Pioneer Investments has launched Class K shares of its mutual funds for defined contribution plans that are precluded from investing in mutual fund shares with Rule 12b-1 fees or sub-transfer agency fees as part of the expense ratio.
Pioneer mutual funds that now offer Class K shares, along with their estimated total expense ratios, include:
• Pioneer Fundamental Growth Fund (PFGKX) 71 basis points
• Pioneer Oak Ridge Small Cap Growth Fund (ORIKX) 92 bps.
• Pioneer Equity Income Fund (PEQKX) 66 bps.
• Pioneer Strategic Income Fund (STRKX) 62 bps.
• Pioneer Bond Fund (PBFKX) 56 bps.
• Pioneer Multi-Asset Ultrashort Income Fund (MAUKX) 43 bps.
Class K shares also will be available to certain direct institutional investors with an initial investment of at least $5 million.
“The retirement plan market is rapidly moving towards lower-cost share classes,” stated Joe Kringdon, Head of U.S. Retail Sales and Marketing. “This new share class offers no 12b-1 or shareholder servicing fees, and is available specifically for 401(k) and other qualified group retirement plans.” Kringdon added.