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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21654
Pioneer Floating Rate Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: August 31, 2006
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/06 (unaudited)
Principal
Amount
USD ($) Value
SENIOR SECURED FLOATING RATE
LOAN INTERESTS - 139.3% of Net Assets*
Aerospace - 7.7%
3,447,609 American Airlines, Inc., Term Facility Loan, 10.17% -$ 3,494,655
4,818,956 AWAS Capital, Inc., First Priority Term Loan, 7.25%, 3 4,722,577
3,969,991 DeCrane Aircraft Holdings, Inc., First Lien Term Loan, 3,994,804
5,000,000 Delta Airlines, Inc., DIP, Term Loan A, 8.023%, 3/16/0 5,066,070
4,937,500 DynCorp International, LLC (Di Finance), New Term Loan 4,965,273
1,377,569 Hunter Defense Holdings, Inc., Term Loan B, 8.375% - 1 1,384,457
995,000 IAP Worldwide Services, Inc., First Lien Term Loan, 8. 1,009,925
6,000,000 Northwest Airlines, Inc., DIP, Term Loan, 2.5%, 8/21/0 6,011,250
3,000,000 US Airways, Inc., Term Loan, 8.999%, 3/31/11 3,018,126
3,000,000 Vought Aircraft Industries, Inc., Tranche B Letter of 3,028,125
$ 36,695,262
Broadcasting - 2.7%
955,592 NEP Supershooters, L.P., First Lien Term Loan, 9.47% - 966,343
1,447,997 NEP Supershooters, L.P., First Lien Term Loan B, 9.0%, 1,464,287
7,000,000 Paxson Communications Corp., First Lien Term Loan, 8.7 7,113,750
500,000 TDF SA, Facility Term Loan B, 4.85%, 3/11/13 645,391
500,000 TDF SA, Facility Term Loan D, 6.475%, 3/11/15 651,225
1,980,000 Young Broadcasting, Inc., Term Loan, 7.938% - 8.0%, 11 1,971,646
$ 12,812,642
Cable/Wireless Video - 9.8%
6,500,000 Century Cable Holdings, LLC, Discretionary Term Loan, 6,300,938
2,000,000 Century Cable Holdings, LLC, Term Loan, 10.25%, 6/30/0 1,947,500
12,770,258 Charter Communications Operating, LLC, Facility Term L 12,817,265
7,980,000 CSC Holdings, Inc. (Cablevision), Incremental Term Loa 7,945,088
6,000,000 Olympus Cable Holdings, LLC, Term Loan A, 9.25%, 6/30/ 5,790,936
10,000,000 Persona Cable, Tranche A Term Loan, 7.929%, 4/27/09 9,022,302
500,000 RCN Corp., Initial Term Loan, 7.25% - 7.313%, 5/30/13 500,625
1,000,000 UPC Financing Partnership, Facility Term Loan J2, 7.64 999,642
1,000,000 UPC Financing Partnership, Facility Term Loan K2, 7.55 999,642
$ 46,323,938
Chemicals - 1.2%
83,333 Basell BV, Facility USD Term Loan B4, 6.906%, 8/1/13 84,375
83,333 Basell BV, Facility USD Term Loan C4, 7.668%, 8/1/14 84,740
416,667 Basell USA, Inc., Facility Term Loan B2, 6.906%, 8/1/1 422,266
416,667 Basell USA, Inc., Facility Term Loan C2, 7.668%, 8/1/1 422,266
2,965,025 CII Carbon, LLC, Term Loan B, 7.375% - 7.5%, 8/23/12 2,968,731
740,458 Lucite International U.S. Finco, LLC, Facility Term Lo 745,558
1,000,000 Panda Hereford Ethanol, L.P., Tranche A Term Loan, 9.1 998,750
$ 5,726,686
Consumer - Durables - 0.2%
1,000,000 Rexair, LLC, Additional Term Facility, 9.749% - 11.5%$ 1,000,000
Consumer - Non-Durables - 6.4%
2,000,000 Bare Escentuals Beauty, Inc. (MD Beauty, Inc)., Secon$ 2,015,000
2,268,000 Camelbak Products, LLC, First Lien Term Loan, 9.16% - 2,222,640
1,000,000 Camelbak Products, LLC, Second Lien Term Loan, 12.96%, 805,000
