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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pioneer Floating Rate Fund Inc | NYSE:PHD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.11 | -1.11% | 9.80 | 9.9067 | 9.79 | 9.79 | 32,521 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐
Check the appropriate box:
☐ | Preliminary Proxy Statement | |
☐ | Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
☐ | Definitive Proxy Statement | |
☒ | Definitive Additional Materials | |
☐ | Soliciting Material Pursuant to §240.14a-12 |
PIONEER FLOATING RATE TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Copies to:
Roger P. Joseph, Esq. Toby R. Serkin, Esq. Morgan, Lewis & Bockius LLP One Federal Street Boston MA 02110 (617) 341-7700 |
Keith E. Gottfried, Esq. Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, N.W. Washington, DC 20004-2541 (202) 739-3000 |
Payment of Filing Fee (Check the appropriate box):
☒ | No fee required. | |||
☐ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | |||
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
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Proposed maximum aggregate value of transaction:
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Total fee paid:
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☐ | Fee paid previously with preliminary materials. | |||
☐ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | |||
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Amount Previously Paid:
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Form, Schedule or Registration Statement No.:
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Pioneer Floating Rate Trust, a Delaware statutory trust (the Fund), is filing definitive additional materials contained in this Schedule 14A with the U.S. Securities and Exchange Commission (SEC) in connection with the Funds solicitation of proxies from its shareholders in connection with the matters to be considered at the Funds 2020 Annual Meeting of Shareholders and at any and all adjournments, postponements, continuations, and reschedulings thereof (the 2020 Annual Meeting). In connection with its 2020 Annual Meeting, the Fund filed a definitive proxy statement and a definitive form of WHITE proxy card with the SEC on August 3, 2020.
Press Release Issued on August 4, 2020
Attached hereto is a press release issued by the Fund on August 4, 2020. In its press release, the Fund discloses that it is sending a letter to shareholders commenting on the proxy contest being waged by Saba Capital Management, L.P. (Saba) with respect to the 2020 Annual Meeting. As previously disclosed, Saba is seeking to elect three candidates to the Funds Board of Trustees (the Board) at the 2020 Annual Meeting in opposition to the three highly qualified and very experienced nominees recommended by the Board, all of whom are current members of the Board. All three of the candidates proposed by Saba have previously served as Sabas proposed nominees in connection with Sabas other proxy contests against closed-end funds and one of Sabas proposed nominees serves on the board of trustees of two closed-end funds, both competitors of the Fund, as a result of proxy contests by Saba against such closed-end funds. Saba has also disclosed it intends to present a shareholder proposal at the 2020 Annual Meeting to terminate the Funds investment advisory agreement with Amundi Pioneer Asset Management, Inc., which formerly was known as Pioneer Investment Management, Inc. Given that Saba has not proposed a replacement investment adviser, the Board believes that Sabas proposal is extremely irresponsible and potentially devastating since, if approved, it would leave the Fund without an investment adviser and at risk of suffering significant harm. The Board unanimously recommends that the Funds shareholders vote on the WHITE proxy card FOR ALL of the Boards nominees and AGAINST Sabas proposal to terminate the Funds investment advisory agreement with Amundi Pioneer Asset Management, Inc. The Funds press release is being filed herewith because it may be deemed to be solicitation material in connection with the Funds solicitation of proxies to be used at the 2020 Annual Meeting.
Important Additional Information And Where To Find It
The Funds trustees, executive officers, and certain persons associated with the Funds investment adviser and its parent company are deemed participants in the solicitation of proxies from the Funds shareholders in connection with the matters to be considered at the 2020 Annual Meeting of Shareholders. On August 3, 2020, the Fund filed a definitive proxy statement and an accompanying definitive WHITE proxy card with the SEC in connection with the solicitation of proxies from the Funds shareholders in connection with the matters to be considered at the Funds 2020 Annual Meeting of Shareholders. Information regarding the names of the Funds trustees, executive officers, and certain persons associated with the Funds investment adviser and its parent company and their respective direct or indirect interests in the Fund by security holdings or otherwise can be found in such such definitive proxy statement, including the schedules and appendices thereto. INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING WHITE PROXY CARD AND OTHER DOCUMENTS FILED BY THE FUND WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the definitive proxy statement, any amendments or supplements to the proxy statement, the accompanying WHITE proxy card, and other documents filed by the Fund with the SEC for no charge at the SECs website at www.sec.gov. Copies will also be available free of charge at the Funds website at https://www.amundipioneer.com/us, by writing to the Funds Secretary at Pioneer Floating Rate Trust, 60 State Street, Boston, Massachusetts 02109, or by contacting the Funds investor relations department at 1.800.859.8508.
