Amundi US today announced the declaration of dividends for five Pioneer closed-end funds for May 2021.

*MAV’s May per share distribution of $0.0500 represents a 4.8% decrease from the $0.0525 per share distribution paid in April. The decrease was due primarily to reduced yields in the municipal bond market. A number of the Fund’s maturing and callable securities were replaced with new securities with lower yields, reducing the Fund’s income. This change better aligns the Fund’s distribution rate with its current and projected level of earnings and reserves.

**MHI’s May per share distribution of $0.0475 represents a 9.5% decrease from $0.0525 per share distribution paid in April. The decrease was due primarily to reduced yields in the municipal bond market. A number of the Fund’s maturing and callable securities were replaced with new securities with lower yields, reducing the Fund’s income. This change better aligns the Fund’s distribution rate with its current and projected level of earnings and reserves.

If any Fund estimates that any portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will provide shareholders a separate written notice. These notices are provided for informational purposes only, and should not be used for tax reporting purposes. The final determination of tax characteristics of each Fund’s distributions will occur after the end of its fiscal year, at which time it will be reported to shareholders. A return of capital is not a distribution of income or capital gains from the Fund, does not necessarily reflect the Fund's investment performance, and should not be considered "yield" or "income."

The closing market price and NAV are based on data as of May 3, 2021. 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.

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 NYSEAMER.

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 US’ closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

About Amundi US

Amundi US is the US business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally^[1]. Boston is one of Amundi’s six main global investment hubs^[2] 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.

With our financial and extra-financial research capabilities and 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 4,800 employees in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $2.06 trillion of assets^[3].

Amundi, a Trusted Partner, working every day in the interest of our clients and society

www.amundi.com/us

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1. Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as of 12/31/2019

2. Boston, Dublin, London, Milan, Paris, and Tokyo

3. Amundi data as of 3/31/21

Amundi Distributor US, Inc., Member SIPC

(Formerly Amundi Pioneer Distributor, Inc.)

60 State Street, Boston, MA 02109

©2021 Amundi Asset Management US

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