DAVID SILVER TO JOIN BOARD OF PIONEER GLOBAL ASSET MANAGEMENT

David Silver will join Francesco Taranto and Franco Bruni as independent members of the Board. The Board, which is chaired by Pietro Modiano, now has ten members. It meets in Milan, Italy, where Pioneer Global has its headquarters.

"The Board is an important vehicle for bringing us independent industry insight and strategic guidance," said Fabio Innocenzi, CEO of Pioneer Global. "David's addition is an important step towards helping Pioneer Global meet its ambitious goals."

Mr. Silver recently retired as president of the ICI Mutual Fund Insurance Company, a position he has held since 1988. From 1977 until October 1991, Mr. Silver was president and CEO of the ICI, the trade association, which he first joined in 1966 as associate general counsel. Before that, Mr. Silver held a variety of legal positions, including five years on the staff of the Securities and Exchange Commission. He is also active in several professional associations, and has served as chairman of the Committee on Investment Companies of the Federal Bar Association. Mr. Silver has represented the fund industry before Congress and has negotiated successfully on a number of legislative and regulatory matters with various government agencies. In 1981, he was responsible for the successful inter-industry efforts to obtain legislation creating universal Individual Retirement Accounts. Mr. Silver is a graduate of Harvard Law School and City College of New York.

"David has been a key contributor to the growth and importance of the US fund industry," said David Tripple, president and CEO of Pioneer Investment Management USA Inc., an affiliate of Pioneer Global. "He has a reputation for creativity and integrity, and we're extremely pleased he has decided to join the Board."

Pioneer Investment Management, Inc., a Boston-based subsidiary of Pioneer Investment Management USA Inc., together with Pioneer Investment Management Ltd., its Dublin, Ireland based affiliate, managed over $94 billion, including approximately $20 billion for US investors, under the name Pioneer Investments, as of March 31, 2001. Pioneer's flagship fund, Pioneer Fund, was founded in 1928 and is the fourth oldest mutual fund in the United States.

For more information on 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.

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