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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, 2013 through May 31, 2014
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 STOCKHOLDERS.
Pioneer Floating
Rate Trust
--------------------------------------------------------------------------------
Semiannual Report | May 31, 2014
--------------------------------------------------------------------------------
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 10
Performance Update 11
Schedule of Investments 12
Financial Statements 42
Financial Highlights 46
Notes to Financial Statements 48
Trustees, Officers and Service Providers 62
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 1
President's Letter
Dear Shareowner,
As we move past the midway point of 2014, U.S. economic growth is still expected
to exceed 2% for the full calendar year, despite the fact that U.S. gross
domestic product (GDP) for the first quarter was revised down to -2.9% in May.
The markets, in fact, almost completely ignored that bad news, as more timely
data -- especially labor market data -- pointed to continuing economic strength.
By mid-year, the number of people filing initial unemployment claims and the
number of job openings were at levels last seen during the boom years of 2005
through 2007, and unemployment was down to just over 6%. Barring an external
shock, we think it's likely that the domestic economic expansion will continue.
A modestly improving European economy and continuing economic improvement in
Japan appear likely to result in improving global economic growth in the second
half of 2014, further supporting the U.S. economy. Some slack remains in the
labor markets and capacity utilization, which offers the potential for
continuing non-inflationary growth.
The Federal Reserve System (the Fed) is widely expected to end its QE
(quantitative easing) program by the end of this year, and to begin raising the
Federal funds rate in 2015. The timing and pace of Fed's actions remain
uncertain: Fed Chair Janet Yellen has continually stressed that Fed policy will
be sensitive to incoming economic data.
While the U.S. economy appears robust and the global economy seems to be
improving, there are still weaknesses and risks to the economic outlook. Risks
of an adverse shock also remain. Military conflicts and political tensions are
widespread, with particular concerns about recent developments in the Middle
East that could prove disruptive to the global oil supply. While most of the
widely recognized risks may already be "priced into" the market, we caution
against complacency and 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
2 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
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 equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards 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 | 5/31/14 3
Portfolio Management Discussion | 5/31/14
Investments in bank loans produced positive returns over the six-month period
ended May 31, 2014, even as the market environment changed from one month to
another. 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 senior 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, 2014?
A Pioneer Floating Rate Trust returned 3.01% at net asset value and 3.14% at
market price during the six-month period ended May 31, 2014. During the same
six-month period, the Trust's benchmark, the Barclays U.S. High Yield Loans
Index (the Barclays Index), returned 2.43% at net asset value. Unlike the
Trust, the Barclays Index does not use leverage. While the use of leverage
increases investment opportunity, it also increases investment risk. During
the same six-month period, the average return (at market price) of the 22
closed-end funds in Lipper's Loan Participation Funds category (which may or
may not be leveraged) was 2.85%.
The shares of the Trust were selling at a 5.1% discount to net asset value
on May 31, 2014.
On May 31, 2014, the Trust's standard 30-day SEC yield was 5.05%*.
Q How would you describe the investment environment for floating-rate loans
during the six-month period ended May 31, 2014?
A The investment market for floating-rate loans was generally positive during
the six-month period, although varying supply-and-demand factors influenced
shorter-term, monthly conditions. Throughout the period, the U.S. economy
showed signs of improvement, leading to strengthened corporate finances and
low default rates. This, in turn, encouraged investments in
credit-sensitive asset classes such as bank loans. The investment backdrop
was particularly supportive at the start of the period in December 2013,
and the positive environment continued into January 2014 as the overall
bank loan market enjoyed the effects of significant inflows of investor
money. The environment changed in February, however, as many corporate
borrowers began refinancing their debt at lower rates to take
* The 30-day SEC yield is a standardized formula that is based on the
hypothetical annualized earning power (investment income only) of the
Trust's portfolio securities during the period indicated.
4 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
advantage of increased investor demand, resulting in a significant increase
in the supply of new loans. While the overall loan market was negative in
February, it turned positive again in March as the supply/demand
relationships moved back into balance. In the month of April, the market
experienced minor negative price movement, but still ended the month in
positive territory. Also during April, the market witnessed an end to a
streak of 93 consecutive weeks of positive inflows as investors anticipated
a longer wait for any future Federal funds rate increases. May, the final
month of the period, saw the bank loan market again turn positive as a
notable increase in the issuance of new collateralized loan obligations
renewed investor demand. (Collateralized loan obligations, or CLOs, are
pooled investment vehicles created by financial institutions to invest in
the loan market.)
Q What was your overall strategy in managing the Trust's portfolio during the
six-month period ended May 31, 2014?
A We kept our focus on credit research and fundamental analysis while seeking
loan investment opportunities during the six-month period. The portfolio's
overall positioning tended to place greater emphasis on holding higher-rated
loans than were represented in the Trust's benchmark. However, we did
increase the portfolio's exposure to B-rated loans during the period, for
two reasons. First, during the period, an increasing percentage of new loans
issued were either B or CCC-rated. As such, there was a greater selection of
these loans available to the Trust. Second, we continued to see a relatively
benign credit market during the period. Given the combination of these
factors, we felt it made sense to give the Trust a bit greater exposure to
B-rated loans in order to take advantage of the higher yields such loans
offer.
Q Did the use of derivatives affect the Trust's performance during the 6-month
period ended May 31, 2014?
A We did use forward currency contracts to reduce the potential risks to the
Trust's portfolio created by volatility in the relative values of different
currencies. The tactic had a slight positive influence on the Trust's
performance during the 6-month period.
Q Which individual investments had the greatest effects on the Trust's
performance during the six-month period ended May 31, 2014?
A Positions in CLOs provided good support to the Trust's results during the
period, as both the primary and secondary markets for CLO investment pools
improved. Specifically, the portfolio's investment in loans to AccentCare, a
provider of home health care services, contributed to the
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 5
Trust's positive results. The loans continued to increase in value during
the period as the company went through restructuring. Also supporting the
Trust's performance during the period were portfolio investments in loans to
auto components manufacturer Delphi, and in the debt of Medical Card System,
a provider of health and life insurance plans.
A notable detractor from the Trust's performance during the six-month period
was the portfolio's equity position in Media General, a broadcasting company
whose securities declined in value along with other broadcasting companies
due to concerns over new FCC rules affecting the industry. The Trust had
acquired the equity position after the finances of Young Broadcasting were
reorganized and some stock was issued to loan holders. Young Broadcasting
subsequently was acquired by Media General, and the equity position became
that of the acquiring company. The Media General position had actually been
a positive contributor to the Trust's performance until recently. Other
portfolio holdings that hurt the Trust's performance during the period
included loans to Weight Watchers International, which failed to meet
earnings expectations, and the debt of mining corporation Bumi
International, which declined in value because of a controversy over the
company's ownership as well as declining coal prices on the global market.
Q How did the level of leverage in the Trust change during the six-month
period ended May 31, 2014?
A The Trust historically employed leverage through the issuance of auction
rate preferred shares (AMPS). Between December 3, 2013 and December 6, 2013,
the Trust redeemed all of its outstanding AMPS. The Trust then refinanced
the AMPS through a revolving credit facility (see Note 7). The Trust
refinanced in order to secure a lower cost of financing.
At the end of the six month period on May 31, 2014, 32.9% of the Trust's
total managed assets were financed by leverage (or borrowed funds), compared
with 36.1% of the Trust's total managed assets financed by leverage at the
start of the period on December 1, 2013. During the period, the absolute
amount of leverage employed by the Trust was reduced from $182.5 million to
$157.5 million. This reduction was due to regulatory requirements related to
refinancing the AMPS with a revolving credit facility (see Note 7). This
lower level of financing is not expected to diminish distribution levels
because of the lowered cost of borrowing.
Q What is your investment outlook?
A We have a generally positive view of investment opportunities in the bank
loan market. We expect that the Federal Reserve System (the Fed) will begin
to raise short-term interest rates (the Federal funds rate) in 2015.
6 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
However, market interest rates may start rising sooner than that in
anticipation of an adjustment of the Fed's policies. As market interest
rates start ascending, that will likely have a negative effect on
longer-duration* fixed-income assets. Floating-rate loans, which are
shorter-duration instruments, ought to be less affected by increases in
long-term market rates. In addition, we anticipate that the overall economy
should continue to grow and that the financial health of corporations in
general should continue to improve. This would likely keep loan default
rates below historical levels for the next 12 months.
When interest rates increase the borrowing costs for closed end funds will
also increase. We believe closed end funds that focus on floating-rate
loans may have an advantage over other closed end funds that do not focus
on floating-rate loans. For that reason, the aforementioned increases in
borrowing costs for closed end funds ought to be partially offset by income
as yields of floating-rate loans increase in conjunction with rising
interest rates.
* {Duration is a measure of the sensitivity of the price (or value of
principal) of a fixed-income investment to a change in interest rates,
expressed as a number of years.}
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 7
Please refer to the Schedule of Investments on pages 12-41 for a full listing of
Trust securities.
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 price reflective of their value at
times when the Trust believes it is desirable to do so and the market price of
illiquid securities 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.
Historically, the Trust employed leverage through the issuance of preferred
shares. The Trust has redeemed all of its outstanding preferred shares. The
Trust continues to employ leverage through a revolving credit facility. Leverage
creates significant risks, including the risk that the Trust's income or capital
appreciation from investments purchased with the proceeds of leverage will not
be sufficient to cover the cost of leverage, which may adversely affect the
return for the holders of common 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 | 5/31/14
Portfolio Summary | 5/31/14
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 95.2%
Common Stocks 2.0%
Collateralized Loan Obligations 1.8%
Corporate Bonds & Notes 1.0%
Asset Backed Security 0.0%*
Claims 0.0%*
Liquidating Trusts 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.)
B 53.1%
BB 32.1%
BBB 5.3%
Not Rated 5.2%
CCC 3.9%
D 0.4%
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.
The portfolio is actively managed and current holdings may be different.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Delphi Automotive Plc 1.69%
-----------------------------------------------------------------------------------------
2. Cequel Communications LLC, Term Loan, 3.5%, 2/14/19 1.43
-----------------------------------------------------------------------------------------
3. Univision Communications, Inc., First-Lien Term Loan, 4%, 3/1/20 0.99
-----------------------------------------------------------------------------------------
4. Appvion, Inc., Term Commitment, 5.75%, 6/28/19 0.74
-----------------------------------------------------------------------------------------
5. Evergreen Skills Lux S.a r.l., First Lien Initial Term Loan, 4.5%, 4/28/21 0.74
-----------------------------------------------------------------------------------------
6. Bright Horizons Family Solutions LLC, Term B Loan, 5%, 1/30/20 0.74
-----------------------------------------------------------------------------------------
7. HCA, Inc., Tranche B-5 Term Loan, 2.9%, 3/31/17 0.73
-----------------------------------------------------------------------------------------
8. Telesat Canada, U.S. Term B-2 Loan, 3.5%, 3/28/19 0.73
-----------------------------------------------------------------------------------------
9. Chrysler Group LLC, Term Loan B, 3.5%, 5/24/17 0.70
-----------------------------------------------------------------------------------------
10. Metaldyne LLC, USD Term Loan 2014, 4.25%, 12/18/18 0.69
-----------------------------------------------------------------------------------------
* 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.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 9
Prices and Distributions | 5/31/14
Market Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/14 11/30/13
--------------------------------------------------------------------------------
Market Value $12.35 $12.41
--------------------------------------------------------------------------------
Discount (5.1)% (5.2)%
--------------------------------------------------------------------------------
Net Asset Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/14 11/30/13
--------------------------------------------------------------------------------
$12.98 $13.06
--------------------------------------------------------------------------------
Distributions per Common Share: 12/1/13-5/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
$0.45 $ -- $ --
--------------------------------------------------------------------------------
Yields
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/14 11/30/13
--------------------------------------------------------------------------------
30-day SEC Yield 5.05% 6.69%
--------------------------------------------------------------------------------
The data shown above represents past performance, which is no guarantee of
future results.
10 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
Performance Update | 5/31/14
Investment Returns
--------------------------------------------------------------------------------
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 during the periods shown, compared
with the values of the Barclays U.S. High Yield Loans Index, an unmanaged index
which measures the performance of high-yield loans, and the Credit Suisse (CS)
Leveraged Loan Index, an unmanaged index of senior, secured U.S.
dollar-denominated loans.
Average Annual Total Returns
(As of May 31, 2014)
--------------------------------------------------------------------------------
Barclays
Net CS U.S. High
Asset Leveraged Yield
Value Market Loan Loans
Period (NAV) Price Index Index
--------------------------------------------------------------------------------
Life-of-Trust
(12/28/04) 5.12% 4.06%+ 5.01%+ 5.40%+
5 Years 14.94 16.26 9.49 9.43
1 Year 5.08 -3.73 4.90 4.26
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Market Value of $10,000 Investment
Pioneer Floating Barclays U.S. High CS Leveraged
Rate Trust Yield Loans Index* Loan Index**
12/31/2004 $10,000.00 $10,052
12/31/2005 $ 8,944.61 $10,179
12/31/2006 $10,166.60 $10,913 $10,885
5/31/2007 $12,329.70 $11,367 $11,717
5/31/2008 $10,156.20 $11,138 $11,337
5/31/2009 $ 6,851.88 $10,191 $10,075
5/31/2010 $10,690.70 $12,570 $12,347
5/31/2011 $13,385.70 $13,761 $13,555
5/31/2012 $13,128.90 $14,046 $13,858
5/31/2013 $15,124.50 $15,337 $15,110
5/31/2014 $14,561.00 $15,990 $15,851
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 include preferred shares, or borrowings, as applicable, 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 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 $10,000 Investment" comparisons for both
the CS Index and the Barclays Index.
