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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, 2014 through May 31, 2015
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, 2015
--------------------------------------------------------------------------------
Ticker Symbol: PHD
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Schedule of Investments 12
Financial Statements 39
Financial Highlights 43
Notes to Financial Statements 45
Trustees, Officers and Service Providers 56
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 1
President's Letter
Dear Shareowner,
At mid-year, economic conditions and government policies around the world are
far from homogeneous, and we expect them to continue to diverge. In the United
States, an ongoing economic expansion has brought the unemployment rate down to
levels where wage growth is likely to accelerate. Economic growth and fiscal
austerity have dramatically reduced the Federal budget deficit, while very
accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/ expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven economy
and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
We encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
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. Past performance is no
guarantee of future results.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 3
Portfolio Management Discussion | 5/31/15
Helped by increasing demand from institutional investors, floating-rate bank
loans produced positive returns during the six-month period ended May 31, 2015.
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 a 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, 2015?
A Pioneer Floating Rate Trust returned 3.34% at net asset value and 5.75% at
market price during the six-month period ended May 31, 2015. During the same
six-month period, the Trust's benchmark, the Barclays U.S. High Yield Loans
Index (the Barclays Index), returned 2.05% 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 4.84%.
The shares of the Trust were selling at a 9.3% discount to net asset value
on May 31, 2015.
On May 31, 2015, the Trust's standard 30-day SEC yield was 5.35%*.
Q How would you describe the investment environment for bank loans during the
six-month period ended May 31, 2015?
A Overall, the backdrop for bank-loan investments was supportive during the
six-month period. Healthy demand by investors especially from institutional
investment pools known as collateralized loan obligations (CLOs) helped
sustain the loan market's momentum, even though some individual market
participants began to move away from bank loans because of concerns that
long-anticipated interest-rate hikes by the U.S. Federal Reserve System (the
Fed) might occur later than previously expected. (Increases in interest
rates are typically beneficial for the performance of bank loans, due to the
floating-rate feature of the asset class.)
Investors, in general, appeared confident in the strength of the U.S.
economy at the beginning of the period (December 2014), but that confidence
began to wane as the period progressed, especially when the gross domestic
* 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 | 5/31/15
product (GDP) number for the first quarter of 2015 initially came in at a
nearly flat 0.2%, and then was later revised downward into negative
territory. The GDP report, however, was somewhat balanced out by other
economic data which suggested that consumer spending and housing industry
trends were positive, and that the domestic employment market was continuing
to strengthen. The conflicting economic data did, however, have the result
of delaying the market's expectations of when the Fed would begin tightening
monetary policy through interest-rate hikes (as noted previously).
The average bid in the loan market traded off from prices in the mid-$98
range at the beginning of the period in early December to a low of $96.91
near the end of the month, due to the sharp drop in oil prices and the
spread widening it caused in both the high-yield and bank-loan markets.
The high-yield market consists of roughly 16% energy issuers, and so the
sell-off in high-yield bonds due to the drop in oil prices, and the
subsequent yield increases had a contagion effect on floating-rate bank
loans, approximately 4% of which are in the energy sector. By April 2015,
however, loan prices had round-tripped and bounced back, due to: 1)
year-end principal amortization payments; 2) a modest stabilization in oil
loan prices after the precipitous drop at the end of 2014 and beginning of
2015; and 3) anemic new-issue loan supply, which was at a five-year low in
February, normally the largest new-issue month on the bank-loan calendar.
The decline in new loan issues owed mainly to new and tighter Fed
standards for leveraged buy-out loan deals. In addition, a significant
portion of the loan market was bid at above par value by April, a
development which then muted price appreciation for the remainder of the
six-month period as refinancings began to increase, given the supply/demand
imbalance.
Q Which of your investment strategies or security selections had the largest
effects on the Trust's performance relative to its benchmark, the Barclays
Index, during the six-month period ended May 31, 2015?
A The Trust outperformed the Barclays Index during the six-month period, as
good overall security selection results outweighed sector allocation
performance. With regard to specific sectors, the Trust's overweight in
consumer non-cyclicals and underweights in energy and utilities contributed
to benchmark-relative returns, as did the performance of the loans the
portfolio held in those sectors. In consumer non-cyclicals, the Trust's
overweight was small relative to the benchmark during the period, while the
underweights in energy and utilities were moderate (just over 100
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 5
basis points, or "bps", relative to the benchmark in each of the sectors).
With regard to energy loans, the sector suffered through a sell-off in the
early part of the six-month period in reaction to sharply declining oil
prices.
On the negative side, the Trust's underweights compared with the Barclays
Index in the information technology and consumer cyclical loan sectors
detracted from benchmark-relative performance. Information technology
represented the Trust's biggest sector underweight during the six-month
period, while the underweight in consumer cyclicals was also significant.
With regard to individual portfolio investments, the Trust's benchmark-
relative results were aided during the period by positions in loans to
Virtual Radiologic, a medical technology company that announced it was being
acquired by another company; loans to Wausau Paper; loans to Orica
Chemicals, both of which strongly traded up in value upon new issue; and
loans to Endemol, a producer of television programming which benefited from
an improved earnings outlook.
Individual portfolio investments that detracted from the Trust's
benchmark-relative results during the period included positions in loans to
weight-loss company Weight Watchers International, which continued to lose
market share as it faced new forms of competition, such as weight-loss
applications available on Smartphones; loans to energy companies Samson
Investment, whose liquidity was strained due to the drop in oil prices, and
Expro, a provider of oil-rig testing equipment which suffered from a reduced
oil-rig count during the period; and loans to Appvion, a manufacturer of
coated paper products which experienced a weaker pricing environment while
dealing with international competition.
Q How did the level of leverage in the Trust change over the six-month period
ended May 31, 2015?
A At the end of the six-month period on May 31, 2015, 32.7% of the Trust's
total managed assets were financed by leverage obtained through a revolving
credit facility, compared with 32.9% of the Trust's total managed assets
financed by leverage at the start of the period on December 1, 2014.
While the dollar amount of borrowed funds employed by the Trust during the
period did not increase or decrease, the percentage decrease was due to an
increase in the values of securities in which the Trust had invested.
Q Did the Trust invest in any derivative securities during the six-month
period ended May 31, 2015, and did those investments have an effect on
performance?
A We did invest in a small number of currency forward contracts during the
six-month period. The investments did not have a material impact on the
Trust's relative results. We invested in the currency forwards in an attempt
to hedge, or reduce, the risks associated with the Trust's exposure to
securities denominated in foreign currencies.
6 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Q What factors affected the Trust's yield during the six-month period ended
May 31, 2015?
A The Trust was able to increase its dividend payout to shareholders late in
the six-month period, as the current income earned by the Trust had exceeded
the earlier payout rate. This was primarily attributable to spreads widening
by nearly 25 basis points during the period, and to changes made in 2014 to
the Trust's investment strategies that permit the Trust to invest a greater
percentage of its assets in non-U.S. domiciled companies and second-lien
loans.
However, shareholders should keep in mind that, during a period when the
general level of interest rates continued to decline and the Treasury yield
curve became flatter, many corporations retired older loans and refinanced
their debt at lower spreads. If the pace of refinancings continues at
present levels, or increases, the Trust's dividend payout could be adversely
affected. Over the longer term, though, we do expect interest rates to begin
increasing at some point, and higher interest rates in the future should
cause floating-rate loans to generate greater levels of current income.
Q What is your investment outlook?
A Despite the weak GDP report for the first quarter of 2015, we expect U.S.
economic growth to be positive for the full 2015 calendar year, averaging in
the 2.5% to 3.0% range. Such growth levels should be good for corporate
credit, including bank loans. In general, domestic corporations remain in
sound financial shape, with healthy balance sheets and sufficient cash flows
to meet their debt obligations. Default rates for bank loans, as of period
end, were at well below longer-term historical patterns, and we believe they
are likely to remain low for the next 12 months. At the same time, the
issuance of new loans for investments has been restrained, keeping market
supply limited.
One of the principal risks to the floating-rate bank loan market is that the
Fed could continue to delay raising interest rates. Another risk is that
there could be a change in the currently favorable supply-demand
relationship in the market, either due to a spike in new-loan issuance or
because financing challenges begin to hamper the creation of new CLOs.
Our overall outlook for the bank-loan market remains positive, as we believe
the domestic economy is fundamentally strong and we continue to expect that
the Fed will tighten monetary policy by raising interest rates before the
end of the calendar year, a move that should have a positive impact on the
performance of bank loans due to their floating-rate feature.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 7
Please refer to the Schedule of Investments on pages 12-38 for a full listing of
Trust securities.
The Trust may invest in derivative securities, which may include futures and
options, for a variety of purposes, including: in an attempt to hedge against
adverse changes in the marketplace of securities, interest rates or currency
exchange rates; as a substitute for purchasing or selling securities; to attempt
to increase the fund's return as a non-hedging strategy that may be considered
speculative; and to manage portfolio characteristics. Using derivatives can
increase fund losses and reduce opportunities for gains when the market prices,
interest rates or the derivative instruments themselves behave in a way not
anticipated by the Trust. 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.
The Trust employs 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 shareowners.
The Trust is required to maintain certain regulatory and other asset coverage
requirements in connection with its use of leverage. In order to maintain
required asset coverage levels, the Trust may be required to reduce the amount
of leverage employed by the Trust, alter the composition of its investment
portfolio or take other actions at what might be inopportune times in the
market. Such actions could reduce the net earnings or returns to shareowners
over time, which is likely to result in a decrease in the market value of the
Trust's 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.
These risks may increase share price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Portfolio Summary | 5/31/15
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 95.0%
Collateralized Loan Obligations 1.7%
Corporate Bonds & Notes 1.2%
Commercial Paper 0.9%
U.S. Government and Agency Obligations 0.6%
Temporary Cash Investments 0.2%
Exchange-Traded Funds 0.2%
Common Stocks 0.2%
Asset Backed Security 0.0%
* Includes investments in insurance linked securities totaling 0.5% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)**
1. Wausau Paper Corp., Term Loan, 6.5%, 7/30/20 0.76%
-----------------------------------------------------------------------------------------
2. Bright Horizons Family Solutions LLC, Term B Loan, 3.75%, 1/30/20 0.75
-----------------------------------------------------------------------------------------
3. Evergreen Skills Lux S.a.r.l., First Lien Initial Term Loan, 5.75%, 4/28/21 0.75
-----------------------------------------------------------------------------------------
4. Telesat Canada, U.S. Term B-2 Loan, 3.5%, 3/28/19 0.74
-----------------------------------------------------------------------------------------
5. Chrysler Group LLC, Term Loan B, 3.5%, 5/24/17 0.71
-----------------------------------------------------------------------------------------
6. Appvion, Inc., Term Commitment, 5.75%, 6/28/19 0.70
-----------------------------------------------------------------------------------------
7. Affinion Group, Inc., Tranche B Term Loan, 6.75%, 4/30/18 0.65
-----------------------------------------------------------------------------------------
8. American Airlines, Inc., 2015 New Term Loan, 3.5%, 6/27/20 0.64
-----------------------------------------------------------------------------------------
9. Allison Transmission, Inc., Term Loan B-3, 3.5%, 8/23/19 0.63
-----------------------------------------------------------------------------------------
10. Endemol, Term Loan, 6.75%, 8/13/21 0.58
-----------------------------------------------------------------------------------------
** 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 | 5/31/15 9
Prices and Distributions | 5/31/15
Market Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/15 11/30/14
--------------------------------------------------------------------------------
Market Value $11.67 $11.36
--------------------------------------------------------------------------------
Discount (9.3)% (11.4)%
--------------------------------------------------------------------------------
Net Asset Value per Common Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/15 11/30/14
--------------------------------------------------------------------------------
$12.86 $12.82
--------------------------------------------------------------------------------
Distributions per Common Share: 12/1/14-5/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
$0.34 $ -- $ --
--------------------------------------------------------------------------------
Yields
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5/31/15 11/30/14
--------------------------------------------------------------------------------
30-day SEC Yield 5.35% 5.17%
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The data shown above represents past performance, which is no guarantee of
future results.
