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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: February 28, 2006
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 2/28/06 (unaudited)
Principal
Amount
USD ($) Value
SENIOR SECURED FLOATING RATE
LOAN INTERESTS - 139.2% of Net Assets*
Aerospace & Defense - 4.7%
3,465,000 American Airlines, Inc., Term Loan, 8.12 $ 3,523,472
3,990,000 DeCrane Aircraft Holdings, Inc., First L 4,019,925
4,962,500 DynCorp International, LLC (Di Finance), 5,016,259
1,428,928 Hunter Defense Holdings, Inc., Term Loan 1,439,645
1,000,000 IAP Worldwide Services, Inc., First Lien 1,015,000
1,000,000 Northwest Airlines Corp., Tranche A Term 1,014,643
2,970,000 Northwest Airlines Corp., Tranche B Term 3,040,273
3,000,000 Vought Aircraft Industries, Inc., Tranch 3,033,375
$ 22,102,592
Broadcasting - 3.8%
2,500,000 Enterprise NewsMedia, LLC, Term Loan, 7. $ 2,509,062
748,125 Montecito Broadcast Group, LLC, First Li 760,516
980,075 NEP Supershooters, L.P., First Lien Term 995,389
1,485,000 NEP Supershooters, L.P., First Lien Term 1,508,203
7,000,000 Paxson Communications Corp., First Lien 7,021,875
EURO500,000 TDF SA, Facility Term Loan B, 4.166%, 3/ 603,789
EURO500,000 TDF SA, Facility Term Loan D, 5.791%, 3/ 606,557
1,133,333 Telewest Communications Networks, Ltd., 1,132,980
866,667 Telewest Communications Networks, Ltd., 869,287
1,990,000 Young Broadcasting, Inc., Term Loan, 6.7 1,997,462
$ 18,005,120
Cable - 13.7%
2,994,976 Adelphia Communications, Tranche B DIP T $ 3,009,951
6,500,000 Century Cable Holdings, LLC, Discretiona 6,370,000
2,000,000 Century Cable Holdings, LLC, Term Loan, 1,965,834
12,802,752Charter Communications Operating, LLC, T 12,964,669
EURO3,000,000 Iesy Hessen GmbH & Co. KG, Term Loan B 4 3,599,839
EURO6,000,000 Iesy Hessen GmbH & Co. KG, Term Loan C, 7,224,629
9,000,000 NTL Investment Holdings, Ltd., Sub-Tranc 9,050,625
5,000,000 Olympus Cable Holdings, LLC, Term Loan A 4,899,610
1,982,538 PanAmSat Corp., Tranche B-1 Term Loan, 6 2,009,179
CAD 5,000,000 Persona Cable, Tranche A, 3.25%, 4/27/09 4,262,050
2,000,000 UPC Broadband Holding B.V., Facility Ter 2,026,608
1,984,887 WideOpenWest Finance, LLC, Additional Te 1,991,089
4,410,170 WideOpenWest Finance, LLC, Term Loan B, 4,423,952
$ 63,798,035
Chemicals - 1.8%
83,333 Basell BV, Facility USD Term Loan B4, 6 $ 84,277
83,333 Basell BV, Facility USD Term Loan C4, 3 84,649
416,667 Basell USA, Inc., Facility Term Loan B2, 424,219
416,667 Basell USA, Inc., Facility Term Loan C2, 424,219
3,212,190 Celanese Holdings, LLC (BCP Caylux), Ter 3,253,948
1,901,260 Huntsman International, LLC, Term Dollar 1,914,627
1,985,000 PQ Corp., Term Loan, 6.563%, 2/11/12 2,011,053
$ 8,196,992
Consumer - Durables - 0.2%
1,000,000 Rexair, LLC, Second Lien Term Loan, 11.6 $ 995,000
Consumer - Non-Durables - 4.5%
1,856,111 American Safety Razor Co., Tranche B Loa $ 1,883,953
2,268,000 Camelbak Products, LLC, First Lien Term 2,197,125
1,000,000 Camelbak Products, LLC, Second Lien Term 962,500
3,824,425 CEI Holdings, Inc. (Cosmetic Essence), F 3,709,692
2,816,471 Eastman Kodak Co., Term B-1 Advance Loan 2,848,742
