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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: August 31, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/08 (unaudited)
Principal
Amount
USD ($) Value ($)
COLLATERALIZED LOAN OBLIGATIONS - 1.4% of Net Assets*
Financial - 1.4%
1,000,000 (a)(b)ACA CLO, Ltd. 2007-1A D, 5.141%, 6/15/22 (144A) 545,900
1,000,000 (a)(b)Goldman Sachs Asset Management CLO, Plc, 2007-1A 593,700
1,000,000 (a)(b)Gulf Stream Sextant CLO, Ltd., 2007-1A D, 5.214%, 626,900
1,000,000 (a)(b)Landmark CDO, Ltd., 2007-9A E, 6.291%, 4/15/21 (1 501,100
1,000,000 (a)(b)Primus CLO, Ltd., 2007-2A D, 5.191%, 7/15/21 (14 643,100
1,000,000 (a)(b)Rampart CLO, Ltd., 2006-1A, 6.34%, 4/18/21 (144A) 532,401
1,000,000 (a)(b)Stanfield McLaren CLO, Ltd., 2007-1A B2L, 7.31%, 557,656
2,000,000 (a)(b)Stone Tower CLO, Ltd., 2007-6A C, 4.139%, 4/17/21 1,080,000
TOTAL COLLATERALIZED LOAN OBLIGATIONS 5,080,757
(Cost $6,060,620)
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 142.0% of Net
Assets*
Aerospace - 4.6%
2,525,889 AWAS Capital, Inc., First Lien Term Loan, 4.563%, 2,115,432
990,000 Delta Airlines, Inc., Credit-Linked Deposit Loan, 834,281
1,980,000 Delta Airlines, Inc., Second Lien Term Loan, 5.71 1,457,775
2,828,933 DTN, Inc., Tranche C Term Loan, 5.463% - 5.815%, 2,708,704
903,163 IAP Worldwide Services, Inc., First Lien Term Loa 712,747
6,869,899 Northwest Airlines, Inc., Term Loan, 4.47%, 8/21/ 5,753,540
4,950,000 US Airways Group, Inc., Term Loan, 4.969%, 3/24/1 3,455,719
17,038,198
Broadcasting - 3.3%
11,115,966 Univision Communications, Inc., Initial Term Loan 8,982,323
3,789,428 Young Broadcasting, Inc., Term Loan, 5.313%, 11/3 3,173,646
12,155,969
Cable/Wireless Video - 17.8%
752,152 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V. 1,065,188
390,705 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V. 553,312
1,142,857 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V. 1,618,500
857,143 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V. 1,213,875
857,143 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V. 1,213,875
19,634,691 (a)(c)Broadstripe LLC, First Lien Term Loan, 6.7% - 9.6 19,277,732
1,428,204 (a) Broadstripe LLC, Revolver, 9.79% - 9.81%, 6/30/11 1,406,781
11,359,962 Cequel Communications LLC, Term Loan, 4.791% - 6. 10,653,520
15,588,005 Charter Communications Operating LLC, Replacement 13,674,141
6,930,000 Knology, Inc., Term Loan, 5.038%, 6/30/12 6,444,900
6,500,000 WideOpenWest Finance LLC, First Lien Term Loan, 5 5,687,500
3,100,338 WideOpenWest Finance LLC, Second Lien Term Loan, 2,464,769
65,274,093
Chemicals - 3.9%
14,937,469 Solutia, Inc., Term Loan, 8.5%, 2/28/14 14,447,340
Consumer - Durables - 3.0%
1,636,797 Rexair LLC, First Lien Term Loan, 6.713% - 7.051% 1,514,037
9,500,000 Wm. Wrigley Jr. Co., Tranche B Term Loan, 3.75%, 9,553,438
11,067,475
Consumer - Non-Durables - 1.3%
992,481 (a) Appleseed's Intermediate Holdings, Inc., First Li 650,075
616,029 Solo Cup Co., Term Loan B-1, 5.97% - 6.31%, 2/27/ 600,188
3,987,817 Spectrum Brands, Inc., Dollar Term Loan B, 6.669% 3,452,783
