OMB APPROVAL
OMB Number: 3235-0578
Expires: April 30, 2010
Estimated average burden
hours per response.....
10.5
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, 2007
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 8/31/07 (unaudited)
Principal
Amount
USD ($) Value ($)
SENIOR SECURED FLOATING RATE LOAN
INTERESTS - 142.9% of Net Assets*
Aerospace - 6.2%
3,630,607 AWAS Capital, Inc., First Lien Term Loan, 7.125%, 3,467,230
2,992,500 (b) DeCrane Aircraft Holdings, Inc., First Lien Term 2,902,725
945,000 Delta Airlines, Inc., Credit-Linked Deposit Loan, 902,475
2,000,000 Delta Airlines, Inc., Second Lien Term Loan, 8.61 1,932,000
4,386,648 DynCorp International, LLC (Di Finance), New Term 4,189,249
985,000 IAP Worldwide Services, Inc., First Lien Term Loa 999,775
5,940,000 Northwest Airlines, Inc., DIP, Term Loan, 7.85%, 5,810,063
5,000,000 US Airways Group, Inc., Term Loan, 7.86%, 3/23/14 4,730,730
3,000,000 Vought Aircraft Industries, Inc., Tranche B LC De 2,928,750
27,862,997
Broadcasting - 12.2%
2,500,000 Gray Television, Inc., Delayed Draw Term Loan B, 2,359,375
1,000,000 Hargray Acquisition Co., Second Lien Term Loan, 1 975,000
738,750 Montecito Broadcast Group, LLC, First Lien Term L 725,822
997,498 NEP II, Inc., Term Loan B, 7.61%, 2/16/14 957,599
7,000,000 Paxson Communications Corp., Term Loan, 8.61%, 1/ 6,825,000
4,979,935 Riverdeep Interactive Learning USA, Inc., Term Lo 4,896,521
19,523,810 Seven Media Group, Facility Term Loan A, 8.835%, 15,337,606
60,403 Univision Communications, Inc., Delayed Draw Term 56,049
20,671,141 Univision Communications, Inc., Initial Term Loan 19,181,103
3,828,494 Young Broadcasting, Inc., Term Loan, 7.875%, 11/3 3,584,428
54,898,503
Cable/Wireless Video - 12.5%
11,475,000 Cequel Communications, LLC, Term Loan, 9.25%, 11/ 10,874,158
8,366,337 Charter Communications Operating, LLC, Existing T 7,940,549
6,300,000 Charter Communications Operating, LLC, New Term L 5,979,374
3,000,000 Insight Midwest Holdings, LLC, Term Loan B, 7.36% 2,931,093
7,000,000 Knology, Inc., Term Loan, 7.61%, 6/30/12 6,807,500
12,629,627 (a)(b)Millennium Digital Media Systems, LLC, Facility T 12,461,236
343,721 (b) Millennium Digital Media Systems, LLC, Revolver, 332,120
6,500,000 WideOpenWest Finance, LLC, First Lien Term Loan, 6,066,664
3,000,000 WideOpenWest Finance, LLC, Second Lien Term Loan, 2,730,000
56,122,694
Chemicals - 0.2%
1,000,000 (b) Panda Hereford Ethanol, L.P., Tranche A Term Loan 977,500
Consumer - Durables - 0.2%
884,667 Rexair, LLC, First Lien Term Loan, 9.614%, 6/30/1 871,397
Consumer - Non-Durables - 2.0%
2,268,000 Camelbak Products, LLC, First Lien Term Loan, 9.1 2,126,250
995,000 GTM Holding, Inc. (GoldToe), First Lien Term Loan 965,150
4,073,701 Spectrum Brands (fka Rayovac Corp.), Dollar Term 3,973,557
724,930 Spectrum Brands (fka Rayovac Corp.), Dollar Term 688,683
201,369 Spectrum Brands (fka Rayovac Corp.), LC Loan, 5.1 196,419
995,000 Totes Isotoner Corp., First Lien Term Loan, 7.768 965,150
8,915,209
Consumer - Products - 0.2%
992,288 Solo Cup Co., Term Loan B-1, 8.86% - 10.75%, 2/27 977,094
Diversified Media - 8.6%
992,500 Nielsen Finance, LLC, Dollar Term Loan, 7.36%, 8/ 957,762
9,166,089 MGM Holdings II, Inc./LOC Acquisition Co., Tranch 8,695,282