897,733 Herbalife International, Inc., Term Loan 906,710
2,000,000 MD Beauty, Inc., Second Lien Term Loan, 2,023,750
995,000 Mega Bloks, Inc., Facility Term Loan B, 1,002,462
1,970,800 Polaroid Corp., Term Loan, 11.625%, 4/27 1,975,727
1,750,000 Revlon Consumer Products Corp., Term Loa 1,804,142
1,877,011 Visant Corp., Tranche C Term Loan, 6.777 1,904,776
$ 21,219,579
Consumer - Products - 0.3%
1,185,185 Playpower, Inc., Dollar Term Loan, 7.53% $ 1,201,481
Diversified Media - 3.3%
7,691,875 ALM Media Holdings, Inc., First Lien Ter $ 7,711,105
5,000,000 MGM Holdings II, Inc./LOC Acquisition Co 5,064,490
992,500 North American Membership Group, Inc., F 987,538
1,477,500 Wallace Theater Corporation (Hollywood T 1,490,428
$ 15,253,561
Energy - 7.0%
4,962,500 ATP Oil & Gas Corp., Term Loan, 9.49% - $ 5,105,172
2,992,500 Cheniere LNG Holdings, LLC, Term Loan, 6 3,031,777
2,000,000 Coffeyville Resources, LLC, Second Lien 2,066,876
3,959,865 Ferrell Companies, Inc., Term Loan, 7.98 4,019,263
3,000,000 Hawkeye Renewables, LLC, Term Loan, 6.92 2,990,625
5,733,333 Mainline, L.P., Term Loan, 6.295%, 12/17 5,776,333
2,750,554 NSG Holdings II, LLC, Initial Term Loan, 2,787,516
4,463,500 Regency Gas Services, LLC, New Term Loan 4,524,873
369,409 SemCrude, L.P., U.S. Term Loan, 6.741% - 374,257
2,000,000 TARH E&P Holdings, LP, Second Lien Term 2,005,000
$ 32,681,692
Financial - 1.7%
2,000,000 Ameritrade Holding Corp., Term B Advance $ 2,014,626
1,000,000 ARG Holdings, Inc. (Alliant Resources Gr 1,015,000
1,923,077 FleetCor Technologies Operating Co., LLC 1,923,077
1,000,000 HMSC Corp., First Lien Term Loan, 7.35%, 1,012,500
2,000,000 LPL Holdings, Inc., Tranche B Term Loan, 2,011,250
$ 7,976,453
Food & Drug - 2.9%
4,854,315 Jean Coutu Group (PJC), Inc., Term Loan $ 4,918,363
995,000 Sturm Foods, Inc., First Lien Term Loan, 1,010,547
4,500,000 Sturm Foods, Inc., Second Lien Term Loan 4,567,500
1,967,245 Vitaquest International, LLC, First Lien 1,962,327
1,000,000 Vitaquest International, LLC, Second Lie 945,000
$ 13,403,737
Food & Tobacco - 8.6%
995,000 AFC Enterprises, Inc., Tranche B Term Lo $ 1,007,437
2,790,000 Captain D's, LLC, First Lien Term Loan, 2,817,900
3,850,909 Carrols Corp., Term Loan B, 7.0%, 12/31/ 3,912,285
1,978,333 Commonwealth Brands, Inc., Term Loan, 7. 2,004,299
5,882,196 DS Water Enterprises, L.P., Term Loan, 9 5,749,846
600,000 Krispy Kreme Doughnut Corp., Second Lien 621,000
2,382,000 Krispy Kreme Doughnut Corp., Second Lien 2,465,370
8,068,962 Merisant Co., Tranche B Term Loan, 7.918 7,483,963
2,000,000 National Distributing Co., Inc., Second 2,005,000
1,000,000 New World Restaurant Group, Inc., First 1,007,500
2,852,001 PBM Products, LLC, Term Loan B, 7.58% - 2,884,086
4,035,441 Pinnacle Foods Group, Inc., Term Loan, 7 4,106,566
2,000,000 Real Mex Restaurants, Inc, Term Loan, 14 2,040,000
2,000,000 Trustreet Properties, Inc., Term Loan, 6 2,020,000
$ 40,125,252
Forest Products/Containers - 4.8%
10,000,000Georgia-Pacific Corp., First Lien Term B $ 10,089,170
9,000,000 Georgia-Pacific Corp., Second Lien Term 9,194,319
2,969,773 U.S. Can Corp., Term Loan B, 8.36%, 1/10 2,995,759
$ 22,279,248
Gaming & Leisure - 11.8%