201,369 Spectrum Brands, Inc., Letter of Credit Loan, 2.3 174,352
4,877,398
Diversified Media - 14.3%
8,906,250 (a) Cydcor, Inc., First Lien Tranche B Term Loan, 9.0 8,371,875
968,816 EURO Mediannuaire Holding, Term Loan B-2, 6.736%, 10/1 1,105,863
968,816 EURO Mediannuaire Holding, Term Loan C, 7.236%, 10/9/1 1,105,863
9,073,268 Metro-Goldwyn-Mayer, Inc., Tranche B Term Loan, 6 6,924,038
989,975 Metro-Goldwyn-Mayer, Inc., Tranche B-1 Term Loan, 755,475
1,975,000 Penton Media Holdings, Inc., First Lien Term Loan 1,510,875
3,500,000 Penton Media Holdings, Inc., Second Lien Term Loa 2,493,750
19,523,810 AUD SMG H5 Pty, Ltd., Facility Term Loan A, 10.339%, 15,143,029
2,968,973 Sunshine Acquisition, Ltd., Facility Term Loan, 4 2,553,317
11,880,000 Tribune Co., Initial Tranche B Advance Term Loan, 8,220,960
3,160,000 Tribune Co., Tranche X Advance Term Loan, 5.478%, 3,039,920
1,398,851 Wallace Theater Corp., First Lien Term Loan, 6.06 1,300,932
52,525,897
Energy - 6.6%
2,200,000 Big West Oil LLC, Delayed Advance Term Loan, 4.47 1,947,000
1,760,000 Big West Oil LLC, Initial Advance Term Loan, 4.68 1,557,600
582,918 Coffeyville Resources LLC, Funded LC Loan, 2.691% 536,285
1,886,876 Coffeyville Resources LLC, Tranche D Term Loan, 5 1,735,926
5,000,000 Crusader Energy Group, Inc., Second Lien Term Loa 4,900,000
466,276 Delphi Acquisition Holding I B.V., Facility Term 430,839
466,276 Delphi Acquisition Holding I B.V., Facility Term 443,254
2,000,000 (a) III Exploration II, L.P., Second Lien Term Loan, 1,550,000
2,963,625 (a) III Exploration II, L.P., Term Loan, 5.96% - 8.15 2,474,627
645,369 (a)(d)Monitor U.S. Finco, Inc., Second Lien Term Loan, 306,551
1,000,000 (a) Panda Hereford Ethanol, L.P., Tranche A Term Loan 650,000
1,250,000 TARH E&P Holdings, L.P., First Lien Term Loan, 4. 1,225,000
4,797,043 (c) Value Creation, Inc., Term Loan, 10.291%, 7/7/12 4,437,265
2,000,000 Venoco, Inc., Second Lien Term Loan, 6.813%, 9/20 1,885,000
24,079,347
Financial - 1.1%
529,767 HUB International Holdings, Inc., Delayed Draw Te 482,088
3,033,088 HUB International Holdings, Inc., Initial Term Lo 2,760,110
1,000,000 Kepler Holdings, Ltd., Term Loan, 8.313%, 6/30/09 945,000
4,187,198
Food & Tobacco - 2.3%
985,000 Aramark Canada, Ltd., Canadian Term Loan, 4.676%, 909,586
1,777,471 OSI Restaurant Partners LLC, Incremental Term Loa 1,370,134
142,337 OSI Restaurant Partners LLC, Pre-Funded Revolver 109,718
4,950,000 Pinnacle Foods Finance LLC, Term Loan, 5.236% - 5 4,536,987
1,974,998 Sturm Foods, Inc., Initial Term Loan, 5.25% - 5.3 1,634,311
8,560,736
Forest Products & Containers - 0.2%
809,500 Newark Group, Inc., Credit-Link Letter of Credit 724,503
166,667 Newark Group, Inc., Term Loan, 10.5%, 3/9/13 149,167
873,670
Gaming & Leisure - 7.2%
2,428,571 Alpha Topco, Ltd., Facility Term Loan B-1, 4.713% 2,231,857
1,669,643 Alpha Topco, Ltd., Facility Term Loan B-2, 4.713% 1,534,402
5,000,000 (a)(d)Fontainebleau Florida Hotel LLC, Tranche C Term L 4,550,000
1,333,333 Fontainebleau Las Vegas LLC, Initial Term Loan, 6 1,053,333
2,369,368 (d) Ginn LA Conduit Lender, Inc., First Lien Tranche 1,006,981
