October 15, 1998
PIONEER BALANCED FUND
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1998
The following information supplements the corresponding section of the
Prospectus.
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 co-managers Tin
Chan and Eric Weigel, vice presidents of PMC. Mr. Chan is responsible for the
equity investments of the Fund. He joined PMC in August 1998 and has been an
investment professional since 1993. Prior to joining PMC, Mr. Chan was an Equity
Portfolio Manager with Allmerica Financial from 1995 to 1998 and was an Equity
Research Analyst with Key Corp. from 1993 to 1995. Mr. Weigel is responsible for
the asset allocation decisions for the Fund. He joined PMC in August 1998 and
has been an investment professional since 1989. Prior to joining PMC, Mr. Weigal
was Head of Global Asset Allocation and Portfolio Manager at Chancellor LGT
Asset Management from 1994 to 1997 and managed domestic and international
portfolios for INVESCO Management and Research from 1993 to 1994.
Day-to-day management of the fixed income portion of the Fund is the
responsibility of a team of managers and analysts which focuses on fixed income
investments, led by Kenneth J. Taubes, a vice president of PMC. Mr. Taubes
joined PMC in September 1998 and has been an investment professional since 1989.
Prior to joining PMC, Mr. Taubes had served since 1991 as a senior vice
president and senior portfolio manager for several Putnam institutional accounts
and mutual funds.
Mr. Chan and Mr. Weigel are assisted by a team of managers and analysts which
does research for and oversees the management of several funds with similar
investment objectives. Members of the team meet regularly to discuss holdings,
prospective investments and portfolio composition.
VII. HOW TO BUY FUND SHARES
CLASS B SHARES
These sentences replace the second sentence of the second paragraph:
For the purpose of determining the number of years from the time of any purchase
after September 30, 1998, all payments during a month will be aggregated and
deemed to have been made on the first day of that month. For the purpose of
determining the number of years from the time of any purchase made prior to
October 1, 1998, all payments during a calendar quarter will be aggregated and
deemed to have been made on the first day of that quarter.
These sentences replace the first sentence of the fifth paragraph:
Class B shares will automatically convert into Class A shares at the beginning
of the month (or the calendar quarter for purchases made prior to October 1,
1998) that is eight years after the purchase date, except as noted below.
CLASS C SHARES
This sentence replaces the first sentence of the second paragraph:
For the purpose of determining the number of years from the time of any purchase
after September 30, 1998, all payments during a month will be aggregated and
deemed to have been made on the first day of that month. For the purpose of
determining the number of years from the time of any purchase made prior to
October 1, 1998, all payments during a calendar quarter will be aggregated and
deemed to have been made on the first day of that quarter.
1098-5633
(C) Pioneer Funds Distributor, Inc.
