UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2017 through May 31, 2018
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Floating
Rate Trust
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Semiannual Report | May 31, 2018
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Ticker Symbol: PHD
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Schedule of Investments 13
Financial Statements 46
Financial Highlights 50
Notes to Financial Statements 52
Additional Information 67
Trustees, Officers and Service Providers 69
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 1
President's Letter
While 2017 delivered strong positive performance, 2018, thus far, has
introduced market volatility. Equity and fixed-income markets pulled back in
the first quarter of this year, as the Standard & Poor's 500 Index and the
Bloomberg Barclays U.S. Aggregate Bond Index both finished in negative
territory, returning -0.76% and -1.46%, respectively, for the three-month
period ended March 31, 2018. Concerns about the sustainability of the pace of
economic growth, extended equity valuations, and rising interest rates drove a
significant stock market sell-off beginning in late January, approaching
correction levels. The market did recover from its initial slump, but this
year's significant fluctuations have served to remind investors that even the
strongest "bulls" cannot run forever. Within fixed income, rising interest
rates helped drive down returns of most asset classes in the first quarter,
though floating-rate sectors such as bank loans fared well in the rising-rate
environment.
Our view is that the first-quarter pause in the market's near-continuous upward
momentum over the previous 15 months, dating back to the final quarter of 2016,
presents an opportunity for investors to enter the market at healthier
valuation levels. We believe fundamentals are still quite positive, yet also
believe that caution is warranted given that the market remains vulnerable to
corrections. Some areas, such as growth stocks, appear expensive, but we do see
opportunity in value stocks, with prices supported by better corporate earnings
due to the recent tax reforms in the U.S. as well as robust, nominal gross
domestic product (GDP) growth. In fact, GDP growth in the U.S. rose to close to
or better than 3% over the final three quarters of 2017, and GDP growth in the
first quarter of 2018 registered at 2.3%.
In the fixed-income markets, we believe investors should consider positioning
their portfolios to defend against rising interest rates, with underweight
positions in U.S. Treasuries. We see more attractive valuations within
structured investment vehicles, such as mortgage-backed securities (MBS) in
both the agency and non-agency residential MBS sectors, as fundamentals within
the U.S. housing market remain positive. We believe that agency MBS, in
particular, offer investors reasonable value.
Since 1928, the foundation of Amundi Pioneer's investment approach has been
active management, which is especially important during periods of market
volatility. We believe investors can benefit from the experience and tenure of
our investment teams who make active and informed decisions across our funds.
In fact, the Pioneer Fund, the third-oldest mutual fund in the U.S., recently
celebrated its 90th birthday. We believe the Fund serves as an important
ambassador of our time-tested value style of investing and our early focus on
understanding the potential benefits of investing in companies with
2 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
sustainable business models. Over its nine decades of existence -- a time
period that included a Great Depression, a devastating World War, a long Cold
War, and enormous technological as well as societal changes -- the Fund has
been well-served by this investment approach.
As always, and particularly during times of market uncertainty, we encourage
you to work with your financial advisor to develop an overall investment plan
that addresses both your short- and long-term goals, and to implement such a
plan in a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
May 31, 2018
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 3
Portfolio Management Discussion | 5/31/18
In the following interview, Jonathan Sharkey discusses the factors that
influenced the performance of Pioneer Floating Rate Trust during the six-month
period ended May 31, 2018. Mr. Sharkey, a senior vice president and a portfolio
manager at Amundi Pioneer Asset Management, Inc., is responsible for the
day-to-day management of the Trust.
Q How did the Trust perform during the six-month period ended May 31, 2018?
A Pioneer Floating Rate Trust returned 2.66% at net asset value (NAV) and
2.44% at market price during the six-month period ended May 31, 2018,
while the Trust's benchmark, the Standard & Poor's/Loan Syndications &
Trading Association Leveraged Loan Index (the S&P/LSTA Index), returned
2.44%. Unlike the Trust, the S&P/LSTA Index does not use leverage. While
the use of leverage increases investment opportunity, it also increases
investment risk.
During the same six-month period, the average return (at market price) of
the 41 closed end funds in Morningstar's Bank Loan Closed End Funds
category (which may or may not be leveraged), was 4.91%, and the average
return (at NAV) of the 41 closed end funds in the same Morningstar
category was 2.97%.
The shares of the Trust were selling at a 7.9% discount to NAV on May 31,
2018. Comparatively, the shares of the Trust were selling at a 7.7%
discount to NAV on November 30, 2018.
The Trust's standardized, 30-day SEC yield was 4.75% on May 31, 2018*.
Q How would you describe the investment environment for investing in bank
loans during the six-month period ended May 31, 2018?
A Entering the six-month period, credit-sensitive areas of the market,
including bank loans, continued to be supported by positive economic data.
The U.S. economy posted gross domestic product (GDP) growth in the 3%
range over the last three quarters of 2017, against a backdrop of robust
corporate earnings and arguably full employment. Credit-market sentiment
received an additional boost as 2017 drew to a close with the passage of a
U.S. tax reform package that included a lowering of the corporate tax
rate, a one-time opportunity for companies to repatriate cash held
overseas on favorable terms, and a window during which companies can
accelerate the expensing of capital investments.**
* The 30-day SEC yield is a standardized formula that is based on the
hypothetical annualized earning power (investment income only) of the
Trust's portfolio securities during the period indicated.
** Credit-sensitive investments, such as high-yield corporate bonds and bank
loans, are more vulnerable to credit risk, or sensitivity to default by
the issuer, and/or the chance that a portion of the principal and interest
will not be paid back to investors.
4 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
In addition to a strong fundamental backdrop for credit, bank loans remain
attractive as an asset class due to a rising-interest-rate environment.
During the period, the U.S. Federal Reserve System (the Fed) implemented
increases in the target range for its overnight lending rate in December
2017 and March 2018, thus putting upward pressure on the LIBOR reference
rates used to set the baseline for yields on most bank loans (LIBOR refers
to London Interbank Offered Rate). The impact of the Fed's rate hikes on
loan yields was somewhat muted, however, as many borrowers have recently
elected to tie payments to one-month LIBOR in lieu of the traditional
three-month LIBOR. Increases in the one-month LIBOR rate have been
temporarily suppressed to a degree in recent months by reduced demand for
shorter-term investments, given the prospect of U.S. companies
repatriating cash post-tax reform. The upward movement in loan yields was
also constrained by spread-tightening and a favorable refinancing
environment, as loan sentiment has been supported by a low default rate.
(Loan spreads are the interest rates over and above the LIBOR rate charged
to borrowers by banks.)
April 2018 saw U.S. Treasury yields embark on another upward leg in the
wake of the release of the Fed's March meeting minutes, which pointed
toward a consensus among committee members that U.S. inflation was safely
headed toward its target and that there was, perhaps, room to raise the
federal funds rate more rapidly than previously expected. As April drew to
a close, first-quarter 2018 GDP growth was reported at 2.3%. While the
readout represented a drop off from the prior three quarters, the slowing
was widely attributed to seasonal factors.
Supply-and-demand factors were generally favorable for bank loans over
most of the six-month period ended May 31, 2018. For much of the period,
new issuance was below levels from a year ago. Loan performance also
benefited from strong institutional demand for yield, as reflected in
robust collateralized loan obligation (CLO) formation. In addition, retail
flows into loan mutual funds moved from negative in late 2017 to
consistently positive as 2018 progressed.
As the period drew to a close, however, secondary loan prices retreated
due to a significant increase in net supply, which was driven by an uptick
in new issuance and, to a lesser degree, slowing loan repayments. May of
2018 saw the highest level of primary loan supply in the market since
January 2017. For the full six-month period, loan prices were essentially
flat, as positive price performance in December 2017 and January 2018 was
offset by price softening over the last four months.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 5
Against a strong fundamental backdrop for credit-sensitive investments,
lower-quality loans rated in the "CCC" and lower "B" ranges generally
outperformed higher-quality loans for the six months.
Q What factors had the biggest effects on the Trust's performance relative
to the benchmark S&P/LSTA Index during the six-month period ended May 31,
2018?
A Loan selection results made the biggest positive contribution to the
Trust's benchmark-relative performance during the period. Selection
results were especially strong within health care and electronics, while
the portfolio's holdings within home furnishings and the metals & mining
industries lagged.
In terms of individual loan names, a position in Commercial Barge Line
contributed positively to the Trust's performance, as asset sales by the
inland marine shipping company led to improved market sentiment towards
the loan. The Trust's exposure to printer cartridge and mobile phone
remanufacturer 4L Technologies also contributed positively to
benchmark-relative returns, as the company's sales and profitability
trends showed signs of improving. A position in wireline telecommunication
firm Frontier was another positive contributor to the Trust's performance,
as the loan price benefited from the company's efforts to refinance its
debt and improve cash flow.
On the negative side within loan selection, the biggest detractors from
the Trust's performance during the period included the loans of
oilfield-services company Dixie Electric, mattress company Serta Simmons
Bedding, health supplement company Nature's Bounty, and in-store marketing
and promotion company Catalina.
The Trust's allocations across several industries made a positive
contribution to performance, with a modest underweight to the insurance
industry and a modest overweight to surface transportation aiding results,
along with significant underweights to both the business equipment &
services and electronics segments of the loan market.
Conversely, a moderate underweight to retail, and a modest underweight to
the food & drug sector detracted from the Trust's performance, along with
a moderate overweight to the automotive segment.
From a quality perspective, the Trust's positioning in the various loan
rating categories was essentially neutral to benchmark-relative
performance.
Finally, small out-of-benchmark portfolio positions in high-yield
corporate bonds and event-linked securities, which are issued by insurers
to mitigate the impact of claims in the wake of a natural disaster,
contributed slightly to the Trust's benchmark-relative performance.
6 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Q How did the level of leverage in the Trust change over the six-month
period ended May 31, 2018?
A The Trust employs leverage through a revolving credit facility.
At the end of the six-month period on May 31, 2018, 31.9% of the Trust's
total managed assets were financed by leverage (or borrowed funds),
compared with 31.8% of the Trust's total managed assets financed by
leverage at the start of the period on December 1, 2017. The absolute
amount of funds borrowed by the Trust did not change during the period.
The increase in the percentage of leveraged funds was the result of
depreciation in the values of the Trust's holdings.
Q Did the Trust invest in any derivative securities during the six-month
period ended May 31, 2018? If so, did the derivatives have a notable
effect on the Trust's performance?
A We invested in high-yield bond credit-default swap indices during the
period, principally to maintain liquidity in the Trust's portfolio. The
derivatives had no material impact on the Trust's performance.
Q Did the Trust's distributions to shareholders change during the six-month
period ended May 31, 2018?
A No, the Trust's distributions remained stable during the period. However,
the Trust has drawn on accumulated net investment income in paying the
Trust's distributions in recent periods, and these reserves may be
depleted over time.
Q What is your investment outlook?
A The default rate on loans for the 12-month period ended May 31, 2018, was
2.12% by loan volume, below the historical average of slightly over 3%.
The default rate by number of issuers was 1.72%, also below the long-term
average. We view loan fundamentals as positive and expect defaults to
remain manageable. That said, areas of the loan market, such as retail and
media, remain under pressure, and that defaults in those sectors could
edge higher from current levels.
With regard to the Trust's current allocations, we have modestly reduced
the portfolio's benchmark-relative underweight to retailers, because even
though the sector is under stress from ever-increasing online competition,
defaults, so far, have not risen as much as we thought they would, while
valuations have become quite compelling. The Trust is also underweight
business equipment & services, electronics, and hotels & casinos. With the
current U.S. economic recovery headed into its 10th year, we have been
trimming the Trust's overweight to the cyclical automotive segment. Other
current portfolio overweights are in the food products, air
transportation, and aerospace & defense market segments.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 7
We believe bank loans have demonstrated their value in a rising-rate
environment, as they have outperformed both high-yield and
investment-grade corporate bonds in the past few months. The loan market
has recently seen an uptick in the amount of leverage utilized in buyout
activity, and we have refrained from having the Trust participate in a
number of the more-levered deals. We are instead emphasizing the debt of
borrowers with strong cash flows, which may help ensure that they can pay
their obligations should interest rates rise meaningfully from here, or if
there is a downturn in economic conditions.
Please refer to the Schedule of Investments on pages 13-45 for a full listing
of Trust securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity, and heightened
uncertainty. These conditions may continue, recur, worsen, or spread.
The Trust may invest in derivative securities, which may include futures and
options, for a variety of purposes, including: in an attempt to hedge against
adverse changes in the marketplace of securities, interest rates or currency
exchange rates; as a substitute for purchasing or selling securities; to
attempt to increase the Trust's return as a non-hedging strategy that may be
considered speculative; and to manage portfolio characteristics. Using
derivatives can increase fund losses and reduce opportunities for gains when
the market prices, interest rates or the derivative instruments themselves
behave in a way not anticipated by the Trust. These types of instruments can
increase price fluctuation.
The Trust is not limited in the percentage of its assets that may be invested
in floating-rate senior loans and other securities which may be less liquid or
illiquid. Illiquid securities may be difficult to sell at a price reflective of
their value at times when the Trust believes it is desirable to do so and the
market price of illiquid securities is generally more volatile than that of
more liquid securities. Illiquid securities may be difficult to value, and
investment of the Trust's assets in illiquid securities may restrict the
Trust's ability to take advantage of market opportunities.
The Trust employs leverage through a revolving credit facility. Leverage
creates significant risks, including the risk that the Trust's income or
capital appreciation from investments purchased with the proceeds of leverage
will not be sufficient to cover the cost of leverage, which may adversely
affect the return for shareowners.
The Trust is required to maintain certain regulatory and other asset coverage
requirements in connection with its use of leverage. In order to maintain
required asset coverage levels, the Trust may be required to reduce the amount
of leverage
8 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
employed by the Trust, alter the composition of its investment portfolio or
take other actions at what might be inopportune times in the market. Such
actions could reduce the net earnings or returns to shareowners over time,
which is likely to result in a decrease in the market value of the Trust's
shares.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. The Trust may invest in securities of issuers that
are in default or that are in bankruptcy.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions.
These risks may increase share price volatility.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 9
Portfolio Summary | 5/31/18
Portfolio Diversification*
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(As a percentage of total investments)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Floating Rate Loan Interests 88.3%
Corporate Bonds 5.2%
U.S. Government and Agency Obligations 5.2%
Investment Companies 1.1%
Asset Backed Security 0.1%
Common Stocks 0.1%
* Includes investments in Insurance-Linked Securities totaling 1.6% of total
investments.
10 Largest Holdings
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(As a percentage of total investments)**
1. Bright Horizons Family Solutions LLC (fka Bright Horizons Family Solutions, Inc.),
Term B Loan, 3.73% (LIBOR + 175 bps), 11/7/23 0.78%
------------------------------------------------------------------------------------------------
2. McGraw-Hill Global Education Holdings LLC, First Lien Term B Loan, 5.98%
(LIBOR + 400 bps), 5/4/22 0.66
------------------------------------------------------------------------------------------------
3. American Airlines, Inc., 2018 Replacement Term Loan, 3.718%
(LIBOR + 175 bps), 6/27/25 0.65
------------------------------------------------------------------------------------------------
4. Scientific Games International, Inc., Initial Term B-5 Loan, 4.73%
(LIBOR + 275 bps), 8/14/24 0.65
------------------------------------------------------------------------------------------------
5. BBB Industries US Holdings, Inc., First Lien Term B Loan, 6.48%
(LIBOR + 450 bps), 11/3/21 0.63
------------------------------------------------------------------------------------------------
6. Sprint Communications, Inc., Initial Term Loan, 4.5% (LIBOR + 250 bps), 2/2/24 0.59
------------------------------------------------------------------------------------------------
7. Altice US Finance I Corp., March 2017 Refinancing Term Loan, 4.23%
(LIBOR + 225 bps), 7/28/25 0.57
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8. Staples, Inc., Term Loan B, 6.358% (LIBOR + 400 bps), 9/12/24 0.56
------------------------------------------------------------------------------------------------
9. Confie Seguros Holding II Co., Term B Loan, 7.556% (LIBOR + 525 bps), 4/19/22 0.54
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10. iShares iBoxx $ High Yield Corporate Bond ETF 0.53
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** Excludes temporary cash investments and all derivative contracts except
for options purchased. The Trust is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities listed.
