OMB APPROVAL
OMB Number: 3235-0578
Expires: April 30, 2010
Estimated average burden
hours per response.....
10.5
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: February 28, 2009
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/09 (unaudited)
Principal
Amount
USD ($) Value ($)
COLLATERALIZED LOAN OBLIGATIONS - 0.4%
Banks - 0.3%
Diversified Banks - 0.1%
1,000,000 (a)(b) Primus, Ltd., 2007-2A D, 3.494%, 7/15/21 (144A 98,000
1,000,000 (a)(b) Rampart, Ltd., 2006-1A, 4.693%, 4/18/21 (144A) 88,990
1,000,000 (a)(b) Stanfield McLaren, Ltd., 2007-1A B2L, 5.756%, 99,700
286,690
Thrifts & Mortgage Finance - 0.2%
1,000,000 (a)(b) Gulf Stream Sextant, Ltd., 2007-1A D, 4.271%, 95,720
1,000,000 (a)(b) Landmark CDO, Ltd., 2007-9A E, 4.594%, 4/15/21 102,100
2,000,000 (a)(b) Stone Tower, Ltd., 2007-6A C, 1.709%, 4/17/21 100,000
297,820
Total Banks 584,510
Diversified Financials - 0.1%
Other Diversified Financial Services - 0.0%
1,000,000 (a)(b) ACA, Ltd. 2007-1A D, 3.444%, 6/15/22 (144A) 90,000
Investment Banking & Brokerage - 0.1%
1,000,000 (a)(b) Goldman Sachs Asset Management, Plc, 2007-1A D 110,000
Total Diversified Financials 200,000
TOTAL COLLATERALIZED LOAN OBLIGATIONS 784,510
(Cost $6,135,700)
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 151.1% *
Energy - 6.0%
Oil & Gas Drilling - 1.9%
2,200,000 (a) Big West Oil LLC, Delayed Advance Term Loan, 4 1,122,000
1,750,000 (a) Big West Oil LLC, Initial Advance Term Loan, 4 892,500
2,000,000 (a) III Exploration II, L.P., Second Lien Term Loa 900,000
613,181 (a)(c) Monitor U.S. Finco, Inc., Second Lien Term Loa 291,261
1,250,000 TARH E&P Holdings, L.P., First Lien Term Loan, 625,000
3,830,761
Oil & Gas Equipment & Services - 1.8%
582,918 Coffeyville Resources LLC, Funded LC Loan, 3.1 429,902
1,877,453 Coffeyville Resources LLC, Tranche D Term Loan 1,384,622
3,939,364 (a)(d) Value Creation, Inc., Term Loan, 12.5%, 2/15/1 1,772,714
3,587,238
Oil & Gas Exploration & Production - 2.3%
4,995,000 (a) Crusader Energy Group, Inc., Second Lien Term 3,621,375
1,977,942 Venoco, Inc., Second Lien Term Loan, 5.25%, 5/ 929,633
4,551,008
Total Energy 11,969,007
Materials - 8.0%
Diversified Chemicals - 5.2%
1,000,000 (a)(c) Panda Hereford Ethanol, L.P., Tranche A Term L 650,000
14,862,406 Solutia, Inc., Term Loan, 8.5%, 2/28/14 9,716,298
10,366,298
Paper Packaging - 0.3%
572,599 Solo Cup Co., Term Loan B-1, 3.9125% - 5.75%, 521,065
Diversified Metals & Mining - 1.9%
4,322,406 Murray Energy Corp., First Lien Tranche B Term 3,846,941
Steel - 0.4%
1,410,065 Essar Steel Algoma, Inc., Term Loan, 2.92%, 6/ 854,852
Paper Products - 0.2%
756,135 (a) Newark Group, Inc., Credit-Link LC Loan, 10.75 378,068
170,175 (a) Newark Group, Inc., Term Loan, 10.75%, 3/9/13 85,087
463,155
Total Materials 16,052,311
Capital Goods - 3.6%
Aerospace & Defense - 0.7%
492,321 Aeroflex, Inc., Tranche B-2 Term Loan, 4.25% - 329,240
948,185 Hunter Defense Technologies, Inc., Term Loan, 630,543
902,779 (d) IAP Worldwide Services, Inc., First Lien Term 495,024
1,454,807
Building Products - 1.7%