10 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Performance Update | 5/31/15
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, 2015)
--------------------------------------------------------------------------------
Barclays
Net CS U.S. High
Asset Leveraged Yield
Value Market Loan Loans
Period (NAV) Price Index Index
--------------------------------------------------------------------------------
10 Years 5.31% 5.01% 4.85%+ 5.14%+
5 Years 8.69 6.41 5.77 5.56
1 Year 5.08 0.15 3.09 3.01
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays U.S. High Yield CS Leveraged
Rate Trust Loans Index* Loan Index**
10,000.00 10,065.00 10,000.00
11,366.19 10,347.00 10,703.00
13,784.51 11,142.00 11,521.00
11,354.53 10,917.00 11,148.00
7,660.35 9,989.00 9,906.00
11,952.15 12,321.00 12,140.00
14,965.07 13,488.00 13,329.00
14,677.98 13,768.00 13,626.00
16,909.08 15,033.00 14,857.00
16,279.09 15,673.00 15,585.00
16,302.81 16,145.00 16,067.00
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.
Shares of 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 bought and 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 through open-market purchases 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 or the sale of Trust shares.
Had these fees and taxes been reflected, performance would have been lower.
* 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 $10,065, which is equal to the Trust's
value at 12/30/2005.
** 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 U.S. High Yield Loans Index (the Barclays
Index). Because the historical performance of the Barclays Index dates back only
to 2005, after the inception of the Trust in 2004, the Trust will continue to
provide "Market Value of $10,000 Investment" comparisons for both the CS Index
and the Barclays Index.
Returns of both indices are calculated monthly, assume reinvestment of dividends
and, unlike Trust returns, do not reflect any fees, expenses or sales charges.
The indices do not use leverage. You cannot invest directly in an index.
+ Return for the CS Leveraged Loan Index covers the 10-year period from May
31, 2005, through May 31, 2015. Return for the Barclays U.S. High Yield
Loans Index covers the maximum period for which that index's performance is
available (December 30, 2005 through May 31, 2015).
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 11
Schedule of Investments | 5/31/15 (unaudited)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE
LOAN INTERESTS -- 138.6% of Net Assets*(a)
AUTOMOBILES & COMPONENTS -- 8.9%
Auto Parts & Equipment -- 6.8%
2,873,683 Allison Transmission, Inc., Term Loan B-3,
3.5%, 8/23/19 $ 2,892,003
2,400,000 BBB Industries US Holdings, Inc., First Lien Initial
Term Loan, 6.0%, 11/3/21 2,422,500
1,175,672 Cooper Standard Intermediate Holdco 2 LLC, Term
Loan, 4.0%, 4/4/21 1,180,080
2,365,619 Crowne Group LLC, First Lien Initial Term Loan,
6.0%, 9/30/20 2,359,705
1,028,486 Electrical Components International, Inc., Term
Loan B, 5.75%, 5/28/21 1,035,334
1,622,066 Federal-Mogul Corp., Tranche C Term Loan (2014),
4.75%, 4/15/21 1,619,025
1,985,000 Henniges Automotive Holdings, Inc., Term Loan,
5.5%, 6/12/21 1,996,215
1,691,500 Key Safety Systems, Inc., Initial Term Loan,
4.75%, 8/29/21 1,705,243
1,360,427 MPG Holdco I, Inc. Initial Term Loan, 3.75%, 10/20/21 1,365,233
498,724 Remy International, Inc., Term B Loan 2013,
4.25%, 3/5/20 500,595
1,201,338 TI Group Automotive Systems LLC, Additional
Term Loan, 4.25%, 7/2/21 1,205,092
2,358,665 Tower Automotive Holdings USA LLC, Refinancing
Term Loan, 4.0%, 4/23/20 2,367,510
1,077,188 UCI International, Inc. (United Components),
Term Loan, 5.5%, 7/26/17 1,071,801
--------------
$ 21,720,336
---------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.3%
3,244,009 Chrysler Group LLC, Term Loan B, 3.5%, 5/24/17 $ 3,253,268
794,000 Visteon Corp., Initial Term Loan, 3.5%, 4/9/21 795,241
--------------
$ 4,048,509
---------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.8%
2,500,000 Goodyear Tire & Rubber Co., Second Lien Term
Loan, 4.75%, 4/30/19 $ 2,520,312
--------------
Total Automobiles & Components $ 28,289,157
---------------------------------------------------------------------------------------------------
BANKS -- 0.4%
Thrifts & Mortgage Finance -- 0.4%
1,115,646 Ocwen Loan Servicing, Initial Term Loan,
5.0%, 2/15/18 $ 1,107,976
--------------
Total Banks $ 1,107,976
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
12 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 13.5%
Aerospace & Defense -- 4.1%
1,098,907 Accudyne Industries Borrower S.C.A./Accudyne
Industries LLC, Refinancing Term Loan, 4.0%, 12/13/19 $ 1,069,031
1,670,813 BE Aerospace, Inc., Term Loan, 4.0%, 12/16/21 1,690,018
730,372 CPI International, Inc., Term B Loan, 4.25%, 11/17/17 730,372
366,844 DAE Aviation Holdings, Inc., Tranche B-1 Loan,
5.0%, 11/2/18 368,565
151,491 DAE Aviation Holdings, Inc., Tranche B-2 Loan,
5.0%, 11/2/18 152,153
2,007,736 Digitalglobe, Inc., Term Loan, 3.75%, 1/31/20 2,014,003
929,625 DynCorp International, Inc., Term Loan, 6.25%, 7/7/16 923,815
250,048 IAP Worldwide Services, Inc., First Lien Term Loan,
8.0%, 7/18/19 232,545
995,000 TASC, Inc., First Lien New Term Loan, 7.0%, 5/22/20 1,007,023
709,098 TASC, Inc., First Lien Term Loan, 7.0%, 5/22/20 717,666
100,752 Vencore, Inc. (fka SI Organisation, Inc.), Term Loan,
5.75%, 11/23/19 101,476
1,487,139 Vencore, Inc. (fka SI Organization, Inc.), The First Lien
Initial Term Loan, 5.75%, 11/23/19 1,497,829
1,820,294 WP Consolidated Precision Products Holdings LLC,
First Lien Term Loan, 4.75%, 12/28/19 1,833,036
680,000 WP Consolidated Precision Products Holdings LLC,
Second Lien Term Loan B-1, 8.75%, 4/30/21 682,550
--------------
$ 13,020,082
---------------------------------------------------------------------------------------------------
Building Products -- 3.2%
1,308,300 Armstrong World Industries, Inc., Term Loan B,
3.5%, 3/15/20 $ 1,311,571
1,327,590 Interline Brands, Inc., First Lien Term Loan, 4.0%,
3/17/21 1,330,495
456,040 NCI Building Systems, Inc., Tranche B Term Loan,
4.25%, 6/24/19 455,660
1,666,288 Nortek, Inc., Loan, 3.5%, 10/30/20 1,666,028
472,673 Quikrete Holdings, Inc., Initial First Lien Loan,
4.0%, 9/28/20 473,756
884,211 Quikrete Holdings, Inc., Initial Second Lien Loan,
7.0%, 3/26/21 894,158
1,702,137 Summit Materials LLC, Term B Loan, 5.0%, 1/30/19 1,707,457
448,864 Ultima US Holdings LLC, First Lien Term Loan B,
5.5%, 7/2/20 449,986
1,796,187 Unifrax Holding Co., New Term B Dollar Loan,
4.25%, 11/28/18 1,796,186
--------------
$ 10,085,297
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.8%
404,400 Manitowoc Co., Inc., Term Loan B, 3.25%, 1/3/21 $ 404,774
1,370,000 Navistar, Inc., Tranche B Term Loan, 5.75%, 8/17/17 1,378,562
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 13
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- (continued)
851,655 Terex Corp., U.S. Term Loan, 3.5%, 8/13/21 $ 854,317
--------------
$ 2,637,653
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
500,000 Priso Acquisition Corp. (aka PrimeSource Building
Products), Initial Term Loan, 4.5%, 5/8/22 $ 500,000
---------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.8%
1,018,650 Pelican Products, Inc., First Lien Tem Loan,
5.25%, 4/10/20 $ 1,019,287
1,605,359 WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17 1,611,379
--------------
$ 2,630,666
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.6%
498,638 Doosan Infracore International, Inc. (Doosan
Holdings Europe Ltd.), Tranche B Term Loan,
4.5%, 5/28/21 $ 501,443
209,481 Faenza Acquisition GmbH (CeramTec Acquisition
Acquisition Corp.), Dollar Term B-3 Loan,
4.25%, 8/30/20 210,398
695,798 Faenza Acquisition GmbH (CeramTec Acquisition
Acquisition Corp.), Initial Dollar Term B-1 Loan,
4.25%, 8/30/20 698,842
70,595 Faenza Acquisition GmbH (CeramTec Acquisition Corp.),
Initial Dollar Term B-2 Loan, 4.25%, 8/30/20 70,904
1,000,000 Filtration Group Corp., First Lien Term Loan,
3.25%, 11/20/20 1,006,042
378,990 Filtration Group Corp., Second Lien Initial Term Loan,
8.25%, 11/22/21 381,671
422,875 Gates Global LLC, Initial Dollar Term Loan,
4.25%, 7/6/21 421,619
169,186 Kleopatra Holdings 2 SCA, Initial German Borrower
Dollar Term Loan, 5.0%, 4/28/20 170,217
395,894 Kleopatra Holdings 2 SCA, Initial U.S. Borrower Dollar
Term Loan, 5.0%, 4/28/20 398,307
1,101,302 Milacron LLC, Term Loan, 4.5%, 9/28/20 1,108,185
--------------
$ 4,967,628
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 2.6%
881,723 Gardner Denver, Inc., Initial Dollar Term Loan,
4.25%, 7/30/20 $ 862,325
1,995,000 Mueller Water Products, Inc., Initial Term Loan,
4.0%, 11/25/21 2,011,698
1,630,134 NN, Inc., Loan, 6.0%, 8/27/21 1,640,303
2,103,660 Schaeffler AG, Facility B-USD, 4.25%, 5/15/20 2,118,770
486,431 Wastequip LLC, Term Loan, 5.5%, 8/9/19 486,229
The accompanying notes are an integral part of these financial statements.
