March 1, 2000
SUPPLEMENT TO THE PROSPECTUS OF
PIONEER MICRO-CAP FUND
DATED MARCH 30, 1999
Prospective investors should be aware that the fund may close to new
investors if Pioneer Investment Management determines that such action is
advisable in order to minimize the impact of new investments on the fund's
investment strategy. Effective March 1, 2000, Pioneer intends to temporarily
close the fund to new accounts after the end of the 15th calendar day after the
fund reaches $225 million of total assets. Previously, the fund's policy had
been to close the fund to new accounts after the net assets of the fund exceeded
$150 million. During any period when the fund's net assets exceed $225 million,
the fund will not accept new accounts until Pioneer determines that it will be
able to invest such assets in accordance with the fund's investment objective
and policies. While otherwise closed to new investments, the fund may permit (i)
shareholders of record to make additional investments to an existing account,
(ii) purchases by certain employer-sponsored retirement plans and (iii)
transfers of assets in connection with re-registration. Pioneer may amend this
policy at any time. As of March 1, 2000, the net assets of the fund were
approximately $145 million.
8177-00-0300
(C) Pioneer Funds Distributor, Inc.
Underwriter of Pioneer mutual funds
