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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: February 29, 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 2/29/08 (unaudited)
Principal
Amount
USD ($) Value ($)
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 145.1% of Net
Assets*
Aerospace - 6.1%
3,188,775 AWAS Capital, Inc., First Lien Term Loan, 6.688%, 3 2,646,683
588,526 DeCrane Aircraft Holdings, Inc., First Lien Term Lo 517,903
1,000,000 Delta Airlines, Inc., Credit-Linked Deposit Loan, 6 859,167
1,990,000 Delta Airlines, Inc., Second Lien Term Loan, 8.082% 1,691,500
4,364,210 DynCorp International, LLC (Di Finance), New Term L 4,036,895
980,000 IAP Worldwide Services, Inc., First Lien Term Loan, 825,160
6,940,000 Northwest Airlines, Inc., Term Loan, 5.13%, 8/21/13 5,948,899
5,000,000 US Airways Group, Inc., Term Loan, 5.785%, 3/23/14 3,954,690
3,000,000 Vought Aircraft Industries, Inc., Tranche B LC Depo 2,768,751
23,249,648
Broadcasting - 17.6%
11,417,481 Cequel Communications, LLC, Term Loan, 5.07% - 7.0% 9,651,665
1,000,000 Hargray Acquisition Co., Second Lien Term Loan, 10. 975,000
2,025,000 Insight Midwest Holdings, LLC, Term Loan B, 6.48%, 1,824,715
9,119,679 Metro-Goldwyn-Mayer Inc., Tranche B Term Loan, 8.10 7,576,930
994,987 Metro-Goldwyn-Mayer Inc., Tranche B-1 Term Loan, 8. 826,668
992,495 NEP II, Inc., Term Loan B, 7.108%, 2/16/14 882,494
7,000,000 Paxson Communications Corp., Term Loan, 7.627%, 1/1 5,950,000
19,523,810 SMG H5 Pty, Ltd., Facility Term Loan A, 8.835% - 9. 17,042,909
2,968,973 Sunshine Acquisition, Ltd., Facility Term Loan, 5.0 2,538,472
19,002,201 Univision Communications, Inc., Initial Term Loan, 16,007,530
3,808,961 Young Broadcasting, Inc., Term Loan, 5.688% - 7.375 3,428,065
66,704,448
Cable/Wireless Video - 10.2%
15,666,337 Charter Communications Operating, LLC, Replacement 13,814,356
6,965,000 Knology, Inc., Term Loan, 6.953%, 6/30/12 5,920,250
17,574,728 (a)(Millennium Digital Media Systems, LLC, First Lien T 16,827,802
2,218,605 (b) Millennium Digital Media Systems, LLC, Revolver Cre 2,044,600
38,607,008
Chemicals - 2.7%
1,000,000 (b) Panda Hereford Ethanol, L.P., Tranche A Term Loan, 910,000
10,000,000 Solutia Inc., Term Loan, 8.5%, 2/28/14 9,312,500
10,222,500
Consumer - Durables - 0.5%
1,833,241 Rexair, LLC, First Lien Term Loan, 7.372% - 9.08%, 1,805,743
Consumer - Non-Durables - 2.1%
997,494 (b) Appleseed's Intermediate Holdings, Inc., First Lien 773,058
2,087,670 Camelbak Products, LLC, First Lien Term Loan, 6.88% 1,868,464
630,651 Solo Cup Co., Term Loan B-1, 6.59% - 8.38%, 2/27/11 579,973
4,008,292 Spectrum Brands, Inc., Dollar Term Loan B, 7.065% - 3,608,464
201,369 Spectrum Brands, Inc., LC Loan, 2.994%, 3/30/13 181,283
990,000 Totes Isotoner Corp., First Lien Term Loan, 7.33% - 881,100
7,892,342
Diversified Media - 6.4%
2,982,455 Nielsen Finance, LLC, Dollar Term Loan, 5.346%, 8/9 2,646,929
1,985,000 Penton Media Holdings, Inc., First Lien Term Loan, 1,595,444
3,500,000 Penton Media Holdings, Inc., Second Lien Term Loan, 2,590,000
