DAVID M. ADAMS is Vice President and Portfolio Manager at Pioneer
Investment Management, Inc. Mr. Adams joined Pioneer in 1994 and has
held the role of lead manager of the Pioneer Small Cap Value funds since
2002. He previously had portfolio management responsibilities for all
Pioneer small cap funds starting in 1999. Mr. Adams joined Pioneer as
an Analyst covering industry segments of consumer durables and
nondurables, energy, materials, special situations and transportation.
Prior to joining Pioneer, Mr. Adams was a Research Associate for RCM
Capital Management in San Francisco and an Analyst for both Valuation
Analysts and the Bank of New England. Mr. Adams earned his BS and MSF
from Boston College and is a Chartered Financial Analyst.
D.ADAMS / J.MCPHERSON - PIONEER INVESTMENT MANAGEMENT
December 13, 2004