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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: August 31, 2009
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 8/31/09 (unaudited)
Principal
Amount
USD ($) Value ($)
COLLATERALIZED LOAN OBLIGATIONS - 0.4% of Net Assets
Banks - 0.3%
Diversified Banks - 0.1%
1,000,000(a)(b)Primus, Ltd., 2007-2A D, 2.909%, 7/15/21 (144A) 50,000
1,000,000(a)(b)Rampart, Ltd., 2006-1A, 4.06%, 4/18/21 (144A) 132,800
1,000,000(a)(b)Stanfield McLaren, Ltd., 2007-1A B2L, 4.88%, 2/ 77,400
260,200
Thrifts & Mortgage Finance - 0.2%
1,013,186(a)(b)Gulf Stream Sextant, Ltd., 2007-1A D, 3.014%, 6 35,543
1,000,000(a)(b)Landmark CDO, Ltd., 2007-9A E, 4.009%, 4/15/21 110,000
2,000,000(a)(b)Stone Tower, Ltd., 2007-6A C, 1.864%, 4/17/21 ( 500,000
645,543
Total Banks 905,743
Diversified Financials - 0.1%
Other Diversified Financial Services - 0.1%
1,000,000(a)(b)ACA, Ltd. 2007-1A D, 2.859%, 6/15/22 (144A) 100,000
Investment Banking & Brokerage - 0.0%
1,034,842(a)(b)Goldman Sachs Asset Management, Plc, 2007-1A D, 41,394
Total Diversified Financials 141,394
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $6,264,318) 1,047,137
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 151.6%*
Energy - 5.7%
Oil & Gas Drilling - 1.7%
2,184,684 Big West Oil LLC, Delayed Advance Term Loan, 4. 2,037,217
1,737,816 Big West Oil LLC, Initial Advance Term Loan, 4. 1,620,514
1,250,000(a)(c)TARH E&P Holdings, L.P., First Lien Term Loan, 718,750
4,376,481
Oil & Gas Equipment & Services - 1.8%
280,642 Coffeyville Resources LLC, Funded LC Loan, 3.15 276,257
2,248,437 Coffeyville Resources LLC, Tranche D Term Loan, 2,213,305
4,190,832(a) Value Creation, Inc., Term Loan, 12.5%, 2/15/10 2,304,958
4,794,520
Oil & Gas Exploration & Production - 1.8%
4,995,000(a)(c)Crusader Energy Group, Inc., Second Lien Term L 3,621,375
1,612,942 Venoco, Inc., Second Lien Term Loan, 4.313%, 5/ 1,270,192
4,891,567
Oil & Gas Storage & Transportation - 0.4%
1,042,109 Atlas Pipeline Partners, L.P., Term Loan, 6.75% 1,021,267
Total Energy 15,083,835
Materials - 9.7%
Diversified Chemicals - 5.8%
621,998 Ashland, Inc., Term B Borrowing, 7.65%, 5/13/14 635,733
14,787,343 Solutia, Inc., Term Loan, 7.25%, 2/28/14 14,691,847
15,327,580
Specialty Chemicals - 0.3%
750,000 Nalco Co., Term Loan, 6.5%, 5/13/16 762,656
Paper Packaging - 1.2%
458,554 Graham Packaging Co., L.P., Term Loan B., 2.563 448,237
893,336 Graham Packaging Co., L.P., Term Loan C, 6.75%, 895,250
1,999,540 Graphic Packaging International, Inc., Incremen 1,959,134
3,302,621
Diversified Metals & Mining - 1.5%
4,107,982 Murray Energy Corp., First Lien Tranche B Term 3,984,743
Steel - 0.5%
1,402,907 Essar Steel Algoma, Inc., Term Loan, 2.77%, 6/2 1,276,645
Paper Products - 0.4%
740,246 (a)(c)Newark Group, Inc., Credit-Link LC Loan, 6.79%, 447,849
181,126 (a)(c)Newark Group, Inc., Term Loan, 10.75%, 3/9/13 109,581
648,354 NewPage Corp., Term Loan, 4.063%, 12/22/14 604,822
1,162,252
Total Materials 25,816,497
Capital Goods - 6.0%
Aerospace & Defense - 2.0%
491,250 Aeroflex, Inc., Tranche B-2 Term Loan, 4.063% - 448,267
2,024,301 BE Aerospace, Inc., Tranche B Term Loan, 5.75%, 2,025,567
757,268 DAE Aviation Holdings, Inc., Tranche B-1 Term L 634,212
943,185 Hunter Defense Technologies, Inc., Term Loan, 3 804,065
906,867 (d) IAP Worldwide Services, Inc., First Lien Term L 672,594
