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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09223
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: February 28, 2005
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/05 (unaudited)
Principal
Amount S&P Moody's
USD ($) Rating Rating Value
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 102.4% of Net Assets*
Aerospace & Defense - 4.5%
3,500,000 B- B2 American Airlines, Inc., Term, 12/17/10 $ 3,573,283
520,67 B- B3 DeCrane Aircraft Holdings, Inc., Term B, 6/30/08 521,976
2,628,366 B- B3 DeCrane Aircraft Holdings, Inc., Term D, 6/30/08 2,667,791
3,000,000 B+ B2 DynCorp International LLC (DiFinance), Term, 2/11/11 3,049,374
3,000,000 B B1 Northwest Airlines Corp., Term B, 11/23/10 3,089,250
4,980,875 NR Ba3 United Airlines, Inc., DIP, Tranche B, 9/30/05 5,032,761
3,000,000 B+ Ba3 Vought Aircraft Industries, Inc., Tranche B Letter of Credit Depos 3,048,750
$ 20,983,185
Broadcasting - 1.1%
2,500,000 B B2 Enterprise NewsMedia, LLC, Term, 6/30/12 $ 2,498,908
990,00 NR B1 NEP Supershooters, L.P., First Lien Term A, 2/3/11 1,011,038
1,500,000 NR NR NEP Supershooters, L.P., First Lien Term B, 1/31/11 1,520,625
$ 5,030,571
Cable - 11.9%
3,000,000 NR Caa Cebridge Connections, Inc., Second Lien Term, 2/23/10 $ 3,041,250
6,500,000 NR NR Century Cable Holdings, LLC, Discretionary Term, 12/31/09 6,475,625
2,000,000 NR NR Century Cable Holdings, LLC, Term, 6/30/09 1,993,392
13,950,000 CCC+ B2 Charter Communications Operating, LLC, Term B, 4/7/11 14,015,105
EURO 6,000,000 NR NR Kabel NRW GmbH & Co. KG, Elevated, 10/1/06 7,974,053
EURO 3,000,000 NR NR Kabel NRW GmbH & Co. KG, Non-Elevated, 10/1/06 3,974,582
4,000,000 B+ B1 NTL Investment Holdings, Ltd., Sub-Tranche B2, 4/14/12 4,075,000
5,000,000 NR B3 Olympus Cable Holdings, LLC, Term A, 6/30/10 4,962,110
2,833,333 BB- B1 Telewest Communications Networks, Ltd., Term B, 11/30/12 2,870,521
2,166,667 BB- B1 Telewest Communications Networks, Ltd., Term C, 11/30/13 2,196,909
4,455,000 CCC+ B2 WideOpenWest Finance, LLC, Term B, 12/22/10 4,484,701
$ 56,063,248
Chemicals - 2.0%
3,233,572 B+ B1 Celanese Holdings, LLC, Term B (Dollar TL), 4/6/11 $ 3,302,285
2,000,000 B B2 Huntsman, LLC, Term B, 3/31/10 2,039,250
2,000,000 BB Ba2 Mosaic Co., Term B, 2/21/12 2,024,166
2,000,000 B+ B1 PQ Corp. (Niagara Acquisition, Inc.), Term, 2/11/12 2,036,250
$ 9,401,951
Consumer - Durables - 0.5%
1,500,000 B+ B1 Desa, LLC, Term, 11/26/11 $ 1,513,125
1,000,000 BB- Ba3 National Bedding Co., Term B, 8/31/08 1,013,125
$ 2,526,250
Consumer - Non-Durables - 3.8%
3,000,000 NR B2 Camelbak Products, LLC, First Lien Term, 8/4/11 $ 3,035,625
1,000,000 NR B3 Camelbak Products, LLC, Second Lien Term, 2/4/12 1,016,875
3,750,000 B B3 CEI Holdings, Inc. (Cosmetic Essence), First Lien Term, 12/3/10 3,778,125
5,000,000 B+ B1 Jarden Corp., Term, 1/24/12 5,082,290
1,940,000 NR B1 Josten IH Corp., Term C, 10/4/11 1,971,525
1,000,000 B B3 MD Beauty, Inc., Second Lien Term, 2/18/13 1,015,000
1,980,000 B+ B1 Solo Cup Co., Term, 2/27/11 2,020,220