10 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Prices and Distributions | 5/31/18
Market Value per Share^
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5/31/18 11/30/17
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Market Value $11.39 $11.47
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Premium/(Discount) (7.85)% (7.65)%
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Net Asset Value per Share^
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5/31/18 11/30/17
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Net Asset Value $12.36 $12.42
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Distributions per Share:*
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Net Investment Short-Term Long-Term
Income Capital Gains Capital Gains
--------------------------------------------------------------------
12/1/17--5/31/18 $0.3600 $ -- $ --
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Yields
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---------------------------------------
5/31/18 11/30/17
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30-day SEC Yield 4.75% 5.49%
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The data shown above represents past performance, which is no guarantee of
future results.
^ Net asset value and market value are published in Barron's on Saturday,
The Wall Street Journal on Monday and The New York Times on Monday and
Saturday. Net asset value and market value are published daily on the
Trust's website at www.amundipioneer.com.
* The amount of distributions made to shareowners during the period was in
excess of the net investment income earned by the Trust during the period.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 11
Performance Update | 5/31/18
Investment Returns
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The mountain chart on the right shows the change in market value, including
reinvestment of dividends and distributions, of a $10,000 investment made in
shares of Pioneer Floating Rate Trust during the periods shown, compared with
the value of the S&P/LSTA Leveraged Loan Index, which provides broad and
comprehensive total return metrics of the U.S. universe of syndicated term
loans.
Average Annual Total Returns
(As of May 31, 2018)
-------------------------------------------
Net
Asset S&P/LSTA
Value Market Leveraged
Period (NAV) Price Loan Index
-------------------------------------------
10 Years 5.47% 5.38% 5.20%
5 Years 5.04 2.56 3.85
1 Year 4.70 1.59 4.20
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating S&P/LSTA Leveraged
Rate Trust Loan Index
5/08 $10,000 $10,000
5/09 $ 6,979 $ 9,099
5/10 $ 9,703 $11,307
5/11 $11,542 $12,357
5/12 $11,968 $12,647
5/13 $13,328 $13,747
5/14 $14,005 $14,347
5/15 $14,706 $14,754
5/16 $15,042 $14,827
5/17 $16,274 $15,938
5/18 $17,040 $16,607
Call 1-800-225-6292 or visit www.amundipioneer.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV, due to such factors as interest rate
changes, and the perceived credit quality of borrowers.
Total investment return does not reflect broker sales charges or commissions.
All performance is for shares of the Trust.
Shares of closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and, once issued, shares of
closed-end funds are bought and sold in the open market through a stock
exchange and frequently trade at prices lower than their NAV. NAV per share is
total assets less total liabilities, which include preferred shares, or
borrowings, as applicable, divided by the number of shares outstanding.
When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends
are assumed to be reinvested at prices obtained through open-market purchases
under the Trust's dividend reinvestment plan.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the sale of Trust shares.
Had these fees and taxes been reflected, performance would have been lower.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Trust returns, do not reflect any fees, expenses or sales charges. The
indices do not use leverage. You cannot invest directly in an index.
12 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Schedule of Investments | 5/31/18 (unaudited)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 150.6%
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 133.0% of Net Assets*(a)
AUTOMOBILES & COMPONENTS -- 5.9%
Auto Parts & Equipment -- 4.4%
1,555,162 Allison Transmission, Inc., New Term Loan, 3.72%
(LIBOR + 175 bps), 9/23/22 $ 1,566,631
1,516,900 American Axle & Manufacturing, Inc., Tranche B Term
Loan, 4.01% (LIBOR + 225 bps), 4/6/24 1,521,008
2,732,958 BBB Industries US Holdings, Inc., First Lien Term B Loan,
6.48% (LIBOR + 450 bps), 11/3/21 2,760,288
792,035 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 4.302% (LIBOR + 200 bps), 11/2/23 795,005
1,470,931 Electrical Components International, Inc., Term Loan,
7.052% (LIBOR + 475 bps), 5/28/21 1,474,608
380,000 Horizon Global Corp., 2017 Replacement Term Loan,
6.48% (LIBOR + 450 bps), 6/30/21 374,300
495,000 Innovative Xcessories & Services LLC, Term Loan, 6.7%
(LIBOR + 475 bps), 11/29/22 496,856
992,284 Superior Industries International, Inc., Closing Date
Term Loan, 6.476% (LIBOR + 450 bps), 5/22/24 1,000,346
2,007,747 Tower Automotive Holdings USA LLC, Initial Term Loan,
4.688% (LIBOR + 275 bps), 3/7/24 2,017,786
1,500,000 Trico Group LLC, First Lien Initial Term Loan, 8.807%
(LIBOR + 650 bps), 2/2/24 1,507,500
--------------
$ 13,514,328
------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.3%
393,685 CH Hold Corp. (aka Caliber Collision), First Lien Initial
Term Loan, 4.98% (LIBOR + 300 bps), 2/1/24 $ 395,653
500,000 Deck Chassis Acquisition, Inc., Second Lien Initial Term
Loan, 7.98% (LIBOR + 600 bps), 6/15/23 509,375
683,201 Federal-Mogul Corp., Tranche C Term Loan, 5.685%
(LIBOR + 375 bps), 4/15/21 690,354
736,667 Octavius Corp., New Tranche B Term Loan, 5.547%
(LIBOR + 350 bps), 11/8/23 742,192
1,081,458 TI Group Automotive Systems LLC, Initial US Term Loan,
4.48% (LIBOR + 250 bps), 6/30/22 1,087,865
466,667 Visteon Corp., New Term Loan, 4.106%
(LIBOR + 200 bps), 3/24/24 469,000
--------------
$ 3,894,439
------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
691,667 Goodyear Tire & Rubber Co., Second Lien Term Loan,
3.93% (LIBOR + 200 bps), 3/3/25 $ 694,478
--------------
Total Automobiles & Components $ 18,103,245
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 13
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 16.4%
Aerospace & Defense -- 4.3%
964,697 Accudyne Industries Borrower SCA/Accudyne Industries
LLC (fka Silver II US Holdings LLC), Initial Term Loan,
5.23% (LIBOR + 325 bps), 8/18/24 $ 968,917
2,246,563^ ADS Tactical, Inc., Term Loan, 9.48% (LIBOR + 750 bps),
12/31/22 2,291,494
1,655,978 Alion Science and Technology Corp., First Lien Term Loan,
6.48% (LIBOR + 450 bps), 8/19/21 1,669,777
1,574,730 DAE Aviation Holdings, Inc., Initial Term Loan, 5.73%
(LIBOR + 375 bps), 7/7/22 1,582,997
920,994 DynCorp International, Inc., Term Loan B2, 7.948%
(LIBOR + 600 bps), 7/7/20 926,366
453,205 Engility Corp. (fka TASC, Inc.), Term B2 Loan, 4.73%
(LIBOR + 275 bps), 8/14/23 453,984
242,490 IAP Worldwide Services, Inc., Second Lien Term Loan,
8.802% (LIBOR + 650 bps), 7/18/19 237,944
1,745,625 MacDonald, Dettwiler and Associates, Ltd., Term Loan B,
4.74% (LIBOR + 275 bps), 10/4/24 1,748,352
498,750 MRO Holdings, Inc., Initial Term Loan, 7.552%
(LIBOR + 525 bps), 10/25/23 504,361
989,070 Transdigm, Inc., New Tranche F Term Loan, 4.476%
(LIBOR + 250 bps), 6/9/23 988,393
297,754 Transdigm, Inc., New Tranche G Term Loan, 4.73%
(LIBOR + 250 bps), 8/22/24 297,609
1,350,000 WP CPP Holdings LLC, First Lien Initial Term Loan,
6.28% (LIBOR + 375 bps), 4/30/25 1,359,281
--------------
$ 13,029,475
------------------------------------------------------------------------------------------------
Building Products -- 2.7%
1,141,700 Armstrong World Industries, Inc., Term Loan B, 4.862%
(LIBOR + 275 bps), 3/31/23 $ 1,147,409
1,692,071 Builders FirstSource, Inc., Refinancing Term Loan,
5.302% (LIBOR + 300 bps), 2/29/24 1,699,473
900,000 Janus International Group LLC, Initial First Lien Term
Loan, 4.98% (LIBOR + 300 bps), 2/12/25 891,563
340,000 NCI Building Systems, Inc., Initial Term Loan, 3.98%
(LIBOR + 200 bps), 2/7/25 340,850
1,265,326 Quikrete Holdings, Inc., First Lien Initial Term Loan,
4.73% (LIBOR + 275 bps), 11/15/23 1,267,874
600,000 SRS Distribution, Inc., Initial Term Loan, 5.58%
(LIBOR + 325 bps), 5/23/25 598,250
1,667,346 Summit Materials LLC, New Term Loan, 3.98%
(LIBOR + 200 bps), 11/21/24 1,676,725
744,384 Unifrax I LLC, Initial Dollar Term Loan, 5.802%
(LIBOR + 350 bps), 4/4/24 751,828
--------------
$ 8,373,972
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.0%
650,000 American Traffic Solutions, Inc., Initial First Lien Term
Loan, 5.659% (LIBOR + 375 bps), 2/28/25 $ 656,297
1,492,500 HD Supply Waterworks, Ltd., Initial Term Loan, 5.115%
(LIBOR + 300 bps), 8/1/24 1,500,895
943,373 Installed Building Products, Inc., Tranche B-1 Term Loan,
4.48% (LIBOR + 250 bps), 4/15/24 944,552
--------------
$ 3,101,744
------------------------------------------------------------------------------------------------
Construction Machinery & Heavy Trucks -- 1.4%
681,454 Clark Equipment Co. (aka Doosan Bobcat, Inc.), Repriced
Term Loan, 4.302% (LIBOR + 200 bps), 5/18/24 $ 681,880
1,717,188 Commercial Vehicle Group, Inc., Initial Term Loan, 7.98%
(LIBOR + 600 bps), 4/12/23 1,730,066
1,111,370 Navistar, Inc., Tranche B Term Loan, 5.43%
(LIBOR + 350 bps), 11/6/24 1,120,400
828,309 Terex Corp., 2018 Incremental US Term Loan, 3.98%
(LIBOR + 200 bps), 1/31/24 831,415
--------------
$ 4,363,761
------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.5%
925,806 DG Investment Intermediate Holdings 2, Inc. (aka
Convergint Technologies Holdings LLC), First Lien Initial
Term Loan, 5.302% (LIBOR + 300 bps), 2/3/25 $ 924,649
1,150,000 Pelican Products, Inc., First Lien Term Loan, 5.407%
(LIBOR + 350 bps), 5/1/25 1,156,469
700,000(b) Southwire Co., Term Loan B, 5/19/25 704,375
1,917,890 WireCo WorldGroup, Inc., First Lien Initial Term Loan,
6.98% (LIBOR + 500 bps), 9/29/23 1,932,274
--------------
$ 4,717,767
------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.6%
497,500 AI Aqua Merger Sub, Inc., 2017 First Lien Incremental
Term Loan B, 5.23% (LIBOR + 325 bps), 12/13/23 $ 497,811
349,783 AVSC Holding Corp., First Lien Initial Term Loan,
5.216% (LIBOR + 325 bps), 3/3/25 350,439
1,000,000 CTC AcquiCo GmbH, Facility B2, 5.568%
(LIBOR + 325 bps), 3/7/25 999,220
1,213,595 DTI Holdco, Inc., Replacement B-1 Term Loan, 6.73%
(LIBOR + 475 bps), 9/29/23 1,214,922
834,521 Filtration Group Corp., Initial Dollar Term Loan, 5.302%
(LIBOR + 300 bps), 3/29/25 839,997
651,248 Gates Global LLC, Initial B-2 Dollar Term Loan, 5.052%
(LIBOR + 275 bps), 4/1/24 655,278
481,250 Hyster-Yale Materials Holding, Inc., Term Loan, 5.23%
(LIBOR + 325 bps), 5/30/23 485,160
868,937 Milacron LLC, Term B Loan, 4.48% (LIBOR + 250 bps),
9/28/23 870,566
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 15
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Industrial Conglomerates -- (continued)
839,746 ProAmpac PG Borrower LLC, First Lien Initial Term Loan,
5.514% (LIBOR + 350 bps), 11/20/23 $ 845,345
1,086,912 Shape Technologies Group, Inc., Initial Term Loan,
5.041% (LIBOR + 300 bps), 4/20/25 1,093,026
--------------
$ 7,851,764
------------------------------------------------------------------------------------------------
Industrial Machinery -- 2.9%
436,032 Blount International, Inc., Refinancing Term Loan,
6.157% (LIBOR + 425 bps), 4/12/23 $ 442,028
997,500 Circor International, Inc., Initial Term Loan, 5.418%
(LIBOR + 350 bps), 12/11/24 1,001,241
822,825 Columbus McKinnon Corp., Repriced Term Loan, 4.802%
(LIBOR + 250 bps), 1/31/24 829,489
650,000 EaglePicher Technologies LLC, Initial First Lien Term
Loan, 5.23% (LIBOR + 325 bps), 3/8/25 651,219
1,151,059 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan,
5.052% (LIBOR + 275 bps), 7/30/24 1,157,534
1,935,500 Mueller Water Products, Inc., Initial Term Loan, 4.58%
(LIBOR + 250 bps), 11/25/21 1,950,016
584,550 NN, Inc., Tranche B Term Loan, 5.726% (LIBOR +
375 bps), 10/19/22 584,915
1,304,689 Tank Holding Corp. Replacement Term Loan, 5.732%
(LIBOR + 350 bps), 3/16/22 1,314,745
940,385 Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B
Loan, 4.73% (LIBOR + 275 bps), 3/3/23 944,488
--------------
$ 8,875,675
------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.0%+
100,723 WESCO Distribution, Inc., Tranche B-1 Term Loan, 4.98%
(LIBOR + 300 bps), 12/12/19 $ 100,849
--------------
Total Capital Goods $ 50,415,007
------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 4.9%
Diversified Support Services -- 0.9%
622,446 Access CIG LLC, First Lien Term B Loan, 5.73%
(LIBOR + 375 bps), 2/27/25 $ 627,125
289,070 Asurion LLC (fka Asurion Corp.), Replacement B-6 Term
Loan, 4.73% (LIBOR + 275 bps), 11/3/23 290,593
455,263 KAR Auction Services, Inc., Tranche B-4 Term Loan,
4.563% (LIBOR + 225 bps), 3/11/21 457,918
595,202 KAR Auction Services, Inc., Tranche B-5 Term Loan,
4.813% (LIBOR + 250 bps), 3/9/23 598,736
856,437 TMS International Corp. (aka Tube City IMS Corp.),
Term B-2 Loan, 4.847% (LIBOR + 275 bps), 8/14/24 860,184
--------------
$ 2,834,556
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.7%
876,371 Advanced Disposal Services, Inc. (fka ADS Waste
Holdings, Inc.), Additional Term Loan, 4.0% (LIBOR +
225 bps), 11/10/23 $ 880,575
578,177(b) GFL Environmental, Inc., Term Loan B, 5/30/25 579,261
1,006,024 Infiltrator Water Technologies LLC, First Lien Term B-2
Loan, 5.302% (LIBOR + 300 bps), 5/27/22 1,014,513
321,168 Patriot Container Corp., First Lien Closing Date Term
Loan, 5.448% (LIBOR + 350 bps), 3/20/25 322,975
1,715,675 WCA Waste Systems, Inc., Initial Term Loan, 4.48%
(LIBOR + 250 bps), 8/11/23 1,725,682
551,910 Wrangler Buyer Corp. (aka Waste Industries USA, Inc.),
Initial Term Loan, 4.73% (LIBOR + 275 bps), 9/27/24 554,082
--------------
$ 5,077,088
------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.2%
437,584 On Assignment, Inc., Initial Term B-1 Loan, 3.98%
(LIBOR + 200 bps), 6/3/22 $ 439,954
191,484 On Assignment, Inc., Initial Term B-2 Loan, 3.98%
(LIBOR + 200 bps), 4/2/25 192,402
--------------
$ 632,356
------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.8%
349,125 Diamond (BC) BV, Term Loan, 5.097% (LIBOR +
