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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
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)
Dorothy E. Bourassa, 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: February 28, 2010
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
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. Schedule of Investments.
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/10 (unaudited)
Principal
Amount
USD ($) Value ($)
COLLATERALIZED LOAN OBLIGATIONS - 1.6% of Net Assets
Banks - 1.6%
Diversified Banks - 0.5%
1,000,000 (a)(b)(c)Primus, Ltd., 2007-2A D, 2.651%, 7/15/21 (144 147,510
1,000,000 (a)(b) Rampart, Ltd., 2006-1A, 3.801%, 4/18/21 (144A 613,360
951,289 (a)(b) Stanfield McLaren, Ltd., 2007-1A B2L, 4.752%, 662,925
1,423,795
Thrifts & Mortgage Finance - 1.1%
1,000,000 (a)(b) ACA, Ltd. 2007-1A D, 2.601%, 6/15/22 (144A) 561,540
1,000,000 (a)(b) Goldman Sachs Asset Management, Plc, 2007-1A 594,570
1,013,186 (a)(b) Gulf Stream Sextant, Ltd., 2007-1A D, 2.653%, 592,683
1,000,000 (a)(b) Landmark CDO, Ltd., 2007-9A E, 3.751%, 4/15/2 454,430
2,000,000 (a)(b) Stone Tower, Ltd., 2007-6A C, 1.601%, 4/17/21 1,000,000
3,203,223
Total Banks 4,627,018
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $6,285,819) 4,627,018
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 139.9%*
Energy - 5.7%
Oil & Gas Drilling - 2.2%
2,184,684 Big West Oil LLC, Delayed Advance Term Loan, 2,157,375
1,737,816 Big West Oil LLC, Initial Advance Term Loan, 1,716,094
1,300,000 Big West Oil LLC, Term Loan, 9.5%, 1/30/15 1,261,000
942,442 (a)(d)(e)TARH E&P Holdings, L.P., First Lien Second Ou 942,442
371,360 (a)(d)(e)TARH E&P Holdings, L.P., Second Lien Debt Ter 352,792
6,429,703
Oil & Gas Equipment & Services - 2.3%
2,120,274 Coffeyville Resources LLC, Tranche D Term Loa 2,145,011
4,490,749 (a)(d) Value Creation, Inc., Term Loan, 12.5%, 3/31/ 4,681,606
6,826,617
Oil & Gas Exploration & Production - 0.9%
2,055,208 (a)(c)(e)Crusader Energy Group, Inc., Second Lien Term 0
1,000,000 Targa Resources, Inc., Term Loan, 6.0%, 7/5/1 1,005,000
1,612,942 VenoCo., Inc., Second Lien Term Loan, 4.25%, 1,507,093
2,512,093
Oil & Gas Storage & Transportation - 0.3%
1,023,695 Atlas Pipeline Partners, L.P., Term Loan, 6.7 1,021,775
Total Energy 16,790,188
Materials - 8.4%
Commodity Chemicals - 0.5%
1,500,000 Celanese US Holdings LLC, Term Loan, 7.099%, 1,444,087
Diversified Chemicals - 4.0%
383,573 Ashland, Inc., Term B Borrowing, 7.65%, 5/13/ 389,127
250,000 Huntsman International LLC, New Dollar Term L 237,365
10,959,148 Solutia, Inc., Term Loan, 7.25%, 2/28/14 11,135,272
11,761,764
Specialty Chemicals - 1.4%
3,500,000 Chemtura Corp., Facility Term Loan, 6.0%, 2/1 3,521,875
746,250 Nalco Co., Term Loan, 6.5%, 5/13/16 754,459
4,276,334
Construction Materials - 0.5%
1,500,000 Summit Materials, Term Loan, 6.75%, 7/7/14 1,503,750
Paper Packaging - 1.7%
756,195 Graham Packaging Co., L.P., Term Loan B., 2.5 748,841
818,063 Graham Packaging Co., L.P., Term Loan C, 6.75 824,821
1,780,401 Graphic Packaging International, Inc., Increm 1,751,593
1,700,000 Smurfit-Stone Container Enterprises, Inc., Ex 1,692,549
5,017,804
Aluminum - 0.3%
1,000,000 Noranda Aluminum Acquisition Corp., Term Loan 878,333
878,333
Total Materials 24,882,072
Capital Goods - 7.0%
Aerospace & Defense - 2.2%
487,429 Aeroflex, Inc., Tranche B-2 Term Loan, 4.0%, 457,372
1,629,714 BE Aerospace, Inc., Tranche B Term Loan, 5.75 1,646,302
757,268 DAE Aviation Holdings, Inc., Tranche B-1 Term 708,046
1,675,790 Hunter Defense Technologies, Inc., Term Loan, 1,554,295
911,148 (d) IAP Worldwide Services, Inc., First Lien Term 815,478
738,952 Standard Aero, Ltd., Tranche B-2 Term Loan, 4 690,920
175,000 TASC, Inc., Tranche A Term Loan, 5.5%, 12/18/ 176,240
325,000 TASC, Inc., Tranche B Term Loan, 5.75%, 12/18 328,114
6,376,767
Building Products - 2.2%