14 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Industrial Machinery -- (continued)
1,092,776 Xerium Technologies, Inc., New Term Loan,
6.75%, 5/17/19 $ 1,107,801
--------------
$ 8,227,126
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
711,169 WESCO Distribution, Inc., Tranche B-1 Loan,
3.75%, 12/12/19 $ 713,835
--------------
Total Capital Goods $ 42,782,287
---------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 6.1%
Diversified Support Services -- 1.5%
1,067,925 InfoGroup, Inc., Term Loan B, 7.5%, 5/26/18 $ 1,046,567
708,757 KAR Auction Services, Inc., Tranche B-2 Term Loan,
3.5%, 3/11/21 710,234
2,500,000 Language Line LLC, Second Lien Loan,
10.5%, 12/20/16 2,496,875
620,727 Language Line LLC, Tranche B Term Loan,
6.25%, 6/20/16 620,856
--------------
$ 4,874,532
---------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 2.2%
585,894 ADS Waste Holdings, Inc., Initial Tranche B-2 Term
Loan, 3.75%, 10/9/19 $ 584,796
477,730 Granite Acquisition, Inc., First Lien Term B Loan,
5.0%, 12/17/21 484,295
21,073 Granite Acquisition, Inc., First Lien Term C Loan,
5.0%, 12/17/21 21,362
1,500,000 Granite Acquisition, Inc., Second Lien Term B Loan,
8.25%, 12/19/22 1,539,375
500,000 Infiltrator Systems Integrated LLC, Second Lien Term
Loan, 8.75%, 5/19/23 496,667
293,250 Progressive Waste Solutions, Ltd., Term B Loan,
3.0%, 10/24/19 294,623
1,125,367 U.S. Ecology, Inc., Term Loan, 3.75%, 6/17/21 1,131,522
745,000 Waste Industries USA, Inc., Initial Term Loan,
4.25%, 2/27/20 751,984
1,764,541 WCA Waste Corp. (WCA Waste Systems, Inc.), Term
Loan, 4.0%, 3/23/18 1,758,476
--------------
$ 7,063,100
---------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.3%
950,739 On Assignment, Inc., Initial Term B Loan, 3.5%, 5/15/20 $ 951,927
---------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.3%
830,376 Wyle Services Corp., Term Loan, 5.0%, 5/23/21 $ 832,193
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 15
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Security & Alarm Services -- 1.8%
1,006,629 Allied Security Holdings LLC, Second Lien Closing
Date Term Loan, 4.25%, 2/12/21 $ 1,009,303
119,588 Garda Security, Term B Term Loan, 4.0%, 11/6/20 119,588
467,482 Garda Security, Term B Loan, 4.0%, 11/6/20 467,482
1,169,608 GEO Group, Inc., Term Loan, 3.25%, 4/3/20 1,172,532
1,058,021 Monitronics International, Inc., 2013 Term Loan B,
4.25%, 3/23/18 1,061,327
1,775,201 Protection One, Inc., 2012 Term Loan, 4.25%, 3/21/19 1,782,953
--------------
$ 5,613,185
--------------
Total Commercial & Professional Services $ 19,334,937
---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.8%
Home Furnishings -- 1.0%
1,931,789 Serta Simmons Holdings LLC, Term Loan,
4.25%, 10/1/19 $ 1,943,985
1,150,529 Tempur Pedic International, Inc., Term Loan B,
3.5%, 3/18/20 1,155,562
--------------
$ 3,099,547
---------------------------------------------------------------------------------------------------
Homebuilding -- 0.1%
1,000,000(b)(c) WAICCS Las Vegas 3 LLC, First Lien Term Loan,
7.75%, 7/30/09 $ 400,000
4,500,000(b)(c) WAICCS Las Vegas 3 LLC, Second Lien Term Loan,
13.25%, 7/30/09 22,504
--------------
$ 422,504
---------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.5%
1,007,078 Prestige Brands, Inc., Term B-3 Loan, 3.5%, 9/3/21 $ 1,010,226
2,219,391 Reynolds Group Holdings, Inc., Incremental U.S. Term
Loan, 4.5%, 12/1/18 2,232,337
1,566,549 World Kitchen LLC, U.S. Term Loan, 5.5%, 3/4/19 1,574,382
--------------
$ 4,816,945
---------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
600,000 Bombardier Recreational Products, Inc., Term B Loan,
3.75%, 1/30/19 $ 600,875
--------------
Total Consumer Durables & Apparel $ 8,939,871
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 10.1%
Casinos & Gaming -- 1.4%
1,045,654 CityCenter Holdings LLC, Term B loan, 4.25%, 10/16/20 $ 1,051,070
1,466,250 MGM Resorts International (MGM Grand Detroit LLC),
Term B Loan, 3.5%, 12/20/19 1,467,166
1,945,125 Scientific Games International, Inc., Initial Term B-2
Loan, 6.0%, 10/1/21 1,955,460
--------------
$ 4,473,696
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Education Services -- 2.6%
3,449,347 Bright Horizons Family Solutions LLC, Term B Loan,
3.75%, 1/30/20 $ 3,461,206
1,469,631 Laureate Education, Inc., Series 2018 Extended
Term Loan, 5.0%, 6/15/18 1,412,683
1,467,679 McGraw-Hill Global Education Holdings LLC, Term B
Loan Refinancing, 4.75%, 3/22/19 1,482,051
1,851,563 McGraw-Hill School Education Holdings LLC, Term B
Loan, 6.25%, 12/18/19 1,867,186
--------------
$ 8,223,126
---------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.4%
618,421 Hilton Worldwide Finance LLC, Initial Term Loan,
3.5%, 10/26/20 $ 620,182
523,688 NCL Corp., Ltd., Term B Loan, 4.0%, 11/19/21 527,501
--------------
$ 1,147,683
---------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
975,056 Sabre, Inc., Term B Loan, 4.0%, 2/19/19 $ 977,842
---------------------------------------------------------------------------------------------------
Leisure Facilities -- 1.4%
850,457 Cedar Fair LP, U.S. Term Facility, 3.25%, 3/6/20 $ 855,942
2,233,125 Fitness International LLC, Term B Loan, 5.5%, 7/1/20 2,191,254
1,495,343 Six Flags Theme Parks, Inc., Tranche B Term Loan,
3.5%, 12/20/18 1,505,624
--------------
$ 4,552,820
---------------------------------------------------------------------------------------------------
Restaurants -- 2.6%
761,481 1011778 B.C. Unlimited Liability Co. (New Red
Finance, Inc.) (aka Burger King/Tim Hortons), Term B-2
Loan, 3.75%, 12/10/21 $ 764,337
2,270,311 Landry's, Inc. (fka Landry's Restaurants, Inc.), Term
Loan B, 4.0%, 4/24/18 2,282,373
1,770,250 NPC International, Inc., 2013 Term Loan, 4.0%,
12/28/18 1,762,505
1,990,000 Red Lobster Management LLC, First Lien Initial Term
Loan, 6.25%, 7/28/21 2,013,218
1,493,929 Wendy's International, Inc., Term B Loan, 3.25%,
5/15/19 1,497,103
--------------
$ 8,319,536
---------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.4%
2,493,750 Creative Artists Agency LLC, Initial Term Loan,
5.5%, 12/17/21 $ 2,521,804
1,488,750 Genex Holdings, Inc., First Lien Term B Loan,
5.25%, 5/28/21 1,496,194
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 17
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Specialized Consumer Services -- (continued)
871,868 Weight Watchers International, Inc., Initial Tranche B-2
Term Loan, 4.0%, 4/2/20 $ 434,844
--------------
$ 4,452,842
--------------
Total Consumer Services $ 32,147,545
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.6%
Consumer Finance -- 0.4%
1,386,000 Trans Union LLC, First Lien Term Loan B, 4.0%, 4/9/21 $ 1,386,578
---------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.9%
1,201,125 Duff & Phelps Corp., Initial Term Loan, 4.5%, 4/23/20 $ 1,203,127
738,750 Guggenheim Partners Investment Management
Holdings LLC, Initial Term Loan, 4.25%, 7/22/20 744,599
105,040 LPL Holdings, Inc., 2013 Incremental Tranche B
Term Loan, 3.25%, 3/29/19 105,203
750,000 MJ Acquisition Corp., Term Loan, 3.0%, 6/1/22 753,750
--------------
$ 2,806,679
---------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 3.1%
1,386,470 AWAS Finance Luxembourg 2012 SA, Term Loan,
3.5%, 7/16/18 $ 1,396,868
450,787 CTI Foods Holding Co., LLC, First Lien Term Loan,
4.5%, 6/29/20 445,716
1,000,000 CTI Foods Holding Co., LLC, Second Lien Term Loan,
8.25%, 6/28/21 975,000
325,000 Delos Finance, S.a r.l., Term Loan, 3.5%, 3/6/21 325,745
834,694 Fly Funding II S.a.r.l., Term Loan, 3.5%, 8/9/19 837,651
1,462,264 Harland Clarke Holdings Corp. (fka Clarke American
Corp.), Tranche B-4 Term Loan, 6.0%, 8/4/19 1,468,052
2,014,125 Livingston International, Inc., First Lien Initial Term B-1
Loan, 5.0%, 4/18/19 2,002,795
1,545,605 Nord Anglia Education Finance LLC, Initial Term Loan,
4.5%, 3/31/21 1,552,367
787,459 Ship Luxco 3 S.a.r.l. (RBS Worldpay), Facility B2A,
5.25%, 11/29/19 793,365
--------------
$ 9,797,559
---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
748,125 DBRS, Ltd., Term Loan, 6.25%, 3/4/22 $ 754,671
--------------
Total Diversified Financials $ 14,745,487
---------------------------------------------------------------------------------------------------
ENERGY -- 3.9%
Coal & Consumable Fuels -- 0.2%
222,015 Foresight Energy LLC, Term Loan, 5.5%, 8/21/20 $ 220,905
783,333 PT Bumi Resources Tbk, Term Loan, 18.0%, 11/7/15 293,750
--------------
$ 514,655
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.5%
1,450,000 Chief Exploration & Development LLC, Second Lien Term
Loan, 7.5%, 5/16/21 $ 1,393,450
267,367 Glenn Pool Oil & Gas Trust 1, Term Loan, 4.5%, 5/2/16 266,699
--------------
$ 1,660,149
---------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.9%
2,500,000 Jonah Energy LLC, Second Lien Initial Loan,
7.5%, 5/12/21 $ 2,377,082
126,503 Offshore Group Investment, Ltd. (Vantage Delaware
Holdings LLC), Second Lien Term Loan, 5.75%, 3/28/19 90,608
411,854 Pacific Drilling SA, Term Loan, 4.5%, 6/3/18 358,313
--------------
$ 2,826,003
---------------------------------------------------------------------------------------------------
Oil & Gas Equipment -- 0.4%
1,668,375 FR Dixie Acquisition Corp., Term Loan, 5.75%, 12/18/20 $ 1,440,016
---------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
1,500,000 Templar Energy LLC, Second Lien New Term Loan,
8.5%, 11/25/20 $ 1,165,312
---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
1,516,667 EP Energy LLC, Tranche B-3 Term Loan, 3.5%, 5/24/18 $ 1,507,567
123,467 Fieldwood Energy LLC, Closing Date Second Lien Term
Loan, 8.375%, 9/30/20 102,786
887,864 Fieldwood Energy LLC, Closing Date Term Loan,
3.875%, 10/1/18 864,114
--------------
$ 2,474,467
---------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
1,271,706 Pilot Travel Centers LLC, Initial Tranche B Term Loan,
4.25%, 10/1/21 $ 1,288,397
396,985 Western Refining, Inc., Term Loan 2013,
4.25%, 11/12/20 398,350
--------------
$ 1,686,747
---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.2%
694,750 Southcross Energy Partners LP, Initial Term Loan,
5.25%, 8/4/21 $ 693,013
--------------
Total Energy $ 12,460,362
---------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.1%
Drug Retail -- 0.5%
1,731,913 Hearthside Group Holdings LLC, Term Loan, 4.5%, 6/2/21 $ 1,736,178
---------------------------------------------------------------------------------------------------
Food Distributors -- 0.8%
2,456,285 Mill US Acquisition, First Lien Term Loan, 5.0%, 7/3/20 $ 2,462,732
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 19
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Food Retail -- 0.8%
1,989,987 Albertson's LLC, Term B-2 Loan, 5.375%, 3/21/19 $ 2,003,171
498,750 Packers Holdings LLC, Term Loan, 5.0%, 12/2/21 502,491
--------------
$ 2,505,662
--------------
Total Food & Staples Retailing $ 6,704,572
---------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.3%
Packaged Foods & Meats -- 3.3%
842,072 AdvancePierre Foods, Inc., First Lien Term Loan,
5.75%, 7/10/17 $ 849,089
978,284 Boulder Brands, Inc. (fka Smart Balance, Inc.),
Term Loan, 4.5%, 7/9/20 982,360
1,000,000 Del Monte Foods, Inc., Second Lien Initial Loan,
8.25%, 8/18/21 919,167
1,163,885 H.J. Heinz Co., Term B-2 Loan, 3.25%, 6/5/20 1,165,774
1,980,000 New Hostess Brands Acquisition LLC, Term B Loan,
6.75%, 4/9/20 2,024,550
1,945,801 Pinnacle Foods Finance LLC, New Term Loan G,
3.0%, 4/29/20 1,943,217
1,240,625 Post Holdings, Inc., Series A Incremental Term Loan,
3.75%, 6/2/21 1,240,819
1,492,500 Shearer's Foods LLC, First Lien Term Loan,
4.5%, 6/30/21 1,498,097
--------------
Total Food, Beverage & Tobacco $ 10,623,073
---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 11.3%
Health Care Equipment -- 0.7%
698,237 Accellent, Inc. (Medical Device/UTI), Initial First Lien
Term Loan, 4.5%, 3/12/21 $ 696,055
1,759,000 Accellent, Inc. (Medical Device/UTI), Second Lien Term
Loan, 7.5%, 3/11/22 1,679,845
--------------
$ 2,375,900
---------------------------------------------------------------------------------------------------
Health Care Equipment & Services -- 0.3%
871,238 Kinetic Concepts, Inc., Dollar E-1 Term Loan,
4.5%, 5/4/18 $ 878,680
---------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.5%
