PIONEER INTRODUCES PIONEER GLOBAL VALUE FUND

First Mutual Fund Jointly Managed by Pioneer Investments(R) and Mercury Advisors

The Fund is expected to begin operations on September 28. John A. Carey will manage the U.S. securities portion of the Fund in substantially the same manner as Pioneer Fund, the 73-year flagship fund he also manages. James Macmillan of Mercury Advisors will manage the non-U.S. portion of the portfolio. The initial allocation of assets will be approximately 50% U.S. and 50% non-U.S. Pioneer, together with Mercury, will use fundamental research to unearth attractive valuations around the globe on a sector and industry basis, regardless of location.

Investors can place initial orders through the National Securities Clearing Corporation to purchase Pioneer Global Value Fund with their financial advisors from now until 4 p.m. EDT September 27, 2001.

"The Pioneer Global Value Fund combines Pioneer Fund's long-standing value tradition with the international value expertise of Mercury Advisors," said Steven Graziano, president of Pioneer Funds Distributor, Inc., distributor of Pioneer funds. "We believe a fund of this kind is of great interest to investors who understand the benefits of global investing and realize that it is more important where a company does business than where it's domiciled."

With the dramatic collapse of valuations among many growth companies, investors are once again rediscovering the attraction of the value style of investing. The Fund gives these investors an opportunity to rebalance long-term portfolios. It also provides global exposure, which is important now when many of the world's most profitable companies are headquartered outside the U.S., and U.S.-based companies account for only half of the world's market capitalization.

"Pioneer Global Value Fund joins an exclusive universe of large-cap, global value funds," said Neil Bathon of Financial Research Corporation. "Given today's markets, a fund that uses a risk-averse value strategy to invest in the global marketplace would make an appropriate core holding for many investors."

"Many synergies exist between Pioneer and Mercury, including investment expertise in both the U.S. and Europe," said Thomas Skrobe, head of Marketing for Mercury Advisors. "We are pleased to partner with Pioneer to launch a fund that breaks the mold of the typical growth-oriented global fund."

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 approximately $95 billion, including over $19 billion for U.S. investors, under the name Pioneer Investments(R), as of June 30, 2001.

Mercury Advisors is an affiliate of Merrill Lynch Investment Managers, which manages more than $533 billion in assets as of June 30, 2001. Mercury Advisors acts as the primary U.S. sub-advisory brand of Merrill Lynch Investment Managers and is an integral part of the group's overall distribution strategy.

Merrill Lynch (NYSE: MER) is one of the world's leading financial management and advisory companies with offices in 43 countries and total client assets of more than $1.6 trillion. As an investment bank, it is the top global underwriter of debt and equity securities and a leading strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com.

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Note: Past performance is no guarantee of future results. The information provided here is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission on June 22, 2001 is effective. This is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer and sale is not permitted. International stocks are subject to certain risks including, but not limited to, currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation and periods of illiquidity. There can be no assurance that markets will perform as expected. Final information on Pioneer Global Value Fund is expected to be available on or after August 29, 2001. During the Fund's subscription period, all share class transactions must be processed through the National Securities Clearing Corporation. Pre-effective material is already available. For information on Pioneer Global Value Fund or Pioneer Fund, including charges and expenses, please request a prospectus from your investment representative or Pioneer at 800-225-6292. Please read it carefully before you invest or send money.