Pioneer Investments today announced the declaration of dividends for five closed-end funds for November 2014. The closing market price, annualized market price distribution rate, NAV, and annualized NAV distribution rate are based on data as of November 3, 2014.
| Ex Date: | November 13, 2014 | ||||||
| Record Date: | November 17, 2014 | ||||||
| Payable Date: | November 28, 2014 | ||||||
| Fund | Distribution | Market | Market Price | NAV | NAV | ||||||||||
Taxable | |||||||||||||||
| Pioneer Diversified High Income Trust (NYSE MKT: HNW) | $0.1350 | $20.19 | 8.02% | $19.28 | 8.40% | ||||||||||
| Pioneer Floating Rate Trust (NYSE:PHD) | $0.0550 | $11.52 | 5.73% | $12.80 | 5.16% | ||||||||||
| Pioneer High Income Trust (NYSE:PHT) | $0.1375 | $17.50 | 9.43% | $13.03 | 12.66% | ||||||||||
Tax-Exempt | |||||||||||||||
| Pioneer Municipal High Income Advantage Trust (NYSE: MAV) | $0.0950 | $15.26 | 7.47% | $12.62 | 9.03% | ||||||||||
| Pioneer Municipal High Income Trust (NYSE: MHI) | $0.0850 | $15.30 | 6.67% | $13.49 | 7.56% | ||||||||||
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.
Taxable-Equivalent | Taxable-Equivalent | |||||
| Pioneer Municipal High Income Advantage Trust (NYSE: MAV) | 13.20% | 15.95% | ||||
| Pioneer Municipal High Income Trust (NYSE: MHI) | 11.78% | 13.36% | ||||
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%.
*HNW’s November distribution of $0.1350 per share represents a $0.025 per share decrease from the previous monthly distribution of $0.160 per share. MHI’s November distribution of $0.0850 per share represents at $0.010 per share decrease from the previous monthly distribution of $0.0950 per share. Many fixed income asset classes have experienced spread compression (tightening) in the past 12 months. Therefore, yields on the funds’ securities have trended lower. These distribution changes were made to better align the funds’ distribution rates to their current and projected level of earnings.
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, 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.
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