1,995,000 Penton Media Holdings, Inc., First Lien Term Loan 1,898,991
3,500,000 Penton Media Holdings, Inc., Second Lien Term Loa 3,307,500
3,974,719 Sunshine Acquisition, Ltd., Facility Term Loan, 7 3,736,236
12,000,000 Tribune Co., Initial Tranche B Advance Term Loan, 10,940,628
7,466,667 Tribune Co., Tranche X Advance Term Loan, 7.86%, 7,312,002
718,033 Valassis Communications, Inc., Tranche B Term Loa 666,574
1,455,000 Wallace Theater Corp. (Hollywood Theaters), First 1,418,625
38,933,600
Energy - 7.5%
6,880,643 ATP Oil & Gas Corp., First Lien Term Loan, 8.824% 6,790,335
1,800,000 Big West Oil, LLC, Initial Advance Term Loan, 7.6 1,712,250
486,486 Coffeyville Resources, LLC, Funded LC Loan, 8.36% 470,524
2,500,962 Coffeyville Resources, LLC, Tranche D Term Loan, 2,418,900
1,500,000 Connacher Finance Corp., Term Loan, 8.6%, 10/20/1 1,496,250
466,276 Delphi Acquisition Holding I B.V., Facility Term 451,996
466,276 Delphi Acquisition Holding I B.V., Facility Term 454,328
3,000,000 Endeavour International Holding B.V., Second Lien 2,970,000
3,989,864 Helix Energy Solutions Group, Inc., Term Loan, 5. 3,873,910
450,000 III Exploration II, L.P., Delayed Draw Term Loan, 434,250
2,543,625 III Exploration II, L.P., Initial Draw Term Loan, 2,454,598
2,000,000 III Exploration II, L.P., Second Lien Term Loan, 1,930,000
2,000,000 Monitor U.S. Finco, Inc., Second Lien Term Loan, 1,980,000
1,250,000 TARH E&P Holdings, L.P., First Lien Term Loan, 9. 1,237,500
4,298,431 Value Creation, Inc., Term Loan, 12.82% - 12.846% 4,169,478
895,000 Volnay Acquisition Co. I (CGG), Facility Term Loa 856,963
33,701,282
Financial - 1.1%
1,000,000 (b) Concord Re, Ltd., Term Loan, 9.605%, 2/29/12 980,000
215,686 HUB International Holdings, Inc., Delay Draw Term 207,733
3,063,725 HUB International Holdings, Inc., Initial Term Lo 2,950,751
1,000,000 (b) Kepler Holdings, Ltd., Term Loan, 10.82%, 6/30/09 980,000
5,118,484
Food & Drug - 0.4%
1,990,000 Roundy's Supermarkets, Inc., Tranche B Term Loan, 1,967,612
Food & Tobacco - 2.0%
995,000 (b) Aramark Canada, Ltd., Canadian Term Loan, 7.36%, 962,662
11,705 Aramark Corp., LC Facility Loan, 5.36%, 1/27/14 11,316
166,371 Aramark Corp., U.S. Term Loan, 7.36%, 1/27/14 160,839
989,899 Chiquita Brands, LLC, Term Loan C, 8.563%, 6/28/1 970,101
1,857,663 OSI Restaurant Partners, LLC, Incremental Term Lo 1,767,683
142,337 OSI Restaurant Partners, LLC, Synthetic Revolver, 135,443
5,000,000 Pinnacle Foods Finance, LLC, Term Loan, 8.11%, 4/ 4,791,665
8,799,709
Forest Products & Containers - 0.2%
833,333 Newark Group, Inc., Synthetic LC Loan, 7.76%, 3/9 791,667
166,667 Newark Group, Inc., Term Loan, 7.76%, 3/9/13 158,333
950,000
Gaming & Leisure - 6.4%
2,428,571 Alpha Topco Limited (Formula One), Facility Term 2,322,321
1,821,429 Alpha Topco Limited (Formula One), Facility Term 1,741,741
5,000,000 Fontainebleau Florida Hotel, LLC, Tranche C Term 4,950,000
1,333,333 Fontainebleau Las Vegas, LLC/Fontainebleau Las Ve 1,257,223
2,369,368 Ginn LA Conduit Lender, Inc., First Lien Tranche 2,061,350
5,120,301 Ginn LA Conduit Lender, Inc., First Lien Tranche 4,454,662
361,111 Lake at Las Vegas Joint Venture / LLV-1, LLC, Syn 357,500
2,638,889 Lake at Las Vegas Joint Venture / LLV-1, LLC, Ter 2,401,389