3,803,846 CEI Holdings, Inc. (Cosmetic Essence), First Lien Term 3,813,356
2,799,465 Eastman Kodak Co., Term Loan B-1 Advance, 7.649% - 7.7 2,801,886
1,176,471 Eastman Kodak Co., Term Loan B-2 Advance, Delayed Draw 1,177,311
6,000,000 Hanesbrands, Inc., Term Loan B, 2.25%, 9/5/13 6,055,176
2,000,000 HBI Branded Apparel Limited, Inc., Second Lien Facilit 2,038,438
1,111,111 Playpower, Inc., Dollar Term Loan, 8.5%, 12/18/09 1,111,111
860,080 Polaroid Corp., Term Loan, 14.0%, 4/27/11 862,231
1,750,000 Revlon Consumer Products Corp., Term Loan, 11.4% - 11. 1,796,667
2,000,000 Spectrum Brands, Dollar Term Loan, 7.58% - 8.51%, 2/7/ 2,003,750
877,526 Visant Corp., Tranche C Term Loan , 7.068%, 10/4/11 882,572
3,000,000 Yell Group Plc, Facility Term Loan B1, 2.0%, 10/27/12 3,015,000
$ 30,600,138
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/06 (unaudited)(continued)
Principal
Amount
USD ($) Value
Diversified Media - 3.0%
7,594,826 ALM Media Holdings, Inc., First Lien Term Loan, 7.999$ 7,592,457
987,500 North American Membership Group, Inc., First Lien Tran 985,031
3,174,200 Six Flags Theme Parks, Inc., Tranche B-1 Term Loan, 7. 3,226,063
1,000,000 Sunshine Acquisition Ltd., First Lien Term Advance Loa 1,005,833
1,470,000 Wallace Theater Corp. (Hollywood Theaters), First Lien 1,480,106
$ 14,289,490
Energy - 4.1%
4,950,000 ATP Oil & Gas Corp., Term Loan, 8.36% - 8.859%, 4/14/$ 5,008,781
2,977,500 Cheniere LNG Holdings, LLC, Term Loan, 8.249%, 8/30/12 3,004,485
1,193,402 Coffeyville Resources, LLC, First Lien Tranche C Term 1,203,397
803,607 Coffeyville Resources, LLC, New Funded Letter of Credi 810,337
2,000,000 Coffeyville Resources, LLC, Second Lien Term Loan, 12. 2,065,000
2,000,000 Hawkeye Renewables, LLC, First Lien Term Loan, 9.35%, 1,986,250
2,000,000 OPTI Canada Inc., Term Loan, 7.078% - 7.26%, 5/17/13 2,000,750
364,404 SemCrude, L.P., U.S. Term Loan, 7.579% - 7.69%, 3/16/1 365,998
2,000,000 TARH E&P Holdings, L.P., Second Lien Term Loan, 11.063 2,005,000
1,000,000 Venoco, Inc., Second Lien Term Loan, 9.625% - 10.0%, 4 1,006,250
$ 19,456,248
Financial - 1.4%
1,000,000 ARG Holdings, Inc. (Alliant Resources Group), Second $ 1,013,750
1,913,462 FleetCor Technologies Operating Co., LLC, Term Loan, 8 1,913,462
997,500 HMSC Corp., First Lien Term Loan, 8.19% - 8.248%, 11/1 1,002,488
1,869,720 The Nasdaq Stock Market, Inc., Tranche B Term Loan, 6. 1,869,954
1,083,833 The Nasdaq Stock Market, Inc., Tranche C Term Loan, 6. 1,083,969
$ 6,883,623
Food & Drug - 1.0%
4,519,564 Jean Coutu Group (PJC), Inc., Term Loan B, 7.938% - 8$ 4,535,572
Food & Tobacco - 8.6%
769,625 AFC Enterprises, Inc., Tranche B Term Loan, 8.0%, 5/1$ 772,030
3,472,727 Carrols Corp., Term Loan B, 8.0%, 12/31/10 3,492,261
1,000,000 Chiquita Brands, LLC, Term Loan C, 2.25%, 6/28/12 1,003,333
1,874,500 Commonwealth Brands, Inc., Term Loan, 7.75%, 12/22/12 1,888,090
186,047 Dole Food Company, Inc., Credit Linked Deposit Loan, 5 183,579
417,558 Dole Food Company, Inc., Tranche B Term Loan, 7.125% - 412,020
1,391,860 Dole Food Company, Inc., Tranche C Term Loan, 7.313% - 1,373,399
6,023,978 DS Water Enterprises, L.P., Term Loan, 9.832% - 9.89%, 5,991,984