11,442,500Blockbuster, Inc., Tranche B Term Loan, $ 11,113,528
1,085,000 BRE/ESA Mezz5, LLC, Mezzanine D Term Loa 1,079,575
5,915,000 BRE/Homestead Mezz4, LLC, Mezzanine D Te 5,885,425
1,990,750 CCM Merger, Inc. (Motor City Casino), Te 2,009,413
600,000 Fontainebleu Florida Hotel, LLC, Tranche 600,000
400,000 Fontainebleu Florida Hotel, LLC, Tranche 400,000
1,496,250 Kuilima Resort Co. (Turtle Bay), First L 1,509,342
4,548,042 Lake at Las Vegas Joint Venture, First L 4,561,036
6,876,821 OpBiz, LLC, New Term Loan A, 5.305% - 7. 6,751,319
17,576 OpBiz, LLC, New Term Loan B, 8.055%, 8/2 17,279
5,310,574 Resorts International Holdings, LLC, Sec 4,945,472
3,943,884 Resorts International Holdings, LLC, Ter 3,938,955
3,190,394 Six Flags Theme Parks, Inc., Tranche B T 3,232,517
995,000 Trump Entertainment Resorts Holdings, L. 1,007,438
6,000,000 Wynn Las Vegas, LLC, Term Loan, 6.685%, 6,068,124
1,936,000 Yellowstone Mountain Club, LLC, Loan, 6. 1,946,083
$ 55,065,506
Healthcare - 11.0%
2,000,000 Accellent, Inc., Term Loan, 6.394%, 11/2 $ 2,020,626
1,877,853 Aircast, LLC, First Lien Term Loan, 7.08 1,893,110
5,427,724 Alliance Imaging, Inc., Tranche C1 Term 5,436,544
2,127,857 AMR HoldCo, Inc. EmCare HoldCo, Inc., Te 2,154,455
1,000,000 Capella Healthcare, Inc., First Lien Ter 1,009,375
2,992,500 DaVita, Inc., Tranche B Term Loan, 6.54% 3,039,880
5,000,000 FHC Health Systems, Inc., Third Lien Ter 5,087,500
3,023,243 Hanger Orthopedic Group, Inc., Tranche B 3,068,592
1,925,000 Healthcare Partners, LLC, Term Loan, 6.8 1,944,853
3,917,813 HealthSouth Corp., Term Loan, 7.11%, 3/2 3,936,179
1,062,500 HealthSouth Corp., Tranche B Letter of C 1,067,481
679,487 Matria Healthcare, Inc., First Lien Tran 687,131
320,513 Matria Healthcare, Inc., First Lien Tran 321,514
1,295,238 MMM Holding, Inc./NAMM Holdings, Inc., T 1,303,333
2,000,000 QTC Acquisition, Inc., First Lien Term L 2,015,000
2,481,250 Reliant Pharmaceuticals, Inc., First Lie 2,506,063
1,995,000 Renal Advantage, Inc., Tranche B Term Lo 2,015,574
823,529 Rural/Metro Operating Co., LLC, Letter o 835,882
2,635,294 Rural/Metro Operating Co., LLC, Term Loa 2,674,824
1,990,000 Skilled Healthcare Group, Inc., First Li 2,011,144
2,000,000 Triumph HealthCare Second Holdings, LLC, 1,903,334
66,246 Warner Chilcott Co., Inc., Dovobet Delay 66,779
331,230 Warner Chilcott Co., Inc., Dovonex Delay 333,896
2,454,935 Warner Chilcott Co., Inc., Tranche B Acq 2,474,690
998,285 Warner Chilcott Corp., Tranche C Acquisi 1,006,318
461,213 Warner Chilcott Holdings Co. III, Ltd., 464,924
$ 51,279,001
Housing - 8.6%
3,474,286 Associated Materials, Inc., Term Loan, 6 $ 3,472,114
6,854,034 Atrium Companies, Inc., Term Loan, 7.91% 6,892,588
2,500,000 BioMed Realty, L.P., Senior Secured Term 2,506,250
533,333 Builders FirstSource, Inc., Term Loan, 7 534,667
1,000,000 Contech Construction Products, Inc., New 1,013,125
2,849,952 Custom Building Products, Inc., First Li 2,873,108
1,481,250 Desa, LLC, Term Loan, 9.5% - 11.5%, 11/2 1,465,512
1,000,000 Edge Star Partners, LLC (Harmon Koval), 995,000
3,500,000 Edge Star Partners, LLC (Harmon Koval), 3,500,000
1,370,467 LNR Property Corp., Tranche A Term Loan, 1,379,032
