Pioneer US Closed Funds to re-register in Maryland


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BOSTON – (BUSINESS WIRE) – The board of directors of each of the Pioneer Diversified High Income Trusts (NYSE American: HNW), Pioneer Floating Rate Trust (NYSE: DOCTORATE), Pioneer High Income Trust (NYSE: PHT), Pioneer Municipal High Income Advantage Trust (NYSE: MY V) and Pioneer Municipal High Income Trust (NYSE: HMI) (each, a “Fund”) announced today that it has voted to redomich the Fund from a Delaware statutory trust to a Maryland corporation (in each case, the “redomiciliation”).

The name of each Fund will change as part of the redomiciliation as follows:

Current name

New name

Ticker symbol (does not change)

Pioneer Diversified High Income Trust

Pioneer Diversified High Income Fund, Inc.

American NYSE: HNW

Pioneer Variable Rate Trust

Pioneer Floating Rate Fund, Inc.

NYSE: PHD

Pioneer High Income Trust

Pioneer High Income Fund, Inc.

NYSE: PHT

High Income Benefit Trust for Pioneer Municipalities

Pioneer Municipal High Income Advantage Fund, Inc.

NYSE: MAV

Pioneer High Income Municipal Trust

Pioneer Municipal High Income Fund, Inc.

NYSE: MHI

Amundi Asset Management US, Inc. will continue to act as investment advisor to each Fund following redomiciliation. There will be no change to the investment objective and strategies of a Fund, to the portfolio management team, to the policies and procedures or to the members of the Board who supervise the Fund as a result of the change of domicile of the Fund. Funds.

For each Fund, the redomiciliation will be effected by a statutory merger of the current Delaware statutory trust with and into a newly established Maryland corporation formed for the purpose of effecting the redomiciliation. For each Fund, each outstanding share of the beneficial interest of the Delaware Statutory Trust will automatically convert into one common share of the Maryland Company. There will be no tax impact for a Fund or its shareholders as a direct consequence of the change of domicile of the Fund. The redomiciliation of each Fund is expected to be completed by mid-April.

Following the redomiciliation of each Fund, the rights of shareholders will be governed by Maryland General Corporation Law and the Articles and Regulations of the Fund. The Board of Directors of each Fund has passed a resolution to bring the Fund into compliance with the Maryland Control Share Acquisition Act (the “Control Share Act”) following redomiciliation, as reflected in the articles of each Fund.

The law on control shares protects the interests of all shareholders by generally providing that any holder of “control shares” acquired through an “acquisition of control shares” may not exercise voting rights in the with respect to “control shares”, except to the extent approved by a two-thirds vote of all the votes cast on the matter. As a general rule, “control shares” are shares which, when combined with shares already held by an acquirer, would allow the acquirer to exercise 10% or more, 33 1/3% or more, or the majority of the total voting rights of shares entitled to vote in the election of directors. The law on control shares provides that an “acquisition of control shares” does not include the acquisition of shares in the context of a merger, consolidation or exchange of shares. Consequently, a shareholder of the Fund who acquires shares of a successor fund following the merger of a Fund will be able to exercise the voting rights with respect to these shares even if the number of such shares acquired by the shareholder in the merger exceeds one or more of the Control Share Act thresholds.

The above description of the Control Share Act is only a high level summary and does not claim to be complete. Investors should refer to the actual provisions of the Control Actions Law for more information, including definitions of key terms, the various exclusions and exemptions from the scope of the law, and the procedures by which shareholders can approve the reinstatement of voting rights to holders of “control shares.” ”

About funds

Pioneer Diversified High Income Trust is a closed fund listed on the US NYSE that seeks a high level of current income. It also targets capital appreciation as a secondary objective to the extent that it is compatible with its primary objective.

Pioneer Floating Rate Trust is a NYSE-listed closed-end fund that seeks a high level of current income by investing primarily in floating rate loans. It also seeks the preservation of capital as a secondary objective to the extent compatible with its primary objective.

Pioneer High Income Trust is a NYSE-listed closed-end fund that seeks a high level of current income by investing in a portfolio of lower quality bonds and convertible securities. It also targets capital appreciation as a secondary objective.

Pioneer Municipal High Income Advantage Trust is a NYSE-listed closed-end fund that seeks high current income exempt from federal income tax. It also targets capital appreciation as a secondary objective.

Pioneer Municipal High Income Trust is a NYSE-listed closed-end fund that seeks high current income exempt from federal income tax. It also targets capital appreciation as a secondary objective.

Keep in mind that distribution rates are not guaranteed. The distribution rate of a fund can be affected by many factors, including changes in actual or projected investment income, the level of net undistributed investment income, if any, and other factors. Shareholders should not draw any conclusions about the investment performance of a fund based on the current distributions of a fund. Closed funds, unlike open funds, are not offered on a continuous basis. Once issued, common shares of closed-end funds are bought and sold in the open market through an exchange and frequently trade at prices below their net asset value. The net asset value (NAV) is the total assets minus the total liabilities divided by the number of common shares outstanding. For data on the performance of Amundi US closed-end funds, please call 800-225-6292 or visit our firm price page.

About Amundi France

Amundi US is the American business of Amundi, the largest asset manager in Europe in terms of assets under management and ranked among the ten largest in the world.[1]. Boston is one of Amundi’s six major global investment hubs[2] and offers a wide range of bond, equity and multi-asset investment solutions in close partnership with wealth management companies, distribution platforms and institutional investors in the Americas, Europe and Asia-Pacific.

With its financial and extra-financial research capabilities and its 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 around $ 2.1 trillion in assets.[3].

Amundi, Trusted Partner, working daily 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 at 12/31/2019

2.

Boston, Dublin, London, Milan, Paris and Tokyo

3.

Amundi data as of 12/31/2020

Amundi US Distributor, Inc., SIPC Member

(Formerly Amundi Pioneer Distributor, Inc.)

60 State Street, Boston, MA 02109

© 2021 Amundi Asset Management US, Inc.

Shareholder inquiries: please contact your financial advisor or visit www.amundi.com/us.

Broker / Advisor Information, Please Contact: 800-622-9876

For all media inquiries, please contact: Geoff Smith, 617-504-8520

Source: Amundi Asset Management US, Inc.


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