PIONEER FLOATING RATE TRUST FILES DEFINITIVE PROXY MATERIALS
AND SENDS LETTER TO SHAREHOLDERS
Executing Against its Investment Objective, the Fund Has Performed Well
Against its Peers and its Benchmark Index Across All Relevant Time Periods
The Funds Board is Diverse and Has the Right Mix of Skills and Experience
Needed to Oversee the Funds Creation of Shareholder Value During this Unprecedented Period
Vote on the WHITE Proxy Card Today FOR ALL the Funds Highly Qualified Nominees and
AGAINST Sabas Potentially Devastating Proposal to Terminate the Funds Investment Adviser
FOR IMMEDIATE RELEASE
August 4, 2020
Boston, Massachusetts Pioneer Floating Rate Trust (NYSE: PHD), a registered closed-end investment fund (the Fund), today announced that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission (the SEC) in connection with its upcoming 2020 Annual Meeting of Shareholders to be held on Wednesday, September 16, 2020, at 3 p.m. (Eastern). In conjunction with the mailing of its definitive proxy materials, the Fund also mailed the following letter to shareholders:
August 4, 2020
Dear Shareholder,
This years Annual Meeting, which will be held on Wednesday, September 16, 2020, will be a critical one for the future of the Fund and your vote could have a significant impact on your investment. You will have important decisions to make, deciding among:
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Voting for the three highly qualified and very experienced nominees - Diane P. Durnin, Benjamin M. Friedman, and Kenneth J. Taubes unanimously recommended by the Funds Board of Trustees. All three bring to your Board diverse perspectives, insights, experiences, and competencies that are central to the Funds investment objective and, as current Board members, are deeply familiar with the Fund and its investment objective and strategies, and have proven their ability to make significant contributions to the Board and oversee the creation of shareholder value; |
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Voting for three nominees hand-picked by Saba Capital Management, L.P., an activist investor that has a long, publicly-disclosed history of targeting closed-end funds to opportunistically extract for itself the discount between the funds trading price and its net asset value (NAV).1 All three members of Sabas all-male slate of nominees are unfamiliar with the Fund and, coming from Sabas nominee bullpen, have a history of serving as Sabas nominees in other proxy contests against closed-end funds. One of Sabas nominees serves on the boards of trustees of two of the Funds competitors as a result of proxy contests by Saba; and |
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Voting for Sabas proposal to terminate the Funds investment advisory agreement with Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), a proposal that your Board believes is self-serving, irresponsible, and potentially devastating since it would force the Fund to initiate a costly, risky, and uncertain process to identify and seek shareholder approval for a qualified replacement. In addition, your Board believes that Saba has failed to |
1 Source: Factset Research, Inc. as of July 31, 2020
provide any credible reason why the investment advisory agreement should be terminated and Sabas proposal, made without any replacement adviser being identified, could result in the Fund being orphaned. Your Board believes Sabas proposal is a transparent tactic intended to pressure the Board to accede to Sabas ultimate objective, to cause a liquidity event that results in all of Sabas shares being cashed-out at a price that approximates NAV.
Your Board unanimously recommends that shareholders vote on the WHITE proxy card FOR ALL the Funds highly qualified and very experienced nominees and AGAINST Sabas proposal to terminate the Funds investment advisory agreement with Amundi Pioneer.
In making these important voting decisions that could have a critical impact on the future of the Fund, we urge you to consider the following:
SABA HAS TARGETED THE WRONG FUND AT THE WRONG TIME
Across all relevant and applicable time periods (5-yr, 3-yr, 1-yr, YTD), as noted below, the Fund has executed against its stated investment objective to provide investors with a high level of current income and, its secondary objective, the preservation of capital to the extent consistent with its investment objective of high current income.
