Pioneer Tax Free Income Fund – ‘N-30B-2’ for 6/30/95

As of:  Wednesday, 8/23/95   ·   For:  6/30/95   ·   Accession #:  202679-95-21   ·   File #:  811-02704

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Periodic or Interim Report Mailed to Shareholders   —   Rule 30b-2
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30B-2     Semiannual Report                                     20    129K 

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PIONEER TAX-FREE INCOME FUND                                                    

DEAR FELLOW SHAREOWNERS,                                                        

Pioneer Tax-Free Income Fund completed the first half of its fiscal year on June
30, 1995. During this time, your Fund successfully pursued its goal of providing
an attractive level of income free from federal taxation, consistent with       
preservation of capital. This report details the Fund's performance, as well as 
that of the overall bond market.                                                

HOW YOUR FUND PERFORMED 

For the semiannual period ended June 30, 1995, we report the following results  
for Pioneer Tax-Free Income Fund's CLASS A SHARES:                              

-The Fund paid shareowners daily dividends totaling $0.334 per share during the 
period. On June 30, 1995, 30-day SEC yield was 4.49%, based on a standard     
formula prescribed by the Securities and Exchange Commission. Net asset value 
stood at $11.96 per share, versus $11.24 six months ago. The Fund's total     
return was 9.45% based on net asset value, and 4.52% based on maximum public  
offering price. Total return assumes the reinvestment of distributions at net 
asset value. In comparison, the Lehman Brothers Long-Term Municipal Bond Index
returned 12.47%, and the 230 general municipal bond funds tracked by Lipper   
 Analytical Services gained an average of 9.01%. The accompanying chart provides
your Fund's longer-term results.                                              
-------------------------------------------------------                       
AVERAGE ANNUAL TOTAL RETURNS                      
(as of June 30, 1995)                       

                                                                [Download Table]

                          NET     PUBLIC 
                         ASSET   OFFERING
    CLASS A SHARES       VALUE    PRICE* 
-----------------------  -----   --------
                                         
Life-of-Fund (1/18/77)   6.76 %    6.49% 
10 Years                 9.45      8.95  
 5 Years                 8.17      7.18  
 1 Year                  8.03      3.19  

-------------------------------------------------------                         

Pioneer Tax-Free Income Fund introduced CLASS B SHARES to investors on April 28,
1995. From that date through June 30, Class B shares achieved the following     
results:                                                                        

-The Fund paid shareowners daily dividends totaling $0.089 per share during the 
 abbreviated period. On June 30, 30-day SEC yield was 3.83%. Net asset value was
$11.91 per share on June 30, versus its opening share price of $11.81. Your   
Fund's total return was 1.55% assuming shares were held throughout the        
shortened period, and -2.45% assuming shares were redeemed on June 30 and the 
maximum contingent deferred sales charge of 4.0% was deducted.                

Because Pioneer Tax-Free Income Fund's income is free from federal taxation, it 
is even more rewarding when compared with taxable income on an "after-tax"      
basis. The Fund's 4.49% SEC yield on Class A shares, and 3.83% yield on Class B 
shares, would be equal to these taxable yields:                                 

                                                                [Download Table]

                       TAXABLE EQUIVALENT YIELD     
                  ----------------------------------
  TAX BRACKET         CLASS A           CLASS B     
----------------  ----------------  ----------------
                                                    
    39.6%              7.43%             6.34%      
    36.0               7.02              5.98       
    31.0               6.51              5.55       

AN OVERVIEW OF THE BOND MARKET

Bond prices have moved ahead strongly so far this year. Early in the period,    
foreign central banks purchased a large volume of U.S. government bonds to help 
strengthen the weak U.S. dollar. This heavy buying significantly lifted the bond
market. In addition, the Federal Reserve Board (the Fed) raised the benchmark   
federal funds rate on February 1 in an attempt to slow the economy and head off 
the possibility of higher inflation. Signs of an economic slowdown subsequently 
appeared, and concerns                                                          

* Reflects deduction of the maximum 4.5% sales charge at the beginning of the   
period and assumes reinvestment of all distributions at net asset value.    

Past performance does not guarantee future results. Share prices and returns
fluctuate, and your 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. The Fund   
 currently avoids investments that are subject to the alternative minimum tax.

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over inflation and additional interest rate hikes diminished. Bond investors    
showed their enthusiasm toward these trends by pushing bond prices even higher, 
which caused yields -- particularly those of long-term bonds -- to drop. For    
example, the interest rate on the benchmark 30-year Treasury bond stood at 7.9% 
as of December 31; by the end of June, the rate had fallen to 6.6%.             

The municipal bond market also fared well for the semiannual period, although   
recent months (in particular, May and June) saw some setbacks. Promises of tax  
reform, as well as an imposing equity market, caused municipal securities to    
underperform other financial markets. The recent underperformance has made      
municipals extremely inexpensive relative to Treasury securities. Of course,    
this relative "cheapness," together with the demand caused by the seasonal      
redemption of $35 million in municipal bonds, has presented many attractive     
buying opportunities.                                                           

HOW PIONEER MANAGED YOUR INVESTMENT 

Pioneer Tax-Free Income Fund pursues a high level of current income exempt from 
federal income taxes. The Fund only invests in high-quality municipal bonds; as 
of June 30, the Fund's portfolio had an average quality rating of AA, and       
holdings were diversified among 172 issues from 38 states.                      

The Fund's average life shortened during the period, from just under 14 years on
December 31 to 11 years on June 30. This primarily reflects the decline in      
long-term interest rates throughout much of the period. We think the shortened  
average life makes sense given the current uncertainty over interest rates and  
the investing climate. Of course, your management has been careful not to change
the Fund's average life too dramatically since we want to maintain the Fund's   
competitive income stream.                                                      

During the period, your management selected bonds we expect will improve the    
overall quality of the portfolio. We looked for issues with solid credit ratings
to give the portfolio a more conservative base. We generally avoided bonds      
selling at a deep discount, focusing instead on securities with higher coupons. 
By doing so, we have structured the portfolio to be less volatile than it has   
been in the past, as well as less vulnerable in case interest rates reverse     
direction. Along the same conservative line, we sold a number of bonds with call
provisions (which allow the issuer to call away, or redeem, a bond before its   
maturity date). We think our approach over the semiannual period has kept the   
Fund competitively positioned, in addition to providing an added degree of      
stability.                                                                      

The accompanying charts show the Fund's maturity structure and quality          
distribution at the period's end.                                               

MATURITY DISTRIBUTION 
(as of June 30, 1995) 

[Pie chart depicting the Fund's maturity structure.]                            

0-2       years -   4%                                                          
2-5       years -   16%                                                         
5-7       years -   19%                                                         
7-10      years -   20%                                                         
10-15     years -   22%                                                         
20+       years -   19%                                                         

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QUALITY DISTRIBUTION
(as of June 30, 1995) 
[Pie chart depicting the Fund's quality distribution at the end of the period.] 

A    -    36%                                                                   
AA   -    28%                                                                   
AAA  -    36%                                                                   

LOOKING AHEAD 

On July 6, the Fed lowered short-term interest rates, reflecting its latest     
outlook toward inflation and the economy. Only time will tell whether the       
current balance of moderate economic growth and low inflation will continue for 
an extended period. Nevertheless, these trends have greatly improved the        
environment for bond investing so far in 1995, especially when compared to 1994.
While such widely varying results are not what we expect from bond investing,   
they do demonstrate the benefit of maintaining a long-term, disciplined outlook,
rather than trying to "time" the market.                                        

Moving into the second half of your Fund's fiscal year, we will actively monitor
events affecting the municipal market -- in particular, proposals regarding any 
tax changes. Of course, until we know what form tax reform ultimately takes     
(e.g., flat tax, national sales tax, consumer income tax), it is impossible to  
predict an outcome. Nonetheless, we think municipal bonds will continue to have 
a place for investors, especially given their lower price levels and limited    
supply. We think your Fund is well positioned to benefit from these trends, and 
we will continue to adjust the portfolio as necessary, emphasizing current      
income and quality issues.                                                      

Please read on through the following pages, which provide the Fund's audited    
Schedule of Investments and financial statements as of June 30, 1995. If you    
have any questions about your investment in Pioneer Tax-Free Income Fund,       
contact your investment representative, or call Pioneer at 1-800-225-6292.      