600,000 Krispy Kreme Doughnut Corp., Second Lien Tranche A Cre 621,000
2,370,000 Krispy Kreme Doughnut Corp., Second Lien Tranche B Ter 2,452,950
5,211,552 Merisant Co., Tranche B Term Loan, 8.735%, 1/11/10 5,176,806
1,760,000 National Distributing Co., Inc., Second Lien Term Loan 1,764,400
1,000,000 Nellson Nutraceutical, Inc., First Lien Term Loan, 3.0 940,000
994,063 New World Restaurant Group, Inc., First Lien Term Loan 999,033
2,837,669 PBM Products, LLC, Term Loan B, 8.33%, 7/26/11 2,857,178
3,837,712 Pinnacle Foods Group, Inc., Term Loan, 6.95% - 6.99%, 3,844,907
2,000,000 Real Mex Restaurants, Inc., Term Loan, 14.92%, 12/31/0 2,040,000
5,000,000 Sturm Foods, Inc., First Lien Term Loan, 9.25%, 5/26/1 5,018,750
$ 40,831,720
Forest Products/Containers - 2.3%
3,000,000 Georgia-Pacific Corp., Second Lien Term Loan, 7.92% -$ 3,030,624
7,955,013 Georgia-Pacific Corp., Term Loan B, 7.17% - 7.35%, 12/ 7,971,034
$ 11,001,658
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/06 (unaudited)(continued)
Principal
Amount
USD ($) Value
Gaming & Leisure - 10.3%
1,085,00(a)BRE/ESA Mezz5, LLC, Mezzanine D Term Loan, 8.609%, 7/$ 1,087,713
5,915,00(a)BRE/Homestead Mezz4, LLC, Mezzanine D Term Loan, 8.609 5,915,000
1,980,750 CCM Merger, Inc. (Motor City Casino), Term Loan B, 7.2 1,977,036
5,000,000 Edge Las Vegas Development, LLC, Second Lien Term Loan 5,025,000
600,000 Fontainebleu Florida Hotel, LLC, Tranche A Term Loan, 600,000
400,000 Fontainebleu Florida Hotel, LLC, Tranche B Term Loan, 400,000
1,488,750 Kuilima Resort Co. (Turtle Bay), First Lien Term Loan, 1,477,584
4,510,749 Lake at Las Vegas Joint Venture, First Lien Term Loan, 4,518,399
1,500,000 Lakes Gaming and Resorts, LLC, Term Loan, 11.687%, 6/2 1,492,500
6,865,155 OpBiz, LLC, New Term Loan A, 8.508%, 8/31/10 6,660,917
18,358 OpBiz, LLC, New Term Loan B, 9.508%, 8/31/10 17,842
992,500 Pivotal Promontory, LLC, First Lien Term Loan, 8.08%, 980,921
5,310,574 Resorts International Holdings, LLC, Second Lien Term 5,522,997
8,900,006 Resorts International Holdings, LLC, Term Loan B, 9.5% 8,965,643
1,488,741 Trump Entertainment Resorts Holdings, L.P., Term Loan 1,500,372
1,000,000 Wynn Las Vegas, LLC, Term B Loan, 7.205%, 8/15/13 1,003,750
1,901,867 Yellowstone Mountain Club, LLC, First Lien Term Loan, 1,896,220
$ 49,041,894
Healthcare - 10.5%
5,390,000 Alliance Imaging, Inc., Tranche C1 Term Loan, 7.938% $ 5,405,496
1,946,129 AMR HoldCo, Inc. EmCare HoldCo, Inc., Term Loan, 7.27% 1,950,388
995,000 Capella Healthcare, Inc., First Lien Term Loan, 8.24%, 1,001,841
970,000 CCS Medical, Inc. (Chronic Care), First Lien Term Loan 941,102
2,731,684 DaVita, Inc., Tranche B Term Loan, 6.99% - 7.69%, 10/5 2,743,269
5,000,000 FHC Health Systems, Inc., Third Lien Term Loan, 14.23% 5,175,000
2,992,500 Golden Gate National Senior Care, LLC, First Lien Term 3,011,203
2,000,000 Golden Gate National Senior Care, LLC, Second Lien Ter 2,035,000
3,000,000 HealthSouth Corp., Term Loan B, 8.52%, 3/10/13 3,014,376
676,090 Matria Healthcare, Inc., First Lien Tranche B Term Loa 676,935
294,872 Matria Healthcare, Inc., First Lien Tranche C Term Loa 292,660
904,867 MMM Holding, Inc./NAMM Holdings, Inc./PHMC, MMM Origin 904,301
