floatingrate.htm
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-08657


                         Pioneer Pioneer Equity Income Fund
               (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:  February 28, 2014

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.




Pioneer Floating


                     Rate Trust






 NQ| February 28, 2014

 
Ticker Symbol:  PHD
 
 
 
 


 
 


   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
 
       
ASSET BACKED SECURITY -  0.1% of Net Assets
 
 
       
CONSUMER SERVICES - 0.1%
 
       
Hotels, Resorts &  Cruise Lines - 0.1%
 
   
  131,804 
BB/NR
Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A) 
$ 135,062 
           
       
Total Consumer Services 
$ 135,062 
           
       
TOTAL ASSET BACKED SECURITY
 
       
(Cost  $131,803)
$ 135,062 
 
       
COLLATERALIZED LOAN OBLIGATIONS -  2.6% of Net Assets
 
 
       
BANKS - 2.6%
 
       
Diversified Banks - 0.9%
 
   
  1,000,000(a)(b)(c)
BB+/Ba2
Primus, Ltd., Series 2007-2A, Class D, 2.639%, 7/15/21 (144A) 
$ 921,551 
   
  1,000,000(b)(c)
B+/Ba2
Rampart, Ltd., Series 2006-1A, Class D, 3.787%, 4/18/21 (144A) 
  947,999 
   
  951,289(b)(c)
CCC+/Ba3
Stanfield McLaren, Ltd., Series 2007-1A, Class B2L, 4.734%, 2/27/21 (144A) 
  904,775 
         
$ 2,774,325 
       
Thrifts & Mortgage Finance - 1.7%
 
   
  1,000,000(b)(c)
BB+/Ba2
ACA, Ltd., Series 2007-1A, Class D, 2.589%, 6/15/22 (144A) 
$ 939,759 
   
  1,000,000(b)(c)
BBB/Ba1
Goldman Sachs Asset Management Plc, Series 2007-1A, Class D, 2.988%, 8/1/22 (144A) 
  975,080 
   
  1,000,000(b)(c)
BBB/Baa2
Gulf Stream - Sextant, Ltd., Series 2007-1A, Class D, 2.644%, 6/17/21 (144A) 
  950,258 
   
  1,000,000(b)(c)
BB/Ba3
Landmark CDO, Ltd., Series 2007-9A, Class E, 3.739%, 4/15/21 (144A) 
  943,980 
   
  2,000,000(b)(c)
BBB/Baa3
Stone Tower, Ltd., Series 2007-6A, Class C, 1.588%, 4/17/21 (144A) 
  1,834,442 
         
$ 5,643,519 
       
Total Banks 
$ 8,417,844 
           
       
TOTAL COLLATERALIZED LOAN OBLIGATIONS
 
       
(Cost  $7,357,455)
$ 8,417,844 
 
       
SENIOR SECURED FLOATING RATE LOAN INTERESTS -  132.8% of Net Assets *
 
 
       
AUTOMOBILES & COMPONENTS - 7.2%
 
       
Auto Parts & Equipment - 5.3%
 
   
  84,686 
BB-/Ba3
Allison Transmission, Inc., New Term B-2 Loan, 3.16%, 8/7/17   
$ 84,792 
   
  2,910,059 
B+/Ba3
Allison Transmission, Inc., Term Loan B-3, 3.5%, 8/23/19   
  2,917,939 
   
  2,147,078 
B+/B1
ARC Automotive Group, Inc., Term Loan, 6.25%, 11/15/18   
  2,163,181 
   
  1,720,945 
B+/B2
ASP HHI Acquisition Co., Inc., Additional Term Loan, 5.0%, 10/5/18   
  1,737,437 
   
  714,792 
B/B1
Federal-Mogul Corp., Tranche B Term Loan, 2.098%, 12/29/14   
  710,883 
   
  420,650 
B/B1
Federal-Mogul Corp., Tranche C Term Loan, 2.098%, 12/28/15   
  418,350 
   
  3,310,902 
B+/B1
Metaldyne LLC, USD Term Loan, 4.25%, 12/18/18   
  3,335,733 
   
  1,216,544 
B+/B1
TI Group Automotive Systems LLC, Additional Term Loan, 5.5%, 3/28/19   
  1,225,289 
   
  954,676 
BB/Ba2
Tomkins LLC, Term Loan B-2, 3.75%, 9/29/16   
  960,166 
   
  2,530,907 
B+/B2
Tower Automotive Holdings USA, LLC, Refinancing Term Loan, 4.0%, 4/23/20   
  2,534,070 
   
  1,091,250 
B/Ba3
UCI International, Inc., (United Components), Term Loan, 5.5%, 7/26/17   
  1,096,251 
         
$ 17,184,091 
       
Automobile Manufacturers - 1.0%
 
   
  3,286,139 
BB+/Ba1
Chrysler Group LLC, Term Loan B, 3.5%, 5/24/17   
$ 3,296,691 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Tires & Rubber - 0.9%
 
   
  3,000,000 
BB/Ba1
Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19   
$ 3,031,875 
       
Total Automobiles & Components 
$ 23,512,657 
           
 
       
BANKS - 0.4%
 
       
Thrifts & Mortgage Finance - 0.4%
 
   
  1,291,991 
B+/B1
Ocwen Loan Servicing, Initial Term Loan, 5.0%, 2/15/18   
$ 1,304,499 
           
       
Total Banks 
$ 1,304,499 
           
 
       
CAPITAL GOODS - 9.4%
 
       
Aerospace & Defense - 4.4%
 
   
  1,170,578 
B+/B1
Accudyne Industries Borrower S.C.A./Accudyne Industries LLC, Refinancing Term Loan, 4.0%, 12/13/19   
$ 1,176,184 
   
  608,561 
B-/B2
Cadence Aerospace Finance, Inc., Term Loan, 6.5%, 5/9/18   
  610,843 
   
  1,164,358 
B-/B3
DAE Aviation Holdings, Inc., Tranche B-1 Loan, 5.0%, 11/2/18   
  1,182,307 
   
  471,177 
B/B2
DAE Aviation Holdings, Inc., Tranche B-2 Loan, 5.0%, 11/2/18   
  478,637 
   
  1,655,490 
BBB-/Ba2
Digitalglobe, Inc., Term Loan, 3.75%, 1/31/20   
  1,659,101 
   
  588,689 
BB-/NR
DynCorp International, Inc., Term Loan, 6.25%, 7/7/16   
  593,840 
   
  1,250,540 
B/Caa1
Hunter Defense Technologies, Inc., Term Loan, 3.49%, 8/22/14   
  1,137,991 
   
  963,943 
CCC+/Caa1
IAP Worldwide Services, Inc., First Lien Term Loan, 10.0%, 12/31/15   
  306,052 
   
  1,559,250 
B/B1
Sequa Corp., Initial Term Loan, 5.25%, 6/19/17   
  1,538,785 
   
  1,747,766 
B+/B1
SI Organization, Inc., New Tranche B Term Loan, 5.5%, 11/22/16   
  1,721,550 
   
  1,717,548 
BB-/B2
TASC, Inc., New Tranche B Term Loan, 4.5%, 12/18/15   
  1,634,355 
   
  1,490,000 
B/B1
WP CPP Holdings LLC, First Lien Term Loan, 4.75%, 12/28/19   
  1,502,106 
   
  680,000 
CCC+/Caa1
WP CPP Holdings LLC, Second Lien Term Loan B-1, 8.75%, 4/30/21   
  691,475 
         
$ 14,233,226 
       
Building Products - 1.2%
 
   
  1,324,988 
BB-/B1
Armstrong World Industries, Inc., Term Loan B, 3.5%, 3/15/20   
$ 1,330,232 
   
  1,723,848 
BB-/B2
Summit Materials LLC, Term B Loan, 5.0%, 1/30/19   
  1,734,622 
   
  813,905 
B+/B1
Unifrax Holding Co., New Term B Dollar Loan, 4.25%, 11/28/18   
  819,119 
         
$ 3,883,973 
       
Construction & Farm Machinery & Heavy Trucks - 0.7%
 
   
  480,000 
BB/Ba1
Manitowoc Co., Inc., Term Loan B, 3.25%, 1/3/21   
$ 481,488 
   
  870,000 
B/Ba3
Navistar, Inc., Tranche B, Term Loan, 5.75%, 8/17/17   
  883,956 
   
  816,930 
B+/B2
Waupaca Foundry, Inc. Term Loan, 4.0%, 6/29/17   
  818,973 
         
$ 2,184,417 
       
Electrical Components & Equipment - 1.0%
 
   
  2,201,475 
B+/B1
Pelican Products, Inc., First Lien Term Loan, 6.25%, 7/17/18   
$ 2,221,432 
   
  1,209,688 
BB+/Ba2
WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17   
  1,221,028 
         
$ 3,442,460 
       
Industrial Conglomerates - 0.7%
 
   
  2,230,123 
B+/B2
Pro Mach, Inc., Term Loan, 4.5%, 7/6/17   
$ 2,242,668 
       
Industrial Machinery - 0.9%
 
   
  2,103,660 
B+/Ba2
Ina Beteiligungsgesellschaft Mit Beschrankter Haftung, Facility C (USD), 4.25%, 1/27/17   
$ 2,119,805 
   
  704,675 
BB-/Ba3
Xerium Technologies, Inc., New Term Loan, 6.75%, 5/17/19   
  710,254 
         
$ 2,830,059 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Trading Companies & Distributors - 0.5%
 
   
  1,125,000 
BB-/Ba3
Wesco Aircraft Hardware Corp., Tranche B Term  Loan, 2.5%, 2/28/21   
$ 1,127,464 
   
  711,169 
B+/Ba3
WESCO Distribution, Inc., Tranche B-1 Loan, 3.75%, 12/12/19   
  713,835 
         
$ 1,841,299 
       
Total Capital Goods 
$ 30,658,102 
           
 
       
COMMERCIAL & PROFESSIONAL SERVICES - 5.7%
 
       
Commercial Printing - 0.2%
 
   
  725,239 
NR/Caa3
Cenveo Corp., Term Loan B, 6.25%, 2/13/17   
$ 735,211 
       
Diversified Support Services - 1.3%
 
   
  1,067,925 
B-/B2
InfoGroup, Inc., Term Loan B, 8.0%, 5/26/18   
$ 938,439 
   
  1,123,952 
BB-/Ba3
KAR Auction Services, Inc., Term Loan, 3.75%, 5/19/17   
  1,129,338 
   