$ 17,919,660
Diversified Media - 3.1%
2,000,000 B B1 Network Communications, Inc., Term B, 6/30/11 $ 2,036,250
4,000,000 BB- Ba3 Regal Cinemas Corp., Term, 11/10/10 4,061,784
2,818,354 BB Ba3 RH Donnelley, Inc., Term A-3, 12/31/09 2,852,577
3,222,784 B- B1 Six Flags Theme Parks, Inc.,Term B, 6/30/09 3,279,183
2,500,000 B- B3 Weekly Reader Corp., Second Lien Term, 3/23/09 2,498,437
$ 14,728,231
Energy - 4.8%
2,000,000 B B2 Complete Energy Services, Inc., Term B, 2/8/12 $ 2,020,000
5,000,000 BB- NR Ferrell Companies, Inc., Term, 12/17/11 5,100,000
6,000,000 BBB+ Ba3 Mainline, L.P., Term, 12/17/11 6,097,500
3,000,000 NR B1 NSG Holdings II, LLC, Initial Term, 12/13/11 3,051,564
2,000,000 B+ B1 Regency Gas Services, LLC, Term, 6/1/10 2,037,500
4,000,000 BB- Ba2 Universal Compression, Inc., Term B, 2/15/12 4,063,124
$ 22,369,688
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/05 (continued)(unaudited)
Principal
Amount S&P Moody's
USD ($) Rating Rating Value
Food & Drug - 0.4%
2,000,000 BB- Ba3 Herbalife International, Inc., Term, 12/21/10 $ 2,033,750
Food & Tobacco - 5.2%
3,000,000 B B2 Captain D's, LLC, First Lien Term, 12/27/10 $ 3,022,500
2,000,000 B B3 Captain D's, LLC, Second Lien Term, 6/27/11 1,990,000
4,000,000 B+ B1 Carrols Corp., Term B, 12/31/10 4,073,332
3,767,778 BB Ba2 Constellation Brands, Inc., Term B, 11/30/11 3,826,943
1,000,000 BB- Ba3 Del Monte Corp., Term B, 2/8/12 1,013,250
2,000,000 BB- Ba2 Landry's Restaurants, Inc., Term, 12/28/10 2,031,250
997,46 B+ Ba3 Merisant Co.,Term B, 1/11/10 999,339
5,471,275 B+ B1 Pinnacle Foods Holding Corp., Term, 11/25/10 5,471,275
2,000,000 B NR Real Mex Restaurants, Inc., Term, 12/31/08 2,045,000
$ 24,472,889
Forest Products - 2.5%
2,000,000 BB Ba3Boise Cascade Holdings, LLC, Term B, 10/28/11 $ 2,039,126
2,500,000 B B2 Graham Packaging Co., L.P., Term B, 10/7/11 2,548,750
349,32 B+ Ba3Smurfit Stone Container, Deposit Funded, 11/1/10 355,542
2,791,696 B+ Ba3Smurfit Stone Container, Term B, 11/1/11 2,839,387
858,98 B+ Ba3Smurfit Stone Container, Term C, 11/1/11 873,801
3,000,000 B B2 U.S. Can Corp., Term B, 1/10/10 3,018,750
$ 11,675,356
Gaming & Leisure - 6.9%
4,000,000 B Ba3 CNL Hospitality Properties, Inc., Term, 10/13/06 $ 4,080,000
1,000,000 B+ B1 Herbst Gaming, Inc., Term, 1/31/11 1,015,938
3,000,000 BB- Ba2 Isle of Capri Casinos, Inc., Term, 2/4/11 3,043,125
4,814,81 B+ B1 Knowledge Learning Corp., Term, 1/7/12 4,860,955
4,942,674 B- NR OpBiz, LLC, Term A, 8/31/10 4,918,731
11 B- NR OpBiz, LLC, Term B, 8/31/10 11,606
1,259,259 B B1 Playpower, Inc., Dollar Term, 12/18/09 1,275,000
4,000,000 NR Ba3 Universal City Development Partners, Ltd., Term, 6/9/11 4,070,000
2,000,000 B- B1 Wyndham International, Inc., IRL Tranche II, 6/30/06 2,008,750
4,000,000 B- B1 Wyndham International, Inc., Term I, 6/30/06 4,022,916
3,000,000 B+ B2 Wynn Las Vegas, LLC, Term, 12/14/11 3,052,032
$ 32,359,053
Healthcare - 5.1%
2,250,000 B B1 Aircast, Inc., First Lien Term, 12/7/10 $ 2,273,906
4,000,000 B+ B1 Alliance Imaging, Inc., Term C1, 12/29/11 4,060,000
