File No. 2-28274
File No. 811-01604
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12
Pioneer Growth Shares
(Name of Registrant as Specified in Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
<PAGE>
[logo
PIONEER SalesTalk PIONEER]
- --------------------------------------------------------------------------------
Fall 1999 PUBLISHED QUARTERLY FOR INVESTMENT
REPRESENTATIVES
FROM THE SALES DESK VALUE STOCKS SURGE IN SHIFTING MARKET
by Stephen W. Long One of the more significant market trends of
Senior Managing Director 1999 is the comeback of value-oriented stocks--
U.S. Retail Sales equities selling at relatively low prices
compared to their assets and earnings
potential. In the first half of the year, value
THE NEED FOR BOTH GROWTH AND stocks outperformed growth stocks by 2.98
VALUE percentage points, marking a turnaround from
the previous few years during which growth-
Because you never know when oriented investments were clearly favored by
the market will change, it's investors. The resurgence of value-oriented
clear that value stocks should stocks underscores the importance of having a
play a vital part in every portfolio that includes both investment styles.
well-diversified investment
program. Now is a great time VALUE OUTPERFORMED GROWTH 1/1/99-6/30/99
to review your clients' S&P/BARRA Value S&P/BARRA Growth
portfolios -- especially those 13.96% 10.98%
who've done well with growth VALUE STOCKS HAVE BEEN ON THE UPSWING
stocks over the past few Annual performance compared to the S&P 500
years -- to see if they have Index
an adequate balance of value [graphic omitted]
and growth issues. VALUE TURNED THE CORNER IN EARLY 1999, AND THEN
CAME ON STRONG.
Source: Ibbotson Associates. The S&P 500 Index
PIONEER CAPITAL GROWTH FUND is an unmanaged measure of U.S. stocks. The
Average Annual Total Returns S&P/BARRA Value and Growth indexes rank the
Class A Shares through 6/30/99 stocks in the S&P 500 Index according to price-
to-book ratios. The Growth Index comprises
NAV POP1 stocks in the upper portion; the Value Index
Since comprises stocks in the lower portion. Index
Inception2 15.70% 14.93% comparisons are hypothetical and for
3-Year 9.76% 7.63% illustrative purposes only. They do not
1-Year 2.20% -3.67% represent an investor's experience with any
fund. You cannot invest directly in an index.
1Reflects deduction of maximum Chart prepared by Pioneer.
5.75% sales charge for Class A
Shares. Class B, C, and Y CONSIDER PIONEER CAPITAL GROWTH FUND FOR VALUE
Shares (inception 4/4/94,
1/31/96 and 7/2/98, Pioneer Capital Growth Fund offers your clients
respectively) are available. an excellent way to participate in the
2Fund inception is 7/25/90. promising performance of value stocks. Compare
the Fund's returns to the S&P/BARRA Value Index
PAST PERFORMANCE DOES NOT and decide for yourself. Pioneer Capital Growth
GUARANTEE FUTURE RESULTS. Fund can make a great addition to any well-
Mutual fund share prices diversified investment program.
fluctuate and the value of
shares upon redemption may be SHOW YOUR CLIENTS "THE VALUE" WITH PIONEER
more or less than purchase CAPITAL GROWTH FUND.
price. The Fund may invest in
international securities, [ActionFacts graphic omitted]
which are subject to special
risks, including currency Order Pioneer's ActionFacts for Investors
fluctuations and differing Value's Comeback (#6958)
accounting standards.
ASK YOUR SALES SPECIALIST ABOUT PIONEER CAPITAL
INSIDE SalesTalk GROWTH FUND AND OTHER PIONEER VALUE-ORIENTED
P.2 New Fixed-Income Manager FUNDS TODAY.
P.3 Retirement Kit and Caboodle
P.4 Emerging Markets Heat Up
- --------------------------------------------------------------------------------
CALL PIONEER AT 1-800-622-9876 FOR SALES IDEAS AND 1-800-622-0181 FOR LITERATURE
- --------------------------------------------------------------------------------
For Broker/Dealer Use Only -- Not for Use with the Public
<PAGE>
COMPANY FOCUS
What's Happening at Pioneer?......
TRUSTEES APPROVE FEE PROPOSAL FOR
PIONEER GROWTH SHARES; VOTE
PENDING
A special meeting is set for
Sept. 28, 1999, for shareowners
of Pioneer Growth Shares. Among
items up for vote is a proposal [remainder of newsletter]
to increase the Fund's management
fee.
Looking for a reason to call your
clients? Remind them to vote by
either mail, touch-tone phone or
Internet.
Pioneer Investment Management, Inc. 0999-6937
60 State Street (c) Pioneer Funds Distributor, Inc.
Boston, MA 02109 Underwriter of Pioneer mutual funds
www.pioneerfunds.com
For Broker/Dealer Use Only -- Not for Use with the Public
