Murray, Frank & Sailer LLP Announces Class Action Against UBS-AG on Behalf of Purchasers of the Pioneer Family of Funds -- PBEQX, PSRAX, CALLX, PGHYX, MOMGX


NEW YORK, Sept. 8, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased Pioneer Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").

The Funds, and the Symbols for the respective Pioneer Funds named below, are as follows:



 PIODX             Pioneer A
 PUSGX             Pioneer America Income Trust A
 PBUSX             Pioneer America Income Trust B
 PCUSX             Pioneer America Income Trust C
 PCURX             Pioneer America Income Trust Fund Class R
 PUSIX             Pioneer America Income Trust Inv
 PAPRX             Pioneer AmPac Growth A
 PRABX             Pioneer AmPac Growth B
 PRRCX             Pioneer AmPac Growth C
 PRFRX             Pioneer AmPac Growth R
 PBODX             Pioneer B
 MOMIX             Pioneer Balanced A
 PBMIX             Pioneer Balanced B
 PCMPX             Pioneer Balanced C
 MOIIX             Pioneer Balanced Inv
 PIOBX             Pioneer Bond A
 PBOBX             Pioneer Bond B
 PCYBX             Pioneer Bond C
 BFIOX             Pioneer Bond Inv
 PBFRX             Pioneer Bond R
 PICYX             Pioneer Bond Y
 PCODX             Pioneer C
 CATAX             Pioneer CA Tax Free Income A
 CATBX             Pioneer CA Tax Free Income B
 CATCX             Pioneer CA Tax Free Income C
 CATIX             Pioneer CA Tax Free Income Inv
 PIMIX             PIONEER CASH RESERVE FD INVESTO
 CVFCX             Pioneer Cullen Value A
 CVFBX             Pioneer Cullen Value B
 CVCFX             Pioneer Cullen Value C
 CVFYX             Pioneer Cullen Value Y
 PEMFX             Pioneer Emerging Markets A
 PBEFX             Pioneer Emerging Markets B
 PCEFX             Pioneer Emerging Markets C
 PEMRX             Pioneer Emerging Markets Fund Class R
 PYEFX             Pioneer Emerging Markets Y
 PEOFX             Pioneer Equity Opportunity A
 PEOBX             Pioneer Equity Opportunity B
 PEOCX             Pioneer Equity Opportunity C
 PEQIX             Pioneer Equity-Income A
 PBEQX             Pioneer Equity-Income B
 PCEQX             Pioneer Equity-Income C
 PQIRX             Pioneer Equity-Income R
 PYEQX             Pioneer Equity-Income Y
 PBEUX             Pioneer Europe Fund Class B
 PERAX             Pioneer Europe Select Equity A
 PERBX             Pioneer Europe Select Equity B
 PERCX             Pioneer Europe Select Equity C
 PESRX             Pioneer Europe Select Equity Fund Class R
 PEYSX             Pioneer Europe Select Equity Fund Class Y
 XPHDX             Pioneer Floating Rate Trust
 PGHYX             Pioneer Global High Yield A
 PGHBX             Pioneer Global High Yield B
 PGYCX             Pioneer Global High Yield C
 MOMGX             Pioneer Growth A
 PBMGX             Pioneer Growth B
 PCMGX             Pioneer Growth C
 MOIGX             Pioneer Growth Inv
 LRPSX             Pioneer Growth Leaders A
 LRPBX             Pioneer Growth Leaders B
 LRPCX             Pioneer Growth Leaders C
 LRPRX             Pioneer Growth Leaders R
 PGOFX             Pioneer Growth Opportunities A
 GOFBX             Pioneer Growth Opportunities B
 GOFCX             Pioneer Growth Opportunities C
 PGIFX             Pioneer Growth Opportunities Inv
 PGRRX             Pioneer Growth R
 PYMGX             Pioneer Growth Y
 XPHHX             PIONEER HIGH INCOME TRUST
 XPHTX             Pioneer High Income Trust
 TAHYX             Pioneer High Yield A
 TBHYX             Pioneer High Yield B
 PYICX             Pioneer High Yield C
 TAHIX             Pioneer High Yield Inv
 TYHRX             Pioneer High Yield R
 TYHYX             Pioneer High Yield Y
 PIAAX             Pioneer Ibbotson Aggressive Allocation A
 IALBX             Pioneer Ibbotson Aggressive Allocation B
 IALCX             Pioneer Ibbotson Aggressive Allocation C
 PIAVX             Pioneer Ibbotson Conservative Alloc A
 PIBVX             Pioneer Ibbotson Conservative Alloc B
 PICVX             Pioneer Ibbotson Conservative Alloc C
 GRAAX             Pioneer Ibbotson Growth Allocation A
 GRABX             Pioneer Ibbotson Growth Allocation B
 GRACX             Pioneer Ibbotson Growth Allocation C
 PIALX             Pioneer Ibbotson Moderate Allocation A
 PIBLX             Pioneer Ibbotson Moderate Allocation B
 PIDCX             Pioneer Ibbotson Moderate Allocation C
 PINDX             Pioneer Independence
 PIWEX             Pioneer International Equity A
 PBWEX             Pioneer International Equity B