5,691,518 (a)(c)(d)Atrium Companies, Inc., Closing Date Term Loa 5,150,823
1,282,982 Custom Building Products, Inc., First Lien Te 1,242,888
6,393,711
Construction & Engineering - 0.5%
1,505,630 URS Corp., Tranche B Term Loan, 2.479%, 5/15/ 1,501,622
Industrial Conglomerates - 0.3%
989,744 Kansas City Southern Railway Co., Advance Ter 966,650
Construction & Farm Machinery & Heavy Trucks - 1.8%
1,500,000 Bucyrus International, Inc., Tranche C U.S. D 1,511,709
2,955,176 Manitowoc Co., Inc., Term Loan B, 7.5%, 11/6/ 2,951,482
868,601 Oshkosh Truck Corp., Term Loan B, 6.25% - 6.2 871,315
5,334,506
Total Capital Goods 20,573,256
Commercial & Professional Services - 5.3%
Commercial Printing - 0.8%
40,205 Cenveo Corp., Delayed Draw Term Loan, 4.753%, 40,274
1,408,199 Cenveo Corp., Facility Term Loan C, 4.753%, 6 1,410,620
747,292 World Color Press, Inc. & World Color (USA) C 757,879
2,208,773
Diversified Commercial & Professional Services - 2.1%
970,000 Aramark Canada, Ltd., Canadian Term Loan, 2.1 923,925
5,647,454 Cydcor, Inc., First Lien Tranche B Term Loan, 5,287,429
6,211,354
Environmental & Facilities Services - 1.1%
1,750,000 Advanced Disposal Services, Inc., Term Loan B 1,758,750
1,100,000 Brickman Group Holdings, Inc., Tranche B Term 1,051,875
422,875 Casella Waste Systems, Inc., Term Loan B, 7.0 427,104
3,237,729
Diversified Support Services - 1.0%
890,069 Allied Security Holdings LLC, Term Loan, 6.75 900,639
398,974 Iron Mountain, Inc., Initial Term Loan, 1.5%, 387,005
1,750,000 Language Line LLC, Tranche B Term Loan, 5.5%, 1,760,937
3,048,581
Security & Alarm Services - 0.3%
997,500 Protection One Alarm Monitoring, Inc., Tranch 964,665
Total Commercial & Professional Services 15,671,102
Transportation - 3.2%
Airlines - 1.7%
980,000 Delta Airlines, Inc., Credit-Linked Deposit L 922,016
472,727 Delta Airlines, Inc., Second Lien Term Loan, 403,473
897,750 Delta Airlines, Inc., Term Loan, 8.75%, 9/27/ 906,503
3,650,000 US Airways Group, Inc., Term Loan, 2.729%, 3/ 2,788,341
5,020,333
Marine - 0.4%
1,437,500 Horizon Lines LLC, Term Loan, 3.26%, 8/8/12 1,214,688
Trucking - 0.6%
1,067,819 (c)(d) Gainey Corp., Term Loan, 12.5%, 4/20/12 293,650
512,360 SIRVA Worldwide, Inc., Revolving Credit Loan, 283,079
2,463,211 (d) SIRVA Worldwide, Inc., Second Lien Term Loan, 338,692
1,080,571 SIRVA Worldwide, Inc., Term Loan, 10.25% - 13 702,371
1,617,792
Airport Services - 0.5%
1,713,689 AWAS Capital, Inc., First Lien Term Loan, 2.0 1,602,299
Total Transportation 9,455,112
Automobiles & Components - 6.4%
Auto Parts & Equipment - 3.3%
2,878,981 Allison Transmission, Inc., Term Loan, 2.98% 2,650,462
37,495 (c) Cooper-Standard Automotive Canada, Ltd., Cana 37,111
32,045 (c) Cooper-Standard Automotive Canada, Ltd., Tran 31,717
97,713 (c) Cooper-Standard Automotive Canada, Ltd., Tran 96,712
40,695 (c) Cooper-Standard Automotive, Inc., Multicurren 40,278
244,083 (c) Cooper-Standard Automotive, Inc., Tranche C T 241,581
271,324 (c) Cooper-Standard Automotive, Inc., Tranche D T 268,543
134,653 (c) Cooper-Standard Automotive, Inc., Tranche E T 133,273
75,733 (c) Cooper-Standard Automotive, Inc., U.S. Revolv 74,957
592,635 Federal-Mogul Corp., Tranche B Term Loan, 2.1 520,408
302,365 Federal-Mogul Corp., Tranche C Term Loan, 2.1 265,514
3,889,710 Key Safety Systems, Inc., First Lien Term Loa 3,080,164
1,687,500 Lear Corp., Delayed Draw Term Loan, 7.5%, 11/ 1,696,148
500,000 TRW Automotive Inc., Tranche B-3 Term Loan, 5 502,292
9,639,160
Automobile Manufacturers - 3.1%
9,687,108 Ford Motor Co., Tranche B-1 Term Loan, 3.24% 9,099,159
Total Automobiles & Components 18,738,319
Consumer Durables & Apparel - 1.0%
Homebuilding - 0.5%
2,369,368 (c)(d) Ginn LA Conduit Lender, Inc., First Lien Tran 195,473
5,077,235 (c)(d) Ginn LA Conduit Lender, Inc., First Lien Tran 418,872
1,000,000 (a)(c)(g)WAICCS Las Vegas 3 LLC, First Lien Term Loan, 300,000