Respectfully,                                                                   
[Signature]                                                                     
John F. Cogan, Jr.                                                              
Chairman and President,                                                         
Pioneer Tax-Free Income Fund                                                    

August 15, 1995                                                                 

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995                                                                   

                                                        [Enlarge/Download Table]

                  Standard                                                                                        
                  & Poor's                                                                                        
 Principal         Rating                                                                                         
  Amount         (Unaudited)                                                                             Value    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
                               INVESTMENT IN SECURITIES -- 99.1%+                                                 
                               ALASKA -- 0.6%                                                                     
$ 2,330,000     AAA            Alaska Muni Bond Bank, 7.0%, 2005....................................  $  2,612,513
                                                                                                      ------------
                               ARIZONA -- 1.6%                                                                    
  5,000,000     AA             Arizona State University Revenue, Series A, 5.5%, 2019...............  $  4,693,750
  1,500,000     AAA            Kyrene School District, 6.0%, 2014...................................     1,500,000
  1,000,000     AAA            Maricopa County Elementary School District General Obligation,                     
                                 5.4%, 2011.........................................................       961,250
    500,000     AAA            Santa Cruz School District #1, 0%, 2006..............................       275,000
                                                                                                      ------------
                                                                                                      $  7,430,000
                                                                                                      ------------
                               COLORADO -- 0.6%                                                                   
  1,500,000     AAA            Adams County School District #12 General Obligation, Series A, 0%,                 
                                 2009...............................................................  $    635,625
  1,760,000     AAA            Adams County School District #12 General Obligation, Series A, 0%,                 
                                 2010...............................................................       697,400
  1,250,000     AA             Colorado Water Resources, 5.8%, 2012.................................     1,242,188
                                                                                                      ------------
                                                                                                      $  2,575,213
                                                                                                      ------------
                               DELAWARE -- 1.3%                                                                   
  1,590,000     A1(1)          Dover Electric Authority Revenue, 7.0%, Prerefunded, 2000*...........  $  1,780,800
  1,865,000     AAA            State of Delaware Economic Development Authority Revenue, 7.3%,                    
                                 2014...............................................................     2,042,175
     15,000     A1(1)          State of Delaware Housing Authority Revenue, 6.45%, 1995++...........        15,244
  1,945,000     A1(1)          State of Delaware Housing Authority Revenue, 6.45%, 2013.............     1,976,606
                                                                                                      ------------
                                                                                                      $  5,814,825
                                                                                                      ------------
                               FLORIDA -- 4.9%                                                                    
  5,000,000     AAA            Dade County General Obligation, 12.0%, 2001..........................  $  6,912,500
  4,000,000     AAA            Hillsborough County Airport Revenue, 5.75%, 2023.....................     3,615,000
  5,000,000     AA-            Hillsborough County Industrial Development Authority, 8.0%, 2022.....     5,837,500
  2,000,000     AA             Jacksonville Electric Authority Revenue, 5.5%, 2013..................     1,902,500
  4,000,000     AA+            Jacksonville Health Facilities Authority Hospital Revenue, 6.75%,                  
                                 2013...............................................................     4,215,000
                                                                                                      ------------
                                                                                                      $ 22,482,500
                                                                                                      ------------
                               GEORGIA -- 1.9%                                                                    
  2,150,000     A+             Appling County Development Authority Revenue, 7.15%, 2021............  $  2,319,313
  1,000,000     AAA            Monroe County Development Authority Pollution Control Revenue,                     
                                 6.8%, 2012.........................................................     1,070,000
  5,300,000     AAA            Monroe County Development Authority Pollution Control Revenue,                     
                                 6.25%, 2019........................................................     5,333,125
                                                                                                      ------------
                                                                                                      $  8,722,438
                                                                                                      ------------
                               IDAHO -- 0.6%                                                                      
  2,500,000     A(1)           University of Idaho Revenue, Series B, 6.625%, 2016..................  $  2,628,125
                                                                                                      ------------
                               ILLINOIS -- 10.3%                                                                  
  6,400,000     AA             Bryant Illinois Pollution Control Revenue, 5.9%, 2023................     6,160,000
  3,700,000     AA-            Chicago Gas Supply Revenue, 8.1%, 2020...............................     4,125,500
  2,250,000     A2(1)          Illinois Development Finance Authority, 6.75%, 2016..................     2,303,438

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

                                                        [Enlarge/Download Table]

                  Standard                                                                                        
                  & Poor's                                                                                        
 Principal         Rating                                                                                         
  Amount         (Unaudited)                                                                             Value    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
                               ILLINOIS -- (CONTINUED)                                                            
$10,125,000     AA(1)          Illinois Education Facilities Authority Revenue Northwestern                       
                                 University,                                                                      
                                 5.375%, 2021.......................................................  $  9,239,063
  1,145,000     A+             Illinois Housing Development Authority Revenue Multi-Family Housing,               
                                 Series A, 7.0%, Prerefunded, 2021*.................................     1,285,263
  9,000,000     A+             Illinois Metropolitan Pier & Exposition Authority State Tax Revenue,               
                                 8.5%, 2006.........................................................    11,182,500
  4,100,000     A+             Illinois Metropolitan Pier & Exposition Authority State Tax Revenue,               
                                 6.5%, 2027.........................................................     4,141,000
  3,375,000     AAA            Illinois Regional Transportation Authority, 6.125%, 2022.............     3,345,469
  6,000,000     A+             Illinois State Toll Highway Authority Revenue, Series A, 5.75%,                    
                                 2017...............................................................     5,722,500
                                                                                                      ------------
                                                                                                      $ 47,504,733
                                                                                                      ------------
                               INDIANA -- 3.1%                                                                    
  2,000,000     A+             Fisher Economic Development Water Facilities Revenue, 7.875%, 2019...  $  2,132,500
    750,000     A              Indiana Bond Bank State Revolving Fund, 6.75%, 2017..................       769,688
    345,000     Aa(1)          Indiana Housing Finance Authority Revenue, Series A, 8.5%, 2012......       357,506
  1,890,000     A+             Indiana State Office Building Commission Correctional Facilities                   
                                 Revenue, 6.4%, 2011................................................     1,944,338
  6,055,000     A+             Indianapolis Economic Development Water Facilities Revenue, 7.875%,                
                                 2019...............................................................     6,425,869
  1,400,000     A+             Indianapolis Local Public Improvement Board Revenue, 6.75%, 2014.....     1,482,250
  1,000,000     A+             Lawrence Township Metropolitan School District Revenue, 6.75%,                     
                                 2013...............................................................     1,085,000
                                                                                                      ------------
                                                                                                      $ 14,197,151
                                                                                                      ------------
                               IOWA -- 0.4%                                                                       
  1,000,000     A(1)           Iowa Finance Authority Revenue, 5.5%, 2009...........................  $  1,008,750
  1,000,000     A(1)           Iowa Finance Authority Revenue, 5.55%, 2010..........................     1,008,750
                                                                                                      ------------
                                                                                                      $  2,017,500
                                                                                                      ------------
                               KENTUCKY -- 1.6%                                                                   
  2,150,000     AA             Jefferson County Pollution Control Revenue, 5.625%, 2019.............  $  2,037,125
    660,000     A              Kenton County Airport Board Revenue, 8.75%, 2015.....................       707,850
  1,095,000     AAA            Kenton County Water District #1, 5.8%, 2015..........................     1,077,206
  2,010,000     AAA            Kenton County Water District #1, 5.875%, 2019........................     1,979,850
  1,000,000     AAA            Kentucky State Turnpike Authority of Economic Development Revenue,                 
                                 5.5%, 2009.........................................................       991,250
    495,000     AA-            University of Kentucky Community College Building Revenue, Series I,               
                                 6.4%, 2011.........................................................       511,088
                                                                                                      ------------
                                                                                                      $  7,304,369
                                                                                                      ------------
                               LOUISIANA -- 0.7%                                                                  
  3,000,000     AAA            New Orleans Home Mortgage Authority, 6.25%, Prerefunded, 2011*.......  $  3,116,250
                                                                                                      ------------
                               MASSACHUSETTS -- 2.9%                                                              
  1,415,000     A+             Massachusetts Bay Transportation Authority Revenue, Series B,                      
                                 5.875%, 2014.......................................................  $  1,390,238
  3,000,000     AAA            Massachusetts General Obligation, 6.5%, 2007.........................     3,255,000
  1,000,000     AAA            South Essex Massachusetts Sewer District, Series B, 6.75%, 2013......     1,066,250
  2,000,000     AAA            University of Lowell Building Authority, 5.7%, 2009..................     1,992,500

