0001305767-15-000001.txt : 20150729 0001305767-15-000001.hdr.sgml : 20150729 20150729114328 ACCESSION NUMBER: 0001305767-15-000001 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150531 FILED AS OF DATE: 20150729 DATE AS OF CHANGE: 20150729 EFFECTIVENESS DATE: 20150729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pioneer Floating Rate Trust CENTRAL INDEX KEY: 0001305767 IRS NUMBER: 582683903 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21654 FILM NUMBER: 151011724 BUSINESS ADDRESS: STREET 1: 60 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-422-4947 MAIL ADDRESS: STREET 1: 60 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: January 31, 2017 Estimated average burden hours per response.....20.6 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% --------------------------------------------------------------------------------
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. EX-99 2 cert.txt CERTIFICATIONS -------------- I, Lisa M. Jones, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Floating Rate Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 29, 2015 /s/ Lisa M. Jones Lisa M. Jones President & Chief Executive Officer CERTIFICATIONS -------------- I, Mark Bradley, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Floating Rate Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 29, 2015 /s/ Mark Bradley Mark Bradley Treasurer & Chief Accounting & Financial Officer SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Floating Rate Trust (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended May 31, 2015 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: July 29, 2015 /s/ Lisa M. Jones Lisa M. Jones President & Chief Executive Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request. SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Floating Rate Trust (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended May 31, 2015 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: July 29, 2015 /s/ Mark Bradley Mark Bradley Treasurer & Chief Accounting & Financial Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request. EX-99 3 CodeofEthics.txt CODE OF ETHICS FOR SENIOR OFFICERS POLICY This Code of Ethics for Senior Officers (this "Code") sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This Code does not apply generally to officers and employees of service providers to the Funds, including Pioneer Investment Management, Inc. ("Pioneer"), unless such officers and employees are also Senior Officers. The term "Senior Officers" shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code. The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the "Board"). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee. PURPOSE The purposes of this Code are to: . Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; . Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; ------------------------------------------------------------------------------- 1 Last revised January 17, 2014 . Promote compliance with applicable laws and governmental rules and regulations; . Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and . Establish accountability for adherence to the Code. Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. RESPONSIBILITIES OF SENIOR OFFICERS Conflicts of Interest A "conflict of interest" occurs when a Senior Officer's private interests interfere in any way - or even appear to interfere - with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer's position with the Fund. Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "ICA"), and the Investment Advisers Act of 1940, as amended (the "IAA"). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Fund's and Pioneer's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Pioneer because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Pioneer, or for both), be involved in establishing policies and implementing decisions that will have different effects on Pioneer and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Pioneer and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds. Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible ------------------------------------------------------------------------------- 2 Last revised January 17, 2014 scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund. Each Senior Officer must: . Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund; . Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and . Report at least annually any affiliations or other relationships that give rise to conflicts of interest. Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include: . Service as a director on the board of any public or private company; . The receipt of any gift with a value in excess of an amount established from time to time by Pioneer's Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition; . The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; . Any ownership interest in, or any consulting or employment relationship with, any of a Fund's service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and . A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment, such as compensation or equity ownership. ------------------------------------------------------------------------------- 3 Last revised January 17, 2014 Corporate Opportunities Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund's property, information or position; (b) use a Fund's property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises. Confidentiality Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed. Fair dealing with Fund shareholders, suppliers, and competitors Senior Officers should endeavor to deal fairly with the Funds' shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds' auditors or to governmental regulators and self-regulatory organizations. Compliance with Law Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer's supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law. Disclosure Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Pioneer with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds. INITIAL AND ANNUAL CERTIFICATIONS Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code. ------------------------------------------------------------------------------- 4 Last revised January 17, 2014 ADMINISTRATION AND ENFORCEMENT OF THE CODE Report of Violations Pioneer relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Pioneer's Legal and Compliance Department. Failure to do so is itself a violation of this Code. Investigation of Violations Upon notification of a violation or suspected violation, the CCO or other members of Pioneer's Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent. The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest. Violations and Sanctions Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds. Waivers from the Code The Independent Trustees will consider any approval or waiver sought by any Senior Officer. The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules. OTHER POLICIES AND PROCEDURES This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds', Pioneer's, and Pioneer Funds Distributor, Inc.'s Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds, Pioneer or Pioneer ------------------------------------------------------------------------------- 5 Last revised January 17, 2014 Fund Distributor, Inc. overlap or conflict with the provisions of the this Code, they are superseded by this Code. SCOPE OF RESPONSIBILITIES A Senior Officer's responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge. AMENDMENTS This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees. CONFIDENTIALITY All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel or to Pioneer's Legal and Compliance Department. INTERNAL USE This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion. ------------------------------------------------------------------------------- 6 Last revised January 17, 2014 EXHIBIT A - SENIOR OFFICERS OF THE PIONEER FUNDS President (Principal Executive Officer) Treasurer (Principal Financial Officer) Code of Ethics for Senior Officers -------------------------------------------------------------------------------