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Pioneer Investments HeadlinesPioneer Investments launches U.S. Credit Recovery 2014July 29, 2009 Dublin / London, June 29, 2009: – Following the successful launch of Pioneer Funds - Euro Credit Recovery 2012 in March 2009, Pioneer Investments today announced the launch of Pioneer Funds U.S. Credit Recovery 2014 (“Fund”). The Fund, which has been designed to capture current value in credit markets, is primarily buy and hold strategy investing in investment grade corporate bonds with a maturity in 2014. The objective of the Fund is to provide income and capital appreciation over a five-year time horizon by primarily investing in a diversified portfolio of US dollar denominated investment grade corporate debt and debt related instruments*. The Portfolio, which is broadly diversified to balance risk / reward profile and has a residual cash component, aims to provide income and stable returns when bonds expire. In order to protect existing unit holders, the Fund has a limited subscription period designed to lock-in implied yield available at portfolio launch and reduce the effect of dilution on the expected return. Commenting on the launch, Ken Taubes, Head of Portfolio Management U.S. said, “Within investment grade corporate bonds we see very good investment opportunities. Yields for highly rated corporate bonds are now significantly higher than long-run historic averages and spreads have reached peak levels presenting some excellent opportunities to generate attractive returns. Furthermore we see stabilisation of the US economy and expect modest growth by the end of the year.” At inception, the Fund aims to have between 50 – 70 issuers. The Fund will invest primarily in investment grade corporate debt issued by high quality companies in the US, denominated in US dollars. Ken Taubes, Head of Portfolio Management U.S. is portfolio manager of the Fund, which launched on 20th July 2009. * The Fund may also invest in government bonds and other money market instruments.
Pioneer Investments is a global investment management group (the “Group”) with €160.269 billion of total assets under management as at end of June 2009. We provide a wide range of investment solutions including mutual funds and structured products to clients that include institutions, corporations, intermediaries and private investors around the world. With offices in 31 countries, the Group employs approximately 2,200 staff.
The Group has over 80 years experience in traditional investments, providing appropriate investment strategies to our clients and partners. Our flagship mutual fund, Pioneer Fund, is the third oldest mutual fund in the US and exemplifies Pioneer Investments’ history of consistently managing money and helping investors pursue their financial goals. From our global investment centres in Dublin, Boston and Singapore, we apply our bottom up investment process supported by our own internal fundamental and quantitative research capabilities. We believe that the route to adding value is experienced portfolio managers working in concert with dedicated career analysts generating proprietary research; the addition of a strong quantitative discipline provides screening and risk management strengthens our process. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies (“PGAM”). PGAM is a wholly owned subsidiary of UniCredit S.p.A. Issue Date: 29 July 2009 
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