694,750 AmSurg Corp., Initial Term Loan, 3.75%, 7/16/21 $ 697,898
997,500 Capella Healthcare, Inc., Initial Term Loan,
5.25%, 12/31/21 1,004,981
301,667 CHS/Community Health Systems, Inc., Incremental
2018 Term F Loan, 3.534%, 12/31/18 303,011
282,397 CHS/Community Health Systems, Inc., Incremental
2019 Term G Loan, 3.75%, 12/31/19 282,850
519,602 CHS/Community Health Systems, Inc., Incremental
2021 Term H Loan, 4.0%, 1/27/21 521,782
1,584,650 Iasis Healthcare LLC, Term B-2 Loan, 4.5%, 5/3/18 1,592,375
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
1,080,095 Kindred Healthcare, Inc., New Term Loan, 4.25%, 4/9/21 $ 1,086,846
1,558,098 Regionalcare Hospital Partners, Inc., First Lien Term
Loan, 5.25%, 4/23/19 1,556,150
423,877 Select Medical Corp., Series Tranche B Term Loan,
5.0%, 6/1/18 424,937
490,000 United Surgical Partners International, Inc., New Tranche
B Term Loan, 4.75%, 4/3/19 491,685
--------------
$ 7,962,515
---------------------------------------------------------------------------------------------------
Health Care Services -- 5.2%
592,413 AccentCare, Inc., Term Loan, 6.5%, 12/22/16 $ 571,678
1,124,542 Alliance Healthcare Services, Inc., Initial Term Loan,
4.25%, 6/3/19 1,122,786
722,285 Ardent Medical Services, Inc., First Lien Term Loan,
6.75%, 7/2/18 725,595
375,000 Bioscrip, Inc., Term Loan, 6.5%, 7/31/20 372,656
625,000 Bioscrip, Inc., Initial Term B Loan, 6.5%, 7/31/20 621,094
865,683 BSN Medical Luxembourg Holding, S.a.r.l.(P & F
Capital), Facility Term Loan B-1A, 4.0%, 8/28/19 867,847
1,081,084(d) CCS Medical, Inc., Second Lien Term Loan, 12.5%
(7.0% PIK 5.25% cash), 3/31/16 189,190
882,317 DaVita HealthCare Partners, Inc., Term Loan B2,
3.5%, 6/24/21 886,177
1,173,071 Emergency Medical Services Corp., Initial Term Loan,
4.0%, 5/25/18 1,176,981
350,000 Genoa Healthcare Co., LLC, Initial First Lien Term Loan,
4.5%, 4/29/22 350,766
650,000 HC Group Holdings III, Inc., Initial Term Loan, 6.0%,
4/7/22 656,771
1,259,775 National Mentor Holdings, Inc., Tranche B Term Loan,
4.25%, 1/31/21 1,265,601
355,555 National Surgical Hospitals, Inc., Term Loan, 3.5%,
6/1/22 355,768
394,023 National Surgical Hospitals, Inc., Term Loan, 6.5%,
8/1/19 396,485
696,504 NVA Holdings, Inc., First Lien Term Loan, 4.75%,
8/14/21 698,681
1,859,276(d) Rural/Metro Operating Co., LLC, First Lien Term Loan,
9.0% (1.0% PIK 8.0% cash), 6/30/18 1,729,127
1,528,125 Steward Health Care System LLC, Term Loan,
6.75%, 4/10/20 1,521,439
997,500 Surgery Center Holdings, Inc., Initial Term Loan,
5.25%, 11/3/20 1,002,488
1,426,892 U.S. Renal Care, Inc., Tranche First Lien B-2 Term Loan,
4.25%, 7/3/19 1,431,351
593,754 Valitas Health Services, Inc., Term Loan B, 6.0%, 6/2/17 586,332
--------------
$ 16,528,813
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 21
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.5%
552,287 Alere, Inc., Term Loan B, 5.5%, 6/30/17 $ 554,358
434,647 Halyard Health, Inc., Term Loan, 4.0%, 11/1/21 439,320
627,964 Immucor, Inc. (fka IVD Acquisition Corp.), Term B-2 Loan,
5.0%, 8/19/18 632,151
--------------
$ 1,625,829
---------------------------------------------------------------------------------------------------
Health Care Technology -- 1.9%
1,147,803 ConvaTec, Inc., Dollar Term Loan, 4.0%, 12/22/16 $ 1,149,476
2,061,173 Emdeon, Inc., Term B-2 Loan, 3.75%, 11/2/18 2,069,160
199,000 Emdeon, Inc., Term B-3 Loan, 3.75%, 11/2/18 199,684
451,512 MedAssets, Inc., Term B Loan, 4.0%, 12/13/19 452,077
990,117 Medical Card System, Inc., Term Loan, 11.245%,
3/17/17 950,512
1,102,584 Truven Health Analytics, Inc., Tranche B Term Loan,
4.5%, 6/6/19 1,104,982
--------------
$ 5,925,891
---------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
461,169 MMM Holdings, Inc., MMM Term Loan, 9.75%, 12/12/17 $ 380,465
335,272 MSO of Puerto Rico, Inc., Term Loan, 9.75%, 12/12/17 276,599
--------------
$ 657,064
--------------
Total Health Care Equipment & Services $ 35,954,692
---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.5%
Health Care Equipment -- 0.2%
725,000 Physio-Control International, Inc., First Lien Initial Term
Loan, 4.5%, 5/19/22 $ 729,531
---------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
840,000 Sterigenics-Nordion Holdings LLC, Initial Term Loan,
4.25%, 5/15/22 $ 844,200
--------------
Total Health Care Equipment & Supplies $ 1,573,731
---------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.1%
Household Products -- 2.2%
2,000,000 Dollar Tree, Inc., Term Loan B, 4.25%, 3/9/22 $ 2,021,862
215,086 Polarpak, Inc., Term Loan, 4.5%, 6/7/20 215,489
1,473,067 Spectrum Brands, Inc., Tranche C Term Loan, 3.5%,
9/4/19 1,479,052
1,459,761 SRAM LLC, First Lien Term Loan, 5.25%, 4/10/20 1,460,357
1,411,481 Waddington North America, Inc., Term Loan 2013,
4.5%, 6/7/20 1,408,503
500,000 Wash MultiFamily Laundry Systems LLC, U.S. Term Loan,
3.25%, 5/13/22 502,500
--------------
$ 7,087,763
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Personal Products -- 0.9%
2,094,571 NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17 $ 2,085,408
737,663 Party City Holdings, Inc., 2014 Replacement Term Loan,
4.0%, 7/27/19 740,033
--------------
$ 2,825,441
--------------
Total Household & Personal Products $ 9,913,204
---------------------------------------------------------------------------------------------------
INSURANCE -- 2.7%
Insurance Brokers -- 0.3%
995,000 National Financial Partners Corp., 2014 Specified
Refinancing Term Loan, 4.5%, 7/1/20 $ 998,607
---------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
1,216,465 Alliant Holdings I LLC, Initial Term Loan,
5.0%, 12/20/19 $ 1,224,321
---------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 2.0%
2,417,956 Confie Seguros Holding II Co., First Lien Term Loan B,
6.75%, 11/9/18 $ 2,424,504
2,000,000 Hyperion Insurance Group, Ltd., Initial Term Loan,
5.5%, 4/29/22 2,017,500
1,930,785 USI, Inc., 2013 Initial Term Loan, 4.25%, 12/27/19 1,936,818
--------------
$ 6,378,822
--------------
Total Insurance $ 8,601,750
---------------------------------------------------------------------------------------------------
MATERIALS -- 17.1%
Aluminum -- 2.3%
1,343,450 Noranda Aluminum Acquisition Corp., Term Loan B,
5.75%, 2/28/19 $ 1,230,936
2,154,468 Novelis, Inc., Initial Term Loan, 3.75%, 3/10/17 2,156,394
2,175,000 Novelis, Inc., New Term Loan, 3.25%, 6/2/22 2,175,685
1,876,250 Turbocombustor Technology, Inc., Initial Term Loan,
5.5%, 12/2/20 1,879,768
--------------
$ 7,442,783
---------------------------------------------------------------------------------------------------
Commodity Chemicals -- 2.0%
633,413 Axiall Holdco, Inc., Term Loan B, 4.0%, 2/28/22 $ 640,274
1,841,096 AZ Chem US, Inc., First Lien Initial Term Loan,
4.5%, 6/11/21 1,847,836
1,000,000 Citadel Plastics Holdings, Inc., Second Lien Term Loan,
9.0%, 11/5/21 1,016,250
213,465 Citadel Plastics Holdings, Inc., Term Loan B,
6.5%, 11/5/20 213,732
1,645,875 Eco Services Operations LLC, First Lien Term Loan,
4.75%, 12/1/21 1,645,875
809,622 Tronox Pigments (Netherlands) B.V., Closing Date Term
Loan, 4.25%, 3/19/20 813,620
--------------
$ 6,177,587
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 23
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
597,000 Penn Engineering & Manufacturing Corp., Tranche B Term
Loan, 4.5%, 8/30/21 $ 600,234
---------------------------------------------------------------------------------------------------
Diversified Chemicals -- 2.1%
1,774,517 Axalta Coating Systems Dutch Holding B B.V. & Axalta
Coating Systems U.S. Holdings, Inc., Refinanced Term B
Loan, 3.75%, 2/1/20 $ 1,776,735
1,824,000 Nexeo Solutions LLC, Initial Term Loan, 5.0%, 9/8/17 1,808,040
696,500 Orion Engineered Carbons GmbH (OEC Finance US LLC),
Initial Dollar Term Loan, 5.0%, 7/25/21 703,465
269,747 Oxea Finance & Cy S.C.A. (Oxea Finance LLC), First Lien
Tranche B-2 Term Loan, 4.25%, 1/15/20 262,160
308,934 Royal Adhesives and Sealants LLC, First Lien Term B Loan,
5.5%, 7/31/18 310,737
1,845,889 Univar, Inc., Term Loan B, 5.0%, 6/30/17 1,846,755
--------------
$ 6,707,892
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.9%
2,175,000 Chemstralia Pty, Ltd. (Chemstralia Finco LLC), Initial Term
Loan, 7.25%, 2/28/22 $ 2,185,875
2,215,773 FMG Resources (August 2006) Pty, Ltd. (FMG America
Finance, Inc.), Term Loan, 3.75%, 6/30/19 2,010,506
990,000 Hi-Crush Partners LP, Advance, 4.75%, 4/28/21 964,323
1,010,993 U.S. Silica Co., Term Loan, 4.0%, 7/23/20 984,454
--------------
$ 6,145,158
---------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.6%
1,156,263 BWay Intermediate Co., Inc., Initial Term Loan,
5.5%, 8/14/20 $ 1,165,079
640,000 Coveris Holdings SA, Term Loan B, 3.5%, 5/8/19 643,200
1,329,085 Tank Holding Corp., Initial Term Loan, 6.5%, 3/16/22 1,333,789
1,950,000 Tekni-Plex, Inc., USD Term Loan, 3.5%, 6/1/22 1,956,406
--------------
$ 5,098,474
---------------------------------------------------------------------------------------------------
Paper Packaging -- 1.1%
1,346,625 Caraustar Industries, Inc., Incremental Term Loan,
8.0%, 5/1/19 $ 1,363,458
161,248 Caraustar Industries, Inc., Term Loan, 8.0%, 5/1/19 163,264
1,225,000 Onex Wizard Acquisition Co. I S.a r.l. (aka SIG Combibloc
Group), Term Loan, 5.25%, 3/11/22 1,233,231
822,856 Pro Mach Group, Inc., First Lien Dollar Term Loan,
6.75%, 10/22/21 827,227
--------------
$ 3,587,180
---------------------------------------------------------------------------------------------------
Paper Products -- 2.5%
3,438,750 Appvion, Inc., Term Commitment, 5.75%, 6/28/19 $ 3,208,068
482,442 Exopack Holdings SA, USD Term Loan, 4.5%, 5/8/19 485,256
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Paper Products -- (continued)
213,925 Ranpak Corp., First Lien USD Term Loan, 4.75%, 10/1/21 $ 214,594
500,000 Ranpak Corp., Second Lien Initial Term Loan,
8.25%, 10/3/22 500,000
3,465,418 Wausau Paper Corp., Term Loan, 6.5%, 7/30/20 3,489,202
--------------
$ 7,897,120
---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.9%
349,487 Chemtura Corp., New Term Loan, 3.5%, 8/29/16 $ 350,215
1,791,000 Ferro Corp., Term Loan, 4.0%, 7/30/21 1,791,747
150,051 Huntsman International LLC, Extended Term B Loan,
2.731%, 4/19/17 150,145
994,937 Macdermid, Inc., First Lien Tranche B Term Loan,
4.5%, 6/7/20 1,001,155
598,500 Macdermid, Inc., Tranche B-2 Term Loan, 4.75%, 6/7/20 602,935
1,955,000 PQ Corp., 2014 Term Loan, 4.0%, 8/7/17 1,958,177
--------------
$ 5,854,374
---------------------------------------------------------------------------------------------------
Steel -- 1.5%
2,010,621 Atkore International, Inc., First Lien Initial Term Loan,
4.5%, 4/9/21 $ 1,972,083
1,368,125 Essar Steel Algoma, Inc., Initial Term Loan,
7.5%, 8/16/19 1,247,274
871,549 JMC Steel Group, Inc., Term Loan, 4.75%, 4/1/17 871,186
660,657 TMS International Corp., Term B Loan, 4.5%, 10/16/20 662,309
--------------
$ 4,752,852
--------------
Total Materials $ 54,263,654
---------------------------------------------------------------------------------------------------
MEDIA -- 13.9%
Advertising -- 1.5%
3,081,004 Affinion Group, Inc., Tranche B Term Loan,
6.75%, 4/30/18 $ 2,981,512
2,003,875 Crossmark Holdings, Inc., First Lien Term Loan,
4.5%, 12/20/19 1,896,167
--------------
$ 4,877,679
---------------------------------------------------------------------------------------------------
Broadcasting -- 3.9%
414,700 CBS Outdoor Americas Capital LLC (CBS Outdoor
Americas Capital Corp.), Term Loan, 3.0%, 1/31/21 $ 414,648
635,200 Checkout Holding Corp., First Lien Term B Loan,
4.5%, 4/9/21 576,841
1,000,000 Checkout Holding Corp., Second Lien Initial Loan,
7.75%, 4/11/22 782,500
300,849 Entercom Radio LLC, Term B-2 Loan, 4.0%, 11/23/18 301,930
532,752 Gray Television, Inc., Initial Term Loan, 3.75%, 6/13/21 534,472
925,000 Hubbard Radio LLC, First Lien Term Loan, 3.25%, 5/20/20 926,739
1,886,400 MCC Iowa LLC, Tranche H Term Loan, 3.25%, 1/29/21 1,880,967
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 25
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
2,114,433 NEP/NCP Holdco, Inc., Incremental First Lien Term Loan,
4.25%, 1/22/20 $ 2,101,746