5,077,235 (d) Ginn LA Conduit Lender, Inc., First Lien Tranche 2,157,825
587,649 (a)(d)Lake at Las Vegas Joint Venture, Revolving Credit 117,530
5,041,889 (c)(d)Lake at Las Vegas Joint Venture, Term Loan, 10.75 1,008,378
1,765,105 (a) Lake at Las Vegas Joint Venture, Term Loan, 11.97 1,766,208
3,500,000 (a) MetroFlag BP LLC, Second Lien Term Loan, 11.472%, 2,765,000
2,960,994 (d) Pivotal Promontory LLC, First Lien Term Loan, 7.5 2,117,110
1,000,000 (a) WAICCS Las Vegas 3 LLC, First Lien Term Loan, 5.9 860,000
4,500,000 (a) WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 11 3,802,500
1,637,333 Yellowstone Mountain Club LLC, First Lien Term Lo 1,387,640
26,358,764
Healthcare - 18.1%
1,985,234 Aveta, Inc., MMM Original Term Loan, 7.97% - 7.99 1,819,798
294,916 Aveta, Inc., NAMM New Term Loan, 7.97% - 7.99%, 8 270,340
531,424 Aveta, Inc., NAMM Original Term Loan, 7.97% - 7.9 487,139
1,626,944 Aveta, Inc., PHMC Acquisition Term Loan, 7.97% - 1,491,366
5,235,550 CCS Medical, Inc., First Lien Term Loan, 6.06%, 9 4,319,329
4,536,632 CHS/Community Health Systems, Inc., Funded Term L 4,298,459
1,362,545 (a) DSI Renal, Inc., Facility Term Loan, 5.056%, 3/31 1,178,602
571,429 Fenwal, Inc., First Lien Delayed Draw Term Loan, 503,214
3,385,714 Fenwal, Inc., Initial First Lien Term Loan, 4.899 2,981,545
2,709,643 Golden Gate National Senior Care LLC, First Lien 2,547,064
2,000,000 Golden Gate National Senior Care LLC, Second Lien 1,840,000
2,000,000 Graceway Pharmaceuticals LLC, Mezzanine Loan, 11. 1,560,000
20,685,000 HCA, Inc., Tranche B Term Loan, 5.051%, 11/18/13 19,418,044
2,969,466 LifeCare Holdings, Term Loan, 7.05%, 8/11/12 2,579,723
1,000,000 Medical Staffing Network, Inc., Second Lien Term 965,000
7,967,481 Mylan, Inc., U.S. Tranche B Term Loan, 5.75% - 6. 7,899,901
9,850,000 Talecris Biotherapeutics Holdings Corp., First Li 9,579,125
2,947,547 Triumph HealthCare Second Holdings LLC, First Lie 2,741,218
66,479,867
Housing - 5.4%
1,394,286 Associated Materials, Inc., Term Loan, 4.97%, 8/2 1,303,657
6,049,149 Atrium Companies, Inc., Closing Date Term Loan, 6 5,020,793
2,198,455 Custom Building Products, Inc., First Lien Term L 1,912,656
9,600,554 Realogy Corp., Initial Term Loan B, 5.462%, 10/10 7,970,456
2,831,285 Realogy Corp., Synthetic Letter of Credit Loan, 2 2,350,555
1,945,057 Rhodes Companies LLC , First Lien Term Loan, 6.19 1,278,875
19,836,992
Information Technology - 9.3%
2,549,965 Applied Systems, Inc., Term Loan, 5.295% - 5.301% 2,422,467
4,949,749 Freescale Semiconductor, Inc., Term Loan, 4.236%, 4,438,920
2,360,546 Infor Enterprise Solutions Holdings, Inc., Delaye 2,006,464
2,970,000 (a) Infor Enterprise Solutions Holdings, Inc., Dollar 2,502,225
4,524,379 Infor Enterprise Solutions Holdings, Inc., Initia 3,845,722
1,466,667 Infor Enterprise Solutions Holdings, Inc., Second 909,333
2,533,333 Infor Enterprise Solutions Holdings, Inc., Second 1,504,167
619,999 Inovis International, Inc., Term Loan, 6.0%%, 11/ 619,999
4,604,651 Keane International, Inc., Closing Date Term Loan 3,367,151
