October 30, 1998
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION FOR
<TABLE>
<CAPTION>
FUND DATED
<S> <C>
Pioneer World Equity Fund July 29, 1998
Pioneer II January 28, 1998
Pioneer Mid-Cap Fund January 28, 1998
Pioneer Europe Fund February 27, 1998 (as revised July 2, 1998)
Pioneer Indo-Asia Fund October 1, 1998
Pioneer Capital Growth Fund July 2, 1998
Pioneer Equity-Income Fund July 2, 1998
Pioneer Gold Shares July 1, 1998
Pioneer Small Company Fund February 27, 1998
Pioneer Short-Term Income Trust March 30, 1998 (as revised April 9, 1998)
Pioneer Emerging Markets Fund March 30, 1998 (as revised April 9, 1998)
Pioneer International Growth Fund March 30, 1998
Pioneer Micro-Cap Fund March 30, 1998
Pioneer Fund April 30, 1998 (as revised May 8, 1998)
Pioneer Intermediate Tax-Free Fund April 30, 1998
Pioneer Cash Reserves Fund April 30, 1998
Pioneer America Income Trust April 30, 1998
Pioneer Real Estate Shares April 9, 1998
Pioneer Growth Shares April 30, 1998 (as revised September 9, 1998)
Pioneer Balanced Fund April 30, 1998
Pioneer Tax-Free Income Fund April 30, 1998
(each, a "Fund" and collectively, the "Funds")
</TABLE>
A. Effective November 2, 1998, Pioneering Management Corporation ("PMC") will
change 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.
B. The following is appended to the description of the Fund's Class B Plan:
The Class B Plan and underwriting agreement have been amended effective
September 30, 1998 to permit Pioneer Funds Distributor, Inc. ("PFD") to sell its
right to receive distribution fees under the Plan and CDSC's to third parties.
PFD enters into such transactions to finance the payment of commissions to
brokers at the time of sale and other distribution-related expenses. In
connection with such amendments, the Fund has agreed that the distribution fee
will not be terminated or modified (including a modification by change in the
rules relating to the conversion of Class B shares into Class A shares) with
respect to Class B shares (a) issued prior to the date of any termination or
modification or (b) attributable to Class B shares issued through one or a
series of exchanges of shares of another investment company for which PFD acts
as principal underwriter which were initially issued prior to the date of such
termination or modification or (c) issued as a dividend or distribution upon
Class B shares initially issued or attributable to Class B shares issued prior
to the date of any such termination or modification except:
(i) to the extent required by a change in the Investment Company Act of
1940 (the "1940 Act"), the rules or regulations under the 1940 Act, the
Conduct Rules of the National Association of
<PAGE>
Securities Dealers, Inc. (the "NASD") or an order of any court or
governmental agency, in each case enacted, issued or promulgated after
September 30, 1998;
(ii) in connection with a Complete Termination (as defined in the
Plan); or
(iii) on a basis, determined by the Board of Trustees acting in good
faith, so long as from and after the effective date of such
modification or termination: neither the Fund, the adviser nor certain
affiliates pay, directly or indirectly, a fee to any person for the
provision of personal and account maintenance services (as such terms
are used in the Conduct Rules of the NASD) to the holders of Class B
shares of the Fund and the termination or modification of the
distribution fee applies with equal effect to all Class B shares
outstanding from time to time.
The Class B Plan also provides that PFD shall be deemed to have performed all
services required to be performed in order to be entitled to receive the
distribution fee, if any, payable with respect to Class B shares sold through
PFD upon the settlement date of the sale of such Class B shares or in the case
of Class B shares issued through one or a series of exchanges of shares of
another investment company for which PFD acts as principal underwriter or issued
as a dividend or distribution upon Class B shares, on the settlement date of the
first sale on a commission basis of a Class B share from which such Class B
share was derived.