4,500,000 (a)(c)(g)WAICCS Las Vegas 3 LLC, Second Lien Term Loan 455,625
1,369,970
Housewares & Specialties - 0.2%
502,009 Jarden Corp., Term Loan B-3, 2.751%, 1/24/12 499,552
Apparel, Accessories & Luxury Goods - 0.3%
1,000,000 Hanesbrands, Inc., New Term Loan, 5.25%, 12/1 1,013,036
Total Consumer Durables & Apparel 2,882,558
Consumer Services - 5.4%
Casinos & Gaming - 1.3%
5,000,000 (a)(c) Fontainebleau Florida Hotel LLC, Tranche C Te 1,650,000
563,337 (c) Fontainebleau Las Vegas LLC, Delayed Draw Ter 111,259
1,126,673 (c) Fontainebleau Las Vegas LLC, Initial Term Loa 222,518
1,200,000 Harrah's Operating Co., Inc., Term Loan B-4, 1,202,000
715,085 Penn National Gaming, Inc., Term Loan B, 1.98 702,750
3,888,527
Hotels, Resorts & Cruise Lines - 0.4%
1,190,445 Yellowstone Mountain Club LLC, Senior First L 1,178,540
Leisure Facilities - 1.4%
2,500,000 Cedar Fair, LP Term Loan B, 3.75%, 4/1/16 2,500,390
12,111 (c)(d) Lake at Las Vegas Joint Venture, Mezzanine Lo 424
587,649 (a)(c) Lake at Las Vegas Joint Venture, Revolving Cr 11,263
6,402,380 (a)(c)(d)Lake at Las Vegas Joint Venture, Term Loan, 1 122,714
1,765,105 (d) Lake at Las Vegas Joint Venture, Debtor in Po 617,787
750,000 Universal City Development Partners, Ltd., Te 756,563
4,009,141
Education Services - 0.6%
1,795,443 Bright Horizons Family Solutions, Inc., Tranc 1,804,420
Specialized Consumer Services - 1.7%
1,017,765 Adesa, Inc., Initial Term Loan, 2.98%, 10/21/ 985,960
165,170 Travelport LLC, Incremental Term Loan C, 10.5 166,340
3,910,021 Web Service Co., LLC, Term Loan, 7.0%, 8/28/1 3,912,465
5,064,765
Total Consumer Services 15,945,393
Media - 26.9%
Advertising - 0.5%
1,475,380 Lamar Media Corp., Incremental Term Loan Seri 1,471,692
Broadcasting - 9.8%
2,652,051 Discovery Communications Holding, LLC, Term L 2,676,914
AUD 16,466,037 SMG H5 Pty, Ltd., Facility Term Loan A, 5.731 13,363,015
11,115,966 Univision Communications, Inc., Initial Term 9,620,524
3,769,895 (a)(c) Young Broadcasting, Inc., Term Loan, 4.75%, 1 3,107,023
28,767,476
Cable & Satellite - 12.0%
19,591,675(a)(c)(d)Broadstripe LLC, First Lien Term Loan, 9.25%, 9,795,837
1,428,203 (a)(c)(d)Broadstripe LLC, Revolver Credit Loan, 8.87% 714,102
9,731,809 Cequel Communications LLC, Term Loan, 2.249% 9,260,089
4,937,028 Charter Communications Operating LLC, New Ter 4,621,250
6,600,274 Knology, Inc., Term Loan, 2.479%, 6/30/12 6,402,266
4,863,250 WideOpenWest Finance LLC, First Lien Term Loa 4,506,613
35,300,157
Movies & Entertainment - 3.8%
2,380,607 Alpha Topco, Ltd., Facility Term Loan B-1, 2. 2,140,761
1,608,032 Alpha Topco, Ltd., Facility Term Loan B-2, 2. 1,446,023
1,500,000 Carmike Cinemas, Inc., Initial Term Loan, 5.5 1,499,532
1,563,966 Lodgenet Entertainment Corp., Closing Date Te 1,457,616
7,734,045 (c) Metro-Goldwyn-Mayer, Inc., Tranche B Term Loa 4,694,805
11,238,737
Publishing - 0.8%
EURO935,574 Mediannuaire Holding, Term Loan B-2, 2.964%, 924,389
EURO935,574 Mediannuaire Holding, Term Loan C, 3.464%, 10 924,389
3,500,000 (c) Penton Media Holdings, Inc., Second Lien Term 525,000
2,373,778
Total Media 79,151,840
Retailing - 5.7%
Distributors - 0.9%
14,944,776(a)(c)(d)Home Interiors & Gifts, Inc., Proof of Claims 2,615,336
Catalog Retail - 0.2%
554,615 QVC, Inc., Tranche 2-W Term Loan, 3.749%, 10/ 555,295
General Merchandise Stores - 2.3%
2,841,135 Dollar General Corp., Tranche B-1 Term Loan, 2,763,990
4,268,478 Dollar General Corp., Tranche B-2 Term Loan, 4,120,682
6,884,672
Oil & Gas - 0.6%
1,700,000 Pilot Travel Centers LLC, Term Loan B, 3.5%, 1,715,021
Specialty Stores - 1.7%
967,414 Sally Holdings LLC, Term Loan B, 2.48%, 11/16 953,076
4,180,100 Toys R Us - Delaware, Inc., Tranche B Term Lo 4,181,830
5,134,906
Total Retailing 16,905,230
Food & Staples Retailing - 2.1%
Drug Retail - 0.5%
1,400,000 Rite Aid Corp., Tranche 4 Term Loan, 9.5%, 6/ 1,459,850
Food Retail - 1.6%
4,875,000 Pinnacle Foods Finance LLC, Term Loan, 2.979% 4,601,459