5,504,459 (d) Atrium Companies, Inc., Closing Date Term Loan 1,376,115
1,691,178 Custom Building Products, Inc., First Lien Ter 1,166,913
1,497,421 (a) Rexair LLC, First Lien Term Loan, 5.709%, 6/30 861,017
3,404,045
Construction & Farm Machinery & Heavy Trucks - 1.2%
3,000,000 Manitowoc Company, Inc., Term Loan B, 6.5%, 8/ 2,295,939
Total Capital Goods 7,154,791
Commercial & Professional Services - 4.1%
Diversified Commercial & Professional Services - 4.1%
980,000 Aramark Canada, Ltd., Canadian Term Loan, 3.33 815,850
8,312,500 (a) Cydcor, Inc., First Lien Tranche B Term Loan, 6,650,000
968,816 EURO Mediannuaire Holding, Term Loan B-2, 3.909%, 1 393,742
968,816 EURO Mediannuaire Holding, Term Loan C, 4.409%, 10/ 393,742
Total Commercial & Professional Services 8,253,334
Transportation - 3.9%
Airlines - 2.6%
990,000 Delta Airlines, Inc., Credit-Linked Deposit Lo 763,125
477,576 Delta Airlines, Inc., Second Lien Term Loan, 3 243,713
2,905,638 Northwest Airlines, Inc., Term Loan, 2.45%, 12 2,525,000
3,700,000 US Airways Group, Inc., Term Loan, 2.979%, 3/2 1,728,596
5,260,434
Trucking - 0.6%
1,611,960 (d)(c) Gainey Corp., Term Loan, 12.5%, 4/20/12 172,480
535,308 (a) SIRVA Worldwide, Inc., Revolving Credit Loan, 243,565
2,204,218 (d) SIRVA Worldwide, Inc., Second Lien Term Loan, 220,422
1,026,362 (a) SIRVA Worldwide, Inc., Term Loan, 9.5%, 5/12/1 518,313
1,154,780
Airport Services - 0.7%
2,143,308 AWAS Capital, Inc., First Lien Term Loan, 3.25 1,390,471
Total Transportation 7,805,685
Automobiles & Components - 3.2%
Auto Parts & Equipment - 1.6%
9,075,710 Delphi Corp., Initial Tranche C Term Loan, 8.5 1,542,871
924,290 (a) Delphi Corp., Subsequent Tranche C Term Loan, 157,129
3,930,000 (a) Key Safety Systems, Inc., First Lien Term Loan 1,611,300
3,311,300
Automobile Manufacturers - 1.6%
9,818,782 Ford Motor Co., Term Loan, 5.0%, 12/15/13 3,199,283
Total Automobiles & Components 6,510,583
Consumer Durables & Apparel - 2.9%
Homebuilding - 2.9%
2,369,368 (a)(c) Ginn LA Conduit Lender, Inc., First Lien Tranche A Credit-
Linked
Deposit Loan, 8.5%, 6/8/11 269,516
5,077,235 (c) Ginn LA Conduit Lender, Inc., First Lien Tranc 577,535
3,500,000 (a)(c) MetroFlag BP LLC, Second Lien Term Loan, 12.0% 525,000
2,960,994 (a)(c) Pivotal Promontory LLC, First Lien Term Loan, 1,189,333
1,851,229 (d) Rhodes Companies LLC, First Lien Term Loan, 4. 617,076
1,000,000 (a) WAICCS Las Vegas 3 LLC, First Lien Term Loan, 750,000
4,500,000 (a) WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 1,800,000
Total Consumer Durables & Apparel 5,728,460
Consumer Services - 4.2%
Casinos & Gaming - 2.3%
5,000,000 (a) Fontainebleau Florida Hotel LLC, Tranche C Ter 4,250,000
1,333,333 Fontainebleau Las Vegas LLC, Initial Term Loan 364,167
4,614,167
Hotels, Resorts & Cruise Lines - 0.8%
4,568,331 a Yellowstone Mountain Club LLC, First Lien Term 1,576,074
Leisure Facilities - 1.1%
587,649 (a)(c) Lake at Las Vegas Joint Venture, Revolving Credit-Linked
Deposit Account Loan, 14.35%, 6/20/12 42,850
1,765,105 (a) Lake at Las Vegas Joint Venture, Term Loan, 9. 1,765,105