5,432,620 LNR Property Corp., Tranche B Term Loan, 5,488,647
997,500 Pivotal Promontory, LLC, First Lien Term 995,006
5,000,000 TWLDC Holdings, L.P., Mezzanine Loan, 8. 5,075,000
4,000,000 Woodlands Commercial Properties Co., L.P 4,030,000
$ 40,220,049
Information Technology - 9.0%
925,000 ACI Billing Services, Inc., First Lien T $ 936,563
2,000,000 ClientLogic Corp., Second Lien Term Loan 2,020,000
3,000,000 Corel Corp., Second Lien Term Loan, 12.5 3,015,000
3,841,292 Data Transmissions Network Corp., Tranch 3,879,705
4,000,000 GXS Worldwide, Inc., First Lien Term Loa 3,950,000
2,000,000 GXS Worldwide, Inc., Second Lien Term Lo 2,010,000
447,750 Infor Global Solutions European Finance, 448,030
1,125,000 Infor Global Solutions European Finance, 1,151,719
983,333 Inovis International, Inc, Term Loan, 7. 983,333
961,281 IPC Acquisition Corp., First Lien Tranch 973,897
1,000,000 IPC Acquisition Corp., Second Lien Term 1,005,000
547,250 Magellan Holdings, Inc., First Lien U.S. 547,592
1,875,000 Magellan Holdings, Inc., Second Lien U.S 1,919,531
4,851,915 ON Semiconductor Corp., Term Loan H, 7.1 4,895,888
2,000,000 Open Solutions, Inc., First Lien Term Lo 2,027,500
6,965,000 SunGard Data Systems, Inc. (Solar Capita 7,072,895
3,970,000 Telcordia Technologies, Inc., Term Loan, 3,932,781
1,333,333 Vertafore, Inc., First Lien Initial Term 1,350,833
$ 42,120,267
Manufacturing - 2.8%
2,655,000 Alliance Laundry Systems, LLC, Term Loan $ 2,693,166
995,002 Brand Services, Inc., Term Loan B, 7.29% 1,010,134
2,772,889 Maxim Crane Works, L.P., First Lien Term 2,798,308
1,995,000 Mueller Group, LLC, Term Loan, 6.466% - 2,021,897
2,269,344 Unifrax Corp., New Term Loan, 6.875%, 3/ 2,306,221
2,000,000 Wire Rope Corporation of America, Inc., 2,070,000
$ 12,899,726
Media - 0.9%
704,088 Knology, Inc., First Lien Term Loan, 10. $ 731,371
3,035,931 Knology, Inc., Second Lien Term Loan, 14 3,309,165
$ 4,040,536
Metals & Minerals - 3.2%
1,500,000 Gibraltar Industries, Inc., Term Loan, 6 $ 1,511,250
4,457,481 Murray Energy Corp., Tranche B Term Loan 4,468,625
5,436,238 Trout Coal Holdings, LLC, First Lien Ter 5,381,875
3,465,066 Tube City, LLC, First Lien Tranche C Ter 3,517,042
$ 14,878,792
Retail - 8.7%
4,950,000 Dollarama Group, L.P., Term Loan B, 6.91 $ 5,005,687
3,577,938 Harbor Freight Tools USA, Inc., Term Loa 3,619,084
15,183,955Home Interiors & Gifts, Inc., Initial Te 14,159,038
995,000 MAPCO Express, Inc./MAPCO Family Centers 1,008,681
1,125,000 Movie Gallery, Inc., Term Loan A, 8.03%, 1,054,687
9,713,750 Movie Gallery, Inc., Term Loan B, 8.28%, 9,010,513
6,645,570 Neiman Marcus Group, Inc., Term Loan, 6. 6,749,407
$ 40,607,097
Service - 1.9%
863,636 Envirocare of Utah, LLC, New Term Loan, $ 873,532
2,815,721 Headwaters, Inc., First Lien Term Loan, 2,839,185
1,717,963 Outsourcing Solutions, Inc., Term Loan, 1,722,258
3,000,000 Penhall International Corp., Second Lien 3,037,500
500,000 Survey Sampling International, LLC, Seco 505,313
$ 8,977,788
Telecommunications - 8.6%
3,000,000 Alaska Communications Systems Holdings, $ 3,028,500
3,000,000 MetroPCS Wireless, Inc., First Lien Tran 3,096,249
