Edgar Filing: Pioneer Floating Rate Trust

floatingrate.htm

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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)


            Terrence J Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  November 30

Date of reporting period:  February 29, 2012

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.


<PAGE>
ITEM 1. Schedule of Investments.

Principal Amount USD $					S&P / Moody's Ratings						Value
							COLLATERALIZED LOAN OBLIGATIONS — 2.0% of Net Assets
							BANKS — 2.0%
							Diversified Banks — 0.6%
	1,000,000			(a)(b)(c)		BB+/Ba2	Primus, Ltd., 2007-2A D, 2.967%, 7/15/21 (144A)			$		669,910
	1,000,000			(a)(b)		B+/Ba2	Rampart, Ltd., 2006-1A, 4.115%, 4/18/21 (144A)					709,110
	951,289			(a)(b)		CCC-/Ba3	Stanfield McLaren, Ltd., 2007-1A B2L, 4.991%, 2/27/21 (144A)					668,642

										$		2,047,662
							Thrifts & Mortgage Finance — 1.4%
	1,000,000			(a)(b)		B+/Ba2	ACA, Ltd., 2007-1A D, 2.917%, 6/15/22 (144A)			$		738,720
	1,000,000			(a)(b)		BBB-/Ba1	Goldman Sachs Asset Management Plc, 2007-1A D, 3.297%, 8/1/22 (144A)					771,920
	1,000,000			(a)(b)		BBB/Baa3	Gulf Stream Sextant, Ltd., 2007-1A D, 2.959%, 6/17/21 (144A)					759,910
	1,000,000			(a)(b)		BB/Ba3	Landmark CDO, Ltd., 2007-9A E, 4.067%, 4/15/21 (144A)					802,850
	2,000,000			(a)(b)		BB+/Baa3	Stone Tower, Ltd., 2007-6A C, 1.917%, 4/17/21 (144A)					1,341,560

										$		4,414,960

							Total Banks			$		6,462,622
							TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,604,054)			$		6,462,622
							SENIOR FLOATING RATE LOAN INTERESTS — 137.7% of Net Assets*
							BANKS — 0.4%
							Thrifts & Mortgage Finance — 0.4%
	1,425,000					B/NR	Ocwen Financial Corp., Initial Term Loan, 7.0%, 9/1/16			$		1,419,656

							Total Banks			$		1,419,656
							ENERGY — 2.5%
							Coal & Consumable Fuels — 0.3%
	1,000,000					NR/NR	PT Bumi Resources Tbk, Term Loan, 11.261%, 8/7/13			$		1,000,000
							Integrated Oil & Gas — 0.4%
	1,290,335					BBB/Baa2	Glenn Pool Oil & Gas Trust 1, Term Loan, 4.5%, 5/2/16			$		1,293,561
							Oil & Gas Drilling — 0.1%
	403,997			(a)(b)(d)(e)		NR/NR	TARH E&P Holdings, L.P., Second Lien Term Loan, 0.36%, 6/29/12			$		371,677
							Oil & Gas Equipment & Services — 1.5%
	1,438,380					NR/Caa3	Aquilex Holdings LLC, Term Loan, 9.5%, 4/1/16			$		1,425,795
	3,356,193					B+/B2	Frac Tech Services, Term Loan, 6.25%, 5/6/16					3,343,006

										$		4,768,801
							Oil & Gas Refining & Marketing — 0.2%
	398,000					BB+/Ba1	SunCoke Energy, Inc., Tranche B Term Loan, 4.0%, 7/26/18			$		398,995

							Total Energy			$		7,833,034
							MATERIALS — 10.0%
							Aluminum — 1.1%
	1,385,000					BB-/NR	Noranda Aluminum Acquisition Corp., Term Loan B, 0.0%, 2/28/19			$		1,390,194
	2,227,500					BB-/NR	Novelis, Inc., Term Loan, 4.0%, 3/10/17					2,223,787

										$		3,613,981
							Commodity Chemicals — 0.6%
	1,200,000					BB-/B1	Taminco Global Chemical Corp., Dollar Term Loan, 0.0%, 2/15/19			$		1,209,750
	628,286					NR/Ba2	Tronox Pigments (Netherlands) B.V., Closing Date Term Loan, 0.0%, 2/8/18					629,857
	171,429					NR/Ba2	Tronox Pigments (Netherlands) B.V., Delayed Draw Term Loan, 0.0%, 2/8/18					171,857