5,298,787 (c)(d) Lake at Las Vegas Joint Venture, Term Loan, 14 386,372
2,194,327
Total Consumer Services 8,384,568
Media - 25.6%
Advertising - 1.8%
7,814,398 Metro-Goldwyn-Mayer, Inc., Tranche B Term Loan 3,566,718
Broadcasting - 8.4%
19,476,857(a)AUD SMG H5 Pty, Ltd., Facility Term Loan A, 6.267% 6,864,288
11,115,966 Univision Communications, Inc., Initial Term L 5,080,919
4,900,000 WideOpenWest Finance LLC, First Lien Term Loan 3,372,832
3,769,895 (a)(c) Young Broadcasting, Inc., Term Loan, 4.0% - 4. 1,474,029
16,792,068
Cable & Satellite - 13.6%
19,591,675(a)(d) Broadstripe LLC, First Lien Term Loan, 9.25%, 11,304,396
1,428,203 (a) Broadstripe LLC, Revolver Credit Loan, 8.87% - 824,073
11,302,444 Cequel Communications LLC, Term Loan, 2.445% - 9,617,679
6,793,678 Knology, Inc., Term Loan, 2.663%, 6/30/12 5,570,816
27,316,964
Movies & Entertainment - 1.5%
2,428,571 Alpha Topco, Ltd., Facility Term Loan B-1, 2.8 1,266,444
1,669,643 (a) Alpha Topco, Ltd., Facility Term Loan B-2, 2.8 870,680
1,391,566 (a) Wallace Theater Corp., First Lien Term Loan, 6 1,022,801
3,159,925
Publishing - 0.3%
3,500,000 Penton Media Holdings, Inc., Second Lien Term 520,625
Total Media 51,356,300
Retailing - 9.1%
Distributors - 1.6%
15,507,541(a)(c) Home Interiors & Gifts, Inc., Initial Term Loa 3,295,352
General Merchandise Stores - 3.4%
3,000,000 Dollar General Corp., Tranche B-1 Term Loan, 3 2,608,296
5,000,000 Dollar General Corp., Tranche B-2 Term Loan, 3 4,152,500
6,760,796
Specialty Stores - 4.1%
8,409,508 Blockbuster, Inc., Tranche B Term Loan, 5.29% 5,907,679
3,980,099 Toys R Us - Delaware, Inc., Tranche B Term Loa 2,260,127
8,167,806
Total Retailing 18,223,954
Food, Beverage & Tobacco - 7.3%
Packaged Foods & Meats - 7.3%
4,925,000 Pinnacle Foods Finance LLC, Term Loan, 3.163%, 4,024,651
1,964,998 Sturm Foods, Inc., Initial First Lien Term Loa 1,164,261
9,500,000 Wm. Wrigley Jr. Co., Tranche B Term Loan, 6.5% 9,409,949
Total Food, Beverage & Tobacco 14,598,861
Household & Personal Products - 1.6%
Household Products - 1.4%
3,967,778 Spectrum Brands, Inc., Dollar Term Loan B, 7.3 2,672,298
201,369 (a) Spectrum Brands, Inc., LC Loan, 2.263%, 3/30/1 135,622
2,807,920
Personal Products - 0.2%
987,469 (a) Appleseed's Intermediate Holdings, Inc., First 360,426
Total Household & Personal Products 3,168,346
Health Care Equipment & Services - 17.8%
Health Care Equipment & Services - 6.2%
714,286 Fenwal, Inc., First Lien Delayed Draw Term Loa 483,929
4,210,714 Fenwal, Inc., Initial First Lien Term Loan, 3. 2,852,759
9,800,000 Talecris Biotherapeutics Holdings Corp., First Lien Term Loan,
3.96% - 4.74%, 12/6/13 8,942,500
12,279,188
Health Care Services - 1.9%
1,299,789 Fresenius SE, Tranche B-1 Term Loan, 6.75%, 9/ 1,273,793
2,954,198 LifeCare Holdings, Term Loan, 5.43%, 8/11/12 1,805,754
1,000,000 (a) Medical Staffing Network, Inc., Second Lien Te 725,000
3,804,547
Health Care Facilities - 8.0%
5,208,288 CCS Medical, Inc., First Lien Term Loan, 4.71% 2,604,144
14,738,093 HCA, Inc., Tranche B-1 Term Loan, 3.709%, 11/1 12,482,339