2,000,000 MetroPCS Wireless, Inc., 2nd Lien Term L 2,110,000
2,826,419 Millennium Digital Media Systems, LLC, F 2,837,018
5,751,143 Millennium Digital Media Systems, LLC, F 5,772,710
5,967,118 Millennium Digital Media Systems, LLC, F 5,989,494
2,000,000 Pine Tree Holdings, Inc., Second Lien Tr 2,035,000
2,000,000 Qwest Corp., Tranche A Loan, 9.32%, 6/30 2,054,750
3,933,070 RCN Corp., Term Loan, 5.688% - 8.813%, 1 4,011,732
EURO833,334 SatBirds Finance S.a.r.l., Facility Term 1,011,551
EURO833,333 SatBirds Finance S.a.r.l., Facility Ter 998,319
EURO833,333 SatBirds Finance S.a.r.l., Facility Term 998,319
1,500,000 Stratos Global Corp./Stratos Funding LP, 1,519,688
4,648,438 WestCom Corp., Tranche B Term Loan, 7.35 4,657,153
$ 40,120,483
Transportation - 6.0%
4,373,004 Affinia Group, Inc., Tranche B Term Loan $ 4,337,474
2,549,486 Carey International, Inc., Second Lien T 2,294,538
5,735,625 Delphi Corp., Term Loan, 13.0%, 6/14/11 6,055,266
3,000,000 Federal-Mogul Corp., DIP Term Loan, 6.37 3,013,593
EURO3,000,000 Goodyear Dunlop Tires Europe B.V., Term 3,594,635
2,497,091 Key Plastics, LLC/Key Safety Systems, In 2,459,635
875,000 Quality Distribution, Inc., PF Letter of 879,375
1,947,382 Quality Distribution, Inc., Term Loan, 7 1,957,118
1,003,044 SIRVA Worldwide, Inc., Tranche B Term Lo 968,773
2,511,563 Transport Industries, L.P., Term Loan B, 2,541,387
$ 28,101,794
Utility - 7.3%
6,000,000 ANP Funding I, LLC, Tranche A Term Loan, $ 6,045,000
5,700,000 Calpine Corp., Second Lien Term Loan, 10 5,310,502
1,658,537 Covanta Energy Corp., Funded Letter of C 1,687,561
1,118,598 Covanta Energy Corp., Term Loan, 7.379% 1,138,173
1,967,871 El Paso Corp., Term Loan, 6.813%, 11/23/ 1,993,153
2,977,500 KGEN, LLC, Tranche A Loan, 7.152%, 8/5/1 2,977,500
AUD 9,716,312 Loy Yang Power Projects Pty, Ltd., Secon 7,181,656
1,431,029 Pike Electric, Inc., Tranche C Term Loan 1,448,917
2,181,028 Quachita Power, LLC, Term Loan, 7.36%, 8 2,153,765
4,042,104 Reliant Energy, Inc., Term Loan, 6.089% 4,037,997
$ 33,974,224
Wireless Communication - 2.1%
1,847,187 Centennial Cellular Operating Co., Term $ 1,874,382
3,960,000 Cricket Communications, Inc., Term Loan 4,017,915
1,995,000 Maritime Telecommunications Network, Inc 2,004,975
2,000,000 Ntelos, Inc., Second Lien Term Loan, 9.5 2,028,438
$ 9,925,710
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $648,166,689) $ 649,449,715
SENIOR SECURED FIXED RATE LOAN INTERESTS - 1.7% of Net Assets*
Telecommunications - 0.9%
4,000,000 Qwest Corp., Tranche B Term Loan, 6.95%, $ 4,082,084
Utility - 0.8%
GBP 1,000,000 Eggborough Power, Ltd., Term Loan, 7.0%, $ 3,800,217
TOTAL SENIOR SECURED FIXED RATE LOAN INTERESTS
(Cost $8,394,866) $ 7,882,301
CORPORATE NOTES - 5.6% of Net Assets
Chemicals - 0.5%
2,500,000 Constar International, Inc., 8.124%, 2/1 $ 2,450,000
Consumer Non-Durables - 1.3%
6,000,000 Levi Strauss & Co., 9.28%, 4/1/12 (a) $ 6,195,000
Energy - 0.5%
2,000,000 Secunda International, Ltd., 12.6%, 9/1/ $ 2,140,000
Gaming & Leisure - 0.6%
3,000,000 Trump Entertainment Resorts, Inc., 8.5%, $ 2,992,500
Healthcare - 0.9%
2,000,000 Duloxetine Pharma, 13.0%, 10/15/13(144A) $ 2,000,000
