February 7 , 1997
SUPPLEMENT TO THE PROSPECTUS OF:
PIONEER CAPITAL GROWTH FUND
dated February 23, 1996
(revised July 15, 1996)
IV. 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. J. Rodman
Wright, a Vice President of PMC and former assistant portfolio manager for the
Fund, since January 24, 1997. Mr. Wright joined PMC in 1994 and has nine years
of investment experience.
0297-3994
(C) Pioneer Funds Distributor, Inc.
