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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2012 through May 31, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Floating
Rate Trust
--------------------------------------------------------------------------------
Semiannual Report | May 31, 2013
--------------------------------------------------------------------------------
Ticker Symbol: PHD
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 11
Performance Update 12
Schedule of Investments 13
Financial Statements 43
Financial Highlights 46
Notes to Financial Statements 48
Trustees, Officers and Service Providers 59
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so for
the rest of 2013, barring a negative shock to the system. The housing and auto
sectors continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better shape
than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 3
Portfolio Management Discussion | 5/31/13
In a persistently low-interest-rate environment, floating-rate bank loans
continued to attract yield-seeking investors, resulting in solid returns from
the bank-loan asset class during the six-month period ended May 31, 2013. In the
following interview, Jonathan Sharkey discusses the factors that affected the
performance of Pioneer Floating Rate Trust during the six-month period. Mr.
Sharkey, a vice president and portfolio manager at Pioneer, is responsible for
the day-to-day management of the Trust.
Q How did the Trust perform during the six-month period ended May 31, 2013?
A Pioneer Floating Rate Trust returned 6.01% at net asset value and 6.84% at
market price during the six-month period ended May 31, 2013, while the
Trust's benchmark, the Barclays U.S. High Yield Loans Index (the Barclays
Index), returned 7.75%. Unlike the Trust, the Barclays Index does not use
leverage. While use of leverage increases investment opportunity, it also
increases investment risk. In addition, during the same six-month period,
the average return (at market price) of the 20 closed-end funds in Lipper's
Loan Participation Funds category (which may or may not be leveraged) was
6.91%.
The shares of the Trust were selling at a 3.9% premium to net asset value on
May 31, 2013.
On May 31, 2013, the Trust's standard 30-day SEC yield was 6.09%.
Q How would you describe the investment environment during the six-month
period ended May 31, 2013?
A Throughout the six-month period, investor demand for floating-rate loans
remained strong. While other credit-sensitive sectors, including
investment-grade and higher-yielding corporate bonds, also fared well, those
asset classes did not hold up as well as bank loans in May, the final month
of the period, when Treasury rates moved up. At that point in the period,
the floating-rate feature of bank loans helped to protect the loans' prices
when credit markets started to show concern that interest rates might rise
and bond prices would subsequently fall.
Through the first five months of 2013, $21.9 billion in investor assets
flowed into the floating-rate market, compared with just $1.7 billion during
the comparable time period in 2012. The increased inflows to the
floating-rate loan market included a resurgence of new collateralized loan
obligations (CLOs) - which are pooled investment vehicles that invest in
loans - issued
4 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
by financial institutions. The growing presence of CLOs in the market added
to investor demand and contributed to the healthy backdrop for floating-rate
loans during the six-month period. At the same time, the total supply of
loans available for investment grew, but not enough to keep up with demand.
This led to nearly a quarter of the Barclays Index being refinanced during
the period, which resulted in reduced spreads. In general, lower-quality B
and CCC-rated loans tended to outperform higher-quality, higher-rated loans
during the six-month period, as investors were willing to take on credit
risk in return for additional yield. While the Trust benefited from the
favorable environment during the period, we maintained our emphasis on
having the Trust's portfolio hold higher-quality loans.
Q The Trust performed solidly during the six-month period ended May 31, 2013,
but slightly underperformed the benchmark Barclays Index. What were the main
reasons behind the Trust's benchmark-relative underperformance during the
six-month period?
A The Trust's benchmark-relative underperformance was due primarily to the
drop in the values of two large portfolio holdings, Celtic Pharmaceutical
and Azithromycin, both of which were undergoing restructurings during the
period. Secondarily, as we have improved the quality of the holdings in the
Trust's portfolio over the past two years, the Trust's performance has
benefited less from the "risk-on" rally that has driven CCC-rated and
low-single B-rated loan returns higher.
Q Which of your investment strategies or individual investments had the
greatest effect on the Trust's performance during the six-month period ended
May 31, 2013?
A In a healthy environment for floating-rate assets, the Trust's portfolio of
loan investments delivered solid returns during the six-month period.
The Trust saw strong performance from holdings across the portfolio, with
several investments performing particularly well. Among the stronger-
performing individual investments in the Trust's portfolio during the period
was a small equity stake in Delphi Automotive, which the Trust acquired as a
result of the automotive components company's financial restructuring when
it emerged from bankruptcy protection. When the value of the Delphi stock
appreciated during the six-month period, the Trust's performance benefited.
Among the Trust's bank loan investments, a top performance contributor was
the debt of Medical Card Systems, which is a health care management services
company operating in Puerto Rico. The debt of global mining company BUMI
Resources also moved up from distressed prices during the period as the
company was able to clarify its capital structure. In the energy sector,
loans to FTS International, a drilling
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 5
services operator focusing on natural gas development, outperformed after
the company reported unexpectedly strong operating results for the final
quarter of 2012. Also supporting the Trust's results were positions in
tranches, or sections of CLOs, as many CLOs appreciated in value during
the period in conjunction with the resurgence of new CLO issuance.
The Trust did own some disappointing investments during the period,
including a position in loans to Azithromycin, a pharmaceutical company,
which fell short of its plans for introducing new products. The Trust's
investments in loans to three other health care companies also held back
results. The performance of Accent Care, a home-health care services
company that was affected by a combination of CMS rate cuts and
slower-than-anticipated assimilation of an acquisition. Meanwhile, loans to
Virtual Radiologic, which operates medical imaging offices throughout the
nation, lagged after the company reported disappointing sales following its
merger with another firm. Celtic, another pharmaceutical company, continued
to decline in value while going through restructuring. At the same time,
the Trust's position in loans to IAP Worldwide Services, a defense
contractor specializing in logistics management, underperformed amid
worries about how the company could be affected by cutbacks in U.S. defense
spending.
Q How did the level of leverage in the Trust change during the six-month
period ended May 31, 2013?
A At the end of the six-month period on May 31, 2013, 35.7% of the Trust's
total managed assets were financed by leverage, compared with 36.1% of the
Trust's total managed assets financed by leverage at the start of the period
on December 1, 2012. The decrease was due to an increase in the value of
securities in which the Trust had invested.
Q What is your investment outlook?
A We think the outlook for bank loans remains favorable. Investors continue
to pour new money into bank loans, which appear increasingly attractive
relative to other fixed-income asset classes, including corporate bonds,
given the floating-rate nature of bank loans. As a group, bank loans tend
to sell at a slight discount to par (face) value, while other fixed-income
assets have been selling at premiums to par. Moreover, floating-rate bank
loans still have the built-in advantage of offering investors the potential
for higher yields during rising interest-rate environments. In the same
type of environment, many fixed-rate securities become more vulnerable to
price losses. As we have worked through the "fiscal cliff" concerns in the
first half of the year, it now appears that the loan market is poised to
experience an increasing volume of new issuance, which should lead to a
healthier overall market.
6 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
We think the overall economic backdrop also looks favorable. We anticipate
that the U.S. economy is likely to grow at an annual rate of 2% to 2.5% over
the next year. The recent gains in both the housing and stock markets should
only help to sustain growth levels as consumers gain more confidence in the
economy. We believe a slow-to-moderate growth rate for the economy should
support bank loans as an asset class, as companies should be able to service
their debts without much difficulty, especially after all the cost-cutting
measures U.S. corporations have undertaken over the past three-to-four
years. In addition, default rates for bank loans remain below long-term
averages, and we do not expect to see any material increase in defaults over
the next year.
Even after the solid returns they have posted over the past year, we think
floating-rate bank loans continue to offer opportunity for income-oriented
investors, including those who want to help protect the values of their
portfolios should interest rates begin to rise.
Please refer to the Schedule of Investments on pages 13-42 for a full listing of
Trust securities.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 7
The Trust may invest in derivative securities, which may include futures and
options. These types of instruments can increase price fluctuation.
The Trust is not limited in the percentage of its assets that may be invested in
floating-rate senior loans and other securities deemed to be illiquid. Illiquid
securities may be difficult to sell at a fair price at times when the Trust
believes it is desirable to do so and their market price is generally more
volatile than that of more liquid securities. Illiquid securities may be
difficult to value, and investment of the Trust's assets in illiquid securities
may restrict the Trust's ability to take advantage of market opportunities.
The Trust currently uses leverage through the issuance of preferred shares. The
Trust also is authorized to borrow from banks and to issue debt securities,
which are other forms of leverage. Leverage creates significant risks, including
the risk that the Trust's income or capital appreciation will not be sufficient
to cover the cost of leverage, which may adversely affect the return for the
holders of common shares. Since February of 2008, regularly scheduled auctions
for the Trust's preferred shares have failed and preferred shareowners have not
been able to sell their shares at auction. The Board of Trustees of the Trust
continues to consider, this issue. See note 10 to the financial statements
regarding the planned redemption of outstanding preferred shares.
Investments in high-yield or lower-rated securities are subject to greater-than-
average risk. The Trust may invest in securities of issuers that are in default
or that are in bankruptcy.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions.
The Trust is required to maintain certain regulatory and rating agency asset
coverage requirements in connection with its outstanding preferred shares. In
order to maintain required asset coverage levels, the Trust may be required to
alter the composition of its investment portfolio or take other actions, such as
redeeming preferred shares with the proceeds from portfolio transactions, at
what might be inopportune times in the market. Such actions could reduce the net
earnings or returns to holders of the Trust's common shares over time.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
8 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Portfolio Summary | 5/31/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Floating Rate Loan Interests 86.2%
Temporary Cash Investments 6.2%
Corporate Bonds & Notes 3.3%
Common Stocks 2.2%
Collateralized Loan Obligations 1.6%
Right/Warrant 0.5%
Liquidating Trusts* 0.0%
Asset Backed Security* 0.0%
* Amount is less than 0.1%.
Quality Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on Standard & Poor's (S&P)
ratings.)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
BBB 5.0%
BB 34.6%
B 49.0%
CCC 4.1%
D 0.2%
Not Rated 7.1%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 9
Portfolio Summary | 5/31/13 (continued)
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Delphi Automotive Plc 1.95%
-------------------------------------------------------------------------------------
2. Univision Communications, Inc., 2013 Converted Extended First-Lien Term
Loan, 4.5%, 3/1/20 1.57
-------------------------------------------------------------------------------------
3. Cequel Communications LLC, Term Loan, 3.5%, 2/14/19 1.51
-------------------------------------------------------------------------------------
4. HUB International, Ltd., 2017 Initial Term Loan, 3.694%, 6/13/17 0.95
-------------------------------------------------------------------------------------
5. Chemtura Corp., Facility Term Loan, 5.5%, 8/29/16 0.81
-------------------------------------------------------------------------------------
6. Dunkin' Brands, Inc., Term B-3 Loan, 3.75%, 2/14/20 0.79
-------------------------------------------------------------------------------------
7. Wash MultiFamily Laundry Systems LLC, U.S. Term Loan, 5.25%, 2/21/19 0.77
-------------------------------------------------------------------------------------
8. Bright Horizons Family Solutions LLC, Term B Loan, 5.25%, 1/30/20 0.77
-------------------------------------------------------------------------------------
9. Telesat Canada, U.S. Term B-2 Loan, 3.5%, 3/28/19 0.76
-------------------------------------------------------------------------------------
10. Chrysler Group LLC, Tranche B Term Loan, 6.0%, 5/24/17 0.73
-------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Prices and Distributions | 5/31/13
Market Value per Common Share
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--------------------------------------------------------------------------------
5/31/13 11/30/12
--------------------------------------------------------------------------------
$13.77 $13.41
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Premium 3.9% 2.7%
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Net Asset Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/13 11/30/12
--------------------------------------------------------------------------------
$13.26 $13.06
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Distributions per Common Share: 12/1/12-5/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
$0.45 $ -- $ --
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Yields
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/13 11/30/12
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Market Price Distribution Rate* 6.54% 7.53%
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NAV Distribution Rate 6.79% 7.72%
--------------------------------------------------------------------------------
30-day SEC Yield 6.09% 6.38%
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Past performance data quoted represents past performance, which is no guarantee
of future results.
* Market Price Distribution Rate is calculated by dividing the last
distribution per share (annualized) by market price.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 11
Performance Update | 5/31/13
Investment Returns
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The mountain chart on the right shows the change in market value, including
reinvestment of dividends and distributions, of a $10,000 investment made in
common shares of Pioneer Floating Rate Trust, compared with the values of the
Barclays Capital U.S. High Yield Loans Index, which measures the performance of
high-yield loans, and the Credit Suisse (CS) Leveraged Loan Index, an index of
senior, secured U.S. dollar-denominated loans.
Average Annual Total Returns
(As of May 31, 2013)
--------------------------------------------------------------------------------
Net Asset Market
Period Value (NAV) Price
--------------------------------------------------------------------------------
Life-of-Trust
(12/28/04) 5.27% 5.09%
5 Years 6.15 8.41
1 Year 12.65 15.86
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays Capital U.S. CS Leveraged
Rate Trust High Yield Loans Index* Loan Index**
12/23/2004 $10,000 $10,000
5/31/2005 $ 8,945 $10,179
5/31/2006 $10,167 $10,885
11/30/2006 $10,913 $ 10,913 $11,199
5/31/2007 $12,330 $ 11,367 $11,717
5/31/2008 $10,156 $ 11,138 $11,337
5/31/2009 $ 6,852 $ 10,191 $10,075
5/31/2010 $10,691 $ 12,570 $12,347
5/31/2011 $13,386 $ 13,761 $13,555
5/31/2012 $13,129 $ 14,046 $13,858
5/31/2013 $15,211 $ 15,337 $15,110
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV, due to such factors as interest rate
changes, and the perceived credit quality of borrowers.
Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.
Closed-end funds, unlike open-end funds, are not continuously offered. There is
a one-time public offering and, once issued, shares of closed-end funds are sold
in the open market through a stock exchange and frequently trade at prices lower
than their NAV. NAV per common share is total assets less total liabilities,
which includes preferred shares, divided by the number of common shares
outstanding.
When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends are
assumed to be reinvested at prices obtained under the Trust's dividend
reinvestment plan.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions.
* The Barclays Capital U.S. High Yield Loans Index measures the performance of
high-yield loans. Since comparisons for the Barclays Index begin in 2006, the
chart assumes an initial investment of $10,913, which is equal to the Trust's
value at 11/30/2006.
** The CS Leveraged Loan Index (the CS Index) is a representative index of
tradeable, senior, secured U.S. dollar-denominated loans. The CS Index began in
January 1992. Comparisons to the Trust for the CS Index begin in 2004. The CS
Index was the Trust's benchmark through March 1, 2011, and was at that time
replaced by the Barclays Capital U.S. High Yield Loans Index (the Barclays
Index). Because the historical performance of the Barclays Index dates back only
to 2006, two years after the inception of the Trust in 2004, the Trust will
continue to provide "Market Value of $10,000 Investment" comparisons for both
the CS Index and the Barclays Index.
Returns of both indices are calculated monthly, assume reinvestment of dividends
and, unlike Trust returns, do not reflect any fees, expenses or sales charges.
The indices do not employ leverage. You cannot invest directly in an index.
12 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Schedule of Investments | 5/31/13 (unaudited)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.1% of
Net Assets
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
188,782 BB/NR Westgate Resorts LLC, Series 2012-2A,
Class C, 9.0%, 1/20/25 (144A) $ 194,563
---------------
Total Consumer Services $ 194,563
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $188,782) $ 194,563
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED LOAN
OBLIGATIONS -- 2.5% of Net Assets
BANKS -- 2.5%
Diversified Banks -- 0.8%
1,000,000(b)(c)(d) BB+/Ba2 Primus, Ltd., Series 2007-2A, Class D,
2.677%, 7/15/21 (144A) $ 952,140
1,000,000(c)(d) B+/Ba2 Rampart, Ltd., Series 2006-1A, Class D,
3.827%, 4/18/21 (144A) 937,000
951,289(c)(d) CCC+/Ba3 Stanfield McLaren, Ltd., Series 2007-1A,
Class B2L, 4.773%, 2/27/21 (144A) 840,711
---------------
$ 2,729,851
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.7%
1,000,000(c)(d) BB+/Ba2 ACA, Ltd., Series 2007-1A, Class D,
2.627%, 6/15/22 (144A) $ 956,760
1,000,000(c)(d) BBB/Ba1 Goldman Sachs Asset Management Plc,
Series 2007-1A, Class D, 3.024%,
8/1/22 (144A) 986,820
1,000,000(c)(d) BBB/Baa3 Gulf Stream -- Sextant Ltd., Series 2007-1A,
Class D, 2.68%, 6/17/21 (144A) 966,360
1,000,000(c)(d) BB/Ba3 Landmark CDO, Ltd., Series 2007-9A,
Class E, 3.777%, 4/15/21 (144A) 725,740
2,000,000(c)(d) BBB/Baa3 Stone Tower, Ltd., Series 2007-6A, Class C,
1.628%, 4/17/21 (144A) 1,772,580
---------------
$ 5,408,260
---------------
Total Banks $ 8,138,111
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED LOAN
OBLIGATIONS
(Cost $7,082,654) $ 8,138,111
-----------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE
LOAN INTERESTS -- 138.7% of
Net Assets*
AUTOMOBILES & COMPONENTS -- 6.7%
Auto Parts & Equipment -- 4.6%
632,170 BB-/Ba3 Allison Transmission, Inc., New Term B-2
Loan, 3.2%, 8/7/17 $ 635,199
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 13
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
2,675,928 BB-/Ba3 Allison Transmission, Inc., Term Loan B-3,
4.25%, 8/23/19 $ 2,699,343
1,805,831 B+/B3 ASP HHI Acquisition Co., Inc., Additional
Term Loan, 5.0%, 10/5/18 1,837,433
831,053 B/B1 Federal-Mogul Corp., Tranche B Term
Loan, 2.138%, 12/29/14 814,728
424,007 B/B1 Federal-Mogul Corp., Tranche C Term
Loan, 2.138%, 12/28/15 415,678
2,758,088 B+/B1 Metaldyne LLC, USD Term Loan, 5.0%,
12/18/18 2,802,907
1,225,738 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 5.5%, 3/28/19 1,241,825
976,347 BB/Ba2 Tomkins LLC, Term B-2 Loan, 3.75%,
9/29/16 986,721
2,550,000 B+/B1 Tower Automotive Holdings USA LLC,
Initial Term Loan, 5.75%, 4/23/20 2,585,032
1,097,115 B+/Ba2 UCI International, Inc., (United
Components), Term Loan, 5.5%, 7/26/17 1,105,343
---------------
$ 15,124,209
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.1%
3,562,055 BB/Ba1 Chrysler Group LLC, Tranche B Term
Loan, 6.0%, 5/24/17 $ 3,613,259
-----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 1.0%
3,250,000 BB/Ba1 Goodyear Tire & Rubber Co., Second
Lien Term Loan, 4.75%, 4/30/19 $ 3,284,531
---------------
Total Automobiles & Components $ 22,021,999
-----------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
600,000 B/B1 Ocwen Loan Servicing, Initial Term Loan,
5.0%, 2/15/18 $ 609,844
---------------
Total Banks $ 609,844
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 11.8%
Aerospace & Defense -- 4.1%
1,197,500 B+/B1 Accudyne Industries Borrower
S.C.A./Accudyne Industries LLC,
Refinancing Term Loan, 4.0%, 12/13/19 $ 1,199,932
1,047,252 B-/B2 DAE Aviation Holdings, Inc., Tranche B-1
Loan, 6.25%, 11/2/18 1,053,797
1,668,000 BBB-/Ba2 Digitalglobe, Inc., Term Loan, 3.75%,
1/31/20 1,682,893
694,846 BB-/Ba2 DynCorp International, Inc., Term Loan,
6.25%, 7/7/16 700,710
1,308,313 B+/B2 Hunter Defense Technologies, Inc., Term
Loan, 3.45%, 8/22/14 1,272,335
The accompanying notes are an integral part of these financial statements.
14 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Aerospace & Defense -- (continued)
1,628,119 CCC+/Caa1 IAP Worldwide Services, Inc., First Lien
Term Loan, 10.0%, 12/31/15 $ 1,058,277
620,498 B-/B2 PRV Aerospace LLC, Term Loan, 6.5%,
5/9/18 625,152
1,571,063 B/B1 Sequa Corp., Initial Term Loan, 5.25%,
6/19/17 1,592,665
1,760,974 B+/Ba3 SI Organization, Inc., New Tranche B
Term Loan, 5.5%, 11/22/16 1,756,571
924,416 B/B3 Sotera Defense Solutions, Inc., Term
Loan B, 7.5%, 4/21/17 905,928
474,755 B/B2 Standard Aero, Ltd., Tranche B-2 Loan,
6.25%, 11/2/18 477,723
980,760 BB-/B1 TASC, Inc., New Tranche B Term Loan,
4.5%, 12/18/15 984,437
---------------
$ 13,310,420
-----------------------------------------------------------------------------------------------------------
Building Products -- 2.7%
1,335,000 BB-/B1 Armstrong World Industries, Inc., Term
Loan B, 3.5%, 3/15/20 $ 1,341,675
2,711,375 B/B1 CPG International I, Inc., Term Loan,
5.75%, 9/21/19 2,736,230
2,244,938 B+/B2 Custom Building Products, Inc., Term
Loan, 6.0%, 12/14/19 2,272,999
1,732,759 B+/B1 Summit Materials LLC, Term B Loan,
5.0%, 1/30/19 1,746,838
822,938 B+/B1 Unifrax Holding Co., New Term B Dollar
Loan, 4.25%, 11/28/18 831,853
---------------
$ 8,929,595
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.9%
480,666 BB/Ba2 Manitowoc Co., Inc., Term Loan B,
4.25%, 11/13/17 $ 486,374
870,000 BB-/Ba3 Navistar, Inc., Tranche B Term Loan,
5.75%, 8/17/17 880,875
712,403 BB+/Ba1 Terex Corp., New U.S. Term Loan, 4.5%,
4/28/17 725,093
858,921 B+/B2 Waupaca Foundry, Inc., Term Loan,
4.5%, 6/29/17 865,363
---------------
$ 2,957,705
-----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.1%
2,218,238 B+/B1 Pelican Products, Inc., First Lien Term
Loan, 7.0%, 7/11/18 $ 2,245,965
1,218,875 BB-/Ba2 WireCo WorldGroup, Inc., Term Loan,
6.0%, 2/15/17 1,234,873
---------------
$ 3,480,838
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 15
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
1,742,158 B+/B2 Pro Mach, Inc., Term Loan,
5.0%, 7/6/17 $ 1,761,757
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
2,103,660 B+/Ba3 Ina Beteiligungsgesellschaft Mit
Beschrankter Haftung, Facility C (USD),
4.25%, 1/27/17 $ 2,133,363
480,226 BB/Ba3 TriMas Co., LLC, Tranche B Term Loan,
3.75%, 10/11/19 485,028
710,000 BB-/Ba3 Xerium Technologies, Inc., New Term
Loan, 7.25%, 5/2/19 717,544
---------------
$ 3,335,935
-----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.5%
1,763,158 BBB/Ba2 AWAS Finance Luxembourg 2012 SA,
Term Loan, 3.5%, 7/16/18 $ 1,785,198
3,092,250 B+/Ba3 WESCO Distribution, Inc., Tranche B-1
Loan, 4.5%, 12/12/19 3,122,192
---------------
$ 4,907,390
---------------
Total Capital Goods $ 38,683,640
-----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL
SERVICES -- 5.8%
Commercial Printing -- 0.2%
793,333 NR/NR Cenveo Corp., Term Loan B, 6.25%, 2/13/17 $ 802,258
-----------------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.3%
1,067,925 B-/B2 InfoGroup, Inc., Term Loan B, 7.5%, 5/26/18 $ 975,817
1,128,160 BB-/Ba3 KAR Auction Services, Inc., Term Loan,
3.75%, 5/19/17 1,146,019
2,260,530 B-/B1 Language Line LLC, Tranche B Term
Loan, 6.25%, 6/20/16 2,243,576
---------------
$ 4,365,412
-----------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.3%
1,089,000 BB+/Baa3 Convata Energy Corp., Term Loan, 3.5%,
3/28/19 $ 1,103,157
299,250 BBB-/Ba1 Progressive Waste Solutions Ltd., Term
B Loan, 3.5%, 10/24/19 303,271
498,750 B-/B2 Tervita Corp. (fka CCS Corp.), Term Loan,
6.25%, 5/15/18 505,252
1,001,229 B+/B1 Waste Industries USA, Inc., Term Loan B,
4.0%, 3/17/17 1,014,995
1,420,154 B+/B1 WCA Waste Corp. (WCA Waste Systems,
Inc.), Term Loan, 5.25%, 3/23/18 1,429,030
---------------
$ 4,355,705
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.5%
1,450,000 BB-/Ba2 On Assignment, Inc., Initial Term B Loan,
3.5%, 5/15/20 $ 1,462,687
-----------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 1.2%
1,456,563 B+/Ba2 Crown Castle Operating Co., New
Tranche B Term Loan, 3.25%, 1/31/19 $ 1,463,542
2,486,478 BB/Ba3 Wyle Services Corp., First Lien Term
Loan, 5.0%, 3/26/17 2,503,573
---------------
$ 3,967,115
-----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.9%
1,024,115 B+/Ba3 Allied Security Holdings LLC, First Lien
Term Loan, 5.25%, 2/3/17 $ 1,033,716
497,500 BB/Ba1 Garda Security, Term B Loan, 4.5%,
11/13/19 504,962
500,000 BB/B1 GEO Group, Inc., Term Loan, 3.25%,
4/3/20 504,688
825,389 B+/B1 Protection One, Inc., 2012 Term Loan,
4.25%, 3/21/19 834,675
---------------
$ 2,878,041
-----------------------------------------------------------------------------------------------------------
Warehouses -- 0.4%
1,246,875 B+/B1 Deltek, Inc., First Lien Term Loan, 5.0%,
10/10/18 $ 1,263,758
---------------
Total Commercial & Professional
Services $ 19,094,976
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.5%
Apparel, Accessories & Luxury Goods -- 0.4%
1,180,000 BBB-/Ba1 PVH Corp., Tranche B Term Loan, 3.25%,
2/13/20 $ 1,190,399
-----------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.8%
1,197,500 B+/B1 Serta Simmons Holdings LLC, Term
Loan, 5.0%, 10/1/19 $ 1,207,978
1,472,843 BB/Ba3 Temper Pedic International, Inc., Term
Loan B, 2.75%, 3/18/20 1,494,782
---------------
$ 2,702,760
-----------------------------------------------------------------------------------------------------------
Homebuilding -- 0.1%
1,000,000(b)(c)(e) NR/NR WAICCS Las Vegas 3 LLC, First Lien
Term Loan, 7.75%, 7/30/09 $ 355,000