742,732 Standard Aero, Ltd., Tranche B-2 Term Loan, 4.0 622,038
5,206,743
Building Products - 1.5%
5,592,411(c)(d)Atrium Companies, Inc., Closing Date Term Loan, 2,534,061
1,578,063 Custom Building Products, Inc., First Lien Term 1,536,639
4,070,700
Construction & Engineering - 0.7%
1,880,581 URS Corp., Tranche B Term Loan, 2.511% - 2.845% 1,875,879
Industrial Conglomerates - 0.3%
994,872 Kansas City Southern Railway Co., Advance Term 930,205
Construction & Farm Machinery & Heavy Trucks - 1.5%
4,235,000 Manitowoc Co., Inc., Term Loan B, 7.5%, 11/6/14 3,862,320
Total Capital Goods 15,945,847
Commercial & Professional Services - 4.4%
Commercial Printing - 1.2%
72,040 Cenveo Corp., Delayed Draw Term Loan, 5.109%, 6 70,029
2,523,244 Cenveo Corp., Term C Facility, 5.109%, 6/21/13 2,452,803
750,000 World Color Press, Inc. and World Color (USA) C 748,125
3,270,957
Diversified Commercial & Professional Services - 2.7%
975,000 Aramark Canada, Ltd., Canadian Term Loan, 2.473 909,187
6,718,750 Cydcor, Inc., First Lien Tranche B Term Loan, 9 6,319,824
7,229,011
Environmental & Support Services - 0.2%
425,000 Casella Waste Systems, Inc., Term Loan B, 7.0%, 428,187
Diversified Support Services - 0.3%
793,763 Allied Security Holdings LLC, Term Loan, 6.75%, 800,708
Total Commercial & Professional Services 11,728,863
Transportation - 3.4%
Airlines - 2.3%
980,000 Delta Airlines, Inc., Credit-Linked Deposit Loa 884,450
475,152 Delta Airlines, Inc., Second Lien Term Loan, 3. 367,055
2,875,989 Northwest Airlines, Inc., Term Loan, 2.28%, 12/ 2,772,640
3,650,000 US Airways Group, Inc., Term Loan, 2.763%, 3/21 1,996,550
6,020,695
Trucking - 0.5%
1,611,960(c)(d)Gainey Corp., Term Loan, 12.5%, 4/20/12 249,854
497,593 SIRVA Worldwide, Inc., Revolving Credit Loan, 9 223,917
2,319,481 SIRVA Worldwide, Inc., Second Lien Term Loan, 1 260,942
1,021,191 SIRVA Worldwide, Inc., Term Loan, 9.5%, 5/12/12 510,595
1,245,308
Airport Services - 0.6%
1,905,738 AWAS Capital, Inc., First Lien Term Loan, 2.375 1,705,635
Total Transportation 8,971,638
Automobiles & Components - 7.3%
Auto Parts & Equipment - 4.1%
2,537,391 Allison Transmission, Inc., Term Loan, 3.03%, 8 2,180,570
270,885 Cooper-Standard Automotive Canada, Ltd., Tranch 220,546
676,659 Cooper-Standard Automotive, Inc., Tranche C Ter 550,914
9,075,710 Delphi Corp., Initial Tranche C Term Loan, 8.5% 5,073,322
924,290 Delphi Corp., Subsequent Tranche C Term Loan, 8 516,678
3,910,000 Key Safety Systems, Inc., First Lien Term Loan, 2,316,675
10,858,705
Automobile Manufacturers - 3.2%
9,761,809 Ford Motor Co., Term Loan, 3.28% - 3.51%, 12/15 8,522,059
Total Automobiles & Components 19,380,764
Consumer Durables & Apparel - 1.6%
Homebuilding - 0.7%
2,369,368(c)(d)Ginn LA Conduit Lender, Inc., First Lien Tranch 219,167
5,077,235(c)(d)Ginn LA Conduit Lender, Inc., First Lien Tranch 469,644
1,888,387(a)(c)Rhodes Companies LLC, First Lien Term Loan, 9.7 306,863
1,000,000 WAICCS Las Vegas 3 LLC, First Lien Term Loan, 7 275,000
4,500,000 WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 675,000
1,945,674
Housewares & Specialties - 0.5%
824,026 Jarden Corp., Term Loan B-3, 3.098%, 1/24/12 816,606
450,134 Yankee Candle Co., Inc., Term Loan, 2.27%, 2/6/ 419,750
1,236,356
Apparel, Accessories & Luxury Goods - 0.4%
1,000,000 Hanesbrands, Inc., Term Loan B, 5.023% - 5.254% 1,005,000
Total Consumer Durables & Apparel 4,187,030
Consumer Services - 2.9%