In executing against its investment objective, the Fund has performed well against its peers, including when measured by market returns as well as the critical NAV metric, which measures the total value of a funds assets minus the total value of its liabilities. In addition, the Fund has provided better downside protection in difficult market environments, making it particularly well-positioned to deliver attractive, sustainable returns. In addition, the Funds portfolio has achieved a lower default rate than the broader loan universe due to the highly selective approach taken by our investment adviser, Amundi Pioneer, to floating rate investments.
We believe the Funds shareholders are well positioned to potentially earn attractive multi-year returns as the economy recovers.
The Fund has generated income that is competitive with its closed-end fund peers and superior to the income available from various other asset classes and product structures. This has been achieved, in part, by the Funds investment team utilizing a balanced approach to income generation, seeking to maximize dividends while protecting against capital erosion to ensure long-term dividend stability. As a result, the Fund is currently trading at an 8% discount to its NAV, which is meaningfully lower than its closed-end fund peers, and over longer time periods its discount has been in line with its peers.
The Fund has taken a proactive and strategic approach to mitigating its current discount.
In addition to successfully executing on its investment objective of delivering high income to investors while preserving capital, the Fund, under the supervision and guidance of its Board, has adopted a thoughtful four-layered approach to discount mitigation:
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The Fund has historically repositioned industry segments, asset classes, and ratings buckets to create a high level of income competitive with peers in order to reduce discount variability, which we believe contributes to a narrower discount. |
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Historically, outflows due to negative investor sentiment follow poor or volatile NAV performance, and can drive closed-end fund discounts. Accordingly, the Fund placed a greater emphasis on protecting against downside risk and preventing discount widening driven by this type of negative sentiment. |
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The Fund actively adjusts the portfolio to try to maintain steady and consistent income which has contributed to the dividend predictability, which we believe in turn reduces the discount the Fund trades at. |
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Lastly, the Funds leverage is tied to the Funds NAV, and our historical avoidance of lower quality loans has improved our ability to consistently access leverage on economic terms as lower quality loans can decline more significantly and lead to forced deleveraging at suboptimal times, which we believe in turn leads to discount widening. |
As indicated below, the Funds performance, as measured by its market returns, has exceeded the market returns of the Funds peer group for the referenced time periods.
The Funds Market Returns - as of June 30, 2020
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1-Year
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3-Year
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5-Year
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Pioneer Floating Rate Trust |
-4.10% | -0.65% | 2.97% | |||
Peer Group Average * |
-10.99% | -2.34% | 2.31% | |||
Peer Group Percentile |
13 | 19 | 28 | |||
Index** |
-1.99% | 2.07% | 2.89% |
*Peer group: TLI, FCT, DSU, EFF, FRA, BGT, PPR, EFT, EFR, EVF, AFT, VVR, JFR, JRO, NSL, FSLF, JQC, VTA, BGB, BGX, JSD, BSL, HFRO
**S&P/LSTA Leveraged Loan Total Return Index
Source: Morningstar as of June 30, 2020
There is a stark contrast between Sabas nominees and the three highly qualified, experienced and valued members of your Board that Saba is seeking to replace with its proxy contest.
Our Boards nominees bring to your Board diverse perspectives, insights, experiences, and competencies that are central to the Funds investment objective and, as current Board members, have proven their ability to make significant contributions to the Boards deliberations and oversee the creation of value for the Funds shareholders. In stark contrast, you are presented with Sabas hand-picked, all-male slate of nominees who your Board believes would add no relevant skills or competencies that are not already present on the Board and have no track record overseeing the creation of value at a closed-end registered investment fund as complex as the Fund. In addition, it is your Boards belief that Saba has not provided any credible arguments as to why its proposed nominees are more qualified than the three highly qualified, experienced, and valued members of your Board that Saba is seeking to replace.
