily waived its management fees and ab-
sorbed certain expenses, otherwise the Fund's total return would have
been lower and its SEC yield would have been 1.86%.
* Assumes deduction of the maximum 3.5% sales charge.
Past performance does not guarantee future results. Return and share
price fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. A portion of income may be
subject to state and local taxes, although the Fund intends to minimize
any taxable income.
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
We report the following for your Fund as of March 31, 1995:
* A 30-day SEC yield of 5.14%.1 This yield measures net investment income
and is calculated using a standard formula prescribed by the Securities
and Exchange Commission. Your Fund's tax-free yield was equivalent to a
taxable yield of 9.67% at the end of the period, based on the 46.85%
maximum combined federal and Massachusetts personal income tax rate.
* Shareowners received tax-exempt dividends of $0.28 per share for the pe-
riod.
* Net asset value stood at $10.75 per share, versus $10.29 six months ear-
lier.
* The Fund's six-month total return was 7.33% based on net asset value and
3.61% based on public offering price. Total return represents the change
in share price and assumes reinvestment of all distributions at net
asset value. The Fund's longer-term total returns through March 31,
1995, were as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
NET ASSET VALUE PUBLIC OFFERING PRICE*
<S> <C> <C>
Life-of-Fund (2/19/93) 3.77% 2.05%
1 Year 7.49 3.76
</TABLE>
Your Fund's portfolio holdings had an average quality rating of AA on
March 31, 1995. This high-quality focus provides a level of comfort to
conservative investors uncomfortable with exposing their investment to
anything less than investment-grade bonds. The Fund's management avoids
lower-quality investments, as well as speculative securities. The Fund
also currently avoids issues subject to the Alternative Minimum Tax (AMT).
By the end of the six-month period, the Fund's holdings had an average ef-
fective life of 15 years, versus 17 years on September 30, 1994. While the
Fund still holds a sizable weighting in longer-term securities to maintain
a strong monthly dividend, we significantly increased the number of
shorter-term holdings during the period. Specifically, we augmented the
Fund's position in the seven-to-10-year range, from 4% on September 30 to
12% on March 31. These investments offer greater liquidity and share price
stability than longer-term bonds, which should help your Fund's management
take advantage of buying opportunities and minimize changes to the Fund's
net asset value.
The Fund remains diversified across market sectors within the Common-
wealth. As of March 31, 23% of the portfolio was invested in bonds issued
by prestigious colleges and universities. These educational institutions
remain in high demand with students throughout this country, and in other
parts of the world, because of their high academic standing. The fiscal
well-being of the institutions tends to come from large endowments and in-
dependent financial resources and, therefore, is not dependent on Massa-
chusetts' economy.
PORTFOLIO QUALITY
(MARCH 31, 1995)
PIE CHART
<TABLE>
<S> <C>
CASH AND CASH EQUIVALENTS 2%
A 42%
AA 18%
AAA 38%
</TABLE>
PORTFOLIO MATURITY
(MARCH 31, 1995)
PIE CHART
<TABLE>
<S> <C>
0-7 YEARS 3%
7-10 YEARS 12%
10-20 YEARS 70%
20+ YEARS 15%
</TABLE>
1 The investment adviser temporarily waived its management fees and ab-
sorbed certain expenses, otherwise the Fund's total return would have
been lower and its SEC yield would have been 2.01%.
* Assumes deduction of the maximum 3.5% sales charge.
Past performance does not guarantee future results. Return and share
price fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. A portion of income may be
subject to state and local taxes, although the Fund intends to minimize
any taxable income.
SCHEDULE OF INVESTMENTS -- PIONEER CALIFORNIA DOUBLE TAX-FREE FUND --
MARCH 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
STANDARD
PRINCIPAL & POOR'S
AMOUNT RATING INVESTMENTS+ VALUE
<S> <C> <C> <C>
TAX-EXEMPT SECURITIES -- 97.1%
CALIFORNIA -- 88.5%
$100,000 AA- Beverly Hills Public Financing Authority $ 97,763
Revenue, 6.0%, 2022
150,000 AA- Burlingame Elementary School District 138,593
General Obligation, 5.5%, 2013
250,000 AA California State Department Water 257,815
Resources, Central Valley Project
Revenue, 6.0%, 2007
250,000 AA California Educational Facilities Author- 239,878
ity Revenue, University of Southern
California, 5.8%, 2015
250,000 AA- California State Transportation Commis- 225,993
sion, San Francisco Bay Toll Bridge
Revenue, 4.6%, 2005
250,000 A California General Obligation, 6.5%, 2010 265,293
100,000 AA- East Bay Municipal Utility District 97,830
Revenue, 6.0%, 2020
100,000 AA- East Bay Regional Park District General 97,526
Obligation, 5.75%, 2012
250,000 AA Los Angeles County Sanitation District 228,510
Financing Authority Revenue, 5.375%, 2013
100,000 AAA Los Angeles County Transportation 98,253
Commission Revenue, MBIA Insured, 6.0%,
2023
100,000 AA Los Angeles Department of Water and Power 96,671
Revenue, 6.0%, 2032
250,000 AA Los Angeles General Obligation, 5.25%, 2008 234,625
250,000 AAA M-S-R Public Power Agency, San Juan Revenue 254,375
Project, AMBAC Insured, 6.0%, 2008
250,000 AA Metropolitan Water District of Southern 229,630
