M&A - PIONEER HIGH YIELD FUND

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Merger

Type: Update

Accession Number: 000027677625000023

Filing Summary: On February 28, 2025, Pioneer High Yield Fund filed a summary prospectus outlining a proposed reorganization of the fund. This reorganization is a result of a definitive agreement announced on July 9, 2024, where Amundi Asset Management US, Inc., the fund's adviser, plans to combine with Victory Capital Holdings, Inc. Under the proposed transaction, the fund may be reorganized into a new fund advised by Victory Capital Management Inc. Shareholder approval is necessary for the reorganization, and the board of trustees has already approved it. The completion of this transaction is also contingent on certain regulatory approvals. No guarantee is provided regarding the successful closing of the transaction or the approval by fund shareholders. Additionally, the prospectus details the fund's investment objectives, fees, operating expenses, portfolio turnover, investment strategies, risks, and the adviser’s approach regarding ESG considerations. The document serves to inform potential investors about the updates to the fund's structure and investment strategy as it transitions to a new management structure under Victory Capital that aims to maximize total return through income and capital appreciation.

Document Link: View Document

Form Type: N-CSR

Filing Date: 2025-01-06

Corporate Action: Merger

Type: New

Accession Number: 000119312525002058

Filing Summary: Pioneer High Yield Fund's annual shareholder report for the fiscal year ended October 31, 2024, details significant developments including its performance against benchmark indices and a proposed merger with Victory Capital Holdings, Inc. On July 9, 2024, Amundi Asset Management US, Inc., the Fund's adviser, announced it had entered a definitive agreement to combine with Victory Capital. This transaction may lead to the Fund's reorganization into a newly established Victory Fund, pending approval by the Fund's Board of Trustees and shareholders. The report provides an overview of costs associated with investments, highlighting a 16.04% return for Class A shares and detailing key fund statistics such as total net assets of $584,097,078, and a 60% portfolio turnover rate. The report also emphasizes the significance of individual security selection as a key driver of performance, with sector allocations impacting returns. Shareholders are encouraged to seek additional information about the potential merger and fund performance through available resources.

Document Link: View Document