1,229,793 Triumph Healthcare Second Holdings LLC, First Lien
Term Loan, 3.47% - 4.174%, 7/28/13 980,760
16,067,243
Managed Health Care - 1.7%
1,926,120 Aveta, Inc., MMM Original Term Loan, 5.98%, 8/ 1,531,266
286,134 Aveta, Inc., NAMM New Term Loan, 5.98%, 8/22/1 227,477
515,601 Aveta, Inc., NAMM Original Term Loan, 5.98%, 8 409,902
1,578,500 Aveta, Inc., PHMC Acquisition Term Loan, 5.98% 1,254,907
3,423,552
Total Health Care Equipment & Services 35,574,530
Pharmaceuticals & Biotechnology & Life Sciences - 11.4%
Pharmaceuticals - 9.4%
700,211 Fresenius SE, Tranche B-2 Term Loan, 6.75%, 9/ 686,207
2,000,000 (a) Graceway Pharmaceuticals LLC, Mezzanine Loan, 500,000
19,174,002 Mylan, Inc., U.S. Tranche B Term Loan, 3.75% - 17,711,984
18,898,191
Life Sciences Tools & Services - 2.0%
3,990,000 Life Technologies Corp., Facility Term Loan B, 3,923,918
Total Pharmaceuticals & Biotechnology & Life S 22,822,109
Diversified Financials - 2.0%
Specialized Finance - 2.0%
4,987,406 Charter Communications Operating LLC, New Term 3,983,690
Total Diversified Financials 3,983,690
Insurance - 1.3%
Insurance Brokers - 1.3%
678,297 HUB International, Ltd., Delayed Draw Term Loa 488,373
3,017,770 HUB International, Ltd., Initial Term Loan, 3. 2,172,794
Total Insurance 2,661,167
Real Estate - 0.8%
Diversified Real Estate Investment Trust - 0.8%
5,000,000 Spirit Finance Corp., Term Loan, 4.17%, 8/1/13 1,512,500
Total Real Estate 1,512,500
Software & Services - 10.8%
Internet Software & Services - 0.9%
2,037,500 Web Service Co., LLC, Term Loan, 7.0% - 8.0%, 1,731,875
IT Consulting & Other Services - 6.1%
4,581,395 Keane International, Inc., Closing Date Term L 1,695,116
348,837 (a) Keane International, Inc., Synthetic LC Loan, 129,070
4,987,500 SunGard Data Systems, Inc., Incremental Term L 4,638,375
6,752,075 SunGard Data Systems, Inc., New U.S. Term Loan 5,696,125
12,158,686
Data Processing & Outsourced Services - 1.1%
2,595,488 (a) DTN, Inc., Tranche C Term Loan, 5.448% - 7.193 2,212,654
Application Software - 1.2%
3,327,536 Serena Software, Inc., Term Loan, 3.104%, 3/10 1,863,420
938,462 (a) Verint Systems, Inc., Term Loan, 3.71%, 5/25/1 570,115
2,433,535
Systems Software - 1.5%
2,463,443 (a) Applied Systems, Inc., Term Loan, 3.684% - 3.9 1,884,534
1,466,667 Infor Enterprise Solutions Holdings, Inc., Second Lien
Delayed Draw Term Loan, 7.709%, 3/2/14 337,333
1,000,000 Vangent, Inc., Term Loan, 4.16%, 2/14/13 840,000
3,061,867
Total Software & Services 21,598,617
Technology Hardware & Equipment - 3.9%
Computer Hardware - 3.2%
2,348,533 Infor Enterprise Solutions Holdings, Inc., Del 1,432,605
2,955,000 (a) Infor Enterprise Solutions Holdings, Inc., Dol 1,673,269
Lien Term Loan, 4.21%, 7/28/12
4,501,353 Infor Enterprise Solutions Holdings, Inc., Ini 2,745,825
2,533,333 Infor Enterprise Solutions Holdings, Inc., Second Lien Initial
Dollar Term Loan, 7.709%, 3/2/14 525,667
6,377,366
Electronic Manufacturing Services - 0.7%
996,924 FCI USA, Inc., Facility Term Loan B-1, 4.145%, 700,339
996,924 (a) FCI USA, Inc., Facility Term Loan B-5-B, 4.145 700,339
1,400,678