348,837 Keane International, Inc., Synthetic Letter of Cr 255,087
1,087,500 Quantum Corp., Term Loan, 6.196%, 7/14/14 967,875
3,327,536 Serena Software, Inc., Term Loan, 4.68%, 3/11/13 3,057,174
7,786,525 SunGard Data Systems, Inc., New U.S. Term Loan, 4 7,336,370
938,462 Verint Systems, Inc., Term Loan, 5.736%, 5/27/14 856,346
34,089,300
Manufacturing - 1.1%
996,924 FCI USA, Inc., Facility Term Loan B-1, 4.862%, 3/ 942,094
996,924 FCI USA, Inc., Tranche Term Loan B-5-B, 4.862%, 1 942,094
1,760,079 Generac Acquisition Corp., First Lien Term Loan, 1,369,928
1,000,000 Hunter Defense Technologies, Inc., Term Loan, 6.0 870,000
4,124,116
Metals & Minerals - 1.5%
1,417,222 Algoma Steel, Inc., Term Loan, 4.98%, 6/20/13 1,344,590
4,344,919 Murray Energy Corp., First Lien Tranche B Term Lo 4,279,745
5,624,335
Retail - 10.3%
8,878,117 Blockbuster, Inc., Tranche B Term Loan, 6.88% - 7 8,377,134
2,882,468 Burlington Coat Factory Warehouse Corp., Term Loa 2,252,830
3,000,000 Dollar General Corp., Tranche B-1 Term Loan, 5.21 2,679,375
3,000,000 Dollar General Corp., Tranche B-2 Term Loan, 5.21 2,679,375
2,666,667 Guitar Center, Inc., Term Loan, 5.97%, 10/9/14 2,300,000
15,765,928 (a)(d)Home Interiors & Gifts, Inc., Initial Term Loan, 3,941,482
1,974,874 Michaels Stores, Inc., Replacement Term Loan, 4.7 1,533,614
338,762 Movie Gallery, Inc., First Lien Synthetic Letter 239,392
8,739,891 (c) Movie Gallery, Inc., First Lien Term Loan, 10.0% 6,176,192
5,000,000 Spirit Finance Corp., Term Loan, 5.801%, 8/1/13 3,712,500
3,980,100 Toys R Us - Delaware, Inc., Tranche B Term Loan, 3,815,920
37,707,814
Service - 3.9%
994,987 First Data Corp., Initial Tranche B-1 Term Loan, 914,628
3,762,938 (a) Inmar, Inc., Term Loan, 4.97%, 4/29/13 3,499,532
5,303,980 Sabre, Inc., Initial Term Loan, 4.463% - 4.799%, 4,067,856
985,000 Total Safety U.S., Inc., First Lien Tranche B Ter 945,600
5,739,444 Travelport LLC, Delayed Draw Term Loan, 4.719%, 8 4,827,113
14,254,729
Telecommunications - 5.3%
496,250 Aeroflex, Inc., Tranche B-1 Term Loan, 6.063%, 8/ 471,438
496,250 Aeroflex, Inc., Tranche B-2 Term Loan, 6.563%, 8/ 471,438
1,000,000 Hargray Acquisition Co., Second Lien Term Loan, 8 835,000
3,970,000 Integra Telecom Holdings, Inc., Term Loan, 6.894% 3,632,550
6,500,000 Level 3 Financing, Inc., Term Loan, 4.714% - 5.03 5,912,290
626,719 PAETEC Holding Corp., Replacement Term Loan, 4.96 573,447
2,000,000 Pine Tree Holdings, Inc., Second Lien Term Loan, 1,950,000
1,410,000 Stratos Global Corp., Facility Term Loan B, 5.301 1,343,025
1,500,000 EURO Wind Telecomunicazione S.p.A., Facility Term Loan 2,123,870
1,500,000 EURO Wind Telecomunicazione S.p.A., Facility Term Loan 2,123,870
19,436,928
Transportation - 6.4%
9,075,710 Delphi Corp., Initial Tranche C Term Loan, 8.5%, 7,570,658
924,290 Delphi Corp., Subsequent Tranche C Term Loan, 8.5 771,012
7,868,891 Ford Motor Co., Term Loan, 5.47%, 12/16/13 6,127,899
1,604,818 (d) Gainey Corp., Term Loan, 9.9% - 11.25%, 4/20/12 657,976
2,992,500 General Motors Corp., Secured Term Loan, 5.163%, 2,237,127
3,950,000 Key Safety Systems, Inc., First Lien Term Loan, 4 2,863,750