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

                                                        [Enlarge/Download Table]

                  Standard                                                                                        
                  & Poor's                                                                                        
 Principal         Rating                                                                                         
  Amount         (Unaudited)                                                                             Value    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
                               MASSACHUSETTS -- (CONTINUED)                                                       
$ 1,325,000     AAA            Worcester General Obligation, Series A, 6.15%, 2009..................  $  1,364,750
  1,440,000     AAA            Worcester General Obligation, Series A, 6.2%, 2010...................     1,483,200
  1,460,000     AAA            Worcester General Obligation, Series A, 6.25%, 2011..................     1,503,800
  1,450,000     AAA            Worcester General Obligation, Series A, 6.3%, 2012...................     1,491,688
                                                                                                      ------------
                                                                                                      $ 13,547,426
                                                                                                      ------------
                               MICHIGAN -- 1.8%                                                                   
  1,250,000     A              Grand Rapids Water Supply Revenue, 7.875%, Prerefunded, 1998*........  $  1,378,125
  1,425,000     AAA            Greenville Public School General Obligation, 5.75%, 2015.............     1,392,938
  2,000,000     AAA            Lake Orion Schools General Obligation, 5.5%, 2020....................     1,870,000
  1,890,000     AAA            Michigan Municipal Bond Authority Revenue, 7.8%, Prerefunded,                      
                                 1998*..............................................................     2,097,900
  1,500,000     AA             Walled Lake School District General Obligation, Series I, 6.5%,                    
                                 2003...............................................................     1,590,000
                                                                                                      ------------
                                                                                                      $  8,328,963
                                                                                                      ------------
                               MINNESOTA -- 2.7%                                                                  
  2,000,000     AA+            Minnesota State Housing Finance Agency, Series H, 6.55%, 2011........  $  2,055,000
    990,000     A+             Minnesota State Housing Finance Agency, Series A, 6.9%, 2012.........     1,027,125
  5,000,000     A              Northern Municipal Power Agency Revenue, Series A, 7.25%,2016........     5,368,750
  3,000,000     A(1)           Northfield St. Olaf College Revenue, 8.0%, Prerefunded, 1998*........     3,318,750
  1,000,000     A(1)           Southern Municipal Power Agency Revenue, 5.0%, 2018..................       871,250
                                                                                                      ------------
                                                                                                      $ 12,640,875
                                                                                                      ------------
                               MISSOURI -- 0.6%                                                                   
    500,000     AAA            Missouri Environmental Improvement and Energy Resources Authority,                 
                                 6.05%, 2016........................................................  $    505,000
  2,500,000     AAA            Poplar Bluff School District, 5.8%, 2011.............................     2,465,625
                                                                                                      ------------
                                                                                                      $  2,970,625
                                                                                                      ------------
                               MONTANA -- 3.7%                                                                    
  1,495,000     AAA            Forsyth Pollution Control Revenue Washington Water Power Project,                  
                                 7.125%, 2013.......................................................  $  1,597,781
  2,250,000     AAA            Forsyth Pollution Control Revenue Puget Sound Power & Light Project,               
                                 7.25%, 2021........................................................     2,438,438
  3,000,000     AAA            Forsyth Pollution Control Revenue Puget Sound Power & Light Project,               
                                 6.8%, 2022.........................................................     3,183,750
  3,250,000     AAA            Forsyth Pollution Control Revenue Puget Sound Power & Light Project,               
                                 7.05%, 2021........................................................     3,505,938
  6,000,000     AAA            Montana State Board of Investments Revenue Workers Compensation                    
                                 Program, 6.875%, 2020..............................................     6,435,000
                                                                                                      ------------
                                                                                                      $ 17,160,907
                                                                                                      ------------
                               NEBRASKA -- 9.6%                                                                   
  2,500,000     AAA            Clark County Airport Passenger Facility Charge Revenue, 5.75%,                     
                                 2023...............................................................  $  2,306,250
  7,850,000     A+             Douglas County Hospital Authority Revenue Catholic Health Facilities,              
                                 7.25%, 2021........................................................     8,458,375
  6,000,000     AAA            Douglas County Hospital Authority Revenue Immanuel Medical Center,                 
                                 7.0%, 2021.........................................................     6,532,500
  5,000,000     A(1)           Grand Island Sanitation Sewer Revenue, 6.0%, 2014....................     5,018,750

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

                                                        [Enlarge/Download Table]

                  Standard                                                                                        
                  & Poor's                                                                                        
 Principal         Rating                                                                                         
  Amount         (Unaudited)                                                                             Value    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
                               NEBRASKA -- (CONTINUED)                                                            
$ 7,500,000     A              Hastings Electric System Revenue, 6.3%, 2019.........................  $  7,575,000
  1,500,000     AA+            Lincoln Electric System Revenue, 5.75%, 2016.........................     1,466,250
  1,325,000     AAA            Municipal Energy Agency of Nebraska Revenue, 6.0%, 2008..............     1,373,031
  1,500,000     AAA            Municipal Energy Agency of Nebraska Revenue, 6.0%, Series A, 2017....     1,501,875
  1,850,000     A+             Nebraska Public Power District Revenue, 6.25%, 2022..................     1,875,438
    890,000     A+             Nebraska Public Power District Revenue, 6.125%, 2015.................       901,125
  3,935,000     A+             Nebraska Public Power District Revenue, 5.75%, 2020..................     3,812,031
  2,000,000     AAA            Omaha Public Power District Revenue, 6.4%, Prerefunded, 2002*........     2,200,000
  1,185,000     AA             Omaha Public Power District Revenue, 6.8%, Prerefunded, 2000*........     1,300,538
                                                                                                      ------------
                                                                                                      $ 44,321,163
                                                                                                      ------------
                               NEVADA -- 1.1%                                                                     
  3,660,000     AAA            Lyon County School District General Obligation, 6.875%, 2015**.......  $  3,884,175
  1,260,000     AAA            Lyon County School District General Obligation, 6.8%, 2012**.........     1,330,875
                                                                                                      ------------
                                                                                                      $  5,215,050
                                                                                                      ------------
                               NEW HAMPSHIRE -- 1.1%                                                              
  5,505,000     AA+            New Hampshire Higher Education Dartmouth College Revenue,                          
                                 5.375%, 2023.......................................................  $  5,023,313
                                                                                                      ------------
                               NEW JERSEY -- 1.2%                                                                 
  1,000,000     A              New Jersey Economic Development Authority Revenue Natural Gas                      
                                 Project, 9.0%, 2017................................................  $  1,110,000
  1,000,000     AA             Rutgers State University Revenue, 6.4%, 2009.........................     1,060,000
  2,985,000     AAA            Rutgers State University Revenue, 8.0%, Prerefunded, 1998*...........     3,324,544
                                                                                                      ------------
                                                                                                      $  5,494,544
                                                                                                      ------------
                               NEW MEXICO -- 2.9%                                                                 
  5,450,000     AA             Albuquerque Water & Sewer System Revenue, Series A, 6.0%,                          
                                 Prerefunded, 2000*.................................................  $  5,777,000
  1,000,000     A+             Albuquerque Airport Revenue, Series B, 8.75%, 2019...................     1,078,750
  2,000,000     A+             Farmington Pollution Control Revenue, 7.2%, 2021.....................     2,147,500
     65,000     AA             New Mexico Mortgage Finance Authority, 6.85%, 1995++.................        66,950
  2,180,000     AA             New Mexico Mortgage Finance Authority, 6.85%, 2012...................     2,245,400
  1,100,000     AA             University of New Mexico Revenue, 5.0%, 2018.........................       943,250
  1,200,000     AAA            University of New Mexico Revenue, 6.55%, 2025........................     1,249,500
                                                                                                      ------------
                                                                                                      $ 13,508,350
                                                                                                      ------------
                               NORTH CAROLINA -- 4.3%                                                             
  1,000,000     Aaa(1)         Buncombe County Sewer District Revenue, 6.75%, Prerefunded, 2002*....  $  1,132,500
  4,500,000     A+             Buncombe County Sewer District Revenue, 6.75%, Prerefunded, 2002*....     5,079,375
  4,490,000     AA             Charlotte-Mecklenburg Hospital Authority Revenue, 6.25%, 2020........     4,591,025
  1,250,000     AA             Charlotte Law Enforcement Project, 6.1%, 2015........................     1,270,313
  1,250,000     AAA            Cumberland County Civic Center Project, Series A, 6.4%, 2024.........     1,298,438
  1,000,000     AAA            Franklin County Certificate Participation, 6.625%, 2014..............     1,055,000
  5,980,000     A              Martin County Pollution Control Authority Revenue, 5.65%, 2023.......     5,449,275
                                                                                                      ------------
                                                                                                      $ 19,875,926
                                                                                                      ------------

