Boston , Massachusetts -

Pioneer Investment Management, Inc. ("Pioneer Investments") has reached an agreement with Cullen Capital Management, LLC ("Cullen") to reorganize Cullen Value Fund into the Pioneer family of funds. Subject to approval by its shareholders, the Cullen Value Fund would be reorganized as a new Pioneer fund with Pioneer Investments serving as investment manager and Cullen as investment subadviser. James Cullen would continue to serve as the fund's portfolio manager.

"The proposed addition of Cullen Value Fund is the latest in our ongoing strategy to continue to add high quality funds with well diversified investment methodologies to our robust product line" said Osbert Hood, President and CEO of Pioneer Investments. "This five-star overall Morningstar rated fund was launched four years ago and is ranked by Morningstar in the top 2% of funds in its class" said Hood. "It will be a welcome addition to our fund family." The star rating reflects risk-adjusted performance out of 749 large value funds as of 9/30/04 . The ranking reflects performance (10th out of 749 large value funds) for the 3-year period ending 09/30/04 .

The Cullen Value Fund, with assets of approximately $38 million, focuses on long-term capital appreciation and invests primarily in common stocks of medium- and large-capitalization companies.

"The Cullen Value Fund has a strong performance record and employs a 'deep concentrated, basic value' investment strategy that will complement our large-cap value line up" said Mark Goodwin, Senior Vice President, Chief Financial Officer and Treasurer of Pioneer Investments"


James Cullen has built a strong investment track record in this area by concentrating his research and selecting stocks with historically low price/earnings ratios in relation to the S&P 500. I expect financial advisers and their clients who are in search of a large-cap value alternative to take note of this fund" Goodwin said.

The reorganization is expected to be complete in early 2005.

Cullen Capital Management, LLC is an affiliate of Schafer Cullen Capital Management, which manages over $1 billion for institutions and high-net worth individuals. The firm, co-founded in 1983 by James Cullen, is recognized as a boutique asset manager and a leader in "value investing." The firm focuses on investing for the long term, using fundamental research with a value discipline. Mr. Cullen has been in the investment business for over 25 years. Previously he was a vice president at Donaldson, Lufkin & Jenrette, and has held senior positions at Rauscher Pierce, Spenser Trask & Company and Merrill Lynch.

Pioneer Investment Management USA Inc. is the North American division of Pioneer Global Asset Management S.p.A. ("PGAM") the investment management arm of UniCredito Italiano. PGAM operates 23 offices in 17 countries and managed approximately $152 billion in assets as of June 30, 2004, $35.9 billion of which is managed in the U.S.

Pioneer Funds Distributor, Inc., is the underwriter and distributor for Pioneer mutual funds, 60 State Street, Boston, MA 02109, Member SIPC, Member of the UniCredito Italiano Banking Group, Register of Banking Groups. ©2004 Pioneer Investment  Management, Inc.


Copyright 2005 Drago Holdings, LLC