118,155 MMM Holding, Inc./NAMM Holdings, Inc./PHMC, NAMM New T 118,081
212,910 MMM Holding, Inc./NAMM Holdings, Inc/PHMC, NAMM Origin 213,110
20,650 MMM Holding, Inc./NAMM Holdings, Inc./PHMC, NAMM PHMC 20,638
743,418 MMM Holding, Inc./NAMM Holdings, Inc./PHMC, PHMC Acqui 744,115
2,000,000 National Renal Institutes, Inc., (DSI Renal) Facility 2,004,376
1,990,000 QTC Acquisition, Inc., First Lien Term Loan, 8.08%, 11 1,994,975
3,990,000 Quintiles Transnational Corp., First Lien Term Loan B, 3,990,622
2,411,831 Reliant Pharmaceuticals, Inc., First Lien Term Loan, 1 2,435,949
1,985,000 Renal Advantage, Inc., Tranche B Term Loan, 7.84%, 10/ 1,996,166
1,980,000 Skilled Healthcare Group, Inc., First Lien Term Loan, 2,001,038
3,000,000 Triumph HealthCare Second Holdings, LLC, First Lien Te 3,008,124
66,080 Warner Chilcott Co., Inc., Dovobet Delayed Draw Term L 66,266
330,402 Warner Chilcott Co., Inc., Dovonex Delayed Draw Term L 331,332
2,442,567 Warner Chilcott Co., Inc., Tranche B Acquisition Date 2,449,946
993,256 Warner Chilcott Corp., Tranche C Acquisition Date Term 996,256
458,889 Warner Chilcott Holdings Co. III, Ltd., Tranche D Acqu 460,275
$ 49,982,840
Housing - 6.8%
3,474,286 Associated Materials, Inc., Term Loan, 7.58% - 8.13%,$ 3,481,887
4,898,235 Atrium Companies, Inc., Closing Date Term Facility Loa 4,751,288
2,500,000 BioMed Realty, L.P., Senior Secured Term Loan, 7.652%, 2,465,625
995,556 Contech Construction Products, Inc., New Term Loan, 7. 997,734
2,835,595 Custom Building Products, Inc., First Lien Term Loan, 2,853,907
1,331,750 Desa, LLC, Term Loan, 11.16% - 13.0%, 11/26/11 1,334,247
1,000,000 Edge Star Partners, LLC (Harmon Koval), First Lien Ter 1,004,375
3,500,000 Edge Star Partners, LLC (Harmon Koval), Second Lien Te 3,517,500
5,000,000 LNR Property Corp., Initial Tranche B Term Loan, 8.11% 5,037,500
1,000,000 Pro-Build Holdings, Inc. (Hope Lumber & Supply Co.), I 1,000,208
2,000,000 Trustreet Properties, Inc., Term Loan, 7.402%, 4/8/10 2,011,250
4,000,000 Woodlands Commercial Properties Co., L.P., Bridge Loan 4,030,000
$ 32,485,521
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/06 (unaudited)(continued)
Principal
Amount
USD ($) Value
Information Technology - 8.7%
2,992,500 Data Transmission Network Corp., First Lien Tranche B$ 3,007,463
4,000,000 GXS Worldwide, Inc., First Lien Term Loan, 10.258% - 1 3,970,000
2,000,000 GXS Worldwide, Inc., Second Lien Term Loan, 14.508%, 1 2,010,000
2,057,143 Infor Enterprise Solutions Holdings, Inc., Delayed Dra 2,072,144
3,942,857 Infor Enterprise Solutions Holdings, Inc., Initial U.S 3,971,608
933,333 (a)Inovis International, Inc, Term Loan, 8.87% - 9.25%, 1 933,333
956,462 IPC Acquisition Corp., First Lien Tranche B Term Loan, 961,723
1,000,000 IPC Acquisition Corp., Second Lien Term Loan, 12.52%, 1,015,833
1,995,000 Nuance Communications, Inc., Term Loan, 7.33%, 3/31/13 1,982,531
1,944,828 Open Solutions, Inc., First Lien Term Loan, 7.78%, 9/3 1,958,198
1,000,000 Quantum Corp., First Lien Term Loan, 4.0%, 8/22/12 1,001,250
4,827,650 Semiconductor Components Industries, Term Loan H, 7.75 4,839,719
2,812,500 Serena Software, Inc., Term Loan, 7.41%, 3/10/13 2,812,148