300 bps), 9/6/24 $ 347,161
800,000 West Corp., Incremental Term B-1 Loan, 5.48%
(LIBOR + 350 bps), 10/10/24 800,625
1,408,460 West Corp., Initial Term B Loan, 5.98% (LIBOR +
400 bps), 10/10/24 1,409,341
--------------
$ 2,557,127
------------------------------------------------------------------------------------------------
Security & Alarm Services -- 1.3%
924,054 Allied Universal Holdco LLC (fka USAGM Holdco LLC),
First Lien Initial Term Loan, 6.052% (LIBOR + 375 bps),
7/28/22 $ 913,200
1,271,848 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 5.506% (LIBOR + 350 bps), 5/24/24 1,286,687
1,594,340 Prime Security Services Borrower LLC, First Lien 2016-2
Refinancing Term B-1 Loan, 4.73% (LIBOR + 275 bps),
5/2/22 1,592,844
--------------
$ 3,792,731
--------------
Total Commercial & Professional Services $ 14,893,858
------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.7%
Homebuilding -- 0.5%
1,500,000(b) Interior Logic Group Holdings IV LLC, Term Loan B,
5/30/25 $ 1,501,875
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 17
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.8%
1,859,949 Serta Simmons Bedding LLC, First Lien Initial Term
Loan, 5.724% (LIBOR + 350 bps), 11/8/23 $ 1,648,960
901,867 Serta Simmons Bedding LLC, Second Lien Initial Term
Loan, 10.331% (LIBOR + 800 bps), 11/8/24 696,692
--------------
$ 2,345,652
------------------------------------------------------------------------------------------------
Household Appliances -- 0.5%
1,243,750 Global Appliance, Inc., Tranche B Term Loan, 5.99%
(LIBOR + 400 bps), 9/29/24 $ 1,265,904
349,125 Ring Container Technologies Group LLC, First Lien
Initial Term Loan, 4.73% (LIBOR + 275 bps), 10/31/24 349,889
--------------
$ 1,615,793
------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.8%
545,101 Prestige Brands, Inc., Term B-4 Loan, 3.98%
(LIBOR + 200 bps), 1/26/24 $ 547,924
2,020,249 Reynolds Group Holdings, Inc., Incremental US Term
Loan, 4.73% (LIBOR + 275 bps), 2/5/23 2,027,940
--------------
$ 2,575,864
------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
324,095 Bombardier Recreational Products, Inc., Term B Loan,
3.96% (LIBOR + 200 bps), 5/23/25 $ 325,107
--------------
Total Consumer Durables & Apparel $ 8,364,291
------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 8.2%
Casinos & Gaming -- 2.4%
600,000 Boyd Gaming Corp., Refinancing Term B Loan, 4.255%
(LIBOR + 250 bps), 9/15/23 $ 603,703
297,750 CityCenter Holdings LLC, Term B Loan, 4.23%
(LIBOR + 225 bps), 4/18/24 298,308
494,871 Eldorado Resorts, Inc., Term Loan, 4.287%
(LIBOR + 225 bps), 4/17/24 496,520
2,053,933 Golden Nugget, Inc. (aka Landry's Inc.), Initial Term B
Loan, 4.708% (LIBOR + 275 bps), 10/4/23 2,069,481
2,833,814 Scientific Games International, Inc., Initial Term B-5
Loan, 4.73% (LIBOR + 275 bps), 8/14/24 2,848,425
480,738 Station Casinos LLC, Term B Facility Loan, 4.49%
(LIBOR + 250 bps), 6/8/23 481,690
477,273 VICI Properties 1 LLC, Term B Loan, 3.961%
(LIBOR + 200 bps), 12/20/24 478,056
--------------
$ 7,276,183
------------------------------------------------------------------------------------------------
Education Services -- 2.1%
3,362,452 Bright Horizons Family Solutions LLC (fka Bright Horizons
Family Solutions, Inc.), Term B Loan, 3.73%
(LIBOR + 175 bps), 11/7/23 $ 3,385,568
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Education Services -- (continued)
1,706,513 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-2 Loan,
6.052% (LIBOR + 375 bps), 8/12/22 $ 1,716,752
1,303,228 Laureate Education, Inc., Series 2024 Term Loan, 5.48%
(LIBOR + 350 bps), 4/26/24 1,313,237
--------------
$ 6,415,557
------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.5%
467,291 Hilton Worldwide Finance LLC, Series B-2 Term Loan,
3.71% (LIBOR + 175 bps), 10/25/23 $ 469,823
1,134,699 Sabre GLBL, Inc. (fka Sabre, Inc.), 2018 Other Term B
Loan, 3.98% (LIBOR + 200 bps), 2/22/24 1,135,941
--------------
$ 1,605,764
------------------------------------------------------------------------------------------------
Leisure Facilities -- 1.0%
833,000 Cedar Fair LP, US Term B Loan, 3.73% (LIBOR +
175 bps), 4/13/24 $ 837,686
849,468 Life Time Fitness, Inc., 2017 Refinancing Term Loan,
5.056% (LIBOR + 275 bps), 6/10/22 851,924
1,286,450 Six Flags Theme Parks, Inc., Tranche B Term Loan, 3.71%
(LIBOR + 175 bps), 6/30/22 1,295,133
--------------
$ 2,984,743
------------------------------------------------------------------------------------------------
Restaurants -- 1.1%
1,479,421 1011778 BC Unlimited Liability Co. (New Red Finance,
Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan,
4.23% (LIBOR + 225 bps), 2/16/24 $ 1,480,802
550,000 IRB Holding Corp. (aka Arby's / Buffalo Wild Wings),
Term B Loan, 5.215% (LIBOR + 325 bps), 2/5/25 554,125
248,125 NPC International, Inc., First Lien Initial Term Loan,
5.48% (LIBOR + 350 bps), 4/19/24 250,761
995,107 TMK Hawk Parent Corp., First Lien Initial Term Loan,
5.49% (LIBOR + 350 bps), 8/28/24 1,001,637
--------------
$ 3,287,325
------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.1%
1,985,000 Constellis Holdings LLC, First Lien Term B Loan, 7.302%
(LIBOR + 500 bps), 4/21/24 $ 2,008,572
1,382,782 Creative Artists Agency LLC, Refinancing Term Loan,
4.919% (LIBOR + 300 bps), 2/15/24 1,392,289
--------------
$ 3,400,861
--------------
Total Consumer Services $ 24,970,433
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.8%
Asset Management & Custody Banks -- 0.5%
1,472,335 Vistra Group, Ltd., USD Term Loan, 4.98% (LIBOR +
300 bps), 10/26/22 $ 1,482,457
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 19
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
900,000(b) Blackhawk Network Holdings, Inc., Term Loan, 5/23/25 $ 902,250
1,060,546 Trans Union LLC, 2017 Replacement Term B-3 Loan,
3.98% (LIBOR + 200 bps), 4/10/23 1,060,657
--------------
$ 1,962,907
------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.6%
988,030 Freedom Mortgage Corp., Initial Term Loan, 6.711%
(LIBOR + 475 bps), 2/23/22 $ 1,002,851
725,000 Pre-Paid Legal Services, Inc. (aka LegalShield), First Lien
Initial Term Loan, 5.157% (LIBOR + 325 bps), 5/1/25 731,684
--------------
$ 1,734,535
------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
1,425,000 Deerfield Dakota Holding LLC (fka Dakota Holding Corp.),
Initial Term Loan, 5.552% (LIBOR + 325 bps), 2/13/25 $ 1,427,545
568,244 Guggenheim Partners Investment Management Holdings
LLC, Term B Loan, 4.73% (LIBOR + 275 bps), 7/21/23 569,192
446,506 LPL Holdings, Inc., Tranche B Term Loan, 4.557%
(LIBOR + 225 bps), 9/23/24 447,343
--------------
$ 2,444,080
------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.0%
324,373 Delos Finance S.a r.l., New Term Loan, 4.052%
(LIBOR + 175 bps), 10/6/23 $ 326,053
706,648 Fly Funding II S.a r.l, Term Loan, 4.37% (LIBOR +
200 bps), 2/9/23 707,384
1,952,856 Livingston International, Inc., First Lien Refinancing
Term B-3 Loan, 8.052% (LIBOR + 575 bps), 3/20/20 1,950,414
--------------
$ 2,983,851
------------------------------------------------------------------------------------------------
Specialized Finance -- 1.3%
688,668 Avast Software BV, 2018 Refinancing Dollar Term Loan,
4.493% (LIBOR + 250 bps), 9/29/23 $ 692,757
1,214,261 DBRS, Ltd., Initial Term Loan, 7.557% (LIBOR +
525 bps), 3/4/22 1,221,850
1,250,000 McDermott International, Inc., Term Loan, 6.908%
(LIBOR + 500 bps), 5/12/25 1,262,813
1,000,000(b) Sigma Holdco BV (aka Flora Foods), Term Loan B, 3/6/25) 1,002,188
--------------
$ 4,179,608
--------------
Total Diversified Financials $ 14,787,438
------------------------------------------------------------------------------------------------
ENERGY -- 4.5%
Oil & Gas Drilling -- 0.8%
1,000,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
7.934% (LIBOR + 600 bps), 3/1/24 $ 982,500
1,500,000 Traverse Midstream Partners LLC, Advance Term Loan,
5.85% (LIBOR + 400 bps), 9/27/24 1,504,453
--------------
$ 2,486,953
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.6%
500,000 Apergy Corp., Initial Term Loan, 4.438% (LIBOR +
250 bps), 5/9/25 $ 501,244
1,250,000 Keane Group Holdings LLC, Initial Term Loan, 5.75%
(LIBOR + 375 bps), 5/25/25 1,254,688
--------------
$ 1,755,932
------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.3%
1,000,000 California Resources Corp., Term Loan, 12.336%
(LIBOR + 1,038 bps), 12/31/21 $ 1,113,750
1,000,000 Chesapeake Energy Corp., Term Loan Class A, 9.468%
(LIBOR + 750 bps), 8/23/21 1,052,812
400,000 Lucid Energy Group II Borrower LLC, Initial Term Loan,
4.934% (LIBOR + 300 bps), 2/17/25 400,417
1,246,875 Medallion Midland Acquisition LLC, Initial Term Loan,
5.23% (LIBOR + 325 bps), 10/30/24 1,229,341
114,334 MEG Energy Corp., Initial Term Loan, 5.81% (LIBOR +
350 bps), 12/31/23 114,692
--------------
$ 3,911,012
------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
1,400,000 Delek US Holdings, Inc., Initial Term Loan, 4.48%
(LIBOR + 250 bps), 3/31/25 $ 1,405,250
------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.0%
1,195,887 Energy Transfer Equity LP, Refinanced Loan, 3.961%
(LIBOR + 200 bps), 2/2/24 $ 1,191,776
2,024,472 Gulf Finance LLC, Tranche B Term Loan, 7.56%
(LIBOR + 525 bps), 8/25/23 1,753,699
--------------
$ 2,945,475
------------------------------------------------------------------------------------------------
Pipeline -- 0.4%
1,092,000 Summit Midstream Partners Holdings LLC, Term Loan
Credit Facility, 7.98% (LIBOR + 600 bps), 5/13/22 $ 1,104,967
--------------
Total Energy $ 13,609,589
------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.2%
Drug Retail -- 0.5%
1,700,000 H-Food Holdings LLC, Initial Term Loan, 4.961%
(LIBOR + 300 bps), 5/23/25 $ 1,695,764
------------------------------------------------------------------------------------------------
Food Distributors -- 0.9%
894,505 CTI Foods Holding Co., LLC, First Lien Term Loan, 5.49%
(LIBOR + 350 bps), 6/29/20 $ 788,283
1,000,000 CTI Foods Holding Co., LLC, Second Lien Term Loan,
9.24% (LIBOR + 725 bps), 6/28/21 770,000
1,113,157 Mill US Acquisition, First Lien Term Loan, 6.31%
(LIBOR + 400 bps), 7/3/20 1,096,112
--------------
$ 2,654,395
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 21
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Food Retail -- 1.8%
1,000,000(b) 24 Hour Fitness Worldwide, Inc., Term Loan, 5/30/25 $ 1,001,250
1,375,508 Albertson's LLC, 2017-1 Term B-6 Loan, 5.319%
(LIBOR + 300 bps), 6/22/23 1,360,893
1,546,125 Packers Holdings LLC, Initial Term Loan, 5.173%
(LIBOR + 325 bps), 12/4/24 1,549,990
990,000(b) SIWF Holdings, Inc., Term Loan, 5/26/25 994,950
500,000(b) Unitymedia Finance LLC, Facility E Term Loan, 6/1/23 500,365
--------------
$ 5,407,448
--------------
Total Food & Staples Retailing $ 9,757,607
------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.3%
Packaged Foods & Meats -- 3.2%
400,000 CHG PPC Parent LLC, First Lien Initial Term Loan, 4.73%
(LIBOR + 275 bps), 3/31/25 $ 402,750
783,956 Chobani LLC, First Lien New Term Loan, 5.48%
(LIBOR + 350 bps), 10/10/23 786,569
1,213,366 Dole Food Co., Inc., Tranche B Term Loan, 4.709%
(LIBOR + 275 bps/PRIME + 200 bps), 4/6/24 1,216,399
1,442,750 Give and Go Prepared Foods Corp. (fka GG Foods
Acquisition Corp.), First Lien 2017 Term Loan, 6.218%
(LIBOR + 425 bps), 7/29/23 1,431,929
1,845,100 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
4.647% (LIBOR + 250 bps), 10/30/22 1,842,630
1,066,130 Pinnacle Foods Finance LLC, Initial B Term Loan, 3.659%
(LIBOR + 175 bps), 2/2/24 1,073,218
1,488,750 Post Holdings, Inc., Series A Incremental Term Loan,
3.97% (LIBOR + 200 bps), 5/24/24 1,492,077
1,447,500 Shearer's Foods LLC, First Lien Term Loan, 6.552%
(LIBOR + 425 bps), 6/30/21 1,438,453
--------------
$ 9,684,025
------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
500,000 Sunshine Investments BV, Facility B3, 5.593%
(LIBOR + 325 bps), 3/28/25 $ 502,494
--------------
Total Food, Beverage & Tobacco $ 10,186,519
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 13.2%
Health Care Distributors -- 0.3%
1,000,000 PharMerica Corp., First Lien Initial Term Loan, 5.428%
(LIBOR + 350 bps), 12/6/24 $ 1,004,167
------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.4%
1,235,880 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B Loan,
4.552% (LIBOR + 225 bps), 10/25/23 $ 1,247,466
------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.7%
1,472,150 Acadia Healthcare Co., Inc., Tranche B-4 Term Loan,
4.48% (LIBOR + 250 bps), 2/16/23 $ 1,484,111
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
1,431,453 ATI Holdings Acquisition, Inc., First Lien Initial Term Loan,
5.428% (LIBOR + 350 bps), 5/10/23 $ 1,434,360
168,215 CHS/Community Health Systems, Inc., Incremental 2019
Term G Loan, 5.307% (LIBOR + 300 bps), 12/31/19 167,498
645,524 CHS/Community Health Systems, Inc., Incremental 2021
Term H Loan, 5.557% (LIBOR + 325 bps), 1/27/21 629,789
1,952,723 Kindred Healthcare, Inc., New Term Loan, 5.875%
(LIBOR + 350 bps), 4/9/21 1,958,825
602,971 Quorum Health Corp., Term Loan, 8.73% (LIBOR +
675 bps), 4/29/22 613,900
1,396,545 Select Medical Corp., Tranche B Term Loan, 4.681%
(LIBOR + 275 bps/PRIME + 175 bps), 3/1/21 1,410,075
445,221 Vizient, Inc., Term B-4 Loan, 4.73% (LIBOR + 275 bps),
2/13/23 448,838
-------------
$ 8,147,396
------------------------------------------------------------------------------------------------
Health Care Services -- 6.3%
1,500,000 Alliance HealthCare Services, Inc., Second Lien Initial
Term Loan, 11.98% (LIBOR + 1,000 bps), 4/24/24 $ 1,507,500
255,582 Ardent Legacy Acquisitions, Inc. (Ardent Mergeco LLC),
Term Loan, 7.48% (LIBOR + 550 bps), 8/4/21 257,179
1,654,172(c) CCS Medical, Inc., Second Lien Term Loan, 13.25%
(13.25% PIK 0.0% cash) (PRIME + 900 bps), 5/31/19 20,677
1,212,219 Concentra, Inc., First Lien Tranche B-1 Term Loan, 4.66%
(LIBOR + 275 bps), 6/1/22 1,222,068
855,647 DaVita HealthCare Partners, Inc., Term Loan B2, 4.73%
(LIBOR + 275 bps), 6/24/21 864,204
812,500 Diplomat Pharmacy, Inc., Initial Term B Loan, 6.49%
(LIBOR + 450 bps), 12/20/24 821,641
1,357,683 Envision Healthcare Corp. (fka Emergency Medical
Services Corp.), Initial Term Loan, 4.99% (LIBOR +
300 bps), 12/1/23 1,362,986
886,528 ExamWorks Group, Inc. (fka Gold Merger Co., Inc.),
Term B-1 Loan, 5.23% (LIBOR + 325 bps), 7/27/23 893,842
1,000,000 Genex Holdings, Inc., Second Lien Term Loan March
2018, 9.047% (LIBOR + 700 bps), 3/2/26 1,002,500
1,780,573 Genoa Healthcare Co., LLC, First Lien Term Loan, 5.23%