2,400,529 B+ B1 Alpharma Operating Corp., Term A, 10/5/07 2,393,527
3,000,000 B+ B2 AMR HoldCo, Inc. EmCare HoldCo, Inc., Term, 2/10/12 3,057,189
5,000,000 B Caa FHC Health Systems, Inc., Third Lien Term, 2/9/11 5,100,000
1,059,222 B B2 Hanger Orthopedic Group, Inc., Term B, 9/30/09 1,068,490
2,000,000 BB B1 Healthcare Partners, Ltd., Term, 3/2/11 2,031,250
2,000,000 B B1 Insight Health Services Corp., Term B, 10/17/08 2,011,250
2,000,000 B+ B2 SFBC International, Inc., Term, 12/22/10 2,035,000
$ 24,030,612
Housing - 9.3%
4,000,000 B+ B2 Associated Materials, Inc., Term, 8/29/10 $ 4,065,000
4,000,000 B B1 Atrium Companies, Inc., Term, 12/28/11 4,061,668
3,000,000 B+ B1 Builders FirstSource, Inc., Term, 8/11/11 3,050,625
7,000,000 BBB- Ba2 General Growth Properties, Inc., Term B, 11/12/08 7,117,327
4,000,000 B+ B1 Headwaters, Inc., Term B, 4/30/11 4,058,332
3,792,500 B B1 Lake at Las Vegas Joint Venture, First Lien Term, 11/1/09 3,850,969
6,000,000 B B2 LNR Property Corp., Term B, 2/3/08 6,094,998
2,500,000 B+ B3 Propex Fabrics, Inc., Term, 12/31/11 2,515,625
5,000,000 NR NR TWLDC Holdigns, L.P., Mezzanine Loan, 11/30/07 5,075,000
4,000,000 BB- Ba3 Woodlands Commercial Properties Co., L.P., Bridge, 8/30/05 4,035,000
$ 43,924,544
Information Technology - 4.0%
5,000,000 B B1 AMKOR Technology, Inc., Second Lien Term, 10/27/10 $ 5,221,875
4,000,000 B Caa Corel Corp., Second Lien Term, 8/15/10 4,000,000
4,900,924 B B3 ON Semiconductor Corp., Term G, 12/15/11 4,971,375
480,00 B+ B3 Verifone, Second Lien Term, 12/31/11 495,300
4,000,000 B B2 Vertafore, First Lien Term, 12/22/10 4,045,000
$ 18,733,550
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/05 (continued)(unaudited)
Principal
Amount S&P Moody's
USD ($) Rating Rating Value
Manufacturing - 2.5%
3,000,000 B+ B2 Maxim Crane Works, L.P., First Lien Term, 1/28/10 $ 3,071,250
1,000,000 B+ B3 Maxim Crane Works, L.P., Second Lien Term, 1/28/12 1,041,250
4,000,000 B+ B2 Mueller Group, Inc., Initial Term, 4/23/11 4,047,500
1,221,09 NR NR Norwesco, Inc., Term A, 12/31/09 1,221,092
1,559,272 NR NR Norwesco, Inc., Term B, 12/31/10 1,559,273
730,90 NR NR Norwesco, Inc., Term C, 6/30/11 730,909
$ 11,671,274
Metals & Minerals - 3.6%
4,620,694 B B3 CII Carbon, LLC, Term, 6/25/08 $ 4,577,375
3,500,000 B+ B1 International Mill Service, Inc., First Lien Term C, 12/31/10 3,561,250
3,500,000 B B3 Murray Energy Corp., Term B, 1/28/10 3,556,875
1,826,923 BB- Ba2 Novelis, Inc., Canadian Term, 1/7/12 1,857,524
3,173,077 BB- Ba2 Novelis, Inc., U.S. Term, 1/7/12 3,226,226
$ 16,779,250
Retail - 4.5%
7,000,000 BB Ba2 Blockbuster, Inc., Term B, 8/20/11 $ 7,039,998
5,000,000 B+ B1 Dollarama Group, L.P., Term B, 11/18/11 5,082,815
5,000,000 B+ B1 Harbor Freight Tools USA, Inc., Term, 7/15/10 5,039,375
3,968,254 B- B3 Home Interiors & Gifts, Inc., Initial Term, 3/31/11 3,861,111
$ 21,023,299
Service - 2.4%
3,000,000 B B1 Alliance Laundry Systems, LLC, Term, 1/27/12 $ 3,038,751
1,013,55 BB B1 Allied Waste North America, Inc., Term B, 1/15/10 1,017,034
981, BB B1 Allied Waste North America, Inc., Term C, 1/15/10 985,151
