November 20, 1998
<TABLE>
<CAPTION>
Supplement to Prospectus for
<S> <C> <C>
Fund Dated
Pioneer II (Class A, B and C Shares) January 28, 1998
Pioneer America Income Trust (Class A, B and C Shares) April 30, 1998
Pioneer Balanced Fund (Class A, B and C Shares) April 30, 1998
Pioneer Bond Fund (Class A, B and C Shares) October 28, 1998
Pioneer Capital Growth Fund (Class A, B and C Shares) July 1, 1998
Pioneer Capital Growth Fund (Class Y Shares) July 2, 1998
Pioneer Cash Reserves Fund (Class A, B and C Shares) April 30, 1998
Pioneer Fund (Class A, B and C Shares) April 30, 1998
Pioneer Growth Shares (Class A, B and C Shares) April 30, 1998
(revised September 9, 1998)
Pioneer Growth Shares (Class Y Shares) April 30, 1998
Pioneer Emerging Markets Fund (Class A, B and C Shares) March 30, 1998
Pioneer Emerging Markets Fund (Class Y Shares) April 9, 1998
Pioneer Equity-Income Fund (Class A, B and C Shares) July 1, 1998
Pioneer Equity-Income Fund (Class Y Shares) July 2, 1998
Pioneer Europe Fund (Class A, B and C Shares) February 27, 1998
Pioneer Europe Fund (Class Y Shares) July 2, 1998
Pioneer Gold Shares (Class A, B and C Shares) July 1, 1998
Pioneer Indo-Asia Fund (Class A, B and C Shares) October 1, 1998
Pioneer Intermediate Tax-Free Fund (Class A, B and C Shares) April 30, 1998
Pioneer International Growth Fund (Class A, B and C Shares) March 30, 1998
Pioneer Micro-Cap Fund (Class A and B Shares) March 30, 1998
Pioneer Mid-Cap Fund (Class A, B and C Shares) January 28, 1998
Pioneer Real Estate Shares (Class A, B and C Shares) April 9, 1998
Pioneer Real Estate Shares (Class Y Shares) April 9, 1998
Pioneer Small Company Fund (Class A, B and C Shares) February 27, 1998
Pioneer Short-Term Income Trust (Class A and B Shares) March 30, 1998
Pioneer Short-Term Income Trust (Class Y Shares) April 9, 1998
Pioneer Tax-Free Income Fund (Class A, B and C Shares) April 30, 1998
Pioneer World Equity Fund (Class A, B and C Shares) July 29, 1998
</TABLE>
PIONEERING MANAGEMENT CORPORATION
Effective November 2, 1998, Pioneering Management Corporation ("PMC") changed
its name to Pioneer Investment Management, Inc. Wherever "Pioneering Management
Corporation" or "PMC" appears it is replaced by "Pioneer Investment Management,
Inc." or "Pioneer Investments," respectively.
--------------------
The following information supplements the corresponding section of the
Prospectus. Please consult the Prospectus for the full text of the revised
section.
MANAGEMENT OF THE FUND
Year 2000. Information technology experts are concerned about computer and other
electronic systems' ability to process date-related information on and after
January 1, 2000. This scenario, commonly referred to as the "Year 2000 problem,"
could have an adverse impact the on the Fund and the provision of services to
its shareowners. Pioneer Investments is addressing the Year 2000 problem with
respect to its systems and those used by the distributor and transfer agent.
During 1999, Pioneer Investments expects to finish addressing all material Year
2000 issues and to participate in industry-wide testing. The fund has obtained
assurances from its other service providers that they are taking appropriate
Year 2000 measures and Pioneer Investments is monitoring their efforts. Although
the fund does not expect the Year 2000 problem to adversely impact it, the fund
cannot guarantee that its, or the fund's service providers', efforts will be
successful.
OFFICERS
John A. Boynton, Treasurer
On November 3, 1998, the Trustees of the Funds approved Mr. Boynton as Treasurer
for all the Pioneer mutual funds. Mr. Boynton is the chief financial officer and
treasurer of The Pioneer Group, Inc., Pioneer Investments' parent company. Prior
to joining The Pioneer Group in November 1998, Mr. Boynton was a senior vice
president of The Quaker Oats Company, where he had been part of the senior
management team since 1981. Mr. Boynton is 44.
1098-5799
(C) Pioneer Funds Distributor, Inc.