1,031,532 SIRVA Worldwide, Inc., Term Loan, 9.2% - 9.5%, 5/ 1,026,374
681,301 SIRVA Worldwide, Inc., Revolving Credit Loan, 9.5 677,894
2,075,671 SIRVA Worldwide, Inc., Second Lien Term Loan, 8.1 1,702,050
23,634,740
Utility - 8.8%
4,400,000 ANP Funding I LLC, Tranche A Term Loan, 6.288%, 7 4,359,665
2,996,425 Bosque Power Co. LLC, Term Loan, 5.25%, 1/16/15 2,951,478
217,194 Boston Generating LLC, First Lien Revolving Credi 192,759
775,691 Boston Generating LLC, First Lien Synthetic LC Lo 688,426
3,453,532 Boston Generating LLC, First Lien Term Loan, 5.05 3,065,010
1,754,777 Coleto Creek Power, L.P., First Lien Synthetic LC 1,596,847
3,614,964 Coleto Creek Power, L.P., First Lien Term Loan, 5 3,289,617
4,900,000 Coleto Creek Power, L.P., Second Lien Term Loan, 4,152,750
1,999,741 (d) GBGH LLC, First Lien Advance Term Loan, 9.5%, 8/7 1,959,746
281,250 Mach Gen LLC, First Lien Synthetic Letter of Cred 268,875
2,673,935 Mach Gen LLC, First Lien Term Loan B, 4.81%, 2/22 2,556,282
2,992,462 Texas Competitive Electric Holdings Co. LLC, Init 2,797,330
747,290 TPF Generation Holdings LLC, First Lien Synthetic 721,789
3,688,180 TPF Generation Holdings LLC, First Lien Term Loan 3,562,321
234,260 TPF Generation Holdings LLC, Synthetic Revolver D 226,266
32,389,161
Wireless Communication - 6.3%
1,139,683 (a) Clearwire Corp., Delayed Draw Term Loan, 8.47% - 1,054,207
5,658,942 Clearwire Corp., Term Loan, 8.68%, 7/3/12 5,234,522
9,800,000 Cricket Communications, Inc., Term Loan B, 5.696% 9,699,276
7,393,573 MetroPCS Wireless, Inc., New Tranche B Term Loan, 7,081,024
23,069,029
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $595,846,577) 522,093,096
CLAIMS - 0.0% of Net Assets
Aerospace - 0.0%
1,200,000 (a)(e)Northwest Airlines, Inc., ALPA Claim-Escrow, 2.5% 15,000
2,500,000 (a)(e)Northwest Airlines, Inc., Bell Atlantic Claim-Esc 31,250
2,500,000 (a)(e)Northwest Airlines, Inc., EDC Claim-Escrow, 5.32% 31,250
2,130,600 (a)(e)Northwest Airlines, Inc., Flight Attendant Claim- 26,633
1,500,000 (a)(e)Northwest Airlines, Inc., GE Pre-petition Claim, 18,750
1,264,500 (a)(e)Northwest Airlines, Inc., IAM Claim-Escrow, 2.5% 15,806
1,404,900 (a)(e)Northwest Airlines, Inc., Retiree Claim-Escrow, 2 17,561
TOTAL CLAIMS
(Cost $847,575) 156,250
CONVERTIBLE BONDS & NOTES - 0.4% of Net Assets
Cable/Wireless Video - 0.4%
3,951,000 Charter Communications, Inc., 6.5%, 10/1/27 1,535,951
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $4,085,967) 1,535,951
CORPORATE NOTES - 12.0% of Net Assets
Cable/Wireless Video - 0.2%
1,000,000 CCH I LLC, 11.0%, 10/1/15 767,500
Chemicals - 0.6%
2,940,000 Georgia Gulf Corp., 9.5%, 10/15/14 2,160,900
Healthcare - 6.9%
15,000,000 (a) Azithromycin Royalty Sub LLC, 16.0%, 5/15/19 (144 15,000,000
5,000,000 (a) Fosamprenavir PhaRMA, 15.5%, 6/15/18 (144A) 5,000,000
3,000,000 (a) Pharma V, 13.0%, 10/15/13 (144A) 3,090,000
941,757 (a)(b)Pharma VI, 8.061%, 10/15/14 (144A) 913,504
1,500,000 (a) TCD PhaRMA, 16.0%, 4/15/24 (144A) 1,500,000
25,503,504
Information Technology - 1.2%
400,000 (b) Freescale Semiconductor, Inc., 6.651%, 12/15/14 295,000
