SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
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Pioneer Europe Fund
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Pioneer Europe Fund
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LETTER FROM THE CHAIRMAN 4/30/00
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Dear Shareowner,
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As you may know, on May 15, 2000 The Pioneer Group, Inc. and UniCredito
Italiano Group announced an agreement under which UniCredito is expected to
purchase all of the outstanding stock of Pioneer Group. UniCredito is Italy's
second largest banking group and has over $150 billion in assets. We are pleased
to be joining with UniCredito not only because of its reputation and breadth,
but also because of the similar business strategies shared by the two companies.
UniCredito employs many of the same investment philosophies that Pioneer has
believed in for over 70 years. In the meantime, your mutual fund will be managed
by the same portfolio management team, which is overseen by a Board of Trustees.
In addition, the union with UniCredito will give Pioneer Investment Management,
your fund's investment adviser, access to greater resources, enabling us to
strengthen and support our money management efforts for all Pioneer shareowners.
We expect that the transition resulting from the acquisition will not
have a direct impact on fund shareowners. At Pioneer we always strive to
provide our shareowners with exemplary customer service and a diverse product
line. Going forward, we will continue to work as hard as we can to ensure that
our investors' needs are met and that you are satisfied in any dealings you have
with Pioneer.
Soon you will receive a letter and a proxy statement that will contain
more information about the transaction along with information about a
special shareholder meeting. We are excited about the acquisition(which is
subject to regulatory approval)and hope you are as well. I feel confident about
prospects for the days ahead and I truly believe that Pioneer Group has entered
into a relationship that will be beneficial to you.
Please read this report closely, particularly the Portfolio Manager
Discussion with Patrick Smith. The Q&A in this section gives you the opportunity
to read about your Fund and its performance over the period covered in the
report. If you have questions, please contact your investment professional or
call Pioneer at 1-800-225-6292. You can also visit our web site at
www.pioneerfunds.com for more information.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