6,930,000 SunGard Data Systems, Inc. (Solar Capital Corp.), U.S. 6,988,780
3,950,000 Telcordia Technologies, Inc., Term Loan, 7.727%, 9/15/ 3,767,313
$ 41,292,043
Manufacturing - 1.4%
990,004 Brand Services, Inc., Term Loan B, 7.65% - 7.735%, 1/$ 991,241
1,000,000 FCI USA, Inc., Facility Term Loan B-1, 7.73%, 11/3/13 1,013,021
1,000,000 FCI USA, Inc., Facility Term Loan C-1, 8.23%, 11/3/14 1,008,438
1,515,706 Mueller Group, LLC, Term Loan, 7.36% - 7.868%, 10/3/12 1,527,209
2,000,000 Wire Rope Corporation of America, Inc., New Secured Te 2,050,000
$ 6,589,909
Media/Telecommunications - 10.8%
1,000,000 Bresnan Communications, LLC, First Lien Term Loan B, $ 1,000,156
2,000,000 Cequel Communications, LLC, Bridge Loan, 10.489%, 10/3 2,007,500
2,000,000 Cequel Communications, LLC, First Lien Term Loan B, 7. 1,988,392
997,330 Knology, Inc., New Term Loan, 7.626% - 7.999%, 6/29/10 1,002,940
3,058,997 Knology, Inc., Second Lien Term Loan, 15.485%, 6/29/11 3,579,027
2,000,000 Level 3 Financing, Inc., Term Loan, 8.413%, 12/1/11 2,014,584
1,000,000 Mediacom Broadband Group, Tranche D-2 Term Loan, 7.38% 996,641
4,987,500 MGM Holdings II, Inc./LOC Acquisition Co., Tranche B T 4,975,510
12,741,757 Millennium Digital Media Systems, LLC, Facility Term L 12,805,466
746,250 Montecito Broadcast Group, LLC, First Lien Term Loan, 749,981
1,000,000 PaeTec Communications, Inc., Second Lien Term Loan, 12 1,018,750
2,000,000 Sorenson Communications, Inc., Tranche B Term Loan, 8. 2,008,334
1,500,000 Stratos Global Corp./Stratos Funding, L.P., Facility T 1,497,188
4,000,000 VNU, Inc./Nielsen Finance, LLC, Dollar Term Loan, 2.75 3,987,656
4,000,000 WideOpenWest Finance, LLC, First Lien Term Loan, 7.481 4,005,356
3,000,000 Wind Telecomunicazione S.p.A., Facility Term Loan A-1, 3,837,029
1,500,000 Wind Telecomunicazione S.p.A., Facility Term Loan B-1, 1,926,573
1,500,000 Wind Telecomunicazione S.p.A., Facility Term Loan C-1, 1,934,374
$ 51,335,457
Metals & Minerals - 1.9%
815,217 Gibraltar Industries, Inc., Term Loan, 6.688% - 7.25%$ 815,217
4,434,969 Murray Energy Corp., Tranche B Term Loan, 8.4%, 1/28/1 4,479,318
3,447,697 Tube City, LLC, First Lien Tranche C Term Loan, 8.25%, 3,458,471
$ 8,753,006
Retail - 13.1%
13,374,950 Blockbuster, Inc., Tranche B Term Loan, 8.09% - 9.07%$ 13,412,948
3,982,494 Burlington Coat Factory Warehouse Corp., Term Loan, 7. 3,875,775
4,925,156 Dollarama Group, L.P., Replacement Term Loan B, 7.485% 4,951,324
997,290 Eddie Bauer, Inc., Term Loan, 9.58%, 6/21/11 996,979
14,802,767 Home Interiors & Gifts, Inc., Initial Term Loan, 10.32 12,804,394
877,193 J. Crew Group, Inc., Initial Term Loan, 9.5%, 5/15/13 878,289
895,959 MAPCO Express, Inc./MAPCO Family Centers, Inc., Term L 903,238
1,001,325 Movie Gallery, Inc., Term Loan A, 10.5%, 4/27/11 951,973
16,845,838 Movie Gallery, Inc., Term Loan B, 10.75%, 4/27/11 15,971,960
3,645,570 Neiman Marcus Group, Inc., Term Loan, 7.77%, 4/6/13 3,679,138
4,000,000 Toys R Us - Delaware, Inc., Tranche B Term Loan, 9.643 4,084,376
$ 62,510,394
Service - 3.1%
2,625,000 Alliance Laundry Systems, LLC, Term Loan, 7.62%, 1/27$ 2,638,947
2,000,000 Education Management Corp., Tranche B Term Loan, 8.063 2,011,876