  2,216,516 
B-/B1
Language Line LLC, Tranche B Term Loan, 6.25%, 6/20/16   
  2,217,440 
         
$ 4,285,217 
       
Environmental & Facilities Services - 1.3%
 
   
  1,080,750 
BB+/Baa3
Convata Energy Corp., Term Loan, 3.5%, 3/28/19   
$ 1,087,505 
   
  297,000 
BBB-/Ba1
Progressive Waste Solutions Ltd., Term B Loan, 3.0%, 10/24/19   
  297,371 
   
  495,000 
B-/B2
Tervita Corp., (fka CCS Corp.),Term Loan, 6.25%, 5/15/18   
  498,580 
   
  993,701 
B+/B1
Waste Industries USA, Inc., Term Loan B, 4.0%, 3/17/17   
  997,419 
   
  1,409,395 
B+/B1
WCA Waste Corp. (WCA Waste Systems, Inc.), Term Loan, 4.0%, 3/23/18   
  1,414,504 
         
$ 4,295,379 
       
Human Resource & Employment Services - 0.3%
 
   
  950,739 
BB-/Ba2
On Assignment, Inc., Initial Term B Loan, 3.5%, 5/15/20   
$ 951,127 
       
Research & Consulting Services - 0.7%
 
   
  2,147,875 
BB-/Ba3
Wyle Services Corp., First Lien Term Loan, 5.0%, 3/26/17   
$ 2,148,770 
       
Security & Alarm Services - 1.9%
 
   
  1,016,301 
B/B1
Allied Security Holdings LLC, Closing Date First Lien Term Loan, 4.25%, 2/12/21   
$ 1,016,936 
   
  1,184,526 
BB/Ba3
GEO Group, Inc., Term Loan, 3.25%, 4/3/20   
  1,190,819 
   
  2,377,799 
B/Ba3
Monitronics International, Inc., 2013 Term Loan B, 4.25%, 3/23/18   
  2,390,183 
   
  1,495,701 
B+/B1
Protection One, Inc., 2012 Term Loan, 4.25%, 3/21/19   
  1,499,440 
         
$ 6,097,378 
       
Total Commercial & Professional Services 
$ 18,513,082 
           
 
       
CONSUMER DISCRETIONARY - 1.6%
 
       
Apparel, Accessories & Luxury Goods - 0.4%
 
   
  1,246,851 
B/B2
Renfro Corp., Tranche B Term Loan, 5.75%, 1/30/19   
$ 1,243,734 
       
Automobiles & Components - 0.3%
 
   
  1,000,000 
B+/B2
CWGS Group LLC, Term Loan, 5.75%, 2/20/20   
$ 1,007,500 
       
Broadcasting - 0.7%
 
   
  1,500,000 
B+/B2
Gray Television, Inc., Initial Term Loan, 4.75%, 10/11/19   
$ 1,512,657 
   
  685,000 
CCC+/Caa2
Learfield Communications, Inc., Initial Second Lien Term Loan, 8.75%, 10/8/21   
  702,125 
         
$ 2,214,782 
       
Hotels, Resorts & Cruise Lines - 0.2%
 
   
  789,474 
BB/Ba3
Hilton Worldwide Finance LLC, Initial Term Loan, 3.75%, 10/26/20   
$ 793,370 
       
Total Consumer Discretionary 
$ 5,259,386 
           

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings           
 
Value
 
       
CONSUMER DURABLES & APPAREL - 4.1%
 
       
Apparel Retail - 0.1%
 
   
  390,000 
B/Ba2
J. Crew Group, Inc., Initial Loan, 3.0%, 3/5/21   
$ 390,975 
       
Apparel, Accessories & Luxury Goods - 0.3%
 
   
  805,457 
BBB-/Ba1
PVH Corp., Tranche B Term Loan, 3.25%, 2/13/20   
$ 808,406 
       
Home Furnishings - 1.1%
 
   
  2,044,460 
B+/B1
Serta Simmons Holdings LLC, Term Loan, 4.25%, 10/1/19   
$ 2,062,715 
   
  1,461,796 
BB/Ba3
Tempur Pedic International, Inc., Term Loan B, 3.5%, 3/18/20   
  1,464,276 
         
$ 3,526,991 
       
Homebuilding - 0.1%
 
   
  1,000,000(a)(b)(d)
NR/NR
WAICCS Las Vegas 3 LLC, First Lien Term Loan, 7.75%, 7/30/09   
$ 335,000 
   
  4,500,000(a)(b)(d)
NR/NR
WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 13.25%, 7/30/09   
  22,505 
         
$ 357,505 
       
Housewares & Specialties - 2.0%
 
   
  1,469,773 
BB+/NR
Jarden Corp., New Tranche B Term Loan, 2.655%, 3/31/18   
$ 1,479,572 
   
  1,184,125 
BB/Ba2
Prestige Brands, Inc., Term B-1 Loan, 5.0%, 1/31/19   
  1,191,772 
   
  2,300,067 
B+/B1
Reynolds Group Holdings, Inc., Incremental U.S. Term Loan, 4.0%, 11/30/18   
  2,318,516 
   
  1,587,343 
B+/B1
World Kitchen LLC, U.S. Term Loan, 5.5%, 3/4/19   
  1,607,184 
         
$ 6,597,044 
       
Textiles - 0.5%
 
   
  1,738,800 
NR/NR
Klockner Pentaplast of America, Inc., Term Loan B-1, 4.75%, 12/21/16   
$ 1,759,087 
       
Total Consumer Durables & Apparel 
$ 13,440,008 
           
 
       
CONSUMER SERVICES - 8.6%
 
       
Casinos & Gaming - 1.3%
 
   
  1,150,000 
B+/B3
CityCenter Holdings LLC, Term B loan, 5.0%, 10/16/20   
$ 1,163,348 
   
  167,984 
BBB-/Ba2
Las Vegas Sands LLC, Term B Loan, 3.25%, 12/19/20   
  167,879 
   
  1,485,000 
BB/Ba2
MGM Resorts International (MGM Grand Detroit LLC), Term B Loan, 3.5%, 12/20/19   
  1,485,465 
   
  1,421,250 
BBB-/Baa3
Seminole Tribe of Florida, Initial Term Loan, 3.0%, 4/29/20   
  1,422,360 
         
$ 4,239,052 
       
Education Services - 2.9%
 
   
  3,493,456 
B+/B1
Bright Horizons Family Solutions LLC,Term B Loan, 4.0%, 1/30/20   
$ 3,514,564 
   
  948,113 
NR/NR
Houghton Mifflin Holdings Inc., Term Loan, 4.25%, 5/22/18   
$ 956,409 
   
  1,488,602 
B/B1
Laureate Education, Inc., Series 2018 Extended Term Loan, 5.0%, 6/15/18   
  1,466,273 
   
  1,561,875 
NR/B2
McGraw-Hill Global Education Holdings LLC, Term B Loan, 9.0%, 3/22/19   
  1,592,136 
   
  1,875,000 
B+/B2
McGraw-Hill School Education Holdings LLC, Term B Loan, 6.25%, 12/18/19   
  1,902,343 
         
$ 9,431,725 
       
Hotels, Resorts & Cruise Lines - 0.5%
 
   
  1,474,230 
BB-/B2
Seven Sea Cruises S. DE R.L., Term B2 Loan, 3.75%, 12/21/18   
$ 1,488,972 
       
Internet Software & Services - 0.3%
 
   
  987,525 
B/B1
Sabre, Inc., Term B Loan, 4.25%, 2/19/19   
$ 990,765 
       
Leisure Facilities - 0.8%
 
   
  864,425 
BBB-/Ba1
Cedar Fair, LP, U.S. Term Facility, 3.25%, 3/6/20   
$ 868,024 
   
  248,750 
BB+/Ba3
Seaworld Parks & Entertainment, Inc., Term B-2 Loan, 3.0%, 5/14/20   
  247,538 
   
  1,514,465 
BB+/Ba2
Six Flags Theme Parks, Inc., Tranche B Term Loan, 3.5%, 12/20/18   
  1,526,764 
         
$ 2,642,326 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Restaurants - 2.3%
 
   
  1,107,975 
BB/Ba3
Burger King Corp., 2012 Tranche B Term Loan, 3.75%, 9/28/19   
$ 1,115,386 
   
  205,995 
BB-/Ba2
DineEquity, Inc., Term B-2 Loan, 3.75%, 10/19/17   
  207,374 
   
  2,861,513 
B+/Ba3
Landry's, Inc., (fka Landry's Restaurants, Inc.), Term Loan B, 4.0%, 4/24/18   
  2,884,167 
   
  1,791,542 
B/Ba3
NPC International, Inc., 2013 Term Loan, 4.0%, 12/28/18   
  1,806,098 
   
  1,512,935 
BB-/B1
Wendy's International, Inc., Term B Loan, 3.25%, 5/15/19   
  1,515,367 
         
$ 7,528,392 
       
Specialized Consumer Services - 0.5%
 
   
  1,985,000 
BB/Baa1
Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4.0%, 4/2/20   
$ 1,536,886 
       
Total Consumer Services 
$ 27,858,118 
           
 
       
CONSUMER STAPLES - 1.0%
 
       
Drug Retail - 0.4%
 
   
  1,250,000 
B+/B1
Rite Aid Corp., Tranche 6 Term Loan, 3.0%, 2/21/20   
$ 1,258,594 
       
Food Retail - 0.6%
 
   
  2,000,000 
BB+/NR
Albertson's LLC, Term B-1 Loan, 3.25%, 3/21/16   
$ 2,017,240 
       
Total Consumer Staples 
$ 3,275,834 
           
 
       
DIVERSIFIED FINANCIALS - 3.0%
 
       
Investment Banking & Brokerage - 0.8%
 
   
  1,216,396 
B/B1
Duff & Phelps Corp., Initial Term Loan, 4.5%, 4/23/20   
$ 1,218,677 
   