Total Food & Staples Retailing 6,061,309
Food, Beverage & Tobacco - 2.8%
Distillers & Vintners - 0.4%
363,391 Constellation Brands, Inc., Extending Tranche 360,114
736,609 Constellation Brands, Inc., Non-Extending Tra 739,823
1,099,937
Agricultural Products - 0.5%
1,500,000 Wm. Bolthouse Farms, Inc., First Lien Term Lo 1,503,124
Packaged Foods & Meats - 1.9%
992,347 Dean Foods Co., Tranche B Term Loan, 1.615% - 956,126
260,245 Dole Food Co., Inc., Credit-Linked Deposit Lo 260,245
309,108 Dole Food Co., Inc., Tranche B Term Loan, 8.0 309,108
220,588 Dole Food Co., Inc., Tranche B-1 Term Loan, 3 221,278
931,627 Dole, Ltd., Tranche C Term Loan, 8.0%, 4/12/1 931,627
529,412 Dole, Ltd., Tranche C-1 Term Loan, 3.25%, 2/1 531,066
2,540,730 Sturm Foods, Inc., Initial First Lien Term Lo 2,542,846
5,752,296
Total Food, Beverage & Tobacco 8,355,357
Household & Personal Products - 4.7%
Household Products - 3.6%
2,486,039 Central Garden & Pet Co., Tranche B Term Loan 2,365,466
1,700,000 JohnsonDiversey, Inc., Tranche B Dollar Term 1,717,000
1,400,000 Reynolds Group Holdings, Inc., U.S. Term Loan 1,413,825
4,125,841 (d) Spectrum Brands, Inc., Dollar Term Loan B, 8. 4,130,999
210,397 Spectrum Brands, Inc., LC Loan, 1.5%, 6/30/12 210,660
1,032,010 Yankee Candle Co., Inc., Term Loan, 2.23% - 2 994,599
10,832,549
Personal Products - 0.9%
977,444 (a) Appleseed's Intermediate Holdings, Inc., Firs 464,286
2,500,000 Revlon Consumer Products Corp., Term Loan, 4. 2,474,805
2,939,091
Total Household & Personal Products 13,771,640
Health Care Equipment & Services - 12.2%
Health Care Equipment & Services - 1.4%
714,286 Fenwal, Inc., First Lien Delayed Draw Term Lo 625,000
4,167,857 Fenwal, Inc., Initial First Lien Term Loan, 2 3,646,875
4,271,875
Health Care Supplies - 2.9%
464,930 Bausch & Lomb, Inc., Delayed Draw Term Loan, 446,979
1,914,539 Bausch & Lomb, Inc., Parent Term Loan, 3.501% 1,840,617
2,823,229 Biomet, Inc., Dollar Term Loan, 3.229% - 3.25 2,741,901
150,564 CCS Medical, Inc., Debtor in Possession Term 150,564
5,163,713 (c) CCS Medical, Inc., First Lien Term Loan, 4.35 3,472,597
8,652,658
Health Care Services - 3.2%
750,000 Alliance HealthCare Services, Initial Term Lo 748,829
1,500,000 Butler Animal Health Supply LLC, Term Loan, 5 1,511,250
1,069,076 Fresenius SE, Tranche B-1 Term Loan, 6.75%, 9 1,079,099
2,923,664 LifeCare Holdings, Term Loan, 4.5%, 8/10/12 2,550,897
1,016,396 (d) Medical Staffing Network, Inc., Second Lien T 533,608
1,920,000 RehabCare Group, Inc., Term Loan B, 6.0%, 11/ 1,921,200
1,000,000 Rural/Metro Operating Co., LLC, Term Loan, 7. 1,003,125
9,348,008
Health Care Facilities - 4.0%
56,563 CHS/ Community Health Systems, Inc., Delayed 52,971
1,106,643 CHS/ Community Health Systems, Inc., Term Loa 1,036,371
10,813,450 HCA, Inc., Tranche B-1 Term Loan, 2.501%, 11/ 10,282,607
302,147 Psychiatric Solutions, Inc., Term Loan, 2.002 294,215
11,666,164
Managed Health Care - 0.7%
899,355 Aveta, Inc., MMM Original Term Loan, 5.48%, 8 882,117
133,603 Aveta, Inc., NAMM New Term Loan, 5.48%, 8/22/ 131,043
240,747 Aveta, Inc., NAMM Original Term Loan, 5.48%, 236,133
737,042 Aveta, Inc., PHMC Acquisition Term Loan, 5.48 722,915
1,972,208
Total Health Care Equipment & Services 35,910,913
Pharmaceuticals & Biotechnology & Life Sciences - 5.5%
Biotechnology - 0.8%
365,000 Warner Chilcott Co., Inc., Term Loan B-3, 5.7 365,937
722,034 Warner Chilcott Co., LLC, Term Loan A, 5.5%, 723,523
794,237 Warner Chilcott Co., LLC, Term Loan B-2, 5.75 795,454
361,017 Warner Chilcott Corp., Term Loan B-1, 5.75%, 361,570
2,246,484
Pharmaceuticals - 4.7%
575,924 Fresenius SE, Tranche B-2 Term Loan, 6.75%, 9 581,323
305,135 Graceway Pharmaceuticals LLC, First Lien Term 219,697
2,000,000 Graceway Pharmaceuticals LLC, Mezzanine Loan, 350,000
12,844,551 Mylan, Inc., U.S. Tranche B Term Loan, 3.5% - 12,728,590
13,879,610
Total Pharmaceuticals & Biotechnology & Life 16,126,094