729,162 Salem Communications Corp., Term Loan, 4.5%, 3/13/20 730,074
1,000,000 Sinclair Television Group, Inc., Incremental Tranche B-1
Term Loan, 3.5%, 7/30/21 1,001,771
1,020,792 Sinclair Television Group, Inc., Tranche B Term Loan,
3.0%, 4/9/20 1,019,989
2,162,161 Univision Communications, Inc., First Lien Term Loan,
4.0%, 3/1/20 2,161,197
--------------
$ 12,432,874
---------------------------------------------------------------------------------------------------
Cable & Satellite -- 5.2%
2,559,083 Cequel Communications LLC, Term Loan, 3.5%, 2/14/19 $ 2,568,907
2,009,213 Charter Communications Operating LLC, Term F Loan,
3.0%, 1/3/21 1,998,807
2,686,500 Endemol, Term Loan, 6.75%, 8/13/21 2,676,426
248,125 Learfield Communications, Inc., First Lien 2014
Replacement Term Loan, 4.5%, 10/9/20 249,055
685,000 Learfield Communications, Inc., Initial Second Lien Term
Loan, 8.75%, 10/8/21 692,492
1,706,250 MCC Iowa LLC, Tranche G Term Loan, 4.0%, 1/20/20 1,712,648
3,406,687 Telesat Canada, U.S. Term B-2 Loan, 3.5%, 3/28/19 3,407,368
1,117,713 Virgin Media Investment Holdings, Ltd., New Term Loan B,
3.5%, 6/7/20 1,117,102
2,032,879 WideOpenWest Finance LLC, Replacement Term B Loan,
4.5%, 4/1/19 2,036,057
--------------
$ 16,458,862
---------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.6%
1,163,846 AMC Entertainment, Inc., Initial Term Loan,
3.5%, 4/30/20 $ 1,168,205
467,045 Cinedigm Digital Funding I LLC, Term Loan,
3.75%, 2/28/18 467,629
808,824 Kasima LLC, Term Loan, 3.25%, 5/17/21 808,824
1,080,750 Seminole Hard Rock Entertainment, Inc., Term Loan B,
3.5%, 5/14/20 1,080,075
1,681,563 WMG Acquisitions Corp., Tranche B Refinancing Term
Loan, 3.75%, 7/1/20 1,671,683
--------------
$ 5,196,416
---------------------------------------------------------------------------------------------------
Publishing -- 1.7%
1,640,124 Cengage Learning Acquisitions, Inc. (fka TL Acquisitions,
Inc.), Term Loan, 8.25%, 3/31/20 $ 1,649,179
700,000 Houghton Mifflin Holdings, Inc., Term Loan, 3.0%,
5/21/21 699,125
533,256 Interactive Data Corp., Term Loan, 4.75%, 5/2/21 535,988
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
Publishing -- (continued)
302,480 Lee Enterprises, Inc., First Lien Term Loan, 7.25%,
3/31/19 $ 304,174
806,678 MTL Publishing LLC, Term Loan B, 3.75%, 6/29/18 808,191
1,400,000 Springer SBM Two GmbH, Initial Term B9 Loan,
3.75%, 8/14/20 1,407,438
--------------
$ 5,404,095
--------------
Total Media $ 44,369,926
---------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.4%
Biotechnology -- 0.3%
919,005 Alkermes, Inc., 2019 Term Loan, 3.5%, 9/25/19 $ 920,728
---------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.1%
500,000 Concordia Healthcare Corp., Initial Term Loan,
4.75%, 4/21/22 $ 504,219
1,216,020 Harvard Drug Group LLC, Term Loan, 5.0%, 8/16/20 1,214,753
1,456,921 Par Pharmaceutical, Inc., Term B-2 Loan, 4.0%, 9/30/19 1,458,894
1,066,938 Patheon, Inc., Term Loan, 4.25%, 3/11/21 1,065,795
972,294 Pharmedium Healthcare Corp., First Lien Initial Term Loan,
4.25%, 1/28/21 972,699
852,793 Valeant Pharmaceuticals International, Inc., Series C-2
Tranche B Term Loan, 3.5%, 12/11/19 854,156
639,595 Valeant Pharmaceuticals International, Inc., Series D-2
Term Loan B, 3.5%, 2/13/19 640,435
--------------
$ 6,710,951
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 7,631,679
---------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.2%
Real Estate Services -- 1.0%
2,010,765 Altisource Solutions, S.a.r.l, Term Loan B, 4.5%, 12/9/20 $ 1,819,743
1,418,485 GCA Services Group, Inc., First Lien Term Loan,
4.25%, 11/1/19 1,419,150
--------------
$ 3,238,893
---------------------------------------------------------------------------------------------------
Retail REIT -- 0.6%
774,220 DTZ U.S. Borrower LLC, Term Loan, 5.5%, 11/4/21 $ 780,995
1,000,000 DTZ U.S. Borrower LLC, Second Lien Initial Term Loan,
9.25%, 11/4/22 1,007,708
--------------
$ 1,788,703
---------------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
2,000,000 Communications Sales & Leasing, Inc. (CSL Capital, LLC),
Term Loan, 5.0%, 10/24/22 $ 1,998,500
--------------
Total Real Estate $ 7,026,096
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 27
Schedule of Investments | 5/31/15 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
---------------------------------------------------------------------------------------------------
RETAILING -- 2.6%
Apparel Retail -- 0.3%
787,216 Men's Wearhouse, Inc., The Term Loan B, 4.5%, 6/18/21 $ 791,880
---------------------------------------------------------------------------------------------------
Automotive Retail -- 0.8%
1,551,035 Camping World Group LLC, Term Loan, 5.75%, 2/20/20 $ 1,563,783
977,500 Hertz Corp., Tranche B-1 Term Loan, 4.0%, 3/11/18 980,188
--------------
$ 2,543,971
---------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.5%
198,000 Rent-A-Center, Inc., 2014 Term Loan, 3.75%, 3/19/21 $ 198,248
1,553,928 Targus Group International, Inc., Term Loan,
14.75%, 5/24/16 1,289,760
--------------
$ 1,488,008
---------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.2%
735,000 Apex Tool Group LLC, Term Loan, 4.5%, 1/31/20 $ 723,975
---------------------------------------------------------------------------------------------------
Specialty Stores -- 0.8%
750,000 Staples, Inc., First Lien Term Loan, 2.75%, 4/23/21 $ 751,875
2,000,000 Petsmart, Inc., Tranche B-1 Loan, 4.25%, 3/11/22 2,009,306
--------------
$ 2,761,181
--------------
Total Retailing $ 8,309,015
---------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.2%
Semiconductor Equipment -- 0.4%
742,666 Entegris, Inc., Tranche B Term Loan, 3.5%, 4/30/21 $ 743,594
442,765 VAT Lux III S.a.r.l. (fka Polyusus Lux 2 S.a.r.l.),
Initial Term Loan, 4.75%, 2/11/21 443,872
--------------
$ 1,187,466
---------------------------------------------------------------------------------------------------
Semiconductors -- 0.8%
1,764,833 M/A-COM Technology Solutions Holdings, Inc., Initial Term
Loan, 4.5%, 5/7/21 $ 1,782,481
823,871 Microsemi Corp., Term Loan, 3.25%, 2/19/20 826,102
--------------
$ 2,608,583
--------------
Total Semiconductors & Semiconductor Equipment $ 3,796,049
---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 10.0%
Application Software -- 3.9%
996,139 Applied Systems, Inc., First Lien Term Loan,
4.25%, 1/25/21 $ 999,978
988,007 Applied Systems, Inc., Second Lien Term Loan,
7.438%, 1/24/22 994,799
238,505 DealerTrack Technologies, Inc., Term Loan, 3.5%, 2/28/21 238,543
983,170 Epiq Systems, Inc., Term Loan, 4.5%, 8/27/20 983,170
1,125,183 Expert Global Solutions, Inc., Advance First Lien Term
Loan B, 8.5%, 4/3/18 1,127,996
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Application Software -- (continued)
1,050,406 Infor (U.S.), Inc., Tranche B-5 Term Loan, 3.75%, 6/3/20 $ 1,048,025
1,518,962 Nuance Communications, Inc., Term Loan C,
2.94%, 8/7/19 1,513,266
1,258,750 Serena Software, Inc., Term Loan, 7.5%, 4/14/20 1,266,617
1,411,935 Verint Systems, Inc., Tranche B Incremental Term Loan,
3.5%, 9/6/19 1,417,936
1,000,000 Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/27/17 1,015,000
1,845,991 Vertafore, Inc., Term Loan, 4.25%, 10/3/19 1,853,836
--------------
$ 12,459,166
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.6%
1,000,000 First Data Corp., 2018 B Second New Term Loan,
3.685%, 9/24/18 $ 1,000,521
802,493 First Data Corp., 2018 Dollar Term Loan,
3.685%, 3/23/18 802,779
--------------
$ 1,803,300
------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.4%
1,266,176 MA Financeco LLC, Initial Tranche B Term Loan,
5.25%, 11/19/21 $ 1,271,377
------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.6%
1,529,481 Vocus Valor Companies, Inc., First Lien Initial Term Loan,
6.0%, 5/30/21 $ 1,533,942
494,916 Zayo Group LLC (Zayo Capital, Inc.) Term Loan,
3.75%, 5/6/21 495,005
--------------
$ 2,028,947
------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 3.3%
1,641,341 Booz Allen Hamilton, Inc., Initial Tranche B Term Loan,
3.75%, 7/31/19 $ 1,652,626
1,411,121 Deltek, Inc., First Lien Term Loan, 4.5%, 10/10/18 1,421,265
3,473,750 Evergreen Skills Lux S.a r.l., First Lien Initial Term Loan,
5.75%, 4/28/21 3,430,328
1,000,000 Evergreen Skills Lux S.a r.l., Second Lien Initial Term Loan,
8.25%, 4/28/22 953,000
485,637 Kronos, Inc., First Lien Incremental Term Loan,
4.5%, 10/30/19 488,550
700,000 Science Applications International Corp., Incremental
Tranche B Loan, 3.75%, 5/4/22 705,104
1,687,991 SunGuard Data Systems, Inc., Tranche C Term Loan,
3.932%, 2/28/17 1,693,529
--------------
$ 10,344,402
------------------------------------------------------------------------------------------------------
Systems Software -- 1.2%
1,246,875 AVG Technologies N.V. (AVG Corporate Services B.V.),
Term Loan, 5.75%, 10/15/20 $ 1,255,447
1,265,438 MSC.Software Corp., Term Loan, 5.0%, 5/29/20 1,262,274
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 29
Schedule of Investments | 5/31/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
Systems Software -- (continued)
1,260,937 Rovi Solutions Corp., Term B Loan, 3.75%, 7/2/21 $ 1,259,361
--------------
$ 3,777,082
--------------
Total Software & Services $ 31,684,274
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.8%
Communications Equipment -- 0.4%
688,050 Audio Visual Services Group, Inc., First Lien Term Loan,
4.5%, 1/25/21 $ 691,060
500,000 Commscope, Inc., Incremental Term Loan B,
3.0%, 5/27/22 501,563
--------------
$ 1,192,623
------------------------------------------------------------------------------------------------------
Electronic Components -- 1.5%
1,041,450 Generac Power Systems, Inc., Term Loan,
3.25%, 5/31/20 $ 1,041,580
1,225,000 Mirion Technologies (GDS), Inc. (fka Global Dosimetry
Solutions, Inc.), Term Loan, 5.75%, 3/31/22 1,232,649
1,848,113 Securus Technologies Holdings, Inc., Initial First Lien
Term Loan, 4.75%, 4/30/20 1,821,315
500,000 Securus Technologies Holdings, Inc., Term Loan B2,
5.25%, 4/30/20 498,959
--------------
$ 4,594,503
------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.3%
969,738 Sensus USA, Inc., Term Loan, 4.5%, 5/9/17 $ 968,525
------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.6%
1,930,300 4L Technologies, Inc. (fka Clover Holdings, Inc.), Term
Loan, 6.75%, 5/8/20 $ 1,913,410
--------------
Total Technology Hardware & Equipment $ 8,669,061
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.2%
Integrated Telecommunication Services -- 1.1%
1,250,000 GCI Holdings, Inc., Term B Loan, 4.75%, 2/2/22 $ 1,262,500
1,000,000 Level 3 Financing, Inc., Tranche B 2022 Term Loan,
3.5%, 5/31/22 997,750
1,406,212 West Corp., Term B-10 Loan, 3.25%, 6/30/18 1,407,090
--------------
$ 3,667,340
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
300,000 Altice Financing SA, Dollar Denominated Tranche Loan,
5.25%, 2/4/22 $ 303,000
1,427,574 Crown Castle Operating Co., Extended Incremental
Tranche B-2 Term Loan, 3.0%, 1/31/21 1,427,093
1,895,657 Syniverse Holdings, Inc., Initial Term Loan,
4.0%, 4/23/19 1,812,722
--------------
$ 3,542,815
--------------
Total Telecommunication Services $ 7,210,155
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 6.2%
Air Freight & Logistics -- 0.9%
1,730,396 Dematic Corp., New Incremental Term Loan,
4.25%, 12/28/19 $ 1,732,559
1,046,363 Ozburn-Hessey Holding Co., LLC, Term Loan,
7.75%, 5/23/19 1,048,979
--------------
$ 2,781,538
------------------------------------------------------------------------------------------------------
Airlines -- 2.9%
2,947,500 American Airlines, Inc., 2015 New Term Loan,
3.5%, 6/27/20 $ 2,951,184
245,000 Continental Airlines, Inc. (United Air Lines, Inc.), Class B
Term Loan, 3.5%, 4/1/19 245,796
1,466,250 Delta Air Lines, Inc., 2014 Term B-1 Loan,
3.25%, 10/18/18 1,468,771
1,299,375 Delta Air Lines, Inc., Term Loan, 3.25%, 4/20/17 1,300,752
1,267,875 U.S. Airways, Inc., Tranche B-1 Term Loan, 3.5%, 5/23/19 1,268,536
2,113,125 U.S. Airways, Inc., Tranche B-2 Term Loan,
3.0%, 11/23/16 2,112,795
--------------
$ 9,347,834
------------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
417,625 Marine Acquisition Corp., Term Loan, 5.25%, 1/30/21 $ 419,887
------------------------------------------------------------------------------------------------------
