<PAGE>
PIONEER
MASSACHUSETTS
DOUBLE TAX-FREE
FUND
ANNUAL REPORT
MARCH 31, 1996
<PAGE>
DEAR SHAREOWNER,
This is our final letter to shareowners in Pioneer Massachusetts Double
Tax-Free Fund. We are pleased to report that your Fund's record of
excellent performance continued through March 31, 1996, the close of its
final fiscal year.
As you know, the Fund's Trustees made the decision to close the Fund in
March because of its small size. Your Trustees thought it unlikely the
Fund would become large enough to operate economically, and so determined
that it would not be in shareowners' best interests for the Fund to
continue its operations. As a result, the Fund's fiscal year-end was
changed from September 30 to March 31, and the Fund ceased operations on
April 10, 1996. Enclosed with this report is another report, dated April
10, 1996, which contains the Fund's final financial statements.
HOW YOUR FUND PERFORMED
We report the following performance for the abbreviated fiscal year from
September 30, 1995, through March 31, 1996:
* Shareowners received a total of $0.262 in tax-free income dividends. All
income distributed through March 31 was exempt from federal and state
personal income taxes.
* Net asset value was $11.00 on March 31, versus $10.98 on September 30.
* The Fund generated a total return of 2.54% at net asset value, and
-1.07% at public offering price. Total return reflects the change in
share price and assumes the reinvestment of all distributions at net
asset value.
Please turn to page 2 for information on the Fund's longer-term
performance.
HOW WE MANAGED THE PORTFOLIO
For the early part of the period, interest rates continued the decline
begun earlier in 1995. Prices rose for bonds of all types, although
concerns about tax reform continued to suppress prices of municipal bonds.
As we moved into 1996, however, mixed economic reports brought interest
rates up and bond prices down.
Throughout the period, your Fund's management maintained a diversified
portfolio, emphasizing high-quality, directly funded municipal bonds. We
continued to avoid lease bonds, or other issues where the source of
repayment was less certain. As a result, the Fund's share price held up
quite well during the period, even through the process of liquidating the
portfolio.
The following pages contain the Fund's Schedule of Investments and audited
financial statements as of March 31, 1996. For information on the period
between March 31 and April 10, 1996, please consult the enclosed final
report.
We thank you for your interest in Pioneer and hope your experience with us
was pleasant and successful. If you have any questions about your
investment in Pioneer Massachusetts Double Tax-Free Fund, please contact
your investment representative, or call Pioneer at 1-800-225-6292.
/s/ John F. Cogan, Jr.
Sincerely,
John F. Cogan, Jr.
Chairman and President,
Pioneer Massachusetts Double Tax-Free Fund
<PAGE>
GROWTH OF A $10,000 INVESTMENT*
The following chart shows the growth of a $10,000 investment made in
Pioneer Massachusetts Double Tax-Free Fund at public offering price,
compared to the growth of the Lehman Brothers Municipal Bond Index.**
<TABLE>
<CAPTION>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
AVERAGE ANNUAL TOTAL RETURNS
(AS OF MARCH 31, 1996)
PERIOD NET ASSET VALUE PUBLIC OFFERING PRICE*
<S> <C> <C>
Life-of-Fund (2/19/93) 4.91% 3.73%
Three Years 5.14 3.90
One Year 7.34 3.58
</TABLE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
Pioneer Lehman
Massachusetts Brothers
Double Tax-Free Municipal Bond
Fund Index
<S> <C> <C>
2/28/93 $ 9,650 $10,000
3/31/93 9,628 9,894
6/30/93 9,993 10,218
9/30/93 10,369 10,564
12/31/93 10,482 10,712
3/31/94 9,698 10,124
6/30/94 9,750 10,238
9/30/94 9,712 10,306
12/31/94 9,572 10,158
3/31/95 10,425 10,876
6/30/95 10,633 11,138
9/30/95 10,913 11,458
12/31/95 11,435 11,931
3/31/96 11,189 11,788
</TABLE>
* Reflects deduction of the maximum 3.50% sales charge at the beginning
of the period and assumes reinvestment of distributions at net asset
value.