2,000,000 Orbitz Worldwide, Inc., Term Loan, 8.34%, 7/25/14 1,950,000
2,965,124 Pivotal Promontory, LLC, First Lien Term Loan, 8. 2,809,455
1,473,703 Trump Entertainment Resorts Holdings, L.P., Facil 1,449,755
1,473,703 Trump Entertainment Resorts Holdings, L.P., Facil 1,449,755
1,662,933 Yellowstone Mountain Club, LLC, First Lien Term L 1,610,273
28,815,424
Healthcare - 17.2%
5,170,000 Alliance Imaging, Inc., Tranche C-1 Term Loan, 7. 5,082,756
979,493 Capella Healthcare, Inc., First Lien Term Loan, 8 937,865
5,370,609 CCS Medical, Inc. (Chronic Care), First Lien Term 5,219,560
796,000 CHG Acquisition Corp., First Lien Term Loan B, 7. 764,160
200,000 CHG Acquisition Corp., Synthetic LC Loan, 7.86%, 192,000
4,690,642 CHS/ Community Health Systems, Inc., Funded Term 4,523,538
1,980,000 DSI Renal, Inc. (National Renal Institutes, Inc.) 1,893,375
3,420,000 Fenwal, Inc., Initial First Lien Term Loan, 7.61% 3,167,775
5,000,000 FHC Health Systems, Inc., Third Lien Term Loan, 1 5,050,000
2,739,643 Golden Gate National Senior Care, LLC, First Lien 2,657,454
2,000,000 Golden Gate National Senior Care, LLC, Second Lie 1,980,000
2,000,000 Graceway Pharmaceuticals, LLC, Mezzanine Loan, 13 1,660,000
20,895,000 HCA, Inc., Tranche B Term Loan, 7.61%, 11/18/13 20,188,164
1,690,141 HealthSouth Corp., Term Loan, 7.82% - 7.85%, 3/10 1,632,254
3,000,000 LifeCare Holdings (Rainier Acquisition Corp), Ter 2,812,500
1,000,000 Medical Staffing Network, Inc., Second Lien Term 992,500
3,500,000 Onex Carestream Finance, L.P., First Lien Term Lo 3,276,875
208,779 Reliant Pharmaceuticals, Inc., Delayed Draw Term 200,428
788,721 Reliant Pharmaceuticals, Inc., Initial Term Loan, 757,172
1,965,628 Renal Advantage, Inc., Tranche B Term Loan, 7.86% 1,889,460
1,960,000 Skilled Healthcare Group, Inc., First Lien Term L 1,950,200
4,975,000 Talecris Biotherapeutics Holdings Corp., First Li 4,928,359
2,977,509 Triumph HealthCare Second Holdings, LLC, First Li 2,903,072
2,124,158 Warner Chilcott Co., Inc., Tranche B Acquisition 2,055,123
590,549 Warner Chilcott Corp., Tranche C Acquisition Date 571,356
77,285,946
Housing - 8.5%
1,965,714 Associated Materials, Inc., Term Loan, 7.86% - 7. 1,887,086
6,111,125 Atrium Companies, Inc., Closing Date Term Loan, 8 5,576,401
1,582,218 Champion Home Builders Co., Synthetic LC Loan, 5. 1,526,840
860,356 Champion Home Builders Co., U.S. Term Loan, 8.258 830,244
2,799,785 Custom Building Products, Inc., First Lien Term L 2,631,798
459,128 Desa, LLC, Term Loan, 15.0%, 11/26/11 439,041
5,000,000 LNR Property Corp., Initial Tranche B Term Loan, 4,870,835
932,633 Playpower, Inc., Tranche B Dollar Term Loan, 8.11 913,981
3,151,515 Realogy Corp., Initial Term Loan B, 8.36%, 10/10/ 2,880,135
848,485 Realogy Corp., Synthetic LC Loan, 8.32%, 10/10/13 775,421
2,196,426 Rhodes Companies, LLC , First Lien Term Loan, 3.5 1,954,819
5,000,000 Spirit Finance Corp., Term Loan, 3.0%, 8/1/13 4,575,000
1,000,000 WAICCS Las Vegas 3, LLC, First Lien Term Loan, 8. 990,000
4,500,000 WAICCS Las Vegas 3, LLC, Second Lien Term Loan, 1 4,500,000
3,957,333 Woodlands Commercial Properties Co., L.P., Bridge 3,917,760
38,269,361
Information Technology - 11.7%
500,000 Aeroflex, Inc., Tranche B-1 Term Loan, 3.25%, 8/1 480,000
500,000 Aeroflex, Inc., Tranche B-2 Term Loan, 3.75%, 8/1 480,000