Diversified Financials - 0.6%
Specialized Finance - 0.6%
1,920,181 Collect Acquisition Corp., Advance Term Loan 1,907,781
Consumer Finance - 0.0%
6,809 Dollar Financial Corp., Canadian Borrower Ter 6,616
5,007 Dollar Financial Corp., Delayed Draw Term Loa 4,865
11,481
Total Diversified Financials 1,919,262
Insurance - 1.7%
Insurance Brokers - 1.7%
847,875 HUB International, Ltd., Additional Term Loan 839,662
861,964 HUB International, Ltd., Delayed Draw Term Lo 795,432
3,125,933 HUB International, Ltd., Initial Term Loan, 2 2,884,652
498,750 USI Holdings Corp., New Term Loan Series C, 7 485,867
5,005,613
Multi-Line Insurance - 0.0%
148,855 AMWINS Group, Inc., Initial Term Loan, 2.76%, 138,993
Total Insurance 5,144,606
Real Estate - 1.3%
Diversified Real Estate Investment Trust - 1.3%
5,000,000 Spirit Finance Corp., Term Loan, 3.249%, 8/1/ 3,925,000
Total Real Estate 3,925,000
Software & Services - 14.0%
IT Consulting & Other Services - 4.8%
937,886 Activant Solutions, Inc., Term Loan, 2.25% - 896,854
4,534,884 Keane International, Inc., Closing Date Term 4,240,116
348,837 Keane International, Inc., Synthetic LC Loan, 326,163
4,937,500 SunGard Data Systems, Inc., Incremental Term 4,983,172
3,683,176 SunGard Data Systems, Inc., Tranche A U.S. Te 3,547,934
13,994,239
Data Processing & Outsourced Services - 1.4%
2,020,899 DTN, Inc., Tranche C Term Loan, 5.227% - 7.0% 1,965,324
992,386 First Data Corp., Initial Tranche B-2 Term Lo 868,269
1,188,927 Lender Processing Services, Inc., Term Loan B 1,189,917
4,023,510
Application Software - 1.9%
1,602,258 Nuance Communications, Inc., Term Loan, 2.23% 1,548,975
3,531,739 Serena Software, Inc., Term Loan, 2.257%, 3/1 3,306,591
931,279 Verint Systems, Inc., Term Loan, 3.48%, 5/25/ 884,715
5,740,281
Systems Software - 5.9%
1,250,000 Allen Systems Group, Inc., First Lien Term Lo 1,259,766
2,334,269 Applied Systems, Inc., Term Loan, 2.729%, 9/2 2,229,227
2,324,507 Infor Enterprise Solutions Holdings, Inc., De 2,174,867
2,925,000 Infor Enterprise Solutions Holdings, Inc., Do 2,654,437
4,455,304 Infor Enterprise Solutions Holdings, Inc., In 4,168,494
1,466,667 Infor Enterprise Solutions Holdings, Inc., Se 1,173,333
2,533,333 Infor Enterprise Solutions Holdings, Inc., Se 2,064,667
665,334 Macrovision Solutions Corp., Term Loan, 6.0%, 668,660
1,000,000 Vangent, Inc., Term Loan, 2.48% - 2.51%, 2/14 955,000
17,348,451
Total Software & Services 41,106,481
Technology Hardware & Equipment - 3.3%
Communications Equipment - 0.8%
868,732 CommScope, Inc., Term Loan B, 2.729% - 4.75%, 859,269
1,500,000 TowerCo Finance LLC, Term Loan, 6.0%, 11/24/1 1,515,000
2,374,269
Electronic Equipment & Instruments - 1.0%
611,111 H3C Holdings, Ltd., Tranche B Term Loan, 3.63 592,778
1,151,542 Itron, Inc., Dollar Term Loan, 3.98%, 4/18/14 1,148,663
1,543,513 Scitor Corp., Term Loan, 4.48%, 9/26/14 1,366,009
3,107,450
Electronic Components - 0.4%
36,285 Flextronics International, Ltd., A-1-B Delaye 34,440
1,154,601 Flextronics International, Ltd., A-3 Delayed 1,104,087
1,138,527
Electronic Manufacturing Services - 1.1%
1,730,570 Baldor Electric Co., Term Loan, 5.25%, 1/31/1 1,741,040
749,889 FCI USA, Inc., Facility Term Loan B-1, 3.617% 703,958
749,889 FCI USA, Inc., Facility Term Loan B-5-B, 3.61 703,958
3,148,956
Total Technology Hardware & Equipment 9,769,202
Telecommunication Services - 11.0%
Alternative Carriers - 2.0%
6,500,000 Level 3 Financing, Inc., Tranche A Term Loan, 5,881,148
Integrated Telecommunication Services - 6.6%
EURO752,152 Amsterdamse Beheer-EN Consultingmaatschappij 997,503
EURO390,705 Amsterdamse Beheer-EN Consultingmaatschappij 518,153
EURO1,142,857 Amsterdamse Beheer-EN Consultingmaatschappij 1,515,657
EURO857,143 Amsterdamse Beheer-EN Consultingmaatschappij 1,136,742
EURO857,143 Amsterdamse Beheer-EN Consultingmaatschappij 1,136,742
1,000,000 Hargray Acquisition Co., Second Lien Term Loa 850,000
