April 23, 1999
Supplement to the Prospectuses of
Pioneer Capital Growth Fund
dated March 1, 1999
The following supplements the corresponding section of the prospectuses. Please
refer to the prospectus for the full text of the supplemented section.
Basic information about the fund
The fund focuses its investments in mid-size companies, that is companies with
market values within the range of market values of issuers included in
Standard & Poor's MidCap 400 Index. A company's market value or capitalization
is calculated by multiplying the number of its outstanding shares by the current
market price of a share. On March 31, 1999, the market value of companies in the
index varied from approximately $170 million to over $14.4 billion.
Because of the fund's focus on mid-sized companies, the fund also has risks
associated with investing in mid-size companies. Compared to large companies,
mid-size companies, and the market for their common stocks, are likely to:
[square bullet] Be more sensitive to changes in earnings results and
investor expectations
[square bullet] Have more limited product lines and capital resources
[square bullet] Experience sharper swings in market values
[square bullet] Be harder to sell at the times and prices Pioneer thinks
appropriate
[square bullet] Offer greater potential for gain and loss
0499-6547
(C) Pioneer Funds Distributor, Inc.
