0000902664-20-001979.txt : 20200505 0000902664-20-001979.hdr.sgml : 20200505 20200505140403 ACCESSION NUMBER: 0000902664-20-001979 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200505 DATE AS OF CHANGE: 20200505 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Pioneer Floating Rate Trust CENTRAL INDEX KEY: 0001305767 IRS NUMBER: 582683903 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-83503 FILM NUMBER: 20848214 BUSINESS ADDRESS: STREET 1: 60 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-422-4947 MAIL ADDRESS: STREET 1: 60 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Saba Capital Management, L.P. CENTRAL INDEX KEY: 0001510281 IRS NUMBER: 800361690 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 BUSINESS PHONE: 212-542-4635 MAIL ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 SC 13D/A 1 p20-1020sc13da.htm PIONEER FLOATING RATE TRUST

 

UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D/A
 
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
 

Pioneer Floating Rate Trust

(Name of Issuer)
 

Common Shares, no par value

(Title of Class of Securities)
 

72369J102

(CUSIP Number)
 

 

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Michael D'Angelo

(212) 542-4635

 

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

May 4, 2020

(Date of Event Which Requires Filing of This Statement)
 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]

 

(Page 1 of 6 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 72369J102SCHEDULE 13D/APage 2 of 6 Pages

 

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)		 ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

3,451,3431

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

3,451,343

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,451,343

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

13.95%2

14

TYPE OF REPORTING PERSON

PN; IA

         

 

____________________________

1 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information.

2 The percentages used herein are calculated based upon 24,738,174 Common Shares outstanding as of 11/30/2019, as disclosed in the company's Form N-CSRS filed 1/31/2020.

 

CUSIP No. 72369J102SCHEDULE 13D/APage 3 of 6 Pages

 

1

NAME OF REPORTING PERSON

Boaz R. Weinstein

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)		 ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

3,451,3433

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

3,451,343

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,451,343

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

13.95%4

14

TYPE OF REPORTING PERSON

IN

         

 

____________________________

3 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information.

4 The percentages used herein are calculated based upon 24,738,174 Common Shares outstanding as of 11/30/2019, as disclosed in the company's Form N-CSRS filed 1/31/2020.

 

 

 

CUSIP No. 72369J102SCHEDULE 13D/APage 4 of 6 Pages

 

1

NAME OF REPORTING PERSON

Saba Capital Management GP, LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)		 ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

3,451,3435

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

3,451,343

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,451,343

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

13.95%6

14

TYPE OF REPORTING PERSON

OO

         

 

____________________________

5 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information.

6 The percentages used herein are calculated based upon 24,738,174 Common Shares outstanding as of 11/30/2019, as disclosed in the company's Form N-CSRS filed 1/31/2020.

 

 

CUSIP No. 72369J102SCHEDULE 13D/APage 5 of 6 Pages

 

This Amendment No. 1 amends and supplements the statement on Schedule 13D filed with the SEC on May 1, 2020. This Amendment No. 1 amends Item 4 as set forth below.
   
Item 4. PURPOSE OF TRANSACTION
   
Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
   
  On May 4, 2020, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital Management, L.P., submitted to the Issuer a notice informing the Issuer of its intention to (i) nominate the following three persons for election to the Issuer's board of trustees at the Issuer's 2020 annual meeting of shareholders —Charles I. Clarvit, Stephen G. Flanagan and Frederic Gabriel— and to (ii) submit a proposal to terminate the advisory agreement between the Issuer and its investment manager, Pioneer Investment Management, Inc.

 

 

 

 

 

 

CUSIP No. 72369J102SCHEDULE 13D/APage 6 of 6 Pages

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: May 5, 2020

 

 

SABA CAPITAL Management, L.P.

 

By: /s/ Michael D'Angelo

 

Name: Michael D'Angelo

Title: Chief Compliance Officer

   
   
 

SABA CAPITAL Management GP, LLC

 

By: /s/ Michael D'Angelo

Name: Michael D'Angelo

Title: Authorized Signatory

   
   
 

BOAZ R. WEINSTEIN

 

By: /s/ Michael D'Angelo

  Name: Michael D'Angelo
  Title: Attorney-in-fact*

 

 

* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823