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

                                                        [Enlarge/Download Table]

                  Standard                                                                                        
                  & Poor's                                                                                        
 Principal         Rating                                                                                         
  Amount         (Unaudited)                                                                             Value    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
                               OHIO -- 1.4%                                                                       
$ 2,000,000     AAA            Hamilton City Electric System Revenue, 8.0%, Prerefunded, 1998*......  $  2,252,500
    400,000     AAA            Northeast Ohio Regional Sewer District Wastewater Improvement                      
                                 Revenue, 6.5%, 2016................................................       416,500
    500,000     A+             Ohio State Building Authority Revenue, 6.0%, 2008....................       518,125
  2,900,000     Aa(1)          Solon School District General Obligation, 7.15%, Prerefunded,                      
                                 2001*..............................................................     3,324,125
                                                                                                      ------------
                                                                                                      $  6,511,250
                                                                                                      ------------
                               OKLAHOMA -- 2.8%                                                                   
  4,700,000     AAA            McGee Creek Authority Water Revenue, 6.0%, 2023......................  $  4,776,375
  5,300,000     A+             Oklahoma State Turnpike Authority Revenue, 6.125%, 2020..............     5,359,625
  2,700,000     AAA            Sapulpa Municipal Authority Utility Revenue, 7.4%, 2010..............     2,949,750
                                                                                                      ------------
                                                                                                      $ 13,085,750
                                                                                                      ------------
                               OREGON -- 1.8%                                                                     
  2,000,000     AAA            Oregon Metropolitan Service District Revenue Headquarters Building,                
                                 6.75%, Prerefunded, 1999*..........................................  $  2,200,000
  1,000,000     AAA            Portland Hospital Facilities Authority Revenue Legacy Health Systems,              
                                 6.625%, 2011.......................................................     1,056,250
  1,000,000     A+             Portland Sewer System, Series A, 6.2%, 2012..........................     1,023,750
    550,000     AAA            Portland International Airport Revenue, 6.75%, 2015..................       590,563
  3,250,000     A              Washington County Unified Sewerage Agency Revenue, 6.2%, 2010........     3,371,875
                                                                                                      ------------
                                                                                                      $  8,242,438
                                                                                                      ------------
                               PENNSYLVANIA -- 3.5%                                                               
  2,400,000     AAA            Berks County General Obligation, 7.25%, Prerefunded, 2000*...........  $  2,736,000
  2,500,000     AAA            Bucks County Water & Sewer Authority, 0.00%, 2012....................       900,000
  1,000,000     AAA            Bucks County Water & Sewer Authority, 0.00%, 2013....................       336,250
  1,500,000     AAA            Hempfield School District General Obligation, 5.3%, 2014.............     1,389,375
  1,000,000     AA             Pennsylvania Housing Finance Agency Revenue, 8.1%, 2010..............     1,050,000
  2,500,000     AAA            Pennsylvania State Industrial Development Revenue, 5.5%, 2014........     2,371,875
  2,500,000     A              Pennsylvania State Turnpike Commission Revenue, 6.5%, 2013...........     2,606,250
  3,250,000     A              Pennsylvania State University Revenue, 5.5%, 2016....................     3,083,438
  1,500,000     AAA            University of Pittsburgh Capital Project, Series A, 6.125%, 2021.....     1,520,625
                                                                                                      ------------
                                                                                                      $ 15,993,813
                                                                                                      ------------
                               RHODE ISLAND -- 0.2%                                                               
  1,000,000     AA+            Rhode Island Housing & Mortgage Finance, 6.75%, 2017.................  $  1,025,000
                                                                                                      ------------
                               SOUTH CAROLINA -- 5.5%                                                             
  2,400,000     A              Fairfield County Pollution Control, 6.5%, 2014.......................  $  2,514,000
  3,000,000     A-             Richland County Solid Waste Disposal Facilities Revenue Union Camp                 
                                 Project, 7.45%, 2021...............................................     3,195,000
  1,000,000     AAA            South Carolina Grand Strand Water & Sewer Authority, 6.375%, 2012....     1,068,750
 10,000,000     A+             South Carolina Public Service Authority Revenue,                                   
                                 6.625%, Prerefunded, 2002*.........................................    11,250,000
  5,750,000     A+             South Carolina Public Service Authority Revenue, Series B, 7.1%,                   
                                 Prerefunded, 2001*.................................................     6,547,813

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

                                                        [Enlarge/Download Table]