1,915,102 Integra Telecom Holdings, Inc., First Lien Te 1,923,481
3,983,117 Telesat Canada, U.S. Term I Loan, 3.24%, 10/3 3,891,362
342,116 Telesat Canada, U.S. Term II Loan, 3.24%, 10/ 334,235
748,072 Time Warner Telecom Holdings, Inc., Term Loan 732,122
1,289,573 West Corp., Term Loan B-2, 2.604% - 2.624%, 1 1,249,475
EURO1,500,000 Wind Telecomunicazione S.p.A., Facility Term 1,986,108
EURO1,500,000 Wind Telecomunicazione S.p.A., Facility Term 1,986,108
1,177,887 Windstream Corp., Tranche B-2 Term Loan, 3.01 1,146,967
19,404,655
Wireless Telecommunication Services - 2.4%
7,280,694 MetroPCS Wireless, Inc., Tranche B Term Loan, 7,041,035
Total Telecommunication Services 32,326,838
Utilities - 5.7%
Electric Utilities - 4.8%
2,971,040 (h) Bosque Power Co. LLC, Term Loan, 5.489%, 1/16 2,260,465
1,754,777 Coleto Creek Power, L.P., First Lien Syntheti 1,595,750
3,370,991 Coleto Creek Power, L.P., First Lien Term Loa 3,065,495
4,825,000 Coleto Creek Power, L.P., Second Lien Term Lo 3,956,500
881,057 (a)(d)(e)GBGH LLC, First Lien Term Loan, 4.0%, 6/9/13 411,013
282,485 (a)(d)(e)GBGH, LLC, Second Lien Term Loan, 12.0%, 6/9/ 2,825
3,430,445 Texas Competitive Electric Holdings Co. LLC, 2,773,943
14,065,991
Independent Power Producers & Energy Traders - 0.9%
1,978,502 Calpine Corp., First Priority Term Loan, 3.13 1,864,857
275,941 Mach Gen LLC, First Lien Synthetic LC Loan, 0 257,177
273,514 NRG Energy, Inc., Credit-Linked Deposit Loan, 264,951
465,537 NRG Energy, Inc., Term Loan, 1.981% - 2.001%, 450,963
2,837,948
Total Utilities 16,903,939
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $477,679,903) 412,315,711
CLAIMS - 0.0% of Net Assets
Capital Goods - 0.0%
Airlines - 0.0%
1,200,000 (a)(e)(i)Northwest Airlines, Inc., ALPA Claim-Escrow, 826
2,500,000 (a)(e)(i)Northwest Airlines, Inc., Bell Atlantic Claim 1,720
2,500,000 (a)(e)(i)Northwest Airlines, Inc., EDC Claim-Escrow, 5 1,720
2,130,600 (a)(e)(i)Northwest Airlines, Inc., Flight Attendant Cl 1,466
1,500,000 (a)(e)(i)Northwest Airlines, Inc., GE Claim-Escrow, 2. 1,032
1,264,500 (a)(e)(i)Northwest Airlines, Inc., IAM Claim-Escrow, 2 870
1,404,900 (a)(e)(i)Northwest Airlines, Inc., Retiree Claim-Escro 966
Total Capital Goods 8,600
TOTAL CLAIMS
(Cost $0) 8,600
CORPORATE NOTES - 15.0% of Net Assets
Energy - 0.9%
Oil & Gas Exploration & Production - 0.9%
2,500,000 Denbury Resources, Inc., 8.25%, 2/15/20 2,587,500
Total Energy 2,587,500
Materials - 0.8%
Paper Products - 0.8%
1,750,000 Appleton Papers, Inc., 10.5%, 6/15/15 (144A) 1,618,750
600,000 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 664,500
Total Materials 2,283,250
Capital Goods - 1.2%
Aerospace & Defense - 0.8%
550,000 DigitalGlobe, Inc., 10.5%, 5/1/14 (144A) 591,250
1,850,000 Spirit AeroSystems, Inc., 7.5%, 10/1/17 (144A 1,831,500
2,422,750
Construction & Farm Machinery & Heavy Trucks - 0.4%
1,000,000 Manitowoc Co., Inc., 9.5%, 2/15/18 997,500
Total Capital Goods 3,420,250
Automobiles & Components - 0.9%
Auto Parts & Equipment - 0.1%
127,932 Delphi International Holdings S.A.R.L, 12.0%, 127,932
Tires & Rubber - 0.8%
3,000,000 (b) American Tire Distributors, Inc., 6.501%, 4/1 2,475,000
Total Automobiles & Components 2,602,932
Consumer Durables & Apparel - 0.3%
Housewares & Specialties - 0.3%
1,000,000 Jarden Corp., 8.0%, 5/1/16 1,045,000
Total Consumer Durables & Apparel 1,045,000
Retailing - 0.6%
Catalog Retail - 0.6%
1,825,000 QVC, Inc., 7.5%, 10/1/19 (144A) 1,847,813
Total Retailing 1,847,813
Pharmaceuticals & Biotechnology & Life Sciences - 9.1%
Biotechnology - 1.6%
3,863,129 (a) Fosamprenavir Pharma, 15.5%, 6/15/18 (144A) 3,554,079
2,884,444 (a)(b)(d)Molecular Insight Pharmaceuticals, Inc., 9.23 1,298,000
4,852,079
Pharmaceuticals - 7.5%
15,000,000(a) Azithromycin Royalty Sub LLC, 16.0%, 5/15/19 11,550,000
11,482,524(a)(d) Celtic Pharma Phinco B.V., 17.0%, 6/15/12 (14 6,889,514
840,000 (a) Pharma V, 13.0%, 10/15/13 (144A) 806,400