4,500,000(b)(c)(e) NR/NR WAICCS Las Vegas 3 LLC, Second Lien
Term Loan, 13.25%, 7/30/09 22,500
---------------
$ 377,500
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 17
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 2.5%
1,481,108 BB+/NR Jarden Corp., New Tranche B Term Loan,
2.694%, 3/31/18 $ 1,499,622
1,771,212 BB-/Ba3 Prestige Brands, Inc., Term B-1 Loan,
3.75%, 1/31/19 1,792,614
2,537,250 B+/B1 Reynolds Group Holdings, Inc., U.S. Term
Loan, 4.75%, 9/28/18 2,565,340
852,632 B+/B1 World Kitchen LLC, U.S. Term Loan,
5.5%, 3/4/19 859,026
1,507,319 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 5.25%, 4/2/19 1,519,378
---------------
$ 8,235,980
-----------------------------------------------------------------------------------------------------------
Textiles -- 0.7%
2,247,992 NR/Ba3 Klockner Pentaplast of America, Inc.,
Term Loan B-1, 5.75%, 12/21/16 $ 2,283,117
---------------
Total Consumer Durables & Apparel $ 14,789,756
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 10.7%
Casinos & Gaming -- 2.5%
145,271 BB+/Ba2 Ameristar Casinos, Inc., Term Loan B,
4.0%, 4/14/18 $ 146,240
1,593,750 BB-/Ba3 Boyd Gaming Corp., Increased Term
Loan, 6.0%, 12/17/15 1,615,379
1,161,000 B-/B3 Caesars Entertainment Operating Co.,
Inc., Term Loan B-4, 9.5%, 10/31/16 1,167,046
1,200,000 B-/B3 Caesars Entertainment Operating Co.,
Inc., Term Loan B-6, 5.443%, 1/28/18 1,077,750
28,255 BBB-/Ba2 Las Vegas Sands LLC, Delayed Draw I
Term Loan, 2.7%, 11/23/16 28,321
140,582 BBB-/Ba2 Las Vegas Sands LLC, Tranche B Term
Loan, 2.7%, 11/23/16 140,908
1,496,250 BB/Ba2 MGM Resorts International (MGM Grand
Detroit LLC), Term B Loan, 3.5%, 12/20/19 1,500,552
1,084,050 BB+/Ba1 Pinnacle Entertainment, Inc., Series A
Incremental Term Loan, 4.0%, 3/19/19 1,090,148
1,500,000 BBB-/Baa3 Seminole Tribe of Florida, Initial Term
Loan, 3.0%, 4/29/20 1,507,969
---------------
$ 8,274,313
-----------------------------------------------------------------------------------------------------------
Education Services -- 2.2%
3,770,550 B+/B1 Bright Horizons Family Solutions LLC,
Term B Loan, 5.25%, 1/30/20 $ 3,803,542
1,500,000 B/B1 Laureate Education, Inc., Series 2018
Extended Term Loan, 5.25%, 6/15/18 1,505,625
1,750,000 NR/B2 McGraw-Hill Global Education Holdings
LLC, Term B Loan, 9.0%, 3/22/19 1,747,083
---------------
$ 7,056,250
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.8%
1,728,125 BB-/Ba2 Seven Sea Cruises S. DE R.L., Term B-1
Loan, 4.75%, 12/21/18 $ 1,745,406
937,475 B/B3 Yellowstone Mountain Club LLC, Senior
First Lien Term Loan, 6.0%, 7/16/14 970,287
---------------
$ 2,715,693
-----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
995,006 B/B1 Sabre, Inc., Term B Loan, 5.25%, 2/19/19 $ 1,010,243
-----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.7%
880,000 BB+/Ba1 Cedar Fair, LP, U.S. Term Facility, 3.25%,
3/6/20 $ 890,450
1,275,310 BB+/Ba2 Six Flags Theme Parks, Inc., Tranche B
Term Loan, 4.0%, 12/20/18 1,294,280
---------------
$ 2,184,730
-----------------------------------------------------------------------------------------------------------
Restaurants -- 3.6%
1,116,390 BB/Ba3 Burger King Corp., 2012 Tranche B Term
Loan, 3.75%, 9/28/19 $ 1,129,644
208,116 BB-/Ba2 DineEquity, Inc., Term B-2 Loan, 3.75%,
10/19/17 210,620
3,885,145 B+/B2 Dunkin' Brands, Inc., Term B-3 Loan,
3.75%, 2/14/20 3,910,123
3,217,500 B+/B1 Landry's, Inc., (fka Landry's Restaurants,
Inc.), Term Loan B, 4.75%, 4/24/18 3,262,410
1,791,542 B/Ba3 NPC International, Inc., Term Loan,
4.5%, 12/28/18 1,822,894
1,520,538 BB-/NR Wendy's International, Inc., Term B
Loan, 3.25%, 5/15/19 1,529,091
---------------
$ 11,864,782
-----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.6%
2,000,000 BB/Baa1 Weight Watchers International, Inc., Initial
Tranche B-2 Term Loan, 3.75%, 4/2/20 $ 2,004,784
---------------
Total Consumer Services $ 35,110,795
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.0%
Consumer Finance -- 0.4%
1,383,843 B/B3 Springleaf Financial Funding Co., Initial
Term Loan, 5.5%, 5/10/17 $ 1,390,113
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
544,500 B/B1 Duff & Phelps Corp., Initial Term Loan,
3.5%, 4/23/20 $ 544,500
220,000 BB-/NR LPL Holdings, Inc., 2013 Incremental
Tranche B Term Loan, 3.25%, 3/29/19 221,925
---------------
$ 766,425
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 19
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.8%
2,050,000 B/B1 Livingston International, Inc., First Lien
Initial Term B-1 Loan, 5.0%, 4/18/19 $ 2,057,688
989,394 BB/Ba3 Ship Luxco 3 S.a.r.l. (RBS Worldpay),
Facility B2A, 5.25%, 11/30/17 1,000,772
2,792,895 B/B1 WideOpenWest Finance LLC, Term Loan
B, 6.0%, 4/1/19 2,819,078
---------------
$ 5,877,538
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
1,765,575 B/NR Mirror Bidco Corp., Term Loan, 5.25%,
12/28/19 $ 1,783,783
---------------
Total Diversified Financials $ 9,817,859
-----------------------------------------------------------------------------------------------------------
ENERGY -- 5.5%
Coal & Consumable Fuels -- 1.5%
1,500,000 BB-/Ba3 Murray Energy Corp., Term Loan, 3.75%,
5/24/19 $ 1,515,000
2,468,750 B+/B2 Preferred Proppants LLC, Term Loan B,
9.0%, 12/15/16 2,382,344
1,000,000 NR/NR PT Bumi Resources Tbk, Term Loan,
11.199%, 8/7/13 981,000
---------------
$ 4,878,344
-----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.3%
846,104 BBB/Baa2 Glenn Pool Oil & Gas Trust 1, Term Loan,
4.5%, 5/2/16 $ 850,334
-----------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.8%
1,000,000 B-/B3 Offshore Group Investment, Ltd., (Vantage
Delaware Holdings LLC), Second Lien Term
Loan, 4.5%, 3/28/19 $ 1,012,500
1,100,000 B+/NR Pacific Drilling SA, Term Loan, 3.5%,
6/3/18 1,106,531
498,750 B+/Ba1 Shelf Drilling Holdings, Ltd., Term Loan,
6.25%, 5/31/18 505,608
---------------
$ 2,624,639
-----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.5%
1,688,995 CCC+/B3 Frac Tech Services International, Inc.,
Term Loan, 8.5%, 5/6/16 $ 1,669,467
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.8%
1,600,000 BB-/Ba3 Chesapeake Energy Corp., Term Loan,
5.75%, 12/2/17 $ 1,646,429
2,500,000 B+/Ba3 EP Energy LLC, Tranche B-1 Term Loan,
4.0%, 5/24/18 2,518,600
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
1,600,000 B/B1 Samson Investment Co., Second Initial
Term Loan, 6.0%, 9/25/18 $ 1,616,000
---------------
$ 5,781,029
-----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
1,706,084 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3.75%, 3/30/18 $ 1,687,602
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
495,000 BB-/Ba3 Gibson Energy ULC, Tranche B Term
Loan, 4.75%, 6/15/18 $ 502,116
---------------
Total Energy $ 17,993,531
-----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.9%
Food Distributors -- 0.7%
2,500,000 NR/NR Mill US Acquisition First Lien Term Loan,
3.75%, 5/22/20 $ 2,496,875
-----------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
618,268 B+/B1 Roundy's Supermarkets, Inc., Tranche B
Term Loan, 5.75%, 2/13/19 $ 609,058
---------------
Total Food & Staples Retailing $ 3,105,933
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.8%
Agricultural Products -- 0.6%
1,000,000 B/NR Arysta LifeScience SPC LLC, Initial First
Lien Term Loan, 3.5%, 5/29/20 $ 1,006,875
953,475 CCC+/NR Arysta LifeScience SPC LLC, Initial
Second Lien Term Loan, 7.0%, 11/30/20 966,288
---------------
$ 1,973,163
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 4.2%
588,525 B/B1 AdvancePierre Foods, Inc., First Lien
Term Loan, 5.75%, 7/10/17 $ 592,939
950,000 BB-/B1 Aramark Canada Ltd., Extended Canadian
Term Loan B, 3.784%, 7/26/16 961,870
2,221,043 B/B1 Del Monte Foods Co., Initial Term Loan,
4.0%, 3/8/18 2,238,494
500,000 B+/Ba3 Dole Food Company, Inc., Tranche B
Term Loan, 3.75%, 4/1/20 503,177
1,650,000 BB-/B1 H.J. Heinz Co., Term B-2 Loan, 2.5%, 6/5/20 1,668,673
1,215,821 NR/B2 Heartshide Food Solutions LLC, Term
Loan A, 6.5%, 6/7/18 1,227,979
1,430,634 B+/Ba3 Michael Foods Group, Inc., Facility Term
Loan B, 4.25%, 2/25/18 1,452,094
2,000,000 B-/NR New HB Acquisition LLC, Term B Loan,
6.75%, 4/9/20 2,050,000
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 21
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
2,250,000 BB/Ba3 Pinnacle Foods Finance LLC, New Term
Loan G, 3.25%, 4/29/20 $ 2,259,601
894,000 BB-/B1 Windsor Quality Food Co., Ltd., Tranche
B Term Loan, 5.0%, 2/16/17 903,499
---------------
$ 13,858,326
---------------
Total Food, Beverage & Tobacco $ 15,831,489
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 14.8%
Health Care Equipment & Services -- 1.4%
229,962 BBB-/Baa2 Fresenius SE, Tranche D-1 Dollar Term
Loan, 3.25%, 9/10/14 $ 231,160
131,360 BBB-/Baa2 Fresenius SE, Tranche D-2 Term Loan,
3.25%, 9/10/14 131,812
1,985,000 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4.5%, 8/1/19 2,002,901
483,884 BB-/Ba2 Kinetic Concepts, Inc., Dollar C-1 Term
Loan, 5.5%, 5/4/18 492,148
1,603,333 BB-/B1 Onex Carestream Finance, LP, Term
Loan, 5.0%, 2/25/17 1,610,949
---------------
$ 4,468,970
-----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 4.4%
1,116,865 BB/Ba3 CHS/Community Health Systems, Inc.,
Extended Term Loan, 3.784%, 1/25/17 $ 1,127,597
2,698,472 BB/Ba3 HCA, Inc., Tranche B-4 Term Loan,
2.944%, 5/1/18 2,711,953
3,471,473 BB/NR HCA, Inc., Tranche B-5 Term Loan,
3.034%, 3/31/17 3,488,549
1,617,072 B/Ba3 Iasis Healthcare LLC, Term B-2 Loan,
4.5%, 5/3/18 1,630,817
1,096,481 B+/Ba3 Kindred Healthcare, Inc., Term B-1 Loan,
4.25%, 6/1/18 1,097,852
1,496,250 B/B2 RCHP, Inc., 2013 First Lien Term Loan,
7.0%, 11/4/18 1,526,175
954,065 BB-/B1 Select Medical Corp., Tranche B Term
Loan, 6.0%, 6/1/18 964,501
500,000 B/B1 United Surgical Partners International, Inc.,
New Tranche B Term Loan, 4.75%, 4/3/19 507,875
589,727 BB+/Ba2 Universal Health Services, Inc., Tranche
B-1 Term Loan, 2.448%, 11/15/16 594,025
650,000 BB-/Ba2 Vanguard Health Holding Company II
LLC, Term B Loan, 3.75%, 1/29/16 658,450
---------------
$ 14,307,794
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 6.2%
626,996 B+/B2 AccentCare, Inc., Term Loan, 6.5%,
12/22/16 $ 360,522
518,636 B+/Ba3 Alliance HealthCare Services, Inc., Initial
Term Loan, 7.25%, 6/1/16 521,878
793,013 B+/B1 Ardent Medical Services, Inc., First Lien
Term Loan, 6.75%, 7/2/18 806,890
875,000 B+/Ba3 BSN Medical Luxembourg Holding,
S.a.r.l. (P & F Capital), Facility Term Loan
B-1A, 5.0%, 8/28/19 888,125
2,193,167 B-/B3 CCS Medical, Inc., First Lien Loan,
8.25%, 3/31/15 2,160,270
940,634(f) CCC/Caa2 CCS Medical, Inc., Second Lien Term
Loan, 3.25%, 3/31/16 860,680
1,396,500 BB-/Ba2 Davita HealthCare Partners, Inc., Term
Loan B2, 4.0%, 11/1/19 1,412,695
1,197,461 B+/Ba3 Emergency Medical Services Corp.,
Initial Term Loan, 4.0%, 5/25/18 1,207,621
1,383,638 B+/B1 Gentiva Health Services, Inc., Term Loan
B-1, 6.5%, 8/17/16 1,396,898
770,005 B/B2 Inventiv Health, Inc., Consolidated Term
Loan, 7.5%, 8/4/16 764,872
2,494,106 B+/B1 National Mentor Holdings, Inc., Tranche
B-1 Term Loan, 6.5%, 2/9/17 2,533,076
1,074,526 B/B2 National Specialty Hospitals, Inc., Initial
Term Loan, 8.25%, 2/3/17 1,074,526
2,112,375 CCC+/B3 Rural/Metro Operating Co., LLC, First
Lien Term Loan, 5.75%, 6/30/18 2,063,526
1,250,000 B/B2 Steward Health Care System LLC, Term