                  Standard                                                                                        
                  & Poor's                                                                                        
 Principal         Rating                                                                                         
  Amount         (Unaudited)                                                                             Value    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
                               SOUTH CAROLINA -- (CONTINUED)                                                      
$   750,000     Aa             South Carolina State Housing Finance & Development Authority Revenue,              
                                 6.2%, 2009.........................................................  $    764,063
                                                                                                      ------------
                                                                                                      $ 25,339,626
                                                                                                      ------------
                               SOUTH DAKOTA -- 4.5%                                                               
    500,000     A(1)           Rapid City Water Revenue, 7.45%, 2010................................  $    545,625
  5,000,000     AA+            South Dakota Housing Development Authority, 6.0%, 2012...............     4,881,250
 10,000,000     A+             South Dakota State Building Authority Certificate Participation,                   
                                 Series A, 7.5%, 2016...............................................    10,525,000
  2,000,000     AAA            South Dakota State University Housing Revenue, Series A, 5.125%,                   
                                 2022...............................................................     1,757,500
  2,730,000     A+             South Dakota Student Loan Finance Corporation Revenue, 7.7%, 2007....     2,893,800
                                                                                                      ------------
                                                                                                      $ 20,603,175
                                                                                                      ------------
                               TENNESSEE -- 0.5%                                                                  
  2,360,000     AA             Metropolitan Government Nashville and Davidson County General                      
                                 Obligation, 5.625%, 2017...........................................  $  2,253,800
                                                                                                      ------------
                               TEXAS -- 4.1%                                                                      
  2,310,000     AAA            Clear Creek Independent School District General Obligation, 0%,                    
                                 2010...............................................................  $    952,875
  5,000,000     AAA            Clear Creek Independent School District General Obligation, 0%,                    
                                 2011...............................................................     1,931,250
  2,750,000     AAA            Crowley School General Obligation, 5.625%, 2023......................     2,598,750
  1,400,000     AAA            Dallas General Obligation, 6.125%, 2008..............................     1,456,000
  5,000,000     AAA            Harris County General Obligation, 0%, 2007...........................     2,487,500
  2,050,000     Aaa(1)         Keller Independent School District General Obligation, 0%, 2010......       837,938
  3,000,000     AAA            Texas Public Finance Authority Building Revenue, 0%, 2007............     1,541,250
  5,500,000     AAA            Texas Public Finance Authority Building Revenue, 0%, 2008............     2,633,125
  2,750,000     AAA            Texas Public Finance Authority Building Revenue, 0%, 2010............     1,148,125
    960,000     AA             Texas State General Obligation, 6.6%, 2008...........................     1,010,400
  1,075,000     AA             Texas State General Obligation, 6.7%, 2009...........................     1,126,063
  1,000,000     AA+            University of Texas, 5.2%, 2009......................................       955,000
                                                                                                      ------------
                                                                                                      $ 18,678,276
                                                                                                      ------------
                               UTAH -- 3.5%                                                                       
     45,000     AA             Utah Housing Finance Agency Revenue, 8.625%, 1995++..................  $     46,969
    460,000     AA             Utah Housing Finance Agency Revenue, 8.625%, 2014....................       480,125
     75,000     Aa(1)          Utah Housing Finance Agency Revenue, 5.95%, 1995++...................        73,313
    910,000     Aa(1)          Utah Housing Finance Agency Revenue, 5.95%, 2011.....................       889,525
  1,000,000     AA             Utah Intermountain Power Agency Revenue, 7.5%, 2021..................     1,075,000
  1,270,000     AA-            Utah Intermountain Power Agency Revenue, 5.0%, 1995++................     1,133,475
  3,010,000     AA             Utah Intermountain Power Agency Revenue, 5.0%, 1995++................     2,562,263
  8,940,000     AA             Utah Intermountain Power Agency Revenue, 7.75%, 2020.................     9,755,775
                                                                                                      ------------
                                                                                                      $ 16,016,445
                                                                                                      ------------
                               VIRGINIA -- 3.8%                                                                   
  1,750,000     A+             Chesapeake Water & Sewer System Revenue, 6.5%, 2012..................  $  1,815,625
  4,685,000     A+             Chesapeake Water & Sewer System Revenue, 6.4%, 2017..................     4,796,269
  1,750,000     A(1)           Harrisonburg Redevelopment & Housing Authority Revenue, 6.5%, 2014...     1,793,750

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

                                                        [Enlarge/Download Table]

                  Standard                                                                                         
                  & Poor's                                                                                         
 Principal         Rating                                                                                          
  Amount         (Unaudited)                                                                             Value     
------------------------------------------------------------------------------------------------------------------ 
                                                                                                                   
                               VIRGINIA -- (CONTINUED)                                                             
$ 4,715,000     AA             Richmond Public Improvement General Obligation,                                     
                                 6.4%, Prerefunded, 2002*...........................................  $  5,245,438 
  1,000,000     AA             Virginia State Resources Authority Water System Revenue, 5.25%,                     
                                 2013...............................................................       912,500 
  1,255,000     AA             Virginia State Resources Authority Water & Sewer System Revenue,                    
                                 5.25%, 2013........................................................     1,145,188 
  2,000,000     AA             Virginia State Transportation Board Revenue U.S. Route 58 Corridor,                 
                                 5.25%, 2012........................................................     1,872,500 
                                                                                                      ------------ 
                                                                                                      $ 17,581,270 
                                                                                                      ------------ 
                               WASHINGTON -- 4.3%                                                                  
  2,000,000     A+             Chelan County Public Utility District Revenue, 9.3%, 2062............  $  2,195,000 
  3,235,000     A(1)           King County Vashon Island School District General Obligation,                       
                                 6.65%, 2012........................................................     3,400,794 
  5,000,000     A(1)           Lynnwood Water & Sewer Revenue, 7.7%, 2013...........................     5,381,250 
  3,500,000     A+             Snohomish County Public Utility District Revenue,                                   
                                 6.8%, Prerefunded, 2020*...........................................     3,924,375 
  1,000,000     AAA            Snohomish County School District General Obligation, 5.7%, 2011......       975,000 
  4,000,000     AA             Washington State Public Power Supply System Revenue, Series A,                      
                                 6.5%, 2015.........................................................     4,070,000 
                                                                                                      ------------ 
                                                                                                      $ 19,946,419 
                                                                                                      ------------ 
                               WEST VIRGINIA -- 0.2%                                                               
  1,000,000     AA+            West Virginia State Housing Development, 7.05%, 2024.................  $  1,027,500 
                                                                                                      ------------ 
                               WISCONSIN -- 1.3%                                                                   
  3,600,000     AA+            Milwaukee Local District Heating Facility Revenue, 6.85%, 2021.......  $  3,802,500 
  1,965,000     AA             Wisconsin Housing and Economic Development Authority, 6.65%, 2025....     1,967,456 
                                                                                                      ------------ 
                                                                                                      $  5,769,956 
                                                                                                      ------------ 
                               WYOMING -- 2.2%                                                                     
  9,750,000     AA             Wyoming Community Development Authority Revenue, Series B,                          
                                 7.05%, 2033........................................................  $ 10,018,111 
                                                                                                      ------------ 
                               TOTAL INVESTMENT IN TAX-EXEMPT BONDS                                                
                                 (Cost $432,517,453)(a)(b)..........................................  $456,585,588 
                                                                                                      ------------ 
                               TAX-EXEMPT MONEY MARKET MUTUAL FUND -- 0.9%                                         
  4,052,725                    Lehman Brothers Munifund (Cost $4,052,725)...........................  $  4,052,725 
                                                                                                      ------------ 
                               TOTAL INVESTMENT IN SECURITIES (Cost $436,570,178)...................  $460,638,313 
                                                                                                      =============

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
SCHEDULE OF INVESTMENTS                                                         
June 30, 1995 (Continued)                                                       

 + The concentration of securities by type of obligation / market sector is:

                                                                [Download Table]
                                                                               
       General Obligation                                                10.7% 
       Escrowed in U.S. Government Securities                            15.1% 
       Revenue Bonds:                                                          
           Education Revenue                                              9.4% 
           Water & Sewer Revenue                                         10.6% 
           Hospital Revenue                                               5.4% 
           Housing Revenue                                                6.5% 
           Miscellaneous                                                 12.1% 
           Pollution Control Revenue                                      9.1% 
           Power Revenue                                                 14.4% 
           Transportation Revenue                                         6.5% 
       Reserves                                                           0.2% 
<FN>                                                                            
  * Prerefunded bonds have been collaterized by U.S. Treasury securities which 
    are held in escrow and used to pay principal and interest and to retire the
    bonds in full at the earliest refunding date.                              
 ** When-issued securities.                                                    
 ++ Entire bond, or a portion thereof, was called on July 3, 1995.             
(1) Rating by Moody's.                                                         
</FN>                                                                           


                                                        [Enlarge/Download Table]
                                                                                                                   
(a)  At June 30, 1995, the net unrealized appreciation on investments based on cost for federal                    
     income tax purposes of $432,517,453 was as follows:                                                           
     Aggregate gross unrealized appreciation for all investments in which there is an excess of value              
     over tax cost...................................................................................  $25,423,057 
     Aggregate gross unrealized depreciation for all investments in which there is an excess of tax                
     cost over value.................................................................................   (1,354,922)
                                                                                                       ----------- 
     Net unrealized appreciation.....................................................................  $24,068,135 
                                                                                                       =========== 
(b)  At December 31, 1994, the Fund had a net capital loss carryforward of $714,287 which will expire              
     in 2002 if not utilized.                                                                                      
Purchase and sales of securities (excluding temporary cash investments) for the six months ended June              
30, 1995 aggregated $86,035,143 and $100,090,539, respectively.                                                    

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
BALANCE SHEET                                                                   
June 30, 1995                                                                   

                                                        [Enlarge/Download Table]
                                                                                                                 
