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.
Letter to Shareholders
First Made Available on August 14, 2020
Attached hereto is a letter dated August 14, 2020 that the Fund is sending to shareholders in which
the Fund comments 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 letter to shareholders 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.