(LIBOR + 325 bps), 10/30/23 1,795,040
100,000 Genoa Healthcare Co., LLC, Second Lien Initial Term Loan,
9.98% (LIBOR + 800 bps), 10/28/24 101,375
605,214 GHX Ultimate Parent Corp., First Lien Initial Term Loan,
5.302% (LIBOR + 300 bps), 6/28/24 607,483
1,464,905 HC Group Holdings III, Inc., First Lien Initial Term Loan,
6.98% (LIBOR + 500 bps), 4/7/22 1,475,892
453,416 MPH Acquisition Holdings LLC, Initial Term Loan, 5.052%
(LIBOR + 275 bps), 6/7/23 454,995
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 23
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
1,619,527 National Mentor Holdings, Inc., Tranche B Term Loan,
5.302% (LIBOR + 300 bps), 1/31/21 $ 1,627,288
1,302,306 nThrive, Inc. (fka Precyse Acquisition Corp.), Additional
Term B-2 Loan, 6.48% (LIBOR + 450 bps), 10/20/22 1,304,340
1,646,321 NVA Holdings, Inc., First Lien Term B-3 Loan, 5.052%
(LIBOR + 275 bps), 2/2/25 1,651,466
495,000 Team Health Holdings, Inc., Initial Term Loan, 4.73%
(LIBOR + 275 bps), 2/6/24 478,603
1,756,455 US Renal Care, Inc., First Lien Initial Term Loan, 6.552%
(LIBOR + 425 bps), 12/30/22 1,749,429
--------------
$ 19,198,508
------------------------------------------------------------------------------------------------
Health Care Supplies -- 1.2%
1,084,328 Greatbatch, Ltd., New Term B Loan, 5.18%
(LIBOR + 325 bps), 10/27/22 $ 1,090,767
669,938 Kinetic Concepts, Inc., Dollar Term Loan, 5.552%
(LIBOR + 325 bps), 2/2/24 674,292
1,799,201 Sterigenics-Nordion Holdings LLC, Incremental Term
Loan, 4.98% (LIBOR + 300 bps), 5/15/22 1,808,197
--------------
$ 3,573,256
------------------------------------------------------------------------------------------------
Health Care Technology -- 1.7%
1,570,296 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 4.73% (LIBOR + 275 bps),
3/1/24 $ 1,571,418
1,250,000 Chloe OX Parent LLC, Initial Term Loan, 7.302%
(LIBOR + 500 bps), 12/23/24 1,259,375
1,125,775^ Medical Card System, Inc., Term Loan, 2.848%
(LIBOR + 50 bps), 5/31/19 731,754
1,538,106 Press Ganey Holdings, Inc., First Lien Replacement
Term Loan, 4.73% (LIBOR + 275 bps), 10/23/23 1,546,438
--------------
$ 5,108,985
------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
1,970,000 Prospect Medical Holdings, Inc., Term B-1 Loan, 7.438%
(LIBOR + 550 bps), 2/22/24 $ 1,974,925
--------------
$ 1,974,925
--------------
Total Health Care Equipment & Services $ 40,254,703
------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.0%
Cleaning Products -- 0.6%
762,145 Parfums Holding Co., Inc., First Lien Initial Term Loan,
7.052% (LIBOR + 475 bps), 6/30/24 $ 770,561
1,000,000 Parfums Holding Co., Inc., Second Lien Initial Term Loan,
11.06% (LIBOR + 875 bps), 6/30/25 1,011,875
--------------
$ 1,782,436
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Household Products -- 1.7%
1,500,000 Alphabet Holding Co., Inc. (aka Nature's Bounty), Term
Loan, 9.73% (LIBOR + 775 bps), 9/26/25 $ 1,181,250
497,500 Alphabet Holding Co., Inc. (aka Nature's Bounty), Term
Loan B, 5.48% (LIBOR + 350 bps), 9/26/24 439,043
956,144 Spectrum Brands, Inc., 2017 Refinanced USD Term Loan,
4.145% (LIBOR + 200 bps), 6/23/22 957,605
1,221,200 Springer Science + Business Media GmbH, Initial
Term B13 Loan, 5.476% (LIBOR + 350 bps), 8/15/22 1,223,376
1,488,750 WKI Holding Co., Inc., Initial Term Loan, 6.358%
(LIBOR + 400 bps), 5/1/24 1,458,975
--------------
$ 5,260,249
------------------------------------------------------------------------------------------------
Personal Products -- 0.7%
932,993 Revlon Consumer Products Corp., Initial Term Loan B,
5.476% (LIBOR + 350 bps), 9/7/23 $ 729,600
1,343,750 Twist Beauty International Holdings SA, Facility B2,
5.295% (LIBOR + 300 bps), 4/22/24 1,350,469
--------------
$ 2,080,069
--------------
Total Household & Personal Products $ 9,122,754
------------------------------------------------------------------------------------------------
INSURANCE -- 2.8%
Insurance Brokers -- 0.1%
443,333 NFP Corp., Term B Loan, 4.98% (LIBOR + 300 bps),
1/8/24 $ 443,887
------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.6%
1,861,442 Integro, Ltd., Initial Term Loan, 8.001% (LIBOR +
575 bps), 10/31/22 $ 1,868,422
------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 2.1%
887,406 Acrisure LLC, First Lien 2017-2 Refinancing Term Loan,
6.609% (LIBOR + 425 bps), 11/22/23 $ 894,949
900,813 Alliant Holdings Intermediate LLC, Initial Term Loan,
4.929% (LIBOR + 300 bps), 5/9/25 901,256
500,000 Confie Seguros Holding II Co., Second Lien Term Loan,
11.807% (LIBOR + 950 bps), 5/8/19 487,917
2,373,338 Confie Seguros Holding II Co., Term B Loan, 7.556%
(LIBOR + 525 bps), 4/19/22 2,374,821
1,661,650 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
Loan, 5.302% (LIBOR + 300 bps), 5/16/24 1,661,650
--------------
$ 6,320,593
--------------
Total Insurance $ 8,632,902
------------------------------------------------------------------------------------------------
MATERIALS -- 14.1%
Construction Materials -- 1.7%
972,125 84 Lumber Co., Term B-1 Loan, 7.21% (LIBOR +
525 bps), 10/25/23 $ 984,884
1,232,484 American Bath Group LLC, First Lien Replacement
Term Loan, 7.552% (LIBOR + 525 bps), 9/30/23 1,236,336
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 25
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Construction Materials -- (continued)
495,000 American Builders & Contractors Supply Co., Inc.,
Term B-2 Loan, 3.98% (LIBOR + 200 bps), 10/31/23 $ 493,711
495,893 Associated Asphalt Partners LLC, Tranche B Term Loan,
7.23% (LIBOR + 525 bps), 4/5/24 481,429
868,438 Penn Engineering & Manufacturing Corp., Tranche B Term
Loan, 4.73% (LIBOR + 275 bps), 6/27/24 872,780
1,250,000(b) UNIMIN Corp., Term Loan, 6/1/25 1,253,385
--------------
$ 5,322,525
------------------------------------------------------------------------------------------------
Diversified Chemicals -- 4.0%
807,902 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-2 Term Loan, 5.569% (LIBOR + 325 bps),
9/13/23 $ 810,932
608,690 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-3 Term Loan, 5.569% (LIBOR + 325 bps),
9/13/23 610,973
498,750 Avantor, Inc., Initial Dollar Term Loan, 5.98% (LIBOR +
400 bps), 11/21/24 503,582
1,237,755 Axalta Coating Systems Dutch Holding B BV (Axalta
Coating Systems US Holdings, Inc.), Term B-3 Dollar Loan,
4.052% (LIBOR + 175 bps), 6/1/24 1,240,076
1,208,638 Azelis Finance SA (Azelis US Holding, Inc.), 2017
Refinancing Dollar Term Loan, 6.052% (LIBOR + 375 bps),
12/16/22 1,217,703
1,670,420 Nexeo Solutions LLC, Term B-1 Loan, 5.573% (LIBOR +
325 bps), 6/9/23 1,689,212
562,112 Orion Engineered Carbons GmbH, Initial Dollar Term Loan,
4.302% (LIBOR + 200 bps), 7/25/24 566,328
859,878 Plaskolite LLC, First Lien Term Loan, 5.811% (LIBOR +
350 bps), 11/3/22 860,953
1,361,963 Tata Chemicals North America, Term Loan, 5.063%
(LIBOR + 275 bps), 8/7/20 1,369,624
407,119 Tronox, Ltd., First Lien Blocked Dollar Term Loan, 5.302%
(LIBOR + 300 bps), 9/23/24 409,833
939,506 Tronox, Ltd., First Lien Initial Dollar Term Loan, 5.302%
(LIBOR + 300 bps), 9/23/24 945,770
1,423,806 Univar USA, Inc., Term B-3 Loan, 4.48% (LIBOR +
250 bps), 7/1/24 1,433,149
498,750 Vantage Specialty Chemicals, Inc., First Lien Closing
Date Term Loan, 6.302% (LIBOR + 400 bps), 10/28/24 503,737
--------------
$ 12,161,872
------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.2%
1,723,750 Global Brass and Copper, Inc. Term Loan B, 4.5%
(LIBOR + 250 bps), 5/29/25 $ 1,728,060
987,500 Oxbow Carbon LLC, First Lien Tranche B Term Loan,
5.73% (LIBOR + 375 bps), 1/4/23 1,001,078
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
950,000 US Silica Co., Term Loan, 5.813% (LIBOR + 400 bps),
5/1/25 $ 958,431
--------------
$ 3,687,569
------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
951,813 BWay Holding Co., Initial Term Loan, 5.587% (LIBOR +
325 bps), 4/3/24 $ 955,284
------------------------------------------------------------------------------------------------
Paper Packaging -- 2.5%
1,004,333 Berry Global, Inc. (fka Berry Plastics Corp.), Term Q Loan,
3.96% (LIBOR + 200 bps), 10/1/22 $ 1,008,334
2,013,018 Caraustar Industries, Inc., Refinancing Term Loan, 7.802%
(LIBOR + 550 bps), 3/14/22 2,028,744
1,498,333 Expera Specialty Solutions LLC, Term Loan B, 6.23%
(LIBOR + 425 bps), 11/3/23 1,517,062
1,098,250 Onex Wizard Acquisition Co. I S.a.r.l. (aka SIG Combibloc
Group), Term Loan, 4.73% (LIBOR + 275 bps), 3/11/22 1,106,262
995,000 Plastipak Holdings, Inc., Tranche B Term Loan, 4.49%
(LIBOR + 250 bps), 10/14/24 998,886
1,047,375 Trident TPI Holdings, Inc., Tranche B-1 Term Loan, 5.23%
(LIBOR + 325 bps), 10/17/24 1,045,411
--------------
$ 7,704,699
------------------------------------------------------------------------------------------------
Paper Products -- 0.6%
298,148 Ranpak Corp., Second Lien Initial Term Loan, 9.185%
(LIBOR + 725 bps), 10/3/22 $ 301,875
1,557,001 Ranpak Corp., Tranche B-1 USD Term Loan, 5.23%
(LIBOR + 325 bps), 10/1/21 1,564,786
--------------
$ 1,866,661
------------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.0%
1,451,020 Ferro Corporation, Tranche B-1 Term Loan, 4.349%
(LIBOR + 225 bps), 2/14/24 $ 1,456,461
348,250 H.B. Fuller Co., Commitment, 3.948% (LIBOR + 200 bps),
10/20/24 349,072
1,084,330 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-6 Term Loan, 4.98% (LIBOR + 300 bps), 6/7/23 1,092,463
1,389,143 Omnova Solutions, Inc., Term B-2 Loan, 5.23% (LIBOR +
325 bps), 8/25/23 1,399,561
1,341,776 PQ Corp., Third Amendment Tranche B-1 Term Loan,
4.48% (LIBOR + 250 bps), 2/8/25 1,345,270
496,222 Versum Materials, Inc. (fka Versum Materials LLC), Term
Loan, 4.302% (LIBOR + 200 bps), 9/29/23 498,910
--------------
$ 6,141,737
------------------------------------------------------------------------------------------------
Steel -- 1.8%
1,955,530 Atkore International, Inc., First Lien Initial Incremental
Term Loan, 5.06% (LIBOR + 275 bps), 12/22/23 $ 1,964,438
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 27
Schedule of Investments | 5/31/18 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
-------------------------------------------------------------------------------------------------
Steel -- (continued)
995,000 Big River Steel LLC, Closing Date Term Loan, 7.302%
(LIBOR + 500 bps), 8/23/23 $ 1,012,412
405,000 Phoenix Services International LLC, Term B Loan, 5.659%
(LIBOR + 375 bps), 3/1/25 409,050
1,944,017 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.999% (LIBOR + 275 bps), 6/14/21 1,949,484
--------------
$ 5,335,384
--------------
Total Materials $ 43,175,731
------------------------------------------------------------------------------------------------
MEDIA -- 13.4%
Advertising -- 1.8%
1,926,467 CB Poly Investments LLC, First Lien Closing Date Term
Loan, 5.73% (LIBOR + 375 bps), 8/16/23 $ 1,932,487
611,200 Checkout Holding Corp., First Lien Term B Loan, 5.48%
(LIBOR + 350 bps), 4/9/21 420,964
1,127,048 Crossmark Holdings, Inc., First Lien Term Loan, 5.802%
(LIBOR + 350 bps), 12/20/19 628,681
342,128 Outfront Media Capital LLC (Outfront Media Capital
Corp.), Term Loan, 3.968% (LIBOR + 200 bps), 3/18/24 344,266
1,990,000 Red Ventures LLC (New Imagitas, Inc.), First Lien Term
Loan, 5.98% (LIBOR + 400 bps), 11/8/24 2,017,776
--------------
$ 5,344,174
------------------------------------------------------------------------------------------------
Broadcasting -- 4.0%
756,445 A-L Parent LLC (aka Learfield Communications), First Lien
Initial Term Loan, 5.24% (LIBOR + 325 bps), 12/1/23 $ 763,064
736,667 Beasley Mezzanine Holdings LLC, Initial Term Loan,
5.939% (LIBOR + 400 bps), 11/1/23 741,578
194,025 CBS Radio, Inc., Term B-1 Loan, 4.698% (LIBOR +
275 bps), 11/18/24 193,742
495,000 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
March 2017 Refinancing Term Loan, 4.169% (LIBOR +
225 bps), 7/17/25 493,510
526,093 Gray Television, Inc., Term B-2 Loan, 4.168% (LIBOR +
225 bps), 2/7/24 528,131
1,147,500 Hubbard Radio LLC, Term Loan, 4.99% (LIBOR +
300 bps), 3/28/25 1,154,316
1,944,572 MediArena Acquisition BV (fka AP NMT Acquisition BV),
First Lien Dollar Term B Loan, 8.058% (LIBOR + 575 bps),
8/13/21 1,946,273
56,901(b) Mission Broadcasting, Inc., Term B-2 Loan, 1/17/24 57,115
438,144(b) Nexstar Broadcasting, Inc., Term B-2 Loan, 1/17/24 439,787
522,375 Raycom TV Broadcasting LLC, Tranche B-1 Term Loan,
4.226% (LIBOR + 225 bps), 8/23/24 523,681
2,062,754 Sinclair Television Group, Inc., Tranche B Term Loan,
4.24% (LIBOR + 225 bps), 1/3/24 2,067,577
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
1,198,436 Townsquare Media, Inc., Additional Term B Loan, 4.98%
(LIBOR + 300 bps), 4/1/22 $ 1,203,179
2,093,943 Univision Communications, Inc., 2017 Replacement
Repriced First Lien Term Loan, 4.73% (LIBOR + 275 bps),
3/15/24 2,023,128
--------------
$ 12,135,081
------------------------------------------------------------------------------------------------
Cable & Satellite -- 3.7%
2,501,262 Altice US Finance I Corp., March 2017 Refinancing Term
Loan, 4.23% (LIBOR + 225 bps), 7/28/25 $ 2,496,572
347,375 Cable One, Inc., Incremental Term B-1 Loan, 4.06%
(LIBOR + 175 bps), 5/1/24 349,619
1,953,193 Charter Communications Operating LLC (aka CCO Safari
LLC), Term B Loan, 3.99% (LIBOR + 200 bps), 4/30/25 1,959,664
1,829,208 MCC Iowa LLC, Tranche M Term Loan, 3.76% (LIBOR +
200 bps), 1/15/25 1,837,591
1,990,000 SFR Group SA, USD Term Loan B-12, 5.348% (LIBOR +
300 bps), 1/31/26 1,962,637
285,000(b) Telenet Financing USD LLC, Term Loan, 8/15/26 285,178
285,000 Telenet Financing USD LLC, Term Loan AL Facility, 4.419%
(LIBOR + 250 bps), 3/1/26 285,030
1,099,000 UPC Financing Partnership, Facility AR, 4.419% (LIBOR +
250 bps), 1/15/26 1,097,197
1,117,713 Virgin Media Bristol LLC, Facility K, 4.419% (LIBOR +
250 bps), 1/15/26 1,116,141
--------------
$ 11,389,629
------------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.0%
1,128,961 AMC Entertainment, Inc., Initial Term Loan, 4.169%
(LIBOR + 225 bps), 12/15/22 $ 1,133,194
1,000,000 CDS US Intermediate Holdings, Inc. (Cirque Du Soleil
Canada, Inc.), Second Lien Initial Term Loan, 10.552%
(LIBOR + 825 bps), 7/10/23 985,000
1,446,856 Fitness International LLC, Term B Loan, 5.53% (LIBOR +
325 bps), 4/18/25 1,455,718
227,941 Kasima LLC, Term Loan, 4.758% (LIBOR + 250 bps),
5/17/21 229,936
472,050 Live Nation Entertainment, Inc., Term B-3 Loan, 3.75%
(LIBOR + 175 bps), 10/31/23 474,705
1,047,750 Seminole Hard Rock Entertainment, Inc., Term Loan,
5.058% (LIBOR + 275 bps), 5/14/20 1,056,591