2,660,860 Applied Systems, Inc., Term Loan, 7.853% - 7.86%, 2,607,643
4,651,163 Caritor, Inc., Closing Date Term Loan, 7.61%, 6/4 4,313,953
348,837 Caritor, Inc., Synthetic LC Loan, 7.61%, 6/4/13 323,547
2,970,056 DTN, Inc., Tranche C Term Loan, 8.36% - 8.405%, 3 2,984,907
5,000,000 Freescale Semiconductor, Inc., Term Loan, 7.11%, 4,692,615
3,746,667 GXS Worldwide, Inc., First Lien Term Loan, 10.32% 3,727,933
2,000,000 GXS Worldwide, Inc., Second Lien Term Loan, 14.61 1,990,000
2,041,714 Infor Enterprise Solutions Holdings, Inc., Delaye 1,944,733
3,000,000 Infor Enterprise Solutions Holdings, Inc., Dollar Tranche B-1
First Lien
Term Commitment, 8.11%, 3/2/14 2,872,500
3,913,286 Infor Enterprise Solutions Holdings, Inc., Initia 3,727,405
763,670 Inovis International, Inc., Term Loan, 9.088% - 9 763,670
2,000,000 IPC Systems, Inc., Tranche B-1 Term Loan, 7.61%, 1,796,666
997,500 Metrologic Instruments, Inc., Add-on First Lien T 946,264
1,000,000 Metrologic Instruments, Inc., Add-on Second Lien 952,500
4,000,000 NameMedia, Inc., Term Loan, 11.33%, 9/7/08 3,940,000
1,500,000 Quantum Corp., Term Loan, 3.5%, 7/14/14 1,477,500
3,587,500 Serena Software, Inc., Term Loan, 7.336%, 3/11/13 3,467,918
1,946,921 Sitel, LLC (ClientLogic), U.S. Term Loan, 7.82% - 1,878,779
6,860,525 SunGard Data Systems, Inc. (Solar Capital Corp.), 6,667,964
938,462 Verint Systems, Inc., Term Loan, 8.106%, 5/27/14 907,962
52,944,459
Manufacturing - 1.2%
1,000,000 FCI USA, Inc., Facility Term Loan B-1, 7.755%, 3/ 966,667
1,000,000 FCI USA, Inc., Tranche Term Loan B-5-B, 7.755%, 1 948,125
2,960,000 Generac Acquisition Corp., First Lien Term Loan, 2,651,313
1,000,000 Hunter Defense Technologies, Inc., First Lien Ter 945,000
5,511,105
Metals & Minerals - 1.4%
2,000,000 Algoma Steel, Inc., Term Loan, 7.86%, 6/20/13 1,915,000
4,389,944 Murray Energy Corp., First Lien Tranche B Term Lo 4,258,245
6,173,245
Retail - 10.0%
9,121,064 Blockbuster, Inc., Tranche B Term Loan, 9.58% - 9 8,870,235
4,919,900 Burlington Coat Factory Warehouse Corp., Term Loa 4,633,493
2,000,000 Dollar General Corp., Tranche B-1 Term Loan, 8.07 1,791,666
2,841,426 Dollarama Group, L.P., Replacement Term Loan B, 7 2,784,597
15,765,928 (b) Home Interiors & Gifts, Inc., Initial Term Loan, 10,957,320
886,909 MAPCO Express, Inc./MAPCO Family Centers, Inc., T 864,736
1,994,975 Michaels Stores, Inc., Replacement Term Loan, 7.6 1,889,882
360,192 Movie Gallery, Inc., First Lien Synthetic LC Loan 301,811
8,632,608 Movie Gallery, Inc., First Lien Term Loan, 8.86%, 7,233,409
1,987,487 Sally Holdings, LLC, Term Loan B, 7.86%, 11/18/13 1,929,882
4,000,000 Toys R Us - Delaware, Inc., Tranche B Term Loan, 3,966,252
45,223,283
Service - 4.9%
938,526 Alliance Laundry Systems, LLC, Term Loan, 7.58% - 924,448
3,990,000 Inmar, Inc., Term Loan, 7.86%, 4/29/13 3,900,225
795,841 Rental Service Corp., Second Lien Initial Term Lo 773,955
12,203,980 Sabre, Inc., Initial Term Loan, 7.608%, 9/30/14 11,343,599
995,000 Total Safety U.S., Inc., First Lien Tranche B Ter 975,100
3,800,000 Travelport, LLC, Delayed Draw Term Loan, 7.753%, 3,655,600
67,223 Travelport, Inc., Synthetic LC Loan, 7.86%, 8/23/ 64,668
335,831 Travelport, Inc., Tranche B Dollar Term Loan, 7.7 323,070
21,960,665
Telecommunications - 7.8%