ASSETS:                                                                                                          
Investment in securities, at value (including temporary cash investment of $4,052,725)                           
  (cost $436,570,178; see Schedule of Investments and Note 1)...................................... $460,638,313 
Cash...............................................................................................    1,098,644 
Receivables -                                                                                                    
  Investment securities purchased..................................................................    5,441,694 
  Trust shares sold................................................................................      194,839 
  Interest.........................................................................................    8,556,309 
Other..............................................................................................       38,756 
                                                                                                    ------------ 
        Total assets............................................................................... $475,968,555 
                                                                                                    ------------ 
LIABILITIES:                                                                                                     
Payables -                                                                                                       
  Investment securities sold....................................................................... $  8,860,860 
  Trust shares repurchased.........................................................................      196,844 
  Dividends........................................................................................      505,941 
Accrued expenses -                                                                                               
  Management fees (Note 2).........................................................................       35,307 
  Other (Notes 2, 3 and 4).........................................................................      391,553 
                                                                                                    ------------ 
        Total liabilities.......................................................................... $  9,990,505 
                                                                                                    ------------ 
NET ASSETS:                                                                                                      
Paid-in capital (Note 1)........................................................................... $440,094,698 
Accumulated distributions in excess of net investment income.......................................     (349,131)
Accumulated net realized gain on investments.......................................................    2,164,348 
Net unrealized gain on investments.................................................................   24,068,135 
                                                                                                    ------------ 
        Total net assets........................................................................... $465,978,050 
                                                                                                    ============ 
NET ASSET VALUE PER SHARE:                                                                                       
Class A -- (based on $465,521,610 / 38,914,064 shares of beneficial interest                                     
  outstanding -- unlimited number of shares authorized with no par value).......................... $      11.96 
                                                                                                    ============ 
Class B -- (based on $456,440 / 38,324 shares of beneficial interest outstanding -- unlimited                    
  number of shares authorized with no par value)................................................... $      11.91 
                                                                                                    ============ 
MAXIMUM OFFERING PRICE:                                                                                          
  Class A.......................................................................................... $      12.52 
                                                                                                    ============ 

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
STATEMENT OF OPERATIONS                                                         
For the Six Months Ended June 30, 1995                                          

                                                        [Enlarge/Download Table]
                                                                                                                
INVESTMENT INCOME (NOTE 1):                                                                                     
  Interest.......................................................................................... $14,869,234
                                                                                                     -----------
EXPENSES:                                                                                                       
  Management fees (Note 2).......................................................................... $ 1,060,780
  Transfer agent fees (Note 3)                                                                                  
    Class A.........................................................................................     229,800
    Class B.........................................................................................         132
  Distribution fees (Note 4)                                                                                    
    Class A.........................................................................................     576,427
    Class B.........................................................................................         335
  Registration fees.................................................................................      12,700
  Professional fees.................................................................................      27,800
  Accounting (Note 2)...............................................................................      49,665
  Custodian fees....................................................................................      29,950
  Printing..........................................................................................       9,075
  Fees and expenses of nonaffiliated trustees.......................................................      15,660
  Miscellaneous.....................................................................................      18,032
                                                                                                     -----------
    Total expenses.................................................................................. $ 2,030,356
                                                                                                     -----------
        Net investment income....................................................................... $12,838,878
                                                                                                     -----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:                                                                    
  Net realized gain on investments.................................................................. $ 2,878,635
  Decrease in net unrealized loss on investments....................................................  26,130,190
                                                                                                     -----------
    Net gain on investments......................................................................... $29,008,825
                                                                                                     -----------
        Net increase in net assets resulting from operations........................................ $41,847,703
                                                                                                     ===========

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
STATEMENTS OF CHANGES IN NET ASSETS                                             
For the Six Months Ended June 30, 1995 and the Year Ended December 31, 1994     

                                                        [Enlarge/Download Table]

                                                                                        Six Months Ended      Year Ended    
                                                                                          June 30, 1995    December 31, 1994
                                                                                        -----------------  -----------------
                                                                                                                            
FROM OPERATIONS:                                                                                                            
  Net investment income................................................................   $  12,838,878      $  26,381,175  
  Net realized gain (loss) on investments..............................................       2,878,635           (714,287) 
  Increase (decrease) in net unrealized gain (loss) on investments.....................      26,130,190        (59,207,615) 
                                                                                          -------------      -------------  
    Net increase (decrease) in net assets resulting from operations....................   $  41,847,703      $ (33,540,727) 
                                                                                          -------------      -------------  
EQUALIZATION:                                                                                                               
  Net undistributed investment income included in price of shares sold, net of shares                                       
    repurchased (Note 1)...............................................................   $   --             $      11,837  
                                                                                          -------------      -------------  
DISTRIBUTIONS TO SHAREHOLDERS:                                                                                              
  From net investment income                                                                                                
    Class A ($0.33 and $0.64 per share, respectively)..................................   $ (12,790,643)     $ (26,474,942) 
    Class B ($0.09 and $0.00 per share, respectively)..................................          (1,271)         --         
  In excess of net investment income                                                                                        
    Class A ($0.01 and $0.00 per share, respectively)..................................        (349,131)           (46,964) 
  From realized gain on investments                                                                                         
    Class A ($0.00 and $0.00 per share, respectively)..................................       --                  (131,360) 
                                                                                          -------------      -------------  
Decrease in net assets resulting from distributions to shareholders....................   $ (13,141,045)     $ (26,653,266) 
                                                                                          -------------      -------------  
FROM TRUST SHARE TRANSACTIONS:                                                                                              
Net proceeds from sale of shares.......................................................   $  13,343,005      $  38,464,474  
Net asset value of shares issued to shareholders in reinvestment of dividends..........       9,764,705         19,611,787  
Cost of shares repurchased.............................................................     (38,497,585)       (77,723,460) 
                                                                                          -------------      -------------  
Decrease in net assets resulting from trust share transactions.........................   $ (15,389,875)     $ (19,647,199) 
                                                                                          -------------      -------------  
Net increase (decrease) in net assets..................................................   $  13,316,783      $ (79,829,355) 
NET ASSETS:                                                                                                                 
Beginning of period....................................................................     452,661,267        532,490,622  
                                                                                          -------------      -------------  
End of period (including accumulated distributions in excess of net investment income                                       
  of $349,131 and $46,964, respectively)...............................................   $ 465,978,050      $ 452,661,267  
                                                                                          =============      =============  

The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 
For the Six Months Ended June 30, 1995 and the Year Ended December 31, 1994     

                                                        [Enlarge/Download Table]

                                                              Six Months Ended                Year Ended         
                                                               June 30, 1995              December 31, 1994      
                                                         --------------------------   -------------------------- 
                                                           Shares         Amount        Shares         Amount    
                                                         ----------    ------------   ----------    ------------ 
                                                                                                                 
CLASS A                                                                                                          
Shares sold............................................   1,086,864    $ 12,856,284    3,231,068    $ 38,464,474 
Shares issued to shareholders in reinvestment of                                                                 
  distributions........................................     824,986       9,763,657    1,674,702      19,611,787 
Less shares repurchased................................  (3,278,162)    (38,468,778)  (6,630,251)    (77,723,460)
                                                         ----------    ------------   ----------    ------------ 
Net decrease...........................................  (1,366,312)   $(15,848,837)  (1,724,481)   $(19,647,199)
                                                         ==========    ============   ==========    ============ 

CLASS B*                                                                                                         
Shares sold............................................      40,616    $    486,721                              
Shares issued to shareholders in reinvestment of                                                                 
  distributions........................................          88           1,048                              
Less shares repurchased................................      (2,380)        (28,807)                             
                                                         ----------    ------------                              
Net increase...........................................      38,324    $    458,962                              
                                                         ==========    ============                              
<FN>                                                                                                             

*Class B shares were first publicly offered on April 28, 1995.                                                   
</FN>                                                                                                            


The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
FINANCIAL HIGHLIGHTS -- SELECTED DATA FOR A SHARE OUTSTANDING                   
For the Periods Presented                                                       

                                                        [Enlarge/Download Table]