Casinos & Gaming - 1.5%
5,000,000(a) Fontainebleau Florida Hotel LLC, Tranche C Term 2,875,000
666,667 (c) Fontainebleau Las Vegas LLC, Delayed Draw Term 143,333
1,333,333 Fontainebleau Las Vegas LLC, Initial Term Loan, 286,667
715,085 Penn National Gaming, Inc., Term Loan B, 2.01% 699,331
4,004,331
Hotels, Resorts & Cruise Lines - 0.3%
1,190,445(c) Yellowstone Mountain Club LLC, Senior First Lie 892,833
Leisure Facilities - 0.6%
587,649 (a)(c)Lake at Las Vegas Joint Venture, Revolving Cred 19,833
1,765,105 Lake at Las Vegas Joint Venture, Term Loan, 14. 1,235,573
5,887,933(a)(c)Lake at Las Vegas Joint Venture, Term Loan, 14. 198,718
1,454,124
Specialized Consumer Services - 0.5%
1,250,000 Adesa, Inc., Initial Term Loan, 2.52%, 10/21/13 1,178,646
166,000 Travelport LLC, Incremental Term Loan C, 10.5%, 168,283
1,346,929
Total Consumer Services 7,698,217
Media - 27.3%
Broadcasting - 9.0%
748,125 Discovery Communications Holding, LLC, Term Loa 759,659
AUD 19,476,857 SMG H5 Pty, Ltd., Facility Term Loan A, 5.365% 12,643,365
11,115,966 Univision Communications, Inc., Initial Term Lo 8,785,582
3,769,895(a)(c)Young Broadcasting, Inc., Term Loan, 4.75%, 11/ 1,903,797
24,092,403
Cable & Satellite - 12.7%
19,611,47(a)(c)Broadstripe LLC, First Lien Term Loan, 9.25%, 611,315,821
1,428,203(a)(c)Broadstripe LLC, Revolver Credit Loan, 8.87% - 824,073
11,244,925 Cequel Communications LLC, Term Loan, 2.275% - 10,672,142
4,962,217 Charter Communications Operating LLC, New Term 4,624,166
6,759,192 Knology, Inc., Term Loan, 2.511%, 6/30/12 6,455,028
33,891,230
Movies & Entertainment - 4.6%
2,380,607 Alpha Topco, Ltd., Facility Term Loan B-1, 2.51 2,028,617
1,608,032 Alpha Topco, Ltd., Facility Term Loan B-2, 2.51 1,370,273
7,774,221 Metro-Goldwyn-Mayer, Inc., Tranche B Term Loan, 4,394,868
4,887,750 WideOpenWest Finance LLC, First Lien Term Loan, 4,365,372
12,159,130
Publishing - 1.0%
EURO 935,574 Mediannuaire Holding, Term Loan B-2, 2.772%, 10 886,113
EURO 935,574 Mediannuaire Holding, Term Loan C, 3.272%, 10/9 886,113
3,500,000 Penton Media Holdings, Inc., Second Lien Term L 805,000
2,577,226
Total Media 72,719,989
Retailing - 8.5%
Distributors - 1.0%
15,510,80(a)(c)Home Interiors & Gifts, Inc., Proof of Claims, 2,714,390
Catalog Retail - 0.2%
554,615 QVC, Inc., Tranche 2-W Term Loan, 3.5%, 10/4/11 549,069
General Merchandise Stores - 3.1%
3,328,042 Dollar General Corp., Tranche B-1 Term Loan, 3. 3,254,087
5,000,000 Dollar General Corp., Tranche B-2 Term Loan, 3. 4,833,335
8,087,422
Specialty Stores - 4.2%
7,399,482 Blockbuster, Inc., Tranche B Term Loan, 4.56% - 6,234,064
989,356 Sally Holdings LLC, Term Loan B, 2.511% - 2.622 946,249
4,180,099 Toys R Us - Delaware, Inc., Tranche B Term Loan 4,017,372
11,197,685
Total Retailing 22,548,566
Food & Staples Retailing - 1.9%
Drug Retail - 0.2%
400,000 Rite Aid Corp., Tranche 4 Term Loan, 9.5%, 6/10 416,000
Food Retail - 1.7%
4,900,000 Pinnacle Foods Finance LLC, Term Loan, 3.031%, 4,546,793
Total Food & Staples Retailing 4,962,793
Food, Beverage & Tobacco - 5.8%
Distillers & Vintners - 0.4%
1,100,000 Constellation Brands, Inc., New Tranche B Term 1,084,678
Packaged Foods & Meats - 5.4%
997,449 Dean Foods Co., Tranche B Term Loan, 1.645% - 1 957,730
260,245 Dole Food Co., Inc., Credit-Linked Deposit, 0.5 263,010
310,714 Dole Food Co., Inc., Tranche B Term Loan, 8.0%, 314,015
1,075,460 Dole, Ltd., Tranche C Term Loan, 8.0%, 4/12/13 1,086,887