California Revenue, 5.5%, 2019
250,000 AAA North Of The River Sanitation District # 226,635
1 Revenue, AMBAC Insured, 5.25%, 2017
250,000 AAA Northern California Power Agency Revenue, 230,200
Hydroelectric Project Number One, MBIA
Insured, 5.5%, 2023
100,000 AAA Northern California Transmission Revenue, 94,033
MBIA Insured, 5.5%, 2014
250,000 AA Orange County Local Transportation 252,770
Authority, Sales Tax Revenue, 6.0%, 2008
100,000 A1(1) Palm Springs Unified School District 88,974
General Obligation, 5.3%, 2017
250,000 AA+ Palo Alto Utility Revenue, 6.2%, 2012 259,150
250,000 AA- Pasadena Electric Revenue, 5.15%, 2001 252,400
250,000 A- Sacramento Municipal Utility District 233,438
Electric Revenue, 5.75%, 2022
250,000 AA+ San Diego Open Space Park Facility General 251,270
Obligation, 5.75%, 2008
250,000 A- San Diego Public Facilities Financing 215,675
Authority Sewer Revenue, 5.25%, 2020
100,000 AAA San Francisco Sewer Revenue, AMBAC Insured, 93,921
5.5%, 2015
250,000 AAA San Jose Airport Revenue, F.G.I.C. Insured, 254,598
5.875%, 2007
100,000 AAA San Luis Obispo Water Revenue, MBIA Insured, 93,067
5.5%, 2018
250,000 AAA Santa Barbara County Transportation 225,958
Authority, Sales Tax Revenue, FGIC
Insured, 5.0%, 2010
200,000 AA- Santa Monica-Malibu Unified School 183,290
District General Obligation, 5.5%, 2018
250,000 AAA Santa Monica Wastewater Enterprise 234,053
Revenue, AMBAC Insured, 5.0%, 2008
100,000 A+ South Coast Water District Revenue, 5.875%, 88,182
2021
250,000 AA- Southern California Public Power Authority 236,095
Transmission Project Revenue, 5.75%, 2021
$6,076,464
PUERTO RICO -- 8.6%
$100,000 A Commonwealth of Puerto Rico General $ 97,117
Obligation, 6.0%, 2022
250,000 A- Puerto Rico Electric Power Authority 247,755
Revenue, 6.0%, 2010
250,000 A+ Puerto Rico Telephone Authority Revenue, 244,566
5.4%, 2008
$ 589,438
TOTAL INVESTMENT IN TAX-EXEMPT $6,665,902
SECURITIES -- 97.1%
(Total Cost $6,905,519)(a)
TEMPORARY INVESTMENT IN SECURITIES -- 2.9%
TAX-EXEMPT VARIABLE RATE SECURITIES(2)
$100,000 California Pollution Control Financing $ 100,312
Authority, Shell Oil Guarantee, 3.5%, 2000
100,000 Los Angeles County Museum of Arts, Bank of 100,360
America Guarantee, 4.25%, 2005
TOTAL INVESTMENT IN TEMPORARY $ 200,672
TAX-EXEMPT VARIABLE RATE
SECURITIES -- 2.9%
(Total Cost $200,000)
TOTAL INVESTMENT IN SECURITIES -- 100% $6,866,574
(Total Cost $7,105,519)
</TABLE>
+ The concentration of investments in securities by type of obligation/
market sector is:
<TABLE>
<S> <C>
General Obligation 15.9%
Insured 26.0%
Revenue Bonds:
Education Revenue 3.5%
Electric, Water & Sewer Revenue 22.5%
Power Revenue 14.0%
Transportation Revenue 3.3%
Sales Revenue 3.6%
Various Revenues 7.1%
Reserves 4.1%
</TABLE>
(1) Rating by Moody's.
(2) Rate for variable rate security is as of March 31, 1995.
(a) At March 31, 1995 the net unrealized depreciation on investments based
on cost for federal income tax purposes of $6,905,519 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for
all investments in which there is an excess
of value over tax cost $ 33,611
Aggregate gross unrealized depreciation for
all investments in which there is an excess
of tax cost over value (273,228)
Net unrealized depreciation $(239,617)
</TABLE>
Purchases and sales of investments securities (excluding temporary cash
investments) for the six months ended March 31, 1995, aggregated
$1,254,588 and $818,003, respectively.
The accompanying notes are an integral part of these financial statements.
PIONEER CALIFORNIA DOUBLE TAX-FREE FUND
BALANCE SHEET (UNAUDITED) -- MARCH 31, 1995
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value (including
temporary cash investments of $200,672)
(identified cost $7,105,519; see Schedule of
Investments and Note 1) $6,866,574
Cash 84,048
Receivables --
Interest 106,534
Trust shares sold 13,935
Due from Pioneering Management Corporation (Note
2) 28,763
Other 1,074
Total assets $7,100,928
LIABILITIES:
Dividends payable $11,843
Accrued expenses (Notes 2, 3, and 4) 32,217
Total liabilities $44,060
NET ASSETS:
Trust shares (unlimited number of shares
authorized), amount paid in on 663,797 shares
outstanding
(Notes 1 and 5) $7,392,149
Accumulated net realized loss on investments (95,664)
Net unrealized loss on investments (239,617)
Total net assets (equivalent to $10.63 per
share based on 663,797 trust shares
outstanding) $7,056,868
</TABLE>
PIONEER CALIFORNIA DOUBLE TAX-FREE FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED MARCH 31, 1995
<TABLE>
<S> <C> <C>
INVESTMENT INCOME (NOTE 1):
Interest $188,844
EXPENSES:
Management fees (Note 2) $18,706
Transfer fees (Note 3) 1,666
Distribution fees (Note 4) 6,306
Registration fees 2,730
Custodian fees 3,640
Professional fees 11,191
Accounting (Note 2) 22,420
Printing 1,644
Fees and expenses of nonaffiliated trustees 1,820
Regulatory reporting 3,960
Miscellaneous expenses 3,458
Total expenses $77,541
Less management fees waived and expenses
reimbursed by Pioneering Management
Corporation (Note 2) 61,952
Net expenses $ 15,589
Net investment income $173,255
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $(74,130)
Decrease in net unrealized loss on investments 342,210
Net gain on investments $268,080
Net increase in net assets resulting from
operations $ 441,335
</TABLE>
The accompanying notes are an integral part of these financial statements.
