Pioneer Investments today announced the declaration of dividends for
five closed-end funds for February 2015. The closing market price,
annualized market price distribution rate, NAV, and annualized NAV
distribution rate are based on data as of February 2, 2015.
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Ex Date:
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February 17, 2015
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Record Date:
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February 19, 2015
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Payable Date:
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February 27, 2015
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Fund
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Distribution
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Market
Price
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Market Price
Distribution
Rate
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NAV
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NAV
Distribution
Rate
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Taxable
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Pioneer Diversified High Income Trust (NYSE MKT: HNW)
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$0.1350
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$17.21
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9.41%
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$18.04
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8.98%
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Pioneer Floating Rate Trust (NYSE:PHD)
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$0.0550
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$11.19
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5.90%
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$12.63
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5.23%
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Pioneer High Income Trust (NYSE:PHT)
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$0.1150*
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$16.96
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8.14%
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$11.73
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11.77%
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Tax-Exempt
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Pioneer Municipal High Income Advantage Trust (NYSE: MAV)
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$0.0950
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$15.47
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7.37%
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$13.02
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8.76%
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Pioneer Municipal High Income Trust (NYSE: MHI)
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$0.0850
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$14.80
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6.89%
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$13.75
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7.42%
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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).
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Taxable-Equivalent
Distribution Rate
at
Market Price
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Taxable-Equivalent
Distribution Rate
at
NAV
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Pioneer Municipal High Income Advantage Trust (NYSE: MAV)
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13.02%
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15.48%
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Pioneer Municipal High Income Trust (NYSE: MHI)
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12.17%
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13.11%
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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%.
*PHT's February distribution of $0.1150 per share represents a 16.4%
decrease from the $0.1375 per share distribution paid in January. The
Fund’s income and reserves supported a stable distribution of $0.1375
since the Fund’s inception in 2002. The prolonged low interest-rate
environment has reduced the yields of securities throughout the high
yield sector. As a result, the Fund’s maturing higher yielding
securities have been replaced with new securities with lower yields,
reducing the Fund’s income. This change better aligns the Fund's
distribution rate with its current and projected level of earnings and
reserves.
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 fund’s investment adviser.
Keep in mind, distributions are not guaranteed. A fund’s distribution
rate may be affected by numerous factors, including changes in realized
and projected investment income, the level of undistributed net
investment income, if any, and other factors. Shareholders should not
draw any conclusions about a fund’s investment performance based on a
fund’s current distributions. 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.
© 2015 Pioneer Investment Management, Inc.
Member of the UniCredit
Banking Group, Register of Banking Groups
Copyright Business Wire 2015