** Index comparison begins 2/28/93.
The Lehman Brothers Municipal Bond Index is an unmanaged measure of
approximately 8,000 municipal bonds. Bonds in the Index have a minimum
credit rating of BBB, were part of at least a $50 million issuance made
within the past five years and have a maturity of at least two years.
Index returns assume reinvestment of dividends and, unlike Fund returns,
do not reflect any sales charges, fees or expenses. You cannot invest
directly in the Index.
Past performance does not guarantee future results. Return and principal
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than their original cost.
2
<PAGE>
SCHEDULE OF INVESTMENTS -- PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND --
MARCH 31, 1996
<TABLE>
<CAPTION>
STANDARD
& POOR'S/
MOODY'S
PRINCIPAL RATINGS
AMOUNT (UNAUDITED) VALUE
<S> <C> <C> <C>
TAX-EXEMPT SECURITIES -- 100%+
MASSACHUSETTS -- 81.6%
$ 100,000 AAA/Aaa Attleboro General Obligation, AMBAC Insured,
5.3%, 2003 $ 102,964
50,000 AAA/Aaa Boston General Obligation, AMBAC Insured,
5.55%, 2008 50,553
50,000 AAA/Aaa Dighton & Rehoboth Regional School District
General Obligation, AMBAC Insured, 5.4%, 2009 49,941
50,000 NR/Aa Hingham General Obligation, 5.1%, 2006 50,661
50,000 A+/A1 Massachusetts Bay Transportation Authority
Revenue, 5.2%, 2003 51,017
100,000 A+/A1 Massachusetts Bay Transportation Authority
Revenue, 6.1%, 2013 104,968
75,000 A+/A1 Massachusetts General Obligation, 4.4%, 1998 75,326
50,000 A+/A1 Massachusetts Health and Educational Facilities
Authority Revenue, Boston College, 5.125%,
2008 49,166
50,000 AA+/Aaa Massachusetts Health and Educational Facilities
Authority Revenue, Massachusetts Institute of
Technology, 5.0%, 2023 44,426
100,000 AAA/Aaa Massachusetts Housing Finance Agency Residential
Development, FNMA Collateralized, 6.25%, 2014 101,589
100,000 AAA/Aaa Massachusetts Municipal Wholesale Electric Company
Revenue, AMBAC Insured, 5.1%, 2007 98,838
50,000 AA-/Aa Massachusetts Port Authority Revenue, 6.0%, 2013 50,882
50,000 AA/A1 Massachusetts State Special Obligation Revenue,
6.0%, 2013 50,637
50,000 A/A Massachusetts Water Resources Authority Revenue,
6.25%, 2010 52,016
50,000 AAA/Aaa Monson General Obligation, MBIA Insured, 5.3%,
2006 51,217
50,000 AAA/Aaa Sandwich General Obligation, AMBAC Insured,
5.2%, 2005 50,981
100,000 AAA/Aaa South Essex Sewer District, General Obligation,
MBIA Insured, 6.5%, 2006 112,223
75,000 NR/Aaa Weston General Obligation, 5.8%, 2012 76,679
$ 1,224,084
PUERTO RICO -- 18.4%
25,000 A/Baa1 Commonwealth of Puerto Rico General Obligation,
5.1%, 2002 $ 25,319
50,000 A/Baa1 Commonwealth of Puerto Rico General Obligation,
5.2%, 2003 50,690
50,000 A/Baa1 Commonwealth of Puerto Rico General Obligation,
6.0%, 2022 49,473
75,000 AAA/Aaa Puerto Rico Electric Power Authority Revenue,
5.0%, 2004 76,007
75,000 A+/A Puerto Rico Telephone Authority Revenue, 5.4%,
2008 74,861
$ 276,350
TOTAL INVESTMENT INTAX-EXEMPT SECURITIES
-- 100%
(Total Cost $1,465,165) (a)(b) $1,500,434
</TABLE>
+ The concentration of investments in securities by type of
obligation/market sector is as follows:
<TABLE>
<S> <C>
General Obligation 14.2%
Insured 22.3%
Revenue Bonds:
Transportation Revenue 9.0%
Power Revenue 3.3%
Housing Revenue 4.4%
Education Revenue 4.1%
Electric, Water & Sewer Revenue 2.2%
Sales Tax Revenue 2.2%
Other Revenue 3.2%
Reserves 35.1%
Total 100.0%
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
SCHEDULE OF INVESTMENTS -- PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND --
MARCH 31, 1996
NR Not Rated.