In the amendments to the underwriting agreement, the Fund agreed that subsequent
to the issuance of a Class B share, it would not take any action to waive or
change any CDSC (including a change in the rules applicable to conversion of
Class B shares into another class) in respect of such Class B shares, except (i)
as provided in the Fund's Prospectus or Statement of Additional Information in
effect on September 30, 1998, or (ii) as required by a change in the 1940 Act
and the rules and regulations thereunder, the Conduct Rules of the NASD or any
order of any court or governmental agency enacted, issued or promulgated after
September 30, 1998.
C. The following is a list of the holders of 5% or more of any class of a Fund's
outstanding shares as of September 30, 1998:
<TABLE>
<CAPTION>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
<S> <C> <C> <C> <C>
Pioneer America Income Trust Contra Costa Federal Credit Union A 691,406 5.53
1111 Pine Street
Martinez, CA 94553-1702
MLPF&S for the Sole Benefit of its Customers B 248,354 12.96
Mutual Fund Administration C 71,143 5.75
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Pioneer Balanced Fund MLPF&S for the Sole Benefit of its Customers C 51,982 13.95
Mutual Fund Administration
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
2
<PAGE>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
31,983
City of Lawrence, MA C 8.58
Trust Funds
200 Common Street
Lawrence, MA 01840-1517
Pioneer Capital Growth Fund MLPF&S for the Sole Benefit of its Customers B 5,410,006 17.08
Mutual Fund Administration C 1,204,991 43.55
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
U.S. Trust Co. of the Pacific NW, Y 110,816 52.98
Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
U.S. Trust Co. of the Pacific NW, Y 96,475 46.12
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
Pioneer Emerging Markets Fund MLPF&S for the Sole Benefit of its Customers A 3,510,818 37.08
Mutual Fund Administration B 1,107,816 24.96
4800 Deer Lake Drive East, 2nd Floor C 486,264 45.93
Jacksonville, FL 32246-6484
U.S. Trust Co. of the Pacific NW, Y 66,572 49.91
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
U.S. Trust Co. of the Pacific NW, Y 66,300 49.71
Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
Pioneer Equity-Income Fund MLPF&S for the Sole Benefit of its Customers B 626,486 6.23
Mutual Fund Administration C 125,467 13.86
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
3
<PAGE>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
52,930
U.S. Trust Co. of the Pacific NW, Y 52.41
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
U.S. Trust Co. of the Pacific NW, Y 43,326 42.90
Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
MLPF&S for the Sole Benefit of its Customers A 2,019,493 19.24
Mutual Fund Administration B 507,740 11.29
4800 Deer Lake Drive East, 2nd Floor C 327,061 33.19
Jacksonville, FL 32246-6484
Wendel & Co. Y 163,317 63.37
One Wall Street
New York, NY 10005-2500
U.S. Trust Co. of the Pacific NW, Y 46,437 18.01
Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
U.S. Trust Co. of the Pacific NW, Y 45,585 17.68
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
MLPF&S for the Sole Benefit of its Customers B 332,915 7.12
Mutual Fund Administration C 222,485 29.30
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Donaldson Lufkin Jenrette B 91,070 6.71
Securities Corporation Inc.