PIONEER CALIFORNIA DOUBLE TAX-FREE FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MARCH 31, 1995 AND THE YEAR ENDED SEPTEMBER 30,
1994
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
MARCH 31, ENDED
1995 SEPTEMBER 30,
(UNAUDITED) 1994
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income $ 173,255 $ 292,847
Net realized loss on investments (74,130) (21,534)
Increase (decrease) in net unrealized gain on investments 342,210 (728,382)
Net increase (decrease) in net assets resulting from operations $ 441,335 $ (457,069)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ($0.28 and $0.59 per share, respectively) $ (173,255) $ (292,847)
In excess of net investment income ($0.00 and $0.00 per share, respectively) -- (450)
Decrease in net assets resulting from distributions to shareholders $ (173,255) $ (293,297)
FROM TRUST SHARE TRANSACTIONS (NOTE 1): SHARES
Net proceeds from sale of shares 154,437 301,171 $ 1,553,266 $ 3,349,296
Net asset value of shares issued to
shareholders in reinvestment of
dividends 10,789 17,790 109,063 192,405
Cost of shares repurchased (106,747) (58,823) (1,062,336) (625,136)
Increase in net assets resulting from
trust share transactions 58,479 260,138 $ 599,993 $ 2,916,565
Net increase in net assets $ 868,073 $ 2,166,199
NET ASSETS:
Beginning of period 6,188,795 4,022,596
End of period $ 7,056,868 $ 6,188,795
</TABLE>
PIONEER CALIFORNIA DOUBLE TAX-FREE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR FEBRUARY 19,
MARCH 31, ENDED 1993 TO
1995 SEPTEMBER 30, SEPTEMBER 30,
(UNAUDITED) 1994 1993
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.22 $ 11.65 $ 11.24
Income from investment operations:
Net investment income $ 0.28 $ 0.59 $ 0.38
Net realized and unrealized gain (loss)
on investments 0.41 (1.43) 0.41
Total income (loss) from investment
operations $ 0.69 $ (0.84) $ 0.79
Distributions to shareholders from net
investment income (0.28) (0.59) (0.38)
Net increase (decrease) in net asset value $ 0.41 $ (1.43) $ 0.41
Net asset value, end of period $ 10.63 $ 10.22 $ 11.65
Total return* 6.92% (7.45)% 7.14%
Ratio of net operating expenses to average
net assets 0.50%** 0.36% 0.00%**
Ratio of net investment income to average
net assets 5.56%** 5.31% 5.37%**
Portfolio turnover rate 26.61%** 10.82% 0.00%
Net assets, end of period $ 7,056,868 $ 6,188,795 $ 4,022,596
Ratios assuming no waiver of management fees
or assumption of expenses:
Net operating expenses 2.49%** 2.69% 4.15%**
Net investment income 3.57%** 2.98% 1.22%**
<FN>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all dividends and distributions, the complete
redemption of the investment at net asset value at the end of each pe-
riod, and no sales charges. Total return would be reduced if sales
charges were taken into account.
** Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS -- PIONEER NEW YORK TRIPLE TAX-FREE FUND -- MARCH
31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
STANDARD
PRINCIPAL & POOR'S
AMOUNT RATING INVESTMENTS+ VALUE
<S> <C> <C> <C>
TAX-EXEMPT SECURITIES -- 100%
NEW YORK -- 90.8%
$200,000 AAA Albany General Obligation, AMBAC Insured, $ 206,756
6.125%, 2009
100,000 AAA Buffalo School General Obligation, MBIA 96,621
Insured, 5.05%, 2007
125,000 AAA Buffalo Sewer Authority Revenue, FGIC 119,694
Insured, 5.25%, 2008
100,000 Aa1(1) Dutchess County General Obligation, 5.25%, 94,131
2010
150,000 AAA Fairport Central School District General 146,717
Obligation, FGIC Insured, 5.0%, 2006
100,000 AAA Huntington General Obligation, FGIC 96,136
Insured, 5.5%, 2013
100,000 AAA Metropolitan Transportation Authority 99,432
Revenue, FGIC Insured, 5.5%, 2008
100,000 AAA Monroe County General Obligation, MBIA 99,436
Insured, 5.5%, 2008
125,000 A Municipal Assistance Corporation For New 116,927
York City Revenue, 5.0%, 2008
100,000 AAA Nassau County General Obligation, FGIC 108,085
Insured, 6.6%, 2011
75,000 AAA Nassau County Combined Sewer Districts 71,960
General Obligation, MBIA Insured, 5.4%,
2011
30,000 A- New York City Municipal Water Finance 32,601
Authority Water And Sewer System Revenue,
6.375%, Prerefunded, 2002*
100,000 A- New York State General Obligation, 5.3%, 88,051
2019
100,000 A- New York State General Obligation, 5.7%, 100,813
2006
100,000 AA New York State Dormitory Authority Revenue 97,807
Cornell University, 5.1%, 2005
175,000 AA+ New York State Dormitory Authority Revenue 161,597
Columbia University, 4.7%, 2007
100,000 AAA New York State Dormitory Authority Revenue 99,897
Fordham University, FGIC Insured, 5.6%,
2008
200,000 A+ New York State Dormitory Authority Revenue 205,078
University of Rochester, 6.0%, 2007
125,000 AAA New York State Environmental Facilities 119,057
Corporation Water Pollution Control
Revenue,
5.6%, 2013
100,000 A New York State Local Government Assistance 98,845
Corporation Revenue, 6.00%, 2012
100,000 A New York State Local Government Assistance 100,067
Corporation Revenue, 6.25%, 2018
125,000 Aa(1) New York State Mortgage Agency Revenue, 109,419
5.25%, 2015
125,000 Aa(1) New York State Mortgage Agency Revenue, 126,469
6.5%, 2017
100,000 AA- New York State Power Authority Revenue, 100,723
6.25%, 2023
100,000 AA- New York State Power Authority Revenue, 106,981
6.5%, 2008
150,000 A New York State Thruway Authority Revenue, 143,261
5.75%, 2019
100,000 AAA North Hempstead General Obligation, AMBAC 101,744
Insured, 5.5%, 2004
100,000 Aa(1) Orange County General Obligation, 5.3%, 98,175
2007
150,000 AA Onondaga County General Obligation, 5.85%, 151,698
2011
50,000 AA- Port Authority of New York and New Jersey 45,125
Revenue, 5.125%, 2012
100,000 AA- Port Authority of New York and New Jersey 89,106
Revenue, 5.2%, 2019
100,000 Aa(1) Sands Point General Obligation, 6.4%, 2008 106,167
75,000 AAA Suffolk County Water Authority Revenue, 75,590
AMBAC Insured, 5.25%, Prerefunded, 2004*
100,000 A1(1) Tarrytown General Obligation, 5.0%, 2009 91,578
200,000 A+ Triborough Bridge and Tunnel Authority 197,980
Revenue, 6.0%, 2014
200,000 A(1) United Nations Development Corporation 197,334
Revenue, 6.0%, 2012
$4,101,058
PUERTO RICO -- 9.2%
$100,000 A Commonwealth of Puerto Rico General $ 97,117
Obligation, 6.0%, 2022
150,000 A- Puerto Rico Electric Power Authority 148,653
Revenue, 6.0%, 2010
175,000 A+ Puerto Rico Telephone Authority Revenue, 171,199
5.4%, 2008
$ 416,969
TOTAL INVESTMENT IN TAX-EXEMPT $4,518,027
SECURITIES -- 100% (Total Cost
$4,558,347)(a)
</TABLE>
+ The concentration of investments in securities by type of obligation/
market sector is:
<TABLE>
<S> <C>
General Obligation 17.8%
Escrowed in U.S. Government Securities 2.3%
Insured 26.8%
Revenue Bonds:
Education Revenue 10.0%
Housing Revenue 5.1%
Pollution Control Revenue 2.6%
Power Revenue 7.7%
Sales Tax Revenue 6.8%
Transportation Revenue 10.1%
Various Revenues 7.9%
Reserves 2.9%
</TABLE>
* Prerefunded bonds have been collateralized by U.S. Treasury securities
that are held in escrow and used to pay principal and interest on the
tax-exempt issue and to retire the bonds in full at the earliest re-
funding date.
(1) Rating by Moody's.
(a) At March 31, 1995 the net unrealized depreciation on investments based
on cost for federal income tax purposes of $4,558,347 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for
all investments in which there is an excess
of value over tax cost $ 54,333
Aggregate gross unrealized depreciation for
all investments in which there is an excess
of tax cost over value (94,653)
Net unrealized depreciation $(40,320)
</TABLE>
Purchases and sales of investments securities (excluding temporary cash
investments) for the six months ended March 31, 1995, aggregated
$1,017,066 and $683,365, respectively.
The accompanying notes are an integral part of these financial statements.