1,500,000 BB B1 IESI Corp., Term, 1/21/12 1,524,375
4,883,853 B+ NR NEFF Rental, Inc., Initial Term, 5/1/08 4,835,014
$ 11,400,325
Telecommunications - 10.8%
5,000,000 B+ B1 Alaska Communications Systems Holdings, Inc., Term, 2/1/12 $ 5,053,905
4,000,000 B- B1 Cricket Communications, Inc., Term B, 1/10/11 4,042,500
4,500,000 B+ B1 Fairpoint Communications, Inc., Term B, 2/8/12 4,573,827
2,500,000 BB- Ba3 Iowa Telecommunications Services, Inc., Term B, 11/23/11 2,531,770
5,500,000 NR NR Millennium Digital Media Systems, LLC, Term C, 10/31/08 5,496,563
5,000,000 BB B1 PanAmSat Corp., Term B-1, 8/20/11 5,084,855
1,000,000 B- B3 Primus Telecommunications Holding, Inc., Term, 2/18/11 1,002,500
4,000,000 CCC- B3 RCN Corp., Term, 12/21/11 4,070,000
3,500,000 B B1 United Online, Inc., Term, 12/13/08 3,556,875
6,500,000 B+ Ba3 Valor Telecommunications Enterprises, LLC, Term B, 2/14/12 6,615,102
5,000,000 NR Ba3 WestCom Corp., Term B, 12/17/10 5,084,375
4,000,000 B+ Caa WilTel Communications, LLC, Second Lien Term, 12/31/10 3,802,500
$ 50,914,772
Transportation - 4.8%
3,000,000 BB- B2 Affinia Group, Inc., Term B, 11/30/11 $ 3,050,250
EURO 5,000,000 BB- B1 Exide Global Holding Netherlands C.V., European Borrower Term, 5/5 6,686,524
392,1 BB- Ba2 Federal-Mogul Corp., Letter of Credit, 12/9/05 398,039
3,607,843 BB- B1 Federal-Mogul Corp., Term, 12/9/11 3,643,922
2,500,000 B+ B1 Goodyear Tire & Rubber Co., Term B, 3/31/06 2,526,563
4,000,000 BB- B2 Key Plastics LLC/Key Safety Systems, Inc., Term C, 6/29/11 4,037,500
1,988,16 B- Caa Quality Distribution, Inc., Term, 11/13/09 1,988,164
$ 22,330,962
Utility - 6.4%
4,000,000 B B1 Basic Energy Services, Term B, 10/3/09 $ 4,040,000
2,000,000 B- B3 El Paso Corp., Term, 11/23/09 2,037,500
4,419,12 B+ B2 LSP Kendall Energy, LLC, Project, 11/22/06 4,269,979
1,743,442 NR Ba3 Magellan Midstream Holdings, Term, 12/10/11 1,769,594
1,750,000 B+ Ba3 NRG Energy, Inc., Credit Linked Deposit, 12/24/11 1,775,156
2,250,000 B+ Ba3 NRG Energy, Inc., Term, 12/24/11 2,283,187
2,500,000 BB- NR Ouachita Power, LLC, Term, 8/17/07 2,465,625
2,250,000 BB- B1 Pike Electric, Inc., Term C, 12/10/12 2,290,079
5,500,000 B+ B1 Reliant Energy, Inc., Term, 4/30/10 5,590,849
3,500,000 BB- Ba2 Texas Genco, LLC, Initial Term, 12/14/11 3,560,035
$ 30,082,004
Wireless Communication - 2.3%
1,994,962 B- B2 Centennial Cellular Operating Co., Term, 2/9/11 $ 2,029,874
1,000,000 B B3 Ntelos, Inc., Second Lien Term, 2/24/12 1,027,500
7,500,000 B- B2 Triton PCS Holdings, Inc., Term, 11/18/09 7,616,018
$ 10,673,392
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $477,333,271) (a) $ 481,127,816
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/05 (continued)(unaudited)
Principal
Amount S&P Moody's
USD ($) Rating Rating Value
CORPORATE NOTES - 0.8% of Net Assets
Broadcasting - 0.2%
1,000 (a) B1 CCC Paxson Communications Corp., 5.41%, 1/15/10 (144A) $ 1,022,500
Glass & Plastic Packaging - 0.6%
2,500, (a) B+ B2 Constar International, Inc., 6.1494%, 2/15/12 (144A) $ 2,537,500
