July 24, 2000
SUPPLEMENT TO THE PROSPECTUSES OF
PIONEER REAL ESTATE SHARES
DATED MAY 1, 2000
The following supplements the corresponding section of the prospectus. Please
refer to the prospectus for the full text of the supplemented section.
MANAGEMENT
PORTFOLIO MANAGER
Effective July 17, 2000, day-to-day management of the fund's portfolio is
the responsibility of Jeffrey P. Caira. Mr. Caira joined Pioneer in July 2000 as
a vice president and analyst and has been an investment professional since 1998
with a real estate background since 1983. Prior to joining Pioneer, Mr. Caira
was a vice president and senior equity analyst for Ferris, Baker Watts
Incorporated until 2000 and a vice president and senior equity research analyst
for Tucker Anthony from 1998 to 2000. Prior to 1998, he was a project director
for Winn Development Company.
Mr. Caira is supervised by Theresa A. Hamacher, chief investment officer of
Pioneer. She joined Pioneer in 1997 and has been an investment professional
since 1984, most recently as chief investment officer at another investment
adviser.
8871-00-0700
(c)Pioneer Funds Distributor, Inc.