Total Technology Hardware & Equipment 7,778,044
Telecommunication Services - 15.9%
Alternative Carriers - 2.4%
6,500,000 Level 3 Financing, Inc., Term Loan, 2.703% - 3 4,847,141
Integrated Telecommunication Services - 5.8%
752,152 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V., Casema
Facility Term Loan B-1, 4.053%, 9/15/14 878,115
390,705 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V., Casema
Facility Term Loan B-2, 4.053%, 9/15/14 456,137
1,142,857 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V., Casema
Facility Term Loan C, 4.553%, 9/14/15 1,335,368
857,143 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V., Kabelcom
Facility Term Loan B, 4.053%, 9/15/14 1,000,689
857,143 EURO Amsterdamse Beheer-EN Consultingmaatschappij B.V., Kabelcom
Facility Term Loan C, 4.553%, 9/14/15 1,001,526
1,000,000 Hargray Acquisition Co., Second Lien Term Loan 622,500
569,999 (a) Inovis International, Inc., Term Loan, 4.25%%, 555,749
3,950,000 Integra Telecom Holdings, Inc., First Lien Ter 2,425,300
1,500,000 EURO Wind Telecomunicazione S.p.A., Facility Term L 1,678,666
1,500,000 EURO Wind Telecomunicazione S.p.A., Facility Term L 1,678,666
11,632,716
Wireless Telecommunication Services - 7.7%
9,750,000 Cricket Communications, Inc., Term Loan B, 6.5 9,085,781
7,355,947 MetroPCS Wireless, Inc., Tranche B Term Loan, 6,417,225
15,503,006
Total Telecommunication Services 31,982,863
Utilities - 7.7%
Electric Utilities - 6.9%
3,696,435 ANP Funding I LLC, Tranche A Term Loan, 3.938% 3,460,787
2,989,274 Bosque Power Co. LLC, Term Loan, 7.025%, 1/16/ 2,032,707
1,754,777 (a) Coleto Creek Power, L.P., First Lien Synthetic 1,248,817
3,596,520 Coleto Creek Power, L.P., First Lien Term Loan 2,559,525
4,875,000 Coleto Creek Power, L.P., Second Lien Term Loa 2,730,000
2,019,898 (c)(d) GBGH LLC, First Lien Advance Term Loan, 9.5%, 1,807,809
13,839,645
Independent Power Producers & Energy Traders - 0.8%
2,000,000 Calpine Corp., First Priority Term Loan, 4.335 1,462,142
275,941 (a) Mach Gen LLC, First Lien Synthetic LC Loan, 1. 213,854
1,675,996
Total Utilities 15,515,641
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $474,984,958) 302,635,361
CLAIMS - 0.0%
Capital Goods - 0.0%
Aerospace & Defense - 0.0%
1,200,000 (a)(e) Northwest Airlines, Inc., ALPA Claim-Escrow, 2 826
2,500,000 (a)(e) Northwest Airlines, Inc., Bell Atlantic Claim- 1,720
2,500,000 (a)(e) Northwest Airlines, Inc., EDC Claim-Escrow, 5. 1,720
2,130,600 (a)(e) Northwest Airlines, Inc., Flight Attendant Cla 1,466
1,500,000 (a)(e) Northwest Airlines, Inc., GE Claim-Escrow, 2.5 1,032
1,264,500 (a)(e) Northwest Airlines, Inc., IAM Claim-Escrow, 2. 870
1,404,900 (a)(e) Northwest Airlines, Inc., Retiree Claim-Escrow 966
Total Capital Goods 8,600
TOTAL CLAIMS
(Cost $0) 8,600
CORPORATE NOTES - 16.8%
Materials - 0.2%
Commodity Chemicals - 0.2%
2,940,000 Georgia Gulf Corp., 9.5%, 10/15/14 (144A) 382,200
Total Materials 382,200
Automobiles & Components - 1.1%
Tires & Rubber - 1.1%
3,000,000 (b) American Tire Distributors, Inc., 7.709%, 4/1/ 2,130,000
