February 7, 1997
SUPPLEMENT TO THE PROSPECTUS OF:
PIONEER SMALL COMPANY FUND
DATED NOVEMBER 1, 1995
(REVISED NOVEMBER 29, 1995)
III. MANAGEMENT OF THE FUND
Mr. David Tripple, President and Chief Investment Officer of PMC and
Executive Vice President of each Pioneer mutual fund, has general responsibility
for PMC's investment operations and chairs a committee of PMC's equity managers
which reviews PMC's research and portfolio operations, including those of the
Fund. Mr. Tripple joined PMC in 1974.
Research and management for the Fund is the responsibility of a team of
portfolio managers and analysts focusing on special equities and smaller
companies. Members of the team meet regularly to discuss holdings, prospective
investments and portfolio composition.
Day-to-day management of the Fund has been the responsibility of Mr.
Todd Grady, a Vice President of PMC, since January 24, 1997. Mr. Grady joined
PMC in 1994 and has six years of investment experience.
0297-3995
(C) Pioneer Funds Distributor, Inc.