813,664 WMG Acquisition Corp., Tranche E Term Loan, 4.23%
(LIBOR + 225 bps), 11/1/23 814,344
--------------
$ 6,149,488
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 29
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Publishing -- 1.9%
719,015 DH Publishing LP, Term B-6 Loan, 4.185% (LIBOR +
225 bps), 8/20/23 $ 720,868
27,960 Lee Enterprises, Inc., First Lien Term Loan, 8.23%
(LIBOR + 625 bps), 3/31/19 28,065
2,947,261 McGraw-Hill Global Education Holdings LLC, First Lien
Term B Loan, 5.98% (LIBOR + 400 bps), 5/4/22 2,874,499
1,666,690 Quincy Newspapers, Inc., Term Loan B, 5.014% (LIBOR +
300 bps/PRIME + 200 bps), 11/2/22 1,676,416
549,911 Trader Corp., First Lien 2017 Refinancing Term Loan,
5.295% (LIBOR + 300 bps), 9/28/23 549,912
--------------
$ 5,849,760
--------------
Total Media $ 40,868,132
------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 3.8%
Biotechnology -- 0.5%
1,068,696 Alkermes, Inc., 2023 Term Loan, 4.17% (LIBOR +
225 bps), 3/27/23 $ 1,076,711
445,500 Lantheus Holdings, Inc., Replacement Term Loan, 5.73%
(LIBOR + 375 bps), 6/30/22 447,171
--------------
$ 1,523,882
------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.3%
1,741,250 Albany Molecular Research, Inc., First Lien Initial Term
Loan, 5.23% (LIBOR + 325 bps), 8/30/24 $ 1,741,612
1,000,000 Albany Molecular Research, Inc., Second Lien Initial Term
Loan, 8.98% (LIBOR + 700 bps), 8/30/25 1,013,750
428,145 Catalent Pharma Solutions, Inc. (fka Cardinal Health
409, Inc.), Dollar Term Loan, 4.23% (LIBOR + 225 bps),
5/20/24 430,253
893,182 Explorer Holdings, Inc., Initial Term Loan, 5.806%
(LIBOR + 375 bps), 5/2/23 902,486
--------------
$ 4,088,101
------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.0%
1,597,925 Endo Luxembourg Finance Company I S.a.r.l., Initial
Term Loan, 6.25% (LIBOR + 425 bps), 4/29/24 $ 1,587,538
891,000 Horizon Pharma, Inc., Third Amendment Refinanced
Term Loan, 5.25% (LIBOR + 325 bps), 3/29/24 916,616
1,099,140 Jaguar Holding Co. I LLC (aka Pharmaceutical Product
Development LLC), 2018 Term Loan, 4.649%
(LIBOR + 250 bps), 8/18/22 1,099,742
530,315 Mallinckrodt International Finance SA, 2017 Term B Loan,
5.203% (LIBOR + 275 bps), 9/24/24 519,295
298,500 Parexel International Corp., Term Loan B, 4.73%
(LIBOR + 275 bps), 9/27/24 298,500
596,139 Valeant Pharmaceuticals International, Inc., Series F
Tranche B Term Loan, 5.42% (LIBOR + 350 bps), 4/1/22 598,281
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Pharmaceuticals -- (continued)
1,000,000(b) Valeant Pharmaceuticals International, Inc., Term Loan B,
6/2/25 $ 1,002,891
--------------
$ 6,022,863
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 11,634,846
------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Diversified REIT -- 0.3%
422,566 ESH Hospitality, Inc., Third Repriced Term Loan, 3.98%
(LIBOR + 200 bps), 8/30/23 $ 424,045
470,766 iStar, Inc. (fka iStar Financial, Inc.), Term Loan, 4.932%
(LIBOR + 300 bps), 10/1/21 474,297
--------------
$ 898,342
------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.5%
1,337,700 MGM Growth Properties Operating Partnership LP, Term B
Loan, 3.754% (LIBOR + 200 bps), 4/25/23 $ 1,339,372
------------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
1,945,437 Communications Sales & Leasing, Inc. (CSL Capital LLC),
Shortfall Term Loan, 4.98% (LIBOR + 300 bps), 10/24/22 $ 1,895,780
--------------
Total Real Estate $ 4,133,494
------------------------------------------------------------------------------------------------
RETAILING -- 3.7%
Apparel Retail -- 0.5%
518,433 Hudson's Bay Co., Term Loan B, 5.218% (LIBOR +
325 bps), 9/30/22 $ 485,221
1,127,781 Men's Wearhouse, Inc., Tranche B-2 Term Loan, 5.407%
(LIBOR + 350 bps), 4/9/25 1,138,110
--------------
$ 1,623,331
------------------------------------------------------------------------------------------------
Automotive Retail -- 0.5%
1,392,502 CWGS Group LLC, Term Loan, 4.673% (LIBOR + 275 bps),
11/8/23 $ 1,392,328
------------------------------------------------------------------------------------------------
Department Stores -- 0.3%
447,750 Archroma Finance S.a.r.l., First Lien Facility B2, 6.587%
(LIBOR + 425 bps), 8/12/24 $ 448,869
487,261 J.C. Penney Corp., Inc., Term Loan, 6.569% (LIBOR +
425 bps), 6/23/23 459,505
--------------
$ 908,374
------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.2%
550,000 Shutterfly, Inc., Incremental Term Loan, 4.73% (LIBOR +
275 bps), 8/17/24 $ 554,211
------------------------------------------------------------------------------------------------
Specialty Stores -- 2.2%
995,000 Bass Pro Group LLC, Initial Term Loan, 6.98% (LIBOR +
500 bps), 9/25/24 $ 1,001,063
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 31
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Specialty Stores -- (continued)
741,704 Michaels Stores, Inc., 2018 New Replacement Term B
Loan, 4.46% (LIBOR + 250 bps), 1/30/23 $ 741,240
721,274 Party City Holdings, Inc., 2018 Replacement Term Loan,
4.941% (LIBOR + 275 bps), 8/19/22 725,105
2,434,396 PetSmart, Inc., Tranche B-2 Term Loan, 4.92% (LIBOR +
300 bps), 3/11/22 1,906,653
2,487,500 Staples, Inc., Term Loan B, 6.358% (LIBOR + 400 bps),
9/12/24 2,426,161
--------------
$ 6,800,222
--------------
Total Retailing $ 11,278,466
------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
Semiconductor Equipment -- 0.8%
181,892 Entegris, Inc., New Tranche B Term Loan, 4.23%
(LIBOR + 225 bps), 4/30/21 $ 182,801
1,716,300 MACOM Technology Solutions Holdings, Inc.
(fka M/A-COM Technology Solutions Holdings, Inc.),
Initial Term Loan, 4.23% (LIBOR + 225 bps), 5/17/24 1,699,853
247,481 Micron Technology, Inc., Term Loan, 3.74% (LIBOR +
175 bps), 4/26/22 249,079
212,096 MKS Instruments, Inc., Tranche B-3 Term Loan, 3.73%
(LIBOR + 175 bps), 5/1/23 213,466
--------------
$ 2,345,199
------------------------------------------------------------------------------------------------
Semiconductors -- 1.1%
496,250 Bright Bidco BV (aka Lumileds LLC), 2018 Refinancing
Term B Loan, 5.746% (LIBOR + 350 bps), 6/30/24 $ 497,025
1,250,000(b) Microchip Technology, Inc., Initial Term Loan, 5/29/25 1,258,073
1,188,250 Mirion Technologies (Finance) LLC (Mirion Technologies,
Inc.), First Lien Initial Term Loan, 7.052% (LIBOR +
475 bps), 3/31/22 1,187,135
417,499 ON Semiconductor Corp., 2017 New Replacement
Term B-2 Loan, 3.98% (LIBOR + 200 bps), 3/31/23 419,094
--------------
$ 3,361,327
--------------
Total Semiconductors & Semiconductor Equipment $ 5,706,526
------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 8.5%
Application Software -- 1.8%
796,000 Applied Systems, Inc., First Lien Initial Term Loan,
5.302% (LIBOR + 300 bps), 9/19/24 $ 802,799
750,000 Applied Systems, Inc., Second Lien Initial Term Loan,
9.302% (LIBOR + 700 bps), 9/19/25 778,125
759,079 Infor (US), Inc. (fka Lawson Software, Inc.), Tranche B-6
Term Loan, 4.73% (LIBOR + 275 bps), 2/1/22 760,435
1,714,134 STG-Fairway Acquisitions, Inc., First Lien Term Loan,
7.23% (LIBOR + 525 bps), 6/30/22 1,714,134
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Application Software -- (continued)
1,321,626 Verint Systems, Inc., Refinancing Term Loan, 3.907%
(LIBOR + 200 bps), 6/28/24 $ 1,329,886
--------------
$ 5,385,379
------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.2%
1,706,679 First Data Corp., 2022D New Dollar Term Loan, 3.965%
(LIBOR + 200 bps), 7/8/22 $ 1,707,960
1,131,090 First Data Corp., 2024A New Dollar Term Loan, 3.965%
(LIBOR + 200 bps), 4/26/24 1,131,580
736,875 WEX, Inc., Term B-2 Loan, 4.23% (LIBOR + 225 bps),
6/30/23 740,677
--------------
$ 3,580,217
------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.4%
1,237,961 MA Financeco., LLC (aka Micro Focus International Plc),
Tranche B-2 Term Loan, 4.48% (LIBOR + 250 bps),
11/19/21 $ 1,230,224
96,758 MA Financeco., LLC (aka Micro Focus International Plc),
Tranche B-3 Term Loan, 4.73% (LIBOR + 275 bps),
6/21/24 96,092
--------------
$ 1,326,316
------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.9%
908,093 Match Group, Inc. (fka The Match Group, Inc.), Additional
Term B-1 Loan, 4.434% (LIBOR + 250 bps), 11/16/22 $ 914,904
1,881,656 Rackspace Hosting, Inc., First Lien Term B Loan, 5.362%
(LIBOR + 300 bps), 11/3/23 1,873,815
--------------
$ 2,788,719
------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 2.7%
770,732 Booz Allen Hamilton, Inc., New Refinancing Tranche B
Term Loan, 3.98% (LIBOR + 200 bps), 6/30/23 $ 775,934
999,917 Evergreen Skills Lux S.a.r.l., Second Lien Initial Term Loan,
10.23% (LIBOR + 825 bps), 4/28/22 823,056
991,426 Go Daddy Operating Co., LLC (GD Finance Co, Inc.),
Tranche B-1 Term Loan, 4.23% (LIBOR + 225 bps),
2/15/24 995,579
470,259 Kronos, Inc., First Lien Incremental Term Loan, 5.357%
(LIBOR + 300 bps), 11/1/23 473,412
1,488,750 Peraton Corp. (fka MHVC Acquisition Corp.), First Lien
Initial Term Loan, 7.56% (LIBOR + 525 bps), 4/29/24 1,499,916
300,000 Rocket Software, Inc., First Lien Term Loan, 6.052%
(LIBOR + 375 bps), 10/14/23 303,563
700,000 Rocket Software, Inc., Second Lien Term Loan, 11.802%
(LIBOR + 950 bps), 10/14/24 709,333
1,340,625 Sitel Worldwide Corp., First Lien Term B-1 Loan, 7.875%
(LIBOR + 550 bps), 9/18/21 1,347,328
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 33
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- (continued)
1,340,497 Tempo Acquisition LLC, Initial Term Loan, 4.98%
(LIBOR + 300 bps), 5/1/24 $ 1,343,848
--------------
$ 8,271,969
------------------------------------------------------------------------------------------------
Systems Software -- 1.5%
1,876,127 EZE Software Group LLC, First Lien Term B-2 Loan,
5.101% (LIBOR + 300 bps), 4/6/20 $ 1,889,025
321,929 Ivanti Software, Inc. (fka LANDesk Group, Inc.), First Lien
Term Loan, 6.24% (LIBOR + 425 bps), 1/20/24 318,388
497,500 Project Silverback Holdings Corp., First Lien New Term
Loan, 5.453% (LIBOR + 350 bps), 8/21/24 492,525
1,222,823 Rovi Solutions Corp., Term B Loan, 4.49% (LIBOR +
250 bps), 7/2/21 1,228,172
651,368 Seattle Spinco, Inc. (aka Micro Focus International Plc),
Initial Term Loan, 4.73% (LIBOR + 275 bps), 6/21/24 650,757
--------------
$ 4,578,867
--------------
Total Software & Services $ 25,931,467
------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.4%
Communications Equipment -- 0.8%
1,995,000 Avaya, Inc., Initial Term Loan, 6.684% (LIBOR + 475 bps),
12/15/24 $ 2,009,605
354,500 Commscope, Inc., Tranche 5 Term Loan, 3.98% (LIBOR +
200 bps), 12/29/22 356,051
--------------
$ 2,365,656
------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
653,600 Generac Power Systems, Inc., 2017-2 New Term Loan,
4.308% (LIBOR + 200 bps), 5/31/23 $ 655,030
------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
839,085 4L Technologies, Inc. (fka Clover Holdings, Inc.), Term
Loan, 6.48% (LIBOR + 450 bps), 5/8/20 $ 756,225
------------------------------------------------------------------------------------------------
Technology Distributors -- 0.8%
782,961 CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW
Corp.), Term Loan, 4.06% (LIBOR + 175 bps), 8/17/23 $ 786,729
582,113 SS&C Technologies Holdings, Inc., 2017 Refinancing
New Term B-1 Loan, 4.23% (LIBOR + 225 bps), 7/8/22 586,236
698,137 SS&C Technologies Holdings, Inc., Term B-3 Loan, 4.48%
(LIBOR + 250 bps), 4/16/25 702,897
261,382 SS&C Technologies Holdings, Inc., Term B-4 Loan, 4.48%
(LIBOR + 250 bps), 4/16/25 263,164
--------------
$ 2,339,026
------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 1.4%
1,130,424 Dell International LLC, Refinancing Term B Loan, 3.99%
(LIBOR + 200 bps), 9/7/23 $ 1,130,727
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- (continued)
1,673,675 Diebold Nixdorf, Inc. (fka Diebold, Inc.), New Dollar
Term B Loan, 4.688% (LIBOR + 275 bps), 11/6/23 $ 1,675,245
1,404,722 Western Digital Corp., US Term B-4 Loan, 3.71%
(LIBOR + 175 bps), 4/29/23 1,410,428
--------------
$ 4,216,400
--------------
Total Technology Hardware & Equipment $ 10,332,337
------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.6%
Integrated Telecommunication Services -- 1.8%
1,745,625 CenturyLink, Inc., Initial Term B Loan, 4.73% (LIBOR +
275 bps), 1/31/25 $ 1,726,299
595,500 Frontier Communications Corp., Term B-1 Loan, 5.74%
(LIBOR + 375 bps), 6/15/24 588,354
952,035 GCI Holdings, Inc., New Term B Loan, 4.23% (LIBOR +
225 bps), 2/2/22 956,200
1,243,406 Level 3 Financing, Inc., Tranche B 2024 Term Loan,
4.211% (LIBOR + 225 bps), 2/22/24 1,246,417
250,000 Securus Technologies Holdings, Inc., Second Lien Term
Loan, 10.23% (LIBOR + 825 bps), 11/1/25 252,500
249,375 Securus Technologies Holdings, Inc., Term Loan, 6.48%
(LIBOR + 450 bps), 11/1/24 251,674
544,362 Windstream Services LLC (fka Windstream Corp.), 2016
Term Loan Tranche B-6, 5.94% (LIBOR + 400 bps),
3/29/21 523,268
--------------
$ 5,544,712
------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.8%
2,554,250 Sprint Communications, Inc., Initial Term Loan, 4.5%
(LIBOR + 250 bps), 2/2/24 $ 2,557,443
--------------
Total Telecommunication Services $ 8,102,155
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.1%
Airlines -- 2.4%
835,800 Air Canada, Replacement Term Loan, 3.968% (LIBOR +
200 bps), 10/6/23 $ 840,675
1,242,388 American Airlines, Inc., 2017 Class B Term Loan, 3.919%
(LIBOR + 200 bps), 12/14/23 1,237,471
2,881,181 American Airlines, Inc., 2018 Replacement Term Loan,
3.718% (LIBOR + 175 bps), 6/27/25 2,854,709
2,058,000 American Airlines, Inc., Replacement Class B Term Loan,
3.968% (LIBOR + 200 bps), 4/28/23 2,049,210
238,219 United AirLines, Inc., Refinanced Term Loan, 3.73%
(LIBOR + 175 bps), 4/1/24 240,601
--------------
$ 7,222,666
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 35
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Marine -- 0.7%
1,549,629 Commercial Barge Line Co., Initial Term Loan, 10.73%
(LIBOR + 875 bps), 11/12/20 $ 1,107,707
1,187,501 Navios Maritime Partners LP, Initial Term Loan, 7.08%
(LIBOR + 500 bps), 9/14/20 1,190,717
--------------
$ 2,298,424
------------------------------------------------------------------------------------------------
Trucking -- 1.0%
398,000 PODS, Inc., Tranche B-3 Term Loan, 4.928% (LIBOR +
300 bps), 12/6/24 $ 399,119
766,000 Syncreon Global Finance, Inc., Term Loan, 6.609%
(LIBOR + 425 bps), 10/28/20 718,763
1,935,426 YRC Worldwide, Inc., Tranche B-1 Term Loan, 10.48%
(LIBOR + 850 bps), 7/26/22 1,962,846
--------------
$ 3,080,728
--------------
Total Transportation $ 12,601,818