2,540,730 Sturm Foods, Inc., Initial First Lien Term Loan 2,334,295
9,262,500 Wm. Wrigley Jr. Co., Tranche B Term Loan, 6.5%, 9,392,471
14,348,408
Total Food, Beverage & Tobacco 15,433,086
Household & Personal Products - 2.9%
Household Products - 2.4%
2,500,000 Central Garden & Pet Co., Tranche B Term Loan, 2,366,668
3,974,269 Spectrum Brands, Inc., Dollar Term Loan B, 6.25 3,730,845
201,369 Spectrum Brands, Inc., LC Loan, 0.131% - 6.25%, 189,035
6,286,548
Personal Products - 0.5%
982,456 (a) Appleseed's Intermediate Holdings, Inc., First 564,912
1,000,000 Brickman Group Holdings, Inc., Tranche B Term L 935,000
1,499,912
Total Household & Personal Products 7,786,460
Health Care Equipment & Services - 14.4%
Health Care Equipment & Services - 5.1%
714,286 Fenwal, Inc., First Lien Delayed Draw Term Loan 623,214
4,189,286 Fenwal, Inc., Initial First Lien Term Loan, 2.6 3,655,152
9,750,000 Talecris Biotherapeutics Holdings Corp., First 9,408,750
13,687,116
Health Care Supplies - 2.1%
403,226 Bausch & Lomb, Inc., Delayed Draw Term Loan, 3. 383,254
1,588,710 Bausch & Lomb, Inc., Parent Term Loan, 3.848%, 1,510,019
1,196,954 Biomet, Inc., Dollar Term Loan, 3.261% - 3.608% 1,153,876
5,163,713(c) CCS Medical, Inc., First Lien Term Loan, 4.35%, 2,446,309
150,564 (e) CCS Medical, Inc., Term Loan, 11.0%, 11/16/09 150,564
5,644,022
Health Care Services - 1.6%
1,290,040 Fresenius SE, Tranche B-1 Term Loan, 6.75%, 9/1 1,302,618
2,938,931 LifeCare Holdings, Term Loan, 4.74%, 8/10/12 2,174,809
1,006,111(d) Medical Staffing Network, Inc., Second Lien Ter 679,125
4,156,552
Health Care Facilities - 4.6%
11,413,450 HCA, Inc., Tranche B-1 Term Loan, 2.848%, 11/1810,767,483
1,622,486 Triumph Healthcare Second Holdings LLC, First L 1,444,012
12,211,495
Managed Health Care - 1.0%
1,326,933 Aveta, Inc., MMM Original Term Loan, 5.52%, 8/2 1,200,874
197,122 Aveta, Inc., NAMM New Term Loan, 5.52%, 8/22/11 186,280
355,205 Aveta, Inc., NAMM Original Term Loan, 5.52%, 8/ 321,460
1,087,452 Aveta, Inc., PHMC Acquisition Term Loan, 5.52%, 1,027,642
2,736,256
Total Health Care Equipment & Services 38,435,441
Pharmaceuticals & Biotechnology & Life Sciences - 7.9%
Pharmaceuticals - 6.7%
694,960 Fresenius SE, Tranche B-2 Term Loan, 6.75%, 9/1 701,735
2,000,000 Graceway Pharmaceuticals LLC, Mezzanine Loan, 8 500,000
16,978,348 Mylan, Inc., U.S. Tranche B Term Loan, 3.563% -16,526,877
17,728,612
Life Sciences Tools & Services - 1.2%
3,170,000 Life Technologies Corp., Facility Term Loan B, 3,209,625
Total Pharmaceuticals & Biotechnology & Life Sc20,938,237
Diversified Financials - 0.7%
Specialized Finance - 0.7%
1,994,709 Collect Acquisition Corp., Advance Term Loan B, 1,831,807
Total Diversified Financials 1,831,807
Insurance - 1.4%
Insurance Brokers - 1.3%
835,011 HUB International, Ltd., Delayed Draw Term Loan 767,166
3,002,451 HUB International, Ltd., Initial Term Loan, 2.7 2,758,502
3,525,668
Multi-Line Insurance - 0.1%
149,618 AMWINS Group, Inc., Initial Term Loan, 2.88% - 102,489
Total Insurance 3,628,157
Real Estate - 0.9%
Diversified Real Estate Investment Trust - 0.9%
5,000,000 Spirit Finance Corp., Term Loan, 3.483%, 8/1/13 2,316,665
Total Real Estate 2,316,665
Software & Services - 16.8%
Internet Software & Services - 1.3%
3,427,287 Web Service Co., LLC, Term Loan, 7.0%%, 8/28/14 3,410,151
IT Consulting & Other Services - 6.1%