P.O. Box 2052
Jersey City, NJ 07303-9998
4
<PAGE>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
80,668
MLPF&S for the Sole Benefit of its Customers C 14.67
Mutual Fund Administration
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Pioneer Growth Shares Tommie D. Thompson A 3,366,071 6.20
Trustee for Mutual of Omaha 401K
Long-Term Savings Plan
Mutual of Omaha Plaza
Omaha, NE 68175-0001
MLPF&S for the Sole Benefit of its Customers B 3,566,834 13.40
Mutual Fund Administration C 2,012,575 30.52
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
U.S. Trust Co. of the Pacific NW, Y 129,463 57.73
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
U.S. Trust Co. of the Pacific NW, Y 92,807 41.38
Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
Pioneer Indo-Asia Fund MLPF&S for the Sole Benefit of its Customers A 50,630 5.93
Mutual Fund Administration B 289,682 34.77
4800 Deer Lake Drive East, 2nd Floor C 6,644 10.16
Jacksonville, FL 32246-6484
Pioneer Funds Distributor, Inc. C 12,887 19.72
60 State Street
Boston, MA 02109-1800
Ranbir S. Sodhi & Santosh Sodhi Jt Ten C 5,061 7.74
Box 36
St. Johnsville, NY 13452-0036
BHC Securities, Inc. C 4,622 7.07
One Commerce Square
2005 Market Street, Suite 1200
Philadelphia, PA 19103-7042
5
<PAGE>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
90,431
Pioneer Intermediate Tax-Free MLPF&S for the Sole Benefit of its Customers B 10,743 29.45
Fund Mutual Fund Administration C 32.03
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Pioneer Funds Distributor, Inc. C 10,552 31.46
60 State Street
Boston, MA 02109-1800
Alice M. Latella and C 4,920 14.67
Philip A. Latella Jt Ten
1009 Beckwith Place
Utica, NY 13501-5317
Pioneer International Growth MLPF&S for the Sole Benefit of its Customers B 511,856 13.96
Fund Mutual Fund Administration C 129,089 26.32
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Prudential Securities Inc. C 62,389 12.72
For benefit of Mark J. Schneider
SEP DTD 01/01/93
345 Cedar Avenue
Highland Park, IL 60035-4139
James Schneider and Phyllis Schneider C 37,763 7.69
Trustees of the James Schneider
Family Trust DTD 03/04/83
2265 Cedar Court
Northbook, IL 60062-6927
Pioneer Micro-Cap Fund MLPF&S for the Sole Benefit of its Customers A 197,734 6.72
Mutual Fund Administration B 766,088 17.66
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Donaldson Lufkin Jenrette A 154,552 5.25
Securities Corporation Inc.
P.O. Box 2052
Jersey City, NJ 07303-2052
Pioneer Mid-Cap Fund MLPF&S for the Sole Benefit of its Customers B 35,071 9.46
Mutual Fund Administration C 9,157 8.81
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
6
<PAGE>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
16,934
J.C. Bradford & Co., Custodian C 16.29
For benefit of DCIP Limited Partners II
330 Commerce Street
Nashville, TN 37201-1805
PGI Rollover IRA C 11,554 11.11
Custodian for Kyung Ja Lee
106 Samsung Seacho Villa
1641-10 Seacho Dong
Seacho KS, Seoul 137-071
Korea
PGI Rollover IRA C 11,554 11.11
Custodian for Won R. Lee
106 Samsung Seacho Villa
1641-10 Seacho Dong
Seacho KS, Seoul 137-071
Korea
Pioneer Real Estate Shares MLPF&S for the Sole Benefit of its Customers B 1,141,664 25.38
Mutual Fund Administration C 286,329 26.44
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-648
U.S. Trust Co. of the Pacific NW, Y 64,890 57.42
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
U.S. Trust Co. of the Pacific NW, Y 31,126 27.54
Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
The Pioneer Group, Inc. (Serp) Y 16,981 15.02
Howard Johnson & Co.