11,940,000 Tribune Co., Initial Tranche B Advance Term Loan, 7 8,778,885
7,466,667 Tribune Co., Tranche X Advance Term Loan, 7.396%, 6 6,835,502
647,433 Valassis Communications, Inc., Tranche B Term Loan, 595,234
1,447,500 Wallace Theater Corp. (Hollywood Theaters), First L 1,309,988
24,351,982
Energy - 5.7%
3,675,685 ATP Oil & Gas Corp., First Lien Term Loan, 6.454% - 3,450,549
500,000 Big West Oil, LLC, Delayed Advance Term Loan, 5.067 461,250
1,780,000 Big West Oil, LLC, Initial Advance Term Loan, 5.5%, 1,642,050
486,486 Coffeyville Resources, LLC, Funded LC Loan, 5.131%, 459,324
1,582,635 Coffeyville Resources, LLC, Tranche D Term Loan, 7. 1,494,271
466,276 Delphi Acquisition Holding I B.V., Facility Term Lo 405,660
466,276 Delphi Acquisition Holding I B.V., Facility Term Lo 407,214
2,043,772 Helix Energy Solutions Group, Inc., Term Loan, 6.37 1,907,520
2,000,000 III Exploration II, L.P., Second Lien Term Loan, 11 1,400,000
2,978,625 III Exploration II, L.P., Term Loan, 6.64% - 8.41%, 2,561,618
2,000,000 (b)(Monitor U.S. Finco, Inc., Second Lien Term Loan, 17 950,000
1,250,000 TARH E&P Holdings, L.P., First Lien Term Loan, 7.68 1,200,000
4,538,200 Value Creation, Inc., Term Loan, 12.043%, 7/7/12 4,402,054
890,000 Volnay Acquisition Co. I, Facility Term Loan B-1, 5 834,375
21,575,885
Financial - 1.1%
532,439 HUB International Holdings, Inc., Delay Draw Term L 463,222
3,048,407 HUB International Holdings, Inc., Initial Term Loan 2,652,114
1,000,000 Kepler Holdings, Ltd., Term Loan, 10.33%, 6/30/09 990,000
4,105,336
Food & Tobacco - 1.9%
990,000 (b) Aramark Canada, Ltd., Canadian Term Loan, 7.198%, 1 920,700
355,629 Chiquita Brands, LLC, Term Loan C, 6.125%, 6/28/12 351,406
1,786,760 OSI Restaurant Partners, LLC, Incremental Term Loan 1,462,590
142,337 OSI Restaurant Partners, LLC, Pre-Funded Revolver C 116,513
4,975,000 Pinnacle Foods Finance, LLC, Term Loan, 7.479% - 7. 4,398,213
7,249,422
Forest Products & Containers - 0.5%
1,000,000 Graham Packaging Co., L.P., New Term Loan, 5.375% - 911,750
833,333 Newark Group, Inc., Synthetic LC Loan, 5.38%, 3/9/1 750,000
166,667 Newark Group, Inc., Term Loan, 5.38%, 3/9/13 150,000
1,811,750
Gaming & Leisure - 7.7%
2,428,571 Alpha Topco Limited (Formula One), Facility Term Lo 2,128,643
1,821,429 Alpha Topco Limited (Formula One), Facility Term Lo 1,596,482
5,000,000 Fontainebleau Florida Hotel, LLC, Tranche C Term Lo 4,175,000
1,333,333 Fontainebleau Las Vegas, LLC, Initial Term Loan, 8. 1,113,333
2,369,368 Ginn LA Conduit Lender, Inc., First Lien Tranche A 1,816,516
5,090,154 Ginn LA Conduit Lender, Inc., First Lien Tranche B 3,902,453
750,000 (b)(Lake at Las Vegas Joint Venture, New Term Loan, 10. 750,000
594,829 (b)(Lake at Las Vegas Joint Venture, Revolving Credit-L 238,923
4,576,685 (a)(Lake at Las Vegas Joint Venture, Term Loan, 15.31-1 1,838,303
3,500,000 MetroFlag BP, LLC, Second Lien Term Loan, 12.116%, 2,887,500
2,960,994 (b)(Pivotal Promontory, LLC, First Lien Term Loan, 8.25 2,220,745
1,000,000 (b) WAICCS Las Vegas 3, LLC, First Lien Term Loan, 6.71 915,000