  748,125 
NR/NR
Guggenheim Partners Investment Management Holdings LLC, Initial Term Loan, 4.25%, 7/22/20   
  756,775 
   
  540,416 
BB-/Ba2
LPL Holdings, Inc., 2013 Incremental Tranche B Term Loan, 3.25%, 3/29/19   
  541,655 
         
$ 2,517,107 
       
Other Diversified Financial Services - 2.1%
 
   
  1,681,033 
BBB/Ba2
AWAS Finance Luxembourg 2012 SA, Term Loan, 3.5%, 7/16/18   
$ 1,691,540 
   
  325,000 
BBB-/Ba2
Delos Finance, S.à r.l., Term Loan, 2.75%, 3/6/21   
  326,574 
   
  891,092 
BBB-/B1
Fly Funding II S.a.r.l., Term Loan, 4.5%, 8/9/19   
  905,201 
   
  1,000,000 
NR/Baa2
Kasima LLC, Term Loan, 3.25%, 5/17/21   
  1,001,250 
   
  2,039,750 
B/B1
Livingston International, Inc., First Lien Initial Term B-1 Loan, 5.0%, 4/18/19   
  2,052,499 
   
  989,394 
BB/Ba3
Ship Luxco 3 S.a.r.l. (RBS Worldpay), Facility B2A, 5.25%, 11/29/19   
  1,000,277 
         
$ 6,977,341 
       
Specialized Finance - 0.1%
 
   
  156,000 
BB-/B1
Bats Global Markets, Inc., Term Loan, 5.0%, 1/31/20   
$ 157,235 
       
Total Diversified Financials 
$ 9,651,683 
           
 
       
ENERGY - 5.3%
 
       
Coal & Consumable Fuels - 0.5%
 
   
  897,750 
B+/Ba3
Foresight Energy LLC, Term Loan, 5.5%, 8/21/20   
$ 907,850 
   
  733,333 
NR/NR
PT Bumi Resources Tbk, Term Loan, 18.158%, 11/7/14   
  733,333 
         
$ 1,641,183 
       
Integrated Oil & Gas - 0.2%
 
   
  620,576 
BBB/Baa2
Glenn Pool Oil & Gas Trust 1, Term Loan, 4.5%, 5/2/16   
$ 627,558 
       
Integrated Oil & Gas  (continued) - 0.3%
 
   
  900,000 
BB-/Ba3
ExGen Renewables, LLC, Term Loan, 5.25%, 2/6/21   
$ 918,000 
       
Oil & Gas Drilling - 0.7%
 
   
  992,500 
B-/B3
Offshore Group Investment, Ltd., (Vantage Delaware Holdings LLC), Second Lien Term Loan, 5.75%, 3/28/19   
$ 1,007,387 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Oil & Gas Drilling (continued)
 
   
  1,094,500 
B+/B1
Pacific Drilling SA, Term Loan, 4.5%, 6/3/18   
  1,103,530 
         
$ 2,110,917 
       
Oil & Gas Equipment - 0.3%
 
   
  930,000 
B+/B3
FR Dixie Acquisition Corp., Term Loan, 5.75%, 12/18/20   
$ 936,198 
       
Oil & Gas Equipment & Services - 1.1%
 
   
  1,688,995 
B-/B2
Frac Tech Services International, Inc., Term Loan, 8.5%, 5/6/16   
$ 1,715,838 
   
  2,462,500(a)
B+/Caa1
Preferred Proppants LLC, Term Loan B, 11.75%, 12/15/16   
  1,916,645 
         
$ 3,632,483 
       
Oil & Gas Exploration & Production - 1.7%
 
   
  1,600,000 
BB-/Ba3
Chesapeake Energy Corp., Term Loan, 5.75%, 12/2/17   
$ 1,637,000 
   
  1,516,667 
B+/Ba3
EP Energy LLC, Tranche B-3 Term Loan, 3.5%, 5/24/18   
  1,520,616 
   
  899,125 
BB-/Ba2
Fieldwood Energy LLC, Closing Date Term Loan, 3.875%, 9/28/18   
  902,965 
   
  1,600,000 
B-/B1
Samson Investment Co., Tranche 1 Second Lien Term Loan, 5.0%, 9/25/18   
  1,616,400 
         
$ 5,676,981 
       
Oil & Gas Refining & Marketing - 0.5%
 
   
  1,693,224 
BB/Ba2
Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 3.75%, 3/30/18   
$ 1,703,455 
       
Total Energy 
$ 17,246,775 
           
 
       
FINANCIALS - 0.6%
 
       
Other Diversified Financial Services - 0.6%
 
   
  1,750,000 
B/B2
Springleaf Financial Funding Co., 2019 Term Loan, 4.75%, 9/30/19   
$ 1,778,437 
           
       
Total Financials 
$ 1,778,437 
           
 
       
FOOD & STAPLES RETAILING - 0.9%
 
       
Food Distributors - 0.8%
 
   
  2,487,500 
B/B1
Mill US Acquisition First Lien Term Loan, 4.75%, 7/3/20   
$ 2,508,490 
       
Food Retail - 0.1%
 
   
  478,448 
B/B1
Roundy's Supermarkets, Inc., Tranche B Term Loan, 5.75%, 2/13/19   
$ 478,846 
       
Total Food & Staples Retailing 
$ 2,987,336 
           
 
       
FOOD, BEVERAGE & TOBACCO - 4.4%
 
       
Agricultural Products - 0.6%
 
   
  995,000 
B/Ba3
Arysta LifeScience SPC LLC, Initial First Lien Term Loan, 4.5%, 5/29/20   
$ 1,003,085 
   
  953,475 
CCC+/Caa1
Arysta LifeScience SPC LLC, Initial Second Lien Term Loan, 8.25%, 11/30/20   
  974,928 
         
$ 1,978,013 
       
Packaged Foods & Meats - 3.8%
 
   
  584,100 
B/B1
AdvancePierre Foods, Inc., First Lien Term Loan, 5.75%, 7/10/17   
$ 587,473 
   
  950,000 
BB-/B1
Aramark Canada Ltd., Extended Canadian Term Loan B, 3.747%, 7/26/16   
  953,083 
   
  1,429,390 
B/B2
Del Monte Corp., Initial Term Loan, 3.5%, 3/9/20   
  1,433,559 
   
  1,641,750 
BB/Ba2
H.J. Heinz Co., Term B-2 Loan, 3.5%, 6/5/20   
  1,656,518 
   
  1,206,660 
NR/B2
Heartshide Food Solutions LLC,  Term Loan A, 6.5%, 6/7/18   
  1,212,693 
   
  1,390,880 
B+/Ba3
Michael Foods Group, Inc., Facility Term Loan B, 4.25%, 2/25/18   
  1,396,965 
   
  2,000,000 
B-/NR
New HB Acquisition LLC, Term B Loan, 6.75%, 4/9/20   
  2,082,500 
   
  2,233,125 
BB/Ba3
Pinnacle Foods Finance LLC, New Term Loan G, 3.25%, 4/29/20   
  2,231,381 
   
  875,000 
B+/B2
Windsor Quality Food Co., Ltd., Term B Loan, 5.0%, 12/26/20   
  878,281 
         
$ 12,432,453 
       
Total Food, Beverage & Tobacco 
$ 14,410,466 
           
 
       
HEALTH CARE - 2.6%
 
       
Health Care Equipment - 0.2%
 
   
  759,000 
CCC+/Caa2
Accellent Inc. (Medical Device/UTI), Second Lien Term Loan, 6.5%, 2/21/22   
$ 768,488 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Health Care Services - 1.2%
 
   
  2,875,000 
B/B2
Gentiva Health Services, Inc., Initial Term Loan B, 6.5%, 10/18/19   
$ 2,907,344 
   
  1,000,000 
B/Ba3
U.S. Renal Care, Inc., Tranche First Lien B-2 Term Loan, 3.25%, 7/3/19   
  1,009,375 
         
$ 3,916,719 
       
Pharmaceuticals - 1.2%
 
   
  1,075,000 
B/B3
Patheon, Inc., Term Loan, 3.25%, 1/22/21   
$ 1,072,984 
   
  1,000,000 
BB/Ba1
Salix Pharmaceuticals, Ltd., Term Loan, 4.25%, 1/2/20   
  1,011,458 
   
  987,500 
BB/Ba1
Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 3.75%, 12/11/19   
  992,963 
   
  740,625 
BB/NR
Valeant Pharmaceuticals International, Inc., Series D-2 Term Loan B, 3.75%, 2/13/19   
  744,722 
         
$ 3,822,127 
       
Total Health Care 
$ 8,507,334 
           
 
       
HEALTH CARE EQUIPMENT & SERVICES - 11.4%
 
       
Health Care Equipment & Services - 0.7%
 
   
  1,599,704 
BB/NR
Hologic, Inc., Refinancing Tranche B Term Loan, 3.25%, 8/1/19   
$ 1,603,303 
   
  480,256 
BB-/Ba3
Kinetic Concepts, Inc., Dollar E-1 Term Loan, 4.0%, 5/4/18   
  482,537 
         
$ 2,085,840 
       
Health Care Facilities - 4.0%
 
   
  812,151 
BB/Ba2
CHS/Community Health Systems, Inc., 2021 Term D Loan, 4.25%, 1/27/21   
$ 820,462 
   
  304,714 
BB/Ba2
CHS/Community Health Systems, Inc., Extended Term Loan, 3.497%, 1/25/17   
  306,808 
   
  2,442,351 
BB/Ba3
HCA, Inc., Tranche B-4 Term Loan, 2.997%, 5/1/18   
  2,440,824 
   
  3,462,794 
BB/NR
HCA, Inc., Tranche B-5 Term Loan, 2.905%, 3/31/17   
  3,461,350 
   
  1,604,914 
B/Ba3
Iasis Healthcare LLC, Term B-2 Loan, 4.5%, 5/3/18   
  1,614,433 
   
  1,090,999 
B+/Ba3
Kindred Healthcare, Inc., Term B-1 Loan, 4.25%, 6/1/18   
  1,099,181 
   
  1,485,028 
B/B2
RCHP, Inc., 2013 First Lien Term Loan, 7.0%, 11/4/18   
  1,459,040 
   
