Pioneer Investments today announced the declaration of dividends for five closed-end funds for March 2009. The closing market price, annualized distribution rate and NAV distribution rate are based on data as of March 3, 2009.
Ex Date: | March 12, 2009 | |||||||||||||||||||||||
Record Date: | March 16, 2009 | |||||||||||||||||||||||
Payable Date: | March 31, 2009 |
Fund | Distribution | Market | Market Price | NAV | NAV | ||||||||||
Price | Distribution | Distribution | |||||||||||||
Rate | Rate | ||||||||||||||
Taxable | |||||||||||||||
| Pioneer High Income Trust (NYSE: PHT) | $ | 0.1375 | $ | 7.30 | 22.6 | % | $ | 7.17 | 23.0 | % | |||||
| Pioneer Floating Rate Trust (NYSE:PHD) | $ | 0.1150 | $ | 7.25 | 19.0 | % | $ | 8.12 | 17.0 | % | |||||
| Pioneer Diversified High Income Trust (AMEX: HNW) (a) | $ | 0.1900 | $ | 11.81 | 19.3 | % | $ | 13.02 | 17.5 | % | |||||
Tax-Exempt | |||||||||||||||
| Pioneer Municipal High Income Trust (NYSE: MHI) (b) | $ | 0.0750 | $ | 9.18 | 9.8 | % | $ | 10.97 | 8.2 | % | |||||
| Pioneer Municipal High Income Advantage Trust (NYSE: MAV) | $ | 0.0750 | $ | 8.99 | 10.0 | % | $ | 9.48 | 9.5 | % | |||||
Taxable-Equivalent | Taxable-Equivalent | |||
Distribution Rate | Distribution Rate | |||
at Market Price | at NAV | |||
| Pioneer Municipal High Income Trust (NYSE: MHI) | 15.1% | 12.6% | ||
| Pioneer Municipal High Income Advantage Trust (NYSE: MAV) | 15.4% | 14.6% | ||
| Taxable-Equivalent Distribution Rate is computed using the maximum federal tax rate. | ||||
(a) The March distribution for HNW represents a decrease of approximately 13.6% compared to the fund’s February distribution. This decrease is primarily a result of falling yields on floating rate securities, which comprise approximately two-thirds of the fund’s assets.
At this time HNW believes that a portion of this distribution may include a return of capital in addition to net investment income and long-term capital gains. A return of capital is not a distribution of income or capital gains from the fund, does not necessarily reflect the fund's investment performance, and should not be considered "yield" or "income." Further information on the composition of the distribution will be made available on the payment date and will be available at www.pioneerinvestments.com. The final determination of tax characteristics of the fund’s distributions will occur after the end of the year, at which time it will be reported to shareholders.
(b) The March distribution for MHI represents an increase of approximately 7% compared to the fund’s February distribution. This increase is due to higher yields on municipal bonds in the portfolio.
The funds are closed-end investment companies. Four of these funds trade on the New York Stock Exchange (NYSE) under the following symbols: MHI, MAV, PHT, and PHD. HNW trades on the American Stock Exchange. 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.
| Pioneer Funds Distributor, Inc., Member SIPC | © 2009 Pioneer Investment Management, Inc. | |
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