4,500,000 (b) WAICCS Las Vegas 3, LLC, Second Lien Term Loan, 12. 4,050,000
1,641,600 Yellowstone Mountain Club, LLC, First Lien Term Loa 1,493,856
29,126,754
Healthcare - 16.3%
5,343,347 CCS Medical, Inc. (Chronic Care), First Lien Term L 4,895,842
792,000 CHG Companies, Inc./CHG Medical Staffing, Inc., Fir 748,440
200,000 CHG Companies, Inc./CHG Medical Staffing, Inc., Syn 189,000
4,613,302 CHS/Community Health Systems, Inc., Funded Term Loa 4,230,781
1,369,497 (b) DSI Renal, Inc. (National Renal Institutes, Inc.), 1,206,869
3,402,857 Fenwal, Inc., Initial First Lien Term Loan, 7.331%, 2,968,993
2,724,643 Golden Gate National Senior Care, LLC, First Lien T 2,506,671
2,000,000 Golden Gate National Senior Care, LLC, Second Lien 1,850,000
2,000,000 Graceway Pharmaceuticals, LLC, Mezzanine Loan, 13.0 1,680,000
20,790,000 HCA, Inc., Tranche B Term Loan, 7.448%, 11/18/13 19,196,634
1,262,594 HealthSouth Corp., Term Loan, 5.67% - 5.78%, 3/11/1 1,165,445
2,984,733 LifeCare Holdings (Rainier Acquisition Corp), Term 2,560,901
1,000,000 Medical Staffing Network, Inc., Second Lien Term Lo 965,000
5,000,000 Mylan Inc., U.S. Tranche B Term Loan, 6.438% - 8.12 4,847,220
3,442,053 Onex Carestream Finance, L.P., First Lien Term Loan 2,860,346
1,910,204 Skilled Healthcare Group, Inc., First Lien Term Loa 1,783,653
4,950,000 Talecris Biotherapeutics Holdings Corp., First Lien 4,083,750
2,962,528 Triumph HealthCare Second Holdings, LLC, First Lien 2,799,589
1,692,626 Warner Chilcott Co., Inc., Tranche B Acquisition Da 1,572,026
62,111,160
Housing - 6.2%
1,394,286 Associated Materials, Inc., Term Loan, 7.39%, 8/29/ 1,261,829
6,080,136 Atrium Companies, Inc., Closing Date Term Loan, 6.4 5,183,316
1,582,218 Champion Home Builders Co., Synthetic LC Loan, 4.73 1,463,552
680,353 Champion Home Builders Co., U.S. Term Loan, 6.372%, 629,326
2,449,274 Custom Building Products, Inc., First Lien Term Loa 2,179,854
395,784 (b) Desa, LLC, Term Loan, 13.25%, 11/26/11 336,417
2,640,000 LNR Property Corp., Initial Tranche B Term Loan, 7. 2,181,300
8,046,211 Realogy Corp., Initial Term Loan B, 7.505%, 10/10/1 6,781,451
2,415,647 Realogy Corp., Synthetic LC Loan, 8.32%, 10/10/13 2,035,939
2,063,309 Rhodes Companies, LLC , First Lien Term Loan, 8.33% 1,676,439
23,729,423
Information Technology - 10.1%
2,647,455 Applied Systems, Inc., Term Loan, 7.4% - 7.698%, 9/ 2,409,184
2,955,169 DTN, Inc., Tranche C Term Loan, 6.218% - 8.694%, 3/ 2,689,204
4,974,874 Freescale Semiconductor, Inc., Term Loan, 4.861% - 4,244,190
2,372,556 Infor Enterprise Solutions Holdings, Inc., Delayed 2,147,163
2,985,000 Infor Enterprise Solutions Holdings, Inc., Dollar Tranche B-1
First Lien Term Commitment, 8.58%, 3/2/14 2,477,550
4,547,404 Infor Enterprise Solutions Holdings, Inc., Initial 4,115,400
713,670 Inovis International, Inc., Term Loan, 7.5%%, 11/15 713,670
4,627,907 Keane International, Inc., Closing Date Term Loan, 3,663,761
348,837 Keane International, Inc., Synthetic LC Loan, 7.08% 276,163
992,500 Metrologic Instruments, Inc., First Lien Add-on Ter 824,602
1,000,000 Metrologic Instruments, Inc., Second Lien Term Loan 940,000