  936,781 
B+/Ba2
Select Medical Corp., Tranche B Term Loan, 4.0%, 6/1/18   
  943,417 
   
  496,250 
B/B1
United Surgical Partners International, Inc., New Tranche B Term Loan, 4.75%, 4/3/19   
  500,748 
   
  434,844 
BB+/B2
Universal Health Services, Inc., Tranche B-1 Term Loan, 2.405%, 11/15/16   
  437,901 
         
$ 13,084,164 
       
Health Care Services - 4.5%
 
   
  626,996 
B+/B2
AccentCare, Inc., Term Loan, 6.5%, 12/22/16   
$ 337,010 
   
  547,250 
B+/Ba3
Alliance Healthcare Services, Inc., Initial Term Loan, 4.25%, 6/3/19   
  547,165 
   
  787,050 
B+/B1
Ardent Medical Services, Inc., First Lien Term Loan, 6.75%, 7/2/18   
  792,953 
   
  875,000 
NR/NR
BSN Medical Luxembourg Holding, S.a.r.l. (P & F Capital), Facility Term Loan B-1A, 4.0%, 8/28/19   
  881,927 
   
  991,493(e)
CCC/Caa2
CCS Medical, Inc., Second Lien Term Loan, 3.25%, 3/31/16   
  842,769 
   
  1,386,000 
BB-/Ba2
Davita HealthCare Partners, Inc., Term Loan B2, 4.0%, 11/1/19   
  1,392,750 
   
  1,188,315 
B+/B1
Emergency Medical Services Corp., Initial Term Loan, 4.0%, 5/25/18   
  1,193,975 
   
  770,005 
B-/B2
Inventiv Health, Inc., Consolidated Term Loan, 7.5%, 8/4/16   
  772,412 
   
  1,272,500 
B/B1
National Mentor Holdings, Inc., Tranche B Term Loan, 4.75%, 1/31/21   
  1,282,574 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Health Care Services (continued)
 
   
  399,000 
B/B2
National Surgical Hospitals, Inc., Term Loan, 5.75%, 8/1/19   
  400,496 
   
  1,836,005 
D/NR
Rural/Metro Operating Co., LLC, First Lien Term Loan, 1.0%, 6/30/18   
  1,745,353 
   
  1,243,750 
B/B2
Steward Health Care System LLC, Term Loan, 6.75%, 4/10/20   
  1,242,973 
   
  556,525 
B/B2
Surgery Center Holdings, Inc., First Lien Term Loan, 6.0%, 4/11/19   
  557,916 
   
  750,000 
CCC+/Caa2
Surgery Center Holdings, Inc., Second Lien Term Loan, 9.75%, 4/11/20   
  744,375 
   
  606,912 
B/B2
Valitas Health Services, Inc., Term Loan B, 5.75%, 6/2/17   
  590,980 
   
  2,182,500 
B+/B1
Virtual Radiologic Corp., Term Loan A, 7.75%, 12/22/16   
  1,364,063 
         
$ 14,689,691 
       
Health Care Supplies - 0.2%
 
   
  710,014 
B+/NR
Alere, Inc., Term Loan B, 5.5%, 6/30/17   
$ 715,487 
       
Health Care Technology - 1.6%
 
   
  927,198 
B+/Ba3
ConvaTec, Inc., Dollar Term Loan, 4.0%, 12/22/16   
$ 932,993 
   
  2,102,710 
BB-/Ba3
Emdeon, Inc., Term B-2 Loan, 3.75%, 11/2/18   
  2,111,033 
   
  496,000 
BB+/Ba3
MedAssets, Inc., Term B Loan, 4.0%, 12/13/19   
  498,170 
   
  1,042,249 
CCC/Caa3
Medical Card System, Inc., Term Loan, 0.0%, 9/17/15   
  1,000,559 
   
  738,792 
NR/Ba3
Truven Health Analytics, Inc., Tranche B Term Loan, 4.5%, 6/6/19   
  740,639 
         
$ 5,283,394 
       
Managed Health Care - 0.4%
 
   
  666,424 
B+/B2
MMM Holdings, Inc., MMM Term Loan, 9.75%, 12/12/17   
$ 673,505 
   
  484,672 
B+/B2
MSO of Puerto Rico, Inc., Term Loan, 9.75%, 12/12/17   
  488,307 
         
$ 1,161,812 
       
Total Health Care Equipment & Services 
$ 37,020,388 
           
 
       
HOUSEHOLD & PERSONAL PRODUCTS - 3.3%
 
       
Household Products - 1.8%
 
   
  199,000 
B+/B1
Berlin Packaging LLC, 2013 First Lien Term Loan, 4.75%, 4/2/19   
$ 200,741 
   
  1,491,761 
BB/Ba3
Spectrum Brands, Inc., Tranche C Term Loan, 5.0%, 9/4/19   
  1,497,755 
   
  1,477,576 
BB-/B1
SRAM LLC, First Lien Term Loan, 5.25%, 4/10/20   
  1,482,501 
   
  414,197 
B/B1
Waddington North America, Inc., Term Loan 2013, 4.5%, 6/7/20   
  416,268 
   
  1,881,477 
B-/B2
Wash MultiFamily Laundry Systems LLC, U.S. Term Loan, 4.5%, 2/21/19   
  1,895,588 
   
  237,909 
B/B1
WNA Holdings, Inc., Term Loan, 4.5%, 6/7/20   
  239,099 
         
$ 5,731,952 
       
Personal Products - 1.5%
 
   
  2,094,571 
BB-/NR
NBTY, Inc., B-2 Term Loan, 3.5%, 10/1/17   
$ 2,104,718 
   
  747,000 
B/B2
Party City Holdings Inc., 2014 Replacement Term Loan, 3.0%, 7/27/19   
  748,867 
   
  2,088,281 
B+/Ba2
Revlon Consumer Products Corp., Replacement Term Loan 2014, 3.25%, 11/19/17   
  2,089,847 
         
$ 4,943,432 
       
Total Household & Personal Products 
$ 10,675,384 
           
 
       
INDUSTRIALS - 2.2%
 
       
Building Materials - 0.1%
 
   
  320,000 
B/B2
Ply Gem Industries, Inc., Term Loan, 4.0%, 2/1/21   
$ 321,050 
       
Building Products - 0.5%
 
   
  498,750 
B+/B1
Quikrete Holdings, Inc., Initial First Lien Loan, 4.0%, 9/26/20   
$ 501,999 
   
  1,000,000 
B-/B3
Quikrete Holdings, Inc., Initial Second Lien Loan, 7.0%, 3/26/21   
  1,029,063 
         
$ 1,531,062 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Construction & Farm Machinery & Heavy Trucks - 0.3%
 
   
  860,247 
BB+/Ba1
Terex Corp., 2013 New U.S. Term Loan, 3.5%, 4/28/17   
$ 867,236 
       
Diversified Support Services - 0.1%
 
   
  300,000 
B-/Ba3
TMS International Corp., Term B Loan, 4.5%, 10/16/20   
$ 303,187 
       
Environmental & Facilities Services - 0.2%
 
   
  598,489 
B+/B1
ADS Waste Holdings, Inc., Tranche B Term Loan, 3.75%, 10/9/19   
$ 599,985 
       
Industrial Machinery - 0.5%
 
   
  1,500,000 
B/B1
Gardner Denver, Inc., Initial Dollar Term Loan, 3.25%, 7/30/20   
$ 1,496,676 
       
Security & Alarm Services - 0.1%
 
   
  100,581 
B+/Ba3
Garda Security, Term B Delayed Draw Loan, 4.0%, 11/6/20   
$ 101,021 
   
  393,181 
B+/Ba3
Garda Security, Term B Loan, 4.0%, 11/6/20   
  394,902 
         
$ 495,923 
       
Trucking - 0.4%
 
   
  800,000 
B/Ba3
Syncreon Global Finance, Inc., Term Loan, 5.25%, 10/28/20   
$ 806,000 
   
  650,000 
CCC+/Ba3
YRC Worldwide Inc., Initial Term Loan, 7.0%, 2/13/19   
  654,063 
         
$ 1,460,063 
       
Total Industrials 
$ 7,075,182 
           
 
       
INSURANCE - 2.6%
 
       
Insurance Brokers - 0.3%
 
   
  990,004 
B/B1
AmWins Group LLC, Term Loan, 5.0%, 9/6/19   
$ 998,821 
       
Life & Health Insurance - 0.3%
 
   
  927,198 
BB/Ba3
CNO Financial Group, Inc., Tranche B-2 Term Loan, 3.75%, 9/28/18   
$ 930,096 
       
Multi-Line Insurance - 0.7%
 
   
  1,245,000 
B/B1
Alliant Holdings I LLC, Initial Term Loan, 4.25%, 12/20/19   
$ 1,251,419 
   
  1,000,000 
B/B1
Hyperion Finance S.a.r.l., Term Loan, 5.75%, 10/17/19   
  998,750 
         
$ 2,250,169 
       
Property & Casualty Insurance - 1.3%
 
   
  2,449,097 
B-/B2
Confie Seguros Holding II  Co., First Lien Term Loan B, 5.75%, 11/9/18   
$ 2,452,159 
   
  1,955,287 
NR/B1
USI, Inc., 2013 Initial Term Loan, 4.25%, 12/27/19   
  1,965,063 
         
$ 4,417,222 
       
Total Insurance 
$ 8,596,308 
           
 
       
MATERIALS - 10.5%
 
       
Aluminum - 1.7%
 
   
  1,360,763 
B/B1
Noranda Aluminum Acquisition Corp., Term Loan B, 5.75%, 2/28/19   
$ 1,302,080 
   
  2,182,544 
BB-/Ba2
Novelis, Inc., Initial Term Loan, 3.75%, 3/10/17   
  2,196,576 
   
  1,900,000 
B/B2
Turbocombustor Technology, Inc., Initial Term Loan, 5.5%, 12/2/20   
  1,902,384 
         
$ 5,401,040 
       
Commodity Chemicals - 0.6%
 
   
  1,179,090 
BB-/B1
Taminco Global Chemical Corp., Initial Tranche B-3 Dollar Term Loan, 3.25%, 2/15/19   
$ 1,182,529 
   
