PIONEER EUROPE SELECT FUND
                SPECIAL MEETING OF SHAREHOLDERS - JANUARY , 2005

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF PIONEER EUROPE
SELECT FUND (the "fund") and relates to proposals with respect to the fund. The
undersigned hereby appoints [ ] and [ ] or either of them, as proxies for the
undersigned, with full power of substitution in each of them, to attend the
special meeting of the shareholders of the fund to be held at the offices of
Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the fund, 60 State Street,
26th Floor, Boston, Massachusetts 02109, on [ ], 2005, at [ ] [a/p].m., local
time, and any adjournment or postponement thereof, to cast on behalf of the
undersigned all votes that the undersigned is entitled to cast at such meeting
and otherwise to represent the undersigned at the meeting with all powers
possessed by the undersigned if personally present at the meeting. The
undersigned hereby acknowledges receipt of the notice of the special meeting of
shareholders and of the accompanying proxy statement and prospectus and revokes
any proxy previously given with respect to such meeting.

THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED ON
THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION IS
GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSAL 1 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER MATTER
THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR POSTPONEMENT
THEREOF.

                       Date                        , 2005


                      PLEASE SIGN, DATE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE

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                       Signature(s) (Title(s) if applicable)

                  PLEASE: Signature(s) should agree with the name(s) printed
                  herein. If joint owners, each holder should sign this proxy.
                  When signing as attorney, executor, administrator, trustee or
                  guardian, please give your full name as such. If a
                  corporation, please sign in full corporate name by president
                  or other authorized officer. If a partnership, please sign in
                  partnership name by authorized person.

YOUR VOTE IS IMPORTANT.  PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW





 This proxy will be voted "For" Proposal 1 if no specification is made below.


For shareholders of Pioneer Europe Select Fund:


YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 1.


 (1) To approve an Agreement and Plan of Reorganization.


             FOR      |_|               AGAINST  |_|               ABSTAIN  |_|


(2)   To vote and otherwise represent the above-signed shareholder(s) on any
      other other matter that may properly come before the meeting or any
      adjournment or postponement thereof.




                   WE NEED YOUR VOTE BEFORE __________, 2005.


                     PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME