PIONEER ANNOUNCES LAUNCH OF FOUR NEW EQUITY FUNDS - 3 GLOBAL SECTOR FUNDS AND A FOCUSED EUROPEAN FUND

All of the new funds take a bottom-up investment approach, with the EuropeSelect Fund focusing on those companies which exhibit proven profitabilityin their sector, excellent corporate management, and strong developmentpotential over the immediate and longer term. The three global sector fundsuse Pioneer's fundamental and quantitative research in each specific sector.

"Pioneer's new global sector funds represent the most dynamic industries inmarkets with outstanding long-term potential," said Steven Graziano,president, Pioneer Funds Distributor, Inc. "Pioneer's worldwide presencewill help us capitalize on the global trends in those industries. With theEuropean portfolio, we believe our presence in Europe provides us with aunique opportunity to target those companies with the highest growthpotential."

Pioneer Europe Select Fund draws on the expertise of investmentprofessionals in both the Boston and Dublin offices. The fund will investprimarily in a concentrated portfolio of European stocks selected from amongthe leading companies in their respective markets.

The three global sector funds are managed in Boston by Pioneer's globalequities team, including participation from professionals in itsDublin-based affiliate. Pavlos Alexandrakis, one of the team members, willmonitor the portfolios and implement the team's decisions from Boston.Pioneer Global Financials Fund invests in companies such as banks, insurancecompanies, investment advisors, and brokerage companies. Pioneer GlobalHealth Care Fund invests in companies such as biotech, pharmaceutical,biomedical, health care services, and medical device manufacturers.Finally, Pioneer Global Telecoms Fund invests in companies involved inwireless communications, fiber optics, semiconductors, data transmission,satellite, and cable television. The global equities team also managesPioneer World Equity Fund.

Pioneer Investment Management, Inc., based in Boston and Pioneer InvestmentManagement, Ltd., based in Dublin, Ireland together manage over $110billion, including approximately $22 billion for U.S. investors, under thename Pioneer InvestmentsĘ. Pioneer's flagship fund, Pioneer Fund, wasfounded in 1928 and is the fourth oldest mutual fund in the United States.

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International investing involves special risks, which include but are notlimited to, currency fluctuations, social and economic instability,differing accounting standards, limited public information and periods ofilliquidity. These risks apply especially to emerging markets. Sectorinvesting involves greater risk than more diversified investment options.Funds that have non-diversified portfolios may experience greater volatilitythan those with more diversified portfolios. Certain of the funds mayinvest in small- and mid-cap stocks, which may be more volatile than moreliquid large-cap issues. Technology-related companies often have specialrisks, e.g. commercial unsuccessful products or quick obsolescence. For moreinformation on Pioneer Europe Select Fund, Pioneer Global Financials Fund,Pioneer Global Health Care Fund, Pioneer Global Telecoms Fund, Pioneer Fund,or any Pioneer fund, please call your investment representative or Pioneerat 800-225-6292. Please ask for a free prospectus, which describes chargesand expenses; read it carefully before you invest or send money. PioneerFunds Distributor, Inc., is the Underwriter and Distributor for Pioneermutual funds.