										$		2,011,464
							Construction Materials — 0.4%
	1,250,000					BB-/NR	Summit Materials LLC, Term Loan, 6.0%, 1/30/19			$		1,254,062
							Diversified Chemicals — 1.4%
	518,730					BBB-/Ba1	Celanese US Holdings LLC, Dollar Term Loan C, 3.331%, 10/31/16			$		522,115
	1,247,956					B/B1	General Chemical Corp., New Tranche B Term Loan, 5.002%, 10/6/15					1,251,075
	156,281					BB/Ba2	Huntsman International LLC, Extended Term Loan B, 2.904%, 4/19/17					154,367
	1,175,735					BB+/Ba1	Solutia, Inc., Term Loan 1, 3.5%, 8/1/17					1,177,499
	1,455,300					B+/B2	Univar, Inc., Term Loan B, 5.0%, 6/30/17					1,449,843

										$		4,554,899
							Diversified Metals & Mining — 1.3%
	2,500,000					BB-/B2	Preferred Proppants LLC, Term Loan B, 7.5%, 12/15/16			$		2,440,625
	1,044,750					B+/NR	U.S. Silica Co., Term Loan, 4.75%, 6/8/17					1,040,832
	604,923					BB-/B1	Walter Energy, Inc., Term Loan B, 4.0%, 4/2/18					603,465

										$		4,084,922
							Metal & Glass Containers — 0.1%
	210,492					B/Ba3	BWAY Holding Co., Replacement Term Loan B, 4.5%, 2/23/18			$		210,757
	19,404					B/Ba3	ICL Industrial Containers ULC, Replacement Term Loan C, 4.5%, 2/23/18					19,428

										$		230,185
							Paper Packaging — 0.8%
	1,537,213					BBB/Ba2	Graphic Packaging International, Inc., Incremental Term Loan, 3.121%, 5/16/14			$		1,540,461
	1,162,300					BB+/Ba1	Sealed Air Corp., Advance Term Loan B, 4.75%, 10/3/18					1,176,393

										$		2,716,854
							Paper Products — 1.2%
	2,233,775					B/B1	Exopack LLC/Cello Foil Products, Inc., Term Loan B, 6.5%, 5/31/17			$		2,236,567
	1,250,000					B/B1	Hoffmaster Group, Inc., First Lien Term Loan, 7.0%, 1/3/18					1,257,812
	238,975					BB-/Ba3	Ranpak Corp., First Lien USD Term Loan, 4.75%, 4/20/17					239,573

										$		3,733,952
							Precious Metals & Minerals — 0.7%
	2,081,250					BB-/B1	Fairmount Minerals, Ltd., Tranche B Term Loan, 5.25%, 3/15/17			$		2,092,108
							Specialty Chemicals — 2.2%
	4,000,000					BB+/Ba1	Chemtura Corp., Facility Term Loan, 5.5%, 8/29/16			$		4,030,000
	1,845,375					BB-/Ba2	Harko C.V. (OM Group, Inc.), Dollar Term Loan B, 5.75%, 8/2/17					1,859,215
	150,000					NR/B1	Norit Holding B.V., USD Term Loan, 6.75%, 7/10/17					149,250
	1,025,000					BB-/Ba1	PolyOne Corp., Term Loan, 5.0%, 12/20/17					1,030,638

										$		7,069,103
							Steel — 0.2%
	500,000					BB/B1	JMC Steel Group, Inc., Term Loan, 0.0%, 4/1/17			$		500,625

