October 19, 1998
SUPPLEMENT TO THE PROSPECTUS FOR
FUND DATED
Pioneer Capital Growth Fund July 1, 1998
Pioneer Cash Reserves Fund April 30, 1998
Pioneer Emerging Markets Fund March 30, 1998
Pioneer Equity-Income Fund July 1, 1998
Pioneer Europe Fund February 27, 1998
Pioneer Fund April 30, 1998
Pioneer Growth Shares April 30, 1998, (revised
September 9, 1998)
Pioneer Gold Shares July 1, 1998
Pioneer Indo-Asia Fund October 1, 1998
Pioneer International Growth Fund March 30, 1998
Pioneer Micro-Cap Fund March 30, 1998
Pioneer Real Estate Shares April 9, 1998
The following supplements the corresponding section of the Prospectus. Please
consult the Prospectus for the full text of the supplemented section.
MANAGEMENT OF THE FUND
Ms. Theresa A. Hamacher, chief investment officer of Pioneering Management
Corporation ("PMC") since September 1, 1998, has general responsibility for
PMC's investment operations. Ms. Hamacher joined PMC in 1997 and has been an
investment professional since 1984. Mr. David Tripple, who formerly served as
chief investment officer, continues as president of Pioneer and executive vice
president of all the Pioneer mutual funds.
HOW TO BUY FUND SHARES
CLASS B SHARES
These sentences replace the second sentence of the second paragraph:
For the purpose of determining the number of years from the time of any purchase
after September 30, 1998, all payments during a month will be aggregated and
deemed to have been made on the first day of that month. For the purpose of
determining the number of years from the time of any purchase made prior to
October 1, 1998, all payments during a calendar quarter will be aggregated and
deemed to have been made on the first day of that quarter.
These sentences replace the first sentence of the fifth paragraph:
Class B shares will automatically convert into Class A shares at the beginning
of the month (or the calendar quarter for purchases made prior to October 1,
1998) that is eight years after the purchase date, except as noted below.
CLASS C SHARES (EXCEPT PIONEER MICRO-CAP FUND AND PIONEER SHORT-TERM TRUST)
These sentences replace the first sentence of the second paragraph:
For the purpose of determining the number of years from the time of any purchase
after September 30, 1998, all payments during a month will be aggregated and
deemed to have been made on the first day of that month. For the purpose of
determining the number of years from the time of any purchase made prior to
October 1, 1998, all payments during a calendar quarter will be aggregated and
deemed to have been made on the first day of that quarter.
1098-5772
(C) Pioneer Funds Distributor, Inc.
