May 28, 1996
SUPPLEMENT TO THE PROSPECTUS OF
PIONEER SMALL COMPANY FUND
dated November 1, 1995 (revised November 29, 1995)
The following information supplements and supercedes the Prospectus. Please
consult the Prospectus for additional information.
FINANCIAL HIGHLIGHTS
The following information has been audited by the Fund's independent public
accountants, in connection with their examination of the Fund's semi-annual
financial statements as of April 30, 1996 which are incorporated by reference in
the Fund's Statement of Additional Information. The Fund's financial statements
includes more information about the Fund's performance and are available free of
charge by calling Shareholder Services at 1-800-225-6292.
Selected Data For Each Share Outstanding For the Period Presented:
<TABLE>
<CAPTION>
November 2, 1995 November 2, 1995
(Commencement of (Commencement of January 31, 1996
Operations) to of Operations) to to
April 30, 1996 April 30, 1996 April 30, 1996+
-------------- -------------- ---------------
Class A Class B Class C
<S> <C> <C> <C>
Net asset value, beginning of period $10.00 $10.00 $11.01
----- ----- -----
Increase (decrease) from investment operations:
Net investment income (loss) $0.02 $ ---- $(0.01)
Net realized and unrealized gain (loss) on investments 2.71 2.71 1.70
---- ---- ----
Total increase (decrease) form investment operations $2.73 $2.71 $1.69
Distribution to shareholders from:
Net investment income (0.02) (0.02) ---
Net realized capital gains --- --- ---
Net increase (decrease) in net asset value $2.71 $2.69 $1.69
----- ----- -----
Net Asset Value, end of period $12.71 $12.69 $12.70
====== ====== ======
Total Return 27.37%* 27.00%* 15.26%*
Ratio of net expenses to average net assets 1.79%**++ 2.51%**++ 2.79%**++
Ratio of net investment income (loss) to average net assets 0.22%**++ (0.55%)**++ (1.19%)**++
Portfolio turnover rate 39.37%** 39.37%** 39.37%**
Average commission rate paid per exchange listed transaction $0.0462 $0.0462 $0.046
Net assets, end of period $175,698 $144,338 $7,522
Ratios assuming no waiver of management fees by PMC
and no reduction for fees paid indirectly:
Net operating expenses 1.82%** 2.54%** --------
Net investment income (loss) 0.19%** (0.58%)** --------
Ratios assuming waiver of management fees by PMC
and reduction for fees paid indirectly:
Net operating expenses 1.73** 2.44%** 2.70%**
Net investment income (loss) 0.28** (0.48%)** (1.10%)**
<FN>
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all dividends and distributions, the complete
redemption of the investment at net asset value at the end of the period,
and no sales charges. Total return would be reduced if sales charges were
taken into account.
** Annualized.
+ Class C shares first offered January 31, 1996.
++ Ratios assuming no reduction for fees paid indirectly.
</FN>
</TABLE>
VI. HOW TO BUY FUND SHARES
Effective May 24, 1996, and until further notice, new accounts will not be
accepted by the Fund. Exceptions may be allowed with regard to certain employer
sponsored retirement plans. Shareholders of record on May 24, 1996 may make
additional investments to an existing account. If you currently own shares of
the Fund, you may also purchase additional shares by exchanging shares of
another Pioneer mutual fund for shares of the Fund. See "How to Exchange Fund
Shares."
VII. HOW TO EXCHANGE FUND SHARES
You may purchase additional shares of the Fund by exchanging shares from another
Pioneer mutual fund for shares of the Fund. You may also exchange Fund shares
for shares of another Pioneer mutual fund. See "How to Buy Fund Shares."
0596-3469
(C) Pioneer Funds Distributor, Inc.