------------------------------------------------------------------------------------------------
UTILITIES -- 3.2%
Electric Utilities -- 1.8%
1,234,379 APLP Holdings, Ltd., Partnership, Term Loan, 4.98%
(LIBOR + 300 bps), 4/13/23 $ 1,241,705
1,446,375 Calpine Construction Finance Co., LP, Term B Loan,
4.48% (LIBOR + 250 bps), 1/15/25 1,446,634
324,188 Compass Power Generation LLC, Term Loan, 6.052%
(LIBOR + 375 bps), 12/20/24 327,267
230,373 Helix Gen Funding LLC, Term Loan, 5.73% (LIBOR +
375 bps), 6/3/24 231,327
700,000 St. Joseph Energy Center LLC, Term B Loan Advance,
5.26% (LIBOR + 350 bps), 4/10/25 702,625
1,040,821 TPF II Power LLC (TPF II Convert Midco LLC), Term Loan,
5.73% (LIBOR + 375 bps), 10/2/23 1,043,017
78,571 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term C Loan, 4.48% (LIBOR + 250 bps), 8/4/23 78,610
442,259 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.48% (LIBOR + 250 bps), 8/4/23 442,473
--------------
$ 5,513,658
------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.2%
1,208,274 Calpine Corp., Term Loan, 4.81% (LIBOR + 250 bps),
1/15/24 $ 1,211,075
1,186,468 NRG Energy, Inc., Term Loan, 4.052% (LIBOR + 175 bps),
6/30/23 1,187,412
1,330,028 TerraForm AP Acquisition Holdings LLC, Term Loan,
6.552% (LIBOR + 425 bps), 6/27/22 1,333,629
--------------
$ 3,732,116
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Water Utilities -- 0.2%
370,313 Culligan NewCo., Ltd., First Lien Tranche B-1 Term Loan,
5.23% (LIBOR + 325 bps), 12/13/23 $ 371,355
309,315 WTG Holdings III Corp., Refinancing 2017-2 First Lien
Term Loan, 5.302% (LIBOR + 300 bps), 12/20/24 311,925
--------------
$ 683,280
--------------
Total Utilities $ 9,929,054
------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $409,357,015) $ 406,792,372
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1% of Net Assets
CONSUMER DURABLES & APPAREL -- 0.0%+
Homebuilding -- 0.0%+
31,348^(d) WAICCS Las Vegas 3 LLC $ 100,000
--------------
Total Consumer Durables & Apparel $ 100,000
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Technology -- 0.0%+
209,625^(d) Medical Card System, Inc. $ 2,096
--------------
Total Health Care Equipment & Services $ 2,096
------------------------------------------------------------------------------------------------
MEDIA -- 0.0%+
Publishing -- 0.0%+
1,242(d) Solocal Group SA $ 1,556
--------------
Total Media $ 1,556
------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.0%+
Biotechnology -- 0.0%+
2,454(d) Progenics Pharmaceuticals, Inc. $ 18,650
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 18,650
------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Computer & Electronics Retail -- 0.1%
91,346^(d) Targus Cayman SubCo., Ltd. $ 179,952
--------------
Total Retailing $ 179,952
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Airlines -- 0.0%+
732 Delta Air Lines, Inc. $ 39,565
--------------
Total Transportation $ 39,565
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 37
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%+
Independent Power Producers & Energy Traders -- 0.0%+
775 NRG Energy, Inc. $ 26,529
--------------
Total Utilities $ 26,529
------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $831,665) $ 368,348
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($)
------------------------------------------------------------------------------------------------
ASSET BACKED SECURITY -- 0.2% of Net Assets
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
500,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.429% (1 Month USD LIBOR + 350 bps),
4/10/30 (144A) $ 501,852
--------------
Total Banks $ 501,852
------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITY
(Cost $503,250) $ 501,852
------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 7.8% of Net Assets
BANKS -- 0.4%
Diversified Banks -- 0.4%
1,100,000(e)(f) BNP Paribas SA, 7.625% (5 Year USD Swap
Rate + 631 bps) (144A) $ 1,153,625
--------------
Total Banks $ 1,153,625
------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Trading Companies & Distributors -- 0.3%
900,000 United Rentals North America, Inc., 4.625%, 7/15/23 $ 906,750
--------------
Total Capital Goods $ 906,750
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Capital Markets -- 0.2%
700,000 Avation Capital SA, 6.5%, 5/15/21 (144A) $ 703,290
--------------
Total Diversified Financials $ 703,290
------------------------------------------------------------------------------------------------
ENERGY -- 1.3%
Oil & Gas Equipment & Services -- 0.6%
1,000,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 998,750
1,000,000 FTS International, Inc., 6.25%, 5/1/22 1,007,500
--------------
$ 2,006,250
------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
245,000 Gulfport Energy Corp., 6.625%, 5/1/23 $ 246,225
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.6%
1,000,000(a) Golar LNG Partners LP, 6.729% (3 Month USD LIBOR +
440 bps), 5/22/20 $ 982,500
800,000(a) Golar LNG Partners LP, 8.593% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) 815,919
--------------
$ 1,798,419
--------------
Total Energy $ 4,050,894
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Facilities -- 0.2%
500,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 466,250
500,000 CHS/Community Health Systems, Inc., 6.875%, 2/1/22 262,500
--------------
Total Health Care Equipment & Services $ 728,750
------------------------------------------------------------------------------------------------
INSURANCE -- 2.4%
Reinsurance -- 2.4%
500,000(a) Alamo Re, 6.72% (3 Month U.S. Treasury Bill +
481 bps), 6/7/18 (144A) (Cat Bond) $ 499,600
1,175,254+(g)(h) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 1,202,755
250,000+(g)(h) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 27,050
250,000+(g)(h) Carnoustie Re 2017, Variable Rate Notes, 11/30/21 75,350
400,000+(g)(h) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 415,320
250,000+(g)(h) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 29,300
250,000+(g)(h) Harambee Re 2018, Variable Rate Notes, 12/31/21 251,450
272,363+(g)(h) Kilarney Re 2018, Variable Rate Notes, 4/15/19 279,798
400,000(a) Kilimanjaro II Re, 7.902% (6 Month USD LIBOR +
572 bps), 4/20/21 (144A) (Cat Bond) 407,600
250,000(a) Kilimanjaro Re, 8.66% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) (Cat Bond) 250,175
250,000(a) Kilimanjaro Re, 11.16% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) (Cat Bond) 249,700
250,000+(g)(h) Madison Re 2016, Variable Rate Notes, 3/31/19 15,875
300,000+(g)(h) Merion Re 2018-2, Variable Rate Notes, 12/31/21 317,940
400,000+(g)(h) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 2,852
400,000+(g)(h) Pangaea Re 2017-1, Variable Rate Notes, 11/30/21 2,184
400,000+(g)(h) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 420,720
400,000+(g)(h) Pangaea Re 2018-3, Variable Rate Notes, 7/1/22 400,000
400,000+(g)(h) Pinehurst Re 2018-1, Variable Rate Notes, 1/15/19 383,160
250,000+(g)(h) Promissum Re 2018, Variable Rate Notes, 6/15/19 234,478
300,000+(g)(h) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 300,000
250,000+(g)(h) Resilience Re, Variable Rate Notes, 4/8/19 227,875
300,000+(g)(h) Resilience Re, Variable Rate Notes, 5/1/19 9,000
250,000+(g)(h) Resilience Re, Variable Rate Notes, 10/15/19 256,425
400,000+(g)(h) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 80,960
347,597+(g)(h) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 381,801
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 39
Schedule of Investments | 5/31/18 (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000(a) Ursa Re, 3.5% (ZERO + 350 bps), 5/27/20 (144A)
(Cat Bond) $ 250,275
250,000+(g)(h) Woburn Re 2018, Variable Rate Notes, 12/31/21 257,200
--------------
Total Insurance $ 7,228,843
------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.3%
758,000 Rain CII Carbon LLC/CII Carbon Corp., 7.25%,
4/1/25 (144A) $ 782,165
--------------
Total Materials $ 782,165
------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.1%
300,000 CSC Holdings LLC, 5.5%, 4/15/27 (144A) $ 287,250
------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.5%
750,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 $ 713,438
1,000,000 Sirius XM Radio, Inc., 3.875%, 8/1/22 (144A) 965,050
--------------
$ 1,678,488
--------------
Total Media $ 1,965,738
------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.3%
Pharmaceuticals -- 0.3%
1,000,000 Valeant Pharmaceuticals International, Inc., 5.5%,
11/1/25 (144A) $ 981,250
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 981,250
------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.1%
208,000 Penske Automotive Group, Inc., 3.75%, 8/15/20 $ 205,400
--------------
Total Retailing $ 205,400
------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.9%
Integrated Telecommunication Services -- 0.9%
1,000,000 Frontier Communications Corp., 11.0%, 9/15/25 $ 800,000
2,000,000 Windstream Services LLC/Windstream Finance Corp.,
8.625%, 10/31/25 (144A) 1,885,000
--------------
Total Telecommunication Services $ 2,685,000
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Airlines -- 0.4%
365,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) $ 367,920
1,000,000 Intrepid Aviation Group Holdings LLC/Intrepid Finance
Co., 6.875%, 2/15/19 (144A) 988,750
--------------
Total Transportation $ 1,356,670
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Independent Power Producers & Energy Traders -- 0.4%
1,125,000 NRG Energy, Inc., 6.25%, 7/15/22 $ 1,158,750
--------------
Total Utilities $ 1,158,750
------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $24,092,786) $ 23,907,125
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
7.8% of Net Assets
1,000,000(i) U.S. Treasury Bills, 6/14/18 $ 999,429
18,395,000(i) U.S. Treasury Bills, 6/21/18 18,377,576
4,530,000(i) U.S. Treasury Bills, 6/28/18 4,524,114
------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $23,901,019) $ 23,901,119
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES -- 1.7% of Net Assets
DIVERSIFIED FINANCIALS -- 1.7%
Asset Management & Custody Banks -- 0.6%
40,000 BlackRock Floating Rate Income Strategies Fund, Inc. $ 566,400
30,000 Eaton Vance Floating-Rate Income Trust 445,500
50,000 First Trust Senior Floating Rate Income Fund II 649,500
50,000 Invesco Senior Income Trust 219,500
--------------
$ 1,880,900
------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.1%
27,000 iShares iBoxx $ High Yield Corporate Bond ETF $ 2,305,260
42,000 Invesco Senior Loan ETF (formerly, PowerShares Senior
Loan Portfolio) 965,580
--------------
$ 3,270,840
--------------
Total Diversified Financials $ 5,151,740
------------------------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost $5,127,287) $ 5,151,740
------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 150.6%
(Cost $463,813,022) $ 460,622,556
------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (50.6)% $ (154,865,234)
------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 305,757,322
================================================================================================
bps Basis Point.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
ZERO Zero Constant Index.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 41
Schedule of Investments | 5/31/18 (unaudited) (continued)
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally
to qualified institutional buyers in a transaction exempt from
registration. At May 31, 2018, the value of these securities
amounted to $11,804,741, or 3.9% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At May 31, 2018, the value of
these securities amounted to $1,657,350, or 0.6% of net assets.
See Notes to Financial Statements -- Note 1F.
+ Amount rounds to less than 0.1%.
* 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, (ii)
the prime rate offered by one or more major United States banks,
(iii) the rate of a certificate of deposit or (iv) other base
lending rates used by commercial lenders. The interest rate
shown is the rate accruing at May 31, 2018.
^ Security is valued using fair value methods (other than supplied
by independent pricing services). See Notes to Financial
Statements -- Note 1A.
+ Securities that used significant unobservable inputs to
determine their value.
(a) Floating rate note. Coupon rate, reference index and spread
shown at May 31, 2018.
(b) This term loan will settle after May 31, 2018, at which time the
interest rate will be determined.
(c) Payment in Kind (PIK) security which may pay interest in the
form of additional principal amount.
(d) Non-income producing security.
(e) The interest rate is subject to change periodically. The
interest rate and/or reference index and spread shown at May 31,
2018.
(f) Security is perpetual in nature and has no stated maturity date.
(g) Structured reinsurance investment. At May 31, 2018, the value of
these securities amounted to $5,571,493, or 1.8% of net assets.
See Notes to Financial Statements -- Note 1F.
(h) Rate to be determined.
(i) Security issued with a zero coupon. Income is recognized through
accretion of discount.
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
----------------------------------------------------------------------------------------------------------
1,045,000 Markit CDX North Receive 5.00% 6/20/20 $ 55,808 $23,316 $ 79,124
America High Yield
Index Series 24
1,070,400 Markit CDX North Receive 5.00% 12/20/20 59,360 25,246 84,606
America High Yield
Index Series 25
----------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $115,168 $48,562 $163,730
----------------------------------------------------------------------------------------------------------
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Receives Quarterly.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Principal amounts are denominated in U.S. dollars unless otherwise noted.
EUR -- Euro
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 2018 were as follows:
-----------------------------------------------------------
Purchases Sales
-----------------------------------------------------------
Long-Term U.S. Government $ -- $12,346,312
Other Long-Term Securities $73,956,093 $78,043,812
The Trust is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc. (the "Adviser") serves as the investment adviser, as set forth
in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices. During the six months ended May 31, 2018,
the Trust did not engage in cross trades activity.
