Pioneer Investments Declares Monthly Distributions for Closed-End Funds

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.

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).

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.
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