639,101 (a)(b)(d)Pharma VI, 5.501%, 10/15/14 (144A) 543,236
1,209,357 (a)(d) Pharma X, 15.5%, 3/30/17 (144A) 1,027,953
1,500,000 (a)(d) TCD Pharma, 16.0%, 4/15/24 (144A) 1,320,000
22,137,103
Total Pharmaceuticals & Biotechnology & Life 26,989,182
Diversified Financials - 0.3%
Consumer Finance - 0.1%
200,000 Capital One Financial Corp., 7.375%, 5/23/14 229,268
Asset Management & Custody Banks - 0.2%
530,000 Janus Capital Group, Inc., 6.25%, 6/15/12 531,000
Total Diversified Financials 760,268
Insurance - 0.5%
Reinsurance - 0.5%
250,000 (b) Muteki, Ltd., 4.65%, 5/24/11 (144A) 244,625
500,000 (b) Mystic Re, Ltd., 10.252%, 6/7/11 (144A) 511,750
600,000 (b) Residential Reinsurance 2008, Ltd., 7.002%, 6 607,380
Total Insurance 1,363,755
Real Estate - 0.3%
Specialized Real Estate Investment Trusts - 0.3%
750,000 Hospitality Properties Trust, 7.875%, 8/15/14 805,446
Diversified Real Estate Activities - 0.0%
150,000 WEA Finance LLC, 7.5%, 6/2/14 (144A) 169,413
Total Real Estate 974,859
Telecommunication Services - 0.1%
Integrated Telecommunication Services - 0.1%
300,000 Frontier Communications Corp., 8.25%, 5/1/14 308,250
Total Telecommunication Services 308,250
TOTAL CORPORATE NOTES
(Cost $53,497,823) 44,183,059
COMMON STOCK - 4.2% of Net Assets
Energy - 0.0%
Oil & Gas Drilling - 0.0%
138 (a)(e)(i)TARH E&P Holdings GP, LLP Class A Membership 1
130,056 (a)(e)(i)TARH E&P Holdings LP, Class A Partnership Int 1,301
Total Energy 1,302
Materials - 0.7%
Commodity Chemicals - 0.6%
136,965 (i) Georgia Gulf Corp. 1,954,490
Diversified Chemicals - 0.1%
20,650 (e)(i) Panda Herford Ethanol LP 206,500
Total Materials 2,160,990
Transportation - 0.1%
Airlines - 0.0%
4,866 (i) Delta Airlines, Inc. 62,869
Trucking - 0.1%
12,887 (i) SIRVA Worldwide, Inc. 193,305
Total Transportation 256,174
Automobiles & Components - 3.3%
Auto Parts & Equipment - 3.3%
829 (i) Delphi DIP Holdco LLP, Class B Subscription 9,813,287
Total Automobiles & Components 9,813,287
Media - 0.1%
Broadcasting - 0.1%
5,325 (i) Charter Communications, Inc. 158,419
Total Media 158,419
Utilities - 0.0%
Electric Utilities - 0.0%
1,589 (e)(i) GBGH, LLC Membership Interest 16
Total Utilities 16
TOTAL COMMON STOCK
(Cost $8,732,251) 12,390,188
LIQUIDATING TRUST - 0.0% of Net Assets
Consumer Services - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
3,377,886 (e)(i) Yellowstone Mountain Club LLC, Liquidating Tr 0
TOTAL LIQUIDATING TRUST
(Cost $0) 0
WARRANTS - 0.0% of Net Assets
Energy - 0.0%
Oil & Gas Equipment & Services - 0.0%
213,605 (a)(e)(i)Value Creation, Inc., Exp. 1/29/14 0
Total Energy 0
Telecommunication Services - 0.0%
Integrated Telecommunication Services - 0.0%
400,000 (a)(i) Clearwire Corp., Exp. 8/15/10 (144A) 400
Total Telecommunication Services 400
TOTAL WARRANTS
(Cost $956,752) 400
TEMPORARY CASH INVESTMENTS - 1.9% of Net Assets
Repurchase Agreements - 1.9%
5,600,000 BNP Paribas, 0.12%, dated 2/26/10, repurchase price of
$5,600,000 plus accrued
interest on 3/1/10 collateralized by the following:
$1,988,285 Federal Home Loan Mortgage Corp.,
2.614% - 6.811%, 4/1/33 - 12/1/37
$3,723,715 Federal National Mortgage Association
(ARM), 1.881% - 6.342%, 6/1/17 - 12/1/ 5,600,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $5,600,000) 5,600,000
TOTAL INVESTMENTS IN SECURITIES - 162.6%
(Cost $552,752,548)(j) 479,124,976
OTHER ASSETS AND LIABILITIES - (0.7)% (2,005,099)
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (61.9)% (182,482,039)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS 294,637,838
* Floating rate loan interests in which the Trust invests
generally
pay interest at rates that are periodically redetermined
by
reference to a base lending rate 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,
commercial lenders. The interest rate shown is the
(iii) the certificate of deposit (iv) other base lending
rates used by
coupon rate accruing at February 28, 2010.
