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 Europe Select Fund focusing on those companies which exhibit proven profitability in their sector, excellent corporate management, and strong development potential over the immediate and longer term. The three global sector funds use Pioneer's fundamental and quantitative research in each specific sector.

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

Pioneer Europe Select Fund draws on the expertise of investment professionals in both the Boston and Dublin offices. The fund will invest primarily in a concentrated portfolio of European stocks selected from among the leading companies in their respective markets.

The three global sector funds are managed in Boston by Pioneer's global equities team, including participation from professionals in its Dublin-based affiliate. Pavlos Alexandrakis, one of the team members, will monitor the portfolios and implement the team's decisions from Boston. Pioneer Global Financials Fund invests in companies such as banks, insurance companies, investment advisors, and brokerage companies. Pioneer Global Health 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 in wireless communications, fiber optics, semiconductors, data transmission, satellite, and cable television. The global equities team also manages Pioneer World Equity Fund.

Pioneer Investment Management, Inc., based in Boston and Pioneer Investment Management, Ltd., based in Dublin, Ireland together manage over $110 billion, including approximately $22 billion for U.S. investors, under the name Pioneer InvestmentsĘ. Pioneer's flagship fund, Pioneer Fund, was founded 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 not limited to, currency fluctuations, social and economic instability, differing accounting standards, limited public information and periods of illiquidity. These risks apply especially to emerging markets. Sector investing involves greater risk than more diversified investment options. Funds that have non-diversified portfolios may experience greater volatility than those with more diversified portfolios. Certain of the funds may invest in small- and mid-cap stocks, which may be more volatile than more liquid large-cap issues. Technology-related companies often have special risks, e.g. commercial unsuccessful products or quick obsolescence. For more information 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 Pioneer at 800-225-6292. Please ask for a free prospectus, which describes charges and expenses; read it carefully before you invest or send money. Pioneer Funds Distributor, Inc., is the Underwriter and Distributor for Pioneer mutual funds.