Total Automobiles & Components 2,130,000
Media - 0.0%
Broadcasting - 0.0%
1,000,000 (c) CCH I LLC, 11.0%, 10/1/15 (144A) 85,000
Total Media 85,000
Pharmaceuticals & Biotechnology & Life Sciences - 15.5%
Biotechnology - 4.2%
4,630,077 (a) Fosamprenavir Pharma, 15.5%, 6/15/18 (144A) 4,074,468
2,642,485 (a)(b)(Molecular Insight Pharmaceuticals, Inc., 10.80 2,113,988
2,280,000 (a) Pharma V, 13.0%, 10/15/13 (144A) 2,097,600
8,286,056
Pharmaceuticals - 11.0%
15,000,000(a) Azithromycin Royalty Sub LLC, 16.0%, 5/15/19 ( 13,200,000
9,753,963 (a)(d) Celtic Pharma Phinco B.V., 17.0%, 6/15/12 (144 6,827,774
858,197 (a)(b)(Pharma VI, 6.434%, 10/15/14 (144A) 703,722
1,500,000 (a) TCD Pharma, 16.0%, 4/15/24 (144A) 1,320,000
22,051,496
Life Sciences Tools & Services - 0.3%
1,038,750 (a)(d) Pharma X, 15.5%, 3/30/17 (144A) 675,187
Total Pharmaceuticals & Biotechnology & Life S 31,012,739
TOTAL CORPORATE NOTES
(Cost $42,926,150) 33,609,939
Shares
COMMON STOCK - 0.0%
Transportation - 0.0%
Airlines - 0.0%
3,275 (e) Delta Airlines, Inc. 16,473
Trucking - 0.0%
12,887 (e) SIRVA Worldwide, Inc. (144A) 64,435
Total Transportation 80,908
TOTAL COMMON STOCK
(Cost $1,384,679) 80,908
WARRANTS - 0.0%
Energy - 0.0%
Oil & Gas Equipment & Services - 0.0%
213,605 (e) Value Creation, Inc., Exp. 1/29/14 0
Total Energy 0
Telecommunication Services - 0.0%
Integrated Telecommunication Services - 0.0%
400,000 (e) Clearwire Corp., Exp. 8/15/10 (144A) 2,000
Total Telecommunication Services 2,000
TOTAL WARRANTS
(Cost $956,752) 2,000
Principal
Amount
USD ($) Value
TEMPORARY CASH INVESTMENTS - 20.0%
Repurchase Agreements - 20.0%
8,000,000 Bank of America Corp., 0.27%, dated 2/27/09, repurchase price
of $8,000,000 plus accrued
interest on 3/2/09 collateralized by $8,160,000 Government
National Mortgage Association,
5.5% - 6.5%, 11/15/38 - 2/20/39 8,000,000
8,000,000 Barclays Plc, 0.25%, dated 2/27/09, repurchase price of
$8,000,000 plus accrued
interest on 3/2/09 collateralized by the following:
$4,079,655 Federal National Mortgage Association, 4.5%, 10/1/35
$4,080,345 Freddie Mac Giant, 5.0%, 4/1/33 8,000,000
8,000,000 BNP Paribas Securities Corp., 0.25% dated 2/27/09, repurchase
price of $8,000,000 plus accrued
interest on 3/2/09 collateralized by the following:
$4,007,859 U.S. Treasury Inflation Notes, 2.0% - 2.375%,
1/15/25 - 1/15/26
$4,154,975 U.S. Treasury Strip, 0.0%, 5/15/16- 8,000,000
8,000,000 Deutsche Bank AG, 0.29%, dated 2/27/09, repurchase price of
$8,000,000 plus accrued
interest on 3/2/09 collateralized by the following:
$2,831,104 Federal National Mortgage Association, 4.5% - 5.0%,
5/1/11 - 1/1/39
$5,328,896 Freddie Mac Giant, 5.5%, 6/1/38 8,000,000
8,000,000 JPMorgan Chase & Co., .026%, dated 2/27/09, repurchase price
of $8,000,000 plus accrued
interest on 3/2/09 collateralized by $8,130,425 Federal
National Mortgage Association,
5.0% - 5.5%, 3/1/38 - 5/1/38 8,000,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $40,000,000) 40,000,000
TOTAL INVESTMENTS IN SECURITIES - 188.3%
(Cost $566,388,239)(f) 377,121,318
OTHER ASSETS AND LIABILITIES 2.8% 5,597,441
