Amended Statement of Beneficial Ownership (sc 13d/a)
May 05 2020 - 1:04PM
Edgar (US Regulatory)
UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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SCHEDULE 13D/A
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Under the Securities Exchange Act of 1934
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(Amendment No. 1)*
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Pioneer Floating
Rate Trust
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(Name of Issuer)
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Common Shares,
no par value
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(Title of Class of Securities)
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72369J102
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(CUSIP Number)
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Saba Capital Management, L.P.
405 Lexington Avenue
58th Floor
New York, NY 10174
Attention: Michael D'Angelo
(212) 542-4635
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(Name, Address and Telephone Number of Person
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Authorized to Receive Notices and Communications)
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May 4, 2020
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(Date of Event Which Requires Filing of This Statement)
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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. 72369J102
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SCHEDULE 13D/A
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Page 2 of 6 Pages
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1
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NAME OF REPORTING PERSON
Saba Capital Management, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ¨
(b) ¨
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (see Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
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7
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SOLE VOTING POWER
-0-
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8
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SHARED VOTING POWER
3,451,3431
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9
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SOLE DISPOSITIVE POWER
-0-
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10
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SHARED DISPOSITIVE POWER
3,451,343
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,451,343
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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¨
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.95%2
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14
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TYPE OF REPORTING PERSON
PN; IA
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____________________________
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. 72369J102
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SCHEDULE 13D/A
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Page 3 of 6 Pages
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1
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NAME OF REPORTING PERSON
Boaz R. Weinstein
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ¨
(b) ¨
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (see Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
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7
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SOLE VOTING POWER
-0-
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8
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SHARED VOTING POWER
3,451,3433
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9
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SOLE DISPOSITIVE POWER
-0-
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10
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SHARED DISPOSITIVE POWER
3,451,343
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,451,343
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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¨
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.95%4
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14
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TYPE OF REPORTING PERSON
IN
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____________________________
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. 72369J102
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SCHEDULE 13D/A
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Page 4 of 6 Pages
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1
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NAME OF REPORTING PERSON
Saba Capital Management GP, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ¨
(b) ¨
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (see Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
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7
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SOLE VOTING POWER
-0-
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8
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SHARED VOTING POWER
3,451,3435
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9
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SOLE DISPOSITIVE POWER
-0-
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10
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SHARED DISPOSITIVE POWER
3,451,343
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,451,343
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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¨
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.95%6
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14
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TYPE OF REPORTING PERSON
OO
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____________________________
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. 72369J102
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SCHEDULE 13D/A
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Page 5 of 6 Pages
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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.
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Item 4.
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PURPOSE OF TRANSACTION
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Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
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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.
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CUSIP No. 72369J102
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SCHEDULE 13D/A
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Page 6 of 6 Pages
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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
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SABA CAPITAL Management,
L.P.
By: /s/ Michael D'Angelo
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Name: Michael D'Angelo
Title: Chief Compliance Officer
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SABA CAPITAL Management
GP, LLC
By: /s/ Michael D'Angelo
Name: Michael D'Angelo
Title: Authorized Signatory
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BOAZ R. WEINSTEIN
By: /s/ Michael D'Angelo
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Name: Michael D'Angelo
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Title: Attorney-in-fact*
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* 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
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