Pioneer Investments Announces Closed-End Funds Portfolio Management Change
BOSTON--(BUSINESS WIRE)-- Pioneer Investments today announced that Jonathan Chirunga has been named a Portfolio Manager on two Pioneer closed-end mutual funds, Pioneer Municipal High Income Advantage Trust (NYS: MAV) and Pioneer Municipal High Income Trust (NYS: MHI) , effective May 17, 2013. Chirunga will join David Eurkus, Senior Vice President, who has been a Portfolio Manager on both funds since their inceptions. Timothy Pynchon, previously a Portfolio Manager on both funds, is resigning from Pioneer Investments to pursue other opportunities. Eurkus and Chirunga will continue to be supported by Pioneer's U.S. Fixed Income team. The change in portfolio management does not affect the funds' investment objectives and strategies.
Chirunga joined Pioneer in 2011 as a Credit Analyst and Associate Portfolio Manager. As an Associate PM, he covered all municipal high-yield sectors and provided investment recommendations to all Pioneer fixed-income funds. Prior to joining Pioneer Investments, Chirunga spent ten years at T. Rowe Price as a Municipal Credit Analyst covering municipal debt offerings for tax-backed debt in the Southeastern and Central regions of the United States. Previously, Chirunga spent three years as a Municipal Credit Analyst at Standard & Poor's, and two years as a Corporate Credit Analyst at Hewlett Packard Company. He received an M.B.A. from the University of California at Berkeley and an Interdisciplinary Bachelor of Science degree from Morehouse College.
Eurkus has been with Pioneer since 2001 and has more than 40 years of investment experience. Prior to joining Pioneer, he was a Senior Vice President and Portfolio Manager at Brown Brothers Harriman managing municipal bond investments, and previously was a Senior Vice President and Senior Portfolio Manager at Putnam Investments, where he managed tax-exempt funds with combined assets of nearly $6 billion. He holds a B.A. from Babson College.
Pioneer Investment Management, Inc., the investment adviser for MAV and MHI, is part of Pioneer Investment Management USA Inc., the U.S. subsidiary of Pioneer Global Asset Management S.p.A.
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, common shares of closed-end funds are sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net asset value (NAV) is total assets less total liabilities divided by the number of common shares outstanding.
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