 PCWEX             Pioneer International Equity C
 IEIPX             Pioneer International Equity Inv
 PIEYX             Pioneer International Equity Y
 PIIFX             Pioneer International Value A
 PBIFX             Pioneer International Value B
 PCITX             Pioneer International Value C
 MIVRX             Pioneer International Value Fund Class R
 PFIOX             Pioneer Inv
 PITHX             Pioneer Mid-Cap Growth A
 PBMDX             Pioneer Mid-Cap Growth B
 PCMCX             Pioneer Mid-Cap Growth C
 PMCYX             Pioneer Mid-Cap Growth Y
 PCGRX             Pioneer Mid-Cap Value A
 PBCGX             Pioneer Mid-Cap Value B
 PCCGX             Pioneer Mid-Cap Value C
 PGCIX             Pioneer Mid-Cap Value Inv
 PCMRX             Pioneer Mid-Cap Value R
 PYCGX             Pioneer Mid-Cap Value Y
 PBMFX             Pioneer Municipal Bond A
 PBMUX             Pioneer Municipal Bond B
 MNBCX             Pioneer Municipal Bond C
 PBIMX             Pioneer Municipal Bond Inv
 XPMAX             Pioneer Municipal High Income Advantage Trust
 XMHIX             Pioneer Municipal High Income Trust
 ORILX             Pioneer Oak Ridge Large Cap Growth A
 ORLBX             Pioneer Oak Ridge Large Cap Growth B
 ORLCX             Pioneer Oak Ridge Large Cap Growth C
 ORLRX             Pioneer Oak Ridge Large Cap Growth R
 PORYX             Pioneer Oak Ridge Large Cap Growth Y
 ORIGX             Pioneer Oak Ridge Small Cap Growth A
 ORIBX             Pioneer Oak Ridge Small Cap Growth B
 ORICX             Pioneer Oak Ridge Small Cap Growth C
 PPPAX             Pioneer Protected Principal Plus A
 PPPBX             Pioneer Protected Principal Plus B
 PPPCX             Pioneer Protected Principal Plus C
 PPFAX             Pioneer Protected Principal Plus II A
 PPFBX             Pioneer Protected Principal Plus II B
 PPFCX             Pioneer Protected Principal Plus II C
 PIORX             Pioneer R
 PWREX             Pioneer Real Estate A
 PBREX             Pioneer Real Estate B
 PCREX             Pioneer Real Estate C
 PYREX             Pioneer Real Estate Y
 PATMX             Pioneer Research A
 PBTMX             Pioneer Research B
 PCTMX             Pioneer Research C
 PRFYX             Pioneer Research Y
 PSEFX             Pioneer Select Equity Fund Class A
 PSEAX             Pioneer Select Value Fund Class A
 STABX             Pioneer Short Term Income A
 STBBX             Pioneer Short Term Income B
 PSHCX             Pioneer Short Term Income C
 PSHYX             Pioneer Short Term Income Y
 PAPPX             Pioneer Small and Mid Cap Growth A
 MCSBX             Pioneer Small and Mid Cap Growth B
 CGCPX             Pioneer Small and Mid Cap Growth C
 CGCRX             Pioneer Small and Mid Cap Growth R
 PIMCX             Pioneer Small Cap Value A
 PBMOX             Pioneer Small Cap Value B
 PSVCX             Pioneer Small Cap Value C
 CALLX             Pioneer Small Cap Value Inv
 PSVRX             Pioneer Small Cap Value R
 PCAYX             Pioneer Small Cap Value Y
 PSCFX             Pioneer Small Company A
 PBSCX             Pioneer Small Company B
 PCSCX             Pioneer Small Company C
 PSCRX             Pioneer Small Company Fund Class R
 PAAFX             Pioneer Strategic Growth A
 PIABX             Pioneer Strategic Growth B
 PAGCX             Pioneer Strategic Growth C
 PIPRX             Pioneer Strategic Growth Fund Cl R
 PSRAX             Pioneer Strategic Income A
 PSRBX             Pioneer Strategic Income B
 PSRCX             Pioneer Strategic Income C
 STIRX             Pioneer Strategic Income R
 STRYX             Pioneer Strategic Income Y
 XPBFX             Pioneer Tax Advantaged Balanced Trust
 MOMTX             Pioneer Tax Free Income A
 PBMTX             Pioneer Tax Free Income B
 PCMTX             Pioneer Tax Free Income C
 MOITX             Pioneer Tax Free Income Inv
 PIOTX             Pioneer Value A
 PBOTX             Pioneer Value B
 PCOTX             Pioneer Value C
 PIOIX             Pioneer Value Inv
 PVFRX             Pioneer Value R
 PVFYX             Pioneer Value Y
 PYODX             Pioneer Y

The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included Pioneer Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.

The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.

The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.

Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.

If you purchased any of the Pioneer Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.



            

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