March 1, 2000
<TABLE>
<CAPTION>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION FOR
FUND DATED
<S> <C>
Pioneer II January 28, 2000 (as supplemented February 8, 2000)
Pioneer Mid-Cap Fund January 28, 2000 (as supplemented February 8, 2000)
Pioneer Strategic Income Fund January 28, 2000 (as supplemented February 8, 2000)
Pioneer High Yield Fund February 25, 2000
Pioneer Europe Fund February 28, 2000
Pioneer Indo-Asia Fund February 28, 2000
Pioneer Capital Growth Fund February 28, 2000
Pioneer Equity-Income Fund February 28, 2000
Pioneer Small Company Fund February 28, 2000
Pioneer Limited Maturity Bond Fund March 30, 1999 (as revised September 17, 1999 and
supplemented February 8, 2000)
Pioneer Emerging Markets Fund March 30, 1999 (as supplemented June 3, 1999 and
February 8, 2000)
Pioneer International Growth Fund March 30, 1999 (as supplemented June 3, 1999 and
February 8, 2000)
Pioneer Micro-Cap Fund March 30, 1999 (as revised August 27, 1999 and
supplemented February 8, 2000)
Pioneer Fund May 3, 1999 (as supplemented June 3, 1999 and
February 8, 2000)
Pioneer America Income Trust May 3, 1999 (as supplemented June 3, 1999, June 9,
1999 and February 8, 2000)
Pioneer Real Estate Shares May 3, 1999 (as supplemented June 3, 1999 and
February 8, 2000)
Pioneer Balanced Fund May 3, 1999 (as supplemented June 3, 1999 and
February 8, 2000)
Pioneer Tax-Free Income Fund May 3, 1999 (as supplemented June 3, 1999 and
February 8, 2000)
Pioneer World Equity Fund July 29, 1999 (as supplemented February 8, 2000)
Pioneer Growth Shares October 11, 1999 (as supplemented February 8, 2000)
Pioneer Bond Fund October 28, 1999 (as supplemented February 8, 2000)
Pioneer Tax-Managed Fund November 18, 1999 (as supplemented February 8,
2000)
</TABLE>
The following supplements the corresponding section of the statement of
additional information.
SALES CHARGES - CLASS A SHARE SALES CHARGES
PFD will reallow to participating broker/dealers the entire sales charge for all
sales of Class A shares of the above listed Pioneer mutual funds for orders
placed from March 1, 2000 through June 30, 2000.
