Amundi Pioneer Declares Monthly Distributions for Pioneer Closed-End Funds

Amundi Pioneer Asset Management today announced the declaration of
dividends for three Pioneer closed-end funds for January.

The closing market price and NAV are based on data as of January 4,
2019. The Market Price Distribution Rate is calculated by dividing the
latest declared monthly distribution per share (annualized) by the
market price. The NAV Distribution Rate is calculated by dividing the
latest declared monthly distribution per share (annualized) by the NAV
per share.

All funds are closed-end investment companies. PHD, MHI and MAV trade on
the New York Stock Exchange (NYSE).

Amundi Pioneer Asset Management, Inc. is each fund’s investment adviser.
On July 3, 2017, the name of the adviser was changed from Pioneer
Investment Management, Inc., coinciding with its acquisition by Amundi.
As a result of the transaction, Amundi Pioneer Asset Management, Inc.
became an indirect wholly owned subsidiary of Amundi. Amundi, one of the
world’s largest asset managers, is headquartered in Paris, France.

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
Pioneer's closed-end funds, please call 800-225-6292 or visit our closed-end
pricing page.

About Amundi Pioneer Asset Management
Amundi Pioneer is the
U.S. business of Amundi, Europe’s largest asset manager by assets under
management and ranked among the ten largest globally[1]. Amundi Pioneer
was formed in July 2017 when Amundi acquired Pioneer Investments, and
established Amundi Pioneer Asset Management USA, Inc., based in Boston
and Durham, NC. Boston is one of Amundi’s six main global investment
hubs 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. Our long history of proprietary research,
robust risk management, disciplined investment processes, and strong
client relationships have made Amundi Pioneer an investment advisor of
choice among leading institutional and individual investors worldwide.
Amundi Pioneer had approximately $89 billion in assets under management
as of September 30, 2018.

^[1] Source IPE “Top 400 asset managers” published in June
2018 and based on AUM as of end December 2017.

Visit amundipioneer.com
for more information.

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Amundi Pioneer Distributor, Inc., Member SIPC
© 2019 Amundi Pioneer
Asset Management

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