Returns of both indices are calculated monthly, assume reinvestment of dividends
and, unlike Trust returns, do not reflect any fees, expenses or sales charges.
The indices do not use leverage. You cannot invest directly in an index.
+ Return for the CS Leveraged Loan Index covers the entire performance history
of Pioneer Floating Rate Trust (December 28, 2004 through May 31, 2014).
Return for the Barclays U.S. High Yield Loans Index covers the maximum
period for which that index's performance is available (December 30, 2005
through May 31, 2014).
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 11
Schedule of Investments | 5/31/14 (unaudited)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING
RATE LOAN INTERESTS -- 139.7% of
Net Assets*
AUTOMOBILES & COMPONENTS -- 8.3%
Auto Parts & Equipment -- 6.4%
2,902,784 BB-/Ba3 Allison Transmission, Inc., Term Loan B-3,
3.75%, 8/23/19 $ 2,908,662
2,084,048 B+/B1 ARC Automotive Group, Inc., Term Loan,
6.0%, 11/15/18 2,102,284
2,716,622 B+/B2 ASP HHI Acquisition Co., Inc., Additional Term
Loan, 5.0%, 10/5/18 2,730,205
785,000 NR/NR Electrical Components International, Inc.,
Term Loan B, 4.75%, 5/30/21 788,925
1,634,324 B/B1 Federal-Mogul Corp., Tranche C Term Loan
(2014), 4.75%, 4/15/21 1,630,749
1,200,000 B/B1 Jason, Inc., Term Loan, 4.5%, 5/21/21 1,200,000
3,253,984 B+/B1 Metaldyne LLC, USD Term Loan 2014,
4.25%, 12/18/18 3,264,559
1,213,480 B+/B1 TI Group Automotive Systems LLC, Additional
Term Loan, 5.5%, 3/28/19 1,220,686
938,998 BB/Ba2 Tomkins LLC, Term Loan B-2, 3.75%,
9/29/16 940,989
2,524,580 B+/Ba3 Tower Automotive Holdings USA, LLC,
Refinancing Term Loan, 4.0%, 4/23/20 2,524,580
1,088,438 B/Ba3 UCI International, Inc., (United Components),
Term Loan, 5.5%, 7/26/17 1,093,199
-------------
$ 20,404,838
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
3,277,713 BB+/Ba1 Chrysler Group LLC, Term Loan B, 3.5%,
5/24/17 $ 3,284,678
--------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.9%
3,000,000 BB/Ba1 Goodyear Tire & Rubber Co., Second Lien
Term Loan, 4.75%, 4/30/19 $ 3,021,225
-------------
Total Automobiles & Components $ 26,710,741
--------------------------------------------------------------------------------------------------------
BANKS -- 0.4%
Thrifts & Mortgage Finance -- 0.4%
1,288,737 B+/B1 Ocwen Loan Servicing, Initial Term Loan,
5.0%, 2/15/18 $ 1,297,396
-------------
Total Banks $ 1,297,396
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 12.0%
Aerospace & Defense -- 4.6%
1,160,410 B+/B1 Accudyne Industries Borrower
S.C.A./Accudyne Industries LLC, Refinancing
Term Loan, 4.0%, 12/13/19 $ 1,161,740
607,018 B-/B2 Cadence Aerospace Finance, Inc., Term
Loan, 7.5%, 5/9/18 609,800
The accompanying notes are an integral part of these financial statements.
12 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Aerospace & Defense -- (continued)
737,750 B/Ba3 CPI International, Inc., Term B Loan,
4.25%, 4/1/21 $ 739,287
1,154,845 B/B2 DAE Aviation Holdings, Inc., Tranche B-1
Loan, 5.0%, 11/2/18 1,170,724
467,327 B/B2 DAE Aviation Holdings, Inc., Tranche B-2
Loan, 5.0%, 11/2/18 473,948
1,651,320 BBB-/Ba2 Digitalglobe, Inc., Term Loan, 3.75%,
1/31/20 1,655,706
1,056,842 BB-/Ba2 DynCorp International, Inc., Term Loan,
6.25%, 7/7/16 1,061,246
1,210,542 B-/Caa1 Hunter Defense Technologies, Inc., Term
Loan, 3.48%, 8/22/14 1,174,226
963,943(a) CCC+/Caa1 IAP Worldwide Services, Inc., First Lien Term
Loan, 10.0%, 12/31/15 279,543
1,555,313 B/B1 Sequa Corp., Initial Term Loan, 5.25%,
6/19/17 1,542,027
1,523,373 B+/B1 SI Organization, Inc., The First Lien Initial
Term Loan, 5.75%, 11/23/19 1,529,085
498,728 BB+/Ba1 Spirit Aerosystems, Inc., (fka Mid-Western
Aircraft Systems, Inc., and Onex Wind
Finance LP.), Term Loan B, 3.25%, 9/15/20 499,507
714,457 B+/B1 TASC, Inc., First Lien Term Loan,
6.5%, 5/22/20 707,133
1,486,237 B/B1 WP CPP Holdings LLC, First Lien Term Loan,
4.75%, 12/28/19 1,492,554
680,000 NR/NR WP CPP Holdings LLC, Second Lien Term
Loan B-1, 8.75%, 4/30/21 690,625
-------------
$ 14,787,151
--------------------------------------------------------------------------------------------------------
Building Products -- 2.5%
1,321,650 BB-/B1 Armstrong World Industries, Inc., Term
Loan B, 3.5%, 3/15/20 $ 1,325,774
1,341,000 B/B2 Interline Brands, Inc., First Lien Term Loan,
4.0%, 3/17/21 1,335,971
927,000 B+/B2 Nortek, Inc., Loan, 3.0%, 10/30/20 926,989
320,000 B+/B1 Ply Gem Industries, Inc., Term Loan, 4.0%,
2/1/21 317,750
497,500 B+/B1 Quikrete Holdings, Inc., Initial First Lien Loan,
4.0%, 9/28/20 497,967
1,000,000 B-/B3 Quikrete Holdings, Inc., Initial Second Lien
Loan, 7.0%, 3/26/21 1,025,000
1,719,506 BB-/B2 Summit Materials LLC, Term B Loan, 5.0%,
1/30/19 1,729,178
811,850 B+/B1 Unifrax Holding Co., New Term B Dollar Loan,
4.25%, 11/28/18 811,850
-------------
$ 7,970,479
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 13
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 1.0%
480,000 BB+/Ba1 Manitowoc Co., Inc., Term Loan B, 3.25%,
1/3/21 $ 480,144
870,000 B/Ba3 Navistar, Inc., Tranche B, Term Loan, 5.75%,
8/17/17 885,497
858,091 BB+/Ba1 Terex Corp., 2013 New U.S. Term Loan,
3.5%, 4/28/17 861,979
814,567 B+/B2 Waupaca Foundry, Inc., Term Loan, 5.25%,
6/29/17 815,585
-------------
$ 3,043,205
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.7%
1,028,940 NR/NR Pelican Products, Inc., First lien Tem Loan,
5.25%, 4/10/20 $ 1,039,229
1,195,201 BB+/Ba2 WireCo WorldGroup, Inc., Term Loan, 6.0%,
2/15/17 1,204,912
-------------
$ 2,244,141
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.3%
1,500,000 B-/Caa1 Filtration Group Corp., Second Lien Initial
Term Loan, 8.25%, 11/22/21 $ 1,526,250
685,639 B/B1 Milacron LLC, Term Loan, 4.0%, 3/28/20 687,353
2,168,467 B+/B2 Pro Mach, Inc., Term Loan, 4.5%, 7/6/17 2,173,888
-------------
$ 4,387,491
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
1,496,241 B/B1 Gardner Denver, Inc., Initial Dollar Term
Loan, 4.25%, 7/30/20 $ 1,496,989
2,103,660 BB-/Ba2 Ina Beteiligungsgesellschaft Mit
Beschrankter Haftung (fka Schaeffler AG),
Facility E (USD), 3.75%, 5/15/20 2,116,995
702,900 BB-/Ba3 Xerium Technologies, Inc., New Term Loan,
6.75%, 5/17/19 708,757
-------------
$ 4,322,741
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
1,125,000 B/B1 Wesco Aircraft Hardware Corp., Tranche B
Term Loan, 3.25%, 2/28/21 $ 1,121,484
711,169 B+/Ba3 WESCO Distribution, Inc., Tranche B-1 Loan,
3.75%, 12/12/19 711,947
-------------
$ 1,833,431
-------------
Total Capital Goods $ 38,588,639
--------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL
SERVICES -- 5.7%
Commercial Printing -- 0.4%
1,353,256 NR/Caa3 Cenveo Corp., Term Loan B, 6.25%, 2/13/17 $ 1,361,713
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.2%
1,067,925 B-/B3 InfoGroup, Inc., Term Loan B, 7.5%, 5/26/18 $ 947,784
716,227 B+/B1 KAR Auction Services, Inc., Tranche B-2 Term
Loan, 3.5%, 3/11/21 716,669
2,176,973 B-/B1 Language Line LLC, Tranche B Term Loan,
6.25%, 6/20/16 2,182,415
-------------
$ 3,846,868
--------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.2%
731,500 BB+/Baa3 Convata Energy Corp., Term Loan, 3.25%,
3/28/19 $ 734,060
296,250 BBB/Ba1 Progressive Waste Solutions Ltd., Term B
Loan, 3.0%, 10/24/19 296,250
493,750 B-/B2 Tervita Corp., (fka CCS Corp.),Term Loan,
6.25%, 5/15/18 495,087
991,191 B+/B1 Waste Industries USA, Inc., Term Loan B,
4.25%, 3/17/17 993,256
1,405,809 B+/B1 WCA Waste Corp. (WCA Waste Systems, Inc.),
Term Loan, 4.0%, 3/23/18 1,407,786
-------------
$ 3,926,439
--------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.3%
950,739 BB-/Ba2 On Assignment, Inc., Initial Term B Loan,
3.5%, 5/15/20 $ 949,154
--------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.3%
937,545 BB/B1 Wyle Services Corp., Term Loan, 4.0%,
5/21/21 $ 939,889
--------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 1.9%
1,016,301 BB-/Ba3 Allied Security Holdings LLC, Second Lien
Closing Date Term Loan, 4.25%, 2/12/21 $ 1,013,918
1,181,542 BB/Ba3 GEO Group, Inc., Term Loan, 3.25%, 4/3/20 1,180,804
2,371,795 B/Ba3 Monitronics International, Inc., 2013 Term
Loan B, 4.25%, 3/23/18 2,377,231
1,491,908 B+/B1 Protection One, Inc., 2012 Term Loan,
4.25%, 3/21/19 1,496,105
-------------
$ 6,068,058
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.4%
1,089,041 CCC+/Caa1 AlliedBarton Security Services, Second Lien
Term Loan, 8.0%, 8/13/21 $ 1,095,393
-------------
Total Commercial & Professional Services $ 18,187,514
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.3%
Diversified Support Services -- 0.1%
299,250 B-/Ba3 TMS International Corp., Term B Loan, 4.5%,
10/16/20 $ 300,247
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 15
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.6%
596,977 B+/B1 ADS Waste Holdings, Inc., Initial Tranche B-2
Term Loan, 3.75%, 10/9/19 $ 594,304
1,250,000 NR/NR U.S. Ecology, Inc., Term Loan, 3.0%, 5/28/21 1,259,375
-------------
$ 1,853,679
--------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.5%
1,500,000 CCC+/Caa1 Sourcehov LLC, Second Lien Term Loan,
8.75%, 4/30/19 $ 1,522,500
--------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
100,329 B+/Ba3 Garda Security, Term B Delayed Draw Loan,
4.0%, 11/6/20 $ 100,110
392,196 B+/Ba3 Garda Security, Term B Loan, 4.0%, 11/6/20 391,338
-------------
$ 491,448
-------------
Total Commercial Services & Supplies $ 4,167,874
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.8%
Apparel Retail -- 0.1%
390,000 B+/Ba3 J. Crew Group, Inc., Initial Loan, 4.0%,
3/5/21 $ 388,391
--------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.4%
1,243,703 B/B2 Renfro Corp., Tranche B Term Loan, 5.75%,
1/30/19 $ 1,247,589
--------------------------------------------------------------------------------------------------------
Home Furnishings -- 1.1%
2,044,460 B+/B1 Serta Simmons Holdings LLC, Term Loan,
4.25%, 10/1/19 $ 2,050,050
1,432,766 BB/Ba3 Tempur Pedic International, Inc., Term Loan
B, 3.5%, 3/18/20 1,427,841
-------------
$ 3,477,891
--------------------------------------------------------------------------------------------------------
Homebuilding -- 0.1%
1,000,000(a)(b)(c) NR/NR WAICCS Las Vegas 3 LLC, First Lien Term
Loan, 7.75%, 7/30/09 $ 335,000
4,500,000(a)(b)(c) NR/NR WAICCS Las Vegas 3 LLC, Second Lien Term
Loan, 13.25%, 7/30/09 22,505
-------------
$ 357,505
--------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 2.0%
1,465,995 BB+/NR Jarden Corp., New Tranche B Term Loan,
2.734%, 3/31/18 $ 1,472,180
1,144,322 BB/Ba2 Prestige Brands, Inc., Term B-1 Loan, 5.0%,
1/31/19 1,147,183
2,294,317 B+/B1 Reynolds Group Holdings, Inc., Incremental
U.S. Term Loan, 4.0%, 11/30/18 2,299,734
1,583,184 B/B1 World Kitchen LLC, U.S. Term Loan, 5.5%,
3/4/19 1,583,184
