October 23, 1998
SUPPLEMENT TO CLASS Y SHARE PROSPECTUS FOR
FUND DATED
Pioneer Capital Growth Fund July 2, 1998
Pioneer Emerging Markets Fund April 9, 1998
Pioneer Equity-Income Fund July 2, 1998
Pioneer Europe Fund July 2, 1998
Pioneer Growth Shares April 30, 1998, (revised
September 9, 1998)
Pioneer Real Estate Shares April 9, 1998
Pioneer Short-Term Income Trust 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 PMC and executive vice
president of all the Pioneer mutual funds.
1098-5800
(C) Pioneer Funds Distributor, Inc.