Loan, 6.75%, 4/10/20 1,262,500
565,000 B/B2 Surgery Center Holdings, Inc., First Lien
Term Loan, 6.0%, 4/11/19 571,356
633,227 B/B1 Valitas Health Services, Inc., Term Loan B,
5.75%, 6/2/17 637,185
2,199,375 B+/B1 Virtual Radiologic Corp., Term Loan A,
7.75%, 12/22/16 1,429,594
---------------
$ 19,952,214
-----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.7%
715,461 B+/NR Alere, Inc., Term Loan B, 4.25%, 6/30/17 $ 725,374
1,493,713 B+/B1 Bausch & Lomb, Inc., New Parent Term
Loan, 4.0%, 5/18/19 1,500,766
---------------
$ 2,226,140
-----------------------------------------------------------------------------------------------------------
Health Care Technology -- 1.7%
727,198 B+/Ba3 ConvaTec, Inc., Dollar Term Loan, 5.0%,
12/22/16 $ 738,333
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 23
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Health Care Technology -- (continued)
2,118,600 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 3.75%,
11/2/18 $ 2,139,786
734,313 BB-/Ba3 MedAssets, Inc., Term B Loan, 4.0%,
12/13/19 741,656
1,098,316 CCC/Caa3 Medical Card System, Inc., Term Loan,
3.0%, 9/17/15 1,103,808
99,490 B/NR Physician Oncology Services, LP, Delayed
Draw Term Loan, 8.0%, 1/31/17 99,987
818,923 B/B2 Physician Oncology Services, LP, Effective
Date Term Loan, 8.0%, 1/31/17 823,018
---------------
$ 5,646,588
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
1,300,000 B+/B2 MMM Holdings, Inc., MMM Term Loan,
9.75%, 12/12/17 $ 1,322,750
---------------
Total Health Care Equipment & Services $ 47,924,456
-----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 4.0%
Household Products -- 2.0%
200,000 B+/B1 Berlin Packaging LLC, 2013 First Lien
Term Loan, 3.5%, 4/2/19 $ 202,625
1,153,025 B/Ba3 Spectrum Brands, Inc., Term Loan, 4.5%,
12/17/19 1,169,311
1,005,063 BB-/B1 SRAM LLC, First Lien Term Loan, 5.25%,
4/10/20 1,007,576
410,000 NR/NR Waddington North America, Inc., Term
Loan 2013, 3.25%, 4/30/20 413,075
3,791,389 B-/B2 Wash MultiFamily Laundry Systems LLC,
U.S. Term Loan, 5.25%, 2/21/19 3,819,824
---------------
$ 6,612,411
-----------------------------------------------------------------------------------------------------------
Personal Products -- 2.0%
2,395,813 B/Ba3 Monitronics International, Inc., 2013
Term Loan B, 4.25%, 3/23/18 $ 2,427,258
2,094,571 BB-/NR NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17 2,116,303
2,088,281 BB-/Ba2 Revlon Consumer Products Corp.,
Replacement Term Loan, 4.0%, 11/19/17 2,119,931
---------------
$ 6,663,492
---------------
Total Household & Personal Products $ 13,275,903
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 3.6%
Insurance Brokers -- 1.7%
997,500 B/B1 AmWins Group LLC, Term Loan, 5.0%, 9/6/19 $ 1,008,722
4,677,447 B+/B1 HUB International, Ltd., 2017 Initial
Term Loan, 3.694%, 6/13/17 4,716,691
---------------
$ 5,725,413
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.3%
955,766 BB-/Ba3 CNO Financial Group, Inc., Tranche B-2
Term Loan, 3.75%, 9/28/18 $ 970,102
-----------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.2%
498,750 B-/B1 Alliant Holdings I LLC, Initial Term Loan,
5.0%, 12/20/19 $ 505,452
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.4%
2,467,831 B-/B2 Confie Seguros Holding II Co., First Lien
Term Loan B, 6.5%, 11/9/18 $ 2,494,052
1,970,063 B-/B1 USI, Inc., Initial Term Loan, 5.25%,
12/27/19 1,989,763
---------------
$ 4,483,815
---------------
Total Insurance $ 11,684,782
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 11.1%
Aluminum -- 1.1%
1,371,150 B/B1 Noranda Aluminum Acquisition Corp.,
Term Loan B, 5.75%, 2/28/19 $ 1,383,147
2,199,390 BB-/Ba2 Novelis, Inc., Initial Term Loan, 3.75%,
3/10/17 2,238,337
---------------
$ 3,621,484
-----------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.6%
1,188,023 BB-/B1 Taminco Global Chemical Corp., Tranche
B-2 Dollar Term Loan, 4.25%, 2/15/19 $ 1,200,645
825,429 BBB-/Ba2 Tronox Pigments (Netherlands) B.V.,
Closing Date Term Loan, 4.5%, 2/18/18 835,231
---------------
$ 2,035,876
-----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 2.9%
2,740,000 B+/B1 Axalta Coating Systems Dutch Holding B
B.V. & Axalta Coating Systems U.S.
Holdings, Inc., Initial Term B Loan,
4.75%, 2/1/20 $ 2,771,683
328,306 BBB/Ba1 Celanese U.S. Holdings LLC, Dollar Term
Loan C, 3.034%, 10/31/16 332,040
650,000 BBB-/Ba1 Eagle Spinco, Inc., Term Loan, 3.5%,
1/28/17 661,375
1,066,897 B/B1 General Chemical Corp., New Tranche B
Term Loan, 5.75%, 10/6/15 1,079,566
1,230,074 BB-/B1 Ineos U.S. Finance LLC, Cash Dollar
Term Loan, 4.0%, 5/4/18 1,232,380
1,862,000 B/B1 Nexeo Solutions LLC, Initial Term Loan,
5.0%, 9/8/17 1,868,206
1,436,931 B+/B2 Univar, Inc., Term Loan B, 5.0%, 6/30/17 1,432,056
---------------
$ 9,377,306
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 25
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
121,336 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term
Loan, 4.0%, 7/26/18 $ 121,943
1,031,625 BB-/B1 U.S. Silica Co., Term Loan, 4.75%, 6/8/17 1,039,367
877,527 BB-/Ba3 Walter Energy, Inc., Term Loan B, 5.75%,
4/2/18 887,217
---------------
$ 2,048,527
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.1%
1,890,763 B/B1 BWAY Holding Co., Initial Term Loan,
4.5%, 8/6/17 $ 1,915,186
1,684,183 B/B1 Tank Holding Corp., Initial Term Loan,
4.25%, 7/9/19 1,692,250
---------------
$ 3,607,436
-----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.9%
1,500,000 B/B2 Exopack LLC/Cello-Foil Products, Inc.,
Term Loan B, 6.5%, 5/31/17 $ 1,509,375
1,342,107 BB/Ba1 Sealed Air Corp., Facility Term Loan B-1,
4.0%, 10/3/18 1,360,561
---------------
$ 2,869,936
-----------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
300,000 NR/NR Ranpak Corp., USD First Lien Term Loan,
4.5%, 4/23/19 $ 303,750
-----------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.6%
1,823,891 BB-/B1 Fairmount Minerals, Ltd., Tranche B
Term Loan, 5.25%, 3/15/17 $ 1,839,281
-----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.9%
3,979,105 BB+/Ba1 Chemtura Corp., Facility Term Loan,
5.5%, 8/29/16 $ 4,030,503
153,156 BB+/Ba1 Huntsman International LLC, Extended
Term B Loan, 2.731%, 4/19/17 154,058
1,995,000 B+/B2 PQ Corp., Term Loan, 4.5%, 8/7/17 2,015,261
---------------
$ 6,199,822
-----------------------------------------------------------------------------------------------------------
Steel -- 1.3%
497,500 B/B1 Essar Steel Algoma, Inc., Term Loan,
8.75%, 9/19/14 $ 504,962
2,986,247 BB+/Ba1 FMG Resources (August 2006) Pty, Ltd.,
Term Loan, 5.25%, 10/18/17 3,009,059
889,678 BB/B1 JMC Steel Group, Inc., Term Loan,
4.75%, 4/1/17 901,355
---------------
$ 4,415,376
---------------
Total Materials $ 36,318,794
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
MEDIA -- 16.9%
Advertising -- 3.0%
922,688 B+/NR Acosta, Inc., Term Loan D, 5.0%, 3/2/18 $ 932,683
1,811,460 B+/Ba3 Advantage Sales & Marketing, Inc., First
Lien Term Loan, 4.25%, 12/18/17 1,839,387
3,395,132 B+/Ba3 Affinion Group, Inc., Tranche B Term
Loan, 6.5%, 10/9/16 3,323,834
2,044,875 B/B1 Crossmark Holdings, Inc., First Lien
Term Loan, 4.5%, 12/20/19 2,045,515
498,750 B/B1 Getty Images, Inc., New Initial Term
Loan, 4.75%, 10/18/19 502,669
77,091 BB+/Baa3 Lamar Media Corp., Term Loan B, 4.0%,
12/30/16 77,862
997,500 NR/NR WP CPP Holdings LLC, First Lien Term
Loan, 4.75%, 12/28/19 1,001,241
---------------
$ 9,723,191
-----------------------------------------------------------------------------------------------------------
Broadcasting -- 7.8%
7,425,000 BB-/Ba2 Cequel Communications LLC, Term
Loan, 3.5%, 2/14/19 $ 7,484,749
373,029 BB-/Ba3 Entercom Radio LLC, Term B-1 Loan,
6.0%, 11/23/18 378,718
1,925,015 B/B2 FoxCo Acquisition Sub LLC, Initial Term
Loan, 5.5%, 7/14/17 1,955,479
201,618 B+/NR Hubbard Radio LLC, First Lien Term
Loan, 4.5%, 4/28/17 203,383
1,920,000 NR/Ba3 MCC Iowa LLC, Tranche H Term Loan,
2.5%, 1/29/21 1,928,400
1,421,438 B/B1 NEP/NCP Holdco, Inc., Refinanced First
Lien New Term Loan, 4.75%, 1/22/20 1,438,762
950,000 B/B2 Salem Communications Corp., Term
Loan, 4.5%, 3/13/20 963,846
1,041,594 BB+/Ba1 Sinclair Television Group, Inc., Tranche B
Term Loan, 4.5%, 4/9/20 1,049,775
744,375 B+/Ba3 Truven Health Analytics, Inc., Tranche B
Term Loan, 4.5%, 6/6/19 748,719
1,762,544 BB-/Ba3 TWCC Holding Corp., Term Loan, 3.5%,
2/13/17 1,781,932
7,768,290 B+/B2 Univision Communications, Inc., Converted
Extended First-Lien Term Loan, 4.5%, 3/1/20 7,765,050
---------------
$ 25,698,813
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 3.0%
2,045,000 BB+/Baa3 Charter Communications Operating LLC,
Term F Loan, 3.0%, 12/31/20 $ 2,042,284
1,000,000 B-/Caa1 Hargray Acquisition Co., Second Lien
Term Loan, 5.698%, 1/29/15 1,002,500
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 27
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
1,200,000 BB+/NR Kabel Deutschland Gmbh, Facility Term
Loan F-1, 3.25%, 2/1/19 $ 1,206,501
1,741,250 BB-/Ba3 MCC Iowa LLC, Tranche G Term Loan,
4.0%, 1/20/20 1,764,649
3,726,838 BB-/Ba3 Telesat Canada, U.S. Term B-2 Loan,
3.5%, 3/28/19 3,760,118
---------------
$ 9,776,052
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.2%
1,187,598 BB-/Ba2 AMC Entertainment, Inc., Initial Term
Loan, 3.5%, 4/30/20 $ 1,193,660
1,250,000 NR/NR AUFINCO Pty, Ltd., (U.S. FINCO LLC),
2013 Term Loan, 7.25%, 11/20/20 1,271,875
962,172 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 3.75%, 2/28/18 968,186
1,122,989 D/NR Lodgenet Interactive Corp., Closing Date
Term Loan, 6.75%, 3/28/18 811,360
1,100,000 BB+/Ba1 Seminole Hard Rock Entertainment, Inc.,
Term Loan B, 3.5%, 5/14/20 1,105,959
201,220 NR/NR WMG Acquisitions Corp., Tranche B Delayed
Draw Term Loan, 2.75%, 4/24/20 200,716
1,298,780 NR/NR WMG Acquisitions Corp., Tranche B
Initial Term Loan, 2.75%, 7/1/20 1,295,533
562,500 NR/NR WMG Acquisitions Corp., Tranche B
Refinancing Term Loan, 3.75%, 7/1/20 565,078
---------------
$ 7,412,367
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.9%
969,231 CCC+/Caa2 Cengage Learning Acquisitions, Inc.,
Term Loan, 2.71%, 7/3/14 $ 771,346
1,612,340 B+/Ba3 Interactive Data Corp., Refinanced Term
Loan, 3.75%, 2/11/18 1,623,425
497,500 BB-/Ba3 MTL Publishing LLC, Term Loan B,
4.25%, 6/29/18 503,408
---------------
$ 2,898,179
---------------
Total Media $ 55,508,602
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 4.1%
Biotechnology -- 2.1%
597,000 BB/B1 Alkermes, Inc., 2019 Term Loan, 3.5%,
9/25/19 $ 602,224
3,015,588 BB/B2 Aptalis Pharma, Inc., Term Loan B-1,
5.5%, 2/10/17 3,034,435
1,519,755 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term
Loan, 4.25%, 6/1/17 1,534,953
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
221,275 BBB-/Ba3 Warner Chilcott Corp., LLC, Term B-2
Loan, 4.25%, 3/15/18 $ 224,339
271,829 BBB-/Ba3 Warner Chilcott Corp., Additional Term
B-1 Loan, 4.25%, 3/15/18 275,594
624,453 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan,
4.25%, 3/15/18 633,102
492,076 BBB-/Ba3 WC Luxco S.a.r.l., Term B-3 Loan, 4.25%,
3/15/18 498,891
---------------
$ 6,803,538
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.0%
1,107,478 B+/B1 Harvard Drug Group LLC, Term Loan,
5.0%, 10/29/19 $ 1,115,784
2,857,579(f) CCC+/NR Graceway Pharmaceuticals LLC,
Mezzanine Term Loan, 14.0%, 11/1/13 8,038