-------------
$ 6,502,281
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
775,000 B+/B2 Bauer Performance Sports Ltd. Initial Term
Loan, 4.5%, 4/15/21 $ 776,938
--------------------------------------------------------------------------------------------------------
Textiles -- 0.8%
1,732,863 NR/NR Klockner Pentaplast of America, Inc., Term
Loan B-1, 4.75%, 12/21/16 $ 1,746,582
785,000 B+/Ba3 Nine West Holdings, Inc., Initial Term Loan,
4.75%, 10/8/19 788,434
-------------
$ 2,535,016
-------------
Total Consumer Durables & Apparel $ 15,285,611
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 9.3%
Casinos & Gaming -- 1.3%
1,147,125 B+/B3 CityCenter Holdings LLC, Term B loan, 5.0%,
10/16/20 $ 1,157,019
167,564 BBB-/Ba2 Las Vegas Sands LLC, Term B Loan, 3.25%,
12/19/20 167,577
1,481,250 BB/Ba2 MGM Resorts International (MGM Grand
Detroit LLC), Term B Loan, 3.5%, 12/20/19 1,479,862
1,395,000 BBB-/Baa3 Seminole Tribe of Florida, Initial Term Loan,
3.0%, 4/29/20 1,392,602
-------------
$ 4,197,060
--------------------------------------------------------------------------------------------------------
Education Services -- 2.9%
3,484,634 B+/B1 Bright Horizons Family Solutions LLC,Term B
Loan, 5.0%, 1/30/20 $ 3,493,890
945,700 NR/NR Houghton Mifflin Holdings Inc., Term Loan,
4.25%, 5/22/18 951,611
1,484,808 B/B1 Laureate Education, Inc., Series 2018
Extended Term Loan, 5.0%, 6/15/18 1,466,248
1,482,542 B+/B2 McGraw-Hill Global Education Holdings, LLC,
Term B Loan Refinancing, 5.75%, 3/22/19 1,506,633
1,870,313 B+/B2 McGraw-Hill School Education Holdings LLC,
Term B Loan, 6.25%, 12/18/19 1,892,522
-------------
$ 9,310,904
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.7%
750,000 BB/Ba3 Hilton Worldwide Finance LLC, Initial Term
Loan, 3.5%, 10/26/20 $ 748,229
1,470,544 B/Ba2 Seven Sea Cruises S. DE R.L., Term B2 Loan,
3.75%, 12/21/18 1,471,464
-------------
$ 2,219,693
--------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
985,031 B/B1 Sabre, Inc., Term B Loan, 4.25%, 2/19/19 $ 988,233
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 17
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.7%
864,425 BBB-/Ba1 Cedar Fair, LP, U.S. Term Facility, 3.25%,
3/6/20 $ 869,279
1,510,641 BB+/Ba2 Six Flags Theme Parks, Inc., Tranche B Term
Loan, 3.5%, 12/20/18 1,513,473
-------------
$ 2,382,752
--------------------------------------------------------------------------------------------------------
Restaurants -- 2.2%
1,105,170 BB/Ba3 Burger King Corp., 2012 Tranche B Term
Loan, 3.75%, 9/28/19 $ 1,111,000
205,464 BB-/Ba2 DineEquity, Inc., Term B-2 Loan, 3.75%,
10/19/17 206,384
2,482,667 B+/Ba3 Landry's, Inc., (fka Landry's Restaurants,
Inc.), Term Loan B, 4.0%, 4/24/18 2,490,813
1,788,500 B/Ba3 NPC International, Inc., 2013 Term Loan,
4.0%, 12/28/18 1,789,618
1,509,134 BB-/B1 Wendy's International, Inc., Term B Loan,
3.25%, 5/15/19 1,514,944
-------------
$ 7,112,759
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.2%
1,500,000 B/B2 Genex Holdings, Inc., First Lien Term B Loan,
4.25%, 5/28/21 $ 1,515,000
711,440 NR/B2 Learning Care Group (US) No. 2, Inc., Term
Loan, 5.5%, 5/5/21 720,333
1,980,000 BB/Baa1 Weight Watchers International, Inc., Initial
Tranche B-2 Term Loan, 4.0%, 4/2/20 1,576,575
-------------
$ 3,811,908
-------------
Total Consumer Services $ 30,023,309
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.0%
Consumer Finance -- 0.4%
1,400,000 B+/Ba3 Trans Union LLC, First Lien Term Loan B,
4.0%, 4/9/21 $ 1,398,907
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
1,213,342 B/B1 Duff & Phelps Corp., Initial Term Loan, 4.5%,
4/23/20 $ 1,218,650
746,250 NR/NR Guggenheim Partners Investment
Management Holdings LLC, Initial Term
Loan, 4.25%, 7/22/20 750,215
539,055 BB-/Ba2 LPL Holdings, Inc., 2013 Incremental
Tranche B Term Loan, 3.25%, 3/29/19 537,482
-------------
$ 2,506,347
--------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 3.7%
1,653,658 BBB/Ba2 AWAS Finance Luxembourg 2012 SA, Term
Loan, 3.5%, 7/16/18 $ 1,656,759
325,000 BB+/Ba2 Delos Finance, S.a r.l., Term Loan, 3.5%,
3/6/21 325,493
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
879,813 BBB-/B1 Fly Funding II S.a.r.l., Term Loan, 4.5%,
8/9/19 $ 886,044
2,375,000 B+/NR Grede LLC (Grede II LLC) Term Loan B,
3.75%, 5/21/21 2,380,201
1,025,000 B/B13 Hampton Rubber Co., First Lien Term Loan,
4.0%, 3/27/21 1,024,573
1,500,000 B+/B1 Harland Clarke Holdings Corp., (fka Clarke
American Corp.), Tranche B-4 Term Loan,
6.0%, 8/4/19 1,524,563
1,000,000 NR/Baa2 Kasima LLC, Term Loan, 3.25%, 5/17/21 996,875
2,034,625 B/B1 Livingston International, Inc., First Lien Initial
Term B-1 Loan, 5.0%, 4/18/19 2,040,983
989,394 BB/Ba3 Ship Luxco 3 S.a.r.l. (RBS Worldpay), Facility
B2A, 5.25%, 11/29/19 998,051
-------------
$ 11,833,542
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
154,050 BB-/B1 Bats Global Markets, Inc., Term Loan, 5.0%,
1/31/20 $ 151,017
-------------
Total Diversified Financials $ 15,889,813
--------------------------------------------------------------------------------------------------------
ENERGY -- 5.0%
Coal & Consumable Fuels -- 0.5%
895,500 B+/Ba3 Foresight Energy LLC, Term Loan, 5.5%,
8/21/20 $ 902,776
783,333 Cc/Ca PT Bumi Resources Tbk, Loan, 18.153%,
11/7/14 567,916
-------------
$ 1,470,692
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.9%
1,450,000 NR/NR Chief Exploration & Development LLC,
Second Lien Term Loan, 6.5%, 5/16/21 $ 1,454,495
892,494 BB+/Ba1 ExGen Renewables, LLC, Term Loan, 5.25%,
2/6/21 910,344
547,566 BBB/Baa2 Glenn Pool Oil & Gas Trust 1, Term Loan,
4.5%, 5/2/16 551,673
-------------
$ 2,916,512
--------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.4%
2,500,000 B/B3 Jonah Energy LLC, Second Lien Initial Loan,
7.5%, 5/12/21 $ 2,528,125
990,000 B-/B3 Offshore Group Investment, Ltd., (Vantage
Delaware Holdings LLC), Second Lien Term
Loan, 5.75%, 3/28/19 985,050
1,091,750 B+/B1 Pacific Drilling SA, Term Loan, 4.5%, 6/3/18 1,093,342
-------------
$ 4,606,517
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 19
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment -- 0.3%
927,675 B+/B3 FR Dixie Acquisition Corp., Term Loan,
5.75%, 12/18/20 $ 932,508
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
425,000 B-/B2 FTS International, Inc., (fka Frac Tech
International, LLC) Initial Term Loan, 5.75%,
4/16/21 $ 428,666
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.3%
1,516,667 B+/Ba3 EP Energy LLC, Tranche B-3 Term Loan,
3.5%, 5/24/18 $ 1,515,955
896,873 BB-/Ba2 Fieldwood Energy LLC, Closing Date Term
Loan, 3.875%, 9/28/18 898,715
1,600,000 B-/B1 Samson Investment Co., Tranche 1 Second
Lien Term Loan, 5.0%, 9/25/18 1,603,143
-------------
$ 4,017,813
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
1,684,651 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3.75%, 3/30/18 $ 1,690,948
-------------
Total Energy $ 16,063,656
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.3%
Drug Retail -- 0.9%
1,745,000 B/B1 Hearthside Group Holdings LLC, Term Loan,
3.5%, 6/2/21 $ 1,753,725
1,250,000 BB-/Ba3 Rite Aid Corp., Tranche 7 Term Loan, 2.75%,
2/21/20 1,250,000
-------------
$ 3,003,725
--------------------------------------------------------------------------------------------------------
Food Distributors -- 0.8%
2,481,250 B/B1 Mill US Acquisition First Lien Term Loan,
4.75%, 7/3/20 $ 2,498,619
--------------------------------------------------------------------------------------------------------
Food Retail -- 0.6%
1,994,975 BB-/NR Albertson's LLC, Term B-2 Loan, 4.75%,
3/21/19 $ 2,006,603
-------------
Total Food & Staples Retailing $ 7,508,947
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.5%
Agricultural Products -- 0.6%
992,500 B/Ba3 Arysta LifeScience SPC LLC, Initial First Lien
Term Loan, 4.5%, 5/29/20 $ 994,981
953,475 CCC+/Caa1 Arysta LifeScience SPC LLC, Initial Second
Lien Term Loan, 8.25%, 11/30/20 974,928
-------------
$ 1,969,909
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 3.9%
447,625 B/B1 AdvancePierre Foods, Inc., First Lien Term
Loan, 5.75%, 7/10/17 $ 447,625
1,429,390 B/B3 Del Monte Corp., Initial Term Loan, 3.5%,
2/21/20 1,419,786
1,637,625 BB/Ba2 H.J. Heinz Co., Term B-2 Loan, 3.5%, 6/5/20 1,648,163
1,191,116 NR/NR Heartshide Food Solutions LLC, Term
Loan A, 6.5%, 6/7/18 1,194,094
1,390,880 B+/Ba3 Michael Foods Group, Inc., Facility Term
Loan B, 5.25%, 2/25/18 1,392,908
2,000,000 B-/NR New HB Acquisition LLC, Term B Loan,
6.75%, 4/9/20 2,082,500
2,227,500 BB/Ba3 Pinnacle Foods Finance LLC, New Term
Loan G, 3.25%, 4/29/20 2,218,218
1,250,000 NR/NR Post Holdings, Inc., Series A Incremental
Term Loan, 3.0%, 6/2/21 1,261,329
872,813 B+/B2 Windsor Quality Food Co., Ltd., Term B Loan,
5.0%, 12/26/20 870,630
-------------
$ 12,535,253
-------------
Total Food, Beverage & Tobacco $ 14,505,162
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 13.7%
Health Care Equipment -- 1.2%
1,759,000 BB+/Ba1 Accellent, Inc., (Medical Device/UTI), Second
Lien Term Loan, 7.5%, 3/11/22 $ 1,748,006
1,594,498 BB/NR Hologic, Inc., Refinancing Tranche B Term
Loan, 3.25%, 8/1/19 1,594,872
479,056 B/B2 Kinetic Concepts, Inc., Dollar E-1 Term Loan,
4.0%, 5/4/18 480,082
-------------
$ 3,822,960
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.9%
810,120 BB/Ba2 CHS/Community Health Systems, Inc., 2021
Term D Loan, 3.478%, 1/27/21 $ 815,690
303,952 BB/Ba2 CHS/Community Health Systems, Inc.,
Extended Term Loan, 3.483%, 1/25/17 304,854
2,436,230 BB/Ba3 HCA, Inc., Tranche B-4 Term Loan, 2.984%,
5/1/18 2,442,067
3,454,116 BB/NR HCA, Inc., Tranche B-5 Term Loan, 2.9%,
3/31/17 3,461,518
1,600,861 B/Ba3 Iasis Healthcare LLC, Term B-2 Loan, 4.5%,
5/3/18 1,604,663
1,088,257 B+/B1 Kindred Healthcare, Inc., New Term Loan,
4.0%, 4/9/21 1,089,618
1,569,872 B/B2 Regionalcare Hospital Partners, Inc., First
Lien Term Loan, 6.0%, 4/23/19 1,564,966
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 21
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
439,005 B+/B3 Select Medical Corp., Series Tranche B Term
Loan, 5.0%, 6/1/18 $ 438,730
495,000 B/B1 United Surgical Partners International, Inc.,
New Tranche B Term Loan, 4.75%, 4/3/19 499,125
434,844 BB+/Ba2 Universal Health Services, Inc., Tranche B-1
Term Loan, 2.401%, 11/15/16 437,070
-------------
$ 12,658,301
--------------------------------------------------------------------------------------------------------
Health Care Services -- 5.5%
626,996 B+/B3 AccentCare, Inc., Term Loan, 6.5%,
12/22/16 $ 385,602
545,876 B+/Ba3 Alliance Healthcare Services, Inc., Initial
Term Loan, 4.25%, 6/3/19 546,302
785,063 B+/B1 Ardent Medical Services, Inc., First Lien Term
Loan, 6.75%, 7/2/18 788,988
865,683 B+/Ba3 BSN Medical Luxembourg Holding, S.a.r.l.
