December 28, 1998
Supplement to Prospectus for
Pioneer Tax-Free Income Fund
Dated April 30, 1998
The following information supplements the corresponding section of the
Prospectus. Please consult the Prospectus for the full text of the revised
section.
INVESTMENT OBJECTIVE AND POLICIES
The Investment Company Act of 1940 (the "1940 Act") requires that the Fund
segregate assets in connection with certain types of transactions. If the Fund
enters into a transaction requiring segregation, the custodian or Pioneer
Investment Management, Inc. ("Pioneer Investments") will segregate liquid assets
in an amount required to comply with the 1940 Act. Such segregated assets will
be valued at market daily. If the aggregate value of such segregated assets
declines below the aggregate value required to satisfy the 1940 Act, additional
liquid assets will be segregated.
MANAGEMENT OF THE FUND
As of December 2, 1998, day-to-day management of the Fund is the responsibility
of a team of fixed income portfolio managers and analysts supervised by Sherman
B. Russ. Mr. Russ is one of two co-managers jointly responsible for overseeing
Pioneer Investments' U.S. and global fixed income team. Mr. Russ is a senior
vice president of Pioneer Investments. He joined Pioneer Investments in 1983 and
has been an investment professional since 1962.
1298-5968
(C) Pioneer Funds Distributor, Inc.
