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BOSTON, July 19, 2024--(BUSINESS WIRE)--Amundi US today announced a proposed transaction affecting the following Pioneer closed-end funds:
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Pioneer Diversified High Income Fund, Inc. (NYSEAMER: HNW)
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Pioneer Floating Rate Fund, Inc. (NYSE: PHD)
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Pioneer High Income Fund, Inc. (NYSE: PHT)
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Pioneer Municipal High Income Advantage Fund, Inc. (NYSE: MAV)
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Pioneer Municipal High Income Fund, Inc. (NYSE: MHI)
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Pioneer Municipal High Income Opportunities Fund, Inc. (NYSE: MIO)
Amundi Asset Management US, Inc. (the "Adviser"), each fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. ("Victory Capital") to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the "Transaction"). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.
The closing of the Transaction would cause each fund’s current investment advisory agreement with the Adviser to terminate. Under the terms of the Transaction, the fund’s Board of Directors will be asked to approve a new investment advisory agreement for the fund with Victory Capital Management Inc., an affiliate of Victory Capital. If approved by the Board, the fund’s new investment advisory agreement will be submitted to the shareholders of the fund for their approval. There is no assurance that the Board or the shareholders of the fund will approve the new investment advisory agreement.
The funds are closed-end investment companies. Five of these funds trade on the New York Stock Exchange (NYSE) under the following symbols: PHD, PHT, MAV, MHI, and MIO; HNW trades on the NYSE American (NYSEAMER).
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 globally1. Boston is one of Amundi’s six main global investment hubs2 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 5,5003 team members and market professionals in 35 countries3. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $2.286 trillion of assets3.