May 15, 1996

                         SUPPLEMENT TO THE PROSPECTUS OF
                           PIONEER SMALL COMPANY FUND
               dated November 1, 1995 (revised November 29, 1995)



Effective  May 24, 1996,  and until  further  notice,  no new  accounts  will be
accepted by Pioneer Small Company Fund (the "Fund").  Shareholders  of record on
May 24, 1996, may make additional investments to an existing account. Exceptions
may be allowed with regard to certain  employer  sponsored  retirement plans and
transfers of assets in connection with a re-registration.











                                                                       0596-3408
                                             (C) Pioneer Funds Distributor, Inc.



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