15 Exchange Place, Suite 400
Jersey City, NJ 07302-3912
Pioneer Short-Term Income U.S. Trust Co. of the Pacific NW, Y 55,842 55.16
Trust Trustee
Pioneer Savings & Investment Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
7
<PAGE>
SHARE NUMBER OF SHARES % OF
NAME OF FUND RECORD HOLDER CLASS CLASS
45,381
U.S. Trust Co. of the Pacific NW, Y 44.83
Trustee
Pioneer Retirement Benefit Plan
U.S. Trust Co. of the Pacific Northwest
4380 SW MacAdam Avenue, Suite 450
Portland, OR 97201-6407
MLPF&S for the Sole Benefit of its Customers B 494,948 20.20
Mutual Fund Administration
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-648
Pioneer Small Company Fund MLPF&S for the Sole Benefit of its Customers A 807,819 5.25
Mutual Fund Administration B 2,285,699 13.41
4800 Deer Lake Drive East, 2nd Floor C 274,808 24.51
Jacksonville, FL 32246-648
Pioneer Tax-Free Income Fund MLPF&S for the Sole Benefit of its Customers B 84,959 11.73
Mutual Fund Administration C 48,855 19.93
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Salomon Smith Barney Inc. C 90,343 36.86
388 Greenwich Street
New York, NY 10013-2375
Raffaella R. Buonocore Trustee of the C 14,139 5.76
Raffaella R. Buonocore Living
Trust Dated 04/25/97
1720 Walnut Street
Chester, PA 19013-5725
Pioneer II MLPF&S for the Sole Benefit of its Customers C 32,679 17.47
Mutual Fund Administration
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
Pioneer World Equity Fund Deutsche Morgan Grenfell A 105,791 7.12
C/F Frankfurt Reinvest Account
1251 Avenue of the Americas
New York, NY 10020-1104
MLPF&S for the Sole Benefit of its Customers A 79,696 5.37
Mutual Fund Administration B 43,850 6.37
4800 Deer Lake Drive East, 2nd Floor C 13,450 14.60
Jacksonville, FL 32246-6484
</TABLE>
8
<PAGE>
D. The following performance information replaces the existing performance
information under "Investment Results" in the applicable Fund's Statement of
Additional Information.
INVESTMENT RESULTS
7-DAY YIELDS -
CASH RESERVES FUND
PERIOD ENDED 6/30/98 PERIOD ENDED 6/30/98
CLASS OF SHARES YIELD (%) EFFECTIVE YIELD (%)
Class A Shares 4.82 4.93
Class B Shares 3.88 3.96
Class C Shares 4.00 4.08
30-DAY YIELDS -
SHORT-TERM INCOME TRUST
PERIOD ENDED 5/31/98
PERIOD ENDED 5/31/98 YIELD (%)
CLASS OF SHARES YIELD (%) (ABSENT EXPENSE LIMITATIONS)
Class A Shares 4.71 4.38
Class B Shares 3.89 3.63
Class Y Shares 5.24 5.20
30-DAY YIELDS - AMERICA
INCOME TRUST AND INTERMEDIATE
TAX-FREE FUND
FUND/CLASS OF SHARES PERIOD ENDED 6/30/98
PIONEER AMERICA INCOME PERIOD ENDED 6/30/98 YIELD (%)
TRUST YIELD (%) (ABSENT EXPENSE LIMITATIONS)
Class A Shares 5.25 5.05
Class B Shares 4.77 4.59
Class C Shares 4.82 4.64
PIONEER INTERMEDIATE
TAX-FREE FUND
Class A Shares 3.31 3.30
Class B Shares 2.71 2.61
Class C Shares 2.30 2.49
9
<PAGE>
30-DAY YIELDS - REAL
ESTATE SHARES, BALANCED
FUND AND TAX-FREE INCOME FUND
FUND/CLASS OF SHARES PERIOD ENDED 6/30/98
PIONEER REAL ESTATE SHARES YIELD (%)
Class A Shares 2.97