  821,301 
BBB-/Ba2
Tronox Pigments (Netherlands) B.V., Closing Date Term Loan, 4.5%, 3/19/20   
  825,408 
         
$ 2,007,937 
       
Diversified Chemicals - 1.9%
 
   
  2,495,578 
BB-/Ba3
Axalta Coating Systems Dutch Holding B B.V. & Axalta Coating Systems U.S. Holdings, Inc., Refinanced Term B Loan, 4.0%, 2/1/20   
$ 2,514,489 
   
  643,176 
BBB-/Ba1
Eagle Spinco, Inc., Term Loan, 3.5%, 1/28/17   
  648,000 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Diversified Chemicals (continued)
 
   
  1,847,750 
B+/B2
Nexeo Solutions LLC, Initial Term Loan, 5.0%, 9/8/17   
  1,845,440 
   
  1,339,485 
B+/B2
Univar, Inc., Term Loan B, 5.0%, 6/30/17   
  1,333,066 
         
$ 6,340,995 
       
Diversified Metals & Mining - 1.5%
 
   
  2,963,813 
BBB-/Baa3
FMG Resources (August 2006) Pty, Ltd. (FMG America Finance, Inc.), Term Loan, 4.25%, 6/28/19   
$ 2,997,156 
   
  121,336 
BB+/Ba1
SunCoke Energy, Inc., Tranche B Term Loan, 4.0%, 7/26/18   
  121,639 
   
  1,023,855 
BB-/NR
U.S. Silica Co., Term Loan, 4.0%, 7/23/20   
  1,030,254 
   
  877,527 
B/B3
Walter Energy, Inc., Term Loan B, 6.75%, 4/2/18   
  863,450 
         
$ 5,012,499 
       
Metal & Glass Containers - 1.2%
 
   
  2,194,938 
B/B1
BWAY Holding Co., Initial Term Loan, 4.5%, 8/6/17   
$ 2,211,058 
   
  1,543,268 
B/B1
Tank Holding Corp., Initial Term Loan, 4.25%, 7/9/19   
  1,544,425 
         
$ 3,755,483 
       
Paper Packaging - 0.4%
 
   
  165,000 
B+/B2
Caraustar Industries, Inc., Term Loan, 7.5%, 5/1/19   
$ 168,953 
   
  1,175,407 
BB+/Ba1
Sealed Air Corp., Replacement Term Loan, 3.0%, 10/3/18   
  1,183,856 
         
$ 1,352,809 
       
Paper Products - 1.4%
 
   
  3,482,500 
B+/Ba2
Appvion, Inc., Term Commitment, 5.75%, 6/28/19   
$ 3,518,049 
   
  605,000 
B/B1
Exopack Holdings SA, USD Term Loan, 5.25%, 5/8/19   
  614,579 
   
  287,168 
BB-/Ba3
Ranpak Corp., USD First Lien Term Loan, 4.5%, 4/23/19   
  289,501 
         
$ 4,422,129 
       
Specialty Chemicals - 1.4%
 
   
  1,815,636 
BB+/Ba1
Chemtura Corp., New Term Loan, 3.5%, 8/29/16   
$ 1,830,388 
   
  153,156 
BB+/Ba2
Huntsman International LLC, Extended Term B Loan, 2.699%, 4/19/17   
  153,730 
   
  1,980,000 
B+/B2
PQ Corp. Term Loan, 4.5%, 8/7/17   
  1,992,375 
   
  612,323 
BBB-/Ba2
W.R. Grace & Co., U.S. Term Loan, 2.25%, 2/3/21   
  612,897 
         
$ 4,589,390 
       
Steel - 0.4%
 
   
  493,750 
B/B1
Essar Steel Algoma, Inc., Term Loan, 9.25%, 9/19/14   
$ 496,990 
   
  882,880 
BB-/B2
JMC Steel Group, Inc., Term Loan, 4.75%, 4/1/17   
  886,007 
         
$ 1,382,997 
       
Total Materials 
$ 34,265,279 
           
 
       
MEDIA - 16.8%
 
       
Advertising - 2.7%
 
   
  1,392,449 
B+/B1
Acosta, Inc., 2013 Term Loan B, 5.5%, 3/3/18   
$ 1,402,458 
   
  1,797,843 
B+/Ba3
Advantage Sales & Marketing, Inc., First Lien Term Loan, 4.25%, 12/18/17   
  1,809,754 
   
  3,120,216 
B-/B1
Affinion Group, Inc., Tranche B Term Loan, 6.75%, 10/9/16   
  3,090,405 
   
  2,029,500 
B/B1
Crossmark Holdings, Inc., First Lien Term Loan, 4.5%, 12/20/19   
  2,024,426 
   
  401,255 
B/B1
Getty Images, Inc., New Initial Term Loan, 4.75%, 10/18/19   
  383,651 
         
$ 8,710,694 
       
Broadcasting - 5.0%
 
   
  414,700 
BB+/Ba1
CBS Outdoor Americas Capital LLC (CBS Outdoor Americas Capital Corp.), Term Loan, 3.0%, 2/1/21   
$ 414,570 
   
  326,256 
BB-/Ba3
Entercom Radio LLC, Term B-2 Loan, 4.0%, 11/23/18   
  329,519 
   
  193,008 
B+/NR
Hubbard Radio LLC, First LienTerm Loan, 4.5%, 4/29/19   
  194,215 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Broadcasting (continued)
 
   
  1,910,400 
BB/Ba3
MCC Iowa LLC, Tranche H Term Loan, 3.25%, 1/29/21   
  1,899,631 
   
  2,135,750 
NR/B2
NEP/NCP Holdco, Inc., Incremental First Lien Term Loan, 4.25%, 1/22/20   
  2,146,429 
   
  922,292 
B/B2
Salem Communications Corp., Term Loan, 4.5%, 3/13/20   
  929,209 
   
  1,033,787 
BB+/Ba1
Sinclair Television Group, Inc., Tranche B Term Loan, 3.0%, 4/9/20   
  1,032,618 
   
  1,761,425 
B+/Ba3
TWCC Holding Corp., Term Loan, 3.5%, 2/13/17   
  1,714,747 
   
  7,710,027 
B+/B2
Univision Communications Inc., First-Lien Term Loan, 4.0%, 3/1/20   
  7,739,742 
         
$ 16,400,680 
       
Cable & Satellite - 5.9%
 
   
  6,970,775 
BB-/Ba2
Cequel Communications LLC, Term Loan, 3.5%, 2/14/19   
$ 6,981,643 
   
  2,034,775 
BB+/Baa3
Charter Communications Operating LLC, Term F Loan, 3.0%, 12/31/20   
  2,027,674 
   
  1,728,125 
BB/Ba3
MCC Iowa LLC, Tranche G Term Loan, 4.0%, 1/20/20   
  1,734,605 
   
  3,450,139 
BB-/Ba3
Telesat Canada, U.S. Term B-2 Loan, 3.5%, 3/28/19   
  3,464,354 
 
GBP
  400,000 
BB-/Ba3
Virgin Media Investment Holdings, Ltd., GBP Term Loan C, 4.5%, 6/8/20   
  676,205 
   
  1,660,000 
BB-/Ba3
Virgin Media Investment Holdings, Ltd., New Term Loan B, 3.5%, 6/8/20   
  1,660,000 
   
  2,771,948 
B/B1
WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/1/19   
  2,791,873 
         
$ 19,336,354 
       
Movies & Entertainment - 2.3%
 
   
  1,178,691 
BB-/Ba2
AMC Entertainment, Inc. Initial Term Loan, 3.5%, 4/30/20   
$ 1,182,096 
   
  1,243,750 
B+/B1
Aufinco Pty, Ltd./ U.S. Finco LLC (Hoyts Group), Term Loan B, 4.0%, 5/29/20   
  1,248,414 
   
  785,829 
NR/Baa3
Cinedigm Digital Funding I LLC, Term Loan, 3.75%, 2/28/18   
  788,776 
   
  1,000,000 
NR/NR
Deluxe Entertainment Services Group Inc., Initial Term Loan, 5.5%, 2/28/20   
  1,004,585 
   
  1,094,500 
BB+/Ba1
Seminole Hard Rock Entertainment, Inc., Term Loan B, 3.5%, 5/14/20   
  1,096,552 
   
  2,057,344 
BB-/Ba3
WMG Acquisitions Corp., Tranche B Refinancing Term Loan, 3.75%, 7/1/20   
  2,058,951 
         
$ 7,379,374 
       
Publishing - 0.9%
 
   
  966,667(a)
D/NR
Cengage Learning Acquisitions, Inc., Term Loan, 4.75%, 7/3/14   
$ 900,208 
   
  1,604,735 
BB-/Ba3
Interactive Data Corp., Refinanced Term Loan, 3.75%, 2/11/18   
  1,610,753 
   
  471,985 
BB-/Ba3
MTL Publishing LLC, Term Loan B, 4.25%, 6/29/18   
  474,345 
         
$ 2,985,306 
       
Total Media 
$ 54,812,408 
           
 
       
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.1%
 
       
Biotechnology - 0.3%
 
   
  930,787 
BB+/Ba3
Alkermes, Inc., 2019 Term Loan, 3.5%, 9/25/19   
$ 933,114 
       
Pharmaceuticals - 0.8%
 
   
  3,173,241(e)
NR/NR
Graceway Pharmaceuticals LLC, Mezzanine Term Loan, 0.0%, 12/31/13   
$ 8,926 
   
  497,500 
B+/B1
Harvard Drug Group, LLC Term Loan, 5.0%, 8/16/20   
  501,231 
   
  672,579 
B+/B2
Medpace Intermediateco, Inc., Term Loan B, 5.25%, 6/19/17   
  674,260 
   
  1,481,288 
B/B1
Par Pharmaceutical, Inc., Term B-2 Loan, 4.0%, 9/30/19   
  1,485,455 
         
$ 2,669,872 
       
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 3,602,986 
           

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
REAL ESTATE - 1.1%
 
       
Diversified Real Estate Activities - 0.1%
 
   
  496,250 
BB/Ba1
CBRE Services, Inc., Tranche B Term Loan, 2.909%, 3/28/21   
$ 498,318 
       
