News Column

Pioneer Investments Declares Monthly Distributions for Closed-End Funds

August 5, 2014

BOSTON--(BUSINESS WIRE)-- Pioneer Investments today announced the declaration of dividends for five closed-end funds for August 2014. The closing market price, annualized market price distribution rate, NAV, and annualized NAV distribution rate are based on data as of August 4, 2014.

Ex Date: August 14, 2014
Record Date: August 18, 2014
Payable Date: August 29, 2014



Market Price








Pioneer Diversified High Income Trust (NYSE MKT: HNW) $0.1600$20.51 9.36% $19.91 9.64%
Pioneer Floating Rate Trust (NYSE:PHD) 0.0550* $12.29 5.37% $12.98 5.08%
Pioneer High Income Trust (NYSE:PHT) $0.1375$17.55 9.40% $13.89 11.88%


Pioneer Municipal High Income Advantage Trust (NYSE: MAV) $0.0950$14.80 7.70% $12.35 9.23%
Pioneer Municipal High Income Trust (NYSE: MHI) $0.0950$14.80 7.70% $13.30 8.57%

Market Price Distribution Rate is calculated by dividing the last distribution per share (annualized) by market price. Rate includes leverage (non-income items such as loan or proceeds). It does not reflect returns of principal.


Distribution Rate

at Market Price


Distribution Rate

at NAV

Pioneer Municipal High Income Advantage Trust (NYSE: MAV) 13.60% 16.31%
Pioneer Municipal High Income Trust (NYSE: MHI) 13.60% 15.14%

*PHDís August distribution of $0.0550 per share represents a $0.0100 per share decrease from the previous monthly distribution of $0.0650 per share. Many fixed income asset classes have experienced spread compression (tightening) in the past 12 months, including floating rate loans. Therefore, yields on the fundís securities have trended lower. This distribution change was made to better align the fundís distribution rate to its current and projected level of earnings.

Taxable-Equivalent Distribution Rate is computed using an effective tax rate of 43.4%, which includes the maximum federal tax rate of 39.6% and the net investment income tax rate of 3.8%.

The funds are closed-end investment companies. Four of these funds trade on the New York Stock Exchange (NYSE) under the following symbols: PHD, PHT, MAV and MHI. HNW trades on the NYSE MKT. Pioneer Investment Management, Inc. is each fundís investment adviser.

Keep in mind, dividends are not guaranteed. 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 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. For performance data on Pioneer's closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

© 2014 Pioneer Investment Management, Inc.

Member of the UniCredit Banking Group, Register of Banking Groups

Pioneer Investments

Shareholder Inquiries:

Contact your financial advisor or visit


Broker/Advisor Inquiries Contact: 800-622-9876


Media Inquiries Contact:

Geoff Smith, 617-422-4727

Source: Pioneer Investments

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