Class B Shares 2.48
Class C Shares 2.48
Class Y Shares 3.91
PIONEER BALANCED FUND
Class A Shares 2.33
Class B Shares 1.78
Class C Shares 1.95
PIONEER TAX-FREE
INCOME FUND
Class A Shares 3.84
Class B Shares 3.29
Class C Shares 3.34
TAX-EQUIVALENT YIELDS
(39.6% FEDERAL INCOME TAX
BRACKET) - INTERMEDIATE
TAX-FREE FUND AND TAX-FREE
INCOME FUND
FUND/CLASS OF SHARES PERIOD ENDED 6/30/98
PIONEER INTERMEDIATE PERIOD ENDED 6/30/98 YIELD (%)
TAX-FREE FUND YIELD (%) (ABSENT EXPENSE LIMITATIONS)
Class A Shares 5.49 5.46
Class B Shares 4.48 4.32
Class C Shares 3.81 4.12
PIONEER TAX-FREE
INCOME FUND
Class A Shares 6.35 N/A
Class B Shares 5.45 N/A
Class C Shares 5.53 N/A
10
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (%)
JUNE 30, 1998
SINCE INCEPTION
FUND/CLASS OF SHARES ONE YEAR FIVE YEARS TEN YEARS INCEPTION DATE
<S> <C> <C> <C> <C> <C>
PIONEER FUND
Class A Shares 24.28 19.36 14.99 13.34 2/13/28
Class B Shares 26.69 N/A N/A 30.08 7/1/96
Class C Shares 30.68 N/A N/A 30.91 7/1/96
PIONEER INTERMEDIATE
TAX-FREE FUND
Class A Shares 2.84 3.79 6.80 5.95 10/22/86
Class B Shares 2.72 N/A N/A 4.88 4/29/94
Class C Shares 5.51 N/A N/A 3.47 1/31/96
PIONEER AMERICA INCOME
TRUST
Class A Shares 4.22 4.52 7.10 7.16 6/1/88
Class B Shares 4.31 N/A N/A 5.86 4/29/94
Class C Shares 8.32 N/A N/A 4.79 1/31/96
PIONEER REAL ESTATE SHARES
Class A Shares 0.20 N/A N/A 9.92 10/25/93
Class B Shares 1.58 N/A N/A 17.15 1/31/96
Class C Shares 5.59 N/A N/A 18.13 1/31/96
Class Y Shares N/A N/A N/A -5.57 4/9/98
PIONEER GROWTH SHARES
Class A Shares 32.82 23.61 19.92 10.59 5/17/68
Class B Shares 35.73 N/A N/A 34.92 4/28/95
Class C Shares 39.84 N/A N/A 39.27 1/31/96
Class Y Shares N/A N/A N/A 2.69 4/30/98
PIONEER BALANCED FUND
Class A Shares 7.60 8.71 9.93 8.81 5/17/68
Class B Shares 7.80 N/A N/A 12.06 4/28/95
Class C Shares 11.95 N/A N/A 11.00 1/31/96
PIONEER TAX-FREE INCOME
FUND
Class A Shares 3.58 4.83 7.70 6.60 1/18/77
Class B Shares 3.71 N/A N/A 5.74 4/28/95
Class C Shares 7.69 N/A N/A 5.20 1/31/96
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (%)
MAY 31, 1998
SINCE INCEPTION
FUND/CLASS OF SHARES ONE YEAR FIVE YEARS TEN YEARS INCEPTION DATE
<S> <C> <C> <C> <C> <C>
PIONEER SHORT-TERM
INCOME TRUST
Class A Shares 3.43 4.59 N/A 4.79 8/10/92
Class B Shares 3.09 N/A N/A 4.74 4/4/94
Class Y Shares N/A N/A N/A 0.53 4/9/98
PIONEER EMERGING
MARKETS FUND
Class A Shares -14.09 N/A N/A 3.45 6/23/94
Class B Shares -12.80 N/A N/A 3.59 6/23/94
Class C Shares -9.47 N/A N/A 4.16 1/31/96
Class Y Shares N/A N/A N/A -12.34 4/9/98
PIONEER INTERNATIONAL
GROWTH FUND
Class A Shares 0.17 12.93 N/A 14.09 3/25/93
Class B Shares 2.06 N/A N/A 7.27 4/4/94
Class C Shares 5.57 N/A N/A 8.38 1/31/96
PIONEER MICRO-CAP FUND
Class A Shares 5.47 N/A N/A 8.32 2/28/97
Class B Shares 7.07 N/A N/A 9.75 2/28/97
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (%)
APRIL 30, 1998
SINCE INCEPTION
FUND/CLASS OF SHARES ONE YEAR FIVE YEARS TEN YEARS INCEPTION DATE
