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Wednesday, March 18, 2009

Pioneer Plans Fund Mergers

by: Armie Margaret Lee

Pioneer Investments plans to reorganize three funds with combined assets of $396 million as of end-January into three others. Executives at the Boston asset manager said Friday last week that the moves "are part of our ongoing effort to ensure that the funds we offer are economically viable, represent clear investment choices, and effectively meet the needs of investors."

Pioneer plans to fold the Pioneer AMT-Free CA Municipal Fund into the Pioneer AMT-Free Municipal Fund, Pioneer International Equity Fund into the Pioneer International Value Fund and Pioneer Europe Select Equity Fund into Pioneer Global Select Equity Fund.

The changes are expected to be complete in June.

"Combining funds with similar investment strategies presents the opportunity for improved operating efficiencies and additional long-term growth," company officials said.

Pioneer also said that Stephen Bauer, who manages the AMT-Free CA Municipal Fund and AMT-Free Municipal Fund will retire effective April 1. David Eurkus will become the lead manager of the AMT-Free Municipal Fund. 

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