PIONEER NEW YORK TRIPLE TAX-FREE FUND
BALANCE SHEET (UNAUDITED) -- MARCH 31, 1995
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value (identified
cost $4,558,347; see Schedule of Investments
and Note 1) $4,518,027
Cash 132,599
Interest Receivable 84,062
Due from Pioneering Management Corporation (Note
2) 35,074
Other 1,277
Total assets $4,771,039
LIABILITIES:
Dividends Payable $ 5,031
Accrued expenses (Notes 2, 3, and 4) 38,038
Total liabilities $ 43,069
NET ASSETS:
Trust shares (unlimited number of shares
authorized), amount paid in on 440,678 shares
outstanding
(Notes 1 and 5) $4,828,568
Accumulated net realized loss on investments (60,278)
Net unrealized loss on investments (40,320)
Total net assets (equivalent to $10.73 per
share based on 440,678 trust shares
outstanding) $4,727,970
</TABLE>
PIONEER NEW YORK TRIPLE TAX-FREE FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED MARCH 31, 1995
<TABLE>
<S> <C> <C>
INVESTMENT INCOME (NOTE 1):
Interest $128,311
EXPENSES:
Management fees (Note 2) $13,079
Transfer fees (Note 3) 908
Distribution fees (Note 4) 745
Registration fees 3,240
Custodian fees 1,550
Professional fees 16,571
Accounting (Note 2) 23,716
Printing 2,184
Fees and expenses of nonaffiliated
trustees 1,820
Regulatory reporting 3,910
Miscellaneous expenses 3,458
Total expenses $ 71,181
Less management fees waived and expenses
reimbursed by Pioneering Management
Corporation (Note 2) 60,281
Net expenses $ 10,900
Net investment income $ 117,411
REALIZED AND UNREALIZED (GAIN) LOSS ON
INVESTMENTS:
Net realized loss on investments $ (58,388)
Decrease in net unrealized loss on
investments 230,676
Net gain on investments $ 172,288
Net increase in net assets
resulting from operations $ 289,699
</TABLE>
The accompanying notes are an integral part of these financial statements.
PIONEER NEW YORK TRIPLE TAX-FREE FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MARCH 31, 1995 AND THE YEAR ENDED SEPTEMBER 30,
1994
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
MARCH 31, ENDED
1995 SEPTEMBER 30,
(UNAUDITED) 1994
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income $ 117,411 $ 188,795
Net realized loss on investments (58,388) (1,890)
Increase (decrease) in net unrealized gain on investments 230,676 (392,984)
Net (increase) decrease in net assets resulting from operations $ 289,699 $ (206,079)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ($0.27 and $0.57 per share, respectively) $ (117,411) $ (188,795)
In excess of net investment income ($0.00 and $0.00 per share, respectively) -- (145)
Decrease in net assets resulting from distributions to shareholders (117,411) (188,940)
SHARES
FROM TRUST SHARE TRANSACTIONS (NOTE 1):
Net proceeds from sale of shares 255,096 156,372 $ 2,602,084 $ 1,722,320
Net asset value of shares issued to
shareholders in reinvestment of
dividends 8,670 14,245 89,043 155,363
Cost of shares repurchased (223,838) (30,748) (2,299,691) (337,697)
Increase in net assets resulting from
trust share transactions 39,928 139,869 $ 391,436 $ 1,539,986
Net increase in net assets $ 563,724 $ 1,144,967
NET ASSETS:
Beginning of period 4,164,246 3,019,279
End of period $ 4,727,970 $ 4,164,246
</TABLE>
PIONEER NEW YORK TRIPLE TAX-FREE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR FEBRUARY 19,
MARCH 31, ENDED 1993 TO
1995 SEPTEMBER 30, SEPTEMBER 30,
(UNAUDITED) 1994 1993
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.39 $ 11.57 $ 11.18
Income from investment operations:
Net investment income $ 0.27 $ 0.57 $ 0.37
Net realized and unrealized gain (loss)
on investments 0.34 (1.18) 0.39
Total income (loss) from investment
operations $ 0.61 $ (0.61) $ 0.76
Distributions to shareholders from net
investment income (0.27) (0.57) (0.37)
Net increase (decrease) net asset value $ 0.34 $ (1.18) $ 0.39
Net asset value, end of period $ 10.73 $ 10.39 $ 11.57
Total return* 6.07% (5.45)% 6.91%
Ratio of net operating expenses to average
net assets 0.50%** 0.36% 0.00%
Ratio of net investment income to average
net assets 5.39%** 5.15% 5.19%**
Porfolio turnover rate 32.13%** 1.96% 0.00%**
Net assets, end of period $ 4,727,970 $ 4,164,246 $ 3,019,279
Ratios assuming no waiver of management fees
or assumption of expenses:
Net operating expenses 3.26%** 3.51% 5.05%**
Net investment income 2.62%** 2.00% 0.14%**
<FN>
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all dividends and distributions, the complete
redemption of the investment at net asset value at the end of each pe-
riod, and no sales charges. Total return would be reduced if sales
charges were taken into account.
** Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS -- PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND --
MARCH 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
STANDARD
PRINCIPAL & POOR'S
AMOUNT RATING INVESTMENTS+ VALUE
<S> <C> <C> <C>
TAX-EXEMPT SECURITIES -- 100%
MASSACHUSETTS -- 86.7%
$100,000 AAA Attleboro General Obligation, AMBAC
Insured, 5.3%, 2003 $100,255
100,000 AAA Boston General Obligation, AMBAC Insured,
5.55%, 2008 99,537
120,000 AAA Boston Industrial Development Financing
Authority Revenue, ConnieLee Insured,
5.25%, 2014 108,080
100,000 Aa1(1) Brookline General Obligation, 5.6%, 2012 97,820
125,000 Aaa(1) Concord Electric Improvement General
Obligation, 5.0%, 2012 113,780
125,000 AAA Dighton & Rehoboth Regional School District
General Obligation, AMBAC Insured, 5.4%,
2009 121,268
125,000 Aa(1) Hingham General Obligation, 5.1%, 2006 123,094
125,000 A+ Commonwealth of Massachusetts General
Obligation, 6.0%, 2012 124,190
50,000 A+ Massachusetts Bay Transportation Author-
ity Revenue, 5.2%, 2003 49,487
100,000 A+ Massachusetts Bay Transportation Author-
ity Revenue, 6.1%, 2013 102,186
175,000 A+ Massachusetts Convention Center Authority
Revenue, Boston Common Parking Garage,
5.375%, 2013 162,528
100,000 A+ Massachusetts Health and Educational
Facilities Authority Revenue, Boston
College,
5.125%, 2008 94,187
100,000 AAA Massachusetts Health and Educational
Facilities Authority Revenue, Harvard
University, 5.5%, 2015 95,479
100,000 AA+ Massachusetts Health and Educational
Facilities Authority Revenue, Massachu-
setts Institute of Technology, 5.0%, 2011 91,448
100,000 AA+ Massachusetts Health and Educational
Facilities Authority Revenue, Massachu-
setts Institute of Technology, 5.0%, 2023 85,977
150,000 A(1) Massachusetts Health and Educational
Facilities Authority Revenue, Wheaton
College, 5.125%, 2009 139,226
100,000 AA Massachusetts Health and Educational
Facilities Authority Revenue, Williams
College,
5.5%, 2017 93,195
100,000 AAA Massachusetts Housing Finance Agency
Residential Development, FNMA Collat-
eralized, 6.25%, 2014 100,492
125,000 A(1) Massachusetts Industrial Financial Agency
Revenue, Brooks School, 5.95%, 2023 121,005
100,000 A+ Massachusetts Industrial Financial Agency
Revenue, Holy Cross College, 6.375%, 2015 101,785
100,000 AA Massachusetts Industrial Financial Agency
Revenue, Phillips Academy, 5.375%, 2023 89,522
100,000 AAA Massachusetts Municipal Wholesale Elec-
tric Company Revenue, AMBAC Insured,
5.1%, 2007 93,746
150,000 AA- Massachusetts Port Authority Revenue,
6.0%, 2013 148,833
150,000 AA Massachusetts State Special Obligation
Revenue, 6.0%, 2013 148,349
125,000 A+ Massachusetts Turnpike Authority Revenue,
5.0%, 2013 111,073
125,000 A Massachusetts Water Resources Authority
Revenue, 6.25%, 2010 127,609
125,000 AAA Monson General Obligation, MBIA Insured,
5.3%, 2006 124,144
100,000 AAA Quaboag Regional School District, General
Obligation, MBIA Insured, 5.3%, 2008 96,764
100,000 AAA Sandwich General Obligation, AMBAC
Insured, 5.2%, 2005 97,925
100,000 AAA South Essex Sewer District, General
Obligation, MBIA Insured, 6.5%, 2006 107,386
75,000 Aaa(1) Weston General Obligation, 5.8%, 2012 75,015
$3,345,385
PUERTO RICO -- 13.3%
$125,000 A Commonwealth of Puerto Rico General $
Obligation, 6.0%, 2022 121,396
125,000 A- Puerto Rico Electric Power Authority
Revenue, 6.0%, 2010 123,878
100,000 A Puerto Rico Highway Authority Revenue,
6.0%, 2020 96,710
175,000 A+ Puerto Rico Telephone Authority Revenue,
5.4%, 2008 171,196
$ 513,180
TOTAL INVESTMENT IN TAX-EXEMPT
SECURITIES -- 100% (Total Cost
$3,951,610)(a) $3,858,565
</TABLE>
+ The concentration of investments in securities by type of obligation/
market sector is:
<TABLE>
<S> <C>
General Obligation 16.6%
Insured 24.0%
Revenue Bonds:
Transportation Revenue 12.8%
Power Revenue 3.2%
Housing Revenue 2.5%
Education Revenue 23.0%
Electric, Water & Sewer Revenue 3.2%
Sales Tax Revenue 3.8%
Various Revenues 8.4%
Reserves 2.5%
</TABLE>
(1) Rating by Moody's.
(a) At March 31, 1995 the net unrealized depreciation on investments based
on cost for federal income tax purposes of $3,951,610 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation for
all investments in which there is an excess
of value over tax cost $ 20,319
Aggregate gross unrealized depreciation for
all investments in which there is an excess
of tax cost over value (113,364)
Net unrealized depreciation $ (93,045)
</TABLE>
Purchases and sales of investments securities (excluding temporary cash
investments) for the six months ended March 31, 1995, aggregated
$246,239 and $204,652, respectively.
The accompanying notes are an integral part of these financial statements.
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
BALANCE SHEET (UNAUDITED) -- MARCH 31, 1995
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value (identified
cost $3,951,610; see Schedule of Investments
and Note 1) $3,858,565
Cash 99,078
Receivables --
Interest 61,341
Trust shares sold 250
Due from Pioneering Management Corporation (Note
2) 21,136
Other 1,267
Total assets $ 4,041,637
LIABILITIES:
Payables --
Trust shares repurchased $ 49,028
Dividends 1,456
Accrued expenses (Notes 2, 3 and 4) 23,882
Total liabilities $ 74,366
NET ASSETS:
Trust shares (unlimited number of shares
authorized), amount paid in on 369,022 shares
outstanding (Notes 1 and 5) $ 4,111,168
Accumulated net realized loss on investments (50,852)
Net unrealized loss on investments (93,045)
Total net assets (equivalent to $10.75 per
share based on 369,022 trust shares
outstanding) $ 3,967,271
</TABLE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED MARCH 31, 1995
<TABLE>
<S> <C> <C>
INVESTMENT INCOME (NOTE 1):
Interest $110,340
EXPENSES:
Management fees (Note 2) $ 11,108
Transfer fees (Note 3) 1,294
Distribution fees (Note 4) 651
Registration fees 1,410
Custodian fees 3,348
Professional fees 8,346
Accounting (Note 2) 20,804
Printing 1,320
Fees and expenses of nonaffiliated trustees 1,820
Regulatory reporting 3,633
Miscellaneous expenses 3,458
Total expenses $ 57,192
Less management fees waived and expenses
reimbursed Pioneering Management Corporation
(Note 2) 47,936
Net expenses $ 9,256
Net investment income $ 101,084
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (43,436)
Decrease in net unrealized loss on investments 211,212
Net gain on investments $ 167,776
Net increase in net assets resulting from
operations $ 268,860
</TABLE>
The accompanying notes are an integral part of these financial statements.
