American Stock Exchange News Release
www.amex.com |
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| Exchange Release |
Media Contact: Mary Chung |
PIONEER DIVERSIFIED HIGH INCOME TRUST LAUNCHES COMMON SHARES ON THE AMERICAN STOCK EXCHANGE First Closed-End Fund Managed by Pioneer Investment Management, Inc. to List on the Amex | ||
New York, May 25, 2007 - The American Stock Exchange® (Amex®) today began trading common shares of Pioneer Diversified High Income Trust under the ticker symbol HNW. Pioneer Diversified High Income Trust is a newly organized, diversified, closed-end management investment company. The fund’s primary investment objective is to provide its common shareholders with a high level of current income. As a secondary investment objective, the fund seeks capital appreciation to the extent consistent with its primary investment objective. Under normal market conditions, the fund invests at least 80% of its assets in a diversified portfolio of below investment grade debt securities, loans and preferred stocks. The fund allocates its investments principally among three sectors of the fixed-income securities markets: (i) below investment grade debt securities and preferred stocks of U.S. and non-U.S. issuers, including governmental and corporate issuers in emerging markets, (ii) floating rate loans and (iii) “event-linked” bonds, which sometimes are referred to as “insurance-linked” or “catastrophe” bonds. Pioneer Investment Management, Inc. serves as the fund’s investment adviser. Montpelier Capital Advisors, Ltd. serves as the fund’s investment sub-adviser with respect to the fund’s investments in event-linked bonds. “This closed-end fund uses an innovative strategy that gives investors exposure to a new asset class - Catastrophic bonds - within a diversified portfolio, and is an important expansion of our closed-end portfolio,” said Daniel K. Kingsbury, President and CEO of Pioneer Investment Management USA Inc. “We look forward to working with the American Stock Exchange as we offer this fund to investors.” “We are pleased to welcome Pioneer Investment Management, Inc. to the American Stock Exchange as it launches its first closed-end fund on the Amex,” said Tom Rzepski, Vice President of the Amex’s Closed-End Fund business. “The Amex hopes to have a long and fruitful partnership with Pioneer Investment Management, Inc. and looks forward to bringing new and innovative investment opportunities to the marketplace.” With an initial share price of $25 for the Pioneer Diversified High Income Trust, the approximate initial value of the 7.3 million shares priced today is $182.5 million, excluding the underwriter’s over allotment option. The underwriting syndicate is led by UBS Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. The fund’s specialist is Kellogg Capital Group, LLC. The Amex currently lists 149 closed-end funds with $32 billion in assets. | ||
About American Stock Exchange
The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 309 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.