Company Press Release

BOSTON--(BUSINESS WIRE)--Pioneer Investments today announced that Brian E. Stack has been named portfolio manager of Pioneer Growth Opportunities Fund (PGOFX) and Pioneer Growth Opportunities VCT Portfolio effective Sept. 3, 2008. Stack heads a three-person U.S. Small Cap Growth Team and is supported by Pioneer Investments’ global research staff, which provides fundamental and quantitative research on companies.

“Brian has 21 years of industry experience and has had tremendous success over his career managing small- and mid-cap growth strategies,” said Kenneth J. Taubes, Head of U.S. Portfolio Management. “He is a highly respected specialist in his field and is a welcome addition to the Pioneer Investments’ team,” Taubes added.

Stack worked most recently at Long Trail Investment Management, LP, a small- and mid-cap equity hedge fund firm which he co-founded and served as portfolio manager and analyst from 2005 to 2007. In 2001, Stack co-founded Cyllenius Capital Management, a small- and mid-cap equity hedge fund that was acquired by BlackRock, Inc. in 2002. At BlackRock, he was a portfolio manager and analyst until 2004.

Prior to Cyllenius, Stack worked at MFS Investment Management from 1993 to 2001. At MFS, Stack managed MFS New Discovery Fund and MFS Institutional Equities Fund as well as institutional separately managed accounts and two hedge funds. During his tenure at MFS, assets under management for products he managed or co-managed increased from approximately $1 billion to approximately $7 billion. Prior to MFS, Stack was a sell-side technology stock analyst at Robertson Stephens & Company, Advest, and Needham & Co. He also served as an analyst at Chase Manhattan Bank.

Stack graduated magna cum laude from Boston College in 1978 with a degree in economics. He received a Masters of Business Administration from the Darden School at the University of Virginia in 1983.

The funds’ previous co-managers were Peter Wiley and Diego Franzin. Wiley remains a member of the U.S. Small Cap Growth Team and Portfolio Manager of Pioneer Small Cap Value Fund. Franzin was recently promoted to Head of Global Quantitative Research.

About Pioneer Investments

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 29 countries, 2,500 employees, and approximately $303 billion in assets under management as of July 31, 2008, of which approximately $71 billion was managed in the U.S. Founded in 1928, its flagship mutual fund, Pioneer Fund, is the third-oldest mutual fund in the U.S. Pioneer Investment Management, Inc. is the investment advisory subsidiary of Pioneer Investment Management USA Inc. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A.

Pioneer Funds Distributor, Inc., is the Underwriter and Distributor for Pioneer mutual funds, 60 State Street, Boston, MA 02109, Member SIPC, Member of the UniCredit Banking Group, Register of Banking Groups.

Please consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund and should be read carefully before you invest or send money. To obtain a prospectus and for other information on any Pioneer fund, contact your adviser, call 800-225-6292 or visit our website at www.pioneerinvestments.com.

©2008 Pioneer Investment Management, Inc.