On May 4, 2020, Saba Capital Management, L.P. submitted to Pioneer Floating Rate Trust a notice informing the Company of its intention to (i) nominate 3 persons: Charles I. Clarvit, Stephen G. Flanagan and Frederic Gabriel for election to the Company's board of trustees at the Company's 2020 annual meeting of shareholders and to (ii) submit a proposal to terminate the advisory agreement between the Company and its investment manager, Pioneer Investment Management, Inc.