752,152 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Casema Term Loan B-1, 6.921%, 9/12/14 998,580
390,705 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Casema Term Loan B-2 , 6.921%, 9/12/14 518,712
1,142,857 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Casema Term Loan C, 7.421%, 9/12/15 1,525,082
857,143 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema)
Kabelcom Term Loan B, 6.546%, 9/12/14 1,137,969
857,143 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema)
Kabelcom Term Loan C, 7.421%, 9/12/15 1,143,811
1,250,000 Fairpoint Communications, Inc., Replacement Term 1,217,187
173,913 Global Tel Link Corp., Acquisition Synthetic Depo 169,565
260,870 Global Tel Link Corp., Acquisition Term Loan, 10. 254,348
43,478 Global Tel Link Corp., Synthetic Deposit Loan, 8. 42,391
513,913 Global Tel Link Corp., Term Facility, 8.85%, 2/14 501,065
2,420,784 Hawaiian Telcom Communications, Inc., Tranche C T 2,305,797
2,977,500 Intelsat Corp., Tranche B-2 Term Loan, 7.36%, 1/3 2,906,784
4,000,000 Integra Telecom Holdings, Inc., First Lien Term L 3,840,000
6,500,000 Level 3 Financing, Inc., Term Loan, 7.61%, 3/13/1 6,238,375
377,635 Nordic Telephone Company Holdings APS, Euro Facil 501,482
455,269 Nordic Telephone Company Holdings APS, Euro Facil 607,514
645,914 PAETEC Holding Corp., Replacement Term Loan, 7.82 637,571
2,000,000 Pine Tree Holdings, Inc., (Country Road Communica 1,980,000
1,485,000 Stratos Global Corp./Stratos Funding, L.P., Facil 1,457,156
2,415,218 Wind Telecomunicazione S.p.A., Facility Term Loan 3,225,327
1,500,000 Wind Telecomunicazione S.p.A., Facility Term Loan 2,010,862
1,500,000 Wind Telecomunicazione S.p.A., Facility Term Loan 2,017,350
35,236,928
Transportation - 9.8%
4,162,595 Affinia Group, Inc., Tranche B Term Loan, 8.375%, 4,079,343
9,250,000 Dana Corp., Term Loan, 7.98%, 4/13/08 9,122,812
1,000,000 Delphi Corp., Tranche B Term Loan, 7.625%, 12/31/ 987,500
11,000,000 Delphi Corp., Tranche C Term Loan, 8.125%, 12/31/ 10,844,163
1,000,000 Federal-Mogul Corp., DIP Term Loan, 7.25%, 12/31/ 992,083
7,948,778 Ford Motor Co., Term Loan, 8.36%, 12/16/13 7,483,027
1,695,625 Gainey Corp., Term Loan, 8.1%, 4/20/12 1,492,150
497,500 General Motors Corp., Secured Term Loan, 7.735%, 476,823
3,990,000 Key Safety Systems, Inc., First Lien Term Loan, 7 3,860,325
979,009 Lear Corp., First Lien Term Loan B, 7.84% - 8.0%, 947,039
875,000 Quality Distribution, Inc., PF Letter of Credit L 848,750
1,886,207 Quality Distribution, Inc., Term Loan, 8.565%, 11 1,829,621
1,772,549 SIRVA Worldwide, Inc., Tranche B Term Loan, 12.61 1,387,019
44,350,655
Utility - 5.6%
4,500,000 ANP Funding I, LLC, Tranche A Term Loan, 8.86%, 7 4,493,250
775,691 Boston Generating, LLC, First Lien Synthetic LC L 751,451
217,194 Boston Generating, LLC, First Lien Revolving Cred 210,406
3,488,593 Boston Generating, LLC, First Lien Term Loan, 7.6 3,379,575
1,754,777 Coleto Creek Power, L.P., First Lien Synthetic LC 1,702,134
3,707,771 Coleto Creek Power, L.P., First Lien Term Loan, 8 3,596,538
4,950,000 Coleto Creek Power, L.P., Second Lien Term Loan, 4,752,000
1,980,000 GBGH, LLC (U.S. Energy), First Lien Advance Term 1,984,950
2,705,156 Mach Gen, LLC, First Lien Term Loan B, 7.5%, 2/22 2,591,315
