PIONEER GROWTH SHARES

               AMENDMENT TO THE AGREEMENT AND DECLARATION OF TRUST

                                       OF

                              PIONEER GROWTH SHARES

     The undersigned, being at least a majority of the Trustees of Pioneer
Growth Shares, a Delaware statutory trust (the "Trust"), do hereby amend the
Agreement and Declaration of Trust, dated June 16, 1994, as amended (the
"Declaration"), as follows, such amendment to be effective on the date hereof:

     Pursuant to Article IX, Section 8 of the Declaration, Trustees hereby
establish one additional class of shares of the Trust, which shall be designated
Investor Class Shares.


     IN WITNESS WHEREOF, the undersigned being all the Trustees of the Trust
have executed this instrument as of this 3rd day of August, 2004.


/s/ John F. Cogan, Jr                     /s/ Osbert M. Hood
- ------------------------------------      --------------------------------------
John F. Cogan, Jr                         Osbert M. Hood


/s/ Mary K. Bush                          /s/ Marguerite A. Piret
- ------------------------------------      --------------------------------------
Mary K. Bush                              Marguerite A. Piret


/s/ Richard H. Egdahl, M.D.               /s/ Stephen K. West
- ------------------------------------      --------------------------------------
Richard H. Egdahl, M.D.                   Stephen K. West


/s/ Margaret B.W. Graham                  /s/ John Winthrop
- ------------------------------------      --------------------------------------
Margaret B.W. Graham                      John Winthrop

                                     The address of each Trustee is:

                                         c/o Pioneer Investment Management, Inc
                                         60 State Street, Boston, Massachusetts
                                         02109