May 12, 1998
PIONEER SMALL COMPANY FUND
SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 27, 1998
The following information supplements the corresponding section in the
Prospectus.
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. Mr. Tripple joined PMC in 1974. Ms. Theresa
Hamacher, Senior Vice President of PMC, oversees U.S. equity research and
portfolio management.
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, Vice President of PMC, since January 24, 1997. Mr. Grady joined PMC in
1994 and has seven years of investment experience. Mr. Ronald Saba, Vice
President of PMC since August 1997, is the assistant portfolio manager for the
Fund. He assumed this responsibility in April 1998.
0598-5274
(c) Pioneer Funds Distributor, Inc.