We call to your attention the extremely impressive backgrounds and qualifications of our three nominees:
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Diane P. Durnin: an experienced asset management executive, who previously served as vice chair of one of the worlds largest asset management organization, with extensive knowledge of investment product strategy and development. While Ms. Durnin is also the newest member of the Board, having joined the Board in 2020, she has already made a significant contribution to the Boards deliberations and its oversight over the Fund, particularly during the period following the onset of the COVID-19 pandemic. |
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Benjamin M. Friedman: an internationally renowned economist who has led the Economics Department at Harvard University and served as an adviser to the Congressional Budget Office and the Federal Reserve Bank of New York, he brings to the Board extensive knowledge of global financial markets and insights relating to how economic and monetary matters, including interest rates, may impact investment products that are directly relevant to the Boards oversight of the Funds investment strategy and performance. |
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Kenneth J. Taubes: currently serves as Executive Vice President and Chief Investment Officer of Amundi Pioneer where he oversees an investment staff of over 90 professionals and, as of June 30, 2020, approximately $85 billion in assets under management. Mr. Taubes bring to the Board 40+ years of asset management industry experience, a deep understanding of fixed income markets and a strong performance record as a portfolio manager executing fixed income strategies both at Amundi Pioneer and previously at another asset management firm. |
In addition to effectively overseeing the Funds overall investment strategy and performance, our Board monitors the Funds discount to NAV and takes an active approach to considering initiatives to deliver value to shareholders and potentially narrow the Funds discount, while also considering how such measures may impact the Funds ability to achieve its investment objective.
Saba has a long and very public history of being opportunistic and exploiting closed-end funds for a short-term gain at the expense of long-term investors.
We believe that, ultimately, Sabas past history targeting closed-end funds makes clear that it has no regard for the investment objective of a funds long-term investors as it seeks to extract short-term gains at the expense of those investors. Since 2016, Saba has participated in 40 publicly disclosed campaigns against registered closed-end funds and extracting a funds discount to its NAV was a frequent area of focus for Saba.2 In addition, since 2016, Saba entered into at least 17 publicly-disclosed settlement agreements with closed-end funds that it had targeted. The common element in each of these settlements was that the fund was made to agree to a liquidity event that benefitted Saba, either a tender offer or a termination of the fund, that resulted in Sabas equity interest in the fund being cashed out at close to NAV. 3
Sabas proxy contest against the Fund is no different and, in this case, Saba is attempting to use a temporary discount widening, driven by an unprecedented humanitarian and public health crisis to do just that, and has even said it sees the recent downturn related to the COVID-19 pandemic as an opportunity to be exploited as they believe it will change investor behavior in terms of voting.
Sabas proposal to terminate the Funds investment advisory agreement could result in significant harm to the Fund, including causing it to be orphaned with no investment adviser or viable future.
Among the numerous ways that Sabas proposal could cause the Fund to suffer significant harm, termination of the investment advisory agreement would be an event of default under the Funds credit agreement, which is how the Fund employs leverage. As potential consequences of such an event of default, the Fund could (i) lose the benefit of leverage resulting in a lower current yield, (ii) incur transaction costs associated with the substantial sale of portfolio holdings made necessary by paying back all outstanding loans, and (iii) be forced to sell such portfolio holdings on fire sale terms.
Saba, which has not proposed a new investment adviser for the Fund, has significantly understated the risk that its proposed termination of the Funds investment advisory agreement with Amundi Pioneer could leave the Fund orphaned without an investment adviser or access to any portfolio management professionals. If the Funds investment advisory agreement was to be terminated, it would be difficult and costly to identify and retain, and solicit shareholder approval for, a qualified replacement adviser. This means the Fund and its investors would be exposed to substantial risk and expense and prolonged uncertainty, thereby potentially harming investors.
The Board believes Amundi Pioneer is the best choice to manage the Funds assets and that shareholders benefit from its resources and services and those of its parent, Amundi, one of the worlds largest asset managers with, as of June 30, 2020, approximately $1.7 trillion in assets under management (including the Pioneer Funds).
Saba may seek to force the Fund to pursue a liquidity event that could result in the Fund no longer being a viable vehicle for investors seeking high current income.
To date, Sabas activist investor playbook has been relatively consistent and it has a well-documented history of forcing a closed-end fund to agree to a liquidity event as a condition to Saba withdrawing its threatened activist campaign against the fund. Almost every publicly-disclosed settlement agreement that Saba has entered into with a closed-end fund since 2016 contemplated some form of liquidity event such as a tender offer or a liquidation of the fund that resulted in Saba getting its shares cashed-out at a price approximating NAV.4
2 Source: Factset Research, Inc. as of July 31, 2020.
3 Source: Factset Research, Inc. as of July 31, 2020.
We expect that Saba will again take a page from its activist investor playbook and try to force the Fund to pursue a liquidity event such as a tender offer or a liquidation of the Fund. This could have deleterious effects for investors as it could cause the Fund to sell its holdings, many of which are in odd lots that would entail higher transaction costs, at an inopportune time and into a dislocated market, crystallizing losses for long-term investors.
