Pioneer Investments Declares Monthly Distributions for Closed-End Funds

BOSTON--(Business Wire)--
Pioneer Investments today announced the declaration of dividends
for six closed-end funds for June 2008. The closing market price,
annualized distribution rate and NAV distribution rate are based on
data as of June 4, 2008.

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Ex Date: June 12, 2008
Record Date: June 16, 2008
Payable Date: June 30, 2008
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Fund Distribution Market Market Price NAV NAV
Price Distribution Distribution
Rate Rate

Pioneer High
Income Trust
(NYSE: PHT) $ 0.1375 $14.83 11.13% $13.83 11.93%
Pioneer Municipal
High Income
Trust (NYSE:
MHI) $ 0.0700 $13.93 6.03% $14.03 5.99%
Pioneer Municipal
High Income
Advantage Trust
(NYSE: MAV) $ 0.0750 $14.20 6.34% $13.70 6.57%
Pioneer Floating
Rate Trust
(NYSE: PHD) $ 0.1150 $14.75 9.36% $15.73 8.77%
Pioneer Municipal
and Equity
Income Trust
(NYSE: PBF)(a) $ 0.1120 $12.85 10.46% $13.24 10.15%
Pioneer
Diversified High
Income Trust
(AMEX: HNW) (a) $ 0.1980 $20.96 11.34% $22.10 10.75%
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(a) At this time PBF and HNW believe that a portion of their
distributions may include a return of capital, in addition to net
investment income and long-term capital gains. 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." Further information on the
composition of the distributions will be made available on the payment
date and will be available at www.pioneerinvestments.com. The final
determination of tax characteristics of each fund's distributions will
occur after the end of the year, at which time it will be reported to
shareholders.

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Tax-Equivalent Tax-Equivalent
Distribution Rate Distribution Rate
at MarketPrice(b) at NAV(b)

Pioneer Municipal High Income
Trust (NYSE: MHI) 9.28% 9.22%
Pioneer Municipal High Income
Advantage Trust (NYSE: MAV) 9.75% 10.11%
Pioneer Municipal and Equity
Income Trust (NYSE: PBF) 15.13% 14.68%
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(b) Tax-Equivalent Distribution Rate is computed based on the
estimated effective tax rate of the fund as of 3/31/2008.

The funds are closed-end investment companies. Five funds trade on
the New York Stock Exchange (NYSE): PHT, MHI, MAV, PHD and PBF. One
fund trades on the American Stock Exchange (AMEX): HNW. Pioneer
Investment Management, Inc. is each fund's investment adviser.

Shareholder Inquiries: Shareholder Inquiries: Please contact your
financial advisor or visit www.pioneerinvestments.com.

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, 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 values. 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.

(C)2008 Pioneer Investment Management, Inc. Member of the
UniCredit Banking Group, Register of Banking Groups

Pioneer Investments
Broker/Advisor Inquiries: 800-622-9876
or
Media Inquiries:
Geoff Smith, 617-422-4727

Copyright Business Wire 2008