5,000,000 (b) NXP BV/NXP Funding LLC, 5.541%, 10/15/13 3,887,500
4,182,500
Retail - 2.4%
4,500,000 Blockbuster, Inc., 9.0%, 9/1/12 3,566,250
7,000,000 Claire's Stores, Inc., 10.5%, 6/1/17 2,590,000
2,500,000 Dollar General Corp., 10.625%, 7/15/15 2,506,250
8,662,500
Transportation - 0.7%
3,000,000 (b) American Tire Distributors, Inc., 9.041%, 4/1/12 2,670,000
TOTAL CORPORATE NOTES
(Cost $47,415,835) 43,946,904
Shares
COMMON STOCK - 0.3% of Net Assets
Aerospace - 0.1%
35,416 (e) Northwest Airlines Corp. 346,368
Transportation - 0.2%
12,887 (f) SIRVA Worldwide, Inc. (144A) 902,089
TOTAL COMMON STOCK
(Cost $1,891,631) 1,248,457
WARRANTS - 0.0% of Net Assets
Wireless Communication - 0.0%
400,000 (a)(e)Clearwire Corp., Exp. 8/15/10 (144A) 80,000
TOTAL WARRANTS
(Cost $956,752) 80,000
Principal
Amount
USD ($) Value
TEMPORARY CASH INVESTMENT - 9.4% of Net Assets
Repurchase Agreement - 9.4%
6,910,000 Bank of America Corp., 2.12%, dated 8/29/08, repurchase price
of $6,910,000 plus accrued
interest on 9/2/08 collateralized by $10,412,909 Federal
National Mortgage
Association, 5.0%, 3/1/35 6,910,000
6,910,000 Barclays Plc, 2.12%, dated 8/29/08, repurchase price of
$6,910,000 plus accrued
interest on 9/2/08 collateralized by $7,137,285 Federal
National Mortgage
Association, 5.5%, 5/1/38-7/1/38 6,910,000
6,915,000 Deutsche Bank AG, 2.14%, dated 8/29/08, repurchase price of
$6,915,000 plus accrued
interest on 9/2/08 collateralized by the following:
$1,292,077 Federal Home Loan Mortgage Corp., 5.806%-
6.425%,9/1/33-1/1/37
$1,500,537 Federal National Mortgage Association, 5.0%-7.0%,
11/1/20-5/1/48
$1,238,760 Federal National Mortgage Association (ARM), 4.915%-
6.303%, 6/1/35-9/1/36
$6,251,361 Freddie Mac Giant, 4.5%-7.0%, 6/1/23-8 6,915,000
6,910,000 JPMorgan Chase & Co., 2.13%, dated 8/29/08, repurchase price of
$6,910,000 plus accrued
interest on 9/2/08 collateralized by $9,429,788 Federal
National Mortgage Association,
5.0%-6.5%, 12/1/16-6/1/38 6,910,000
6,910,000 Merrill Lynch & Co., 2.12%, dated 8/29/08, repurchase price of
$6,910,000 plus accrued
interest on 9/2/08 collateralized by the following:
$7,785,388 Freddie Mac Giant, 5.0%-6.5%,5/1/34-8/1/38
$948,179 Government National Mortgage Association 6,910,000
TOTAL TEMPORARY CASH INVESTMENT
(Cost $34,555,000) 34,555,000
TOTAL INVESTMENTS IN SECURITIES - 165.5%
(Cost $691,659,957) (g) 608,696,415
OTHER ASSETS AND LIABILITIES - (1.7)% (6,363,956)
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (63.8)% (234,603,737)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100 367,728,722
* Senior floating rate loan interests in which the
Portfolio invests generally pay interest at rates
that are periodically redetermined by reference
to a base lending rate plus a premium. These
base lending rates are generally (i) the lending
rate offered by one or more major European
banks, such as LIBOR (London InterBank
Offered Rate), (ii) the prime rate offered by one
or more major United States banks, (iii) the
certificate of deposit or (iv) other base lending
rates used by commercial lenders. The rate
