Pioneer Municipal and Equity Income Trust (NYSE: PBF) to Cease Trading on NYSE as of Close of Trading on October 21, 2008

October 7, 2008 4:03 PM EDT

BOSTON--(BUSINESS WIRE)--

Pioneer Investments today announced that Pioneer Municipal and Equity Income Trust (NYSE: PBF) will cease trading on the New York Stock Exchange as of the close of trading on October 21, 2008. As previously announced on September 11, 2008, the fund's shareholders approved the merger of PBF, a closed-end fund, into Pioneer Tax Free Income Fund, an open-end fund. The merger is expected to occur as of the close of business on or about October 24, 2008. PBF will cease trading on October 21, 2008 in order to allow the merger to proceed in an organized and efficient manner. During the period from October 21, 2008 through the closing of the merger, there will be no market for selling and purchasing shares of the fund.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and 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.

Media Inquiries Please Contact:      Geoff Smith
                                     617-422-4727
All Other Inquiries Please Contact:  800-622-9876

      (C)2008 Pioneer Investment Management, Inc. 60 State Street
                           Boston, MA 02109

   Member of the UniCredit Banking Group, Register of Banking Groups

    Source: Pioneer Investments

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