                                                                           Six                                                
                                                                          Months                                              
                                                                          Ended         For the Years Ended December 31,      
                                                                         June 30,   ----------------------------------------- 
                                                                           1995       1994      1993+       1992       1991   
                                                                         --------   --------   --------   --------   -------- 
                                                                                                                              
CLASS A                                                                                                                       
Net asset value, beginning of period...................................  $  11.24   $  12.68   $  12.08   $  11.99   $  11.52 
                                                                         --------   --------   --------   --------   -------- 
Increase (decrease) from investment operations--                                                                              
 Net investment income.................................................  $   0.33   $   0.64   $   0.67   $   0.71   $   0.74 
 Net realized and unrealized gain(loss) on investments.................      0.73      (1.44)      0.87       0.31       0.65 
                                                                         --------   --------   --------   --------   -------- 
  Total increase (decrease) from investment operations.................  $   1.06   $  (0.80)  $   1.54   $   1.02   $   1.39 
Distribution to shareholders--                                                                                                
 From net investment income............................................     (0.33)     (0.64)     (0.67)     (0.71)     (0.74)
 In excess of net investment income....................................     (0.01)        --         --         --         -- 
 From net realized gain................................................        --         --      (0.27)     (0.22)     (0.18)
                                                                         --------   --------   --------   --------   -------- 
Net increase (decrease) in net asset value.............................  $   0.72   $  (1.44)  $   0.60   $   0.09   $   0.47 
                                                                         --------   --------   --------   --------   -------- 
Net asset value, end of year...........................................  $  11.96   $  11.24   $  12.68   $  12.08   $  11.99 
                                                                         ========   ========   ========   ========   ======== 
Total return*..........................................................      9.45%    (6.38%)    12.98%      8.73%     12.49% 
Ratio of net operating expenses to average net assets..................      0.88%**    0.91%     0.86%      0.87%      0.87% 
Ratio of net investment income to average net assets...................      5.57%**    5.37%     5.37%      5.80%      6.26% 
Portfolio turnover rate................................................        38%**      55%       58%        62%        56% 
Net assets, end of period (in thousands)...............................  $465,522   $452,661   $532,491   $466,586   $408,990 



                                                                           1990       1989       1988       1987       1986   
                                                                         --------   --------   --------   --------   -------- 
                                                                                                                              
CLASS A                                                                                                                       
Net asset value, beginning of period...................................  $  11.47   $  11.17   $  10.70   $  11.69   $  10.81 
                                                                         --------   --------   --------   --------   -------- 
Increase (decrease) from investment operations--                                                                              
 Net investment income.................................................  $   0.76   $   0.79   $   0.80   $   0.80   $   0.86 
 Net realized and unrealized gain(loss) on investments.................      0.06       0.31       0.47      (0.98)      1.52 
                                                                         --------   --------   --------   --------   -------- 
  Total increase (decrease) from investment operations.................  $   0.82   $   1.10   $   1.27   $  (0.18)  $   2.38 
Distribution to shareholders--                                                                                                
 From net investment income............................................     (0.76)     (0.80)     (0.80)     (0.81)     (0.86)
 In excess of net investment income....................................        --         --         --         --         -- 
 From net realized gain................................................     (0.01)        --         --         --      (0.64)
                                                                         --------   --------   --------   --------   -------- 
Net increase (decrease) in net asset value.............................  $   0.05   $   0.30   $   0.47   $  (0.99)  $   0.88 
                                                                         --------   --------   --------   --------   -------- 
Net asset value, end of year...........................................  $  11.52   $  11.47   $  11.17   $  10.70   $  11.69 
                                                                         ========   ========   ========   ========   ======== 
Total return*..........................................................     7.40%     10.12%     12.25%     (1.56%)    22.67% 
Ratio of net operating expenses to average net assets..................     0.78%      0.63%      0.64%      0.63%      0.61% 
Ratio of net investment income to average net assets...................     6.69%      6.96%      7.26%      7.24%      7.30% 
Portfolio turnover rate................................................       40%        54%        73%        89%       153% 
Net assets, end of period (in thousands)...............................  $362,887   $357,388   $324,116   $307,266   $307,266 



                                                                           1985                                               
                                                                         --------                                             
CLASS A                                                                                                                       
Net asset value, beginning of period...................................  $   9.70                                             
                                                                         --------                                             
Increase (decrease) from investment operations--                                                                              
 Net investment income.................................................  $   0.86                                             
 Net realized and unrealized gain(loss) on investments.................      1.12                                             
                                                                         --------                                             
  Total increase (decrease) from investment operations.................  $   1.98                                             
Distribution to shareholders--                                                                                                
 From net investment income............................................     (0.87)                                            
 In excess of net investment income....................................        --                                             
 From net realized gain................................................        --                                             
                                                                         --------                                             
Net increase (decrease) in net asset value.............................  $   1.11                                             
                                                                         --------                                             
Net asset value, end of year...........................................  $  10.81                                             
                                                                         ========                                             
Total return*..........................................................    21.25%                                             
Ratio of net operating expenses to average net assets..................     0.64%                                             
Ratio of net investment income to average net assets...................     8.40%                                             
Portfolio turnover rate................................................      258%                                             
Net assets, end of period (in thousands)...............................  $307,266                                             


                                                                          April                                               
                                                                           28,                                                
                                                                           1995                                               
                                                                            to                                                
                                                                         June 30,                                             
                                                                         1995(a)                                              
                                                                         --------                                             
                                                                                                                              
CLASS B ***                                                                                                                   
Net asset value, beginning of period...................................  $  11.81                                             
                                                                         --------                                             
Increase from investment operations:                                                                                          
 Net investment income.................................................  $   0.09                                             
 Net realized and unrealized gain on investments.......................      0.10                                             
                                                                         --------                                             
     Total increase from investment operations.........................  $   0.19                                             
Distribution to shareholders:                                                                                                 
 From net investment income............................................     (0.09)                                            
                                                                         --------                                             
Net increase in net asset value........................................  $   0.10                                             
                                                                         --------                                             
Net asset value, end of period.........................................  $  11.91                                             
                                                                         ========                                             
Total return *.........................................................     1.55%                                             
Ratio of net operating expenses to average net assets..................     1.99%**                                           
Ratio of net investment income to average net assets...................     4.14%**                                           
Portfolio turnover rate................................................       38%**                                           
Net assets, end of period (in thousands)...............................  $    456                                             

<FN>                                                                                                                          

  + Prior to the assumption of the management agreement on December 1, 1993 by                                                
    Pioneering Management Corporation, the Fund was advised by Mutual of Omaha                                                
    Fund Management Company.                                                                                                  

  * 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 the 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.                                                                                                               

*** Class B shares were first publicly offered on April 28, 1995.                                                             

(a) The per share data is based on average shares and average net assets                                                      
    outstanding for the period presented.                                                                                     
</FN>                                                                                                                         


The accompanying notes are an integral part of these financial statements.

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PIONEER TAX-FREE INCOME FUND                                                    
NOTES TO FINANCIAL STATEMENTS                                                   
June 30, 1995                                                                   

1. Pioneer Tax-Free Income Fund (the Fund) is a Delaware business trust         
registered under the Investment Company Act of 1940 as a diversified, open-end  
management company. On December 1, 1993, Mutual of Omaha Fund Management Company
(FMC) was sold to The Pioneer Group, Inc. (PGI). Concurrent with the sale of FMC
to PGI, the Fund's shareholders approved a new investment management agreement  
with Pioneering Management Corporation (PMC), a wholly owned subsidiary of PGI. 

 The Board of Trustees has authorized the issuance of two share classes of
the Trust, designated as Class A and Class B shares. Class B shares were first  
publicly offered on April 28, 1995. Shares issued and outstanding prior to April
28, 1995 were designated as Class A shares. The shares of each class represent  
an interest in the same portfolio of investments of the Trust and have equal    
rights to voting, redemptions, dividends and liquidations, 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 holders of Class A and Class B shares, respectively.                 