1,350,000 Quantum Corp., Term Loan, 8.33%, 7/14/14 1,228,500
3,327,536 Serena Software, Inc., Term Loan, 7.175%, 3/11/13 3,028,058
1,946,921 Sitel, LLC (ClientLogic), U.S. Term Loan, 5.622% - 1,567,271
7,826,050 SunGard Data Systems, Inc. (Solar Capital Corp.), N 7,250,100
938,462 Verint Systems, Inc., Term Loan, 5.989%, 5/27/14 797,692
38,372,508
Manufacturing - 1.3%
1,000,000 FCI USA, Inc., Facility Term Loan B-1, 6.849%, 3/10 901,667
1,000,000 FCI USA, Inc., Tranche Term Loan B-5-B, 7.755%, 11/ 927,500
2,930,101 Generac Acquisition Corp., First Lien Term Loan, 7. 2,444,542
1,000,000 Hunter Defense Technologies, Inc., First Lien Term 875,000
5,148,709
Metals & Minerals - 1.4%
1,417,222 Algoma Steel, Inc., Term Loan, 7.33%, 6/20/13 1,243,613
4,367,431 Murray Energy Corp., First Lien Tranche B Term Loan 4,149,059
5,392,672
Retail - 9.9%
9,019,939 Blockbuster, Inc., Tranche B Term Loan, 7.27% - 9.1 8,127,606
3,843,291 Burlington Coat Factory Warehouse Corp., Term Loan, 3,246,781
3,000,000 Dollar General Corp., Tranche B-1 Term Loan, 7.71% 2,514,642
15,765,928 (b) Home Interiors & Gifts, Inc., Initial Term Loan, 10 6,306,371
1,984,925 Michaels Stores, Inc., Replacement Term Loan, 5.375 1,717,186
360,385 Movie Gallery, Inc., First Lien Synthetic LC Loan, 248,065
8,610,780 Movie Gallery, Inc., First Lien Term Loan, 10.75% - 5,927,084
1,977,475 Sally Holdings, LLC, Term Loan B, 5.6% - 5.7%, 11/1 1,836,226
5,000,000 Spirit Finance Corp., Term Loan, 6.239%, 8/1/13 3,950,000
3,980,099 Toys R Us - Delaware, Inc., Tranche B Term Loan, 7. 3,687,395
37,561,356
Service - 6.0%
1,000,000 First Data Corp., Initial Tranche B-1 Term Loan, 7. 911,528
3,970,000 (b) Inmar, Inc., Term Loan, 7.33%, 4/29/13 3,453,900
1,995,000 Orbitz Worldwide, Inc., Term Loan, 6.095% - 8.198%, 1,745,625
12,203,980 Sabre, Inc., Initial Term Loan, 5.244%, 9/30/14 10,177,839
990,000 Total Safety U.S., Inc., First Lien Tranche B Term 975,150
5,775,987 Travelport, LLC, Delayed Draw Term Loan, 7.08%, 8/2 5,100,018
67,223 Travelport, LLC, Synthetic LC Loan, 7.08%, 8/23/13 59,355
335,023 Travelport, LLC, Tranche B Dollar Term Loan, 7.08%, 295,815
22,719,230
Telecommunications - 10.5%
498,750 Aeroflex, Inc., Tranche B-1 Term Loan, 8.119%, 8/15 443,888
498,750 Aeroflex, Inc., Tranche B-2 Term Loan, 8.619%, 8/15 443,888
752,152 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Casema Facility Term Loan B-1, 6.685%, 9/12/14 1,057,152
390,705 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Casema Facility Term Loan B-2, 6.685%, 9/12/14 549,138
1,142,857 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Casema Facility Term Loan C, 7.185%, 9/12/15 1,614,001
857,143 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Kabelcom Facility Term Loan B, 6.685%, 9/12/14 1,204,717
857,143 Amsterdamse Beheer-EN Consultingmaatschappij B.V. (Casema),
Kabelcom Facility Term Loan C, 7.185%, 9/12/15 1,210,501
1,000,000 Cellnet Group, Inc., Second Lien Term Loan, 9.11%, 910,000
159,222 Centennial Cellular Operating Co., New Term Loan, 5 152,216