At May 31, 2018, the net unrealized depreciation on investments based on cost
for federal tax purposes of $464,224,398 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 4,535,344
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (7,973,456)
-----------
Net unrealized depreciation $(3,438,112)
===========
Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Note to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Trust's own assumptions
in determining fair value of investments). See Note to Financial
Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 43
Schedule of Investments | 5/31/18 (unaudited) (continued)
The following is a summary of the inputs used as of May 31, 2018, in valuing
the Trust's investments.
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Senior Secured Floating Rate
Loan Interests
Capital Goods
Aerospace & Defense $ -- $ 10,737,981 $2,291,494 $ 13,029,475
Health Care
Equipment & Services
Health Care Technology -- 4,377,231 731,754 5,108,985
All Other Senior Secured
Floating Rate Loan Interests -- 388,653,912 -- 388,653,912
Common Stocks
Consumer Durables & Apparel
Homebuilding -- -- 100,000 100,000
Health Care
Equipment & Services
Health Care Technology -- -- 2,096 2,096
Retailing
Computer &
Electronics Retail -- -- 179,952 179,952
All Other Common Stocks 86,300 -- -- 86,300
Asset Backed Security -- 501,852 -- 501,852
Corporate Bonds
Insurance
Reinsurance -- 1,657,350 5,571,493 7,228,843
All Other Corporate Bonds -- 16,678,282 -- 16,678,282
U.S. Government and Agency
Obligations -- 23,901,119 -- 23,901,119
Investment Companies 5,151,740 -- -- 5,151,740
------------------------------------------------------------------------------------------------
Total Investments in Securities $5,238,040 $446,507,727 $8,876,789 $460,622,556
================================================================================================
Other Financial Instruments
Swap contracts, at value $ -- $ 163,730 $ -- $ 163,730
------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ 163,730 $ -- $ 163,730
================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
------------------------------------------------------------------------------------------------------------------------------------
Change in Transfers
Balance Realized unrealized Accrued in and out Balance
as of gain appreciation discounts/ of Level 3 as of
11/30/17 (loss)(1) (depreciation)(2) Purchases Sales premiums Categories* 5/31/18
------------------------------------------------------------------------------------------------------------------------------------
Senior Secured
Floating Rate
Loan Interests
Capital Goods
Aerospace &
Defense $2,257,937 $ 89 $ 42,586 $ -- $ (11,375) $ 2,257 $-- $2,291,494
Health Care
Equipment &
Services
Health Care
Technology 731,754 -- (21,778) -- -- 21,778 -- 731,754
Corporate Bonds
Insurance
Reinsurance 3,155,286 (15,348) (11,733) 4,791,321 (2,351,633) 3,600 -- 5,571,493
Common Stocks
Consumer
Durables
& Apparel
Homebuilding 100,000 -- -- -- -- -- -- 100,000
Health Care
Equipment &
Services
Health Care
Technology 2,096 -- -- -- -- -- -- 2,096
Retailing
Computer &
Electronics
Retail 179,952 -- -- -- -- -- -- 179,952
------------------------------------------------------------------------------------------------------------------------------------
Total $6,427,025 $(15,259) $ 9,075 $4,791,321 $(2,363,008) $27,635 $-- $8,876,789
====================================================================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For the six
months ended May 31, 2018, there were no transfers between Levels 1, 2 and
3.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at May 31, 2018: $126,742.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 45
Statement of Assets and Liabilities | 5/31/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $463,813,022) $460,622,556
Cash 851,033
Foreign currencies, at value (cost $34,135) 33,028
Swap contracts, at value (net premiums paid $115,168) 163,730
Variation margin for centrally cleared swap contracts 1,536
Swaps collateral 201,715
Unrealized appreciation on unfunded loan commitments 2,764
Receivables --
Investment securities sold 3,616,126
Interest 1,786,429
Dividends 33,749
Other assets 5,712
-------------------------------------------------------------------------------------
Total assets $467,318,378
-------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Credit agreement $143,450,000
Investment securities purchased 17,407,905
Trustees' fees 1,634
Interest expense 275,597
Due to broker for swaps 161,509
Due to affiliates 43,847
Accrued expenses 220,564
-------------------------------------------------------------------------------------
Total liabilities $161,561,056
-------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $375,104,820
Distributions in excess of net investment income (595,138)
Accumulated net realized loss on investments (65,612,113)
Net unrealized depreciation on investments (3,140,247)
-------------------------------------------------------------------------------------
Net assets $305,757,322
-------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
No par value
Based on $305,757,322/24,738,174 shares $ 12.36
=====================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Statement of Operations (unaudited)
For the Six Months Ended 5/31/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $12,007,250
Dividends from unaffiliated issuers (net of foreign
taxes withheld $238) 127,972
--------------------------------------------------------------------------------------------
Total investment income $12,135,222
--------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,572,044
Administrative expense 61,456
Transfer agent fees 7,711
Shareowner communications expense 16,499
Custodian fees 46,677
Professional fees 53,570
Printing expense 7,243
Pricing fees 23,697
Interest expense 1,891,325
Trustees' fees 7,463
Miscellaneous 101,495
--------------------------------------------------------------------------------------------
Total expenses $ 3,789,180
--------------------------------------------------------------------------------------------
Net investment income $ 8,346,042
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(2,222,444)
Forward foreign currency contracts 47,458
Swap contracts 93,017
Other assets and liabilities denominated in
foreign currencies (12,028) $(2,093,997)
--------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 1,268,007
Swap contracts (61,270)
Unfunded loan commitments 2,764
Other assets and liabilities denominated
in foreign currencies 6,354 $ 1,215,855
--------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (878,142)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,467,900
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 47
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------
Six Months
Ended Year
5/31/18 Ended
(unaudited) 11/30/17
--------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 8,346,042 $ 17,447,070
Net realized gain (loss) on investments (2,093,997) (711,533)
Change in net unrealized appreciation (depreciation)
on investments 1,215,855 (839,468)
--------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,467,900 $ 15,896,069
--------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income ($0.36 and $0.73 per
share, respectively) $ (8,905,743) $(18,009,391)
--------------------------------------------------------------------------------------
Total distributions to shareowners $ (8,905,743) $(18,009,391)
--------------------------------------------------------------------------------------
Net decrease in net assets $ (1,437,843) $ (2,113,322)
NET ASSETS:
Beginning of period $307,195,165 $309,308,487
--------------------------------------------------------------------------------------
End of period $305,757,322 $307,195,165
--------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (595,138) $ (35,437)
======================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Statement of Cash Flows (unaudited)
For the Six Months Ended 5/31/18
Cash Flows From Operating Activities:
Net increase in net assets resulting from operations $ 7,467,900
-------------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets resulting from operations
to net cash and foreign currencies from operating activities:
Purchases of investment securities $(70,245,099)
Proceeds from disposition and maturity of investment securities 88,032,162
Net purchases of temporary cash investments (15,610,445)
Net accretion and amortization of discount/premium on investment securities (406,151)
Change in unrealized depreciation on investments in unaffiliated issuers (1,268,007)
Change in unrealized appreciation on unfunded loan commitments (2,764)
Change in unrealized appreciation on swap contracts 61,270
Change in unrealized depreciation on other assets and liabilities denominated
in foreign currencies (6,354)
Net realized loss on investments in unaffiliated issuers 2,222,444
Net premiums paid on swap contracts (61,886)
Increase in variation margin for centrally cleared swap contracts (1,139)
Increase in swaps collateral (925)
Decrease in interest receivable 168,602
Increase in other assets (67)
Decrease in interest expense payable (8,999)
Decrease in cash due to broker for swaps (2,117)
Increase in due to affiliates 163
Decrease in trustees' fees payable (1,342)
Decrease in accrued expenses payable (32,638)
-------------------------------------------------------------------------------------------------
Net cash and foreign currencies from operating activities $ 10,304,608
-------------------------------------------------------------------------------------------------
Cash Flows Used in Financing Activities:
Distributions to shareowners $(10,390,033)
-------------------------------------------------------------------------------------------------
Net cash and foreign currencies used in financing activities $(10,390,033)
-------------------------------------------------------------------------------------------------
Effect of Foreign Exchange Fluctuations on Cash:
Effect of foreign exchange fluctuations on cash $ 6,354
-------------------------------------------------------------------------------------------------
Cash and Foreign Currencies:
Beginning of the period $ 963,132
-------------------------------------------------------------------------------------------------
End of the period $ 884,061
-------------------------------------------------------------------------------------------------
Supplemental disclosure of cash flow Information:
Cash paid for interest $ 1,900,324
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 49
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/18 Ended Ended Ended Ended Ended
(unaudited) 11/30/17 11/30/16* 11/30/15* 11/30/14* 11/30/13
------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance
Net asset value, beginning of period $ 12.42 $ 12.50 $ 12.30 $ 12.82 $ 13.06 $ 13.06
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
Net investment income $ 0.34 $ 0.71 $ 0.77 $ 0.76 $ 0.75 $ 1.01
Net realized and unrealized gain (loss) on investments (0.04) (0.06) 0.15 (0.58) (0.19) 0.01
------------------------------------------------------------------------------------------------------------------------------------
Distributions to preferred shareowners from:
Net investment income $ -- $ -- $ -- $ -- $ (0.00)(b) $ (0.12)
------------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.30 $ 0.65 $ 0.92 $ 0.18 $ 0.56 $ 0.90
------------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
Net investment income and previously undistributed
net investment income $ (0.36)(c) $ (0.73)(c) $ (0.72) $ (0.70) $ (0.80)(c) $ (0.90)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ (0.08) $ 0.20 $ (0.52) $ (0.24) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.36 $ 12.42 $ 12.50 $ 12.30 $ 12.82 $ 13.06
------------------------------------------------------------------------------------------------------------------------------------
Market value, end of period $ 11.39 $ 11.47 $ 11.78 $ 10.83 $ 11.36 $ 12.41
====================================================================================================================================
Total return at net asset value (d) 2.66%(e) 5.55% 8.31% 1.96% 4.74% 7.07%
Total return at market value (d) 2.44%(e) 3.43% 15.92% 1.31% (2.32)% (0.84)%
Ratios to average net assets of shareowners:
Total expenses plus interest expense (f)(g) 2.48%(h) 2.21% 1.96% 1.81% 1.80% 1.47%
Net investment income before preferred share
distributions 5.45%(h) 5.62% 6.32% 6.00% 5.73% 7.70%
Preferred share distributions --% --% --% --% 0.01% 0.94%
Net investment income available to shareowners 5.45%(h) 5.62% 6.32% 6.00% 5.72% 6.76%
Portfolio turnover 17%(e) 75% 52% 38% 61% 63%
Net assets, end of period (in thousands) $305,757 $307,195 $309,308 $304,357 $317,236 $323,127
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/18 Ended Ended Ended Ended Ended
(unaudited) 11/30/17 11/30/16* 11/30/15* 11/30/14* 11/30/13
----------------------------------------------------------------------------------------------------------------------------
Preferred shares outstanding (in thousands) $ -- $ -- $ -- $ -- $ --(i) $182,450
Asset coverage per preferred share, end of period $ -- $ -- $ -- $ -- $ --(i) $ 69,280
Average market value per preferred share (j) $ -- $ -- $ -- $ -- $ --(i) $ 25,000
Liquidation value, including dividends payable, per
preferred share $ -- $ -- $ -- $ -- $ --(i) $ 25,003
Total amount of debt outstanding (in thousands) $143,450 $143,450 $143,450 $150,450 $155,450 $ --
Asset coverage per $1,000 of indebtedness $ 3,131 $ 3,141 $ 3,156 $ 3,023 $ 3,041 $ --
============================================================================================================================
* The Trust was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per common share data presented above is based upon the average common
shares outstanding for the periods presented.
(b) Amount rounds to less than $(0.005) per share.
(c) The amount of distributions made to shareowners during the period was in
excess of the net investment income earned by the Trust during the period.
The Trust has accumulated undistributed net investment income which is a
part of the Trust's net asset value ("NAV"). A portion of this accumulated
net investment income was distributed to shareowners during the period.
(d) Total investment return is calculated assuming a purchase of common shares
at the current net asset value or market value on the first day and a sale
at the current net asset value or market value on the last day of the
periods reported. Dividends and distributions, if any, are assumed for
purposes of this calculation to be reinvested at prices obtained under the
Trust's dividend reinvestment plan. Total investment return does not
reflect brokerage commissions. Past performance is not a guarantee of
future results.
(e) Not annualized.
(f) Expense ratios do not reflect the effect of distribution payments to
preferred shareowners.
(g) Includes interest expense of 1.24%, 0.95%, 0.63%, 0.51%, 0.49% and 0.00%,
respectively.
(h) Annualized.
(i) Preferred shares were redeemed during the period.
(j) Market value is redemption value without an active market.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 51
Notes to Financial Statements | 5/31/18 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Trust (the "Trust") was organized as a Delaware statutory
trust on October 6, 2004. Prior to commencing operations on December 28, 2004,
the Trust had no operations other than matters relating to its organization and
registration as a closed-end management investment company under the Investment
Company Act of 1940, as amended. The Trust is a diversified fund. The
investment objective of the Trust is to provide a high level of current income
and the Trust may, as a secondary objective, also seek preservation of capital
to the extent consistent with its investment objective of high current income.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Trust's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Trust's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN),
the Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Trust's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles ("U.S. GAAP") that require the
management of the Trust to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
52 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
The Trust is an investment company and follows investment company accounting
and reporting guidance under U.S. GAAP. The following is a summary of
significant accounting policies followed by the Trust in the preparation of its
financial statements:
A. Security Valuation
The net asset value of the Trust is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods
or techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 53
prices are not available, generally are valued using the mean between the
last bid and asked prices or, if both last bid and asked prices are not
available, at the last quoted bid price. Last sale and bid and asked
prices are provided by independent third party pricing services. In the
case of equity securities not traded on an exchange, prices are typically
determined by independent third party pricing services using a variety of
techniques and methods.
The value of foreign securities is translated in U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Trust's shares are determined as of such times. The Trust may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of the Adviser pursuant to procedures adopted by the Trust's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing
fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Trust may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Trust's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Trust's securities may differ significantly
from exchange prices and such differences could be material.
54 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
At May 31, 2018, five securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance pricing model)
representing 1.1% of net assets. The value of these fair valued securities
are $3,305,296.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Trust becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income bearing cash accounts, is recorded on an accrual basis,
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Discounts and premiums on purchase prices of debt securities are accreted
or amortized, respectively, daily, into interest income on an effective
yield to maturity basis with a corresponding increase or decrease in the
cost basis of the security. Premiums and discounts related to certain
mortgage-backed securities are amortized or accreted in proportion to the
monthly paydowns. Interest and dividend income payable by delivery of
additional shares is reclassified as PIK (payment-in-kind) income upon
receipt and is included in interest and divided income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Trust are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on the Statement of
Operations from the effects of changes in the market prices of those
securities, but are included with the net realized and unrealized gain or
loss on investments.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 55
D. Forward Foreign Currency Contracts
The Trust may enter into forward foreign currency contracts (contracts)
for the purchase or sale of a specific foreign currency at a fixed price
on a future date. All contracts are marked to market daily at the
applicable exchange rates, and any resulting unrealized appreciation or
depreciation is recorded in the Trust's financial statements. The Trust
records realized gains and losses at the time a contract is offset by
entry into a closing transaction or extinguished by delivery of the
currency. Risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of the contract
and from unanticipated movements in the value of foreign currencies
relative to the U.S. dollar (see Note 4).
During the six months ended May 31, 2018, the Trust had entered into
various forward foreign currency contracts that obligated the Trust to
deliver or take delivery of currencies at specified future maturity dates.
Alternatively, prior to the settlement date of a forward foreign currency
contract, the Trust may close out such contract by entering into an
offsetting contract. The average market value of forward foreign currency
contracts open during the six months ended May 31, 2018 was $316,899.
At May 31, 2018, the Trust had no open forward foreign currency contracts.
E. Federal Income Taxes
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal Income
taxes is required. As of November 30, 2017, the Trust did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
reclassification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
56 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
The tax character of current year distributions payable to shareowners
will be determined at the end of the current taxable year. The tax
character of distributions paid during the year ended November 30, 2017
was as follows:
-------------------------------------------
2017
-------------------------------------------
Distributions paid from:
Ordinary income $18,009,391
-------------------------------------------
Total $18.009,391
===========================================
The following shows the components of distributable earnings (losses) on a
federal income tax basis at November 30, 2017:
--------------------------------------------------------
2017
--------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 176,035
Capital loss carryforward (63,486,662)
Other book/tax temporary differences (242,926)
Unrealized depreciation (4,356,102)
--------------------------------------------------------
Total $(67,909,655)
========================================================
The difference between book basis and tax basis unrealized depreciation is
attributable to the tax adjustments relating to premium and amortization,
catastrophe bonds, partnerships, defaulted bonds, and swaps.