281,250 Mach Gen, LLC, First Lien Synthetic LC Loan, 7.36 269,414
1,193,209 TPF Generation Holdings, LLC, First Lien Term Loa 1,144,884
225,814 TPF Generation Holdings, LLC, Synthetic LC Loan, 216,669
70,788 TPF Generation Holdings, LLC, Synthetic Revolver, 67,921
25,160,507
Wireless Communication - 5.1%
1,000,000 Cellnet Group, Inc., Second Lien Term Loan, 9.59% 975,000
847,187 Centennial Cellular Operating Co., New Term Loan, 827,278
1,148,295 Clearwire Corp., Delayed Draw Term Loan, 6.0%, 7/ 1,135,377
701,705 Clearwire Corp., Term Loan, 6.0%, 7/3/12 693,811
9,900,000 Cricket Communications, Inc., Term Loan B, 7.36%, 9,654,975
9,932,475 Metro PCS Wireless, Inc., New Tranche B Term Loan 9,699,340
22,985,781
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $669,764,481) 644,013,440
CLAIMS - 0.5% of Net Assets
Aerospace - 0.5%
1,200,000 (c) Northwest Airlines, Inc., ALPA Claim-Escrow, 2.5% 108,000
2,500,000 (c) Northwest Airlines, Inc., Bell Atlantic Claim-Esc 225,000
2,500,000 (c) Northwest Airlines, Inc., EDC Claim-Escrow, 5.32% 225,000
2,130,600 (c) Northwest Airlines, Inc., Flight Attendant Claim- 191,754
1,500,000 (c) Northwest Airlines, Inc., GE Pre-Petition Claim, 1,110,625
1,264,500 (c) Northwest Airlines, Inc., IAM Claim-Escrow, 2.5% 113,805
1,404,900 (c) Northwest Airlines, Inc., Retiree Claim-Escrow, 2 126,441
TOTAL CLAIMS
(Cost $9,027,301) 2,100,625
CONVERTIBLE BONDS & NOTES - 1.7% of Net Assets
Cable/Wireless Video - 0.9%
3,000,000 Charter Communications, Inc., 5.875%, 11/16/09 4,001,250
Gaming & Leisure - 0.2%
1,000,000 Six Flags Theme Parks, Inc., 4.5%, 5/15/15 857,500
Transportation - 0.6%
120,000 General Motors Corp., 1.5%, 6/1/09 3,030,000
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $6,771,013) 7,888,750
CORPORATE NOTES - 4.8% of Net Assets
Cable/Wireless Video - 0.4%
875,000 CCH I Holdings LLC, 10.0%, 5/15/14 735,000
1,000,000 CCH I Holdings LLC, 11.0%, 10/1/15 980,000
1,715,000
Food & Tobacco - 0.2%
1,000,000 Pinnacle Foods Group, Inc., 9.25%, 4/1/15 (144A) 922,500
Healthcare - 0.7%
2,000,000 (b) Pharma V (Duloxetine), 13.0%, 10/15/13 (144A) 2,000,000
1,033,727 (a)(b)Pharma VI (Rotavax), 10.891%, 10/15/14 (144A) 1,013,053
3,013,053
Housing - 0.4%
2,000,000 (d) Builders FirstSource, Inc., 9.808%, 2/15/12 1,920,000
Information Technology - 1.1%
400,000 (d) Freescale Semiconductor, Inc., 9.235%, 12/15/14 368,000
5,000,000 (d) NXP BV, 8.11%, 10/15/13 4,531,250
4,899,250
Retail - 1.4%
4,500,000 Blockbuster, Inc., 9.0%, 9/1/12 3,870,000
2,500,000 Dollar General Corp., 10.625%, 7/15/15 2,250,000
6,120,000
Transportation - 0.6%
3,000,000 (d) American Tire Distributors, Inc., 11.61%, 4/1/12 2,947,500
TOTAL CORPORATE NOTES
(Cost $22,563,936) 21,537,303
Shares
COMMON STOCK - 2.7% of Net Assets
Aerospace - 1.0%
243,496 (e) Northwest Airlines Corp. 4,524,156
Utility - 1.7%
196,325 (e) Mirant Corp. (144A) 7,650,785
TOTAL COMMON STOCK
(Cost $4,987,782) 12,174,941
WARRANTS - 0.3% of Net Assets
Wireless Communication - 0.3%
400,000 (e) Clearwire Corp., Exp. 8/15/10 (144A) 1,224,000
TOTAL WARRANTS
(Cost $956,752) 1,224,000
Principal
Amount
USD ($) TEMPORARY CASH INVESTMENT - 9.3% of Net Assets
Repurchase Agreement - 9.3%
42,100,000 UBS Warburg, Inc., 5.05%, dated 8/31/07, repurchase price of