2,815,722 Headwaters, Inc., First Lien Term Loan, 7.33% - 7.5%, 2,831,560
2,000,000 Koosharem Corp. (Select Personnel), First Lien Term Lo 1,995,000
1,122,727 La Petite Academy, Inc., Closing Date First Lien Term 1,136,761
1,315,909 La Petite Academy, Inc., Closing Date First Lien Term 1,322,489
1,618,704 Outsourcing Solutions, Inc., Term Loan, 9.83%, 9/30/10 1,622,750
1,000,000 Vanguard Car Rental USA Holding, Inc., Term Loan, 8.31 1,002,375
$ 14,561,758
Telecommunications - 3.7%
1,995,000 Cavtel Holdings, LLC (Cavalier Telephone Corp.), Term 2,023,678
3,000,000 Intelsat Corp., Tranche B-2 Term Loan, 8.008%, 1/3/14 3,017,499
2,500,000 Nordic Telephone Company Holdings APS (TDC), Euro Faci 3,230,924
2,500,000 Nordic Telephone Company Holdings APS (TDC), Euro Faci 3,244,685
2,000,000 Pine Tree Holdings, Inc., (Country Road Communications 2,030,000
4,151,997 WestCom Corp., Tranche B Term Loan, 8.195% - 8.293%, 1 4,157,187
$ 17,703,973
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/06 (unaudited)(continued)
Principal
Amount
USD ($) Value
Transportation - 8.1%
4,373,004 Affinia Group, Inc., Tranche B Term Loan, 8.5%, 11/30$ 4,396,238
2,594,59(b)Carey International, Inc., Second Lien Term Loan, 13.0 2,588,112
5,000,000 Dana Corp., DIP Term Loan, 7.65%, 4/13/08 5,010,625
5,735,625 Delphi Corp., Term Loan, 13.75%, 6/14/11 5,954,296
3,000,000 Federal-Mogul Corp., DIP Term Loan, 7.5%, 12/9/06 3,009,375
2,970,000 Goodyear Dunlop Tires Europe B.V., GDTG Commitment, 5. 3,818,379
2,479,909 Key Plastics, LLC/Key Safety Systems, Inc., Term Loan 2,507,808
2,000,000 Lear Corp., First Lien Term Loan B, 7.904% - 7.999%, 4 1,981,042
875,000 Quality Distribution, Inc., PF Letter of Credit Loan, 879,375
1,926,990 Quality Distribution, Inc., Term Loan, 8.33%, 11/13/09 1,936,625
823,529 Rural/Metro Operating Co., LLC, Letter of Credit Term 827,132
2,517,647 Rural/Metro Operating Co., LLC, Term Loan 1, 7.101% - 2,528,662
879,859 SIRVA Worldwide, Inc., Tranche B Term Loan, 9.52% - 11 843,198
2,418,616 Transport Industries, L.P., Term Loan B, 8.0%, 9/30/11 2,429,198
$ 38,710,065
Transportation-Automotive - 0.2%
847,826 Insurance Auto Auctions, Inc., Delayed Draw Term Loa$ 852,861
Utility - 8.7%
4,500,000 ANP Funding I, LLC, Tranche A Term Loan, 8.98%, 7/29/$ 4,535,159
5,700,00(c)Calpine Corp., Second Lien Term Loan, 10.35%, 7/16/07 5,801,534
5,000,000 Coleto Creek Power, L.P., Second Lien Term Loan, 4.0%, 4,700,000
254,777 Coleto Creek Power, L.P., Synthetic Facility Term Loan 253,503
3,745,223 Coleto Creek Power, L.P., Term Loan, 8.195%, 6/28/13 3,726,497
1,560,976 Covanta Energy Corp., New Funded Letter of Credit Loan 1,573,008
1,118,598 Covanta Energy Corp., Tranche C Term Loan, 7.576% - 7. 1,127,220
2,000,000 GBGH, LLC (U.S. Energy), First Lien Term Loan, 10.94%, 2,005,000
2,962,500 KGEN, LLC, Tranche A Term Loan, 8.124%, 8/5/11 2,973,609
5,893,077 Loy Yang Power Projects Pty, Ltd., Second Lien Term Lo 4,477,748
2,636,662 NSG Holdings II, LLC, Initial Term Loan, 8.35%, 12/13/ 2,672,094
1,327,647 Pike Electric, Inc., Tranche C Term Loan, 6.875%, 12/1 1,327,233
1,431,353 Plum Point Energy Associates, LLC, First Lien Term Loa 1,440,896