(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 February 28, 2010, the value of
these securities amounted to $48,398,753 or 16.4% of
total
net assets applicable to common shareowners.
(a) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$112,839,597.
The aggregate value$62,404,189 represents 21.2% of the
total net assets applicable to common shareowners.
(b) Floating Rate Note. The rate shown is the
coupon rate at February 28, 2010.
(c) Security is in default and is non-income producing.
(d) Represents a pay in kind security.
(e) Security is valued using fair value methods (other
than prices supplied by independent pricing services).
(f) Issuer in the process of reorganization.
(g) The company and agent bank are in the
process of negotiating forbearance.
(h) On February 28, 2010, the security was not in
default but defaulted after the period end.
(i) Non-income producing.
(j) At February 28, 2010, the net unrealized loss on
investments
based on cost for federal income tax purposes
of $553,114,688 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax $14,641,075
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over(88,630,787)
Net unrealized loss ($73,989,712)
For financial reporting purposes net unrealized loss
on
investments was $73,627,572 and cost of
investments aggregated $552,752,548.
Glossary of Terms:
LC- Letter of Credit
Principal amounts are denominated in U.S.
dollars unless otherwise noted.
AUD - Australian Dollar
EURO - Euro
For the period ended February 28, 2010, the Trust had
unfunded
loan commitment of $2,340,721 which would be extended
at the option of the borrower, pursuant to the following
loan
agreements:
Unfunded
Loan
Borrower Commitment
Delphi Holdings LLP, Tranche A-1 Loan $32,763
Delphi Holdings LLP, Tranche A-2 Loan 76,448
Delphi Holdings LLP, Tranche B-1A Loan 331,844
Delphi Holdings LLP, Tranche B-2A Loan 774,303
SIRVA Worldwide, Inc., Revolving Credit Loan 1,125,363
$2,340,721
Various inputs are used in determining the value of the
Trust's
investments. These inputs are summarized in the three
broad
levels listed below.
Highest priority is given to Level 1 inputs and lowest
priority
is given to Level 3.
Level 1 - quoted prices in active markets for identical
securities
Level 2 - other significant observable inputs (including
quoted
rices for similar securities, interest rates,
prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the
Trust's
own assumptions in determining fair value of
investments)
The following is a summary of the inputs used as of
February
28, 2010, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Collateralized loan obligation $0 $0 $4,627,018 $4,627,018
Senior flt rate loan (oil&gas drilling) 0 5,134,469 1,295,234 6,429,703
Senior flt rate loan (oil&gas exploration)0 2,512,093 0 2,512,093
Senior flt rate loan (cable & satellite) 0 24,790,218 10,509,939 35,300,157
Senior flt rate loan (electric utilities) 0 13,652,153 413,838 14,065,991
Senior flt rate loan (other industries) 0 354,007,767 0 54,007,767
Claims 0 0 8,600 8,600
Corporate notes (biotech) 0 0 4,852,079 4,852,079
Corporate notes (pharmaceuticals) 0 0 22,137,103 22,137,103
Corporate notes (other industries) 0 17,193,877 0 17,193,877
Common stock (oil & gas drilling) 0 1,302 1,302
Common stock (diversified chemicals) 0 0 206,500 206,500
Common stock (trucking) 0 193,305 0 193,305
Common stock (auto parts & equip) 0 9,813,287 0 9,813,287
Common stock (electric utilities) 0 0 16 16
Common stock (other industries 2,175,778 0 0 2,175,778
Liquidating trust 0 0 0 0
Warrants 0 400 0 400
Temporary cash investments 0 5,600,000 0 5,600,000
Total $2,175,778 $432,897,569 $44,051,629 $479,124,976
Other Financial Instrumements $0 ($453,798) $0 ($453,798)
The following is a reconciliation of assets valued
using significant unobservable inputs (level 3):
Change in Net Transfers
Balance as unrealized purchase in/(out)Balance as
of 11/30/09 app/(dep) (sales) Level 3 of 2/28/10
Collateralized loan oblig $4,485,650 $142,814 ($1,446) $0 $4,627,018
Senior flt rate loan(oil/gas drill)1,275,323 (605) 20,516 0 1,295,234
Senior flt rate loan(oil&gas expl) 0 0 0 0 0
Senior flt rate loan(cable & sat)10,509,939 0 0 0 10,509,939
Senior flt rate loan(electric utl) 413,755 (8,210) 8,293 0 413,838
Claims 8,600 0 0 0 8,600
Corporate notes (biotech) 6,001,042 (1,005,230)(143,733) 0 4,852,079
Corporate notes (pharma) 21,965,041 (332,445) 504,507 0 22,137,103
Common stock (oil/gas drill) 1,302 0 0 0 1,302
Common stock (diversified chem) 206,500 0 0 0 206,500
Common stock (broadcasting) 206,250 0 0 (206,250) 0
Common stock (electric utl) 16 0 0 0 16
Liquidating trust 0 0 0 0 0
Ending balance 45,073,418 ($1,203,676)$388,137 ($206,250) $44,051,629
*Transfers are calcuated beginning of period.
ITEM 2. 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-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
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 any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
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.
ITEM 3. EXHIBITS.
(a) 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 April 29, 2010
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 April 29, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date April 29, 2010
* Print the name and title of each signing officer under his or her signature.