(a) At March 31, 1996, the net unrealized gain on investments based on
cost for federal income tax purposes of $1,465,165 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 38,047
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (2,778)
Net unrealized gain $35,269
</TABLE>
(b) At March 31, 1996, the Fund had a net capital loss carryforward of
$57,726 (see Note 6).
Purchases and sales of securities (excluding temporary cash
investments) for the six months ended March 31, 1996 aggregated
$728,189 and $3,713,895, respectively.
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
BALANCE SHEET -- MARCH 31, 1996
<TABLE>
<S> <C>
ASSETS:
Investments in tax-exempt securities, at
value (cost $1,465,165; see Schedule of
Investments and Note 1) $ 1,500,434
Cash 813,387
Interest receivable 22,466
Due from Pioneering Management Corporation
(Note 2) 12,787
Other 6,181
Total assets $ 2,355,255
LIABILITIES:
Payables --
Investment securities purchased $ 231,115
Fund shares repurchased 79,323
Dividends 865
Due to affiliates (Notes 3 and 4) 2,976
Accrued expenses 9,223
Total liabilities $ 323,502
NET ASSETS:
Paid-in capital (Note 1) $ 2,054,210
Accumulated net realized loss on investments (57,726)
Net unrealized gain on investments 35,269
Total net assets (equivalent to $11.00
per share based on 184,777 fund shares
outstanding -- unlimited number of
shares authorized) $ 2,031,753
</TABLE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1996
<TABLE>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $ 115,522
EXPENSES:
Management fees (Note 2) $ 13,424
Distribution fees (Note 4) 244
Transfer agent fees (Note 3) 1,442
Registration fees 4,476
Professional fees 17,341
Accounting (Note 2) 17,024
Custodian fees 5,029
Printing 3,294
Fees and expenses of nonaffiliated trustees 6,432
Regulatory reporting 3,565
Miscellaneous 3,458
Total expenses $ 75,729
Less fees paid indirectly (Note 5) (2,326)
Less management fees waived and expenses
assumed by Pioneering Management
Corporation (Note 2) (62,225)
Net expenses $ 11,178
Net investment income $ 104,344
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investments $ (1,963)
Change in net unrealized loss on investments 35,642
Net gain on investments $ 33,679
Net increase in net assets resulting
from operations $ 138,023
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MARCH 31, 1996 AND THE YEAR ENDED SEPTEMBER 30,
1995
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, 1996 SEPTEMBER 30, 1995
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 104,344 $ 207,218
Net realized loss on investments (1,963) (48,347)
Change in net unrealized gain/loss on
investments 35,642 303,884
Net increase (decrease) in net assets
resulting from operations $ 138,023 $ 462,755
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ($0.26 and $0.55
per share, respectively) $ (104,344) $ (207,218)
Decrease in net assets resulting from
distributions to shareholders $ (104,344) $ (207,218)
FROM FUND SHARE
TRANSACTIONS: SHARES
Net proceeds from
sale of shares 24,850 54,141 $ 277,770 $ 586,518
Net asset value of
shares issued to
shareholders in
reinvestment of
dividends 7,740 17,958 87,245 189,671
Cost of shares
repurchased (265,031) (21,786) (2,949,964) (222,614)
Net increase
(decrease) in net
assets resulting
from fund share
transactions (232,441) 50,313 $(2,584,949) $ 553,575
Net increase (decrease) in net assets $(2,551,270) $ 809,112
NET ASSETS:
Beginning of period 4,583,023 3,773,911
End of period $ 2,031,753 $ 4,583,023
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
MARCH 31, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
1996 1995 1994 1993++
<S> <C> <C> <C> <C>
Net asset value,
beginning of period $ 10.98 $ 10.29 $ 11.58 $ 11.12
Increase (decrease)
from investment
operations:
Net investment
income $ 0.26 $ 0.55 $ 0.58 $ 0.37
Net realized and
unrealized gain
(loss) on
investments 0.02 0.69 (1.29) 0.46
Total increase
(decrease) from
investment
operations $ 0.28 $ 1.24 $ (0.71) $ 0.83
Distributions to
shareholders from:
Net investment
income (0.26) (0.55) (0.58) (0.37)
Net increase
(decrease) in net
asset value $ 0.02 $ 0.69 $ (1.29) $ 0.46