F. Insurance-Linked Securities ("ILS")
The Trust invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Trust may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Trust is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked
bonds may expose the Trust to other risks, including but not limited to
issuer (credit) default, adverse regulatory or jurisdictional
interpretations and adverse tax consequences.
The Trust's investments in ILS may include special purpose vehicles
("SPVs") or similar instruments structured to comprise a portion of a
reinsurer's catastrophe-oriented business, known as quota share
instruments (sometimes referred to as reinsurance sidecars), or to provide
reinsurance relating to
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 57
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties
("ILWs"). A traditional ILW takes the form of a bilateral reinsurance
contract, but there are also products that take the form of derivatives,
collateralized structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the
Trust has limited transparency into the individual underlying contracts,
and therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for the
Adviser to fully evaluate the underlying risk profile of the Trust's
structured reinsurance investments, and therefore the Trust's assets are
placed at greater risk of loss than if the Adviser had more complete
information. Structured reinsurance instruments generally will be
considered illiquid securities by the Trust. These securities may be
difficult to purchase, sell or unwind. Illiquid securities also may be
difficult to value. If the Trust is forced to sell an illiquid asset, the
Trust may be forced to sell at a loss.
Additionally, the Trust may invest in ILS by investing in a closed end
interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. At
May 31, 2018, the Trust had no investment in Pioneer ILS Interval Fund.
G. Risks
At times, the Trust's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Trust more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors.
The value of securities held by the Trust may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
The Trust invests in below investment grade (high yield) debt securities,
floating rate loans and insurance-linked securities. The Trust may invest
in securities and other obligations of any credit quality, including those
that are rated below investment grade, or are unrated but are determined
by the Adviser to be of equivalent credit quality. Below investment grade
securities
58 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
are commonly referred to as "junk bonds" and are considered speculative
with respect to the issuer's capacity to pay interest and repay principal.
Below investment grade securities, including floating rate loans, involve
greater risk of loss, are subject to greater price volatility, and may be
less liquid and more difficult to value, especially during periods of
economic uncertainty or change, than higher rated debt securities. Certain
securities in which the Trust invests, including floating rate loans, once
sold, may not settle for an extended period (for example, several weeks or
even longer). The Trust will not receive its sale proceeds until that
time, which may constrain the Trust's ability to meet its obligations. The
Trust may invest in securities of issuers that are in default or that are
in bankruptcy. The value of collateral, if any, securing a floating rate
loan can decline or may be insufficient to meet the issuer's obligations
or may be difficult to liquidate. No active trading market may exist for
many floating rate loans, and many loans are subject to restrictions on
resale. Any secondary market may be subject to irregular trading activity
and extended settlement periods. The Trust's investments in certain
foreign markets or countries with limited developing markets may subject
the Trust to a greater degree of risk than in a developed market. These
risks include disruptive political or economic conditions and the possible
imposition of adverse governmental laws or currency exchange restrictions.
Interest rates in the U.S. recently have been historically low, so the
Trust faces a heightened risk that interest rates may rise. A general rise
in interest rates could adversely affect the price and liquidity of fixed
income securities.
With the increased use of technologies such as the Internet to conduct
business, the Trust is susceptible to operational, information security
and related risks. While the Trust's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems including the possibility that certain risks have
not been identified. Furthermore, the Trust cannot control the
cybersecurity plans and systems put in place by service providers to the
Trust such as Brown Brothers Harriman & Co., the Trust's custodian and
accounting agent, and American Stock Transfer & Trust Company ("AST"), the
Trust's transfer agent. In addition, many beneficial owners of Trust
shares hold them through accounts at broker-dealers, retirement platforms
and other financial market participants over which neither the Trust nor
Amundi Pioneer exercises control. Each of these may in turn rely on
service providers to them, which are also subject to the risk of
cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the
Trust's service providers or intermediaries have the ability to cause
disruptions and impact business operations potentially resulting in
financial losses, interference with the Trust's ability to calculate its
net asset value, impediments to trading, the inability of Trust
shareowners to
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 59
effect share purchases or receive distributions, loss of or unauthorized
access to private shareowner information and violations of applicable
privacy and other laws, regulatory fines, penalties, reputational damage,
or additional compliance costs. Such costs and losses may not be covered
under any insurance. In addition, maintaining vigilance against
cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
H. Repurchase Agreements
Repurchase agreements are arrangements under which the Trust purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Trust at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Trust. The securities purchased serve
as the Trust's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Trust's custodian or a subcustodian of the
Trust. The Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Trust is entitled to sell the
securities, but the Trust may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Trust. Additionally,
if the counterparty becomes insolvent, there is some risk that the Trust
will not have a right to the securities, or the immediate right to sell
the securities. At May 31, 2018, the Trust had no open repurchase
agreements.
I. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Trust may buy or sell credit default swap contracts to
seek to increase the Trust's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
60 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
As a seller of protection, the Trust would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Trust. In return, the Trust would receive from the counterparty a periodic
stream of payments during the term of the contract provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Trust would keep the stream of payments and would have no
payment obligation. The Trust may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Trust would function as the counterparty referenced above.
As a buyer of protection, the Trust makes an upfront or periodic payment
to the protection seller in exchange for the right to receive a contingent
payment. An upfront payment made by the Trust, as the protection buyer, is
recorded as a component of "Swap contracts, at value" on the Statement of
Assets and Liabilities. Periodic payments received or paid by the Trust
are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Payments received or made as a result of a
credit event or upon termination of the contract are recognized, net of
the appropriate amount of the upfront payment, as realized gains or losses
on the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Trust had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the
Trust is a protection buyer and no credit event occurs, it will lose its
investment. If the Trust is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Trust,
together with the periodic payments received, may be less than the amount
the Trust pays to the protection buyer, resulting in a loss to the Trust.
Certain swap contracts that are cleared through a central clearinghouse
are referred to as centrally cleared swaps. All payments made or received
by the Trust are pursuant to a centrally cleared swap contracts with the
central clearing party rather than the original counterparty. Upon
entering into a centrally cleared swap contract, the Trust is required to
make an initial
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 61
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared swap contracts is recorded as variation margin
on centrally cleared swaps on the Statement of Assets and Liabilities.
Cash received from or paid to the broker related to previous margin
movement is held in a segregated account at the broker and is recorded as
either "Due from broker from swaps" or "Due to broker from swaps" on the
Statement of Assets and Liabilities.
The amount of cash deposited with the broker as collateral at May 31, 2018
is recorded as "Swaps collateral" on the Statement of Assets and
Liabilities.
Open credit default swap contracts at May 31, 2018 are listed on the
Schedule of Investments. The average market value of credit default swap
contracts open during the six months ended May 31, 2018 was $134,314.
J. Automatic Dividend Reinvestment Plan
All shareowners whose shares are registered in their own names
automatically participate in the Automatic Dividend Reinvestment Plan (the
"Plan"), under which participants receive all dividends and capital gain
distributions (collectively, dividends) in full and fractional shares of
the Trust in lieu of cash. Shareowners may elect not to participate in the
Plan. Shareowners not participating in the Plan receive all dividends and
capital gain distributions in cash. Participation in the Plan is
completely voluntary and may be terminated or resumed at any time without
penalty by notifying American Stock Transfer & Trust Company, the agent
for shareowners in administering the Plan (the "Plan Agent"), in writing
prior to any dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently declared
dividend or other distribution.
If a shareowner's shares are held in the name of a brokerage firm, bank or
other nominee, the shareowner can ask the firm or nominee to participate
in the Plan on the shareowner's behalf. If the firm or nominee does not
offer the Plan, dividends will be paid in cash to the shareowner of
record. A firm or nominee may reinvest a shareowner's cash dividends in
shares of the Trust on terms that differ from the terms of the Plan.
Whenever the Trust declares a dividend on shares payable in cash,
participants in the Plan will receive the equivalent in shares acquired by
the Plan Agent either (i) through receipt of additional unissued but
authorized shares from the Trust or (ii) by purchase of outstanding shares
on the New York Stock Exchange or elsewhere. If, on the payment date for
any dividend, the net asset value per share is equal to or less than the
market price per share plus estimated brokerage trading fees (market
premium), the Plan Agent will invest the dividend amount in newly issued
shares. The number of newly
62 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
issued shares to be credited to each account will be determined by
dividing the dollar amount of the dividend by the net asset value per
share on the date the shares are issued, provided that the maximum
discount from the then current market price per share on the date of
issuance does not exceed 5%. If, on the payment date for any dividend, the
net asset value per share is greater than the market value (market
discount), the Plan Agent will invest the dividend amount in shares
acquired in open-market purchases. There are no brokerage charges with
respect to newly issued shares. However, each participant will pay a pro
rata share of brokerage trading fees incurred with respect to the Plan
Agent's open-market purchases. Participating in the Plan does not relieve
shareowners from any federal, state or local taxes which may be due on
dividends paid in any taxable year. Shareowners holding Plan shares in a
brokerage account may be able to transfer the shares to another broker and
continue to participate in the Plan.
2. Management Agreement
The Adviser manages the Trust's portfolio. Management fees payable under the
Trust's Advisory Agreement with the Adviser are calculated daily at the annual
rate of 0.70% of the Trust's average daily managed assets. "Managed assets"
means (a) the total assets of the Trust, including any form of investment
leverage, minus (b) all accrued liabilities incurred in the normal course of
operations, which shall not include any liabilities or obligations attributable
to investment leverage obtained through (i) indebtedness of any type
(including, without limitation, borrowing through a credit facility or the
issuance of debt securities), (ii) the issuance of preferred stock or other
similar preference securities, and/or (iii) any other means. For the six months
ended May 31, 2018 the net management fee was 0.70% of the Trust's average
daily managed assets, which was equivalent to 1.03% (annualized) of the Trust's
average daily net assets.
In addition, under the Adviser's management and administration agreements,
certain other services and costs are paid by the Adviser and reimbursed by the
Trust. At May 31, 2018 $43,847 was payable to the Adviser related to management
costs, administrative costs and certain other services is included in "Due to
affiliates" on the Statement of Assets and Liabilities.
3. Transfer Agent
American Stock & Trust Company (AST) serves as the transfer agent with respect
to the Trust's shares. The Trust pays AST an annual fee, as is agreed to from
time to time by the Trust and AST, for providing such services.
In addition, the Trust reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings and outgoing calls.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 63
4. Additional Disclosures about Derivative Instruments and Hedging Activities
The Trust's use of derivatives may enhance or mitigate the Trust's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Trust.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at May 31,
2018 was as follows:
-----------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------
Assets:
Swap contracts,
at value $-- $163,730 $-- $-- $--
-----------------------------------------------------------------------
Total Value $-- $163,730 $-- $-- $--
=======================================================================
64 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at May 31, 2018 was as follows:
------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------
Net realized
gain (loss) on:
Forward foreign
currency contracts $-- $ -- $47,458 $-- $--
Swap contracts -- 93,017 -- -- --
------------------------------------------------------------------------------
Total Value $-- $ 93,017 $47,458 $-- $--
==============================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Swap contracts $-- $(61,720) $ -- $-- $--
------------------------------------------------------------------------------
Total Value $-- $(61,720) $ -- $-- $--
==============================================================================
5. Unfunded Loan Commitments
The Trust may enter into unfunded loan commitments. Unfunded loan commitments
may be partially or wholly unfunded. During the contractual period, the Trust
is obligated to provide funding to the borrower upon demand. A fee is earned by
the Trust on the unfunded commitment and is recorded as interest income on the
Statement of Operations.
As of May 31, 2018, the Trust had the following unfunded loan commitments
outstanding:
--------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value Appreciation
--------------------------------------------------------------------------------
Access CIG LLC $ 78,137 $ 77,175 $ 78,137 $ 962
Centene Corp. 1,640,000 1,640,000 1,640,000 --
DG Investment Intermediate
Holdings 2, Inc. 100,682 99,194 100,682 1,488
GFL Environmental, Inc. 71,958 71,644 71,958 314
--------------------------------------------------------------------------------
Total Value $1,890,777 $1,888,013 $1,890,777 $2,764
================================================================================
6. Trust Shares
There are an unlimited number of shares of beneficial interest authorized.
Transactions in shares of beneficial interest for the six months ended May 31,
2018 and the year ended November 30, 2017, were as follows:
-----------------------------------------------------------------------
5/31/18 11/30/17
-----------------------------------------------------------------------
Shares outstanding at beginning of period 24,738,174 24,738,174
-----------------------------------------------------------------------
Shares outstanding at end of period 24,738,174 24,738,174
=======================================================================
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 65
7. Credit Agreement
Effective November 26, 2013, the Trust entered into a Revolving Credit Facility
(the "Credit Agreement") with the Bank of Nova Scotia in the amount of
$160,000,000. The Credit Agreement was established in conjunction with the
redemption of all the Trust's auction market preferred shares. Effective
November 23, 2016, the Trust extended the maturity of the Credit Agreement to
November 22, 2019.
At May 31, 2018, the Trust had a borrowing outstanding under the Credit
Agreement totaling $143,450,000. The interest rate charged at May 31, 2018 was
2.95%. During the six months ended May 31, 2018, the average daily balance was
$143,450,000 at an average interest rate of 2.64%. Interest expense of
$1,891,325 in connection with the Credit Agreement is included on the Statement
of Operations.
The Trust is required to maintain 300% asset coverage with respect to amounts
outstanding under the Credit Agreement. Asset coverage is calculated by
subtracting the Trust's total liabilities not including any bank loans and
senior securities, from the Trust's total assets and dividing such amount by
the principal amount of the borrowing outstanding.
8. Subsequent Events
A monthly dividend was declared on July 3, 2018 from undistributed and
accumulated net investment income of $0.0600 per share payable July 31, 2018,
to shareowners of record on July 17, 2018.
66 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
ADDITIONAL INFORMATION
During the period, there have been no material changes in the Trust's
investment objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. During the period, there have been no changes in
the principal risk factors associated with investment in the Trust. There were
no changes in the persons who are primarily responsible for the day-to-day
management of the Trust's portfolio.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its shares
in the open market.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Trust's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly owned subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A.
Amundi is headquartered in Paris, France, and, as of September 30, 2016, had
more than $1.1 trillion in assets under management worldwide. Deloitte & Touche
LLP ("D&T"), the Trust's previous independent registered public accounting
firm, informed the Audit Committee and the Board that it would no longer be
independent with respect to the Trust upon the completion of the Transaction as
a result of certain services being provided to Amundi and Credit Agricole, and,
accordingly, that it intended to resign as the Trust's independent registered
public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Trust's independent
registered public accounting firm, including the Trust's two most recent fiscal
years, D&T's reports on the Trust's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or
modified as to uncertainty, audit scope or accounting principles. Further,
there have been no disagreements with D&T on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of D&T, would have caused
D&T to make reference to the subject matter of the disagreement in connection
with its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 67
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Trust's fiscal year ended November 30, 2017.
Prior to its engagement, EY had advised the Trust's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission ("SEC"): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and
(x) of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that
were determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment adviser or investment banking services). None of the
foregoing services involved the Trust, any of the other Trusts in the Pioneer
Family of Trusts or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Trust under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Trust, and Management
further believes that a reasonable investor with knowledge of all relevant
facts and circumstances would reach the same conclusion.
68 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
American Stock Transfer & Trust Company
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 69
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Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 71
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72 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
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Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 73
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Pioneer Floating Rate Trust | Semiannual Report | 5/31/18 75
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76 Pioneer Floating Rate Trust | Semiannual Report | 5/31/18
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information 1-800-710-0935
Or write to AST:
--------------------------------------------------------------------------------
For Write to
General inquiries, lost dividend checks, American Stock
change of address, lost stock certificates, Transfer & Trust
stock transfer Operations Center
6201 15th Ave.
Brooklyn, NY 11219
Dividend reinvestment plan (DRIP) American Stock
Transfer & Trust
Wall Street Station
P.O. Box 922
New York, NY 10269-0560
Website www.amstock.com
For additional information, please contact your investment advisor or visit our
web site www.amundipioneer.com.
The Trust files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2018 Amundi Pioneer Asset Management 19389-12-0718
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
N/A
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
N/A
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
N/A
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 26, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 26, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 26, 2018
* Print the name and title of each signing officer under his or her signature.