Marine -- 0.9%
1,480,000 Commercial Barge Line Co., Initial First Lien Term Loan,
7.5%, 9/22/19 $ 1,485,550
1,199,013 Navios Maritime Partners LP, Term Loan, 5.25%, 6/27/18 1,204,508
--------------
$ 2,690,058
------------------------------------------------------------------------------------------------------
Trucking -- 1.4%
992,500 Aegis Toxicology Sciences Corp., Initial First Lien Term
Loan, 5.5%, 2/24/21 $ 972,650
410,000 PODS LLC, Initial First lien Term Loan, 5.25%, 2/2/22 415,125
801,344 Swift Transportation Co., LLC, Tranche B-2 Term Loan,
3.75%, 6/9/21 805,101
790,000 Syncreon Global Finance, Inc., Term Loan,
5.25%, 10/28/20 710,506
1,641,875 YRC Worldwide, Inc., Initial Term Loan, 8.25%, 2/13/19 1,625,456
--------------
$ 4,528,838
--------------
Total Transportation $ 19,768,155
------------------------------------------------------------------------------------------------------
UTILITIES -- 4.7%
Electric Utilities -- 2.7%
1,118,537 Atlantic Power Limited Partnership, Term Loan,
4.75%, 2/24/21 $ 1,124,129
2,210,625 Calpine Construction Finance Co., LP, Term B-1
Loan, 3.0%, 5/3/20 2,190,245
803,212 ExGen Renewables LLC, Term Loan, 5.25%, 2/6/21 811,244
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 31
Schedule of Investments | 5/31/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
500,000 Longview Power LLC, Term B Advance, 7.0%, 4/13/21 $ 505,313
997,500 Southeast PowerGen LLC, Term Loan B, 4.5%, 12/2/21 1,012,151
1,110,839 Star West Generation LLC, Term B Advance,
4.25%, 3/13/20 1,114,310
1,969,525 Terra-Gen Finance Co., LLC, Term Loan B,
5.25%, 12/9/21 1,981,835
--------------
$ 8,739,227
------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 1.4%
1,660,000 Calpine Corp., Term Loan B, 2.75%, 5/20/22 $ 1,658,872
487,500 Calpine Corp., Term Loan, 4.0%, 10/9/19 489,057
1,058,077 Dynegy, Inc., Tranche B-2 Term Loan, 4.0%, 4/23/20 1,064,910
1,220,051 NRG Energy, Inc., 2013 Term Loan, 2.75%, 7/1/18 1,215,306
--------------
$ 4,428,145
------------------------------------------------------------------------------------------------
Water Utilities -- 0.6%
1,010,058 Synagro Technologies, Term Loan, 6.25%, 8/22/20 $ 979,756
855,834 WTG Holdings III Corp., First Lien Term Loan,
4.75%, 1/15/21 859,578
--------------
$ 1,839,334
--------------
Total Utilities $ 15,006,706
------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $447,508,516) $ 440,913,414
------------------------------------------------------------------------------------------------
COLLATERALIZED LOAN OBLIGATIONS -- 2.4%
of Net Assets
BANKS -- 2.4%
Diversified Banks -- 0.6%
1,000,000(a) Primus, Ltd., Series 2007-2A, Class D,
2.675% , 7/15/21 (144A) $ 931,866
951,289(a) Stanfield McLaren, Ltd., Series 2007-1A, Class B2L,
4.785% , 2/27/21 (144A) 895,694
--------------
$ 1,827,560
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.8%
1,000,000(a) ACA, Ltd., Series 2007-1A, Class D, 2.625% ,
6/15/22 (144A) $ 949,828
1,000,000(a) Goldman Sachs Asset Management Plc,
Series 2007-1A, Class D, 3.028% , 8/1/22 (144A) 986,295
1,000,000(a) Gulf Stream -- Sextant, Ltd., Series 2007-1A, Class D,
2.67% , 6/17/21 (144A) 985,423
1,000,000(a) Landmark CDO, Ltd., Series 2007-9A, Class E, 3.775% ,
4/15/21 (144A) 944,750
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,000,000(a) Stone Tower, Ltd., Series 2007-6A, Class C, 1.624% ,
4/17/21 (144A) $ 1,921,268
--------------
$ 5,787,564
--------------
Total Banks $ 7,615,124
------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED LOAN
OBLIGATIONS
(Cost $6,971,493) $ 7,615,124
------------------------------------------------------------------------------------------------
CORPORATE BONDS & NOTES -- 1.8%
of Net Assets
CAPITAL GOODS -- 0.3%
Trading Companies & Distributors -- 0.3%
900,000 United Rentals North America, Inc., 4.625%, 7/15/23 $ 900,000
--------------
Total Capital Goods $ 900,000
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.2%
500,000(a) Vita Capital V, Ltd., 2.758%, 1/15/17 (144A) $ 507,600
--------------
Total Diversified Financials $ 507,600
------------------------------------------------------------------------------------------------
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.1%
250,000 Offshore Group Investment, Ltd., 7.5%, 11/1/19 $ 180,625
------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
720,000(a) FTS International, Inc., 7.808%, 6/15/20 (144A) $ 719,687
--------------
Total Energy $ 900,312
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment & Services -- 0.3%
903,000 Physio-Control International, Inc., 9.875%,
1/15/19 (144A) $ 970,815
--------------
Total Health Care Equipment & Services $ 970,815
------------------------------------------------------------------------------------------------
INSURANCE -- 0.7%
Reinsurance -- 0.7%
250,000(a) Atlas Reinsurance VII, Ltd., 8.144%, 1/7/16 (144A)
(Cat Bond) $ 251,300
250,000(a) Compass Re II, Ltd., 0.153%, 12/8/15 (144A)
(Cat Bond) 237,500
250,000(a) East Lane Re V, Ltd., 8.995%, 3/16/16 (144A)
(Cat Bond) 256,575
548,100 Exeter Segregated Account (Kane SAC, Ltd.), Variable
Rate Notes, 1/7/16 (f) 551,827
266,800 Muirfield Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/12/16 (f) 268,054
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 33
Schedule of Investments | 5/31/15 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000(a) Mythen Re, Ltd. Series 2012-2, Class A, 8.557%,
1/5/17 (144A) (Cat Bond) $ 259,350
250,000(a) Queen Street VII Re, Ltd., 8.595%, 4/8/16 (144A)
(Cat Bond) 254,425
275,300 Troon Segregated Account (Kane SAC Ltd.), Variable
Rate Notes, 1/12/16 (f) 276,236
--------------
$ 2,355,267
--------------
Total Insurance $ 2,355,267
------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS & NOTES
(Cost $5,593,500) $ 5,633,994
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 0.9% of Net Assets
1,405,000(a) U.S. Treasury Notes, 0.06%, 1/31/16 $ 1,404,916
1,405,000(a) U.S. Treasury Notes, 0.085%, 7/31/16 1,405,102
--------------
$ 2,810,018
------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $2,810,697) $ 2,810,018
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------
EXCHANGE-TRADED FUND -- 0.3% of Net Assets
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.3%
42,000 PowerShares Senior Loan Portfolio $ 1,013,040
--------------
Total Diversified Financials $ 1,013,040
------------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED FUND
(Cost $1,009,260) $ 1,013,040
------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.3% of Net Assets
INDUSTRIALS -- 0.0%+
Diversified Support Services -- 0.0%+
31(e) IAP Worldwide Services, Inc. $ 24,406
--------------
Total Industrials $ 24,406
------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Publishing -- 0.1%
14,548(e) Cengage Learning Acquisitions, Inc. $ 407,344
--------------
Total Media $ 407,344
------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.0%+
Biotechnology -- 0.0%+
2,454(e) Progenics Pharmaceuticals, Inc. $ 13,816
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 13,816
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.2%
710(e) CEVA Holdings LLC $ 514,598
--------------
Total Transportation $ 514,598
------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Independent Power Producers & Energy
Traders -- 0.0%+
775 NRG Energy, Inc. $ 19,530
--------------
Total Utilities $ 19,530
------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,298,131) $ 979,694
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.0%+ of Net Assets
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
53,523 Westgate Resorts LLC, Series 2012-2A, Class C, 9.0% ,
1/20/25 (144A) $ 54,202
--------------
Total Consumer Services $ 54,202
------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $53,523) $ 54,202
------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.5%
of Net Assets
COMMERCIAL PAPER -- 1.2%
1,190,000 Barclays Bank Plc, 0.12%, 6/1/15 $ 1,189,997
1,190,000 BNP Paribas SA, 0.10%, 6/1/15 1,189,991
810,000 Total SA, 0.07%, 6/1/15 809,993
740,000 Prudential Funding LLC, 0.07%, 6/1/15 739,994
--------------
$ 3,929,975
------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.3%
1,005,000 Bank of Nova Scotia, 0.12%, dated 6/1/15, Bank of
Nova Scotia, 0.12%, repurchase price of $1,005,000
plus accrued interest on 6/1/15 collateralized by:
$95,712 Freddie Mac Giant, 2.5%-4.5%, 1/1/27 --
2/1/45 and $929,399 Federal National Mortgage
Association, 2.5%-5.5%, 5/1/27-9/1/44 $ 1,005,000
------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $4,935,000) $ 4,934,975
------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 145.8%
(Cost -- $470,180,120) (g) $ 463,954,461
------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (45.8)% $ (145,702,113)
------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -- 100.0% $ 318,252,348
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 35
Schedule of Investments | 5/31/15 (unaudited) (continued)
+ Amounts rounds to less than 0.1%.
(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, 2015, the value of these securities
amounted to $11,126,578, or 3.5% of total net assets applicable to
common shareowners.
(Cat Bond) Catastrophe or Event Linked Bond. At May 31, 2015, the value of
these securities amounted to $1,259,150 or 0.4% of total net assets
applicable to common shareowners. See Notes to Financial Statements
-- Note 1F.
REIT Real Estate Investment Trust.
* 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, 2015.
(a) Floating rate note. The rate shown is the coupon rate at May 31,
2015.
(b) Security is in default and is non-income producing.
(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) Structured reinsurance investment. At May 31, 2015, the value of
these securities amounted to $1,096,117 or 0.3% of total net assets
applicable to common shareowners. See Notes to Financial Statements
-- Note 1F.
(g) At May 31, 2015, the net unrealized depreciation on investments
based on cost for federal tax purposes of $470,111,745 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 4,887,220
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (11,044,504)
------------
Net unrealized depreciation $ (6,157,284)
============
For financial reporting purposes net unrealized depreciation on investments was
$6,225,659 and cost of investments aggregated $470,180,120.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2015 aggregated $88,236,632 and $89,445,774,
respectively.
Principal amounts are denominated in U.S. dollars unless otherwise noted.
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.). See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Trust's own
assumptions in determining fair value of investments). See
Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
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, 2015, in valuing the
Trust's investments.
-----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------
Senior Secured Floating Rate
Loan Interests $ -- $440,913,414 $ -- $440,913,414
Collateralized Loan Obligations -- 7,615,124 -- 7,615,124
Corporate Bonds & Notes
Insurance
Reinsurance -- 1,259,150 1,096,117 2,355,267
All Other Corporate Bonds & Notes -- 3,278,727 -- 3,278,727
U.S. Government and Agency
Obligations -- 2,810,018 -- 2,810,018
Exchange-Traded Fund 1,013,040 -- -- 1,013,040
Common Stocks
Industrials
Diversified Support Services -- 24,406 -- 24,406
Media
Publishing -- 407,344 -- 407,344
Transportation
Air Freight & Logistics -- 514,598 -- 514,598
All Other Common Stocks 33,346 -- -- 33,346
Asset Backed Security -- 54,202 -- 54,202
Repurchase Agreement -- 1,005,000 -- 1,005,000
Commercial Paper -- 3,929,975 -- 3,929,975
-----------------------------------------------------------------------------------------------
Total Investments in Securities $ 1,046,386 $461,811,958 $ 1,096,117 $463,954,461
===============================================================================================
The following is a summary of the fair valuation of certain of the Trust's
assets and liabilities as of May 31, 2015:
--------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $ 64,125 $ -- $ 64,125
Liabilities:
