May 26, 2000
SUPPLEMENT TO THE PROSPECTUSES FOR
FUND DATED
Pioneer II January 28, 2000
Pioneer Mid-Cap Fund January 28, 2000
Pioneer Strategic Income Fund January 28, 2000
Pioneer High Yield Fund February 25, 2000
Pioneer Europe Fund February 28, 2000
Pioneer Indo-Asia Fund February 28, 2000
Pioneer Mid-Cap Value Fund February 28, 2000
Pioneer Equity-Income Fund February 28, 2000
Pioneer Small Company Fund February 28, 2000
Pioneer Limited Maturity Bond Fund March 29, 2000
Pioneer Emerging Markets Fund March 29, 2000
Pioneer International Growth Fund March 29, 2000
Pioneer Micro-Cap Fund March 29, 2000
Pioneer Science & Technology Fund March 31, 2000
Pioneer Fund May 1, 2000
Pioneer Cash Reserves Fund May 1, 2000
Pioneer America Income Trust May 1, 2000
Pioneer Real Estate Shares May 1, 2000
Pioneer Growth Shares May 1, 2000
Pioneer Balanced Fund May 1, 2000
Pioneer Tax-Free Income Fund May 1, 2000
Pioneer Independence Fund May 1, 2000
Pioneer Variable Contracts Trust May 1, 2000
Pioneer World Equity Fund July 29, 1999
Pioneer Bond Fund October 28, 1999
Pioneer Tax-Managed Fund November 18, 1999
On May 15, 2000, The Pioneer Group, Inc. announced that it had entered into an
agreement to merge with a subsidiary of UniCredito Italiano S.p.A. UniCredito is
one of Italy's largest banking groups and has over $150 billion in assets under
management. The closing of the transaction is expected to take place during the
third quarter of 2000 and is subject to a number of conditions, including
regulatory approval, approval of the shareholders of The Pioneer Group, Inc. and
the shareholders of the Funds listed above.
8584-00-0500
(C) Pioneer Funds Distributor, Inc.