shown is the coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A
of the Securities Act of 1933. Such
securities may be resold normally to qualified institutional
buyers in a transaction exempt from
registration. At August 31, 2008 the value of
these securities amounted to $31,566,350 or 8.6% of total
net assets applicable to common shareowners.
(a) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$110,465,735. The aggregate value$91,545,438
represents 24.9% of the total net assets.
(b) Floating Rate Note. The rate shown is the
coupon rate at August 31, 2008.
(c) Payment-in-Kind (PIK) security which may pay
interest in additional principal amount.
(d) Security is in default and is non-income producing.
(e) Non-income producing.
(f) Security is fair valued.
(g) At August 31, 2008, the net unrealized loss on investments
based on cost for federal income tax purposes
of $691,749,977 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $2,794,268
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (85,847,830)
Net unrealized loss ($83,053,562)
For financial reporting purposes net unrealized loss on
investments was $82,963,542. and cost of
investments aggregated $691,659,957.
Principal amounts are denominated in U.S. dollars unless
otherwise noted.
AUD - Australian Dollar
EURO - Euro
For the period ended August 31, 2008, the Trust had unfunded loan
commitments of approximately $8,951,000 which would be extended
at the option of the borrower, pursuant to the following loan
agreements:
Unfunded
Commitment
Borrower (in Thousands)
CHS/Community Health Systems, Inc., Delayed Draw$ 232
Cricket Communications, Inc., Revolver Loan 2,000
Fontainebleau Las Vegas LLC, Delayed Draw Term Lo 667
HUB International Holdings, Inc., Delayed Draw Te 152
Manitowoc Co., Inc., Term Loan B 5,000
SIRVA Worldwide, Inc., Revolving Credit Loan 900
$ 8,951
Various inputs are used in determining the value of the Fund's
investments. These inputs are summarized in the three broad
levels listed below.
Highest priority is given to Level 1 inputs and lowest priority
is given to Level 3.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's
own assumptions in determining fair value of investments)
The following is a summary of the inputs used as of August
31, 2008, in valuing the Fund's assets:
Investments
Valuation Inputs in Securities
Level 1 - Quoted Prices 346,368
Level 2 - Other Significant Observable Inputs 602,367,201
Level 3 - Significant Unobservable Inputs 5,982,846
Total 608,696,415
Following is a reconciliation of assets valued using
significant unobservable inputs (Level 3):
Investments
in Securities
Balance as of 11/30/07 0
Realized gain (loss) 0
Change in unrealized appreciation (depreciation) (1,347,729)
Net purchases (sales) 7,330,576
Transfers in and out of Level 3 0
Balance as of 8/31/08 5,982,847
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 29, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date October 29, 2008
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date October 29, 2008
* Print the name and title of each signing officer under his or her signature.