(P & F Capital), Facility Term Loan B-1A,
4.0%, 8/28/19 867,126
1,008,606(d) CCC/Caa2 CCS Medical, Inc., Second Lien Term Loan,
7.0%, (7.0% PIK ,0.0% cash)3/31/16 832,100
1,382,500 BB-/Ba2 Davita HealthCare Partners, Inc., Term
Loan B2, 4.0%, 11/1/19 1,389,165
1,185,266 B+/B1 Emergency Medical Services Corp., Initial
Term Loan, 4.0%, 5/25/18 1,187,119
2,580,813 B/B2 Gentiva Health Services, Inc., Initial Term
Loan B, 6.5%, 10/18/19 2,588,341
770,005 B-/B2 Inventiv Health, Inc., Consolidated Term
Loan, 7.5%, 8/4/16 774,497
1,272,500 B/B1 National Mentor Holdings, Inc., Tranche B
Term Loan, 4.75%, 1/31/21 1,280,188
398,000 B/B2 National Surgical Hospitals, Inc., Term Loan,
5.75%, 8/1/19 399,244
1,840,544 D/NR Rural/Metro Operating Co., LLC, First Lien
Term Loan, 8.0%, 6/30/18 1,748,517
1,240,625 B/B2 Steward Health Care System LLC, Term Loan,
6.75%, 4/10/20 1,226,668
553,700 B/B2 Surgery Center Holdings, Inc., First Lien Term
Loan, 6.0%, 4/11/19 556,468
750,000 CCC+/Caa2 Surgery Center Holdings, Inc., Second Lien
Term Loan, 9.75%, 4/11/20 753,750
606,912 B-/B2 Valitas Health Services, Inc., Term Loan B,
6.0%, 6/2/17 593,256
2,176,875 B+/B1 Virtual Radiologic Corp., Term Loan A, 7.25%,
12/22/16 1,583,677
-------------
$ 17,501,008
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
708,198 B+/NR Alere, Inc., Term Loan B, 5.5%, 6/30/17 $ 710,145
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 2.1%
888,536 B+/Ba3 ConvaTec, Inc., Dollar Term Loan, 4.0%,
12/22/16 $ 891,036
2,074,939 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 3.75%,
11/2/18 2,075,977
1,500,000 B/B1 Healogics, Inc., (fka National Healing
Corporation) First Lien Term B Loan, 4.0%,
2/5/19 1,506,094
468,229 BB+/Ba3 MedAssets, Inc., Term B Loan, 4.0%,
12/13/19 468,370
1,027,459 CCC/Caa3 Medical Card System, Inc., Term Loan,
10.0%, 9/17/15 996,635
736,931 NR/Ba3 Truven Health Analytics, Inc., Tranche B Term
Loan, 4.5%, 6/6/19 731,865
-------------
$ 6,669,977
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.8%
648,432 B+/B2 MMM Holdings, Inc., MMM Term Loan,
9.75%, 12/12/17 $ 653,700
471,431 B+/B2 MSO of Puerto Rico, Inc., Term Loan, 9.75%,
12/12/17 475,557
1,441,378 B/B2 U.S. Renal Care, Inc., Tranche First Lien B-2
Term Loan, 4.25%, 7/3/19 1,446,334
-------------
$ 2,575,591
-------------
Total Health Care Equipment & Services $ 43,937,982
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 2.9%
Household Products -- 1.8%
199,000 B+/B1 Berlin Packaging LLC, 2013 First Lien Term
Loan, 4.75%, 4/2/19 $ 200,368
1,488,022 BB/Ba3 Spectrum Brands, Inc., Tranche C Term Loan,
3.5%, 9/4/19 1,489,064
1,456,576 BB-/B1 SRAM LLC, First Lien Term Loan, 5.25%,
4/10/20 1,445,652
413,840 B/B1 Waddington North America, Inc., Term Loan
2013, 4.5%, 6/7/20 415,134
1,876,737 B-/B2 Wash MultiFamily Laundry Systems LLC, U.S.
Term Loan, 5.75%, 2/21/19 1,876,737
226,558 B/B1 WNA Holdings, Inc., Term Loan, 4.5%,
6/7/20 227,266
-------------
$ 5,654,221
--------------------------------------------------------------------------------------------------------
Personal Products -- 1.1%
2,094,571 BB-/NR NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17 $ 2,098,172
745,133 B+/B2 Party City Holdings Inc., 2014 Replacement
Term Loan, 4.0%, 7/27/19 743,580
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 23
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Personal Products -- (continued)
800,000 BB-/B1 Visteon Corp., Initial Term Loan, 2.75%,
4/9/21 $ 794,375
-------------
$ 3,636,127
-------------
Total Household & Personal Products $ 9,290,348
--------------------------------------------------------------------------------------------------------
INSURANCE -- 2.7%
Insurance Brokers -- 0.3%
987,507 B/B1 AmWins Group LLC, Term Loan, 5.0%,
9/6/19 $ 990,747
--------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.3%
927,198 BB/Ba3 CNO Financial Group, Inc., Tranche B-2 Term
Loan, 3.75%, 9/28/18 $ 927,755
--------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.7%
1,227,092 B/B1 Alliant Holdings I LLC, Initial Term Loan,
4.25%, 12/20/19 $ 1,229,761
997,500 B/B1 Hyperion Finance S.a.r.l., Term Loan, 5.75%,
10/17/19 993,759
-------------
$ 2,223,520
--------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.4%
2,442,863 B-/B2 Confie Seguros Holding II Co., First Lien
Term Loan B, 5.75%, 11/9/18 $ 2,452,940
1,950,387 B/B1 USI, Inc., 2013 Initial Term Loan, 4.25%,
12/27/19 1,954,044
-------------
$ 4,406,984
-------------
Total Insurance $ 8,549,006
--------------------------------------------------------------------------------------------------------
MATERIALS -- 11.2%
Aluminum -- 1.7%
1,357,300 B/B2 Noranda Aluminum Acquisition Corp., Term
Loan B, 5.75%, 2/28/19 $ 1,306,401
2,176,929 BB-/Ba2 Novelis, Inc., Initial Term Loan, 3.75%,
3/10/17 2,181,827
1,895,250 B/B2 Turbocombustor Technology, Inc., Initial
Term Loan, 5.5%, 12/2/20 1,910,649
-------------
$ 5,398,877
--------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.6%
1,176,142 B+/B1 Taminco Global Chemical Corp., Initial
Tranche B-3 Dollar Term Loan, 3.25%,
2/15/19 $ 1,170,556
817,862 BBB-/Ba2 Tronox Pigments (Netherlands) B.V., Closing
Date Term Loan, 4.0%, 3/19/20 819,834
-------------
$ 1,990,390
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.8%
1,875,578 BB-/Ba3 Axalta Coating Systems Dutch Holding B B.V.
& Axalta Coating Systems U.S. Holdings, Inc.,
Refinanced Term B Loan, 4.0%, 2/1/20 $ 1,877,043
640,901 BBB-/Ba1 Eagle Spinco, Inc., Term Loan, 3.5%,
1/28/17 641,702
1,843,000 B+/B2 Nexeo Solutions LLC, Initial Term Loan, 5.0%,
9/8/17 1,847,607
1,336,039 B+/B3 Univar, Inc., Term Loan B, 5.0%, 6/30/17 1,338,902
-------------
$ 5,705,254
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.8%
2,956,384 BBB-/Baa3 FMG Resources (August 2006) Pty, Ltd. (FMG
America Finance, Inc.), Term Loan, 3.75%,
6/28/19 $ 2,956,615
1,000,000 B+/B2 Hi-Crush Partners LP Advance, 4.75%,
4/28/21 1,012,500
1,021,283 BB-/B1 U.S. Silica Co., Term Loan, 4.0%, 7/23/20 1,024,474
877,527 B/B3 Walter Energy, Inc., Term Loan B, 7.25%,
4/2/18 852,207
-------------
$ 5,845,796
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.1%
2,189,395 B/B1 BWAY Holding Co., Initial Term Loan, 4.5%,
8/6/17 $ 2,199,248
1,475,239 B/B1 Tank Holding Corp., Initial Term Loan, 5.5%,
7/9/19 1,475,854
-------------
$ 3,675,102
--------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
164,572 B+/B2 Caraustar Industries, Inc., Term Loan, 7.5%,
5/1/19 $ 166,989
1,175,407 BB+/Ba1 Sealed Air Corp., Replacement Term Loan,
3.0%, 10/3/18 1,178,958
-------------
$ 1,345,947
--------------------------------------------------------------------------------------------------------
Paper Products -- 1.4%
3,473,750 B+/Ba2 Appvion, Inc., Term Commitment, 5.75%,
6/28/19 $ 3,505,233
603,488 NR/NR Exopack Holdings SA, USD Term Loan,
5.25%, 5/8/19 612,917
286,446 BB-/Ba3 Ranpak Corp., USD First Lien Term Loan,
4.5%, 4/23/19 288,236
-------------
$ 4,406,386
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 25
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.4%
1,815,636 BB+/Ba1 Chemtura Corp., New Term Loan, 3.5%,
8/29/16 $ 1,821,309
151,603 BB+/Ba2 Huntsman International LLC, Extended
Term B Loan, 2.69%, 4/19/17 151,509
1,975,000 B/B3 PQ Corp., 2014 Term Loan, 4.0%, 8/7/17 1,983,024
612,323 BBB-/Ba2 W.R. Grace & Co., U.S. Term Loan, 3.0%,
2/3/21 610,563
-------------
$ 4,566,405
--------------------------------------------------------------------------------------------------------
Steel -- 1.0%
1,700,000 B/B3 Atkore International, Inc., First Lien Initial
Term Loan, 4.5%, 4/21/21 $ 1,702,834
492,500 B/B1 Essar Steel Algoma, Inc., Term Loan, 9.25%,
9/19/14 495,116
880,613 BB-/B2 JMC Steel Group, Inc., Term Loan, 4.75%,
4/1/17 885,567
-------------
$ 3,083,517
-------------
Total Materials $ 36,017,674
--------------------------------------------------------------------------------------------------------
MEDIA -- 15.6%
Advertising -- 2.7%
1,388,954 B+/B1 Acosta, Inc., 2013 Term Loan B, 5.5%,
3/2/18 $ 1,395,320
1,793,315 B+/Ba3 Advantage Sales & Marketing, Inc., First Lien
Term Loan, 4.25%, 12/18/17 1,799,079
3,112,125 B/B1 Affinion Group, Inc., Tranche B Term Loan,
6.75%, 4/30/18 3,130,188
2,024,375 B/B1 Crossmark Holdings, Inc., First Lien Term
Loan, 4.5%, 12/20/19 2,009,192
400,242 B/B2 Getty Images, Inc., New Initial Term Loan,
4.75%, 10/18/19 387,568
-------------
$ 8,721,347
--------------------------------------------------------------------------------------------------------
Broadcasting -- 4.8%
414,700 BB+/Ba1 CBS Outdoor Americas Capital LLC (CBS
Outdoor Americas Capital Corp.), Term Loan,
3.0%, 1/31/21 $ 413,059
640,000 B+/B1 Checkout Holding Corp., First Lien Term B
Loan, 4.5%, 4/9/21 641,000
1,000,000 CCC+/Caa1 Checkout Holding Corp., Second Lien Initial
Loan, 7.75%, 4/11/21 1,001,250
314,130 BB-/Ba3 Entercom Radio LLC, Term B-2 Loan, 4.0%,
11/23/18 315,210
1,500,000 B+/B2 Gray Television, Inc., Initial Term Loan, 4.5%,
10/11/19 1,504,687
190,138 B+/NR Hubbard Radio LLC, First LienTerm Loan,
4.5%, 4/29/19 190,970
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
685,000 CCC+/Caa2 Learfield Communications, Inc., Initial
Second Lien Term Loan, 8.75%, 10/8/21 $ 699,128
1,905,600 BB/Ba3 MCC Iowa LLC, Tranche H Term Loan, 3.25%,
1/29/21 1,891,285
2,135,750 B+/B2 NEP/NCP Holdco, Inc., Incremental First Lien
Term Loan, 4.25%, 1/22/20 2,139,221
915,167 B/B2 Salem Communications Corp., Term Loan,
4.5%, 3/13/20 914,309
1,031,188 BB+/Ba1 Sinclair Television Group, Inc., Tranche B
Term Loan, 3.0%, 4/9/20 1,021,000
4,690,752 CCC+/Caa1 Univision Communications, Inc., First-Lien
Term Loan, 4.0%, 3/1/20 4,681,957
-------------
$ 15,413,076
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 5.5%
6,746,948 BB-/Ba2 Cequel Communications LLC, Term Loan,
3.5%, 2/14/19 $ 6,752,852
2,029,663 BB+/Baa3 Charter Communications Operating LLC,
Term F Loan, 3.0%, 1/3/21 2,004,010
1,723,750 BB/Ba3 MCC Iowa LLC, Tranche G Term Loan, 4.0%,
1/20/20 1,723,376
3,441,449 BB-/Ba3 Telesat Canada, U.S. Term B-2 Loan, 3.5%,
3/28/19 3,442,739
1,660,000 BB-/Ba3 Virgin Media Investment Holdings, Ltd., New
Term Loan B, 3.5%, 6/7/20 1,648,846
2,224,966 B/B1 WideOpenWest Finance LLC, Term Loan B,
4.75%, 4/1/19 2,237,655
-------------
$ 17,809,478
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.3%
1,175,722 BB-/Ba2 AMC Entertainment, Inc., Initial Term Loan,
3.5%, 4/30/20 $ 1,176,084
1,240,625 B+/B1 Aufinco Pty, Ltd./ U.S. Finco LLC (Hoyts
Group), Term Loan B, 4.0%, 5/29/20 1,239,850
732,516 NR/Baa3 Cinedigm Digital Funding I LLC, Term Loan,
3.75%, 2/28/18 734,348
1,000,000 B/B2 Deluxe Entertainment Services Group Inc.,
Initial Term Loan, 6.5%, 2/28/20 997,500
1,091,750 BB+/Ba1 Seminole Hard Rock Entertainment, Inc.,