388,571 Plum Point Energy Associates, LLC, Funded Letter of Cr 391,162
1,982,874 Reliant Energy, Inc., Term Loan, 7.655% - 7.705%, 4/30 1,985,661
199,357 (c)Teco Panda-Gila River Power, L.P., Project Letter of C 199,606
546,624 (c)Teco Panda-Gila River Power, L.P., Tranche A Term Loan 638,183
527,331 (c)Teco Panda-Gila River Power, L.P., Tranche B Term Loan 615,659
12,862 (c)Teco Panda-Gila River Power, L.P., Working Capital, 0. 12,878
57,878 (c)Teco Panda-Union Power Partners, L.P., Project Letter 57,950
321,543 (c)Teco Panda-Union Power Partners, L.P., Tranche A Term 375,402
308,682 (c)Teco Panda-Union Power Partners, L.P., Tranche B Term 360,386
25,723 (c)Teco Panda-Union Power Partners, L.P., Working Capital 25,756
$ 41,276,144
Wireless Communication - 3.6%
1,847,187 Centennial Cellular Operating Co., Term Loan, 7.318% $ 1,861,865
10,000,000 Cricket Communications, Inc., Facility Term Loan B, 8. 10,088,750
3,000,000 Metro PCS Wireless, Inc., First Lien Tranche B Term Lo 3,076,251
2,000,000 Metro PCS Wireless, Inc., Second Lien Term Loan, 12.93 2,108,334
$ 17,135,200
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $659,453,665) $ 662,388,042
SENIOR SECURED FIXED RATE
LOAN INTERESTS - 1.7% of Net Assets
Telecommunications - 0.4%
2,000,000 Qwest Corp., Tranche B Term Loan, 6.95%, 6/30/10 $ 2,006,250
Utility - 1.3%
926,286 Eggborough Power, Ltd., Term Loan, 7.0%, 3/31/22 $ 6,014,081
TOTAL SENIOR SECURED FIXED RATE LOAN INTERESTS
(Cost $6,085,766) $ 8,020,331
CONVERTIBLE BONDS & NOTES - 0.7% of Net Assets
Cable - 0.7%
4,000,000 Charter Communications, Inc., 5.875%, 11/16/09 $ 3,505,000
TOTAL CONVERTIBLE BONDS & NOTES
(Cost $3,279,518) $ 3,505,000
CORPORATE NOTES - 4.8% of Net Assets
Consumer Non-Durables - 0.9%
4,000,00(d)Levi Strauss & Co., 10.258%, 4/1/12 $ 4,130,000
Diversified Media - 0.4%
500,000 Six Flags, Inc., 9.625%, 6/1/14 $ 446,250
1,500,000 Six Flags, Inc., 9.75%, 4/15/13 1,357,500
$ 1,803,750
Energy - 0.4%
2,000,00(d)Secunda International, Ltd., 13.507%, 9/1/12 $ 2,090,000
Gaming & Leisure - 0.6%
3,000,000 Trump Entertainment Resorts, Inc., 8.5%, 6/1/15 $ 2,902,500
Healthcare - 0.6%
2,000,000 Pharma V (Duloxetine), 13.0%, 10/15/13 (144A) $ 2,010,000
1,000,00(d)Pharma VI (Rotavax), 5.25%, 10/15/14 (144A) 1,000,000
$ 3,010,000
Housing - 0.4%
2,000,00(d)Builders FirstSource, Inc., 9.655%, 2/15/12 $ 2,025,000
Retail - 0.4%
2,000,000 Finlay Fine Jewelry Corp., 8.375%, 6/1/12 $ 1,740,000
Pioneer Floating Rate Trust
SCHEDULE OF INVESTMENTS 8/31/06 (unaudited)(concluded)
Principal
Amount
USD ($) Value
Wireless Communication - 1.1%
5,000,000 Clearwire Corp., 11.0%, 8/15/10 $ 5,226,800
TOTAL CORPORATE NOTES
(Cost $22,483,176) $ 22,928,050
Shares
COMMON STOCK - 1.4% of Net Assets
Utility - 1.4%
223,206 Mirant Corp. $ 6,466,278
TOTAL COMMON STOCK
(Cost $5,670,713) $ 6,466,278
WARRANTS - 0.2% of Net Assets
Gaming & Leisure - 0.0%
13,873 (e)OpBiz, LLC, Term A, Exp. 8/31/10 $ 0
32 (e)OpBiz, LLC, Term B, Exp. 8/31/10 0
$ 0
Wireless Communication - 0.2%
400,000 (e)Clearwire Corp., Exp. 8/15/10 $ 673,200
TOTAL WARRANTS
Principal (Cost $0) $ 673,200
Amount
USD ($) TEMPORARY CASH INVESTMENT - 6.9% of Net Assets
Repurchase Agreement - 6.9%