In addition to exposing the Funds shareholders to uncertain and potentially meaningful expenses, we believe any attempt to liquidate the Fund would also deny shareholders a leveraged vehicle to benefit from a potential market recovery and destroy the Fund as a viable vehicle for investors seeking high current income while at the same time preserving capital.
If Saba was successful in its proxy contest and the Fund was forced to implement a near-term liquidity event, shareholders could see reduced monthly distributions due to higher Fund expenses and a decline in value in their current investment.
Dont let Saba mislead you into believing that its proxy contest is intended to benefit the Funds long-term investors.
We believe strongly that Sabas decision to launch a proxy contest against the Fund is completely self-interested and is not one intended to benefit the Funds long-term investors. Dont be fooled by Saba and its attempt to have you believe it wants to improve the Fund and its returns. We believe that, ultimately, Saba would like to hijack your fund and your future returns, perhaps even see it completely liquidated, in order for it to opportunistically take advantage of the temporary discount widening that occurred in response to financial markets heightened concerns about the ongoing COVID-19 pandemic.
We also believe that supporting Sabas proxy contest could have a devastating impact on the viability of the Fund as a vehicle for those investors seeking high current income while preserving capital.
As this critical annual meeting draws closer, we will continue to keep you updated with relevant information regarding Sabas history as an opportunistic, activist investor that seeks to profit at the expense of long-term investors in closed-end investment funds. We are confident that when Sabas history of targeting other closed-end funds is taken into account, alongside the impressive qualifications and track records of our nominees and the strong stewardship provided by our Funds investment adviser, Amundi Pioneer, it will be quickly apparent why supporting Saba is not in the best interests of anyone except Saba.
Your vote is important, no matter how many shares you own. Your Board unanimously recommends that shareholders vote on the WHITE proxy card FOR ALL the Funds highly qualified and very experienced nominees, and AGAINST Sabas proposal to terminate the Funds investment advisory agreement with Amundi Pioneer. You may also vote by phone or Internet by following the instructions on the enclosed WHITE proxy card. Your Board encourages you to vote each WHITE proxy card you receive. If you have any questions or need assistance in voting your WHITE proxy card, we encourage you to contact our proxy solicitor, Okapi Partners LLC, at +1 877- 566-1922 (Toll Free).
If you hold shares through a broker, bank, or other custodian, you will receive voting materials from that firm. You can complete the WHITE voting instruction form by internet, telephone, or mail. The voting instruction form will contain instructions on how to access and utilize those voting methods. Since this is a contested proxy solicitation, if you do not give voting instructions to your broker, bank, or other custodian, pursuant to the rules of the New York Stock Exchange, your broker, bank, or other custodian will not be able to vote your shares with respect to the election of trustees or Sabas proposal to terminate the Funds investment advisory agreement. We urge you to instruct your broker, bank, or other custodian to vote your shares on the WHITE proxy card.
Please do not return or otherwise vote any other proxy card or voting instruction form sent to you by Sabaeven as a protest vote against Saba as this may cancel your prior vote for your Boards nominees and your vote against Sabas proposal to terminate the Funds investment advisory agreement. If you have previously returned a proxy card sent to you by Saba, you can change your vote (i) by signing, dating and returning the enclosed WHITE proxy card in the postage-paid envelope provided herewith; (ii) by recording your voting instructions via telephone or the internet following the instructions on the enclosed WHITE proxy card; or (iii) by voting at the Annual Meeting. Only your latest-dated proxy card will count.
4 Source: Factset Research, Inc. as of July 31, 2020.
On behalf of your Board, we thank you for your continued support. We look forward to communicating further with you in the coming weeks.
Sincerely,
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Thomas J. Perna |
Chairman of the Board of Trustees |
About Pioneer Floating Rate Trust
Pioneer Floating Rate Trust is an NYSE listed closed-end fund that seeks a high level of current income. It also seeks capital preservation as a secondary objective to the extent consistent with its primary objective.