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (91.1)% (182,477,326)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 200,241,433
* Senior secured floating rate loan interests in which the Trust
invests
generally pay interest at rates that are periodically
redetermined by
reference to a base lending rate plus a premium. These base
lending
rates are generally (i) the lending rate offered by one or more
major
European banks, such as LIBOR (London InterBank Offered Rate),
(ii) the prime rate offered by one or more major United States
banks,
(iii) the certificate of deposit (iv) other base lending rates
used by
commercial lenders. The rate shown is the coupon rate accruing
at February 28, 2009.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such
securities may be resold normally to qualified institutional
buyers in a transaction exempt from
registration. At February 28, 2009 the value of these
securities amounted to
$47,891,237 or 23.9% of total net assets applicable to common
shareowners.
(a) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$176,324,374. The aggregate value$100,293,124 represents 50.1%
of
the total net assets applicable to common shareowners.
(b) Floating Rate Note. The rate shown is the coupon rate at
February 28, 2009.
(c) Security is in default and is non-income producing.
(d) Payment-in-Kind (PIK) security which may pay interest in
additional principal amount.
(e) Non-income producing.
(f) At February 28, 2009, the net unrealized loss on investments
based on cost for federal income tax purposes
of $566,729,541 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost 200,052
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (189,808,275)
Net unrealized loss (189,608,223)
For financial reporting purposes net unrealized loss on
investments was $189,266,921. and cost of
investments aggregated $566,388,239.
Glossary of Terms:
LC- Letter of Credit
Principal amounts are denominated in U.S. dollars unless
otherwise noted.
AUD - Australian Dollar
EURO - Euro
Various inputs are used in determining the value of the Trust'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
Trust's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of February
28, 2009, in
valuing the Trust's investments:
Investments
Valuation Inputs in Securities
Level 1 - Quoted Prices 16,473
Level 2 - Other Significant Observable Inputs 345,298,996
Level 3 - Significant Unobservable Inputs 31,805,849
Total 377,121,318
Following is a reconciliation of assets valued using
significant unobservable inputs (Level 3): Investments
in Securities
Balance as of 11/30/08 33,032,207
Realized gain (loss) 0
Change in unrealized appreciation (depreciatio (1,249,702)
Net purchases (sales) 14,744
Transfers in and out of Level 3 8,600
Balance as of 2/28/09 31,805,849
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 April 29, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date April 29, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date April 29, 2009
* Print the name and title of each signing officer under his or her signature.