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MARCH 31, 1995 AND FOR THE YEAR ENDED SEPTEMBER
30, 1994
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
MARCH 31, ENDED
1995 SEPTEMBER 30,
(UNAUDITED) 1994
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income $ 101,084 $ 189,812
Net realized loss on investments (43,436) (7,416)
Increase (decrease) in net unrealized gain on investments 211,212 (435,876)
Net increase (decrease) in net assets resulting from operations $ 268,860 $ (253,480)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ($0.28 and $0.58 per share, respectively) $ (101,084) $ (189,812)
In excess of net investment income ($0.00 and $0.00 per share, respectively) -- (882)
(101,084) (190,694)
FROM TRUST SHARE TRANSACTIONS (NOTE 1): SHARES
Net proceeds from sale of shares 12,907 282,933 $ 134,308 $ 3,194,734
Net asset value of shares issued to shareholders
in reinvestment of dividends 9,171 15,911 93,862 172,985
Cost of shares repurchased (19,961) (206,237) (202,586) (2,325,810)
Increase in net assets resulting from trust
share transactions 2,117 92,607 $ 25,584 $ 1,041,909
Net increase in net assets $ 193,360 $ 597,735
NET ASSETS:
Beginning of period 3,773,911 3,176,176
End of period $ 3,967,271 $ 3,773,911
</TABLE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING
<TABLE>
<CAPTION>
SIX MONTHS
ENDED FOR THE FEBRUARY 19,
MARCH 31, YEAR ENDED 1993 TO
1995 SEPTEMBER 30, SEPTEMBER 30,
(UNAUDITED) 1994 1993
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.29 $ 11.58 $ 11.12
Income from investment operations:
Net investment income $ 0.28 $ 0.58 $ 0.37
Net unrealized gain (loss) on
investments 0.46 (1.29) 0.46
Total income (loss) from investment
operations $ 0.74 $ (0.71) $ 0.83
Distributions to shareholders from net
investment income (0.28) (0.58) (0.37)
Net increase (decrease) in net asset value $ 0.46 $ (1.29) $ 0.46
Net asset value, end of period $ 10.75 $ 10.29 $ 11.58
Total return* 7.33% (6.33)% 7.58%
Ratio of net operating expenses to average
net assets 0.50%** 0.35% 0.00%**
Ratio of net investment income to average
net assets 5.46%** 5.23% 5.22%**
Porfolio turnover rate 11.27%** 2.65% 0.00%
Net assets, end of period $ 3,967,271 $ 3,773,911 $ 3,176,176
Ratios assuming no waiver of management fees
or assumption of expenses:
Net operating expenses 3.09%** 3.45% 4.89%**
Net investment income 2.87%** 2.13% 0.33%**
<FN>
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all dividends and distributions, the complete
redemption of the investment at net asset value at the end of each pe-
riod, and no sales charges. Total return would be reduced if sales
charges were taken into account.
** Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS -- MARCH 31, 1995 (UNAUDITED)
1. Pioneer Tax-Free State Series Trust (the Trust) is a Massachusetts
business trust, registered under the Investment Company Act of 1940 as a
diversified, open- ended management company. The Trust consists of three
separate funds (the Funds): Pioneer California Double Tax-Free Fund (Cali-
fornia Fund), Pioneer New York Triple Tax-Free Fund (New York Fund) and
Pioneer Massachusetts Double Tax-Free Fund (Massachusetts Fund). As of
March 31, 1995, The Pioneer Group, Inc. (PGI) was the beneficial owner of
approximately 19%, 41% and 54% of the outstanding shares of the California
Fund, New York Fund and Massachusetts Fund, respectively. The following is
a summary of significant accounting policies consistently followed by the
Funds, which are in conformity with those generally accepted in the in-
vestment company industry.
A. Investment Securities -- Security transactions are recorded on the
date the securities are purchased or sold. Investments in securities are
valued on the basis of valuations furnished by an independent pricing ser-
vice which utilizes a matrix system. This matrix system reflects such fac-
tors as security prices, yields, maturities and ratings, and is supple-
mented by dealer and exchange quotations. Market discount is accreted
daily on a straight line basis. Original issue discount is accreted daily
on a yield to maturity basis. Temporary cash investments are valued at
cost plus accrued interest, which approximates market value. Interest in-
come is recorded on the accrual basis.
Gains and losses from sales of investments are calculated on the "identi-
fied cost" method for both financial reporting and federal income tax pur-
poses. It is the Funds' practice first to select for sale those securities
that have the highest cost and also qualify for long-term capital gain or
loss treatment for tax purposes.