Term Loan B, 3.5%, 5/14/20 1,087,883
2,052,188 BB-/Ba3 WMG Acquisitions Corp., Tranche B
Refinancing Term Loan, 3.75%, 7/1/20 2,019,802
-------------
$ 7,255,467
--------------------------------------------------------------------------------------------------------
Publishing -- 0.6%
423,000 B/B2 Cengage Learning Acquisitions, Inc., (fka TL
Acquisitions, Inc.) Term Loan, 7.0%, 3/31/20 $ 430,733
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 27
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Publishing -- (continued)
537,285 B+/B2 Interactive Data Corp., Term Loan, 4.75%,
5/2/21 $ 541,986
370,500 B-/B3 Lee Enterprises, Inc., First Lien Term Loan,
7.25%, 3/31/19 372,353
471,985 BB-/Ba3 MTL Publishing LLC, Term Loan B, 3.75%,
6/29/18 471,506
-------------
$ 1,816,578
-------------
Total Media $ 50,014,696
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.7%
Biotechnology -- 0.3%
928,431 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 3.5%,
9/25/19 $ 928,044
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.4%
3,282,783(d) NR/NR Graceway Pharmaceuticals LLC, Mezzanine
Term Loan, 4.75%, (4.75% PIK 0.0% cash),
11/3/13 $ 9,234
2,496,250 B+/B1 Harvard Drug Group, LLC Term Loan, 5.0%,
8/16/20 2,511,462
1,466,552 B/B2 Par Pharmaceutical, Inc., Term B-2 Loan,
4.0%, 9/30/19 1,465,635
1,075,000 B/B3 Patheon, Inc., Term Loan, 4.25%, 3/11/21 1,066,554
987,500 BB/Ba1 Salix Pharmaceuticals, Ltd., Term Loan,
4.25%, 1/2/20 993,877
985,000 BB/Ba1 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 3.75%,
12/11/19 984,824
738,750 BB/NR Valeant Pharmaceuticals International, Inc.,
Series D-2 Term Loan B, 3.75%, 2/13/19 738,618
-------------
$ 7,770,204
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 8,698,248
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified Real Estate Activities -- 0.1%
495,000 BB/Ba1 CBRE Services, Inc., Tranche B Term Loan,
2.902%, 3/28/21 $ 493,762
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 1.0%
1,630,056 NR/B1 Altisource Solutions, S.a.r.l, Term Loan B,
4.5%, 12/9/20 $ 1,635,150
1,502,247 B/B1 GCA Services Group, Inc., First Lien Term
Loan, 4.25%, 11/1/19 1,504,124
-------------
$ 3,139,274
-------------
Total Real Estate $ 3,633,036
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
RETAILING -- 3.6%
Apparel Retail -- 0.4%
1,250,000 B+/Ba2 Men's Wearhouse, Inc., The Term Loan B,
3.5%, 4/15/21 $ 1,253,588
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 1.2%
716,384 BB/Ba1 Avis Budget Car Rental LLC, Tranche B Term
Loan, 3.0%, 3/15/19 $ 715,638
1,184,556 BB-/B1 CS Intermediate Holdco 2 LLC, Term Loan,
4.0%, 3/28/21 1,186,777
993,750 B+/B2 CWGS Group LLC, Term Loan, 5.75%,
2/20/20 996,234
987,500 BB/Ba1 Hertz Corp., Tranche B-1 Term Loan, 3.75%,
3/11/18 989,146
-------------
$ 3,887,795
--------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.5%
200,000 BB+/Ba1 Rent-A-Center, Inc., 2014 Term Loan, 3.75%,
3/19/21 $ 198,500
1,771,306 B/B2 Targus Group International, Inc., Term Loan,
12.0%, 5/24/16 1,502,661
-------------
$ 1,701,161
--------------------------------------------------------------------------------------------------------
Department Stores -- 0.2%
625,000 BB/Ba1 Leonardo Acquisition Corp. (1-800 Contacts),
First Lien Term Loan, 4.25%, 1/29/21 $ 625,781
--------------------------------------------------------------------------------------------------------
Distributors -- 0.5%
1,654,142 B+/B2 Spin Holdco, Inc., Initial First Lien Term Loan,
4.25%, 11/14/19 $ 1,656,209
--------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.8%
742,500 B/B2 Apex Tool Group LLC, Term Loan, 4.5%,
1/31/20 $ 727,186
1,852,502 B/Ba3 Hillman Group, Inc., Term Loan, 3.75%,
5/28/17 1,855,590
-------------
$ 2,582,776
-------------
Total Retailing $ 11,707,310
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
Semiconductor Equipment -- 1.0%
1,831,196 BB-/B1 Aeroflex, Inc., Tranche B-1 Term Loan, 4.5%,
11/9/19 $ 1,840,733
890,000 BB+/Ba3 Entegris, Inc., Tranche B Term Loan, 3.5%,
4/30/21 881,379
509,146 BBB/NR Sensata Technology BV/Sensata Technology
Finance Co., LLC, Term Loan, 3.25%,
5/12/19 512,055
-------------
$ 3,234,167
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 29
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Semiconductors -- 0.9%
1,778,169 BB-/NR M/A-COM Technology Solutions Holdings,
Inc., Initial Term Loan, 3.75%, 5/7/21 $ 1,787,060
929,329 BB+/Ba2 Microsemi Corp., Term Loan, 3.25%,
2/19/20 925,408
-------------
$ 2,712,468
-------------
Total Semiconductors & Semiconductor
Equipment $ 5,946,635
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 10.8%
Application Software -- 4.4%
1,035,436 B+/B1 Applied Systems, Inc., First Lien Term Loan,
4.25%, 1/25/21 $ 1,038,672
995,000 BB-/B1 Epiq Systems, Inc., Term Loan, 4.25%, 8/27/20 997,487
3,272,313 B-/B1 Expert Global Solutions, Inc., Advance First
Lien Term Loan B, 8.5%, 4/3/18 3,165,962
1,082,028 B+/Ba3 Infor (U.S.), Inc., Tranche B-5 Term Loan,
3.75%, 6/3/20 1,077,390
1,534,422 BB+/NR Nuance Communications, Inc., Term Loan C,
2.91%, 8/7/19 1,524,064
975,000 B+/B2 Serena Software, Inc., Term Loan, 7.5%,
4/14/20 979,266
2,373,642 BB-/B1 Verint Systems Inc., Tranche B Incremental
Term Loan, 3.5%, 9/6/19 2,370,972
1,000,000 CCC+/Caa1 Vertafore, Inc., Second Lien Term Loan,
9.75%, 10/29/17 1,020,313
1,845,991 B+/B1 Vertafore, Inc., Term Loan, 4.25%, 10/27/17 1,850,990
-------------
$ 14,025,116
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 1.2%
1,000,000 B+/NR First Data Corp., 2018 B Term Loan, 4.156%,
9/24/18 $ 1,002,708
802,493 B+/B1 First Data Corp., 2018 Dollar Term Loan,
4.156%, 3/23/18 804,997
60,879 B+/B1 First Data Corp., 2021 New Dollar Term
Loan, 4.156%, 3/24/21 61,050
1,851,633 BB+/Ba1 Genpact, Ltd., Term Loan, 3.5%, 8/30/19 1,856,262
-------------
$ 3,725,017
--------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.4%
250,000 B-/Ba2 DealerTrack Technologies, Inc., Term Loan,
3.5%, 2/28/21 $ 250,077
711,538 B+/B1 GTCR Valor Companies, Inc., Delayed Draw
Term Loan, 5.0%, 5/21/21 709,315
500,000 B/B1 Zayo Group LLC (Zayo Capital, Inc.) Term
Loan, 4.0%, 7/2/19 499,910
-------------
$ 1,459,302
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 3.4%
1,641,341 BBB-/Baa3 Booz Allen Hamilton, Inc., Initial Tranche B
Term Loan, 5.25%, 7/31/19 $ 1,647,702
1,432,867 B/B1 Deltek, Inc., First Lien Term Loan, 4.5%,
10/10/18 1,438,241
3,500,000 B-/B1 Evergreen Skills Lux S.a r.l., First Lien Initial
Term Loan, 4.5%, 4/28/21 3,503,647
491,174 B-/B1 Kronos, Inc., First Lien Incremental Term
Loan, 4.5%, 10/30/19 493,629
747,000 B+/B1 Safenet, Inc., First Lien Term Loan, 5.5%,
2/28/20 750,735
1,550,000 B/B2 Sterling Infosystems Inc., Term loan B,5.5%,
5/12/21 1,559,687
1,687,991 BB/Ba3 SunGuard Data Systems, Inc., Tranche C
Term Loan, 3.901%, 2/28/17 1,694,307
-------------
$ 11,087,948
--------------------------------------------------------------------------------------------------------
Systems Software -- 1.4%
792,801 BBB-/Ba2 Dealer Computer Services, Inc., Tranche B
Term Loan, 2.15%, 4/21/16 $ 794,288
1,275,000 NR/B2 MSC.Software Corp., Term Loan, 4.0%,
5/29/20 1,281,375
1,791,816 BB/Ba2 Rovi Solutions Corp., Tranche B-3 Term Loan,
3.5%, 3/29/19 1,786,217
583,552 B+/B1 Stoneriver Group, LP, Initial First Lien Term
Loan, 5.5%, 11/30/19 582,579
-------------
$ 4,444,459
-------------
Total Software & Services $ 34,741,842
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.1%
Communications Equipment -- 0.5%
695,000 BB+/Ba3 Audio Visual Services Group, Inc., First Lien
Term Loan, 4.5%, 1/25/21 $ 696,593
939,008 B+/B3 Avaya, Inc., Replacement Term B-6 Loan,
6.5%, 3/31/18 934,753
-------------
$ 1,631,346
--------------------------------------------------------------------------------------------------------
Electronic Components -- 0.9%
0 NR/NR Flextronics International, Ltd., Delayed Draw
Term Loan A-1-B, 2.25%, 10/1/14 $ --
1,287,075 B+/B2 Generac Power Systems, Inc., Term Loan,
3.5%, 5/29/20 1,281,444
1,578,455 B/B2 Scitor Corp., Term Loan, 5.0%, 2/15/17 1,555,094
-------------
$ 2,836,538
--------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.3%
979,812 B+/Ba3 Sensus USA, Inc., Term Loan, 4.75%, 5/9/17 $ 983,077
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 31
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.4%
1,440,000 BBB-/Ba1 4L Technologies, Inc., (fka Clover Holdings,
Inc.) Term Loan, 5.5%, 5/8/20 $ 1,443,151
-------------
Total Technology Hardware & Equipment $ 6,894,112
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Integrated Telecommunication Services -- 2.1%
1,866,872 B/B2 Securus Technologies Holdings, Inc., Initial
First Lien Term Loan, 4.75%, 4/30/20 $ 1,867,339
863,475 BB+/Baa3 TW Telecom Holdings, Inc., (fka Time Warner
Telecom Holdings, Inc.), Term Loan B Loan,
2.65%, 4/17/20 865,094
1,600,092 BBB-/Ba2 West Corp., Term B-10 Loan, 3.25%,
6/30/18 1,586,091
1,108,083 B/B2 West Corp., Term B-9 Loan, 2.75%, 7/15/16 1,108,198
1,234,375 BB+/Baa3 Windstream Corp., Tranche B-4 Term Loan,
3.5%, 1/23/20 1,231,675
-------------
$ 6,658,397
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.0%
1,442,030 BBB-/Ba2 Crown Castle Operating Co., Extended
Incremental Tranche B-2 Term Loan, 3.0%,
1/31/21 $ 1,438,200
1,895,657 BB-/B1 Syniverse Holdings, Inc., Initial Term Loan,
4.0%, 4/23/19 1,897,435
-------------
$ 3,335,635
-------------
Total Telecommunication Services $ 9,994,032
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.9%
Air Freight & Logistics -- 1.3%
1,492,109 B/B2 Air Medical Group Holdings, Inc., Term
Loan B-1, 5.0%, 6/30/18 $ 1,496,771
1,747,919 B/B2 Mirror Bidco Corp., New Incremental Term
Loan, 4.25%, 12/28/19 1,750,104
1,057,013 B-/B2 Ozburn-Hessey Holding Co., LLC, Term Loan,
7.75%, 5/23/19 1,060,316
-------------
$ 4,307,191
--------------------------------------------------------------------------------------------------------
Airlines -- 3.0%
2,977,500 NR/Ba2 American Airlines, Inc., Class B Term Loan,
3.75%, 6/27/19 $ 2,985,876
247,500 BB-/Ba2 Continental Airlines, Inc., (United Air Lines,
Inc.), Class B Term Loan, 3.5%, 4/1/19 248,243
1,481,250 B/Ba3 Delta Air Lines, Inc., 2014 Term B-1 Loan,
3.5%, 10/18/18 1,480,192
1,312,875 BB/Ba1 Delta Air Lines, Inc., Term Loan, 3.5%,
4/20/17 1,314,048
1,280,813 BB-/Ba2 U.S. Airways, Inc., Tranche B-1 Term Loan,
3.5%, 5/23/19 1,281,613
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Airlines -- (continued)
2,134,688 B/B1 U.S. Airways, Inc., Tranche B-2 Term Loan,
3.0%, 11/23/16 $ 2,139,757
-------------
$ 9,449,729
--------------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
455,000 CCC+/Caa2 Marine Acquisition Corp., Term Loan, 5.25%,
1/30/21 $ 457,844
--------------------------------------------------------------------------------------------------------
