The Board of each of Pioneer Diversified High Income Trust (NYSE
American: HNW), Pioneer Floating Rate Trust (NYSE: PHD), Pioneer
High Income Trust (NYSE: PHT), Pioneer Municipal High Income
Advantage Trust (NYSE: MAV) and Pioneer Municipal High Income Trust
(NYSE: MHI) (each, a “Fund”) announced today that it has voted to
redomicile the Fund from a Delaware statutory trust to a Maryland
corporation (in each case, the “redomiciling”).
Each Fund’s name will change in connection with the
redomiciling, as follows:
Current Name
New Name
Ticker Symbol (Not Changing)
Pioneer Diversified High Income Trust
Pioneer Diversified High Income Fund,
Inc.
NYSE American: HNW
Pioneer Floating Rate Trust
Pioneer Floating Rate Fund, Inc.
NYSE: PHD
Pioneer High Income Trust
Pioneer High Income Fund, Inc.
NYSE: PHT
Pioneer Municipal High Income Advantage
Trust
Pioneer Municipal High Income Advantage
Fund, Inc.
NYSE: MAV
Pioneer Municipal High Income Trust
Pioneer Municipal High Income Fund,
Inc.
NYSE: MHI
Amundi Asset Management US, Inc. will continue to serve as
each Fund’s investment adviser following the redomiciling. There
will be no change to a Fund’s investment objective and strategies,
portfolio management team, policies and procedures or the members
of the Board overseeing the Fund as a result of the Fund’s
redomiciling.
For each Fund, the redomiciling will be effected through a
statutory merger of the current Delaware statutory trust with and
into a newly-established Maryland corporation formed for the
purpose of effecting the redomiciling. For each Fund, each
outstanding share of beneficial interest of the Delaware statutory
trust will be automatically converted into one share of common
stock of the Maryland corporation. There will be no tax impact to a
Fund or its shareholders as a direct result of the Fund’s
redomiciling. It is anticipated that each Fund’s redomiciling will
be consummated mid-April.
Following each Fund’s redomiciling, the rights of shareholders
will be governed by Maryland General Corporation Law and the
Articles of Incorporation and Bylaws of the Fund. Each Fund’s Board
has adopted a resolution to cause the Fund to be subject to the
Maryland Control Share Acquisition Act (the “Control Share Act”)
following the redomiciling, as reflected in each Fund’s Bylaws.
The Control Share Act protects the interests of all stockholders
by generally providing that any holder of “control shares” acquired
in a “control share acquisition” may not exercise voting rights
with respect to the “control shares,” except to the extent approved
by a vote of two-thirds of all the votes entitled to be cast on the
matter. Generally, "control shares" are shares that, when
aggregated with shares already owned by an acquiring person, would
entitle the acquiring person to exercise 10% or more, 33 1/3% or
more, or a majority of the total voting power of shares entitled to
vote in the election of directors. The Control Share Act provides
that a “control share acquisition” does not include the acquisition
of shares in a merger, consolidation or share exchange. Therefore,
a Fund shareholder that acquires shares of a successor fund as a
result of the merger of a Fund will be able to exercise voting
rights as to those shares even if the number of such shares
acquired by the shareholder in the merger exceeds one or more of
the thresholds of the Control Share Act.
The above description of the Control Share Act is only a
high-level summary and does not purport to be complete. Investors
should refer to the actual provisions of the Control Share Act for
more information, including definitions of key terms, various
exclusions and exemptions from the statute’s scope, and the
procedures by which stockholders may approve the reinstatement of
voting rights to holders of “control shares.”
About the Funds
Pioneer Diversified High Income Trust is an NYSE American listed
closed-end fund that seeks a high level of current income. It also
seeks capital appreciation as a secondary objective to the extent
consistent with its primary goal.
Pioneer Floating Rate Trust is an NYSE listed closed-end fund
that seeks a high level of current income by investing primarily in
floating-rate loans. It also seeks capital preservation as a
secondary objective to the extent consistent with its primary
goal.
Pioneer High Income Trust is an NYSE listed closed-end fund that
seeks a high level of current income by investing in a portfolio of
below-investment grade bonds and convertible securities. It also
seeks capital appreciation as a secondary objective.
Pioneer Municipal High Income Advantage Trust is an NYSE listed
closed-end fund that seeks high current income exempt from regular
federal income tax. It also seeks capital appreciation as a
secondary objective.
Pioneer Municipal High Income Trust is an NYSE listed closed-end
fund that seeks high current income exempt from regular federal
income tax. It also seeks capital appreciation as a secondary
objective.
Keep in mind, distribution rates are not guaranteed. A fund’s
distribution rate may be affected by numerous factors, including
changes in actual or 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. 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 Amundi US’
closed-end funds, please call 800-225-6292 or visit our closed-end
pricing page.
About Amundi US
Amundi US is the US business of Amundi, Europe’s largest asset
manager by assets under management and ranked among the ten largest
globally[1]. Boston is one of Amundi’s six main global investment
hubs[2] and offers a broad range of fixed-income, equity, and
multi-asset investment solutions in close partnership with wealth
management firms, distribution platforms, and institutional
investors across the Americas, Europe, and Asia-Pacific.
With our financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape. Amundi clients benefit
from the expertise and advice of 4,500 employees in nearly 40
countries. A subsidiary of the Crédit Agricole group and listed on
the Paris stock exchange, Amundi currently manages approximately
$2.1 trillion of assets[3].
Amundi, a Trusted Partner, working every day in the interest of
our clients and society
www.amundi.com/us
Follow us on linkedin.com/company/amundi-us/ and
twitter.com/amundi_us.
1.
Source: IPE “Top 500 Asset Managers”
published in June 2020, based on assets under management as of
12/31/2019
2.
Boston, Dublin, London, Milan, Paris, and
Tokyo
3.
Amundi data as of 12/31/2020
Amundi Distributor US, Inc., Member SIPC (Formerly Amundi
Pioneer Distributor, Inc.) 60 State Street, Boston, MA 02109 ©2021
Amundi Asset Management US, Inc.
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Shareholder Inquiries: Please contact your financial advisor or
visit www.amundi.com/us. Broker/Advisor Inquiries Please Contact:
800-622-9876 Media Inquiries Please Contact: Geoff Smith,
617-504-8520
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