  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. Investment Securities -- Security transactions are recorded on the date
the securities are purchased or sold. Investment 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. 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 income is 
recorded on the accrual basis.                                                  

    Gains and losses from 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 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 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 tax provisions are required.            

The characterization of distributions to shareholders for financial     
reporting purposes is determined in accordance with 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 capital, depending on the type
of book/tax differences that may exist.                                         

    C. Trust Shares -- The Fund records sales and repurchases of its fund shares
on the trade date. Net losses, if any, as a result of cancellations, are        
absorbed by Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for
the Fund and wholly owned subsidiary of PGI. PFD earned $351,264 in underwriting
commissions on the sale of trust shares during the six months ended June 30,    
1995. The Fund declares as daily dividend substantially all of its respective   
net investment income. All dividends are paid on the last business day of the   
month. Short-term capital gain distributions, if any, may be paid with the daily
dividends. Dividends paid by the Fund with respect to each class of shares are  
calculated in the same manner, at the same time, on the same day and are in the 
same amount, except that Class A and Class B shares can bear different transfer 
agent and distribution fees.                                                    

 D. Class Allocations -- Distribution expenses are calculated based on the
average daily net asset value attributable to Class A and Class B shares of the 
Fund, respectively. Sharehold-                                                  

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PIONEER TAX-FREE INCOME FUND                                                    
NOTES TO FINANCIAL STATEMENTS                                                   
June 30, 1995 (Continued)                                                       

   ers of Class A and Class B share all expenses and fees paid to the transfer
service organization, Pioneering Services Corporation (PSC), for its services,  
which are allocated based on the number of accounts in each class and the       
ratable allocation of related out-of-pocket expenses (see Note 3). Income,      
common expenses and realized and unrealized gains (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.                  

  E. Equalization -- Through June 30, 1994, the Fund followed the accounting
practice known as equalization by which a portion of the proceeds from sales and
costs of repurchases of fund shares, which is equivalent, on per share basis, to
the amount of undistributed net income on the date of the transaction, is       
credited or charged to fund shares.                                             

2. Pioneering Management Corporation (PMC) is the Fund's investment adviser,    
manages the Fund's portfolio, and is a wholly owned subsidiary of PGI.          
Management fees are calculated at the annual rates set forth below as a         
percentage of average daily net assets. Such rates are effective until December 
1, 1995.                                                                        

                                                                [Download Table]

Net Assets                                      Annual Fee
----------------------------------------------------------
                                                          
For assets up to $100,000,000.................      .50%  
For assets in excess of $100,000,000 to                   
  $200,000,000................................      .48%  
For assets in excess of $200,000,000 to                   
  $300,000,000................................      .46%  
For assets in excess of $300,000,000 to                   
  $400,000,000................................      .44%  
For assets in excess of $400,000,000 to                   
  $500,000,000................................      .42%  
Over $500,000,000.............................      .40%  

In addition, under the management agreement, certain other services and 
costs, including accounting, regulatory reporting and insurance premiums, are   
paid by the Fund. Included in Accrued expenses -- Other is $4,918 in accounting 
fees payable to PMC at June 30, 1995.                                           

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 Accrued expenses -- Other is $37,975 in        
transfer agent fees payable to PSC at June 30, 1995.                            

4. The Fund has adopted a Plan of Distribution for both Class A shares (Class A 
Plan) and Class B shares (Class B Plan) in accordance with Rule 12b-1 under the 
Investment Company Act of 1940 pursuant to which certain distribution fees are  
paid to PFD.                                                                    

Pursuant to the Class A Plan, the Fund may reimburse PFD for its actual 
expenditures to finance any activities primarily intended to result in the sale 
of Class A shares or to provide services to holders of Class A shares.          
Reimbursement for such expenditures, if any, may not exceed 0.25% of the Fund's 
average daily net assets attributable to Class A shares. The Class B Plan       
provides that the Fund may pay a distribution fee at an daily rate of 0.75% of  
the Fund's average daily net assets attributable to Class B shares and may pay  
PFD a service fee at the annual rate of 0.25% of the Fund's average daily net   
assets attributable to Class B shares. Included in Accrued expenses -- Other is 
$301,024 in distribution fees payable to PFD at June 30, 1995.                  

    Class B shares that are redeemed within six years of purchase are subject to
a contingent deferred sales charge (CDSC) at declining rates beginning at 4.0%  
of the lesser of the current market value at the time of redemption or the      
original purchase cost of the shares being redeemed. Proceeds from the CDSC are 
paid to PFD. For the six months ending June 30, 1995, no CDSC was paid to PFD.  

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS                                        

TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF PIONEER TAX-FREE INCOME FUND:  

We have audited the accompanying balance sheet of Pioneer Tax-Free Income   
Fund, including the schedule of investments, as of June 30, 1995, and the       
related statement of operations, statements of changes in net assets and        
financial highlights for the six months ended June 30, 1995 and the year ended  
December 31, 1994. These financial statements and financial highlights are the  
responsibility of the Fund's management. Our responsibility is to express an    
opinion on these financial statements and financial highlights based on our     
audits. The financial highlights for each of the nine years ended December 31,  
1993 were audited by other auditors whose report dated February 22, 1994        
expressed an unqualified opinion.                                               

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 June 
30, 1995 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 Tax-Free Income Fund as of June 30, 1995, the results of its operations 
and the changes in its net assets for the periods presented and financial       
highlights for the six months ended June 30, 1995 and the year ended December   
31, 1994, in conformity with generally accepted accounting principles.          

                                                             ARTHUR ANDERSEN LLP

Boston, Massachusetts                                                           
July 28, 1995                                                                   

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                                                                [Download Table]
                                                    

PIONEER TAX-FREE INCOME FUND                        
      60 State Street                               

                                                                            LOGO

                                                                [Download Table]
                                                                   
               Boston, Massachusetts 02109                         
OFFICERS                      TRUSTEES                             
JOHN F. COGAN, JR.            JOHN F. COGAN, JR.                   
Chairman and President        RICHARD H. EGDAHL, M.D.              
DAVID D. TRIPPLE              MARGARET B. W. GRAHAM                
Executive Vice President      JOHN W. KENDRICK                     
MARK L. WINTER                MARGUERITE A. PIRET                  
Vice President                DAVID D. TRIPPLE                     

                            Pioneer Tax-Free

                                                                [Download Table]
                                                                   
WILLIAM H. KEOUGH             STEPHEN K. WEST                      
Treasurer                     JOHN WINTHROP                        

                       Income Fund

                                                                [Download Table]
                                                                   
JOSEPH P. BARRI                                                    
Secretary                                                          

                             SEMIANNUAL REPORT

                                                                [Download Table]
                                                                   
INVESTMENT ADVISER            LEGAL COUNSEL                        

                         JUNE 30, 1995

                                                                [Download Table]
                                                                   
PIONEERING MANAGEMENT         HALE AND DORR                        
CORPORATION                                                        
PRINCIPAL UNDERWRITER         SHAREHOLDER                          
                              SERVICES AND                         
PIONEER FUNDS                 TRANSFER AGENT                       
DISTRIBUTOR, INC.                                                  
                              PIONEERING SERVICES                  
CUSTODIAN                     CORPORATION                          
                              60 State Street                      
BROWN BROTHERS                Boston, Massachusetts                
HARRIMAN & CO.                02109                                
INDEPENDENT PUBLIC                                                 
ACCOUNTANTS                                                        
ARTHUR ANDERSEN LLP                                                
--------------------------------------------------------           
 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, which discusses the objectives, policies and           
other information concerning the Fund.                             

0895-2636                                                          
(C)Pioneer Funds Distributor, Inc.                                 

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30B-2’ Filing		Date		First		Last			Other Filings
		12/1/95		18
Filed on:		8/23/95
		8/15/95		3
		7/28/95		19
		7/3/95		11
For Period End:		6/30/95		1		20			NSAR-A
		4/28/95		1		17
		12/31/94		11		19			NSAR-B
		6/30/94		18					NSAR-A
		2/22/94		19
		12/31/93		19					NSAR-B
		12/1/93		16		17
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