Pioneer Global Expands Its Alternative Investments Capabilities

Acquisition of Momentum provides springboard for aggressive expansionplans

The purchase of Momentum is part of Pioneer Global’s and its affiliates’("Pioneer") plans to expand aggressively into the fast growing alternativeinvestments arena. It broadens Pioneer’s existing alternative investmentcapabilities, which are managed through its affiliate, Pioneer AlternativeInvestment Management Limited (PAI), and have focused on singlemanager/strategy funds.

"Pioneer and Momentum each have a long heritage of innovative andprofitable product development," said Dario Frigerio, CEO of PioneerGlobal. "These synergies, combined with Pioneer’s strong globaldistribution capability, will help Pioneer become a leading presence inthe growing hedge fund industry."

The alternative investments industry-including funds of hedge funds,single strategy hedge funds and associated structured and customproducts-has seen significant growth in recent years. There is growinginvestor interest from institutions and the high net worth market inachieving greater diversification through exposure to alternativeinvestments. Alternative investment products tend to have a very lowcorrelation with other traditional asset classes, such as stock and bondmutual funds.

"We believe institutions and high net worth individuals will continue toshow strong interest in alternative investments as they come to appreciatethe attractive risk/reward potential these products offer," said AlbertoLa Rocca, CEO of PAI and new Global Head of Alternative Investments forPioneer Global. "We expect the acquisition of Momentum will give Pioneerthe range of alternative products and the scale to capitalize on theanticipated expansion of the market and to grow assets under managementand market share."

"Momentum and Pioneer are an excellent strategic fit," said MichaelGoldman, CEO of Momentum. "Pioneer expects to benefit from Momentum’sbrand name and long track record, while Momentum’s products and clientsstand to benefit from the substantial corporate backing of the UniCreditoItaliano Group."

"U.S. financial advisors are seeing a growing interest in alternativeproducts from their clients," said Dan Geraci, CEO of Pioneer InvestmentManagement USA Inc. "The addition of hedge funds will broaden Pioneer’srange of investment products and help to ensure that we are able to servethe needs of our distribution partners in every type of marketenvironment."

Pioneer Global manages approximately $99 billion (as of March 31, 2002),including over $20 billion for U.S. investors, under the name PioneerInvestments®. Pioneer’s flagship fund, Pioneer Fund, was founded in 1928and is the fourth oldest mutual fund in the United States. PAI was formedin 1999.

Single strategy and structured products are managed from the Dublinoffice, with Italian domiciled funds of hedge funds managed from Milan.PAI (Dublin) is authorized by the Central Bank of Ireland and PAI (Milan)is authorized by the Bank of Italy. Formed in 1987, Momentum is domiciledand registered in Bermuda and has offices in Australia, Bermuda, HongKong, Israel, London, and New York. Assets under management of thecombined alternative investment companies will be approximately $1.76billion.

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©2002 Pioneer Funds Distributor, Inc. is the underwriter of Pioneer mutualfunds. For information about the Pioneer Fund, please request a free kitfrom an investment representative or Pioneer at 800-225-6292. The kitincludes a prospectus describing charges and expenses. Please read theprospectus carefully before you invest or send money. This material is nota solicitation to buy or an offer to sell any other product mentioned.

Pioneer Investment Management, Inc. Member of the UniCredito ItalianoBanking Group, Register of Banking Groups