1,250,000 Fairpoint Communications, Inc., Replacement Term Lo 1,235,000
173,913 (b) Global Tel Link Corp., Acquisition Synthetic Deposi 154,783
256,957 (b) Global Tel Link Corp., Acquisition Term Loan, 8.698 228,691
43,478 (b) Global Tel Link Corp., Synthetic Deposit Loan, 5.09 38,696
506,087 (b) Global Tel Link Corp., Term Facility, 8.698%, 2/14/ 450,417
1,364,365 Hawaiian Telcom Communications, Inc., Tranche C Ter 1,113,094
3,990,000 Integra Telecom Holdings, Inc., Term Loan, 7.335% - 3,710,700
6,500,000 Level 3 Financing, Inc., Term Loan, 5.389% - 6.627% 5,649,195
1,000,000 Mediannuaire Holding (Pages Jaunes Holdco), Term Lo 1,266,977
1,000,000 Mediannuaire Holding (Pages Jaunes Holdco), Term Lo 1,273,303
364,788 Nordic Telephone Company Holdings APS, Euro Facilit 517,841
439,781 Nordic Telephone Company Holdings APS, Euro Facilit 627,508
642,672 PAETEC Holding Corp., Replacement Term Loan, 5.771% 582,153
2,000,000 (b) Pine Tree Holdings, Inc., (Country Road Communications),
Second Lien Term Loan, 12.59%, 7/15/13 1,990,000
1,470,000 Stratos Global Corp., Facility Term Loan B, 7.58% - 1,378,125
6,500,000 WideOpenWest Finance, LLC, First Lien Term Loan, 5. 5,508,750
3,000,000 WideOpenWest Finance, LLC, Second Lien Term Loan, 1 2,400,000
1,500,000 Wind Telecomunicazione S.p.A., Facility Term Loan B 2,126,638
1,500,000 Wind Telecomunicazione S.p.A., Facility Term Loan C 2,137,076
39,974,448
Transportation - 8.1%
4,162,595 Affinia Group, Inc., Tranche B Term Loan, 6.244%, 1 3,767,149
1,000,000 Delphi Corp., Tranche B Term Loan, 6.688%, 7/1/08 987,250
11,000,000 Delphi Corp., Tranche C Term Loan, 7.188%, 7/1/08 10,853,337
7,908,835 Ford Motor Co., Term Loan, 8.0%, 12/15/13 6,795,010
1,617,540 Gainey Corp., Term Loan, 10.5%, 6/30/09 1,067,576
495,000 General Motors Corp., Secured Term Loan, 7.056%, 11 436,288
3,970,000 Key Safety Systems, Inc., First Lien Term Loan, 6.1 2,828,625
790,796 SIRVA Worldwide, Inc., DIP Term Loan, 9.62%, 6/30/0 790,796
425,813 SIRVA Worldwide, Inc., DIP Revolver Loan, 9.62%, 6/ 425,813
5,772,549 (a)(SIRVA Worldwide, Inc., Tranche B Term Loan, 11.93%, 2,775,632
30,727,476
Utility - 7.0%
4,400,000 ANP Funding I, LLC, Tranche A Term Loan, 8.181%, 7/ 4,334,000
217,194 Boston Generating, LLC, First Lien Revolving Credit 191,014
775,691 Boston Generating, LLC, First Lien Synthetic LC Loa 682,192
3,471,063 Boston Generating, LLC, First Lien Term Loan, 7.08% 3,052,675
1,754,777 Coleto Creek Power, L.P., First Lien Synthetic LC T 1,559,558
3,643,943 Coleto Creek Power, L.P., First Lien Term Loan, 7.9 3,238,554
4,925,000 Coleto Creek Power, L.P., Second Lien Term Loan, 9. 4,518,688
1,980,000 GBGH, LLC (U.S. Energy), First Lien Advance Term Lo 1,984,950
281,250 Mach Gen, LLC, First Lien Synthetic LC Loan, 6.83%, 262,687
2,691,562 Mach Gen, LLC, First Lien Term Loan B, 5.1%, 2/22/1 2,513,919
747,290 TPF Generation Holdings, LLC, First Lien Synthetic 654,346
3,787,379 TPF Generation Holdings, LLC, First Lien Term Loan, 3,316,324
234,260 TPF Generation Holdings, LLC, Synthetic Revolver De 205,124
26,514,031
Wireless Communication - 5.8%