1,382,332 NR/NR K-V Pharmaceutical Co., DIP Facility,
11.0%, 12/27/13 1,340,863
833,982 B+/B2 Medpace Intermediateco, Inc., Term
Loan B, 7.25%, 6/19/17 840,237
1,492,509 B+/B1 Par Pharmaceutical Co., Inc., Term B-1
Loan, 4.25%, 9/30/19 1,501,682
997,500 BBB-/Ba1 Valeant Pharmaceuticals International, Inc.,
Series C-1 Tranche B Term Loan,
3.5%, 12/11/19 1,005,779
748,125 BBB-/Ba1 Valeant Pharmaceuticals International,
Inc., Series D-1 Tranche B Term Loan,
3.5%, 2/13/19 754,335
---------------
$ 6,566,718
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 13,370,256
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Diversified Real Estate Activities -- 0.1%
500,000 BB/Ba1 CBRE Services, Inc., Tranche B Term
Loan, 2.948%, 3/28/21 $ 503,125
-----------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.3%
1,065,000 B-/Ba3 Ozburn-Hessey Holding Co., LLC, First
Lien Term Loan, 8.25%, 4/8/16 $ 1,063,669
-----------------------------------------------------------------------------------------------------------
Real Estate Services -- 1.0%
1,646,500 BB-/B1 Altisource Solutions, S.a.r.l, Term Loan
B, 5.75%, 11/27/19 $ 1,668,110
1,496,538 B/B1 GCA Services Group, Inc., First Lien
Initial Term Loan, 5.25%, 11/1/19 1,510,102
---------------
$ 3,178,212
---------------
Total Real Estate $ 4,745,006
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 29
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
RETAILING -- 3.6%
Apparel Retail -- 0.9%
2,344,824 B-/B2 Gymboree Corp., Term Loan, 5.0%, 2/23/18 $ 2,310,465
551,206 NR/NR Johnny Appleseed's, Inc., First Lien
Second Out Term Loan, 6.5%, 4/25/16 482,305
150,655(f) NR/NR Johnny Appleseed's, Inc., Junior Term Loan,
1.0%, 4/25/17 131,824
---------------
$ 2,924,594
-----------------------------------------------------------------------------------------------------------
Automotive Retail -- 1.1%
1,995,000 B+/B1 ARC Automotive Group, Inc., Term Loan,
6.25%, 11/15/18 $ 2,019,106
723,620 BB/NR Avis Budget Car Rental LLC, Tranche B
Term Loan, 3.0%, 3/15/19 724,072
997,500 BB/Ba1 Hertz Corp., Tranche B-1 Term Loan,
3.75%, 3/11/18 1,005,137
---------------
$ 3,748,315
-----------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.6%
1,881,491 B/B2 Targus Group International, Inc., Term
Loan, 11.0%, 5/24/16 $ 1,890,898
-----------------------------------------------------------------------------------------------------------
Distributors -- 0.2%
685,000 B+/B2 Spin Holdco, Inc., Initial First Lien Term
Loan, 4.25%, 11/14/19 $ 690,780
-----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.8%
750,000 B/B1 Apex Tool Group LLC, Term Loan, 4.5%,
1/31/20 $ 755,759
1,871,624 B/Ba3 Hillman Group, Inc., Term Loan, 4.25%,
5/28/17 1,885,661
---------------
$ 2,641,420
---------------
Total Retailing $ 11,896,007
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.4%
Semiconductor Equipment -- 0.8%
1,909,186 BB-/NR Aeroflex, Inc., Tranche B-1 Term Loan,
4.5%, 11/9/19 $ 1,925,987
519,205 BBB-/Baa3 Sensata Technology BV/Sensata
Technology Finance Co., LLC, Term Loan,
3.75%, 5/12/18 525,045
---------------
$ 2,451,032
-----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.6%
2,009,981 BB/NR Microsemi Corp., Term Loan B, 3.75%,
2/19/20 $ 2,027,579
---------------
Total Semiconductors & Semiconductor
Equipment $ 4,478,611
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 9.5%
Application Software -- 5.4%
1,395,065 BB-/NR Applied Systems, Inc., First Lien Term
Loan, 4.25%, 12/8/16 $ 1,412,071
2,300,000 B+/B1 Applied Systems, Inc., Second Lien Term
Loan, 8.25%, 6/8/17 2,332,580
3,364,615 B-/Ba3 Expert Global Solutions, Inc., Advance
First Lien Term Loan B, 8.5%, 4/3/18 3,417,187
955,350 NR/B2 Houghton Mifflin Holdings, Term Loan,
5.25%, 5/22/18 963,112
992,513 B+/Ba3 Infor (U.S.), Inc., Tranche B-2 Term Loan,
6.25%, 4/5/18 1,004,764
1,549,892 BB+/Baa2 Nuance Communications, Inc., Term
Loan C, 3.2%, 3/31/16 1,560,935
1,509,527 B+/B1 Serena Software, Inc., Extended 2016
Term Loan, 4.199%, 3/10/16 1,518,962
2,397,618 BB-/B1 Verint Systems, Inc., Term Loan, 4.0%,
9/6/19 2,422,594
1,907,611 B+/B1 Vertafore, Inc., Term Loan, 4.25%, 10/3/19 1,933,840
1,000,000 CCC+/Caa1 Vertafore, Inc., Second Lien Term Loan,
9.75%, 10/29/17 1,030,000
---------------
$ 17,596,045
-----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 1.2%
60,879 B+/B1 First Data Corp., 2017 Dollar Term Loan,
4.199%, 3/24/17 $ 60,764
1,000,000 B+/NR First Data Corp., 2018 B Term Loan,
4.199%, 9/24/18 998,021
802,493 B+/B1 First Data Corp., 2018 Dollar Term Loan,
4.195%, 3/23/18 800,630
1,865,625 BB+/Ba2 Genpact, Ltd., Term Loan, 4.25%, 8/30/19 1,892,444
---------------
$ 3,751,859
-----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.1%
392,000 BB+/Ba3 Autotrader.com, Inc., Tranche B-1 Term
Loan, 4.0%, 12/15/16 $ 396,508
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.3%
1,990,000 BB/Ba3 Booz Allen Hamilton, Inc., Initial Tranche B
Term Loan, 4.5%, 7/31/19 $ 2,007,900
498,750 B/Ba3 Kronos, Inc., First Lien Incremental Term
Loan, 4.5%, 10/30/19 503,114
1,800,140 BB/Ba3 SunGuard Data Systems, Inc., Tranche C
Term Loan, 3.948%, 2/28/17 1,812,890
---------------
$ 4,323,904
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 31
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Systems Software -- 1.5%
918,643 BBB-/Ba2 Dealer Computer Services, Inc., Tranche B
Term Loan, 2.193%, 4/21/16 $ 926,099
2,040,000 NR/Ba2 Rovi Solutions Corp., Tranche B-3 Term
Loan, 3.5%, 3/29/19 2,047,650
2,000,000 B+/B1 Stoneriver Group, LP, Initial First Lien
Term Loan, 3.25%, 11/30/19 2,005,420
---------------
$ 4,979,169
---------------
Total Software & Services $ 31,047,485
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 4.0%
Communications Equipment -- 1.8%
1,492,500 B+/B1 Audio Visual Services Group, Inc., First
Lien Term Loan, 6.75%, 11/9/18 $ 1,522,350
950,000 B/B1 Avaya, Inc., Term B-5 Loan, 8.0%,
3/31/18 914,375
977,532 BB/Ba3 CommScope, Inc., Tranche 2 Term Loan,
3.75%, 1/14/18 987,918
2,305,366 BBB-/Ba3 Riverbed Technology, Inc., Term Loan,
4.0%, 12/18/19 2,337,544
---------------
$ 5,762,187
-----------------------------------------------------------------------------------------------------------
Electronic Components -- 1.3%
5,120 BB+/Ba2 Flextronics International, Ltd., Delayed
Draw Term Loan A-1-B, 2.444%, 10/1/14 $ 5,136
162,908 BB+/Ba2 Flextronics International, Ltd., Delayed
Draw Term Loan A-3, 2.444%, 10/1/14 163,417
1,310,000 B+/B2 Generac Power Systems, Inc., Term
Loan, 6.25%, 5/30/18 1,319,268
1,578,455 B/B2 Scitor Corp., Term Loan, 5.0%, 2/15/17 1,554,778
1,375,000 B/B2 Securus Technologies Holdings, Inc.,
Initial First Lien Term Loan, 4.75%, 4/30/20 1,380,156
---------------
$ 4,422,755
-----------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.3%
989,899 B+/Ba3 Sensus USA, Inc., Term Loan, 4.75%,
5/9/17 $ 994,848
-----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
593,870 B+/B2 Clover Technologies Group LLC, (Clover
Holdings, Inc.), Term Loan, 7.75%, 5/7/18 $ 597,830
-----------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.4%
1,288,003 BB-/B1 Excelitas Technologies Corp., New Term
Loan B, 5.0%, 11/29/16 $ 1,294,443
---------------
Total Technology Hardware & Equipment $ 13,072,063
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.0%
Integrated Telecommunication
Services -- 2.4%
637,889 B+/B1 Hargray Acquisition Co.,/DPC
Acquisition LLC/HCP Acquisition LLC,
First Lien Term Loan, 2.448%, 6/27/14 $ 640,281
870,000 BB+/Baa3 TW Telecom Holdings, Inc., (fka Time
Warner Telecom Holdings, Inc.), Term
Loan B Loan, 2.7%, 4/17/20 875,619
GBP 400,000 BB-/Ba3 Virgin Media Investment Holdings, Ltd.,
GBP Term Loan C, 3.75%, 2/15/20 613,564
1,660,000 BB-/Ba3 Virgin Media Investment Holdings, Ltd.,
New Term Loan B, 2.75%, 2/15/20 1,662,190
1,125,000 B+/Ba3 West Corp., Term B-7 Loan, 3.75%, 7/15/16 1,139,906
1,621,405 B+/Ba3 West Corp., Term B-8 Loan, 3.75%, 6/30/18 1,636,605
1,246,875 BB+/Baa3 Windstream Corp., Tranche B-4 Term
Loan, 3.5%, 1/23/20 1,257,780
---------------
$ 7,825,945
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.6%
1,960,188 BB-/B1 Syniverse Holdings, Inc., Initial Term
Loan, 5.0%, 4/23/19 $ 1,973,664
---------------
Total Telecommunication Services $ 9,799,609
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 3.6%
Air Freight & Logistics -- 0.4%
498,750 B/B2 Air Medical Group Holdings, Inc., Term
Loan B-1, 6.5%, 6/30/18 $ 508,725
300,000 B/B1 Ceva Group Plc, Dollar Tranche B Pre-
Funded L/C, 0.183%, 8/31/16 295,625
1,200,000 CCC+/Caa1 Ceva Group Plc, Tranche B Term Loan,
5.276%, 8/31/16 1,173,756
---------------
$ 1,978,106
-----------------------------------------------------------------------------------------------------------
Airlines -- 2.3%
833,000 BB-/Ba3 Allegiant Travel Co., Term Loan, 5.75%,
3/10/17 $ 842,371
250,000 BB-/Ba2 Continental Airlines, Inc., (United Air Lines,
Inc.), Class B Term Loan, 4.0%, 4/1/19 252,937
1,496,250 B+/Ba2 Delta Air Lines, Inc., Term B-1 Loan,
4.0%, 10/18/18 1,509,811
1,326,375 BB/NR Delta Air Lines, Inc., Term Loan, 4.25%,
4/20/17 1,344,613
3,450,000 B+/B2 U.S. Airways Group, Inc., Term Loan,
2.5%, 3/21/14 3,455,175
---------------
$ 7,404,907
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 33
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Marine -- 0.3%
1,000,000 CCC/B3 Commercial Barge Line Co., Initial First
Lien Term Loan, 7.5%, 9/22/19 $ 992,500
-----------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.2%
650,000 B/B3 Lineage Logistics LLC, Term Loan, 4.5%,
4/26/19 $ 653,656
-----------------------------------------------------------------------------------------------------------
Trucking -- 0.4%
1,216,617 NR/NR Swift Transportation Co., LLC, Tranche
B-2 Term Loan, 4.0%, 12/21/17 $ 1,232,839
---------------
Total Transportation $ 12,262,008
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 3.8%
Electric Utilities -- 2.0%
2,250,000 BB-/B1 Calpine Construction Finance Co.,
LP, Term B-1 Loan, 2.25%, 5/3/20 $ 2,243,812
1,700,000 NR/Ba3 Star West Generation LLC, Term B
Advance, 4.0%, 3/13/20 1,725,500
3,506,137 CCC/Caa3 Texas Competitive Electric Holdings Co.,
LLC, 2017 Term Loan, 4.699%, 10/10/17 2,551,812
---------------
$ 6,521,124
-----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 1.8%
1,252,890 BB+/Ba1 AES Corp., Initial Term Loan, 3.75%, 6/1/18 $ 1,267,861
1,690,500 BB-/B1 Calpine Corp., Term Loan, 4.0%, 4/1/18 1,708,360
497,500 BB-/B1 Calpine Corp., Term Loan, 4.0%, 10/9/19 503,035
1,076,923 BB-/B2 Dynegy, Inc., Tranche B-2 Term Loan,
4.0%, 4/23/20 1,083,542
400,000 NR/Baa3 NRG Energy, Inc., 2013 Term Loan,
2.0%, 7/1/18 398,375
844,950 BB+/Baa3 NRG Energy, Inc., Term Loan, 3.25%, 7/1/18 854,878
---------------
$ 5,816,051
---------------
Total Utilities $ 12,337,175
-----------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING
RATE LOAN INTERESTS
(Cost $460,705,189) $ 454,780,579
-----------------------------------------------------------------------------------------------------------
CLAIMS -- 0.0% of Net Assets
TRANSPORTATION -- 0.0%
Airlines -- 0.0%
1,200,000(a)(g) NR/NR Northwest Airlines, Inc., ALPA Claim-
Escrow, 0.0% $ --
2,500,000(a)(g) NR/NR Northwest Airlines, Inc., Bell Atlantic
Claim-Escrow, 0.0% --