1,000,000 Activant Solutions, Inc., Term Loan, 2.313% - 2 920,000
4,558,140 Keane International, Inc., Closing Date Term Lo 3,840,233
348,837 Keane International, Inc., Synthetic LC Loan, 2 293,895
4,962,500 SunGard Data Systems, Inc., Incremental Term Lo 4,959,840
6,717,626 SunGard Data Systems, Inc., Tranche A U.S. Term 6,334,721
16,348,689
Data Processing & Outsourced Services - 1.7%
2,463,182 DTN, Inc., Tranche C Term Loan, 5.273% - 5.633% 2,376,971
997,462 First Data Corp., Initial Tranche B-2 Term Loan 836,205
1,194,962 Lender Processing Services, Inc., Term Loan B, 1,192,722
4,405,898
Application Software - 2.1%
1,610,582 Nuance Communications, Inc., Term Loan, 2.27%, 1,548,676
3,531,739 Serena Software, Inc., Term Loan, 2.629%, 3/11/ 3,290,405
932,172 Verint Systems, Inc., Term Loan, 3.523%, 5/25/1 847,694
5,686,775
Systems Software - 5.6%
2,445,164 Applied Systems, Inc., Term Loan, 2.761%, 9/26/ 2,269,926
2,336,520 Infor Enterprise Solutions Holdings, Inc., Dela 1,974,359
2,940,000 Infor Enterprise Solutions Holdings, Inc., Doll 2,462,250
4,478,329 Infor Enterprise Solutions Holdings, Inc., Init 3,784,188
1,466,667(a) Infor Enterprise Solutions Holdings, Inc., Seco 828,667
2,533,333 Infor Enterprise Solutions Holdings, Inc., Seco 1,409,960
1,088,444 Macrovision Solutions Corp., Term Loan, 6.0%, 5 1,091,166
1,000,000 Vangent, Inc., Term Loan, 2.65%, 2/14/13 937,500
14,758,016
Total Software & Services 44,609,529
Technology Hardware & Equipment - 2.8%
Communications Equipment - 0.3%
870,114 Commscope, Inc., Term Loan B, 3.098%, 12/26/14 852,440
Electronic Equipment & Instruments - 0.9%
1,000,000 H3C Holdings, Ltd., Tranche B Term Loan, 4.794% 891,667
1,543,513 Scitor Corp., Term Loan, 4.51%, 9/26/14 1,366,009
2,257,676
Electronic Components - 0.4%
36,470 Flextronics International, Ltd., A-1-B Delayed 32,896
1,160,492 Flextronics International, Ltd., A-3 Delayed Dr 1,056,048
1,088,944
Electronic Manufacturing Services - 1.2%
1,851,128 Baldor Electric Co., Term Loan, 5.25%, 1/31/14 1,835,262
992,202 FCI USA, Inc., Facility Term Loan B-1, 3.406%, 704,463
992,202 FCI USA, Inc., Facility Term Loan B-5-B, 3.406% 704,463
3,244,188
Total Technology Hardware & Equipment 7,443,248
Telecommunication Services - 12.0%
Alternative Carriers - 2.1%
6,500,000 Level 3 Financing, Inc., Tranche A Term Loan, 2 5,602,766
Integrated Telecommunication Services - 7.3%
EURO 752,152 Amsterdamse Beheer-EN Consultingmaatschappij B. 1,035,267
EURO 390,705 Amsterdamse Beheer-EN Consultingmaatschappij B. 537,769
EURO 1,142,857 Amsterdamse Beheer-EN Consultingmaatschappij B. 1,573,036
EURO 857,143 Amsterdamse Beheer-EN Consultingmaatschappij B. 1,179,777
EURO 857,143 Amsterdamse Beheer-EN Consultingmaatschappij B. 1,179,777
1,000,000 Hargray Acquisition Co., Second Lien Term Loan, 475,000
435,138 (e) Inovis International, Inc., Term Loan, 9.5%%, 1 424,260
3,930,000 Integra Telecom Holdings, Inc., First Lien Term 3,884,149
2,618,570 Telesat Canada, U.S. Term I Loan, 3.27%, 10/31/ 2,514,285
224,907 Telesat Canada, U.S. Term II Loan, 3.27%, 10/31 215,950
1,296,684 West Corp., Term Loan B-2, 2.636% - 2.651%, 10/ 1,236,712
EURO 1,500,000 Wind Telecomunicazione S.p.A., Facility Term Lo 2,056,208
EURO 1,500,000 Wind Telecomunicazione S.p.A., Facility Term Lo 2,056,208
1,183,859 Windstream Corp., Tranche B-1 Term Loan, 1.78% 1,150,880
19,519,278
Wireless Telecommunication Services - 2.6%