Net asset value, end
of period $ 11.00 $ 10.98 $ 10.29 $ 11.58
Total return* 2.54% 12.36% (6.33)% 7.58%
Ratio of net expenses
to average net
assets 0.61%**+ 0.50% 0.35% 0.00%**
Ratio of net
investment income to
average net assets 4.59%**+ 5.15% 5.23% 5.22%**
Portfolio turnover
rate 36.18%** 16.58% 2.65% 0.00%
Net assets, end of
period $ 2,031,753 $ 4,583,023 $ 3,773,911 $ 3,176,176
Ratios assuming no
waiver of management
fees and assumption
of expenses by PMC
and no reduction for
fees paid
indirectly:
Net expenses 3.41%** 2.95% 3.45% 4.89%**
Net investment
income 1.79%** 2.70% 2.13% 0.33%**
Ratios assuming
waiver of management
fees and assumption
of expenses by PMC
and reduction for
fees paid
indirectly:
Net expenses 0.50%** -- -- --
Net investment
income 4.70%** -- -- --
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of
the investment at net asset value at the end of each period and no
sales charges. Total return would be reduced if sales charges were
taken into account.
** Annualized.
+ Ratios include fees paid indirectly.
++ The Fund commenced operations on February 19, 1993.
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- MARCH 31, 1996
1. Pioneer Massachusetts Double Tax-Free Fund (the Fund), one of
three funds that composes Pioneer Tax- Free State Series Trust, is a
Massachusetts business trust registered under the Investment Company Act
of 1940 as a non-diversified, open-end management investment company (see
Note 6). The investment objective of the Fund is to provide a high level
of current income exempt from federal and personal state income taxes. As
of March 31, 1996, The Pioneer Group, Inc. (PGI) was the beneficial owner
of approximately 82% of the outstanding shares of the 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 are recorded on trade
date. Securities are valued based on valuations furnished by an
independent pricing service that utilizes a matrix system. This matrix
system reflects such factors as security prices, yields, maturities and
ratings and is supplemented by dealer and exchange quotations and fair
market value information from other sources, as required. Market discount
and premium are accreted or amortized daily on a straight-line basis.
Original issue discount is accreted daily into interest income on a
yield-to- maturity basis with a corresponding increase in the cost basis
of the security. Temporary cash investments are valued at amortized cost.
Interest income is recorded on the accrual basis.
Gains and losses on sales of investments are calculated on the
"identified cost" method for both financial reporting and federal income
tax purposes. It is the Fund's practice to first 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 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.
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 fund
shares on trade date. Shares are sold and redeemed on a continuous basis
at net asset value per share. Net losses, if any, as a result of
cancellations, are absorbed by Pioneer Funds Distributor, Inc. (PFD), the
principal underwriter for the Fund and an indirect wholly owned subsidiary
of PGI. PFD earned $2,112 in underwriting commissions on the sale of fund
shares during the six months ended March 31, 1996. 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.
2. Pioneering Management Corporation (PMC), the Fund's investment
adviser, manages the Fund's portfolio and is a wholly owned subsidiary of
PGI. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets.
PMC has agreed not to impose a portion of its management fees and to
assume other operating expenses for the Fund to the extent necessary to
limit the Fund's expenses to an annual rate of 0.50% of the Fund's average
daily net assets up to $20 million; 0.55% of the next $5 million; 0.60% of
the next $5 million; 0.65% of the next $5 million; 0.70% of the next $5
million; and 0.75% of the excess over $40 million. PMC's agreement is
temporary and voluntary and may be revised or terminated at any time.
In addition, under the management agreement, certain other services
and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund.
