M&A - PIONEER EQUITY INCOME FUND

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Merger

Type: Update

Accession Number: 000027677625000022

Filing Summary: The document is a summary prospectus for the Pioneer Equity Income Fund, outlining the investment objectives, strategies, fees, and risks associated with the fund. The fund aims for current income and long-term growth of capital through investments primarily in income-producing equity securities of U.S. corporations. It also details several classes of shares offered, including Class A, Class C, Class K, Class R, and Class Y, with varying management fees and expenses. A significant component of the announcement is the planned merger with Victory Capital Holdings, whereby the investment adviser will be combined with Victory Capital, forming a newly established Victory Fund. The reorganization, contingent on shareholder approval, has already been endorsed by the fund's Board of Trustees. Important financial metrics, historical performance, and risk factors related to equity investments, real estate securities, and the potential impacts of economic conditions are also addressed. The document emphasizes that investors may experience volatility, liquidity issues, and market risks due to various geopolitical events and financial conditions.

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Form Type: N-CSR

Filing Date: 2025-01-06

Corporate Action: Merger

Type: New

Accession Number: 000119312525002069

Filing Summary: Pioneer Equity Income Fund, in its annual shareholder report, highlighted a significant material change regarding its investment adviser, Amundi Asset Management US, Inc. On July 9, 2024, Amundi announced entering a definitive agreement with Victory Capital Holdings, Inc. to combine operations. This transaction would make Amundi a strategic shareholder of Victory Capital. It is intended that following the transaction's closing, the Fund will reorganize into a new Victory Fund managed by Victory Capital Management, which is pending board and shareholder approvals. The annual report also detailed fund performance for the fiscal year ending October 31, 2024, with Class A shares returning 26.06% and recognition of some detractors in performance related to sector selections and overweight in energy. Further exposure to the fund's key statistics like net assets of $1,040,492,111 and a total of 52 portfolio holdings was provided.

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