$42,100,000 plus accrued interest on 9/4/07 collateralized
by $42,570,000 U.S. Treasury Notes 5.0%, 7/31/08 $42,100,000
TOTAL TEMPORARY CASH INVESTMENT
(Cost $42,100,000) $42,100,000
TOTAL INVESTMENTS IN SECURITIES - 162.2%
(Cost $756,171,265) (f) $731,039,059
OTHER ASSETS AND LIABILITIES - (10.1%) -$45,711,636
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (52.1)% -$234,594,707
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100 $450,732,716
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
majorEuropean
banks, such as LIBOR (London InterBank Offered Rate), (ii) the
prime rate
offered by one or more major United States banks,(iii) the
certificate of
deposit or (iv) other base lending rates used by commercial
lenders.
The rate shown is the coupon rate at August 31, 2007.
(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, 2007 the value of these securities
amounted to
$12,810,338 or 2.8% of total net assets applicable to common
shareowners.
(a) Payment-in-Kind (PIK) security which may pay interest
in additional principal amount.
(b) Indicates a security that has been deemed illiquid. The
aggregate
cost of illiquid securities is $37,704,065. The aggregate value
$33,566,616 represents 7.4% of the total net assets.
(c) Security is in default and is non-income producing.
(d) Floating Rate Note. The rate shown is the coupon rate at
August 31, 2007.
(e) Non-income producing security.
(f) At August 31, 2007, the net unrealized loss on investments
based on cost for federal income tax purposes
of $756,200,369 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $10,049,050
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value -35,210,360
Net unrealized loss -$25,161,310
For financial reporting purposes net unrealized loss on
investments was $25,132,206 and cost of
investments aggregated $756,171,265.
Purchases and sales of securities (excluding temporary cash
investments) for the period ended August 31, 2007, aggregated
$520,957,731 and $497,301,791, respectively.
For the period ended August 31, 2007, the Trust had unfunded
loan
commitments of approximately $9,226,000 which would be extended
at
the option of the borrower, pursuant to the following loan
agreements:
Unfunded
Commitment
Borrower (in Thousands)
American Cellular Corp., Delayed Draw Term Loan $97
Big West Oil, LLC, Delayed Advance Loan 2,200
CHS/Community Health Systems, Inc., Delayed Draw 309
Cricket Communications, Inc., Revolver 2,000
Delta Airlines, Inc., Credit-Linked Deposit Loan 55
Fenwal, Inc., First Lien Delayed Draw Term Loan 571
Fontainebleau Las Vegas Holdings, LLC, Delayed Dr 667
HUB International Holdings, Inc., Delay Draw Term 471
Millennium Digital Media Systems, LLC, Revolver 1,375
Univision Communications, Inc., Delayed Draw Term 1,268
Valassis Communications, Inc., Delayed Draw Term 213
$9,226
Glossary of Terms:
DIP - Debtor-In-Possession
LC - Letter of Credit
Principal amounts are denominated in U.S. dollars unless
otherwise noted.
AUD - Australian Dollar
EURO - Euro
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 30, 2007
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 30, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date October 30, 2007
* Print the name and title of each signing officer under his or her signature.