July 1, 1996
SUPPLEMENT TO THE PROSPECTUS FOR:
PIONEER REAL ESTATE SHARES
dated May 1, 1996
VII. HOW TO BUY FUND SHARES
From July 1, 1996 through September 30, 1996, the dealer concession will consist
of the entire sales charge. The period during which this additional concession
is paid to dealers may be extended for a period of up to two months.
Broker-dealers receiving 90% or more of the sales charge may be deemed to be
underwriters under the federal securities laws.
0696-3498
(C) Pioneer Funds Distributor, Inc.