33,000,000 UBS Warburg, Inc., 5.17%, dated 8/31/06, repurchase price
of $33,000,000 plus accrued interest on 9/1/06 collateralized
by $33,535,000 U.S. Treasury Notes, 4.5%, 11/15/10 $ 33,000,000
TOTAL TEMPORARY CASH INVESTMENT
(Cost $33,000,000) $ 33,000,000
TOTAL INVESTMENTS IN SECURITIES - 155.0%
(Cost $729,972,838) (f) $ 736,980,901
OTHER ASSETS AND LIABILITIES - (5.7)% $
(26,843,840)
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (49.3)% $
(234,621,473)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $ 475,515,588
NR Security not rated by S&P or Moody's.
* Senior secured floating rate loan interests in which the Trust
invests generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR (London InterBank Offered Rate), (ii)
the prime rate offered by one or more major United States banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at period end.
(14Security 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 August 31, 2006 the value of these securities
amounted to $3,010,000 or
0.6% of net assets applicable to common shareowners.
(a)Indicates a security that has been deemed illiquid. The aggregate
cost of illiquid securities is
$7,933,333. The aggregate value $7,936,046 represents 1.7% of the
net assets.
(b)Payment-in-Kind (PIK) security which may pay interest in additional
principal amount.
(c)Security is in default and is non-income producing.
(d)Floating Rate Note. The rate shown is the coupon rate at August 31,
2006.
(e)Non-income producing security.
(f)At August 31, 2006, the net unrealized gain on investments based on
cost for federal income tax purposes
of $730,024,748 was as follows:
Aggregate gross unrealized gain for all investments$ 10,608,605
Aggregate gross unrealized loss for all investments$
(3,652,452)
Net unrealized gain $ 6,956,153
For financial reporting purposes net unrealized gain on investments
was $7,008,064 and cost of
investments aggregated $729,972,838.
For the period ended August 31, 2006, the Trust had unfunded loan
commitments of $8,658,376, which would be extended at
the option of the borrower, pursuant to the following loan
agreements:
Borrower Commitment
Atrium Companies, Inc., Delayed Draw Term Loan 601,765
Covanta Energy Corp., Revolver 1,000,000
Cricket Communications, Inc., Revolver 1,984,882
DeCrane Aircraft Holdings, Inc., First Lien Revolver 1,000,000
Insurance Auto Auctions, Inc., Delayed Draw Term Loan 43,478
La Petite Academy, Inc. First Lien Closing Date Term L 561,364
Lucite International U.S. Finco, LLC, Facility Term Lo 259,542
Millennium Digital Media Systems, LLC, Revolver 1,718,605
Trump Entertainment Resorts Holdings, L.P., Term Loan 1,488,740
8,658,376
Glossary of Terms:
DIP - Debtor-In-Possession
LC - Letter of Credit
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
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 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Floating Rate Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 30, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date October 30, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date October 30, 2006
* Print the name and title of each signing officer under his or her signature.