About Amundi Pioneer Asset Management
Amundi Pioneer is the U.S. business of Amundi, Europes largest asset manager by assets under management and ranked among the ten largest globally[1]. Boston is one of Amundis six main global investment hubs 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. Our long history of proprietary research, robust risk management, disciplined investment processes, and strong client relationships has made Amundi Pioneer an investment adviser of choice among leading institutional and individual investors worldwide. Amundi Pioneer had approximately $85 billion in assets under management as of June 30, 2020.
[1] Source IPE Top 400 asset managers published in June 2020 and based on AUM as of December 31, 2019.
Media Contact | ||||
Prosek Partners | ||||
Brian Schaffer | Josh Clarkson | |||
(646) 818-9229 | (646) 818-9259 | |||
bschaffer@prosek.com | jclarkson@prosek.com |
Forward Looking Statements
This press release is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the PSLRA), and such statements are intended to qualify for the safe harbors from liability established by the PSLRA. All statements other than statements of historical fact are forward-looking and can sometimes be identified as such by the context of the statements, including words such as believe, expect, anticipate, plan, may, will, would, should, intend, possible, continue project, estimate, guidance and other similar terms and phrases, whether in the negative or affirmative, although not all forward-looking statements include these words. Similarly, statements that describe the objectives, plans, or goals of the Fund or its investment adviser are forward-looking. Such forward-looking statements include, but are not limited to, statements regarding the anticipated proxy contest by Saba and the other participants in its solicitation, the potential impact to the Fund if Sabas three proposed nominees are elected to the Funds Board of Trustees in lieu of the three incumbent
trustees recommended for re-election by the Funds Board of Trustees, the potential impact to the Fund if Saba is successful in having its proposal to terminate the Funds investment adviser terminated and the Fund is left without a replacement investment adviser, the Funds efforts to drive investment returns and continue to create shareholder value, the ability of the Fund to continue to perform well against it peers and its benchmark index, the impact of the Funds efforts to narrow the gap between its net asset value per share and the Funds per share trading price, the potential impact to the Fund if it pursues a liquidity event as a result of Sabas proxy contest, the viability of the Fund as an investment vehicle if it was to pursue a liquidity event as a result of Sabas proxy contest, the ability of the Fund to generate attractive multi-year returns as the economy recovers, and the ability of the Fund to continue to execute against its stated investment objective. These forward-looking statements are based on current plans, expectations, estimates, forecasts, and projections and managements current beliefs and assumptions and are subject to various risks and uncertainties that could cause actual results, performance, and events to differ materially from those described in the Funds forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Funds filings with the SEC, including the Funds Annual Report to Shareholders on Form N-CSR for the fiscal year ended November 30, 2019, and its subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, the Fund undertakes no obligation to revise these statements, whether to reflect new information or the occurrence of unanticipated events or otherwise, following the date of this press release.
Important Additional Information And Where To Find It
The Funds trustees, executive officers, and certain persons associated with the Funds investment adviser and its parent company are deemed participants in the solicitation of proxies from the Funds shareholders in connection with the matters to be considered at the 2020 Annual Meeting of Shareholders. On August 3, 2020, the Fund filed a definitive proxy statement and an accompanying definitive WHITE proxy card with the SEC in connection with the solicitation of proxies from the Funds shareholders in connection with the matters to be considered at the Funds 2020 Annual Meeting of Shareholders. Information regarding the names of the Funds trustees, executive officers, and certain persons associated with the Funds investment adviser and its parent company and their respective direct or indirect interests in the Fund by security holdings or otherwise can be found in such such definitive proxy statement, including the schedules and appendices thereto. INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING WHITE PROXY CARD AND OTHER DOCUMENTS FILED BY THE FUND WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the definitive proxy statement, any amendments or supplements to the proxy statement, the accompanying WHITE proxy card, and other documents filed by the Fund with the SEC for no charge at the SECs website at www.sec.gov. Copies will also be available free of charge at the Funds website at https://www.amundipioneer.com/us, by writing to the Funds Secretary at Pioneer Floating Rate Trust, 60 State Street, Boston, Massachusetts 02109, or by contacting the Funds investor relations department at 1.800.859.8508.
Disclaimer
The Fund has neither sought nor obtained the consent from any third party to use any statements or information contained in this press release that have been obtained or derived from statements made or information published by any such third party. Any such statements or information should not be viewed as indicating the support of any such third party for the views expressed herein.
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