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65 YEARS YOUNG-AND NOT READY TO RETIRE: TOP PERFORMING LONG-TERM FUND CELEBRATES 65TH ANNIVERSARY

 BOSTON, March 1 /PRNewswire/ -- It was early 1933, and America was in the midst of the Great Depression. Amid the gloom, a small, watchful investment firm foresaw a crisis when President Roosevelt declared a bank holiday. So Philip L. Carret, president of Pioneer Fund, decided to send his March dividend to investors by U.S. postal money order instead of bank check, and Pioneer's shareholders received their money on time.
 As Pioneer begins celebrating its 65th birthday March 1, it continues to prove the worth of careful, long-term planning. If you had put $10,000 into Pioneer in 1940 and reinvested all of the dividends and capital-gains distributions along the way, you would be smiling broadly and comfortably today, because your money would have mushroomed into $12.5 million.
 From the first, small Pioneer fund in 1928, Pioneer has become a family of 17 funds with over $7 billion today. And through depression and world war, recession and oil crisis, Pioneer Fund has paid dividends to its shareholders every single year. In addition, CDA/Wiesenberger concluded that for the publicly available funds it has tracked, Pioneer has been the best performing long-term fund since 1940. Pick any ten- year period since 1928, and regardless of whether it began with a market boom or bust, Pioneer still returned a profit.
 "That success has always rested upon consistency, stability and a belief that long-term value counts for more than short-term glamour," says David Tripple, chief investment officer of Pioneer Mutual Funds. Pioneer has always been skeptical of market fads that come and go like phases of the moon. It picks stock with staying power. Union Pacific, a transportation stock currently in the portfolio, is itself the successor company to Missouri Pacific Railroad, a stock from the first portfolio of 1928. Indeed, the average holding period for stocks is six to seven years, which puts Pioneer Fund near the lower end of the portfolio-turnover scale for mutual funds in general. The longest held stock, Greif Brothers, a maker of specialized containers, has been part of Pioneer Funds portfolio since 1953. Its value has grown 40-fold, and Pioneer still believes it is priced below its true worth, and so still holds the stock.
 Such stability is no accident. It's the fruit of six decades of a no-nonsense policy. "The company continues to invest its funds largely in situations of which its directors have intimate knowledge rather than concentrating upon so-called market leaders," Carret wrote in the 1937 annual report.
 Pioneer Fund continues to hunt for undervalued but solid companies today, says Tripple. For example, the Fund holds A. Schulman of Ohio, a chemical firm that specializes in high-tech resin compounds. The company's value has grown eight-fold in the last eight years, but with its excellent earnings prospects, Pioneer still believes the market has not yet recognized Schulman's full value.
 That respect for what's tried-and-true has spurred Pioneer to success with other funds. A prime example is the Pioneer Equity-Income Fund, which was the best performing fund in its category in 1992 according to Morningstar. Although a new fund, two-thirds of its stocks are also held by Pioneer Fund, and all have undergone Pioneer's traditional rigorous analysis of fundamentals. One stock in both portfolios is Huntington BancShares, based in Columbus, Ohio. A "family values" banker and lender serving the re-emerging mid-West, Huntington has paid regular dividends since 1920.
 "Pioneer Equity Income Fund," says Tripple, "stays fully invested and focuses on current dividend income to shareholders." To cultivate those dividends requires hard work, from analyzing financial statements to meeting with company management to evaluating competitive positioning. But this work is just a continuation of what Pioneer Fund has been doing since 1928: investing in well-established companies in well-established lines of business towards its goal of adding value to shareholders. No magic formula -- just 65 years of thorough analysis. Happy Birthday, Pioneer Fund.
 -0- 3/1/93
 /CONTACT: Anne W. Patenaude, 617-422-4727, or Robyn S. Tice, 617-422-4728, both of the Pioneer Fund/


CO: Pioneer Fund ST: Massachusetts IN: FIN SU:

SB -- NY011 -- 1189 03/01/93 08:02 EST
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Date:Mar 1, 1993
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