PIONEER VALUE FUND
AMENDMENT TO THE AGREEMENT AND DECLARATION OF TRUST
OF
PIONEER VALUE FUND
The undersigned, being at least a majority of the Trustees of Pioneer Value
Fund, a Delaware statutory trust (the "Trust"), do hereby amend the Agreement
and Declaration of Trust, dated April 2, 1996, as amended (the "Declaration"),
as follows, such amendment to be effective on the date hereof:
Pursuant to Article IX, Section 8 of the Declaration, Trustees hereby
establish one additional class of shares of the Trust, which shall be designated
Investor Class Shares.
IN WITNESS WHEREOF, the undersigned being all the Trustees of the Trust
have executed this instrument as of this 3rd day of August, 2004.
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The address of each Trustee is:
c/o Pioneer Investment Management, Inc
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