Pioneer Gold Shares
60 State Street
Boston, MA 02109
May 1998
Dear Fellow Shareowner,
[callout in left margin] VOTING YOUR SHARES BY MAIL OR FAX IS QUICK AND EASY.
EVERYTHING YOU NEED IS ENCLOSED.
On April 21, 1998, and April 30, 1998, your Fund held shareowner meetings to
vote on several important proposals. Enough shareowners voted to obtain the
required response for three of the proposals, all of which shareowners approved.
(The proposals approved at the April 21 and April 30 meetings are listed on the
back of this letter.)
Unfortunately, not enough shareowners responded to obtain the required vote for
the other proposal, Proposal 3. The meeting date for Proposal 3 has been
adjourned, or postponed, until June 18, 1998. You have a final opportunity to
voice your opinion on Proposal 3, and we hope you take time now to vote on the
proposal.
Please take a moment to read Proposal 3 and cast your vote.
[bullet] PROPOSAL 3:
ALLOW THE FUND TO BE REORGANIZED AS A SEPARATE DELAWARE BUSINESS
TRUST. Currently, Pioneer Growth Trust is registered as a single
Massachusetts business trust with three funds, one of which is your
Fund. As a separate Delaware business trust, the Fund and its
shareowners could benefit from a decreased possibility of shareholder
and trustee liability and various potential operating efficiencies all
described in the Proxy Statement.
[callout in left margin] THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE FOR THE
PROPOSAL.
The Fund's Board of Trustees, whose primary role is to protect shareowners'
interests, believe the proposed reorganization is fair and reasonable and
recommend that you vote FOR the proposal. They considered many factors:
[bullet] THE PROPOSED REORGANIZATION MAY HELP SAVE THE FUND AND SHAREOWNERS
MONEY.
As a single Delaware business trust, the Fund would be able to operate
within the better-defined regulations provided in Delaware. The Fund
would also have the ability to adapt to new laws without going to the
expense of a special shareowner meeting, which will help save the
Fund, and shareowners, money.
[bullet] A DECREASE IN SHAREOWNER AND TRUSTEE LIABILITY. Delaware law is more
definitive and specifically protects shareowners and trustees of a
Delaware business trust from liability for the Fund's debts or
obligations.
[callout in left margin] PLEASE VOTE ON PROPOSAL 3! YOUR VOTE IS EXTREMELY
IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN.
Please cast your vote on Proposal 3 now by completing and signing the enclosed
proxy card. Please mail your completed and signed proxy as quickly as possible,
using the postage-paid envelope provided. OR, FOR YOUR CONVENIENCE, FAX YOUR
PROXY CARD USING PIONEER'S TOLL-FREE FAX LINE AT 1-888-451-8683. PLEASE BE SURE
TO SIGN YOUR PROXY CARD AND FAX BOTH THE FRONT AND BACK OF THE CARD. You can
call Pioneer at 1-800-225-6292 if you have any questions about the proposal or
the process for voting your shares. Thank you for your prompt response.
Sincerely,
John F. Cogan, Jr.,
Chairman and President
<PAGE>
Shareowners approved these proposals on April 21, 1998.
PROPOSAL 2:
ELECT NINE TRUSTEES TO THE BOARD. The Trustees supervise the Fund's activities
and review contractual arrangements with companies that provide services to the
Fund. All of the nominees currently serve as Trustees.
PROPOSAL 5:
RATIFY THE SELECTION OF ARTHUR ANDERSEN LLP as the Fund's independent public
accountants for the fiscal year ending October 31, 1998.
Shareowners approved these proposals on April 30, 1998.
PROPOSALS 4(A), 4(B) AND 4(C):
MODERNIZE CERTAIN INVESTMENT RESTRICTIONS to conform to current standards in the
mutual fund industry. The Trustees believe the proposed changes are appropriate
and necessary to provide future flexibility in the Fund's investment operations.
Cast your vote on Proposal 3 by completing and signing the proxy card. Please
mail your completed and signed proxy as quickly as possible, using the
postage-paid envelope provided.
0598-5226
