May 25, 2000
SUPPLEMENT TO THE PROSPECTUSES OF
PIONEER HIGH YIELD FUND
PIONEER MID-CAP VALUE FUND
PIONEER INDO-ASIA FUND
PIONEER EQUITY-INCOME FUND
PIONEER SMALL COMPANY FUND
AND
PIONEER EUROPE FUND
EACH DATED FEBRUARY 28, 2000
The following information supplements the corresponding section of each
prospectus. Please consult the prospectus for the full text of the revised
section.
BUYING, EXCHANGING AND SELLING SHARES
QUALIFYING FOR A REDUCED SALES CHARGE
CLASS A PURCHASES AT NET ASSET VALUE ARE AVAILABLE TO: The following replaces
the thirteenth bullet:
o Employer-sponsored retirement plans with 100 or more eligible employees or
at least $500,000 in total plan assets;
The following replaces the fifteenth bullet:
o Participants in an employer-sponsored 403(b) plan or employer-sponsored 457
plan if (i) the employer has made special arrangements for your plan to
operate as a group through a single broker, dealer or financial
intermediary and (ii) all participants in the plan who purchase shares of a
Pioneer mutual fund do so through a single broker, dealer or other
financial intermediary designated by your employer.
WAIVER OR REDUCTION OF CONTINGENT DEFERRED SALES CHARGES (CDSC)
CLASS A SHARES THAT ARE SUBJECT TO A CDSC: The following replaces the last
sentence in the paragraph:
However, the CDSC is waived for redemptions of Class A shares purchased by an
employer-sponsored retirement plan described under Section 401(a), 403(b) or 457
of the Internal Revenue Code that has 1,000 or more eligible employees or at
least $10 million in total plan assets.
CLASS A, CLASS B AND CLASS C SHARES
The following replaces the first sentence of the second bullet:
o You become disabled (within the meaning of Section 72 of the Internal
Revenue Code) after the purchase of the shares being sold.
The following replaces the first section of the fourth bullet:
o The distribution is from any type of IRA, 403(b) or employer-sponsored plan
described under Section 401(a) or 457 of the Internal Revenue Code and one
of the following applies:
The following replaces the first section of the fifth bullet:
o The distribution is to a participant in an employer-sponsored retirement
plan described under Section 401(a) of the Internal Revenue Code or to a
participant in an employer-sponsored 403(b) plan or employer-sponsored 457
plan if (i) the employer has made special arrangements for your plan to
operate as a group through a single broker, dealer or financial
intermediary and (ii) all participants in the plan who purchase shares of a
Pioneer mutual fund do so through a single broker, dealer or other
financial intermediary designated by your employer and is:
SHAREOWNER ACCOUNT POLICIES
EXCHANGE LIMITATION
The following is inserted as the second sentence of the second paragraph:
The exchange limitation does not apply to accounts that have a written exchange
agreement with the distributor.
8574-00-0500
(C) Pioneer Funds Distributor, Inc.