1,145,424 Clearwire Corp., Delayed Draw Term Loan, 8.97% - 10 999,383
5,687,451 Clearwire Corp., Term Loan, 9.02% - 9.1%, 7/3/12 4,962,301
9,850,000 Cricket Communications, Inc., Term Loan B, 7.83%, 6 9,434,113
7,431,199 Metro PCS Wireless, Inc., New Tranche B Term Loan, 6,833,917
22,229,714
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $626,232,823) 551,183,545
CLAIMS - 0.1% of Net Assets
Aerospace - 0.1%
1,200,000 (b) Northwest Airlines, Inc., ALPA Claim-Escrow, 2.5% 48,000
2,500,000 (b) Northwest Airlines, Inc., Bell Atlantic Claim-Escro 100,000
2,500,000 (b) Northwest Airlines, Inc., EDC Claim-Escrow, 5.32% 100,000
2,130,600 (b) Northwest Airlines, Inc., Flight Attendant Claim-Es 85,224
1,500,000 (b) Northwest Airlines, Inc., GE Pre-petition Claim, 2. 60,000
1,264,500 (b) Northwest Airlines, Inc., IAM Claim-Escrow, 2.5% 50,580
1,404,900 (b) Northwest Airlines, Inc., Retiree Claim-Escrow, 2.5 56,196
TOTAL CLAIMS
(Cost $730,121) 500,000
CONVERTIBLE BONDS & NOTES - 0.6% of Net Assets
Cable/Wireless Video - 0.5%
3,951,000 Charter Communications, Inc., 6.5%, 10/1/27 1,940,929
Gaming & Leisure - 0.1%
907,000 Six Flags Theme Parks, Inc., 4.5%, 5/15/15 541,932
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $5,137,347) 2,482,861
CORPORATE NOTES - 8.6% of Net Assets
Cable/Wireless Video - 0.2%
1,000,000 CCH I, LLC, 11.0%, 10/1/15 695,000
Food & Tobacco - 0.2%
1,000,000 Pinnacle Foods Group, Inc., 9.25%, 4/1/15 862,500
Healthcare - 4.7%
15,000,000 (b) Azithromycin Royalty Sub, LLC, 16.0%, 5/15/19 (144A 15,000,000
2,000,000 (b) Pharma V (Duloxetine), 13.0%, 10/15/13 (144A) 2,040,000
1,003,852 (a)(Pharma VI (Rotavax), 8.307%, 10/15/14 (144A) 943,620
17,983,620
Information Technology - 1.2%
400,000 (d) Freescale Semiconductor, Inc., 8.866%, 12/15/14 285,000
5,000,000 (d) NXP BV/NXP Funding, LLC, 7.008%, 10/15/13 4,037,500
4,322,500
Retail - 1.6%
4,500,000 Blockbuster, Inc., 9.0%, 9/1/12 3,645,000
2,500,000 Dollar General Corp., 10.625%, 7/15/15 (144A) 2,387,500
6,032,500
Transportation - 0.7%
3,000,000 (b)(American Tire Distributors, Inc., 11.08%, 4/1/12 2,670,000
TOTAL CORPORATE NOTES
(Cost $34,755,240) 32,566,120
Shares
COMMON STOCK - 2.5% of Net Assets
Aerospace - 0.6%
153,834 (e) Northwest Airlines Corp. 2,065,991
Utility - 1.9%
199,435 (e) Mirant Corp. 7,379,095
TOTAL COMMON STOCK
(Cost $9,205,720) 9,445,086
WARRANTS - 0.2% of Net Assets
Wireless Communication - 0.2%
400,000 (b)(Clearwire Corp., Exp. 8/15/10 (144A) 620,000
TOTAL WARRANTS
(Cost $956,752) 620,000
Principal
Amount
USD ($) TEMPORARY CASH INVESTMENT - 3.9% of Net Assets
Repurchase Agreement - 3.9%
4,880,000 Bank of America Corp., 3.16%, dated 2/29/08, repurchase price of
$4,880,0
interest on 3/3/08 collateralized by the following:
$2,624,257 Freddie Mac Giant, 5.5%, due 12/1/36
$2,318,787 Federal National Mortgage Association, 6 4,880,000
4,880,000 Barclays PLC, 3.18%, dated 2/29/08, repurchase price of
$4,880,000 plus a
interest on 3/3/08 collateralized by the following:
$776,451 Federal National Mortgage Association, 6.0%, due 2/1/38
$825,772 Federal National Mortgage Association (ARM), 6.094%, due
