PIONEER EXPANDS FIXED-INCOME GROUP; SEES BRIGHT OUTLOOK FOR BONDS

Now, Pioneer welcomes municipal bond manager, David Eurkus, a 30-yearindustry veteran who was most recently with Brown Brothers Harriman & Co.and before that at Putnam Investments. He joins the management teams ofPioneer Tax-Free Income Fund and Pioneer's separate account muni offerings.

Eurkus joins a group with significant expertise across bond sectors. Thelast two years saw the arrival of Ken Taubes, head of fixed-income, whofocuses on corporates, Margaret Patel, who manages high-yield issues, andTim Pynchon, as a high-yield credit analyst. They join longtime departmentmembers Richard Schlanger, Salvatore Pramas, Joanne Fisher, and AndrewFeltus.

"We see enormous growth opportunities for bonds in the coming years," saidTaubes. "We have planned our business around capturing the growth that webelieve is inevitable in light of a beneficial economic cycle with growthpeaking last year, attractive relative valuations on a historic basis, anddemographics favorable for bonds. In addition, investors have beenunderweight the sector as a result of the multi-year run-up in equities."

Since the combination of Pioneer Investment Management, Inc. andUniCredito's Dublin-based investment management arm in October 2000,Pioneer's Boston-based bond group also has had access to all the resourcesof its Dublin affiliate, Pioneer Investment Management, Ltd. Together, thegroup manages about $50 billion in fixed-income assets.

"Bonds are looking more attractive than anytime in recent memory," saidTaubes. "Fixed-income markets have become more positive as our economy'srapid growth has decelerated. The sharp drop in U.S. Treasuryyields-precipitated by the Fed's continued easing stance-has not yet beenfully felt by other fixed-income sectors. But, as the Fed moves to providemore liquidity in coming quarters, we believe it's likely that other sectorsof the credit markets will continue to perform better as the U.S. economytroughs and begins to improve into 2002."

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Note: Past performance does not guarantee future results. This releaseshould not be deemed as an offer of any fund or of any security describedwithin it. There can be no assurance that markets or bonds will perform asexpected. Investments in lower-rated bonds involve more risk than morehighly rated bonds, and may be more volatile or less liquid.

*Rankings by Lipper, Inc. are based on total return and include Class A atnet asset value without a sales charge. Since its 4/15/99 inception through12/31/00, the Pioneer Strategic Income Fund ranked #25 of 116 multi-sectorincome funds. Class B, C and Y shares are also available in both funds. Forinformation on Pioneer Strategic Income Fund, Pioneer High Yield Fund, orPioneer Tax-Free Income Fund, including charges and expenses, please requesta prospectus from your investment representative or Pioneer at 800-225-6292.Please read it carefully before you invest or send money. Pioneer FundsDistributor, Inc. is the Underwriter and Distributor for Pioneer MutualFunds.