Pioneer Investment launches Pioneer Global High Yield Fund

St. Louis, Dec. 4 - Pioneer Investment Management, Inc. announced Thursday the launch of Pioneer Global High Yield Fund, an open-end fund investing in the U.S. and international high-yield markets and emerging market bonds.

The fund will be managed by Pioneer's fixed-income team, lead by Ken Taubes, senior vice president and U.S. director of fixed-income investments.

The same team also manages Pioneer America Income Trust, Pioneer Bond Fund, Pioneer Tax-Free Income Fund and Pioneer Strategic Income Fund.

As of Nov. 28, 2003 the new fund's assets were 54% invested in U.S. high yield securities, 16% in international high-yield bonds and 30% in emerging market bonds.

In addition to U.S. high yield, international high yield and emerging markets bond issues the fund has the ability to hold international currencies which "may boost returns when U.S. high-yield bonds are weak," according to Thursday's press release. "Similarly, if a strong U.S. dollar is anticipated, the management team can increase exposure to the dollar to seek enhanced returns," the press release added.

Pioneer Global Asset Management SpA and its affiliates manage over $130 billion in assets as of Oct. 31, including $32 billion in the U.S. under its Pioneer Investment Management USA Inc. subsidiary.

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