7,318,320 MetroPCS Wireless, Inc., Tranche B Term Loan, 2 6,907,806
Total Telecommunication Services 32,029,850
Utilities - 7.3%
Electric Utilities - 6.3%
3,696,435 ANP Funding I LLC, Tranche A Term Loan, 3.776%, 3,696,435
2,982,124 Bosque Power Co. LLC, Term Loan, 5.848%, 1/16/1 2,445,342
1,754,777 Coleto Creek Power, L.P., First Lien Synthetic 1,590,267
3,552,599 Coleto Creek Power, L.P., First Lien Term Loan, 3,219,543
4,850,000 Coleto Creek Power, L.P., Second Lien Term Loan 3,164,625
881,057 (e) GBGH LLC, First Lien Term Loan, 4.0%, 6/9/13 411,013
266,142 (e) GBGH, LLC, Second Lien Term Loan, 12.0%, 6/9/14 2,661
2,744,924 Texas Competitive Electric Holdings Co. LLC, In 2,093,575
16,623,461
Independent Power Producers & Energy Traders - 1.0%
1,989,899 Calpine Corp., First Priority Term Loan, 3.475% 1,834,128
275,941 Mach Gen LLC, First Lien Synthetic LC Loan, 0.3 258,004
273,514 NRG Energy, Inc., Credit-Linked Deposit, 0.498% 259,030
510,919 NRG Energy, Inc., Term Loan, 2.011% - 2.035%, 2 483,863
2,835,025
Total Utilities 19,458,486
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $495,029,575) 402,955,005
CLAIMS - 0.0% of Net Assets
Capital Goods - 0.0%
Aerospace & Defense - 0.0%
1,200,000(a)(e)Northwest Airlines, Inc., ALPA Claim-Escrow, 2. 826
2,500,000(a)(e)Northwest Airlines, Inc., Bell Atlantic Claim-E 1,720
2,500,000(a)(e)Northwest Airlines, Inc., EDC Claim-Escrow, 5.3 1,720
2,130,600(a)(e)Northwest Airlines, Inc., Flight Attendant Clai 1,466
1,500,000(a)(e)Northwest Airlines, Inc., GE Claim-Escrow, 2.5% 1,032
1,264,500(a)(e)Northwest Airlines, Inc., IAM Claim-Escrow, 2.5 870
1,404,900(a)(e)Northwest Airlines, Inc., Retiree Claim-Escrow, 966
Total Capital Goods 8,600
TOTAL CLAIMS
(Cost $0) 8,600
CORPORATE NOTES - 14.7% of Net Assets
Materials - 0.4%
Diversified Metals & Mining - 0.2%
350,000 Rio Tinto Finance USA, Ltd., 8.95%, 5/1/14 407,917
Paper Products - 0.2%
600,000 Cellu Tissue Holdings, Inc., 11.5%, 6/1/14 (144 627,000
Total Materials 1,034,917
Capital Goods - 0.2%
Aerospace & Defense - 0.2%
550,000 DigitalGlobe, Inc., 10.5%, 5/1/14 (144A) 575,438
Total Capital Goods 575,438
Automobiles & Components - 0.9%
Tires & Rubber - 0.9%
3,000,000(b) American Tire Distributors, Inc., 6.847%, 4/1/1 2,280,000
Total Automobiles & Components 2,280,000
Consumer Durables & Apparel - 0.4%
Housewares & Specialties - 0.4%
1,000,000 Jarden Corp., 8.0%, 5/1/16 1,025,000
Total Consumer Durables & Apparel 1,025,000
Media - 0.1%
Broadcasting - 0.1%
1,000,000(c)(d)CCH I LLC, 11.0%, 10/1/15 (144A) 140,000
Total Media 140,000
Pharmaceuticals & Biotechnology & Life Sciences - 11.3%
Biotechnology - 2.3%
4,222,801(a) Fosamprenavir Pharma, 15.5%, 6/15/18 (144A) 3,800,521
2,764,734(a)(b)Molecular Insight Pharmaceuticals, Inc., 9.23%, 2,350,024
6,150,545
Pharmaceuticals - 9.0%
15,000,00(a) Azithromycin Royalty Sub LLC, 16.0%, 5/15/19 (112,750,000
10,592,20(a)(d)Celtic Pharma Phinco B.V., 17.0%, 6/15/12 (144A 6,884,931
1,560,000(a) Pharma V, 13.0%, 10/15/13 (144A) 1,466,400
770,858 (a)(b)Pharma VI, 5.598%, 10/15/14 (144A) 616,686
1,120,812(a) Pharma X, 15.5%, 3/30/17 (144A) 930,274
1,500,000(a)(d)TCD Pharma, 16.0%, 4/15/24 (144A) 1,290,000
23,938,291
Total Pharmaceuticals & Biotechnology & Life Sc30,088,836
Diversified Financials - 0.5%
Consumer Finance - 0.3%
600,000 (a) American Honda Finance Corp., 5.125%, 12/15/10 618,025
