July 25, 1995
SUPPLEMENT TO THE PROSPECTUS OF
Pioneer Winthrop Real Estate Investment Fund
dated April 28, 1995
On July 17, 1995, the Fund's management contract with Pioneer Winthrop Advisers
("PWA") and subadvisory contracts with Winthrop Advisors Limited Partnership
("WALP") and Pioneering Management Corporation ("PMC") terminated as a result of
the sale by The Nomura Securities Co., Ltd. of its interest in the parent
company of WALP. PMC, which had served as the Fund's co-investment subadviser
since inception, has served as the Fund's sole investment adviser pursuant to an
interim management contract since July 17, 1995.
Mr. Robert Benson, Senior Vice President of PMC, has been since the Fund's
inception and continues to be responsible for the Fund's day-to-day portfolio
decisions. Mr. Benson joined PMC in 1974 and is a Vice President of the Fund.
PMC has hired a former employee of WALP to continue to provide to the Fund the
real estate securities advice previously provided through WALP. Additionally,
PMC has contracted with an affiliate of WALP for consulting advice regarding
real estate projects in which issuers of the Fund's portfolio securities have an
interest.
The Fund's portfolio is now overseen by an Equity Committee, which consists of
PMC's most senior equity professionals, and a Portfolio Management Committee,
which consists of PMC's domestic equity portfolio managers. Both committees are
chaired by Mr. David Tripple, PMC's President and Chief Investment Officer and
Executive Vice President of the Fund. Mr. Tripple joined PMC in 1974 and has had
general responsibility for PMC's investment operations and specific portfolio
assignments for more than the last five years.
The Fund intends to hold a special meeting of shareholders in September, 1995
for the purpose of submitting PMC's interim management contract to shareholders
for approval. The interim management contract contains the same terms and
conditions as the Fund's prior management contract with PWA, except for the
names of the parties, and the dates of commencement and termination. Further,
the management fees payable to PMC under the interim management contract are
paid at the same rate as the fees payable to PWA under the prior management
contract. However, the management fees earned by PMC prior to shareholder
approval of the interim management contract will be paid into an escrow account.
Shareholders will receive proxy material in connection with the special meeting
of shareholders.
0795-2566
(c) Pioneer Funds Distributor, Inc.
<PAGE>
July 25, 1995
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION OF
PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
dated April 28, 1995
Effective July 3, 1995, Arthur J. Halleran, Jr. no longer serves as Trustee,
President or Chief Operating Officer of the Fund.
