Pioneer Investments Reports Revised Ratings for Closed-End Fund Preferred Shares

Pioneer Investments today announced recent changes in the ratings of certain auction rate preferred shares (“ARPS”) issued by four of its closed-end funds and discussed the impact of those ratings changes. On July 12, 2012, Moody’s Investors Service, Inc. (“Moody’s”) downgraded the ratings of debt and preferred shares issued by nearly all equity, municipal bond and taxable fixed income closed-end funds in the industry, including ARPS issued by four Pioneer closed-end funds. The ratings actions are the result of a decision by Moody’s to revise its ratings methodology and are not related specifically to any changes in the portfolio investments or structure of Pioneer’s closed-end funds. More information on these changes can be found on There have been no changes in the objectives or investment strategies of Pioneer’s closed-end funds.

As of July 12, 2012, below are Moody’s new ratings of ARPS for the following Pioneer closed-end funds:

Pioneer Floating Rate Trust (NYSE: PHD) Aa3
Pioneer High Income Trust (NYSE: PHT) Aa3
Pioneer Municipal High Income Trust (NYSE: MHI) Aa2
Pioneer Municipal High Income Advantage Trust (NYSE: MAV) Aa2

Previously, all of the ARPS of the above funds were rated Aaa by Moody’s. Moody’s is one of two nationally recognized statistical rating organizations currently rating the fund’s ARPS.

Under the terms of each fund’s statement of preferences for ARPS, the ratings downgrades will result in higher dividend rates on the ARPS for PHD and MHI.

The funds are closed-end investment companies that trade on the New York Stock Exchange (NYSE) under the following symbols: PHD, PHT, MHI, and MAV. 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.

© 2012 Pioneer Investment Management, Inc.
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