B. Federal Taxes -- It is the Funds' policy to comply with the require-
ments of the Internal Revenue Code applicable to regulated investment com-
panies and to distribute all of their taxable income and net realized cap-
ital gains, if any, to their shareholders. Therefore, no federal tax pro-
visions are required.
The characterization of distributions to shareholders for financial re-
porting purposes is determined in accordance with income tax rules. There-
fore, the source of a portfolio's distributions may be shown in the accom-
panying financial statements as either from or in excess of net in- vest-
ment income or net realized gain on investment transactions, or from
capital, depending on the type of book/tax differences that may exist.
At March 31, 1995, the Funds had capital loss carryforward of approxi-
mately:
California Fund $21,534
New York Fund 1,890
Massachusetts Fund 7,416
C. Trust Shares -- The Funds record sales and repurchases of their trust
shares on the trade date. Net losses, if any, as a result of cancella-
tions, are absorbed by Pioneer Funds Distributor, Inc. (PFD), the princi-
pal underwriter for the Funds and a wholly owned subsidiary of PGI. For
sales made during the six months ended March 31, 1995, PFD earned under-
writing commissions of:
California Fund $2,836
New York Fund 1,391
Massachusetts Fund 119
Dividends are declared daily and are normally paid on the last business
day of each month.
2. Pioneering Management Corporation (PMC), the Trust's investment ad-
viser, manages the Funds' portfolios and is a wholly owned subsidiary of
PGI. Management fees are calculated at the annual rate of 0.60% of each of
the Funds' average daily net assets.
From February 19, 1993 to January 31, 1994, PMC absorbed 100% of each of
the Funds' expenses. Effective from February 1, 1994, PMC has waived its
management fees and, if necessary, will limit or otherwise reduce other
operating expenses (excluding interest and taxes) to the extent needed to
limit the Funds' expenses according to the following schedule:
<TABLE>
<CAPTION>
EXPENSES LIMITED
BY PMC AS A
PERCENTAGE OF
AVERAGE DAILY NET ASSETS AVERAGE DAILY ASSETS
<S> <C>
Up to $20 million To 0.50%
Up to $25 million To 0.55%
Up to $30 million To 0.60%
Up to $35 million To 0.65%
Up to $40 million To 0.70%
Over $40 million To 0.75%
</TABLE>
PMC's agreement to waive its management fees and assume the Funds' ex-
penses is voluntary and temporary and may be revised or terminated at any
time.
In addition, under the management agreement, certain services and costs,
including accounting, regulatory reporting and insurance premiums, are to
be paid by the Funds. Included in Accrued expenses are accounting fees
payable to PMC at March 31, 1995 of:
California Fund $4,129
New York Fund 5,838
Massachusetts Fund 2,257
3. Pioneering Services Corporation (PSC), a wholly owned subsidiary of
PGI, provides substantially all transfer agent and shareholder services to
the Funds at negotiated rates. Included in Accrued expenses -- Other are
transfer fees payable to PSC at March 31, 1995 of:
California Fund $ 932
New York Fund 780
Massachusetts Fund 2,289
4. The Trust has adopted, effective January 1, 1994, a Plan of Distribu-
tion (the Plan) in accordance with Rule 12b-1 pursuant to the Investment
Company Act of 1940. The Plan generally provides that each Fund will reim-
burse PFD for PFD's actual expenditures to finance activities intended to
result in the sale of Fund shares or to provide services to the Funds'
shareholders. Expenditures of each Fund pursuant to the Plan may not ex-
ceed 0.25% of theFund's average annual net assets. In addition, effective
January 1, 1994, a service fee of 0.15% of each Fund's daily net assets
will be accrued daily and paid quarterly pursuant to the Plan. Included in
Accrued expenses are distribution fees payable to PFD at March 31, 1995
of:
California Fund $10,104
New York Fund 3,854
Massachusetts Fund 3,919
5. The Trust has adopted the provisions of Statement of Position 93-2
(SOP 93-2) "Determination, Disclosure, and Financial Statement Presenta-
tion of Income, Capital Gain, and Return of Capital Distributions of In-
vestment Companies." SOP 93-2 requires the Funds to report the accumulated
net investment income (loss) and accumulated net capital gain (loss) ac-
counts to approximate amounts available for future distributions on a tax
basis (or to offset future realized capital gains). As a result, on Sep-
tember 30, 1994 the Funds reclassified the following amounts from distri-
butions in excess of net investment income to paid-in capital (trust
shares):
California Fund $450
New York Fund 145
Massachusetts Fund 882
These reclassifications have no impact on the net asset values of the
Funds and are designed to present the Funds' capital accounts on a tax
basis.
PIONEER CALIFORNIA
DOUBLE TAX-FREE FUND
PIONEER NEW YORK
TRIPLE TAX-FREE FUND
PIONEER MASSACHUSETTS
DOUBLE TAX-FREE FUND
60 State Street
Boston, Massachusetts 02109
OFFICERS
JOHN F. COGAN, JR., Chairman and President
DAVID D. TRIPPLE, Executive Vice President
KATHLEEN D. McCLASKEY, 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
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
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
When distributed to persons who are not shareowners of the Funds,
this report must be accompanied by an official prospectus that dis-
cusses the objectives, policies, sales charges, and other information
about the Funds.
0595-2430
(C)Pioneer Funds Distributor, Inc.
