<PAGE>
PIONEER
NEW YORK
TRIPLE TAX-FREE
FUND
FINAL REPORT
APRIL 10, 1996*
(UNAUDITED)
* THE FUND WAS LIQUIDATED ON APRIL 10, 1996.
<PAGE>
PIONEER NEW YORK TRIPLE TAX-FREE FUND
BALANCE SHEET -- APRIL 10, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Cash $ 290
Due from Pioneering Management
Corporation (Note 2) 13,302
Total assets $13,592
LIABILITIES:
Dividends payable $ 234
Accrued expenses 12,671
Total liabilities $12,905
NET ASSETS:
Paid-in capital (Note 1) $ 687
Total net assets $ 687
</TABLE>
PIONEER NEW YORK TRIPLE TAX-FREE FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD APRIL 1, 1996 TO APRIL 10, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Interest $ 1,747
EXPENSES:
Management fees (Note 2) $ 268
Accounting (Note 2) 836
Printing 330
Miscellaneous 313
Total expenses $ 1,747
Net investment income $ --
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments $ 40,718
Change in net unrealized gain on investments (62,611)
Net loss on investments $(21,893)
Net decrease in net assets resulting from
operations $(21,893)
</TABLE>
The accompanying notes are an integral part of these financial statements.
1
<PAGE>
PIONEER NEW YORK TRIPLE TAX-FREE FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD FROM APRIL 1, 1996 TO APRIL 10, 1996 AND THE SIX MONTHS
ENDED MARCH 31, 1996
<TABLE>
<CAPTION>
APRIL 1, 1996
TO SIX MONTHS
APRIL 10, 1996 ENDED
(UNAUDITED) MARCH 31, 1996
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ -- $ 121,645
Net realized gain on investments 40,718 30,132
Change in net unrealized gain on
investments (62,611) (5,403)
Net increase (decrease) in net assets
resulting from operations $ (21,893) $ 146,374
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ($0.00 and $0.26 per
share, respectively) $ -- $ (121,645)
Net realized gain ($0.06 and $0.00 per
share, respectively) (9,624) $ --
Decrease in net assets resulting from
distributions to shareholders $ (9,624) $ (121,645)
FROM FUND SHARE
TRANSACTIONS: SHARES
Net proceeds from
sale of shares -- 80,428 $ -- $ 901,335
Net asset value of
shares issued to
shareholders in
reinvestment of
dividends -- 7,516 -- 84,317
Cost of shares
repurchased (181,787) (393,064) (1,955,674) (4,359,276)
Net decrease in
net assets
resulting from
fund share
transactions (181,787) (305,120) $(1,955,674) $(3,373,624)
Net decrease in net assets $(1,987,191) $(3,348,895)
NET ASSETS:
Beginning of period 1,987,878 5,336,773
End of period $ 687 $ 1,987,878
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
PIONEER NEW YORK TRIPLE TAX-FREE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED
<TABLE>
<CAPTION>
APRIL 1, 1996
TO SIX MONTHS
APRIL 10, ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
1996 MARCH 31, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
(UNAUDITED) 1996 1995(a) 1994 1993++
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $10.94 $ 10.96 $ 10.39 $ 11.57 $ 11.18
Increase (decrease)
from investment
operations:
Net investment
income $ -- $ 0.26 $ 0.54 $ 0.57 $ 0.37
Net realized and
unrealized gain
(loss) on
investments (0.07) (0.02) 0.57 (1.18) 0.39
Total increase
(decrease)
from investment
operations $(0.07) $ 0.24 $ 1.11 $ (0.61) $ 0.76
Distributions to
shareholders from:
Net investment
income -- (0.26) (0.54) (0.57) (0.37)
Net realized gain (0.06) -- -- -- --
Net increase
(decrease) in net
asset value $(0.13) $ (0.02) $ 0.57 $ (1.18) $ 0.39
Net asset value, end
of period (prior to
liquidation) $10.81 $ 10.94 $ 10.96 $ 10.39 $ 11.57
Total return* (0.70)% 2.15% 11.04% (5.45)% 6.91%
Ratio of net expenses
to average net
assets 3.91%**+ 0.65%**+ 0.50% 0.36% --
Ratio of net
investment income to
average net assets -- 4.53%**+ 5.13% 5.15% 5.19%**
Portfolio turnover
rate -- 38.57%** 18.26% 1.96% --
Net assets, end of
period $ 687 $1,987,878 $5,336,773 $4,164,246 $3,019,279
Ratios assuming no
waiver of management
fees and assumption
of expenses by PMC
and no reduction for
fees paid
indirectly:
Net expenses 3.91%** 2.79%** 2.80% 3.51% 5.05%**
Net investment
income -- 2.39%** 2.83% 2.00% 0.14%**
Ratios assuming
waiver of management
fees and assumption
of expenses by PMC
and reduction for
fees paid
indirectly:
Net expenses 3.91%** 0.50%** -- -- --
Net investment
income -- 4.68%** -- -- --
</TABLE>
* Assumes initial investment at net asset value at the beginning of the
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.