2,500,000(a)(g) NR/NR Northwest Airlines, Inc., EDC Claim-
Escrow, 0.0% --
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
Airlines -- (continued)
2,130,600(a)(g) NR/NR Northwest Airlines, Inc., Flight Attendant
Claim-Escrow, 0.0% $ --
1,500,000(a)(g) NR/NR Northwest Airlines, Inc., GE Claim-
Escrow, 0.0% --
1,264,500(a)(g) NR/NR Northwest Airlines, Inc., IAM Claim-
Escrow, 0.0% --
1,404,900(a)(g) NR/NR Northwest Airlines, Inc., Retiree Claim-
Escrow, 0.0% $ --
---------------
Total Transportation $ --
-----------------------------------------------------------------------------------------------------------
TOTAL CLAIMS
(Cost $0) $ --
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS & NOTES --
5.2% of Net Assets
BANKS -- 0.3%
Diversified Banks -- 0.3%
1,000,000(d) BBB+/Baa2 Intesa Sanpaolo S.p.A., 2.674%, 2/24/14
(144A) $ 1,005,072
---------------
Total Banks $ 1,005,072
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Aerospace & Defense -- 0.6%
1,850,000 BB-/Ba3 Spirit Aerosystems, Inc., 7.5%, 10/1/17 $ 1,942,500
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
1,000,000 B+/B3 Manitowoc Co., Inc., 9.5%, 2/15/18 $ 1,092,500
---------------
Total Capital Goods $ 3,035,000
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.1%
200,000 BBB/Baa1 Capital One Financial Corp., 7.375%,
5/23/14 $ 212,706
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
500,000(d) BBB-/NR Vita Capital V, Ltd., 2.896%, 1/15/17
(144A) $ 511,400
---------------
Total Diversified Financials $ 724,106
-----------------------------------------------------------------------------------------------------------
ENERGY -- 0.9%
Oil & Gas Drilling -- 0.1%
250,000 B-/B3 Offshore Group Investment, Ltd., 7.5%,
11/1/19 $ 270,000
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
2,490,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 $ 2,788,800
---------------
Total Energy $ 3,058,800
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 35
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.0%
Health Care Equipment & Services -- 0.3%
950,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) $ 1,073,500
-----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.7%
7,360,509(a)(c) NR/NR Azithromycin Royalty Sub LLC, 16.0%,
5/15/19 $ 2,208,153
---------------
Total Health Care Equipment & Services $ 3,281,653
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.7%
Reinsurance -- 0.7%
250,000(d) BB-/NR Atlas Reinsurance VII, Ltd., 8.154%,
1/7/16 (144A) $ 255,450
500,000(d) NR/Baa1 Combine Re, Ltd., 4.525%, 1/7/15 (144A) 515,800
250,000(d) BB/NR East Lane Re V, Ltd., 9.025%, 3/16/16
(144A) 270,125
500,000(d) BB/NR Lodestone Re, Ltd., 6.025%, 1/8/14
(144A) 500,700
250,000(d) BB/NR Mystic Re, Ltd., 9.025%, 3/12/15 (144A) 261,825
250,000(d) B+/NR Mythen Re, Ltd., Series 2012-2 Class A,
8.71%, 1/5/17 (144A) 258,750
250,000(d) B/NR Queen Street VII Re, Ltd., 8.625%,
4/8/16 (144A) 254,650
---------------
Total Insurance $ 2,317,300
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Diversified Metals & Mining -- 0.3%
1,050,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 $ 1,050,000
-----------------------------------------------------------------------------------------------------------
Paper Products -- 0.6%
1,750,000 B+/B1 Appleton Papers, Inc., 10.5%, 6/15/15
(144A) $ 1,848,437
---------------
Total Materials $ 2,898,437
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication
Services -- 0.0%+
6,000 BB-/Ba2 Frontier Communications Corp., 8.25%,
5/1/14 $ 6,315
---------------
Total Telecommunication Services $ 6,315
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.3%
1,000,000(b) CCC-/C CEVA Group Plc, 11.5%, 4/1/18 (144A) $ 910,000
---------------
Total Transportation $ 910,000
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS & NOTES
(Cost $21,546,162) $ 17,236,683
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 3.5% of
Net Assets
AUTOMOBILES & COMPONENTS -- 2.9%
Auto Parts & Equipment -- 2.9%
197,208 Delphi Automotive Plc $ 9,625,723
---------------
Total Automobiles & Components $ 9,625,723
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.5%
Broadcasting -- 0.3%
245 New Young Broadcasting Holding Co., Inc. $ 998,375
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
EUR 266,510(h) PagesJaunes Groupe SA $ 636,634
---------------
Total Media $ 1,635,009
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.0%+
Biotechnology -- 0.0%+
2,454(h) Progenics Pharmaceuticals, Inc. $ 9,767
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 9,767
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Apparel Retail -- 0.0%+
569(h) Johnny Appleseed's, Inc. $ --
---------------
Total Retailing $ --
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Alternative Carriers -- 0.1%
57,813(h) Clearwire Corp. $ 259,002
---------------
Total Telecommunication Services $ 259,002
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Airlines -- 0.0%+
960(h) Delta Air Lines, Inc. $ 17,290
---------------
Total Transportation $ 17,290
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Independent Power Producers & Energy
Traders -- 0.0%+
775 NRG Energy, Inc. $ 19,778
---------------
Total Utilities $ 19,778
-----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $5,902,284) $ 11,566,569
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 37
Schedule of Investments | 5/31/13 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
LIQUIDATING TRUSTS -- 0.0%+ of
Net Assets
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
3,377,886(a)(h)(i) Yellowstone Mountain Club LLC,
Liquidating Trust $ --
---------------
Total Consumer Services $ --
-----------------------------------------------------------------------------------------------------------
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
4,995,000(a)(h)(i) Crusader Energy Group, Inc., Liquidating
Trust $ --
---------------
Total Energy $ --
-----------------------------------------------------------------------------------------------------------
TOTAL LIQUIDATING TRUSTS
(Cost $0) $ --
-----------------------------------------------------------------------------------------------------------
RIGHT/WARRANT -- 0.8% of Net Assets
MEDIA -- 0.8%
Broadcasting -- 0.8%
665 New Young Broadcasting Holding Co.,
Inc., Expires 12/24/24 $ 2,709,875
---------------
Total Media $ 2,709,875
-----------------------------------------------------------------------------------------------------------
TOTAL RIGHT/WARRANT
(Cost $1,307,997) $ 2,709,875
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount
-----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT --
10.0% -- of Net Assets
REPURCHASE AGREEMENT: 10.0%
$ 32,815,000 Bank of Nova Scotia, Inc., 0.08%, dated
5/31/13, repurchase price of
$32,815,000 plus accrued interest on
6/3/13 collateralized by $33,471,523
Freddie Mac Giant, 2.5%, 7/1/27. $ 32,815,000
-----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $32,815,000) $ 32,815,000
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 160.8%
(Cost -- $529,548,068) (j) 527,441,380
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (5.2)% $ (17,004,199)
-----------------------------------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION
VALUE, INCLUDING DIVIDENDS
PAYABLE -- (55.6)% $ (182,469,622)
-----------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -- 100.0% $ 327,967,559
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
+ Amount rounds to less than 0.1%.
NR Security not rated by S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At May
31, 2013, the value of these securities amounted to $15,998,383, or 4.9%
of total net assets applicable to common shareowners.
* Senior secured floating rate loan interests in which the Trust invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The interest rate shown is the rate accruing at May 31, 2013.
(a) Security is valued using fair value methods (other than pricing supplied
by an independent pricing services) See Notes to Financial Statements --
Note 1A.
(b) Security is in default and is non income producing.
(c) Indicates a security that has been deemed as illiquid. As of May 31, 2013
the aggregate cost of illiquid securities in the Trust's portfolio was
$19,906,476. As of that date, the aggregate value of illiquid securities
in the Trust's portfolio of $10,723,764 represented 3.3% of total net
assets applicable to common shareowners.
(d) Floating rate note. The rate shown is the coupon rate at May 31, 2013.
(e) The company and agent bank are in the process of negotiating forbearance.
(f) Payment in Kind (PIK) security which may pay interest in the form of
additional principal amount.
(g) Security represents a claim which is subject to bankruptcy court findings
which may result in an exchange of money, assets or equity.
(h) Non-income producing.
(i) Security represents a liquidating trust which is a vehicle through which
future settlements of bankruptcy claims are dispersed to creditors.
(j) At May 31, 2013, the net unrealized loss on investments based on cost for
federal tax purposes of $529,247,661 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 16,415,547
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (18,221,828)
-------------
Net unrealized loss $ (1,806,281)
=============
For financial reporting purposes net unrealized loss on investments was
$2,109,302 and cost of investments aggregated $529,548,068.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2013 aggregated $227,206,141 and $230,529,947
respectively.
Principal amounts are denominated in U.S. dollars unless otherwise noted.
EUR -- Euro
GBP -- Great British Pound
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 39
Schedule of Investments | 5/31/13 (unaudited) (continued)
Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds credit
risks, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Trust's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans are categorized as Level 2, and securities valued using fair
value methods (other than prices supplied by independent pricing services) as
level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of May 31, 2013, in valuing the
Trust's investments.
-----------------------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------------------------------
Asset Backed Security $ -- $ 194,563 $ -- $ 194,563
Collateralized Loan Obligations
Diversified Banks -- -- 2,729,851 2,729,851
Thrifts & Mortgage Finance -- -- 5,408,260 5,408,260
Senior Secured Floating Rate
Loan Interests -- 454,780,579 -- 454,780,579
Claims
Airlines -- -- --* --
Corporate Bonds & Notes
Health Care Supplies -- -- 2,208,153 2,208,153
All Other -- 15,028,530 -- 15,028,530
Common Stocks
Broadcasting -- 998,375 -- 998,375
All Other 10,568,194 -- -- 10,568,194
Liquidating Trusts
Oil & Gas Exploration
& Production -- -- --* --
Hotels, Resorts & Cruise Lines -- -- --* --
Right/Warrant
Broadcasting -- 2,709,875 -- 2,709,875
Temporary Cash Investments
Repurchase Agreement -- 32,815,000 -- 32,815,000
-----------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities $ 10,568,194 $506,526,922 $10,346,264 $527,441,380
=============================================================================================================================
* Security is valued at $0.
