PIONEER GROUP INC
3, 1998-11-24
INVESTMENT ADVICE
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 3

            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    Filed  pursuant to Section  16(a) of the  Securities  Exchange  Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940


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1. Name and Address of Reporting Person

    Boynton              John                     A.
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   (Last)               (First)                 (Middle)

     202 Commonwealth Avenue, #4
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                                    (Street)

    Boston                  MA                    02116
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   (City)               (State)                 (Zip)


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2. Date of Event Requiring Statement (Month/Day/Year)


     11/16/98
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3. IRS or Social Security Number of Reporting Person (Voluntary)

      ###-##-####
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4. Issuer Name and Ticker or Trading Symbol

     The Pioneer Group, Inc. (PIOG)
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5 Relationship of Reporting Person to Issuer
   (Check all applicable)

   [   ]   Director                             [   ]   10% Owner
   [ x ]   Officer (give title below)           [   ]   Other (specify below)


           Sr. Vice President, Treasurer and Chief Financial Officer
      --------------------------------------------------------------------

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6. If Amendment, Date of Original (Month/Year)




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             Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>

                                                                 3. Ownership Form:
                                      2. Amount of Securities       Direct (D) or
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr.5)
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   <S>                                   <C>                         <C>                  <C>

Common Stock, $0.10 par value               15,000                      D
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====================================================================================================================================
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.

*    - The 1997 Stock Incentive Plan provides, in certain circumstances, for the
     sale  of  common  stock  to  satisfy   certain   federal  tax   withholding
     obligations.


<PAGE>


FORM 3 (continued)

              Table II -- Derivative Securities  Beneficially Owned (e.g., puts,
         calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                        5. Owner-
                                                    3. Title and Amount of Securities                      ship
                                                       Underlying Derivative Security                      Form of
                         2. Date Exercisable           (Instr. 4)                                          Derivative
                            and Expiration Date     ---------------------------------    4. Conver-        Security:
                            (Month/Day/Year)                               Amount           sion or        Direct      7. Nature of
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Security     Exer-      tion                                   of               Derivative     (I)            Ownership
   (Instr. 4)            cisable    Date            Title                  Shares           Security       (Instr.5)      (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>        <C>             <C>                    <C>           <C>            <C>            <C>
"Right to Buy"                                 Common Stock
Option                    -a)      11/27/08      $0.10                    75,000            $13.8125          D
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====================================================================================================================================
</TABLE>
Explanation of Responses:

- -a) Options vest over five years at an annual rate of 20% on each anniversary of
    the dates of grant.


    /s/ John A. Boynton                                        11/24/98
- ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

     See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient. See Instruction 6 for procedure.


<PAGE>


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