Outstanding borrowings under
revolving credit facility -- (154,450,000) -- (154,450,000)
--------------------------------------------------------------------------------------
Total $ -- $(154,385,875) $ -- $(154,385,875)
======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 37
Schedule of Investments | 5/31/15 (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
11/30/14 (loss)(1) (depreciation)(2) Purchases Sales premiums Level 3* Level 3* 5/31/15
-----------------------------------------------------------------------------------------------------------------------------
Corporate Bonds
& Notes
Insurance
Reinsurance $ -- $ -- $5,917 $1,090,200 $ -- $ -- $ -- $ -- $1,096,117
-----------------------------------------------------------------------------------------------------------------------------
Total $ -- $ -- $5,917 $1,090,200 $ -- $ -- $ -- $ -- $1,096,117
=============================================================================================================================
* Transfers are calculated on the beginning of period value. For the six
months ended 5/31/15, there were no transfers between Levels 1, 2 and 3.
(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 5/31/15: $5,917.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Statement of Assets and Liabilities | 5/31/15 (unaudited)
ASSETS:
Investments in securities, at value (cost $470,180,120) $ 463,954,461
Cash 24,644,131
Foreign currencies, at value (cost $79,171) 64,125
Receivables --
Investment securities sold 5,111,212
Interest receivable 2,620,653
Dividends receivable 33,525
Prepaid expenses 1,713
--------------------------------------------------------------------------------
Total assets $ 496,429,820
--------------------------------------------------------------------------------
LIABILITIES:
Payables --
Outstanding borrowings $ 154,450,000
Investment securities purchased 23,083,047
Trustees' fees 1,120
Due to affiliates 271,916
Administration fee payable 95,922
Interest expense payable 74,521
Accrued expenses 200,946
--------------------------------------------------------------------------------
Total liabilities $ 178,177,472
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Paid-in capital $ 465,543,677
Undistributed net investment income 1,580,490
Accumulated net realized loss on investments and foreign
currency transactions (142,624,184)
Net unrealized depreciation on investments (6,225,659)
Net unrealized depreciation on other assets and liabilities
denominated in foreign currencies (21,976)
--------------------------------------------------------------------------------
Net assets applicable to common shareowners $ 318,252,348
--------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE:
No par value (unlimited number of shares authorized)
Based on $318,252,348 / 24,738,174 common shares $ 12.86
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 39
Statement of Operations (unaudited)
For the Six Months Ended 5/31/15
INVESTMENT INCOME:
Interest $12,089,490
Dividends 74,902
Loan facility and other income 160,339
-----------------------------------------------------------------------------------------
Total investment income $12,324,731
-----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,639,587
Administrative reimbursements 123,535
Transfer agent fees and expenses 6,700
Shareholder communications expense 15,556
Custodian fees 32,886
Professional fees 76,683
Printing expenses 6,310
Trustees' fees 7,742
Pricing fees 27,013
Interest expense 798,703
Miscellaneous 126,391
-----------------------------------------------------------------------------------------
Net operating expenses $ 2,861,106
-----------------------------------------------------------------------------------------
Net investment income $ 9,463,625
-----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
UNFUNDED LOAN COMMITMENTS, AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(5,273,462)
Other assets and liabilities denominated
in foreign currencies 16,039 $(5,257,423)
-----------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 5,117,764
Unfunded loan commitments (6,153)
Other assets and liabilities denominated
in foreign currencies (14,122) $ 5,097,489
-----------------------------------------------------------------------------------------
Net loss on investments, unfunded loan commitments,
and foreign currency transactions $ (159,934)
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,303,691
=========================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------
Six Months
Ended Year
5/31/15 Ended
(unaudited) 11/30/14
-----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 9,463,625 $ 18,450,789
Net realized gain (loss) on investments and foreign
currency transactions (5,257,423) 6,389,380
Change in net unrealized appreciation (depreciation) on
investments, unfunded loan commitments, and foreign
currency transactions 5,097,489 (10,836,599)
Distributions to preferred shareowners from net
investment income -- (30,301)
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,303,691 $ 13,973,269
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income and previously undistributed net
investment income ($0.34 and $0.80 per share,
respectively) $ (8,287,288) $ (19,864,754)
-----------------------------------------------------------------------------------------
Total distributions to common shareowners $ (8,287,288) $ (19,864,754)
-----------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
common shareowners $ 1,016,403 $ (5,891,485)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of period 317,235,945 323,127,430
-----------------------------------------------------------------------------------------
End of period $318,252,348 $ 317,235,945
-----------------------------------------------------------------------------------------
Undistributed net investment income $ 1,580,490 $ 404,153
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 41
Statement of Cash Flows (unaudited)
For the Six Months Ended 5/31/15
Cash Flows Used in Operating Activities:
Net increase in net assets resulting from operations $ 9,303,691
-----------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets resulting from operations to
net cash and foreign currencies from operating activities
Purchases of investment securities $ (86,074,844)
Proceeds from disposition and maturity of investment securities 91,948,972
Net purchases of temporary cash investments (1,795,000)
Net accretion and amortization of discount/premium on investment securities (667,576)
Increase in interest receivable (123,604)
Increase in prepaid expenses (1,681)
Increase in due to affiliates 9,361
Decrease in trustees' fees payable (846)
Increase in administration fees payable 22,400
Decrease in accrued expenses payable (19,610)
Decrease in interest expense payable (8,123)
Change in unrealized appreciation on investments (5,117,765)
Change in unrealized depreciation on foreign currency 8,199
Change in unrealized depreciation on unfunded loan commitments 6,153
Net realized loss on investments 5,273,462
-----------------------------------------------------------------------------------------------
Net cash and foreign currencies from operating activities $ 12,763,189
-----------------------------------------------------------------------------------------------
Cash Flows Used in Financing Activities:
Payments on borrowings $ (1,000,000)
Distributions to common shareowners (8,287,288)
-----------------------------------------------------------------------------------------------
Net cash and foreign currencies used in financing activities $ (9,287,288)
-----------------------------------------------------------------------------------------------
Effect of Foreign Exchange Fluctuations on Cash:
Effect of foreign exchange fluctuations on cash $ (8,199)
-----------------------------------------------------------------------------------------------
Cash and Foreign Currencies:
Beginning of the period $ 21,240,554
-----------------------------------------------------------------------------------------------
End of the period $ 24,708,256
-----------------------------------------------------------------------------------------------
Cash Flow Information:
Cash paid for interest $ 806,826
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 12.82 $ 13.06 $ 13.06 $ 12.45 $ 12.52 $ 11.40
------------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations: (a)
Net investment income $ 0.38 $ 0.75 $ 1.01 $ 1.19 $ 1.28 $ 1.17
Net realized and unrealized gain (loss) on investments,
unfunded loan commitments, and foreign currency
transactions (0.00)(b) (0.19) 0.01 0.55 (0.30) 0.94
Distributions to preferred shareowners from:
Net investment income -- (0.00)(b) (0.12) (0.12) (0.11) (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.38 $ 0.56 $ 0.90 $ 1.62 $ 0.87 $ 2.00
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income and previously undistributed net
investment income $ (0.34) $ (0.80)* $ (0.90) $ (1.01) $ (0.94) $ (0.88)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.04 $ (0.24) $ -- $ 0.61 $ (0.07) $ 1.12
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period (c) $ 12.86 $ 12.82 $ 13.06 $ 13.06 $ 12.45 $ 12.52
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period (c) $ 11.67 $ 11.36 $ 12.41 $ 13.41 $ 12.55 $ 13.16
====================================================================================================================================
Total return at market value (d) 5.75%(e) (2.32)% (0.84)% 15.66% 2.60% 22.63%
Ratios to average net assets of common shareowners:
Total expenses plus interest expense (f)(g) 1.82%(h) 1.80% 1.47% 1.58% 1.67% 1.74%
Net investment income before preferred share
distributions 6.02%(h) 5.73% 7.70% 9.24% 9.96% 9.66%
Preferred share distributions --% 0.01% 0.94% 0.90% 0.85% 0.94%
Net investment income available to common shareowners 6.02%(h) 5.72% 6.76% 8.34% 9.11% 8.72%
Portfolio turnover 19% 61% 63% 63% 42% 40%
Net assets of common shareowners, end of period
(in thousands) $318,252 $317,236 $ 323,127 $322,714 $306,822 $307,137
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 43
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 11/30/12 11/30/11 11/30/10
------------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) $ -- $ --(i) $ 182,450 $ 182,450 $ 182,450 $182,450
Asset coverage per preferred share, end of period $ -- $ --(i) $ 69,280 $ 69,222 $ 67,047 $ 69,090
Average market value per preferred share (j) $ -- $ --(i) $ 25,000 $ 25,000 $ 25,000 $ 25,000
Liquidation value, including dividends payable, per
preferred share $ -- $ --(i) $ 25,003 $ 25,003 $ 25,005 $ 25,005
Total amount of debt outstanding (in thousands) $ 154,450 $155,450 $ -- $ -- $ -- $ --
Asset coverage per indebtedness (in thousands) $ 3,061 $ 3,041 $ -- $ -- $ -- $ --
==============================================================================================================================
* The amount of distributions made to shareowners during the period were in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is
part of the Trust's NAV. A portion of the accumulated net investment income
was distributed to shareowners during the period. A decrease in
distributions may have a negative effect on the market value of the Trust's
shares.
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) Amount rounds to less than $(0.005) per share.
(c) 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.
(d) 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.
(e) Not annualized.
(f) Expense ratios do not reflect the effect of distribution payments to
preferred shareowners.
(g) Includes interest expense of 0.51%, 0.49%, 0.0%, 0.0%, 0.0% and 0.0%,
respectively.
(h) Annualized.
(i) Preferred shares were redeemed during the period (see Note 8).
(j) Market value is redemption value without an active market.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Notes to Financial Statements | 5/31/15 (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 investment 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
period. 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 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. Event-linked bonds