During the six months ended May 31, 2013, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
The following is a reconciliation of assets valued using significant
unobservable inputs (level 3):
----------------------------------------------------------------------------------------------------------------------------------
Change in
Balance Realized Unrealized Accrued Transfers Transfers Balance
as of gain appreciation discounts/ in to out of as of
11/30/12 (loss)(1) (depreciation)(2) Purchases Sales premiums Level 3* Level 3* 5/31/13
----------------------------------------------------------------------------------------------------------------------------------
Collateralized Loan
Obligations
Diversified
Banks $ 2,375,695 $ -- $ 282,045 $ -- $ -- $ 72,111 $ -- $ -- $ 2,729,851
Thrifts & Mortgage
Finance 4,984,230 -- 303,718 -- -- 120,312 -- -- 5,408,260
Corporate Bonds & Notes
Health Care
Supplies 5,707,340 4,103 (2,714,950) -- (792,844) 4,504 -- -- 2,208,153
-----------------------------------------------------------------------------------------------------------------------------------
Total $13,067,265 $4,103 $(2,129,187) $ -- $(792,844) $196,927 $ -- $ -- $10,346,264
==================================================================================================================================
* Transfers are calculated on the beginning of period values.
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) from investments in the Statement of
Operations.
Net change in unrealized appreciation of Level 3 investments still held and
considered Level 3 at 5/31/13: $(2,166,018)
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 41
Schedule of Investments | 5/31/13 (unaudited) (continued)
The following table presents additional information about valuation techniques
and inputs used for investments that were measured at fair value and categorized
as Level 3 at May 31, 2013:
-----------------------------------------------------------------------------------------------
Fair Value Valuation Unobservable Value/Range
5/31/13 Technique(s) Input (Weighted Average)
-----------------------------------------------------------------------------------------------
Collateralized Loan Third Party $88.38-$98.68
Obligations $8,138,111 Vendor Broker Quote per bond
Corporate Bonds Third Party $30.00
& Notes $2,208,152 Vendor Broker Quote per bond
Liquidating Discounted
Trusts(1) -- Cash Flow Residual Value 0
Discounted
Claims(2) -- Cash Flow Residual Value 0
(1) The significant unobservable input used in the fair value measurement of
liquidating trusts is the projected cash flow. Significant increases
(decreases) in this input would result in a significantly higher (lower)
fair value measurement.
(2) The significant unobservable input used in the fair value measurement of
claims is the projected cash flow. Significant increases (decreases) in this
input would result in a significantly higher (lower) fair value measurement.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Statement of Assets and Liabilities | 5/31/13 (unaudited)
ASSETS:
Investments in securities, at value (cost $529,548,068) $ 527,441,380
Cash 1,147,823
Receivables --
Investment securities sold 11,802,462
Interest receivable 2,717,357
Dividends receivable 67,051
Reinvestment of distributions 59,113
---------------------------------------------------------------------------------------
Total assets $ 543,235,186
---------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 32,098,599
Due to affiliates 294,033
Administration fee payable 78,464
Accrued expenses 323,940
Other liabilities 2,969
---------------------------------------------------------------------------------------
Total liabilities $ 32,798,005
---------------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION VALUE:
$25,000 liquidation value per share applicable to 7,298
shares, including dividends payable of $19,622 $ 182,469,622
---------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $ 465,436,880
Undistributed net investment income 6,372,086
Accumulated net realized loss on investment, credit default
swaps and foreign currency transactions (141,748,710)
Net unrealized depreciation on investments (2,106,688)
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 13,991
---------------------------------------------------------------------------------------
Net assets applicable to common shareowners $ 327,967,559
---------------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE:
No par value (unlimited number of shares authorized)
Based on $327,967,559/24,730,092 common shares $ 13.26
=======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 43
Statement of Operations (unaudited)
For the Six Months Ended 5/31/13
INVESTMENT INCOME:
Interest $ 15,238,548
Dividends 67,213
Facility and other fees 754,461
--------------------------------------------------------------------------------------------------
Total Investment income $ 16,060,222
--------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,775,356
Administrative reimbursements 120,258
Transfer agent fees and expenses 12,968
Shareholder communications expense 5,588
Auction agent fees 231,444
Custodian fees 24,077
Registration fees 5,877
Professional fees 157,768
Printing expenses 14,718
Trustees' fees 8,433
Pricing fees 37,217
Miscellaneous 87,903
--------------------------------------------------------------------------------------------------
Total expenses $ 2,481,607
--------------------------------------------------------------------------------------------------
Net investment income $ 13,578,615
--------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (1,398,028)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (4,541) $ (1,402,569)
--------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 5,410,314
Unfunded loan commitment (6,431)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 13,129 $ 5,417,012
--------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 4,014,443
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS
FROM NET INVESTMENT INCOME: $ (1,545,658)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 16,047,400
==================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/13 Year Ended
(unaudited) 11/30/12
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 13,578,615 $ 29,253,889
Net realized loss on investments and foreign currency
transactions (1,402,569) (21,587,943)
Change in unrealized appreciation (depreciation) on
investments,unfunded loan commitments and foreign
currency transactions 5,417,012 (35,297,779)
Distributions to preferred shareowners from net
investment income (1,545,658) (2,841,944)
--------------------------------------------------------------------------------------------------
Net increase in net assets applicable to common
shareowners resulting from operations $ 16,047,400 $ 40,121,781
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income
($0.45 and $1.01 per share, respectively) $ (11,122,922) $ (25,046,607)
--------------------------------------------------------------------------------------------------
Total distributions to common shareowners $ (11,122,922) $ (25,046,607)
--------------------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions $ 328,940 $ 816,896
--------------------------------------------------------------------------------------------------
Net increase in net assets applicable to common
shareowners from Trust share transactions $ 328,940 $ 816,896
--------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
common shareowners $ 5,253,418 $ 15,892,070
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of period 322,714,141 306,822,071
--------------------------------------------------------------------------------------------------
End of period $ 327,967,559 $ 322,714,141
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 6,372,086 $ 5,462,051
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 45
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/13 Ended Ended Ended Ended Ended
(unaudited) 11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 13.06 $ 12.45 $ 12.52 $ 11.40 $ 8.62 $ 18.07
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:(a)
Net investment income $ 0.55 $ 1.19 $ 1.28 $ 1.17 $ 1.13 $ 1.88
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.16 0.55 (0.30) 0.94 2.94 (8.88)
Distributions to preferred shareowners from:
Net investment income (0.06) (0.12) (0.11) (0.11) (0.12) (0.37)
Net realized gains -- -- -- -- -- (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.65 $ 1.62 $ 0.87 $ 2.00 $ 3.95 $ (7.40)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income (0.45) (1.01) (0.94) (0.88) (1.12) (1.70)
Net realized gains -- -- -- -- -- (0.35)
Tax return of capital -- -- -- -- (0.05) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.20 $ 0.61 $ (0.07) $ 1.12 $ 2.78 $ (9.45)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period(b) $ 13.26 $ 13.06 $ 12.45 $ 12.52 $ 11.40 $ 8.62
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period(b) $ 13.77 $ 13.41 $ 12.55 $ 13.16 $ 11.54 $ 6.90
====================================================================================================================================
Total return at market value(c) 6.84% 15.66% 2.60% 22.63% 91.01% (52.10)%
Ratios to average net assets of common shareowners:
Net expenses (d) 1.53%(e) 1.58% 1.67% 1.74% 2.03% 1.60%
Net investment income before preferred share distributions 8.35%(e) 9.24% 9.96% 9.66% 11.79% 12.61%
Preferred share distributions 0.95%(e) 0.90% 0.85% 0.94% 1.26% 2.47%
Net investment income available to common shareowners 7.40%(e) 8.34% 9.11% 8.72% 10.53% 10.14%
Portfolio turnover 45% 63% 42% 40% 32% 31%
Net assets of common shareowners, end of period (in thousands) $327,968 $322,714 $306,822 $307,137 $278,565 $210,617
====================================================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/13 Ended Ended Ended Ended Ended
(unaudited) 11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) $182,450 $182,450 $182,450 $182,450 $182,450 $204,475
Asset coverage per preferred share, end of period $ 69,932 $ 69,222 $ 67,047 $ 69,090 $ 63,175 $ 50,758
Average market value per preferred share (f) $ 24,997 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Liquidation value, including dividends payable, per preferred share $ 24,999 $ 25,003 $ 25,005 $ 25,005 $ 25,005 $ 25,007
Ratios to average net assets of common shareowners before
waivers and reimbursement of expenses
Total expenses (d) 1.53%(e) 1.58% 1.67% 1.74% 2.03% 1.60%
Net investment income before preferred share distributions 8.35%(e) 9.24% 9.96% 9.66% 11.79% 12.61%
Preferred share distributions 0.95%(e) 0.90% 0.85% 0.94% 1.26% 2.47%
Net investment income available to common shareowners 7.40%(e) 8.32% 9.11% 8.72% 10.53% 10.14%
====================================================================================================================================
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) Net asset value and market value are published in Barron's on Saturday, The
Wall Street Journal on Monday and The New York Times on Monday and Saturday.
(c) Total investment return is calculated assuming a purchase of common shares
at the current market value on the first day and a sale at the current
market value on the last day of the periods reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(d) Expense ratios do not reflect the effect of distribution payments to
preferred shareowners.
(e) Annualized.
(f) Market value is redemption value without an active market.
The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the periods indicated. This
information has been determined based upon financial information provided in the
financial statements and market value data for the Trust's common shares.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 47
Notes to Financial Statements | 5/31/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Trust (the Trust) was organized as a Delaware statutory
trust on October 6, 2004. Prior to commencing operations on December 28, 2004,
the Trust had no operations other than matters relating to its organization and
registration as a non-diversified, closed-end management investment company
under the Investment Company Act of 1940, as amended. The Trust is a diversified
fund. The investment objective of the Trust is to provide a high level of
current income. The Trust will, as a secondary objective, also seek preservation
of capital to the extent consistent with its primary objective of high current
income.
The Trusts financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. Senior floating rate
loan interests (senior loans) are valued in accordance with guidelines
established by the Board of Trustees at the mean between the last available
bid and asked prices from one or more brokers or dealers as obtained from
Loan Pricing Corporation, an independent pricing service. Senior loans for
which no reliable price quotes are available will be valued by Loan Pricing
Corporation through the use of pricing matrices to determine valuations.
Fixed-income securities with remaining maturity of more than sixty days are
valued at prices supplied by independent pricing services, which consider
such factors as market prices, market events, quotations from one or more
brokers, Treasury spreads, yields, maturities and ratings. Valuations may be
supplemented by dealers and other sources, as required. Equity securities
that are traded on an exchange are valued at the last sale price on the
principal exchange where they are traded. Equity securities that have not
traded on the date of valuation, or securities for which sale prices are not
available, generally are valued using the mean between the last bid and
asked prices.
48 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Short-term fixed income securities with remaining maturities of sixty days
or less generally are valued at amortized cost. Shares of money market
mutual funds are valued at such funds' net asset value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the New York Stock Exchange (NYSE). The values
of such securities used in computing the net asset value of the Trust's
shares are determined as of such times.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Trust may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Trusts net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Trust's securities may
differ from exchange prices and such differences could be material. The
Trust's investment adviser, Pioneer Investment Management, Inc. (PIM) is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing basis,
and at least quarterly, with the Valuation Committee.
At May 31, 2013, 10 securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services), representing 0.7% of net assets applicable to common shareowners.
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities.
Discounts and premiums on debt securities are accreted or amortized,
respectively, daily, into interest income on an effective yield to maturity
basis with a corresponding increase or decrease in the cost basis of the
security. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
Interest income, including interest or income bearing cash accounts, is
recorded on an accrual basis, net of unrecoverable foreign taxes withheld at
the applicable country rates.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Trust becomes aware of the ex-dividend data in
the exercise of reasonable diligence.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 49
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Trust are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Trust may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Trusts financial statements. The Trust records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contracts and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 5).
D. Federal Income Taxes
It is the Trusts policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of May 31, 2013, the Trust did not have any interest and penalties
related to uncertain tax positions, which if applicable, would be recorded
as income tax expense on the Statement of Operations. Tax years for the
prior three fiscal years remain subject to examination by federal and state
tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
50 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable to shareowners will
be determined at the end of the current taxable year. The tax character of
distributions paid to shareowners during the year ended November 30, 2012
was as follows:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $27,888,551
----------------------------------------------------------------------------
Total $27,888,551
============================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at November 30, 2012:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributable Earnings:
Undistributed ordinary income $ 7,034,454
Capital loss carryforward (128,431,090)
Post-October loss deferred (11,915,051)
Dividends payable (1,872,810)
Unrealized depreciation (7,209,302)
----------------------------------------------------------------------------
Total $(142,393,799)
============================================================================
The difference between book-basis and tax-basis unrealized appreciation is
primarily attributable to tax deferral of losses on wash sales, the
realization for tax purposes of unrealized gains on investments in passive
foreign investment companies. The book/tax differences in the accrual of
income on securities in default, the difference between book and tax
amortization methods for premiums and discounts on fixed income securities
and other temporary book/tax differences.