Real Estate Services - 1.0%
 
   
  1,634,151 
NR/B1
Altisource Solutions, S.a.r.l, Term Loan B, 4.5%, 12/9/20   
$ 1,642,322 
   
  1,525,008 
B/B1
GCA Services Group, Inc., First Lien Term Loan, 5.5%, 11/1/19   
  1,537,876 
         
$ 3,180,198 
       
Total Real Estate 
$ 3,678,516 
           
 
       
RETAILING - 3.2%
 
       
Apparel Retail - 0.7%
 
   
  2,344,824 
B-/B3
Gymboree Corp., Term Loan, 5.0%, 2/23/18   
$ 2,144,677 
       
Automotive Retail - 0.5%
 
   
  718,193 
BB/Ba1
Avis Budget Car Rental LLC, Tranche B Term Loan, 3.0%, 3/15/19   
$ 719,809 
   
  990,000 
BB/Ba1
Hertz Corp., Tranche B-1 Term Loan, 3.75%, 3/11/18   
  993,632 
         
$ 1,713,441 
       
Computer & Electronics Retail - 0.5%
 
   
  1,789,744 
B/B2
Targus Group International, Inc., Term Loan, 12.0%, 5/24/16   
$ 1,610,770 
       
Department Stores - 0.2%
 
   
  625,000 
B/B1
Leonardo Acquisition Corp. (1-800 Contacts), First Lien Term Loan, 3.25%, 1/31/21   
$ 627,995 
       
Distributors - 0.5%
 
   
  1,658,288 
B+/B2
Spin Holdco, Inc., Initial First Lien Term Loan, 4.25%, 11/14/19   
$ 1,665,887 
       
Home Improvement Retail - 0.8%
 
   
  744,375 
B/B2
Apex Tool Group LLC, Term Loan, 4.5%, 1/31/20   
$ 738,234 
   
  1,857,282 
B/Ba3
Hillman Group, Inc., Term Loan, 3.75%, 5/28/17   
  1,870,437 
         
$ 2,608,671 
       
Total Retailing 
$ 10,371,441 
           
 
       
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
 
       
Semiconductor Equipment - 0.7%
 
   
  1,831,196 
BB-/B1
Aeroflex, Inc., Tranche B-1 Term Loan, 4.5%, 11/9/19   
$ 1,846,441 
   
  510,425 
BBB-/Baa3
Sensata Technology BV/Sensata Technology Finance Co., LLC, Term Loan, 3.25%, 5/12/19   
  514,371 
         
$ 2,360,812 
       
Semiconductors - 0.6%
 
   
  1,858,657 
BB+/Ba2
Microsemi Corp., Term Loan B, 3.75%, 2/19/20   
$ 1,865,917 
       
Total Semiconductors & Semiconductor Equipment 
$ 4,226,729 
           
 
       
SOFTWARE & SERVICES - 8.9%
 
       
Application Software - 4.5%
 
   
  1,038,031 
B+/B1
Applied Systems, Inc., First Lien Term Loan, 5.5%, 1/25/21   
$ 1,046,335 
   
  997,500 
BB-/B1
Epiq Systems, Inc., Term Loan, 4.75%, 8/27/20   
  1,003,734 
   
  3,297,353 
B-/Ba3
Expert Global Solutions, Inc., Advance First Lien Term Loan B, 8.5%, 4/3/18   
  3,284,988 
   
  1,084,740 
B+/Ba3
Infor (U.S.), Inc., Tranche B-5 Term Loan, 3.75%, 6/3/20   
  1,085,418 
   
  1,538,287 
BB+/NR
Nuance Communications, Inc., Term Loan C, 2.91%, 8/7/19   
  1,529,442 
   
  1,509,527 
B+/B1
Serena Software, Inc., Extended 2016 Term Loan, 4.156%, 3/10/16   
  1,497,262 
   
  2,379,591 
BB-/B1
Verint Systems, Inc., Term Loan, 4.0%, 9/6/19   
  2,388,514 
   
  1,000,000 
CCC+/Caa1
Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17   
  1,018,438 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Application Software (continued)
 
   
  1,857,920 
B+/B1
Vertafore, Inc., Term Loan, 4.25%, 10/3/19   
  1,870,114 
         
$ 14,724,245 
       
Data Processing & Outsourced Services - 1.1%
 
   
  1,000,000 
B+/NR
First Data Corp., 2018 B Term Loan, 4.156%, 9/24/18   
$ 1,004,271 
   
  802,493 
B+/B1
First Data Corp., 2018 Dollar Term Loan, 4.156%, 3/23/18   
  805,932 
   
  1,856,297 
BB+/Ba1
Genpact, Ltd., Term Loan, 3.5%, 8/30/19   
  1,863,249 
         
$ 3,673,452 
       
Date Processing & Outsourced Services - 0.0%
 
   
  60,879 
B/B3
First Data Corp., 2021 New Dollar Term Loan, 4.156%, 3/24/21   
$ 61,018 
       
Internet Software & Services - 0.2%
 
   
  389,000 
BB+/Ba3
Autotrader.com, Inc., Tranche B-1 Term Loan, 4.0%, 12/15/16   
$ 390,945 
   
  250,000 
B-/Ba2
DealerTrack Technologies, Inc., Term Loan, 2.75%, 2/28/21   
  252,187 
         
$ 643,132 
       
IT Consulting & Other Services - 2.0%
 
   
  1,975,000 
BBB-/Baa3
Booz Allen Hamilton, Inc., Initial Tranche B Term Loan, 3.75%, 7/31/19   
$ 1,986,728 
   
  1,436,495 
B/B1
Deltek, Inc., First Lien Term Loan, 4.5%, 10/10/18   
  1,443,678 
   
  491,174 
B-/B1
Kronos, Inc., First Lien Incremental Term Loan, 4.5%, 10/30/19   
  494,857 
   
  747,000 
B+/B1
Safenet, Inc., First Lien Term Loan, 4.5%, 2/28/20   
  743,265 
   
  1,800,140 
BB/Ba3
SunGuard Data Systems, Inc., Tranche C Term Loan, 3.908%, 2/28/17   
  1,810,535 
         
$ 6,479,063 
       
Systems Software - 1.1%
 
   
  830,554 
BBB-/Ba2
Dealer Computer Services, Inc., Tranche B Term Loan, 2.155%, 4/21/16   
$ 833,841 
   
  1,980,693 
BB/Ba2
Rovi Solutions Corp., Tranche B-3 Term Loan, 3.5%, 3/29/19   
  1,976,979 
   
  698,618 
B+/B1
Stoneriver Group, LP, Initial First Lien Term Loan, 4.5%, 11/30/19   
  699,491 
         
$ 3,510,311 
       
Total Software & Services 
$ 29,091,221 
           
 
       
TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%
 
       
Communications Equipment - 0.7%
 
   
  695,000 
B+/B1
Audio Visual Services Group, Inc., First Lien Term Loan, 4.5%, 1/25/21   
$ 700,212 
   
  941,756 
B-/B1
Avaya, Inc., Replacement Term B-6 Loan, 6.5%, 3/31/18   
  940,775 
   
  348,246 
BB+/Ba2
CommScope, Inc., Tranche 3 Term Loan, 2.733%, 1/21/17   
  349,551 
   
  522,368 
BB+/Ba2
CommScope, Inc., Tranche 4 Term Loan, 3.25%, 1/14/18   
  525,307 
         
$ 2,515,845 
       
Electronic Components - 0.9%
 
   
  1,303,450 
B+/B2
Generac Power Systems, Inc., Term Loan, 3.5%, 5/29/20   
$ 1,307,794 
   
  1,578,455 
B/B2
Scitor Corp., Term Loan, 5.0%, 2/15/17   
  1,555,753 
         
$ 2,863,547 
       
Electronic Equipment & Instruments - 0.3%
 
   
  982,330 
B+/Ba3
Sensus USA, Inc., Term Loan, 4.75%, 5/9/17   
$ 988,317 
       
Electronic Manufacturing Services - 0.2%
 
   
  571,600 
B+/B2
Clover Technologies Group LLC, (Clover Holdings, Inc.), Term Loan, 7.75%, 5/7/18   
$ 571,600 
       
Total Technology Hardware & Equipment 
$ 6,939,309 
           

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
TELECOMMUNICATION SERVICES - 2.1%
 
       
Integrated Telecommunication Services - 1.5%
 
   
  865,650 
BB+/Baa3
TW Telecom Holdings, Inc., (fka Time Warner Telecom Holdings, Inc.), Term Loan B Loan, 2.66%, 4/17/20   
$ 867,994 
   
  1,600,092 
BB/Ba3
West Corp., Term B-10 Loan, 3.25%, 6/30/18   
  1,596,341 
   
  1,108,083 
BB/Ba3
West Corp., Term B-9 Loan, 2.75%, 7/15/16   
  1,111,540 
   
  1,237,500 
BB+/Baa3
Windstream Corp., Tranche B-4 Term Loan, 3.5%, 1/23/20   
  1,240,208 
         
$ 4,816,083 
       
Wireless Telecommunication Services - 0.6%
 
   
  1,895,657 
BB-/B1
Syniverse Holdings, Inc., Initial Term Loan, 4.0%, 4/23/19   
$ 1,906,320 
       
Total Telecommunication Services 
$ 6,722,403 
           
 
       
TELECOMMUNICATIONS SERVICES - 1.0%
 
       
Integrated Telecommunication Services - 0.6%
 
   
  1,871,563 
B/B2
Securus Technologies Holdings, Inc., Initial First Lien Term Loan, 4.75%, 4/30/20   
$ 1,869,691 
       
Wireless Telecommunication Services - 0.4%
 
   
  1,445,644 
BBB-/Ba2
Crown Castle Operating Co., Extended Incremental Tranche B-2 Term Loan, 3.25%, 1/31/21   
$ 1,448,716 
       
Total Telecommunications Services 
$ 3,318,407 
           
 
       
TRANSPORTATION - 6.5%
 
       
Air Freight & Logistics - 1.8%
 
   
  1,495,220 
B/B2
Air Medical Group Holdings, Inc., Term Loan B-1, 5.0%, 6/30/18   
$ 1,507,368 
   