Marine -- 0.3%
990,000 CCC/B3 Commercial Barge Line Co., Initial First Lien
Term Loan, 7.5%, 9/22/19 $ 997,425
--------------------------------------------------------------------------------------------------------
Trucking -- 1.1%
1,000,000 B/B2 Aegis Toxicology Sciences Corp. Initial First
Lien Term Loan, 5.5%, 2/24/21 $ 1,011,250
1,100,890 NR/Ba2 Swift Transportation Co., LLC, Tranche B-2
Term Loan, 4.0%, 12/21/17 1,103,871
798,000 B/Ba3 Syncreon Global Finance, Inc., Term Loan,
5.25%, 10/28/20 803,985
648,375 CCC+/Ba3 YRC Worldwide Inc., Initial Term Loan, 8.0%,
2/13/19 651,617
-------------
$ 3,570,723
-------------
Total Transportation $ 18,782,912
--------------------------------------------------------------------------------------------------------
UTILITIES -- 3.5%
Electric Utilities -- 1.4%
2,233,125 BB/Ba3 Calpine Construction Finance Company, LP,
Term B-1 Loan, 3.0%, 5/3/20 $ 2,194,976
1,071,429 BB-/B1 Raven Power Finance, Term Advance Loan,
5.25%, 12/19/20 1,088,170
1,186,759 BB-/Ba3 Star West Generation LLC, Term B Advance,
4.25%, 3/13/20 1,187,501
-------------
$ 4,470,647
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 1.8%
46,001 BB+/Ba1 AES Corp., Initial Term Loan, 3.75%, 6/1/18 $ 46,116
1,673,250 BB-/B1 Calpine Corp., Term Loan, 4.0%, 4/1/18 1,680,440
492,500 BB-/B1 Calpine Corp., Term Loan, 4.0%, 10/9/19 494,424
1,068,846 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan, 4.0%,
4/23/20 1,071,710
1,232,500 BB+/Baa3 NRG Energy, Inc., 2013 Term Loan, 2.75%,
7/1/18 1,226,338
1,492,500 B+/B3 Synagro Technologies, Term Loan, 6.25%,
8/22/20 1,485,037
-------------
$ 6,004,065
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 33
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Water Utilities -- 0.3%
864,500 B+/NR WTG Holdings III Corp., First Lien Term Loan,
4.75%, 1/15/21 $ 866,662
-------------
Total Utilities $ 11,341,374
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $456,821,435) $ 448,779,119
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 2.9% of
Net Assets
AUTOMOBILES & COMPONENTS -- 2.5%
Auto Parts & Equipment -- 2.5%
115,239 Delphi Automotive Plc $ 7,958,405
-------------
Total Automobiles & Components $ 7,958,405
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Publishing -- 0.2%
14,548(e) Cengage Learning Acquisitions, Inc $ 531,919
-------------
Total Media $ 531,919
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.0%
Biotechnology -- 0.0%
2,454(e) Progenics Pharmaceuticals, Inc. $ 9,963
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 9,963
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.2%
710(e) CEVA Holdings LLC $ 789,641
-------------
Total Transportation $ 789,641
--------------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%
Independent Power Producers & Energy
Traders -- 0.0%
775 NRG Energy, Inc. $ 27,621
-------------
Total Utilities $ 27,621
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $3,806,621) $ 9,317,549
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
COLLATERALIZED LOAN OBLIGATIONS --
2.7% of Net Assets
BANKS -- 2.7%
Diversified Banks -- 0.9%
1,000,000(b)(f) BB+/Ba1 Primus, Ltd., Series 2007-2A, Class D,
2.626%, 7/15/21 (144A) $ 928,209
1,000,000(b)(f) B+/Ba2 Rampart, Ltd., Series 2006-1A, Class D,
3.778%, 4/18/21 (144A) 957,848
951,289(b)(f) CCC+/Ba3 Stanfield McLaren, Ltd., Series 2007-1A,
Class B2L, 4.727%, 2/27/21 (144A) 918,047
-------------
$ 2,804,104
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.8%
1,000,000(b)(f) BB+/Ba2 ACA, Ltd., Series 2007-1A, Class D, 2.576%,
6/15/22 (144A) $ 945,809
1,000,000(b)(f) BBB/Ba1 Goldman Sachs Asset Management Plc,
Series 2007-1A, Class D, 2.975%, 8/1/22
(144A) 976,320
1,000,000(b)(f) BBB/Baa2 Gulf Stream -- Sextant, Ltd., Series 2007-1A,
Class D, 2.633%, 6/17/21 (144A) 970,183
1,000,000(b)(f) BB+/Ba3 Landmark CDO, Ltd., Series 2007-9A,
Class E, 3.726%, 4/15/21 (144A) 946,180
2,000,000(b)(f) BBB/Baa3 Stone Tower, Ltd., Series 2007-6A, Class C,
1.576%, 4/17/21 (144A) 1,851,908
-------------
$ 5,690,400
-------------
Total Banks $ 8,494,504
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED LOAN
OBLIGATIONS
(Cost $7,449,961) $ 8,494,504
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS & NOTES -- 1.4%
of Net Assets
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
500,000(f) BBB-/NR Vita Capital V, Ltd., 2.738%, 1/15/17
(144A) $ 508,500
-------------
Total Diversified Financials $ 508,500
--------------------------------------------------------------------------------------------------------
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.1%
250,000 B-/B3 Offshore Group Investment, Ltd., 7.5%,
11/1/19 $ 262,500
-------------
Total Energy $ 262,500
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment & Services -- 0.3%
903,000 B+/B2 Physio-Control International, Inc., 9.875%,
1/15/19 (144A) $ 1,004,723
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 35
Schedule of Investments | 5/31/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%
6,487,382(a)(b) NR/NR Azithromycin Royalty Sub LLC, 16.0%,
5/15/19 $ 8,109
-------------
Total Health Care Equipment & Services $ 1,012,832
--------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Reinsurance -- 0.6%
250,000(f) BB-/NR Atlas Reinsurance VII, Ltd., 8.103%, 1/7/16
(144A) $ 259,575
500,000(f) NR/Baa1 Combine Re, Ltd., 4.53%, 1/7/15 (144A) 505,650
250,000(f) BB/NR East Lane Re V, Ltd., 9.03%, 3/16/16
(144A) 266,675
250,000(f) BB/NR Mystic Re, Ltd., 9.03%, 3/12/15 (144A) 256,525
250,000(f) B+/NR Mythen Re, Ltd. Series 2012-2 Class A,
8.549%, 1/5/17 (144A) 263,800
250,000(f) B/NR Queen Street VII Re, Ltd., 8.63%, 4/8/16
(144A) 260,525
-------------
Total Insurance $ 1,812,750
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Diversified Metals & Mining -- 0.3%
1,050,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 $ 942,375
-------------
Total Materials $ 942,375
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS & NOTES
(Cost $10,916,356) $ 4,538,957
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.0%+ of
Net Assets
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
115,125 BB/NR Westgate Resorts LLC, Series 2012-2A,
Class C, 9.0%, 1/20/25 (144A) $ 119,154
-------------
Total Consumer Services $ 119,154
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $115,124) $ 119,154
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
LIQUIDATING TRUSTS -- 0.0%
of Net Assets
CONSUMER SERVICES -- 0.0%
Hotels, Resorts & Cruise Lines -- 0.0%
3,377,886(e)(g)(i) Yellowstone Mountain Club LLC, Liquidating
Trust $ --
-------------
Total Consumer Services $ --
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------
ENERGY -- 0.0%
Oil & Gas Exploration & Production -- 0.0%
4,995,000(e)(g)(i) Crusader Energy Group, Inc.,
Liquidating Trust $ --
-------------
Total Energy $ --
--------------------------------------------------------------------------------------------------------
TOTAL LIQUIDATING TRUSTS
(Cost $0) $ --
--------------------------------------------------------------------------------------------------------
Principal
Amount S&P/Moody's
USD ($) Ratings Value
--------------------------------------------------------------------------------------------------------
CLAIMS -- 0.0% of Net Assets
TRANSPORTATION -- 0.0%
Airlines -- 0.0%
1,200,000(h)(i) NR/NR Northwest Airlines, Inc., ALPA Claim-Escrow,
0.0% $ --
2,500,000(h)(i) NR/NR Northwest Airlines, Inc., Bell Atlantic
Claim-Escrow, 0.0% --
2,500,000(h)(i) NR/NR Northwest Airlines, Inc., EDC Claim-Escrow,
0.0% --
2,130,600(h)(i) NR/NR Northwest Airlines, Inc., Flight Attendant
Claim-Escrow, 0.0% --
1,500,000(h)(i) NR/NR Northwest Airlines, Inc., GE Claim-Escrow,
0.0% --
1,264,500(h)(i) NR/NR Northwest Airlines, Inc., IAM Claim-Escrow,
0.0% --
1,404,900(h)(i) NR/NR Northwest Airlines, Inc., Retiree Claim-
Escrow, 0.0% --
-------------
Total Transportation $ --
--------------------------------------------------------------------------------------------------------
TOTAL CLAIMS
(Cost $0) $ --
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 146.7%
(Cost -- $479,109,497) (j) $ 471,249,283
--------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (46.7)% $(150,024,098)
--------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -- 100.0% $ 321,225,185
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 37
Schedule of Investments | 5/31/14 (unaudited) (continued)
+ 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, 2014, the value of these securities amounted to $11,939,631, or
3.7% 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 rate of a certificate of deposit or
(iv) other base lending rates used by commercial lenders. The
interest rate shown is the rate accruing at May 31, 2014.
(a) Security is in default and is non income producing.
(b) Indicates a security that has been deemed illiquid. As of May 31, 2014
the aggregate cost of illiquid securities in the Trust's portfolio was
$21,590,191. As of that date, the aggregate value of illiquid
securities in the Trust's portfolio of $10,443,795 represented 3.3% of
total net assets applicable to common shareowners.
(c) The company and agent bank are in the process of negotiating
forbearance.
(d) Payment in Kind (PIK) security which may pay interest in the form of
additional principal amount.
(e) Non-income producing.
(f) Floating rate note. The interest rate shown is the coupon rate at
May 31, 2014.
(g) Security represents a liquidating trust which is a vehicle which
through future settlements of bankruptcy claims are dispersed to
creditors.
(h) Security represents a claim which is subject to bankruptcy court
findings which may result in an exchange of money, assets or
equity.
(i) Security is valued using fair value methods (other than prices supplied
by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(j) At May 31, 2014, the net unrealized depreciation on investments
based on cost for federal tax purposes of $479,440,206 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 11,060,679
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (19,251,602)
-------------
Net unrealized depreciation $ (8,190,923)
=============
For financial reporting purposes net unrealized depreciation on investments was
$7,860,214 and cost of investment aggregated $479,109,497.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2014 aggregated $180,709,757 and $178,591,330,
respectively.
Principal amounts are denominated in U.S. dollars unless otherwise noted.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
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.).
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 or
broker dealers) as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of May 31, 2014, in valuing the
Trust's investments.
