Western Investment Calls for Pioneer Municipal and Equity Income Trust (NYSE:PBF) to Announce Its Annual Meeting Date

NEW YORK--(BUSINESS WIRE)--Western Investment LLC (“Western Investment”) issued a statement today calling for Pioneer Municipal and Equity Income Trust (NYSE: PBF) to announce the date of the Fund’s 2008 Annual Meeting. Western Investment, along with certain of its affiliates, is a long-term stockholder with over a 9% ownership in the Fund.

Art Lipson, the managing member of Western Investment and a Trustee of PBF stated, “Last year the Fund filed its initial proxy materials on April 2, however, it is now the middle of April and stockholders of the Fund have not heard anything regarding the 2008 annual meeting. I call on the other board members to promptly act together with myself and Robert Ferguson to set and announce the date for the 2008 annual meeting. As significant stockholders, we are growing concerned with the Fund’s silence about this year’s annual meeting. Western Investment has nominated a slate of trustee nominees for election at the 2008 annual meeting because we believe that there are necessary steps to be taken to increase the value of stockholders’ investment in the Fund and we believe our nominees have the credentials to ensure this happens. We believe that as a public company PBF should promptly take all necessary action to set and announce the 2008 annual meeting and to assure all stockholders that their right to elect directors will not be delayed.”

Innisfree M&A Incorporated
Mike Brinn, 212-750-8253