11/1/36
$755,069 Federal National Mortgage Association, 5.5%, due 8/1/37
$1,586,266 Federal National Mortgage Association, 4.5%, due
5/1/19
$1,353,800 Freddie Mac Giant, 6.0%, due 9/1/36
$664,291 Federal National Mortgage Association (ARM), 4.73%, due
2/1/38
$3,641,889 U.S. Treasury Bond, 7.875%, due 2/15/21 4,880,000
4,880,000 JP Morgan Chase & Co., 3.16%, dated 2/29/08, repurchase price of
$4,880,0
interest on 3/3/08 collateralized by the following:
$2,345,884 Federal National Mortgage Association,, 6.5%, due
10/1/36
$1,710,166 Federal National Mortgage Association, 6.5%, due
10/1/37
$1,301,404 Federal National Mortgage Association, 6 4,880,000
TOTAL TEMPORARY CASH INVESTMENT
(Cost $14,640,000) 14,640,000
TOTAL INVESTMENTS IN SECURITIES - 161.0%
(Cost $691,658,003) (f) 611,437,612
OTHER ASSETS AND LIABILITIES - 0.8% 2,878,231
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (61.8)% (234,566,780)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0 379,749,063
* 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 or (iv)
other base lending rates used by commercial lenders.
The rate shown is the coupon rate at February 29, 2007.
(144A) Security is exempt from registration under Rule 144A
of the Securities Act of 1933. Such
securities may be resold normally to qualified
institutional buyers in a transaction exempt from
registration. At February 29, 2007 the value of
these securities amounted to $20,991,120 or 5.5% of total
net assets applicable to common shareowners.
(a) Payment-in-Kind (PIK) security which may
pay interest in additional principal amount.
(b) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$83,864,202. The aggregate value $68,378,895
represents 18.0% of the total net assets.
(c) Security is in default and is non-income producing.
(d) Floating Rate Note. The rate shown is the
coupon rate at February 29, 2008.
(e) Non-income producing security.
(f) At February 29, 2008, the net unrealized loss on investments
based on cost for federal income tax purposes
of $691,737,437 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $5,159,310
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (85,459,135)
Net unrealized loss $(80,299,825)
For financial reporting purposes net unrealized loss on
investments was $80,220,391 and cost of
investments aggregated $691,658,003.
Glossary of Terms:
DIP - Debtor-In-Possession
LC - Letter of Credit
Principal amounts are denominated in U.S.
dollars unless otherwise noted.
AUD - Australian Dollar
EURO - Euro
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 February 29,
2008, in valuing the Fund's assets:
Other
Investments Financial
Valuin Securities Instruments*
Leve$9,445,086
Leve$601,992,526 ($244,067)
Level 3 - Significant Unobservable Inputs
Tota$611,437,612 ($244,067)
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, 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 April 29, 2008
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date April 29, 2008
* Print the name and title of each signing officer under his or her signature.