2,000,000 Elan Finance PLC/Elan Finance Corp., 8.7 1,935,000
$ 3,935,000
Housing - 0.5%
2,000,000 Builders FirstSource, Inc., 8.999%, 2/15 $ 2,055,000
Retail - 0.4%
2,000,000 Finlay Fine Jewelry Corp., 8.375%, 6/1/1 $ 1,780,000
Wireless Communication - 0.9%
5,000,000 Clearwire Corp., 11.0%, 8/15/10 $ 4,323,429
TOTAL CORPORATE NOTES
(Cost $25,840,061) $ 25,870,929
Shares
COMMON STOCK - 1.2% of Net Assets
Utility - 1.2%
234,564 Mirant Corp. $ 5,770,274
TOTAL COMMON STOCK
(Cost $5,899,285) $ 5,770,274
WARRANTS - 0.1% of Net Assets
Gaming & Leisure - 0.0%
13,873 OpBiz, LLC, Term A, Exp. 8/31/10 (b) $ -
32 OpBiz, LLC, Term B, Exp. 8/31/10 (b) -
$ -
Wireless Communication - 0.1%
400,000 Clearwire Corp., Exp. 8/15/10 (b) $ 673,200
TOTAL WARRANTS
Principal (Cost $0) $ 673,200
Amount
USD ($) TEMPORARY CASH INVESTMENT - 5.6% of Net Assets
Repurchase Agreement - 5.6%
26,000,000UBS Warburg, Inc., 4.45%, dated 2/28/06, repurchase price of
$26,000,000 plus accrued
interest on 3/1/06 collateralized by $26 $ 26,000,000
TOTAL TEMPORARY CASH INVESTMENT
(Cost $26,000,000) $ 26,000,000
TOTAL INVESTMENTS IN SECURITIES - 153.4%
(Cost $714,300,091 (c) $ 715,646,419
OTHER ASSETS AND LIABILITIES - (3.1)% $ (14,566,431)
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (50.3)% $ (234,528,603)
NET ASSETS APPLICABLE TO COMMON SHAREOWN $ 466,551,385
NR Security not rated by S&P or Moody's.
* Senior secured floating rate loan interests in which the Trust
invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR (London InterBank Offered Rate),
(ii) the prime rate offered by one or more major United States banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by
commercial lenders. The rate shown is the coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration.
At February 28, 2006 the value of these securities amounted to
$2,000,000 or 0.4% of net assets applicable to common shareowners.
(a) Floating Rate Note. The rate shown is the coupon rate at period end.
(b) Non-income producing security.
(c) At February 28, 2006, the net unrealized gain on investments based
on cost for federal income tax purposes of $714,348,347 was as
follows:
Aggregate gross unrealized gain for all $ 7,423,083
there is an excess of value over tax cost
Aggregate gross unrealized loss for all (6,125,011)
there is an excess of tax cost over value
Net unrealized gain $ 1,298,072
For financial reporting purposes net unrealized gain on investments
was
$1,345,518 and cost of investments aggregated $714,300,901.
Glossary of Terms:
DIP - Debtor-In-Possession
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on an evaluation of
these controls and procedures as of a date within 90 days prior to the filing
date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There was no significant change in the registrant's internal controls over
financial reporting 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.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date April 28, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date April 28, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date April 28, 2006
* Print the name and title of each signing officer under his or her signature.