M&A - Pioneer Floating Rate Fund, Inc.

Form Type: DEFC14A

Filing Date: 2025-02-11

Corporate Action: Merger

Type: New

Accession Number: 000182126825000056

Filing Summary: A Special Meeting of Stockholders is scheduled for March 26, 2025, to seek approval for a new investment advisory agreement between Pioneer Floating Rate Fund, Inc. and Victory Capital Management Inc. This follows a proposed merger whereby Victory Capital will absorb Amundi's investment advisory business, leading to a change in management. Current portfolio managers are set to remain in their roles within the organization after the transition, with no adjustment to the investment strategies or objectives. The advisory fee rate will continue unchanged, and Victory Capital has pledged to maintain expense limitations for at least three years post-transaction. The background includes a potential proxy contest led by Saba Capital Management, which poses a risk of disruption and could jeopardize the adoption of the new advisory agreement. The Board of Directors recommends stockholders vote 'FOR' the proposal to secure management continuity and operational stability ahead of the merger.