200,000 Capital One Financial Corp., 7.375%, 5/23/14 218,169
836,194
Asset Management & Custody Banks - 0.2%
530,000 Janus Capital Group, Inc., 6.25%, 6/15/12 525,193
Total Diversified Financials 1,361,387
Insurance - 0.5%
Reinsurance - 0.5%
250,000 (b) Muteki, Ltd., 4.84%, 5/24/11 (144A) 238,425
500,000 (b) Mystic Re, Ltd., 10.668%, 6/7/11 (144A) 479,100
600,000 (b) Residential Reinsurance 2008, Ltd., 7.418, 6/6/ 564,900
Total Insurance 1,282,425
Real Estate - 0.3%
Specialized Real Estate Investment Trusts - 0.2%
750,000 Hospitality Properties Trust, 7.875%, 8/15/14 739,063
Diversified Real Estate Activities - 0.1%
150,000 WEA Finance LLC, 7.5%, 6/2/14 (144A) 161,137
Total Real Estate 900,200
Telecommunication Services - 0.1%
Integrated Telecommunication Services - 0.1%
300,000 Frontier Communications Corp., 8.25%, 5/1/14 297,750
Total Telecommunication Services 297,750
TOTAL CORPORATE NOTES
(Cost $46,410,916) 38,985,953
COMMON STOCK - 0.1% of Net Assets
Materials - 0.1%
Commodity Chemicals - 0.0%
6,203 (e)(f)Georgia Gulf Corp. 75,247
Diversified Chemicals - 0.1%
20,650 (e)(f)Panda Herford Ethanol LP 206,500
Total Materials 281,747
Transportation - 0.0%
Airlines - 0.0%
4,444 (f) Delta Airlines, Inc. 32,086
Trucking - 0.0%
12,887 (f) SIRVA Worldwide, Inc. (144A) 64,435
Total Transportation 96,521
Diversified Financials - 0.0%
Other Diversified Financial Services - 0.0%
1,589 (e)(f)GBGH, LLC Membership Interest 16
Total Diversified Financials 16
TOTAL COMMON STOCK
(Cost $1,669,888) 378,284
CONVERTIBLE PREFERRED STOCK - 0.6% of Net Assets
Materials - 0.6%
Commodity Chemicals - 0.6%
139,062 (e)(f)Georgia Gulf Corp. 1,686,822
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $1,764,063) 1,686,822
LIQUIDATING TRUST - 0.0% of Net Assets
Consumer Services - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
3,377,887(a)(f)Yellowstone Mountain Club LLC, Liquidating Trus 0
TOTAL LIQUIDATING TRUST
(Cost $0) 0
WARRANTS - 0.0% of Net Assets
Energy - 0.0%
Oil & Gas Equipment & Services - 0.0%
213,605 (a)(e)Value Creation, Inc., Exp. 1/29/14 0
Total Energy 0
Telecommunication Services - 0.0%
Integrated Telecommunication Services - 0.0%
400,000 (a)(f)Clearwire Corp., Exp. 8/15/10 (144A) 32,000
Total Telecommunication Services 32,000
TOTAL WARRANTS
(Cost $956,752) 32,000
TEMPORARY CASH INVESTMENTS - 1.4% of Net Assets
Repurchase Agreements - 1.4%
3,675,000 Deutsche Bank AG, 0.21%, dated 8/31/09, repurchase
price of $3,675,000 plus accrued
interest on 9/1/09 collateralized by the following:
$638,694 Federal Home Loan Mortgage Corp.,
4.301% - 6.031%, 9/1/33 - 3/1/37
$1,812,364 Federal National Mortgage Association.,
5.0% - 7.0%, 4/1/23 - 10/1/38
$357,455 Federal National Mortgage Association (ARM),
4.061% - 6.13%, 12/1/33 - 7/1/36
$859,483 Freddie Mac Giant, 5.0% - 7.0%,
10/1/35 - 5/1/39
$80,504 Government National Mortgage Association I,
7.0%, 9/15/36 3,675,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,675,000) 3,675,000
TOTAL INVESTMENTS IN SECURITIES - 168.8%
(Cost $555,770,512)(g) 448,768,801
OTHER ASSETS AND LIABILITIES - (0.2)% (443,864)
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (68.6)% (182,472,843)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% 265,852,094
* 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 (iv) other base lending
rates used by commercial lenders. The rate shown is
the coupon rate accruing at August 31, 2009.