are valued at the bid price obtained from an independent third party pricing
service. Other insurance-linked securities may be valued at the bid price
obtained from an independent pricing service, or through a third party using
a pricing matrix, insurance industry valuation models, or other fair value
methods or techniques to
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 45
provide an estimated value of the instrument. 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 asked prices.
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 for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available 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, 2015, there were no securities valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
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 date in
the exercise of reasonable diligence.
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.
46 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
Discounts and premiums on purchase prices of 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.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. 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.
D. 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.
E. 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, 2014, the Trust did not accrue any interest or penalties with
respect to uncertain tax positions, which if applicable, would be recorded
as
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 47
an 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.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may 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 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 shareholders 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, 2014 was as follows:
----------------------------------------------------------------------------
2014
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $19,895,055
----------------------------------------------------------------------------
Total $19,895,055
============================================================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at November 30, 2014:
----------------------------------------------------------------------------
2014
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 334,390
Capital loss carryforward (137,365,373)
Other book/tax temporary differences 68,375
Unrealized depreciation (11,345,124)
----------------------------------------------------------------------------
Total $(148,307,732)
============================================================================
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 and discounts on fixed
income securities and book/tax temporary differences.
F. 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
48 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
documents when considering the Trust's principal risks. At times, the
Trust's investments may represent industries or industry sectors that are
interrelated 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.
Event-linked bonds are floating rate debt obligations for which the return
of principal and the payment of interest are contingent on the
non-occurrence of a pre-defined "trigger" event, such as a hurricane or an
earthquake of a specific magnitude. The trigger event's magnitude may be
based on losses to a company or industry, industry indexes or readings of
scientific instruments, or may be based on specified actual losses. If a
trigger event, as defined within the terms of an event-linked bond occurs,
the Trust may lose a portion or all of its accrued interest and/or principal
invested in such event-linked bond. The Trust is entitled to receive
principal and interest payments so long as no trigger event occurs of the
description and magnitude specified by the instrument. 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 ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs"),
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 49
are subject to the same risks as event-linked bonds. In addition, because
quota share instruments represent an interest in a basket of underlying
reinsurance contracts, the Trust has limited transparency into the
individual underlying contracts and therefore must rely upon the risk
assessment and sound underwriting practices of the issuer. Accordingly, it
may be more difficult for PIM to fully evaluate the underlying risk profile
of the Trust's investment in quota share instruments and therefore place the
Trust's assets at greater risk of loss than if PIM had more complete
information. These securities may be impossible or difficult to purchase,
sell or unwind and may be difficult to value.
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 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.
G. 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.
H. 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
50 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
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 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 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
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 51
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, 2015, the net management
fee was 0.70% of the Trust's average daily managed assets, which was equivalent
to 1.06% 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, 2015,
$367,838 was payable to PIM related to management costs, administrative costs
and certain other services is included in "Due to affiliates" and
"Administration fee 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's common shares 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 calls.
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, 2015, the Trust
expenses were not reduced under such arrangement.
5. Unfunded and Bridge Loan Commitments
As of May 31, 2015, the Trust had no unfunded loan commitments.
The Trust had the following bridge loans outstanding at May 31, 2015:
--------------------------------------------------------------------------------
Unrealized
Appreciation
Borrower Par Cost Value (Depreciation)
--------------------------------------------------------------------------------
Tenet Healthcare Corp. $190,000 $190,000 $190,000 $--
Tenet Healthcare Corp. $560,000 $560,000 $560,000 $--
--------------------------------------------------------------------------------
Total $--
================================================================================
52 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
6. Trust Shares
There are an unlimited number of common shares of beneficial interest
authorized.
Transactions in common shares of beneficial interest for the six months ended
May 31, 2015 and the year ended November 30, 2014 were as follows:
--------------------------------------------------------------------------------
5/31/15 11/30/14
--------------------------------------------------------------------------------
Shares outstanding at beginning of period 24,738,174 24,738,174
Reinvestment of distributions -- --
--------------------------------------------------------------------------------
Shares outstanding at end of period 24,738,174 24,738,174
================================================================================
7. Loan Agreement
Effective November 26, 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. The Credit Agreement was established in conjunction with the
redemption of all the Trust's auction market preferred shares (see Note 8).
Effective November 29, 2014, the Trust extended the maturity of the Credit
Agreement for a 12 month period.
At May 31, 2015, the Trust had a borrowing outstanding under the Credit
Agreement totaling $154,450,000. The interest rate charged at May 31, 2015 was
1.04%. The average daily balance was $154,576,374 at an average interest rate of
1.04%. With respect to the margin agreement, interest expense of $798,703 is
included in the Statement of Operations.
The Trust is required to maintain 300% asset coverage with respect to amounts
outstanding under the margin loan financing 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 borrowing outstanding.
8. Redemption of AMPS
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 TH7
AMPS on December 6, 2013.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 53
The Trust redeemed all of its outstanding AMPS at the liquidation preference per
share (sometimes referred to as "at par"), together with accrued and unpaid
dividends, in any, as of the redemption date, as follows:
--------------------------------------------------------------------------------
Liquidation Accrued and 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 $--
--------------------------------------------------------------------------------
9. Dividends to Preferred Shareholders
Prior to the redemption of the Trust's AMPS (See Note 8), dividends on Series
M7, Series W7 and Series TH7 were cumulative at a rate which was to be reset
every 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.
10. Subsequent Events
A monthly dividend was declared on June 2, 2015 from undistributed and
accumulated net investment income of $0.0600 per common share, payable June 30,
2015, to common shareowners of record on June 17, 2015.
11. 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 replaced 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.
During the periods that Ernst & Young LLP served as the Trust's independent
registered public accounting firm, including the Trust's fiscal years ending
November 30, 2013 and November 30, 2012, 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 disagreement
with Ernst & Young LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
54 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
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.
ADDITIONAL INFORMATION
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 have 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.
PIM, the Trust's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Trust's investment advisory agreement with the Adviser to
terminate. In connection with the Transaction, the Trust's Board of Trustees
will be asked to approve a new investment advisory agreement for the Trust. If
approved by the Board, the Trust's new investment advisory agreement will be
submitted to the shareholders of the Trust for their approval.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 55
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius 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
regarding 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.
* Ms. Monchak is a non-voting Advisory Trustee.
56 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
This page for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 57
This page for your notes.
58 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
This page for your notes.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/15 59
This page for your notes.
60 Pioneer Floating Rate Trust | Semiannual Report | 5/31/15
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) 2015 Pioneer Investments 19389-09-0715
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.
N/A
(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.
The aggregate non-audit fees for the Trust were $9,876
payable to Deloitte & Touche LLP for the year ended
November 30, 2014 and $17,781 were paid to the former
auditor, Ernst & Young LLP for the year ended November 30,
2013.
(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 Trust's audit committee of the Board of Fundees 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.
N/A
(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.
N/A
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.
Not applicable to semi-annual report.
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.
Not applicable to semi-annual report.
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 29, 2015
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2015
* Print the name and title of each signing officer under his or her signature.