-----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------
Senior Secured Floating Rate Loan
Interests $ -- $448,779,119 $ -- $448,779,119
-----------------------------------------------------------------------------------------------
Common Stocks
Media
Publishing -- 531,919 -- 531,919
Transportation
Air Freight & Logistics -- 789,641 -- 789,641
All Other Common Stocks 7,995,989 -- -- 7,995,989
-----------------------------------------------------------------------------------------------
Collateralized Loan Obligations
Banks
Diversified Banks -- -- 2,804,104 2,804,104
Thrifts & Mortgage Finance -- -- 5,690,400 5,690,400
-----------------------------------------------------------------------------------------------
Corporate Bonds & Notes
Health Care Equipment & Services
Health Care Supplies -- -- 8,109 8,109
All Other Corporate Bonds & Notes -- 4,530,848 -- 4,530,848
-----------------------------------------------------------------------------------------------
Asset Backed Security -- 119,154 -- 119,154
-----------------------------------------------------------------------------------------------
Claims
Transportation
Airlines -- -- --* --*
-----------------------------------------------------------------------------------------------
Liquidating Trusts
Consumer Services
Hotels, Resorts & Cruise Lines -- -- --* --*
-----------------------------------------------------------------------------------------------
Energy
Oil & Gas Exploration
& Production -- -- --* --*
-----------------------------------------------------------------------------------------------
Total Investments in Securities $7,995,989 $454,750,681 $8,502,613 $471,249,283
===============================================================================================
Other Financial Instruments
Net unrealized appreciation on
Forward Foreign
Currency Contracts $ -- $ 3,882 $ -- $ 3,882
-----------------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ 3,882 $ -- $ 3,882
===============================================================================================
* Security is valued at $0.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 39
Schedule of Investments | 5/31/14 (unaudited) (continued)
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
11/30/13 (loss)(1) (depreciation)(2) Purchases Sales premiums Level 3* Level 3* 5/31/14
-----------------------------------------------------------------------------------------------------------------------------
Collateralized Loan
Obligations
Banks
Diversified Banks $2,727,554 $-- $ 7,595 $-- $-- $ 68,955 $-- $-- $2,804,104
Thrifts &
Mortgage
Finance 5,625,880 -- (48,818) -- -- 113,338 -- -- 5,690,400
Claims
Transportation
Airlines --** -- -- -- -- -- -- -- --**
Corporate Bonds
& Notes
Health Care
Equipment &
Services
Health Care
Supplies 8,109 -- (4,342) -- -- 4,342 -- -- 8,109
Liquidating Trusts
Energy
Oil & Gas
Exploration
& Production --** -- -- -- -- -- -- -- --**
Consumer Services
Hotels, Resorts
& Cruise Lines --** -- -- -- -- -- -- -- --**
-----------------------------------------------------------------------------------------------------------------------------
Total $8,361,543 $-- $(45,565) $-- $-- $186,635 $-- $-- $8,502,613
=============================================================================================================================
* Transfers are calculated on the beginning of period value. During the six
months ended May 31, 2014, there were no transfers between Levels 1, 2 and
3.
** Includes securities that are fair valued at $0.
(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 appreciation (depreciation) from investments in
the Statement of Operations.
Net change in unrealized appreciation of Level 3 investments still held and
considered Level 3 at 5/31/14: (45,565).
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
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, 2014:
--------------------------------------------------------------------------------------------------------
Fair Value Valuation Unobservable Value/Range
5/31/14 Technique(s) Input (Weighted Average)
--------------------------------------------------------------------------------------------------------
Collateralized Loan
Obligations $8,494,504 Broker Quote Proprietary $92.60-$97.63
Broker Model per bond
Corporate Bonds
& Notes $ 8,109 Broker Quote Proprietary $0.125 per bond
Broker Model
Liquidating Trusts (1) -- Discounted Residual Value 0
Cash Flow
Claims (2) -- Discounted Residual Value 0
Cash Flow
========================================================================================================
(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.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 41
Statement of Assets and Liabilities | 5/31/14 (unaudited)
ASSETS:
Investments in securities, at value (cost $479,109,497) $ 471,249,283
Cash 22,904,899
Foreign currencies, at value (cost $5,614) 5,596
Net unrealized appreciation on unfunded loan commitments 2,914
Receivables --
Net unrealized appreciation on forward foreign currency contracts 3,882
Investment securities sold 8,201,518
Interest receivable 2,316,488
Dividends receivable 62,335
Prepaid expenses 3,171
------------------------------------------------------------------------------------------
Total assets $ 504,750,086
------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Outstanding borrowing 157,450,000
Investment securities purchased 25,381,197
Due to affiliates 284,655
Administration fee payable 76,290
Interest payable 100,422
Trustee fee 2,303
Accrued expenses 230,034
------------------------------------------------------------------------------------------
Total liabilities $ 183,524,901
------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $ 465,543,677
Undistributed net investment income 145,477
Accumulated net realized loss on investments and foreign
currency transactions (136,614,383)
Net unrealized depreciation on investments (7,860,214)
Net unrealized appreciation on unfunded loan commitments 2,914
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 7,714
------------------------------------------------------------------------------------------
Net assets applicable to common shareowners $ 321,225,185
------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
No par value (unlimited number of shares authorized)
Based on $321,225,185/24,738,174 common shares $ 12.98
==========================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
Statement of Operations (unaudited)
For the Six Months Ended 5/31/14
INVESTMENT INCOME:
Interest $11,756,843
Dividends 57,821
Facility and other fees 308,056
----------------------------------------------------------------------------------------------------
Total investment income $12,122,720
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,683,119
Administrative reimbursements 126,570
Transfer agent fees and expenses 17,478
Shareholder communications expense 5,588
Auction agent fees -- preferred shares 6,287
Custodian fees 24,978
Professional fees 84,852
Printing expenses 5,875
Trustees' fees 7,245
Pricing fees 12,391
Miscellaneous 133,010
----------------------------------------------------------------------------------------------------
Net operating expenses $ 2,107,393
----------------------------------------------------------------------------------------------------
Interest expense $ 786,956
----------------------------------------------------------------------------------------------------
Net operating expenses and interest expense $ 2,894,349
----------------------------------------------------------------------------------------------------
Net investment income $ 9,228,371
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
UNFUNDED LOAN COMMITMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 7,480,328
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (33,189) $ 7,447,139
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $(7,359,747)
Unfunded loan commitments 2,914
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 15,772 $(7,341,061)
----------------------------------------------------------------------------------------------------
Net gain on investments $ 106,078
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME: $ (30,301)
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,304,148
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 43
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/14 Year Ended
(unaudited) 11/30/13
----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 9,228,371 $ 25,084,923
Net realized gain (loss) on investments and foreign
currency transactions 7,447,139 (6,781,808)
Change in unrealized appreciation (depreciation) on
investments, unfunded loan commitments and foreign
currency transactions (7,341,061) 7,001,184
Distributions to preferred shareowners from net
investment income (30,301) (3,072,469)
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,304,148 $ 22,231,830
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income
($0.45 and $0.90 per share, respectively) $(11,206,393) $ (22,254,278)
----------------------------------------------------------------------------------------------------
Total distributions to common shareowners $(11,206,393) $ (22,254,278)
----------------------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions $ -- $ 435,737
----------------------------------------------------------------------------------------------------
Net increase in net assets applicable to common
shareowners from Trust share transactions $ -- $ 435,737
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
common shareowners $ (1,902,245) $ 413,289
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of period 323,127,430 322,714,141
----------------------------------------------------------------------------------------------------
End of period $321,225,185 $ 323,127,430
----------------------------------------------------------------------------------------------------
Undistributed net investment income $ 145,477 $ 2,153,800
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
Statement of Cash Flows (unaudited)
For the Six Months Ended 5/31/14
Cash Flows From Operating Activities
Net increase in net assets resulting from operations (excluding
preferred distributions) $ 9,334,449
----------------------------------------------------------------------------------------------
Adjustments to reconcile Net Increase in net assets resulting from operations
to Net Cash and Foreign Currency provided by Operating Activities
Purchase of investment securities $(179,654,020)
Proceeds from disposition of investment securities 178,192,263
Net accretion and amortization of discount/premium on corporate debt
obligations and short term investments (603,359)
Increase in receivable for investments sold (5,379,364)
Decrease in interest income 299,166
Decrease in receivable for dividends 4,716
Decrease in prepaid expenses 4,484
Increase in payable for investments purchased 21,439,110
Increase in due to affiliates 3,335
Decrease in administration fee payable (3,065)
Increase in accrued expenses 12,657
Decrease in other liabilities (2,616)
Increase in interest payable 100,421
Change in unrealized depreciation on investments 7,359,747
Change in unrealized appreciation on forward foreign currency contracts (15,414)
Change in unrealized appreciation on unfunded loan commitments (2,914)
Net realized gain from investments (7,480,328)
----------------------------------------------------------------------------------------------
Net cash and foreign currency provided by operating activities $ 23,609,268
----------------------------------------------------------------------------------------------
Cash flows Used in Financing Activities:
Redemption of preferred shares, including unpaid dividends $(182,474,775)
Increase in outstanding borrowing 157,450,000
Cash dividends paid to common shareowners (11,206,393)
Cash dividends paid to preferred shareowners (30,301)
----------------------------------------------------------------------------------------------
Net cash and foreign currency used in financing activities $ (36,261,469)
----------------------------------------------------------------------------------------------
Cash and Foreign Currency
Beginning of the period $ 35,562,696
----------------------------------------------------------------------------------------------
End of the period $ 22,910,495
==============================================================================================
Cash Flow Information
Cash paid for interest $ 686,534
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 45
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
-----------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 13.06 $ 13.06 $ 12.45 $ 12.52 $ 11.40 $ 8.62
-------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations: (a)
Net investment income $ 0.37 $ 1.01 $ 1.19 $ 1.28 $ 1.17 $ 1.13
Net realized and unrealized gain (loss)
on investments, unfunded loan commitments
and foreign currency transactions 0.00(h) 0.01 0.55 (0.30) 0.94 2.94
Distributions to preferred shareowners from:
Net investment income (0.00) (0.12) (0.12) (0.11) (0.11) (0.12)
-------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.37 $ 0.90 $ 1.62 $ 0.87 $ 2.00 $ 3.95
-------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income $ (0.45) $ (0.90) $ (1.01) $ (0.94) $ (0.88) $ (1.12)
Tax return of capital -- -- -- -- -- (0.05)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.00 $ 0.61 $ (0.07) $ 1.12 $ 2.78
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period (b) $ 12.98 $ 13.06 $ 13.06 $ 12.45 $ 12.52 $ 11.40
-------------------------------------------------------------------------------------------------------------------------------
Market value, end of period (b) $ 12.35 $ 12.41 $ 13.41 $ 12.55 $ 13.16 $ 11.54
===============================================================================================================================
Total return at market value (c) 3.14% (0.84)% 15.66% 2.60% 22.63% 91.01%
Ratios to average net assets of
common shareowners:
Net operating expenses (d) 1.30%(f) 1.47% 1.58% 1.67% 1.74% 2.03%
Total expense plus interest expense (d)(e) 1.79%(f) 1.47% 1.58% 1.67% 1.74% 2.03%
Net investment income before preferred
share distributions 5.71%(f) 7.70% 9.24% 9.96% 9.66% 11.79%
Preferred share distributions 0.02%(f) 0.94% 0.90% 0.85% 0.94% 1.26%
Net investment income available to
common shareowners 5.69%(f) 6.76% 8.34% 9.11% 8.72% 10.53%
Portfolio turnover 40% 63% 63% 42% 40% 32%
Net assets of common shareowners,
end of period (in thousands) $ 321,225 $ 323,127 $ 322,714 $ 306,822 $ 307,137 $278,565
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
-----------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) $ -- $ 182,450 $ 182,450 $ 182,450 $ 182,450 $ 182,450
Asset coverage per preferred share,
end of period $ -- $ 69,280 $ 69,222 $ 67,047 $ 69,090 $ 63,175
Average market value per preferred share (g) $ -- $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Liquidation value, including dividends
payable, per preferred share $ -- $ 25,003 $ 25,003 $ 25,005 $ 25,005 $ 25,005
===============================================================================================================================
(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) Includes interest expense of 0.49%.
(f) Annualized.
(g) Market value is redemption without an active market.
(h) Amount rounds to less than $0.005 per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 47
Notes to Financial Statements | 5/31/14 (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 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 Trust's 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
year. 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. If price
information is not available from Loan Pricing Corporation or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing service
broker quotes will be solicited. Fixed-income securities with remaining
maturities 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 have 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
48 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
asked prices. 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 and loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available, are unchanged for 10 days or more, or are
considered to be unreliable are valued by a fair valuation team comprised
of certain personnel of Pioneer Investment Management, Inc. (PIM), the
Trust's investment adviser, pursuant to procedures adopted by the Trust's
Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair value on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
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. 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 Trust's 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 significantly
from exchange prices and such differences could be material.
At May 31, 2014, 9 securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing
services or broker-dealers) representing 0.0% of net assets applicable to
common shareowners. The value of these fair valued securities are $0.
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 on income bearing cash
accounts, is recorded on an accrual basis, net of unrecoverable foreign
taxes withheld at the applicable country rates.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 49
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. 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 the 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 appreciation or depreciation
are recorded in the Trust's financial statements. The Trust records
realized gains and losses at the time a contract 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 Trust's 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 federal income tax provision is required. As of
November 30, 2013, the Trust did not accrue any interest or penalties with
respect to uncertain tax positions, which if applicable, would be recorded
as income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
50 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which 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 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, 2013 was as follows:
-----------------------------------------------------------------------------
2013
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $25,326,747
-----------------------------------------------------------------------------
Total $25,326,747
=============================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at November 30, 2013:
-----------------------------------------------------------------------------
2013
-----------------------------------------------------------------------------
Distributable Earnings:
Undistributed ordinary income $ 2,497,752
Capital loss carryforward (144,061,522)
Other book/tax temporary differences (343,952)
Unrealized depreciation (508,525)
-----------------------------------------------------------------------------
Total $(142,416,247)
=============================================================================
The difference between book-basis and tax-basis unrealized depreciation is
primarily attributable to 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
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 51
or have common risks, making the Trust more susceptible to any economic,
political, or regulatory developments or other risks affecting those
industries and sectors.