(a) Subsequent to September 30, 1995, the Fund's fiscal year end was
changed to March 31.
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- APRIL 10, 1996 (UNAUDITED)
1. Pioneer New York Triple Tax-Free Fund (the Fund), one of three
funds that composed Pioneer Tax-Free State Series Trust, was a
Massachusetts business trust registered under the Investment Company Act
of 1940 as a non-diversified, open-end management investment company. The
investment objective of the Fund was to provide a high level of current
income exempt from federal, personal state and city income taxes.
On April 10, 1996, the Pioneer Tax-Free State Series Trust ceased
operations following the distribution of each fund's remaining assets to
shareholders. In addition, Pioneering Management Corporation (PMC) assumed
the Fund's outstanding liabilities as of April 10, 1996. The liquidation
of the Pioneer Tax-Free State Series Trust had no effect on any of the
other Pioneer mutual funds.
The Fund's financial statements have been prepared in conformity with
generally accepted accounting principles that require the management of
the Fund to, among other things, make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates. The following
is a summary of significant accounting policies consistently followed by
the Fund, which are in conformity with those generally accepted in the
investment company industry.
A. Security Valuation -- Security transactions were recorded on trade
date. Securities were valued 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 were accreted or amortized daily on a straight-line basis.
Original issue discount was accreted daily into interest income on a
yield-to-maturity basis. Temporary cash investments were valued at
amortized cost. Interest income was recorded on the accrual basis.
B. Federal Income Taxes -- For the period ended April 10, 1996, the
Fund complied with the requirements of the Internal Revenue Code
applicable to regulated investment companies and distributed all of its
taxable income and net realized capital gains, if any, to its
shareholders. Therefore, no federal income tax provision was required.
The Fund hereby designates $9,624 as a capital gain dividend for the
purposes of the dividends paid deduction.
C. Fund Shares -- The Fund recorded sales and repurchases of its fund
shares on trade date. Shares were sold and redeemed on a continuous basis
at net asset value per share. Net losses, if any, as a result of
cancellations were absorbed by Pioneer Funds Distributor, Inc. (PFD), the
principal underwriter for the Fund and an indirect wholly owned subsidiary
of PGI. Capital gain distributions, if any, were declared daily.
2. PMC, the Fund's investment adviser, managed the Fund's portfolio
and is a wholly owned subsidiary of PGI. Management fees were calculated
daily at the annual rate of 0.60% of the Fund's average daily net assets.
In addition, under the management agreement, certain other services and
costs, including accounting, regulatory reporting and insurance premiums,
were paid by the Fund.
3. Pioneering Services Corporation, a wholly owned subsidiary of PGI,
provided substantially all transfer agent and shareholder services to the
Fund at negotiated rates.
4. The Fund adopted a Plan of Distribution (the Plan) that allowed
for the Fund to reimburse PFD for expenditures to finance activities
primarily intended to result in the sale of fund shares. The Plan provided
for reimbursement in an amount not to exceed 0.25% of the Fund's average
daily net assets. In addition, the Plan also provided for a service fee of
0.15% of the Fund's average daily net assets. During the period ended
April 10, 1996, no distribution fees were imposed.
4
<PAGE>
PIONEER NEW YORK
TRIPLE 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.
0596-3432
(C)Pioneer Funds Distributor, Inc.
