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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 14A
                                 (Rule 14A-101)

                            SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

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[ ] Definitive Proxy Statement                [ ] Confidential, for Use of the
[X] Definitive Additional Materials               Commission Only (as permitted)
[ ] Soliciting Material Pursuant to               by Rule 14a-6(e)(2)
    Rule 14a-12


                            THE PIONEER GROUP, INC.
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                (Name of Registrant as Specified In Its Charter)



                         LENS INVESTMENT MANAGEMENT, LLC
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    (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

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NY2:\911472\01\58531.0014

FOR IMMEDIATE RELEASE

CONTACT
Timothy Holland                              Richard A. Bennett
Alan Towers Associates                       Lens Investment Management, LLC
212-354-6942                                 207-775-4296


               LENS SUPPORTS PIONEER'S SALE TO UNICREDITO ITALIANO

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         FIRM SUSPENDS PROXY CONTEST; DECLARES VICTORY FOR SHAREHOLDERS



PORTLAND, ME, May 15, 2000 - Lens Investment Management, LLC, supports the

announced agreement to sell The Pioneer Group, Inc. (NASDAQ: PIOG) to UniCredito

Italiano for approximately $43.50 a share. Lens has been conducting a proxy

contest to elect its nominees to the Pioneer Board to effect a sale of the

Company. With a sale of the company pending, Lens believes the goal of its proxy

contest has been achieved and has determined to cast its vote for management's

nominees.


"Lens' objective at Pioneer has been the company's sale at a substantial premium

to its recent stock price, and the announced agreement with UniCredito Italiano

represents a victory in our efforts to maximize shareholder value," said Richard

A. Bennett, Director of Governance at Lens. "With our objective seemingly

achieved, we're suspending our efforts to win control of Pioneer's board but

will monitor developments closely. Lens' victory at Pioneer is a powerful

reminder of how motivated shareholders can make a difference in the fortunes of

the companies in which they invest. We'd like to thank our fellow Pioneer

shareholders for supporting our efforts and management for taking the steps

necessary to maximize shareholder value."


Lens indicated in its proxy statement that its nominees had consented to serve

as Pioneer directors if elected. In view of the pending sale, however, they

believe that their election is no longer necessary to serve shareholder

interests, and they have determined not to serve if elected. Consequently, Lens

intends to vote its shares for management's nominees and urges their fellow

shareholders to do likewise. Proxies received for Lens' nominees will, however,

be voted as directed.

                                     (MORE)

LENS SUPPORTS PIONEER'S SALE TO UNICREDITO ITALIANO, PAGE 2



Lens Investment Management, LLC, is an activist investment management firm that

invests in companies it believes are underperforming despite strong underlying

values and susceptible to increased value through shareholder activism. Its

founder and Chairman Robert A. G. Monks is an internationally recognized

authority on corporate governance and a pioneering activist investor. Lens and

its affiliates, which manage in excess of $400 million of capital, own

approximately 4.34% of Pioneer's outstanding common stock.