(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 August
31, 2009, the value of these securities amounted to
or 19.3% of total net assets applicable to
common shareowners.
(a) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$107,705,961. The aggregate value$60,549,185
represents 22.8% of the total net assets applicable
to common shareowners.
(b) Floating Rate Note. The rate shown is the
coupon rate at August 31, 2009.
(c) Security is in default and is non-income producing.
(d) Represents a pay in kind security.
(e) Security is fair valued.
(f) Non-income producing.
(g) At August 31, 2009, the net unrealized loss on investments
based on cost for federal income tax purposes
of $555,907,575 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost 7,192,915
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (114,331,689)
Net unrealized loss (107,138,774)
For financial reporting purposes net unrealized loss
on investments was $107,001,711 and cost of
investments aggregated $555,770,512.
Glossary of Terms:
LC- Letter of Credit
Principal amounts are denominated in
U.S. dollars unless otherwise noted.
AUD - Australian Dollar
EURO - Euro
For the period ended August 31, 2009, the Trust had
unfunded loan commitment of $1,083,998 which
would be extended at the option of the borrower,
pursuant to the following loan agreements:
Unfunded Loan
Borrower Commitment
SIRVA Worldwide, Inc., Revolving Credit Loan $1,018,301
Various inputs are used in determining the value of the Fund's
investments. These inputs are summarized in the three broad
levels listed below.
Highest priority is given to Level 1 inputs and lowest priority
is given to Level 3.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's
own assumptions in determining fair value of investments)
The following is a summary of the inputs used as of July
31, 2009, in valuing the Fund's assets:
Level 1 Level 2 Level 3 Total
Collateralized loan oblig $0 $0 $1,047,137 $1,047,137
Senior secured floating 0 389,826,613 13,128,392 402,955,005
Claims 0 0 8,600 8,600
Corporate notes 0 8,897,117 30,088,836 38,985,953
Common stocks 32,086 64,435 281,763 378,284
Convertible preferred 0 0 1,686,822 1,686,822
Warrants 0 32,000 0 32,000
Temporary cash invest 0 3,675,000 0 3,675,000
Total $32,086 $402,495,165 $46,241,550 $448,768,801
Other Financial Instruments $0 ($476,545) $0 ($476,545)
*Other financial instruments include foreign exchange contracts
Following is a reconciliation of assets valued using
significant unobservable inputs (Level 3):
Senior Secured
Collateralized Fltg Rt Corporate Common Convertible
Loan Oblig loan int Claims Notes Stock Preferred Total
Beginning balance $1,514,890 $0 $0 $31,517,31 $0 $0 $33,032,207
Total gains/losses (realized/unrealized)
included in earnings (or changes
in net assets) (515,781) 0 0 (938,786) (3,446)(77,241)(1,535,254)
Purchases, issuance 48,028 0 0 (489,695) 285,209 1,764,063 1,607,605
Transfers in and out 0 13,128,392 8,600 0 0 0 13,136,992
Ending Bal.
$1,047,137 $13,128,392 $8,600 $30,088,836 $281,763 $1,686,822$46,241,550
The amount of total gains or losses for the
period included in earnings (or changes in
net assets) attributable to the change in
unrealized gains or losses relating to assets
still held at reporting date
($515,781) $0 $0 ($938,786)($3,446) ($77,241)($1,535,254)
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 29, 2009
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 October 29, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date October 29, 2009
* Print the name and title of each signing officer under his or her signature.