TOTAL CORPORATE NOTES
(Cost $3,528,493) $ 3,560,000
TEMPORARY CASH INVESTMENT - 10.2% of Net Assets
Repurchase Agreement - 10.2%
48,000,000 NR NR UBS Warburg, 2.50%, dated 2/28/05, repurchase price of $48,000,000 plus accrued
interest on 3/1/05 collateralized by $56,920,000 U.S. Treasury Bill $ 48,000,000
TOTAL TEMPORARY CASH INVESTMENT
(Cost $48,000,000) $ 48,000,000
TOTAL INVESTMENTS IN SECURITIES - 113.4%
(Cost $528,861,764) (b) $ 532,687,816
OTHER ASSETS AND LIABILITIES - (13.4)% $ (62,956,915)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $ 469,730,901
NR Security not rated by S&P or Moody's.
* 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 rate plus a premium. These base lending rates
are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR (London InterBank Offered Rate), (ii) the
prime rate offered by one or more major United States banks,
(iii) the certificate of deposit or (iv) other base lending rates used by
commercial lenders.
(144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933.
Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from
registration. At February 28, 2005 the value of these securities amounted to
$3,560,000 or 0.8% of net assets applicable to common shareowners.
(a) Floating rate note.
(b) At February 28, 2005, the net unrealized gain on investments based on cost for federal income tax purposes
of $528,862,639 was as follows:
Aggregate gross unrealized gain for all investments in which there is an excess $4,217,234
Aggregate gross unrealized loss for all investments in which there is an excess (392,057)
Net unrealized gain $ 3,825,177
For financial reporting purposes net unrealized gain on investments was $3,826,052 and cost of
investments aggregated $528,861,764.
Purchases and sales of securities (excluding temporary cash investments) for the period ended
February 28, 2005, aggregated $507,920,408
and $27,163,912, respectively.
For the period ended February 28, 2005, the Trust had unfunded loan commitments of
$9,755,156, which would be extended at
the option of the borrower, pursuant to the following loan agreements:
Unfunded
Borrower Commitment
Advanced Medical Optics, Inc. $1,000,000
Celanese Holdings, LLC 766,428
Cricket Communications, Inc. 1,000,000
LNR Property Corp. 2,000,000
Norwesco, Inc. 488,728
Texas Genco, LLC 1,500,000
Wynn Las Vegas, LLC 3,000,000
$9,755,156
Glossary of Terms:
DIP - Debtor-In-Possession
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on an evaluation of
these controls and procedures as of a date within 90 days prior to the filing
date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There was no significant change in the registrant's internal controls over
financial reporting that occurred during the registrant's last fiscal quarter
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date April 30, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date April 30, 2005
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date April 30, 2005
* Print the name and title of each signing officer under his or her signature.