3. Pioneering Services Corporation (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 $1,481 in
transfer agent fees payable to PSC at March 31, 1996.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- MARCH 31, 1996 -- CONTINUED
4. The Fund adopted a Plan of Distribution (the Plan) that allows
for the Fund to reimburse PFD for expenditures to finance activities
primarily intended to result in the sale of fund shares. The Plan provides
for reimbursement in an amount not to exceed 0.25% of the Fund's average
daily net assets, including a service fee of 0.15% of the Fund's average
daily net assets. Included in due to affiliates is $1,495 in distribution
fees payable to PFD at March 31, 1996.
5. The Fund has entered into certain expense offset arrangements
resulting in a reduction in the Fund's total expenses. For the six months
ended March 31, 1996, the Fund's expenses were reduced by $2,326 under
such arrangements.
6. As approved by the Board of Trustees, on April 10, 1996, the
Pioneer Tax-Free State Series Trust ceased operations following the
distribution of each Fund's remaining assets to shareholders. As a result,
$31,362 of the Fund's capital loss carryforward of $57,726, as of March 31
1996, was not utilized during the period from April 1, 1996 to April 10,
1996. The liquidation of the Trust has no effect on any of the other
Pioneer mutual funds.
9
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF
PIONEER MASSACHUSETTS DOUBLE TAX-FREE FUND:
We have audited the accompanying balance sheet of Pioneer Massachusetts
Double Tax-Free Fund (one of the portfolios that composes Pioneer Tax-Free
State Series Trust), including the schedule of investments as of March 31,
1996, and the related statement of operations, statements of changes in
net assets and financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 1996 by correspondence
with the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Pioneer Massachusetts Double Tax-Free Fund of Pioneer Tax-Free State
Series Trust as of March 31, 1996, the results of its operations, the
changes in its net assets and financial highlights for the periods
presented, in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
April 26, 1996
10
<PAGE>
TAX TREATMENT OF DISTRIBUTIONS
MADE DURING THE PERIOD ENDED MARCH 31, 1996
During the period ended March 31, 1996, Pioneer Massachusetts Double
Tax-Free Fund paid the following distributions from net investment income:
<TABLE>
<CAPTION>
DISTRIBUTIONS
PAYMENT DATE PER SHARE
<S> <C>
10/31/95 $ 0.043
11/30/95 0.045
12/29/95 0.046
01/31/95 0.043
02/29/96 0.043
03/29/96 0.042
$ 0.262
</TABLE>
Of the Fund's total per share distribution for this period, 100% is
tax-exempt and should be reported on Form 1040, line 8b, U.S. Individual
Tax Return.
TRUSTEES' FEES, PRINCIPAL SHAREHOLDERS AND SHARE OWNERSHIP OF
TRUSTEES AND OFFICERS (UNAUDITED)
The aggregate direct remuneration paid on behalf of the Fund to
nonaffiliated trustees and officers during the period ended March 31, 1996
was approximately $6,000 plus expenses incurred in attending trustees
meetings of approximately $700. Fees of trustees who are affiliated with
or "interested persons" of Pioneering Management Corporation and Pioneer
Funds Distributor, Inc., investment adviser and principal underwriter,
respectively, of the Fund ($1,000 in 1996) are reimbursed to the Fund by
Pioneering Management Corporation in accordance with the management
contract with the Fund. The Pioneer Group, Inc., the parent company of
Pioneering Management Corporation and Pioneer Funds Distributor, Inc., is
a publicly held corporation of which Mr. Cogan, Chairman and President of
the Fund, owned approximately 15% of the outstanding shares of capital
stock at March 31, 1996.
11
<PAGE>
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.
RICHARD H. EGDAHL, M.D.
MARGARET B. W. GRAHAM
JOHN W. KENDRICK
MARGUERITE A. PIRET
DAVID D. TRIPPLE
STEPHEN K. WEST
JOHN WINTHROP
INDEPENDENT PUBLIC ACCOUNTANTS
ARTHUR ANDERSEN LLP
INVESTMENT ADVISER
PIONEERING MANAGEMENT CORPORATION
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 Fund, this report
must be accompanied by an official prospectus that discusses the objectives,
policies, sales charges and other information about the Fund.
0596-3322
(C)Pioneer Funds Distributor, Inc.
