BOSTON--(BUSINESS WIRE)--Pioneer Investments today announced that the Board of Trustees of the Pioneer Closed-End Funds, Pioneer Diversified High Income Trust (NYSE MKT: HNW), Pioneer Floating Rate Trust (NYSE: PHD), Pioneer High Income Trust (NYSE: PHT), Pioneer Municipal High Income Trust (NYSE: MHI), and Pioneer Municipal High Income Advantage Trust (NYSE: MAV), has elected two new Trustees to the Board: Marc O. Mayer, Independent Trustee; and Kenneth J. Taubes, Chief Investment Officer, U.S. The appointments are effective January 28, 2014.
“We are pleased to have individuals with such strong backgrounds join the Board,” said Thomas J. Perna, Chairman of the Board of the Pioneer Funds. “Marc has extensive experience in all phases of the asset management industry and is an excellent addition to our Independent Trustees. Ken leads the U.S. investment operation and will be an important contributor to the Board,” Perna added.
The new Trustees are:
Marc O. Mayer, Independent Trustee
Mr. Mayer is a past Chief Executive Officer, Director and Partner of GMO LLC (Grantham, Mayo, Van Otterloo LLC), an institutional asset manager in Boston. He joined GMO after 20 years at AllianceBernstein L.P., and its predecessor, Sanford C. Bernstein & Co., Inc. Mr. Mayer began at Sanford Bernstein in 1989 as a pharmaceuticals securities analyst. He went on to be a research director, head of the institutional research business, head of institutional investments, head of retail investments, president and director of AllianceBernstein mutual funds, and chief investment officer for asset allocation. He was also a partner and a member of Sanford Bernstein’s board of directors. Prior to joining Sanford Bernstein, Mr. Mayer worked at the Squibb Corporation for six years in strategic planning, business development, marketing and marketing research. Mr. Mayer holds a B.A. in philosophy from Yale and an M.B.A. from Columbia Business School.
Kenneth J. Taubes, Executive Vice President and Chief Investment Officer, U.S.
Mr. Taubes joined Pioneer Investments in 1998 and is a Portfolio Manager of Pioneer Strategic Income Fund, Pioneer Bond Fund, Pioneer Global Multisector Income Fund, and Pioneer Multi-Asset Real Return Fund. He is also a Portfolio Manager of the Opportunistic Core and Opportunistic Core Plus strategies for institutional clients. In addition, he oversees the equity and fixed income portfolio management and research analyst staff in the U.S., and is chairman of the U.S. Investment Committee and a member of the Global Investment Committee. He is also a member of the U.S. Management Committee.
Prior to joining Pioneer, Ken spent seven years with Putnam Investments in Boston, most recently as Senior Vice President and Senior Portfolio Manager for over $15 billion in fixed income assets for more than 30 institutional accounts and 15 open-end mutual funds. Ken also served as Senior Vice President and Corporate Treasurer of Home Owners Savings Bank in Boston, New England’s largest thrift holding company and one of the nation’s largest mortgage banks, where he worked from 1986 to 1990. He began his career in 1980 with Bank of New England as a treasury officer in the bank’s international treasury division. Ken holds a B.S. in Accounting from Syracuse University’s Utica College and an M.B.A. from Suffolk University.
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 NYSE MKT. 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.
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