							Total Materials			$		31,862,155
							CAPITAL GOODS — 10.6%
							Aerospace & Defense — 4.8%
	2,876,971					BB-/B2	API Technologies Corp., Term Loan, 7.75%, 6/27/16			$		2,718,737
	757,268					B/B2	DAE Aviation Holdings, Inc., Tranche B-1 Term Loan, 5.56%, 7/31/14					750,642
	2,085,000					BB+/Ba3	Digitalglobe, Inc., Term Loan, 5.75%, 10/12/18					2,043,300
	885,930					BB-/Ba2	DynCorp International, Inc., Term Loan, 6.25%, 7/7/16					883,161
	1,606,924					BB/B1	Hunter Defense Technologies, Inc., Term Loan, 3.83%, 8/22/14					1,430,163
	1,736,872					CCC+/NR	IAP Worldwide Services, Inc., First Lien Term Loan, 9.25%, 12/30/12					1,587,067
	1,500,000					B-/B1	Sequa Corp., Term Loan, 3.836%, 12/3/14					1,493,125
	1,783,492					B+/Ba3	SI Organization, Inc., New Tranche B Term Loan, 4.5%, 11/22/16					1,738,905
	995,000					B/B3	Sotera Defense Solutions, Inc., Term Loan B, 7.0%, 4/21/17					992,513
	723,833					B/B2	Standard Aero, Ltd., Tranche B-2 Term Loan, 5.56%, 7/31/14					717,499
	993,238			(e)		BB/Ba2	TASC, Inc., New Tranche B Term Loan, 4.5%, 12/18/15					995,411

										$		15,350,523
							Building Products — 2.0%
	1,911,060					BB-/B1	Armstrong World Industries, Inc., Term Loan B-1, 4.0%, 3/10/18			$		1,911,956
	2,726,231					B/B2	CPG International I, Inc., Term Loan, 6.0%, 2/18/17					2,589,920
	864,407					B+/B1	Custom Building Products, Inc., Term Loan, 5.75%, 3/19/15					866,568
	1,075,113					B+/B1	Goodman Global, Inc., First Lien Initial Term Loan, 5.75%, 10/28/16					1,084,139

										$		6,452,583
							Construction & Farm Machinery & Heavy Trucks — 1.0%
	2,115,450					BB/Ba2	Manitowoc Co., Inc., Term Loan B, 4.25%, 11/13/17			$		2,116,789
	952,613					BB/Ba2	Terex Corp., U.S. Term Loan, 5.5%, 4/28/17					962,734

										$		3,079,523
							Electrical Components & Equipment — 1.4%
	1,308,438					NR/NR	Excelitas Technologies Corp., New Term Loan B, 4.75%, 11/29/16			$		1,282,269
	1,831,487					B+/B1	Pelican Products, Inc., Term Loan, 5.0%, 3/7/17					1,826,908
	1,198,736					B+/B1	Scotsman Industries, Inc., Term Loan, 5.752%, 4/30/16					1,197,987

										$		4,307,164
							Industrial Conglomerates — 0.4%
	1,263,650					B+/B2	Pro Mach, Inc., Term Loan, 6.25%, 7/6/17			$		1,232,059
							Industrial Machinery — 1.0%
	1,151,053					B+/B1	Alliance Laundry Systems LLC, Term Loan, 6.25%, 9/30/16			$		1,155,369
	1,500,000					NR/NR	Schaeffler AG, USD Facility Term Loan C2, 0.0%, 1/27/17					1,507,687
	497,500					BB/Ba2	TriMas Co. LLC, Tranche B Term Loan, 4.25%, 6/21/17					498,744

										$		3,161,800

							Total Capital Goods			$		33,583,652
							COMMERCIAL & PROFESSIONAL SERVICES — 5.7%
							Commercial Printing — 0.4%
	1,369,011					BB-/Ba3	Cenveo Corp., Facility Term Loan B, 6.25%, 12/21/16			$		1,366,159
							Diversified Commercial & Professional Services — 1.2%
	950,000					BB/Ba3	Aramark Canada Ltd., Canadian Term Loan B, 3.829%, 7/26/16			$		945,250
	2,827,121					B/B2	Cydcor, Inc., First Lien Tranche B Term Loan, 9.0%, 2/5/13					2,812,986

										$		3,758,236
							Diversified Support Services — 1.3%
	1,037,163					B+/Ba3	Allied Security Holdings LLC, First Lien Term Loan, 5.25%, 2/3/17			$		1,035,866
	1,502,949					B+/B1	InfoGroup, Inc., Term Loan B, 5.75%, 5/26/18					1,390,228
	1,907,905					B+/Ba3	Language Line LLC, Tranche B Term Loan, 6.25%, 6/20/16					1,917,444