The Trust invests primarily in 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 issuer's
capacity to pay interest and repay principal. Below investment grade
securities, including floating rate loans, involve greater risk of loss,
are subject to greater price volatility, and are less liquid and more
difficult to value, 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. The
value of collateral, if any, securing a floating rate loan can decline or
may decline or may be insufficient to meet the issuer's obligations or may
be difficult to liquidate. No active trading market may exist for floating
rate loans, and many loans are subject to restrictions on resale. Any
secondary market may be subject to irregular trading activity and extended
settlement periods. 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 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 Trust's
assets in illiquid securities may restrict the Trust's ability to take
advantage of market opportunities.
52 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
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 Trust's custodian or a sub-custodian of the
Trust. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
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 shareowner's 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 shareowner's 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 shareowner's 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
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 53
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 Agent's
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.
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 or the issuance of debt securities), (ii)
the issuance of preferred stock or other similar preference securities, and/or
(iii) any other means. For the six months ended May 31, 2014, the net management
fee was 0.70% of the Trust's average daily managed assets, which was equivalent
to 1.05% of the Trust's average daily net assets.
In addition, under PIM's management and administration agreements, certain other
services and costs are paid by PIM and reimbursed by the Trust. At May 31, 2014,
$360,945 was payable to PIM related to management costs, administrative costs
and certain other services and is included in "Affiliated expenses payable" and
"Administration fees payable" on the Statement of Assets and Liabilities.
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 Trust 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.
54 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
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 Trust's custodian expenses. For the six months ended May 31, 2014, the Trust
expenses were not reduced under such arrangement.
5. Forward Foreign Currency Contracts
At May 31, 2014, the Trust had entered 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. The average value of contracts open during the six months
ended May 31, 2014 was $642,657.
Open forward foreign currency contracts at May 31, 2014 were as follows:
------------------------------------------------------------------------------------------------
Net
Contracts In Net
to Receive/ Exchange Settlement US$ Unrealized
Currency (Deliver) for US$ Date Value Appreciation
------------------------------------------------------------------------------------------------
GBP (388,695) $(655,047) 09/08/14 $(651,165) $3,882
================================================================================================
6. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statements of Assets and Liabilities. The following charts
show gross assets and liabilities as of May 31, 2014:
-----------------------------------------------------------------------------------------
Assets:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
-----------------------------------------------------------------------------------------
Forward foreign
currency
contracts $3,882 $-- $3,882 $-- $-- $3,882
=========================================================================================
7. Loan Agreement
Effective November 29, 2013, the Trust entered into a Revolving Credit Facility
(the Credit Agreement) with the Bank of Nova Scotia in the amount of
$160,000,000.
At May 31, 2014, the Trust had a borrowing outstanding under the Credit
Agreement totaling $157,450,000. The interest rate charged at May 31, 2014 was
1.00%. During the six months ended May 31, 2014, the average daily
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 55
balance was $157,450,000 at a weighted average interest rate of 1.01%. With
respect to the loan, interest expense of $786,956 is included in the Statement
of Operations. The Credit Agreement was established in conjunction with the
redemption of all of the Trust's auction market preferred shares (see Note 11).
The Trust is required to maintain 300% asset coverage with respect to amounts
outstanding under the Credit Agreement. Asset coverage is calculated by
subtracting the Trust's total liabilities, not including any bank loans and
senior securities, from the Trust's total assets and dividing such amount by the
principal amount of the borrowings outstanding.
As of the date indicated below, the Trust's debt outstanding and asset coverage
were as follows:
--------------------------------------------------------------------------------------------
Asset
Total Amount Coverage
Of Debt Per $1,000 of
Date Outstanding Indebtedness
--------------------------------------------------------------------------------------------
May 31, 2014 $157,450,000 $3,040
============================================================================================
8. Unfunded Loan Commitments
As of May 31, 2014, the Trust had an unfunded loan commitment amounting to
$1,168,107 (excluding unrealized appreciation on this commitment of $2,914 as of
May 31, 2014) which could be extended at the option of the borrower, pursuant to
the following loan agreements:
--------------------------------------------------------------------------------------------
Unrealized
Appreciation/
Borrower Par Cost Value (Depreciation)
--------------------------------------------------------------------------------------------
Allied Security Holdings LLC,
Delayed Draw Term Loan $410,959 $414,041 $413,356 $ (685)
GTCR Valor Companies, Inc.,
Delayed Draw Term Loan $538,461 $533,077 $536,779 $3,702
W.R. Grace & Co., Delayed
Draw Term Loan $218,687 $218,161 $218,058 $ (103)
--------------------------------------------------------------------------------------------
Total $2,914
============================================================================================
9. Trust Shares
There are an unlimited number of common shares of beneficial interest
authorized.
Transactions in common shares of beneficial interest for the periods ended May
31, 2014 and November 30, 2013 were as follows:
--------------------------------------------------------------------------------------------
5/31/14 11/30/13
--------------------------------------------------------------------------------------------
Shares outstanding at beginning of period 24,738,174 24,705,145
Revinvestment of distributions -- 33,029
Shares outstanding at end of period 24,738,174 24,738,174
============================================================================================
56 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
The Trust redeemed all outstanding Series M7 auction market preferred shares
("AMPS") on December 3, 2013, all Series W7 AMPS on December 5, 2013 and all
Series TH7 AMPS on December 6, 2013. See Note H for additional information.
10. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of May 31, 2014 were as follows:
----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging Instruments --------------------------------------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------------
Forward foreign Net unrealized Net unrealized
currency contracts appreciation appreciation
on forward on forward
foreign currency foreign currency
contracts $3,882 contracts $--
----------------------------------------------------------------------------------------------
Total $3,882 $--
==============================================================================================
The effect of derivative instruments on the Statement of Operations for the six
months ended May 31, 2014 was as follows:
----------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation/
Hedging Instruments (Loss) on (Depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on
currency contracts forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies $(33,189)
Forward foreign Change in net unrealized
currency contracts appreciation/ (depreciation)
on forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies $(15,772)
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 57
11. Redemption of AMPS
The Trust redeemed all of its outstanding AMPS at the liquidation preference per
share (sometimes referred to as "at part"), together with accrued and unpaid
dividends, in any, as of the redemption date, as follows:
-----------------------------------------------------------------------------------------------
Accrued and
Liquidation Unpaid
Shares Redemption Preference Dividends
Series Outstanding Date Per Share Paid Per Share
-----------------------------------------------------------------------------------------------
M7 2,434 December 3, 2013 $25,000 $--
W7 2,432 December 5, 2013 $25,000 $--
TH7 2,432 December 6, 2013 $25,000 $--
===============================================================================================
12. Dividends to Preferred Shareholders
Prior to the redemption of the Trust's AMPS (See Note 11), dividends on Series
M7, Series W7 and Series TH7 were cumulative at a rate which was to be reset
ever seven days based on the results of an auction. Since February 2008, the
Trust's auctions related to the AMPS failed. Accordingly, the Trust paid the
maximum dividend rate for each series, which was the greater of 125% of the one
week LIBOR rate or the LIBOR rate plus a spread of 1.25%. There were no
dividends payable on AMPS during the period from December 1, 2013 to the
redemption of Series M7 AMPS on December 3, 2013, Series W7 AMPS on December 5,
2013 and Series TH7 AMPS on December 6, 2013.
13. Subsequent Events
The Board of Trustees of the Trust declared on June 2, 2014 a monthly dividend
from undistributed net investment income of $0.065 per common share, payable
June 30, 2014, to shareowners of record on June 17, 2014.
14. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Trust, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Trust's
independent registered public accounting firm for the fiscal year ending
November 30, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which
resigned as the Trust's independent registered public accounting firm, effective
upon completion of the audit of the Trust's financial statements for the fiscal
year ended November 30, 2013.
58 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
During the periods that Ernst & Young LLP served as the Trust's independent
registered public accounting firm, including the Trust's two most recent fiscal
year, Ernst & Young LLP's reports on the financial statements of the Trust have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles.
Further, there have been no disagreements with Ernst & Young LLP on any matter
of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which, if not resolved to the satisfaction of Ernst
& Young LLP would have caused Ernst & Young LLP to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 59
ADDITIONAL INFORMATION (unaudited)
During the period, there have been no material changes in the Trust's 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 period, 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.
Changes to non-fundamental investment policies
Investments in floating rate loans. Effective August 1, 2014, the following
non-fundamental investment policy has been modified by removing references to
"senior" loans from the policy. The revised policy is as follows:
Under normal market conditions, the Trust seeks to achieve its investment
objectives by investing at least 80% of its assets (net assets plus
borrowings for investment purposes) in floating rate loans.
Investments in non-U.S. securities. Effective August 1, 2014, the following
non-fundamental investment policy has been modified to increase the limit on
investments in non-U.S. securities from 10% to 35% of the Trust's assets. The
revised policy is as follows:
The Fund may invest up to 35% of its assets (net assets plus borrowings
for investment purposes) in floating rate loans and other securities of
non-U.S. issuers, including emerging markets securities.
Risks of investing in floating rate loans. Floating rate loans typically are
rated below investment grade (debt securities rated below investment grade are
commonly referred to as "junk bonds"). The fund's investments in floating rate
loans may include unsecured or subordinated loans. Floating rate loans and
similar investments may be illiquid or less liquid than other investments. No
active trading market may exist for many floating rate loans, and many loans are
subject to restrictions on resale. Market quotations for these securities may be
volatile and/or subject to large spreads between bid and ask prices. Any
secondary market may be subject to irregular trading activity and extended trade
settlement periods. An economic downturn generally leads to a higher non-payment
rate, and a loan may lose significant value before a default occurs. There is
less readily available, reliable information about loans than is the case for
other types of securities. Although the features of loans, including
60 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
typically being secured by collateral and having priority over other obligations
of the issuer, reduce some of the risks of investment in below investment grade
securities, the loans are subject to significant risks. Certain floating rate
loans and other corporate debt securities involve refinancings,
recapitalizations, mergers and acquisitions, and other financings for general
corporate purposes. Other loans are incurred in restructuring or "work-out"
scenarios, including debtor-in-possession facilities in bankruptcy. Loans to
highly leveraged companies are especially vulnerable to adverse economic or
market conditions and the risk of default.
Risks of second lien and other subordinated securities. Second lien loans
generally are subject to similar risks as those associated with senior (first
lien) loans. Because second lien loans are subordinated and thus lower in
priority on payment to senior loans, they are subject to the additional risk
that the cash flow of the borrower and property securing the loan or debt, if
any, may be insufficient to meet scheduled payments after giving effect to the
senior secured obligations of the borrower. This risk is generally higher for
subordinated unsecured loans or debt, which are not backed by a security
interest in any specific collateral. Second lien loans generally have greater
price volatility than senior loans and may be less liquid. Second lien loans and
other subordinated securities are more likely to suffer a credit loss than
non-subordinated securities of the same issuer, any loss incurred by the
subordinated securities is likely to be proportionately greater, and any
recovery of interest or principal may take more time. As a result, even a
perceived decline in creditworthiness of the issuer is likely to have a greater
impact on them.
Risks of non-U.S. investments. Investing in non-U.S. issuers, or in U.S. issuers
that have significant exposure to foreign markets, may involve unique risks
compared to investing in securities of U.S. issuers. These risks are more
pronounced for issuers in emerging markets or to the extent that the fund
invests significantly in one region or country. These risks may include
different financial reporting practices and regulatory standards, less liquid
trading markets, extreme price volatility, currency risks, changes in economic,
political, regulatory and social conditions, sustained economic downturns,
financial instability, tax burdens, and investment and repatriation
restrictions. Lack of information and less market regulation also may affect the
value of these securities. Withholding and other non-U.S. taxes may decrease the
fund's return. Non-U.S. issuers may be located in parts of the world that have
historically been prone to natural disasters. Investing in depositary receipts
is subject to many of the same risks as investing directly in non-U.S. issuers.
Depository receipts may involve higher expenses and may trade at a discount (or
premium) to the underlying security.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 61
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West****
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
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 re-
garding 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 www.sec.gov.
* Chief Executive Officer of the Trust.
** Chief Financial and Accounting Officer of the Trust.
*** Mr. Mayer resigned as a Trustee of the Trust effective May 6, 2014.
**** Mr. West retired as a Trustee of the Trust effective July 15, 2014.
62 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
This page for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 63
This page for your notes.
64 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
This page for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 65
This page for your notes.
66 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
This page for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/14 67
This page for your notes.
68 Pioneer Floating Rate Trust | Semiannual Report | 5/31/14
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) 2014 Pioneer Investments 19389-08-0714
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 12(a)(1), 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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants 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.
Not applicable.
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
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.
Not applicable.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
Not applicable.
(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.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding 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 the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-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 the 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 control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
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.
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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date July 29, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date July 29, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2014
* Print the name and title of each signing officer under his or her signature.