  300,000 
B/B1
Ceva Group Plc, Dollar Tranche B Pre-Funded L/C, 0.147%, 8/31/16   
  299,625 
   
  1,200,000 
CCC+/B1
Ceva Group Plc, Tranche B Term Loan, 5.236%, 8/31/16   
  1,199,628 
   
  1,752,300 
NR/B1
Mirror Bidco Corp., New Incremental Term Loan, 4.25%, 12/28/19   
  1,762,888 
   
  1,059,675 
B-/B2
Ozburn-Hessey Holding Co., LLC, Term Loan, 6.75%, 5/23/19   
  1,070,934 
         
$ 5,840,443 
       
Airlines - 3.2%
 
   
  826,625 
BB-/Ba3
Allegiant Travel Co., Term Loan, 5.75%, 3/10/17   
$ 830,758 
   
  2,985,000 
NR/Ba2
American Airlines, Inc., Class B Term Loan, 3.75%, 6/27/19   
  2,998,059 
   
  248,125 
BB-/Ba2
Continental Airlines, Inc., (United Air Lines, Inc.), Class B Term Loan, 4.0%, 4/1/19   
  250,064 
   
  1,485,000 
BB/Ba1
Delta Air Lines, Inc., 2014 Term B-1 Loan, 3.5%, 10/18/18   
  1,491,365 
   
  1,316,250 
BB/Ba1
Delta Air Lines, Inc., Term Loan, 3.5%, 4/20/17   
  1,325,162 
   
  1,293,750 
BB-/Ba2
U.S. Airways, Inc., Tranche B-1 Term Loan, 3.5%, 5/23/19   
  1,297,253 
   
  2,156,250 
BB-/Ba2
U.S. Airways, Inc., Tranche B-2 Term Loan, 3.0%, 11/23/16   
  2,163,797 
         
$ 10,356,458 
       
Leisure Products - 0.1%
 
   
  455,000 
B/B2
Marine Acquisition Corp., Term Loan, 6.5%, 1/30/21   
$ 458,412 
       
Marine - 0.3%
 
   
  992,500 
CCC/B3
Commercial Barge Line Co., Initial First Lien Term Loan, 7.5%, 9/22/19   
$ 993,741 
       
Marine Ports & Services - 0.4%
 
   
  1,144,250 
B/B3
Lineage Logistics LLC, Term Loan, 4.5%, 4/26/19   
$ 1,145,680 
       
Trucking - 0.7%
 
   
  1,000,000 
B/B1
Aegis Toxicology Sciences Corp. Initial First Lien Term Loan, 4.5%, 2/24/21   
$ 1,005,000 

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Trucking (continued)
 
   
  1,216,617 
NR/Ba2
Swift Transportation Co., LLC, Tranche B-2 Term Loan, 4.0%, 12/21/17   
  1,229,088 
         
$ 2,234,088 
       
Total Transportation 
$ 21,028,822 
           
 
       
UTILITIES - 3.9%
 
       
Electric Utilities - 1.4%
 
   
  2,238,750 
BB/Ba3
Calpine Construction Finance Company, LP, Term B-1 Loan, 3.0%, 5/3/20   
$ 2,216,363 
   
  1,250,000 
BB-/B1
Raven Power Finance, Term Advance Loan, 5.25%, 12/19/20   
  1,263,281 
   
  1,189,756 
BB-/Ba3
Star West Generation LLC, Term B Advance, 4.25%, 3/13/20   
  1,195,705 
         
$ 4,675,349 
       
Independent Power Producers & Energy Traders - 2.2%
 
   
  1,243,470 
BB+/Ba1
AES Corp., Initial Term Loan, 3.75%, 6/1/18   
$ 1,251,588 
   
  1,677,563 
BB-/B1
Calpine Corp., Term Loan, 4.0%, 4/1/18   
  1,687,524 
   
  493,750 
BB-/B1
Calpine Corp., Term Loan, 4.0%, 10/9/19   
  496,682 
   
  1,071,538 
BB-/B1
Dynegy, Inc., Tranche B-2 Term Loan, 4.0%, 4/23/20   
  1,078,140 
   
  1,235,613 
BB+/Baa3
NRG Energy, Inc., 2013 Term Loan, 2.75%, 7/1/18   
  1,228,855 
   
  1,496,250 
B+/B3
Synagro Technologies, Term Loan, 6.25%, 8/22/20   
  1,498,120 
         
$ 7,240,909 
       
Water Utilities - 0.3%
 
   
  866,667 
B+/NR
WTG Holdings III Corp., First Lien Term Loan, 4.75%, 1/15/21   
$ 873,167 
       
Total Utilities 
$ 12,789,425 
           
       
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
 
       
(Cost  $440,304,521)
$ 432,617,925 
 
       
CLAIMS -  0.0% of Net Assets
 
 
       
TRANSPORTATION - 0.0%
 
       
Airlines - 0.0%
 
   
  1,200,000(f)(g)
NR/NR
Northwest Airlines, Inc., ALPA Claim-Escrow, 0.0
$ – 
   
  2,500,000(f)(g)
NR/NR
Northwest Airlines, Inc., Bell Atlantic Claim-Escrow, 0.0%  
  – 
   
  2,500,000(f)(g)
NR/NR
Northwest Airlines, Inc., EDC Claim-Escrow, 0.0%  
  – 
   
  2,130,600(f)(g)
NR/NR
Northwest Airlines, Inc., Flight Attendant Claim-Escrow, 0.0%  
  – 
   
  1,500,000(f)(g)
NR/NR
Northwest Airlines, Inc., GE Claim-Escrow, 0.0%  
  – 
   
  1,264,500(f)(g)
NR/NR
Northwest Airlines, Inc., IAM Claim-Escrow, 0.0%  
  – 
   
  1,404,900(f)(g)
NR/NR
Northwest Airlines, Inc., Retiree Claim-Escrow, 0.0%  
  – 
       
Total Transportation 
$ – 
           
       
TOTAL CLAIMS
 
       
(Cost  $0)
$ – 
 
       
CORPORATE BONDS & NOTES -  2.9% of Net Assets
 
 
       
CAPITAL GOODS - 0.6%
 
       
Aerospace & Defense - 0.6%
 
   
  1,850,000 
BB-/Ba3
Spirit AeroSystems, Inc., 7.5%, 10/1/17   
$ 1,926,313 
           
       
Total Capital Goods 
$ 1,926,313 
           
 
       
DIVERSIFIED FINANCIALS - 0.2%
 
       
Consumer Finance - 0.1%
 
   
  200,000 
BBB/Baa1
Capital One Financial Corp., 7.375%, 5/23/14   
$ 203,022 
           

   
Principal
Amount
USD ($)
S&P/Moody's
Ratings            
 
Value
 
       
Other Diversified Financial Services - 0.1%
 
   
  500,000(c)
BBB-/NR
Vita Capital V, Ltd., 2.738%, 1/15/17 (144A) 
$ 508,550 
           
       
Total Diversified Financials 
$ 711,572 
           
 
       
ENERGY - 0.9%
 
       
Oil & Gas Drilling - 0.1%
 
   
  250,000 
B-/B3
Offshore Group Investment, Ltd., 7.5%, 11/1/19   
$ 269,375 
           
       
Oil & Gas Exploration & Production - 0.8%
 
   
  2,490,000 
BB/B1
Denbury Resources, Inc., 8.25%, 2/15/20   
$ 2,723,437 
           
       
Total Energy 
$ 2,992,812 
           
 
       
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
 
       
Health Care Equipment & Services - 0.3%
 
   
  903,000 
B+/B2
Physio-Control International, Inc., 9.875%, 1/15/19 (144A) 
$ 1,011,360 
           
       
Health Care Supplies - 0.0%
 
   
  6,487,382(b)
NR/NR
Azithromycin Royalty Sub LLC, 16.0%, 5/15/19   
$ 8,109 
           
       
Total Health Care Equipment & Services 
$ 1,019,469 
           
 
       
INSURANCE - 0.6%
 
       
Reinsurance - 0.6%
 
   
  250,000(c)
BB-/NR
Atlas Reinsurance VII, Ltd., 8.117%, 1/7/16 (144A) 
$ 262,475 
   
  500,000(c)
NR/Baa1
Combine Re, Ltd., 4.535%, 1/7/15 (144A) 
  508,400 
   
  250,000(c)
BB/NR
East Lane Re V, Ltd., 9.035%, 3/16/16 (144A) 
  269,975 
   
  250,000(c)
BB/NR
Mystic Re, Ltd., 9.035%, 3/12/15 (144A) 
  261,775 
   
  250,000(c)
B+/NR
Mythen Re, Ltd. Series 2012-2 Class A, 8.549%, 1/5/17 (144A) 
  266,750 
   
  250,000(c)
B/NR
Queen Street VII Re, Ltd., 8.635%, 4/8/16 (144A) 
  262,650 
       
Total Insurance 
$ 1,832,025 
           
 
       
MATERIALS - 0.3%
 
       
Diversified Metals & Mining - 0.3%
 
   
  1,050,000 
CCC+/B3
Molycorp, Inc., 10.0%, 6/1/20   
$ 1,050,000 
           
       
Total Materials 
$ 1,050,000 
           
 
       
TELECOMMUNICATION SERVICES - 0.0%
 
       
Integrated Telecommunication Services - 0.0%
 
   
  6,000 
BB-/Ba2
Frontier Communications Corp., 8.25%, 5/1/14   
$ 6,060 
           
       
Total Telecommunication Services 
$ 6,060 
           
       
TOTAL CORPORATE BONDS & NOTES
 
       
(Cost  $15,435,755)
$ 9,538,251 
           
   
Shares
   
Value
 
 
       
COMMON STOCKS -  6.6% of Net Assets
 
 
       
AUTOMOBILES & COMPONENTS - 2.3%
 
       
Auto Parts & Equipment - 2.3%
 
   
  115,239 
 
Delphi Automotive Plc
$ 7,671,460 
           
       
Total Automobiles & Components 
$ 7,671,460 
           
 
       
CONSUMER DISCRETIONARY - 3.9%
 
       
Broadcasting - 3.9%
 
   
  664,861(h)
 
Media General, Inc.
$ 12,612,413 
           
       
Total Consumer Discretionary 
$ 12,612,413 
           
 
       
