October 30, 1998
PIONEER MICRO-CAP FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 30, 1998
The following information supplements the corresponding section in the
Prospectus. Please consult the Prospectus for the full text of the revised
section.
IV. MANAGEMENT OF THE FUND
Ms. Theresa A. Hamacher, chief investment officer of PMC since
September 1, 1998, has general responsibility for PMC's investment operations.
Ms. Hamacher joined PMC in 1997 and has been an investment professional since
1984. Mr. David Tripple, who formerly served as chief investment officer,
continues as president of PMC and executive vice president of all the Pioneer
mutual funds.
Day-to-day management of the Fund is the responsibility of Todd E.
Grady and Ronald B. Saba, each a vice president of PMC. Mr. Grady joined PMC in
1993 and has been an investment professional since 1989. Mr. Saba joined PMC in
1997 and has been an investment professional since 1986. Prior to joining PMC,
Mr. Saba was a vice president of Heartland Advisors from 1994 to 1997 and a
portfolio manager for Household Commercial Financial from 1990 to 1994.
Mr. Grady and Mr. Saba are assisted by a team of analysts which does
research for managers overseeing several funds with similar investment
objectives. Managers and analysts meet regularly to discuss holdings,
prospective investments and portfolio composition.
1098-5822
(C) Pioneer Funds Distributor, Inc.