<S> <C> <C> <C> <C> <C>
PIONEER EUROPE FUND
Class A Shares 42.54 22.63 N/A 16.94 4/2/91
Class B Shares 46.07 N/A N/A 24.66 4/4/94
Class C Shares 50.29 N/A N/A 33.31 1/31/96
Class Y Shares N/A N/A N/A N/A 7/2/98
PIONEER INDO-ASIA FUND
Class A Shares -10.29 N/A N/A -13.20 6/23/94
Class B Shares -9.03 N/A N/A -13.20 6/23/94
Class C Shares -5.26 N/A N/A -5.94 1/31/96
PIONEER CAPITAL GROWTH FUND
Class A Shares 24.06 18.35 N/A 17.64 7/25/90
Class B Shares 26.73 N/A N/A 19.91 4/4/94
Class C Shares 30.67 N/A N/A 17.71 1/31/96
Class Y Shares N/A N/A N/A N/A 7/2/98
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (%)
APRIL 30, 1998
SINCE INCEPTION
FUND/CLASS OF SHARES ONE YEAR FIVE YEARS TEN YEARS INCEPTION DATE
<S> <C> <C> <C> <C> <C>
PIONEER EQUITY-INCOME FUND
Class A Shares 31.94 16.54 N/A 16.66 7/25/90
Class B Shares 34.89 N/A N/A 21.12 4/4/94
Class C Shares 38.88 N/A N/A 23.49 1/31/96
Class Y Shares N/A N/A N/A N/A 7/2/98
PIONEER GOLD SHARES
Class A Shares -19.88 -3.69 N/A -2.74 7/25/90
Class B Shares -19.05 N/A N/A -8.98 4/4/94
Class C Shares -15.67 N/A N/A -18.80 1/31/96
PIONEER SMALL COMPANY FUND
Class A Shares 28.49 N/A N/A 22.98 11/2/95
Class B Shares 31.32 N/A N/A 24.18 11/2/95
Class C Shares 35.40 N/A N/A 22.65 1/31/96
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (%)
MARCH 31, 1998
SINCE INCEPTION
FUND/CLASS OF SHARES ONE YEAR FIVE YEARS TEN YEARS INCEPTION DATE
<S> <C> <C> <C> <C> <C>
PIONEER II
Class A Shares 28.19 17.10 14.35 15.23 9/30/69
Class B Shares 30.65 N/A N/A 25.96 7/1/96
Class C Shares 34.61 N/A N/A 27.79 7/1/96
PIONEER MID-CAP FUND
Class A Shares 34.78 10.92 12.99 13.40 11/19/82
Class B Shares 37.12 N/A N/A 17.02 2/1/96
Class C Shares 42.65 N/A N/A 18.90 2/1/96
</TABLE>
E. The financial statements and report of independent public
accountants thereon for the period set forth below are also incorporated by
reference into the relevant Statement of Additional Information from the Fund's
semiannual report:
<TABLE>
<CAPTION>
NAME OF FUND ACCESSION NUMBER PERIOD ENDING
<S> <C> <C>
Pioneer II 0000078758-98-000005 March 31, 1998
Pioneer Mid-Cap Fund 0000706155-98-000002 March 31, 1998
Pioneer Small Company Fund 0000949275-98-000006 April 30, 1998
Pioneer Short-Term Income Trust 0000887228-98-000007 May 31, 1998
Pioneer Emerging Markets Fund 0000921023-98-000009 May 31, 1998
Pioneer International Growth Fund 0000893660-98-000011 May 31, 1998
Pioneer Micro-Cap Fund 0001025187-98-000009 May 31, 1998
Pioneer Fund 0000078713-98-000009 June 30, 1998
Pioneer Intermediate Tax Free Fund 0000798172-98-000008 June 30, 1998
Pioneer Cash Reserves Fund 0000812195-98-000012 June 30, 1998
Pioneer America Income Trust 0000831120-98-000013 June 30, 1998
Pioneer Real Estate Shares 0000908996-98-000013 June 30, 19/98
Pioneer Balanced Fund 0000069405-98-000010 June 30, 1998
Pioneer Tax-Free Income Fund 0000202679-98-000010 June 30, 1998
</TABLE>
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