MEDIA - 0.2%
 
       
Publishing - 0.2%
 
 
EUR
  266,510(h)
 
Solocal Group
$ 541,406 
           
       
Total Media 
$ 541,406 
           

   
Shares
   
Value
 
       
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
 
       
Biotechnology - 0.0%
 
   
  2,454(h)
 
Progenics Pharmaceuticals, Inc.
$ 11,460 
           
       
Total Pharmaceuticals, Biotechnology & Life Sciences 
$ 11,460 
           
 
       
RETAILING - 0.0%
 
       
Apparel Retail - 0.0%
 
   
  569(g)(h)
 
Johnny Appleseed's, Inc.
$ – 
           
       
Total Retailing 
$ – 
           
 
       
TRANSPORTATION - 0.2%
 
       
Air Frieght & Logistics - 0.2%
 
 
  710(h)
 
CEVA Holdings LLC
$ 727,535 
       
Total Transportation 
$ 727,535 
           
 
       
UTILITIES - 0.0%
 
       
Independent Power Producers & Energy Traders - 0.0%
 
   
  775 
 
NRG Energy, Inc.
$ 22,530 
           
       
Total Utilities 
$ 22,530 
           
       
TOTAL COMMON STOCKS
 
       
(Cost  $5,660,169)
$ 21,586,804 
           
 
       
LIQUIDATING TRUSTS -  0.0% of Net Assets
 
 
       
CONSUMER SERVICES - 0.0%
 
       
Hotels, Resorts & Cruise Lines - 0.0%
 
   
  3,377,886(g)(h)(i)
 
Yellowstone Mountain Club LLC, Liquidating Trust
$ – 
           
       
Total Consumer Services 
$ – 
           
 
       
ENERGY - 0.0%
 
       
Oil & Gas Exploration & Production - 0.0%
 
   
  4,995,000(g)(h)(i)
 
Crusader Energy Group, Inc., Liquidating Trust
$ – 
           
       
Total Energy 
$ – 
           
       
TOTAL LIQUIDATING TRUSTS
 
       
(Cost  $0)
$ – 
           
       
TOTAL INVESTMENTS IN SECURITIES - 145.0%
 
       
(Cost - $468,889,703) (j)
$ 472,295,886 
       
OTHER ASSETS AND LIABILITIES - (45.0)%
$ (146,602,501)
       
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS -100.0%
$ 325,693,385 
 
 
 
 
Amount rounds to less than 0.1%.
NR
 
Security not rated by S&P or Moody's.
(144A)
 
Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At February 28, 2014, the value of these securities amounted to $11,904,841, or 3.7% of total net assets applicable to common shareowners.
 
 

 *
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 certificate of deposit or (iv) other base lending rates used by commercial lenders.  The interest rate shown is the rate accruing at February 28, 2014.
(a)
Security is in default and is non income producing.
(b)
Indicates a security that has been deemed as illiquid.  As of February 28, 2014 the aggregate cost of illiquid securities in the Trust's portfolio was $19,318,548.  As of that date, the aggregate value of illiquid securities in the Trust's portfolio of $8,783,458 represented 2.7% of total net assets applicable to common shareowners.
(c)
Floating rate note.  The rate shown is the coupon rate at February 28, 2014.
(d)
The company and agent bank are in the process of negotiating forbearance.
(e)
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(f)
Security represents a claim which is subject to bankruptcy court findings which may result in an exchange of money, assets or equity.
(g)
Security is valued using fair value methods (other than prices supplied by independent pricing services). 
(h)
Non-income producing.
(i)
Security represents a liquidating trust which is a vehicle which through future settlements of bankruptcy claims are dispersed to creditors.
 
 
(j)
At February 28, 2014, the net unrealized appreciation on investments based on cost for federal tax purposes of $469,220,412 was as follows:
 
   
 
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost
$ 22,823,664 
 
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value
  (19,748,190)
   
 
Net unrealized appreciation
$ 3,075,474 
     
For financial reporting purposes net unrealized appreciation on investments was
$ 3,406,183  and cost of investments aggregated  $468,889,703.
 
 
 
 
Principal amounts are denominated in U.S. dollars unless otherwise noted.
 
EUR
-
Euro
GBP
-
Great British Pound
 

As of February 28, 2014, the Trust had the following unfunded loan commitment outstanding:.

Borrower
Par
Cost
Value
Unrealized
Appreciation
W.R. Grace & Co., Delayed Draw Term Loan
$218,141
$218,141
$218,892
$751

 
 

 

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.).
 
Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments).
 
   
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) as level 3.
 
   
The following is a summary of the inputs used as of February 28, 2014, in valuing the Trust's investments.
 
   
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
   
                         
                         
Asset Backed Security
  $     $ 135,062     $     $ 135,062  
                                 
Collateralized Loan Obligations
                               
                                 
Diversified Banks
                2,774,325       2,774,325  
Thrifts & Mortgage Finance
                5,643,519       5,643,519  
                                 
Senior Secured Floating Rate Loan Interests
                               
                                 
Coal & Consumable Fuels
          907,850       733,333       1,641,183  
    All Other
          430,976,742             430,976,742  
                                 
Claims
                               
                                 
Airlines
                   
                                 
Corporate Bonds & Notes
                               
                                 
Health Care Supplies
                8,109       8,109  
    All Other
          9,530,142             9,530,142  
                                 
Common Stocks
                               
                                 
Air Freight & Logistics
          727,535             727,535  
Apparel Retail
                   
    All Other
    20,859,269                   20,859,269  
                                 
Liquidating Trusts
                               
                                 
Oil & Gas Exploration & Production
                   
Hotels, Resorts & Cruise Lines
                   
Total Investments in Securities
  $ 20,859,269     $ 442,277,331     $ 9,159,286     $ 472,295,886  
Other Financial Instruments
                               
Forward Foreign Currency Contracts
  $     $ (17,880 )   $     $ (17,880 )
Total Other Financial Instruments
  $     $ (17,880 )   $     $ (17,880 )
   
 
 
*   Security is valued at $0.
 






The following is a reconciliation of assets valued using significant unobservable inputs (level 3):
 
Balance
as of
11/30/13
Realized
gain
(loss)
Change in
Unrealized appreciation
(depreciation)
Purchases
Sales
Accrued
discounts/ premiums
Transfers    
in to  
Level 3*
Transfers    
out of
Level 3*
Balance
as of
2/28/14
 
                   
                   
Collateralized Loan Obligations
                 
Diversified Banks
$ 2,727,554 
$ – 
$ 13,272 
$ – 
$ – 
$ 33,499 
$ – 
$ – 
$ 2,774,325 
Thrifts & Mortgage Finance
  5,625,880 
  – 
  (38,650)
  – 
  – 
  56,289 
  – 
  – 
  5,643,519 
                   
Senior Secured Floating Rate Loan Interests
                 
Coal & Consumable Fuels
  – 
  – 
  – 
  – 
  – 
  – 
  733,333 
  – 
  733,333 
Claims
                 
Airlines
- **
  – 
  – 
  – 
  – 
  – 
  –
  –
   -**
                   
                   
Corporate Bonds & Notes
                 
Health Care Supplies
  8,109 
  – 
  (2,079)
  – 
  – 
  2,079 
  – 
  – 
  8,109 
                   
Liquidating trust
 
                 
Oil & gas
Exploration
& Production
- **
  – 
  – 
  – 
  – 
  – 
  – 
  – 
-**
Hotels & Resorts
& Cruise Lines
- **
  – 
  – 
  – 
  – 
  – 
  – 
  – 
-**
Total
$ 8,361,543 
$ – 
$ (27,457)
$ – 
$ – 
$ 91,867 
$ 733,333 
$ – 
$ 9,159,286 
   
       During the period ended February 28, 2014, one security valued at $733,333 transferred from Level 2 to Level 3.
 *  Transfers are calculated on the beginning of period values.
** Includes securities that are fair valued at $0.
       Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at 02/28/14: $(27,457).
               
     


The following table presents additional information about valuation techniques and inputs used for investments that
were measured at fair value and categorized as Level 3 at February 28, 2014:

   
Fair Value 2/28/14
 
Valuation Technique(s)
 
Unobservable Input
 
Value/Range (Weighted Average)
Collateralized Loan
      Obligations
 
$           8,417,844
 
Broker Quote
 
Proprietary
Broker Model
 
$92.16 - $97.51
 per bond
                 
Senior Secured Floating Rate Loan Interests
 
$               733,333
 
Broker Quote
 
Proprietary
Broker Model
 
$100.00 per bond
                 
Corporate Bonds
      & Notes
 
$                    8,109
 
Broker Quote
 
Proprietary
Broker Model
 
$0.125 per bond
                 
Liquidating Trusts (1)
 
 $                        -
 
Discounted
Cash Flow
 
Residual Value
 
$0
                 
Claims(2)
 
 $                        -
 
Discounted Cash Flow
 
Residual Value
 
$0

(1) The significant unobservable input used in the fair value measurement of liquidating trusts is the projected cash flow.  Significant increases (decreases)
      In this input would result in a significantly higher (lower) fair value measurement.

(2) The significant unobservable input used in the fair value measurement of claims is the projected cash flow. Significant increases (decreases) in this input
      would result in a significantly higher (lower) fair value measurement.



As of February 28, 2014, outstanding forward foreign currency contracts were as follows:
Currency
Contracts to
Receive/
(Deliver)
In
Exchange
for US$
Settlement
Date
Value
Net
Unrealized
Depreciation
           
GBP
(Pound Sterling)
(395,875.12)
$(645,224)
05/06/14
$ (663,104)
$ (17,880)


ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial 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 270.30a-3(b))) and Rule 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 their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form 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: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) 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 purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants 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 registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> 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 Pioneer Floating Rate Trust By (Signature and Title)* /s/ Daniel K. Kingsbury ----------------------- Daniel K. Kingsbury, President Date April 29, 2014 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/ Daniel K. Kingsbury ----------------------- Daniel K. Kingsbury, President Date April 29, 2014 By (Signature and Title)* /s/ Mark Bradley ----------------- Mark Bradley, Treasurer Date April 29, 2014 * Print the name and title of each signing officer under his or her signature.