E. Risks
Information regarding the Trust's principal risks is contained in the
Trust's original offering prospectus with additional information included in
the Trust's shareowner reports issued from time to time. Please refer to
those documents when considering the Trust's principal risks. At times, the
Trust's investments may represent industries or industry sectors that are
interrelated or have common risks, making the Trust more susceptible to any
economic, political, or regulatory developments or other risks affecting
those industries and sectors.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 51
The Trust invests primarily in senior floating rate loans (Senior Loans).
The Trust may also invest in other floating and variable rate instruments,
including second lien loans, investment grade fixed-income debt securities
and high yield, high risk corporate bonds. The Trust may also invest in
below investment grade securities. Below investment grade securities are
commonly referred to as junk bonds and are considered speculative with
respect to the issuers capacity to pay interest and repay principal. These
securities involve greater risk of loss, are subject to greater price
volatility, and are less liquid, especially during periods of economic
uncertainty or change, than higher rated debt securities. The Trust may
invest in securities of issuers that are in default or that are in
bankruptcy. Additionally, the Trust may invest in "event-linked" bonds,
which sometimes are referred to as "insurance-linked" or "catastrophe"
bonds. The return of principal and the payment of interest on event-linked
bonds are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. In
addition to the specified trigger events, event-linked bonds may expose the
Trust to other risks, including but not limited to issuer (credit) default,
adverse regulatory or jurisdictional interpretations and adverse tax
consequences.
The Trust's investments in certain foreign markets or countries with limited
developing markets may subject the Trust to a greater degree of risk than
would investments in a developed market. These risks include disruptive
political or economic conditions and the possible imposition of adverse
governmental laws or currency exchange restrictions.
The Trust is not limited in the percentage of its assets that may be
invested in Senior Loans and other securities deemed to be illiquid.
Illiquid securities may be difficult to sell at a fair price at times when
the Trust believes it is desirable to do so and their market price is
generally more volatile than that of more liquid securities. Illiquid
securities are also more difficult to value and investment of the Trusts
assets in illiquid securities may restrict the Trusts ability to take
advantage of market opportunities.
F. Repurchase Agreements
With respect to repurchase agreements entered into by the Trust, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Trusts custodian or a subcustodian of the Trust. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
52 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
G. Automatic Dividend Reinvestment Plan
All common shareowners whose shares are registered in their own names
automatically participate in the Automatic Dividend Reinvestment Plan (the
Plan), under which participants receive all dividends and capital gain
distributions (collectively, dividends) in full and fractional common shares
of the Trust in lieu of cash. Shareowners may elect not to participate in
the Plan. Shareowners not participating in the Plan receive all dividends
and capital gain distributions in cash. Participation in the Plan is
completely voluntary and may be terminated or resumed at any time without
penalty by notifying American Stock Transfer & Trust Company, the agent for
shareowners in administering the Plan (the Plan Agent), in writing prior to
any dividend record date; otherwise such termination or resumption will be
effective with respect to any subsequently declared dividend or other
distribution.
If a shareowners shares are held in the name of a brokerage firm, bank or
other nominee, the shareowner can ask the firm or nominee to participate in
the Plan on the shareowners behalf. If the firm or nominee does not offer
the Plan, dividends will be paid in cash to the shareowner of record. A firm
or nominee may reinvest a shareowners cash dividends in common shares of the
Trust on terms that differ from the terms of the Plan.
Whenever the Trust declares a dividend on common shares payable in cash,
participants in the Plan will receive the equivalent in common shares
acquired by the Plan Agent either (i) through receipt of additional unissued
but authorized common shares from the Trust or (ii) by purchase of
outstanding common shares on the New York Stock Exchange or elsewhere. If,
on the payment date for any dividend, the net asset value per common share
is equal to or less than the market price per share plus estimated brokerage
trading fees (market premium), the Plan Agent will invest the dividend
amount in newly issued common shares. The number of newly issued common
shares to be credited to each account will be determined by dividing the
dollar amount of the dividend by the net asset value per common share on the
date the shares are issued, provided that the maximum discount from the then
current market price per share on the date of issuance does not exceed 5%.
If, on the payment date for any dividend, the net asset value per common
share is greater than the market value (market discount), the Plan Agent
will invest the dividend amount in common shares acquired in open-market
purchases. There are no brokerage charges with respect to newly issued
common shares. However, each participant will pay a pro rata share of
brokerage trading fees incurred with respect to the Plan Agents open-market
purchases. Participating in the Plan does not relieve shareowners from any
federal, state or local taxes which may be due on dividends paid in any
taxable year. Shareowners holding Plan shares in a brokerage account may not
be able to transfer the shares to another broker and continue to participate
in the Plan.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 53
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), manages
the Trust's portfolio. Management fees payable under the Trust's Advisory
Agreement with PIM are calculated daily at the annual rate of 0.70% of the
Trust's average daily managed assets. Managed assets means (a) the total assets
of the Trust, including any form of investment leverage, minus (b) all accrued
liabilities incurred in the normal course of operations, which shall not include
any liabilities or obligations attributable to investment leverage obtained
through (i) indebtedness of any type (including, without limitation, borrowing
through a credit facility of the issuance of debt securities), (ii) the issuance
of preferred stock or other similar preference securities, and/or (iii) any
other means. For the period ended May 31, 2013, the net management fee was 0.70%
of the Trust's average daily managed assets, which was equivalent to 1.07% of
the Trust's average daily net assets.
In addition, under PIMs management and administration agreements, certain other
services and costs are paid by PIM and reimbursed by the Trust. At May 31, 2013,
$372,497 was payable to PIM related to management costs, administrative costs
and certain other services and is included in Due to affiliates and
Administration fee on the Statement of Assets and Liabilities.
PIM retains Brown Brothers Harriman & Co. (BBH) to provide certain
administrative and accounting services to the Trust on its behalf. For such
services, the Trust pays BBH a monthly fee at an annual rate of 0.025% of the
Trust's average daily managed assets subject to a minimum monthly fee of $6,250.
3. Transfer Agents
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned
indirect subsidiary of UniCredit, through a sub-transfer agency agreement with
American Stock Transfer & Trust Company, provides substantially all transfer
agent and shareowner services related to the Trusts common shares at negotiated
rates.
In addition, the Trust reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareowner communications activities such as proxy and
statement mailings and outgoing phone calls.
4. Expense Offset Arrangement
The Trust has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Trusts custodian expenses. For the period ended May 31, 2013, the Trust
expenses were not reduced under such an arrangement.
54 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
5. Forward Foreign Currency Contracts
The Trust may enter into various forward foreign currency contracts that
obligate the Trust to deliver or take delivery of currencies at specified future
maturity dates. Alternatively, prior to the settlement date of a forward foreign
currency contract, the Trust may close out such contract by entering into an
offsetting contract.
At May 31, 2013, the Trust had no open forward portfolio or settlement
contracts.
6. Unfunded Loan Commitments
As of May 31, 2013, the Trust had no unfunded loan commitments.
The Trust had the following bridge loan commitment outstanding at May 31, 2013.
--------------------------------------------------------------------------------
Unrealized
Borrower Par Cost Value Gain(Loss)
--------------------------------------------------------------------------------
Constellation Brands, Inc.,
Bridge Facility $1,800,000 $1,800,000 $1,800,000 $ --
================================================================================
7. Trust Shares
There are an unlimited number of common shares of beneficial interest
authorized.
Transactions in common shares of beneficial interest for the six months ended
May 31, 2013 and the year ended November 30, 2012 were as follows:
--------------------------------------------------------------------------------
5/31/13 11/30/12
--------------------------------------------------------------------------------
Shares outstanding at beginning of period 24,705,145 24,640,650
Reinvestment of distributions 24,947 64,495
--------------------------------------------------------------------------------
Shares outstanding at end of period 24,730,092 24,705,145
================================================================================
The Trust may classify or reclassify any unissued common shares of beneficial
interest into one or more series of preferred shares of beneficial interest. As
of May 31, 2013, there were 7,298 AMPS as follows: Series M7-2,434, Series
W7,-2,432 and Series TH7-2,432.
Dividends on Series M7, Series W7, and Series TH7, are cumulative at a rate
which is to be reset every seven days based on the results of an auction. An
auction fails if there are more AMPS offered for sale than there are buyers.
When an auction fails, the dividend rate for the period will be the maximum rate
on the auction dates described in the prospectus for the AMPS. Preferred
shareowners will not be able to sell their AMPS at an auction if the auction
fails. Since February 2008, the Trust's auctions related to the AMPS have
failed. The maximum rate for each series is the greater of 125% of the one week
LIBOR rate or the LIBOR rate plus a spread of 1.25%. Dividend rates on AMPS
ranged from 1.659% to 1.691% during the period ended May 31, 2013.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 55
The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, the Trust does not comply with the asset coverage
ratios described in the prospectus for the AMPS.
The AMPS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The AMPS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Statement of
Preferences are not satisfied.
The holders of AMPS have voting rights equal to the holders of the Trust's
common shares (one vote per share) and will vote together with holders of the
common shares as a single class. Holders of AMPS are also entitled to elect two
of the Trust's Trustees. In addition, the Investment Company Act of 1940, as
amended, requires that along with approval by shareowners that might otherwise
be required, the approval of the holders of a majority of any outstanding
preferred shares, voting separately as a class, would be required to (a) adopt
any plan of reorganization that would adversely affect the preferred shares and
(b) take any action requiring a vote of security holders, including, among other
things, changes in the Trust's subclassification as a closed-end management
investment company or changes in its fundamental investment restrictions.
See note 10 regarding the planned redemption of outstanding AMPS.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The effect of derivative instruments on the Statement of Operations for the six
months ended May 31, 2013 was as follows:
-------------------------------------------------------------------------------------------------
Change in
Unrealized
Derivatives Not Appreciation
Accounted for as Realized or
Hedging Instruments Gain or (Loss) (Depreciation)
Under Accounting on Derivatives on Derivatives
Codification Location of Gain or (Loss) on Recognized Recognized
(ASC) 185 Derivatives Recognized in Income in Income in Income
-------------------------------------------------------------------------------------------------
Forward Foreign Net realized gain(loss) on forward foreign $(4,541)
Currency Portfolio currency contracts and other assets
Hedge Contracts and liabilities denominated in
foreign currencies
Forward Foreign Change in net unrealized appreciation $13,129
Currency Portfolio (depreciation) on forward foreign currency
Hedge Contracts contracts and other assets and liabilities
denominated in foreign currencies
56 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
9. Subsequent Events
The Board of Trustees of the Trust declared on June 3, 2013 a dividend from
undistributed net investment income of $0.075 per common share payable June 28,
2013, to shareowners of record on June 17, 2013.
Subsequent to May 31, 2013, dividends declared and paid on preferred shares
totaled $403,603 in aggregate for the outstanding preferred share series through
July 17, 2013.
10. Redemption of AMPS
The Trust intends to redeem all of its outstanding auction market preferred
shares ("AMPS") at the liquidation preference per share (sometimes referred to
as "at par"), together with accrued and unpaid dividends, if any, as of the
redemption date.
The Board of Trustees has authorized a third-party debt facility and the
redemption of the Trust's outstanding AMPS. The redemption of the Trust's AMPS
is subject to the successful negotiation of the new financing and the
satisfaction of certain notice and regulatory requirements and the closing
conditions of the new financing. Pioneer expects the redemption to be completed
by the end of 2013.
After the refinancing is completed, the Trust will continue to employ financial
leverage for investment purposes. At this time, the refinancing is not expected
to affect the Trust's monthly distribution rate per common share.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 57
ADDITIONAL INFORMATION (unaudited)
During the year, there have been no material changes in the Trusts investment
objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. During the year, there have been no changes in the
principal risk factors associated with investment in the Trust. There were no
changes in the persons who are primarily responsible for the day-to-day
management of the Trust's portfolio.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.
58 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Legal Counsel
Bingham McCutchen LLP
Transfer Agent
Pioneer Investment Management Shareholder Services, Inc
Shareowner Services and Transfer Agent
American Stock Transfer & Trust Company
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Trust
** Chief Financial and Accounting Officer of the Trust
Pioneer Floating Rate Trust | Semiannual Report | 5/31/13 59
This page for your notes.
60 Pioneer Floating Rate Trust | Semiannual Report | 5/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information 1-800-710-0935
Or write to AST:
--------------------------------------------------------------------------------
For Write to
General inquiries, lost dividend checks, American Stock
change of address, lost stock certificates, Transfer & Trust
stock transfer Operations Center
6201 15th Ave.
Brooklyn, NY 11219
Dividend reinvestment plan (DRIP) American Stock
Transfer & Trust
Wall Street Station
P.O. Box 922
New York, NY 10269-0560
Website www.amstock.com
For additional information, please contact your investment advisor or visit our
web site us.pioneerinvestments.com.
The Trust files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19389-07-0713
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
The registrant has a separately-designated standing audit
committe eestablished in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Information not required in semi annual reports on form NCSR.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Information not required in semi annual reports on form NCSR.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date July 30, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date July 30, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 30, 2013
* Print the name and title of each signing officer under his or her signature.