										$		4,343,538
							Environmental & Facilities Services — 1.1%
	1,587,970					B+/B1	Brickman Group Holdings, Inc., Tranche B Term Loan, 7.25%, 10/14/16			$		1,593,925
	500,000					NR/B1	Safety-Kleen Systems, Inc., Term Loan B, 5.0%, 2/21/17					501,875
	1,315,062					B+/B1	Waste Industries USA, Inc., Term Loan B, 4.75%, 3/17/17					1,315,062

										$		3,410,862
							Human Resource & Employment Services — 0.6%
	1,885,750					B/B1	Nexeo Solutions LLC, Initial Term Loan, 5.0%, 9/8/17			$		1,848,035
							Research & Consulting Services — 0.8%
	2,659,471					BB/B1	Wyle Services Corp., First Lien Term Loan, 5.75%, 3/26/17			$		2,624,565
							Security & Alarm Services — 0.3%
	846,474					BB/B1	Protection One, Inc., Term Loan, 6.0%, 6/4/16			$		852,823

							Total Commercial & Professional Services			$		18,204,218
							TRANSPORTATION — 4.7%
							Air Freight & Logistics — 0.4%
	300,000					NR/NR	Ceva Group Plc, Dollar Tranche B Pre Funded L/C Term Loan, 0.0%, 8/31/16			$		279,250
	1,200,000					NR/NR	Ceva Group Plc, EGL Tranche B Term Loan, 0.0%, 8/31/16					1,119,756

										$		1,399,006
							Airlines — 1.9%
	843,625					BB-/Ba3	Allegiant Travel Co., Term Loan, 5.75%, 3/10/17			$		839,055
	545,875					BB-/Ba2	Delta Air Lines, Inc., 2009 Term Loan, 4.25%, 3/7/16					526,769
	1,343,250					BB-/Ba2	Delta Air Lines, Inc., 2011 Term Loan, 5.5%, 4/20/17					1,317,504
	248,154					BB-/Ba3	United Air Lines, Inc., Tranche B Term Loan, 2.25%, 2/1/14					242,054
	3,550,000					B+/B3	US Airways Group, Inc., Term Loan, 2.744%, 3/21/14					3,282,330

										$		6,207,712
							Railroads — 0.8%
	2,500,000					BB+/B1	RailAmerica, Inc., Initial Term Loan, 0.0%, 3/1/19			$		2,501,563
							Trucking — 1.6%
	812,963					BB/Ba1	Avis Budget Car Rental LLC, Tranche B Term Loan, 6.25%, 9/22/18			$		823,802
	2,121,428					BB/B1	Swift Transportation Co. LLC, Term Loan, 6.0%, 12/21/16					2,127,261
	2,000,000					BB/B1	Swift Transportation Co. LLC, Tranche B-2 Term Loan, 0.0%, 12/15/17					1,995,000

										$		4,946,063

							Total Transportation			$		15,054,344
							AUTOMOBILES & COMPONENTS — 6.3%
							Auto Parts & Equipment — 5.1%
	2,763,157					BB-/B1	Allison Transmission, Inc., Term Loan, 2.75%, 8/7/14			$		2,741,738
	842,017					B+/Ba3	Federal-Mogul Corp., Tranche B Term Loan, 2.196%, 12/29/14					808,336
	429,600					B+/Ba3	Federal-Mogul Corp., Tranche C Term Loan, 2.189%, 12/28/15					412,416
	2,329,922					B+/B2	HHI Holdings LLC, Term Loan, 7.002%, 3/21/17					2,335,747
	3,807,388					B+/B1	Key Safety Systems, Inc., First Lien Term Loan, 2.592%, 3/8/14					3,689,995
	2,205,433					B+/NR	Metaldyne LLC, Term Loan, 5.25%, 5/18/17					2,210,947
	1,147,125					NR/B1	Stackpole Powertrain International ULC, Term Loan, 7.5%, 8/2/17					1,141,390
	738,750					BBB-/Baa3	Tenneco, Inc., Tranche B Term Loan, 4.689%, 6/3/16					741,520
	1,017,875					BB/Ba2	Tomkins LLC, Term Loan B-1, 4.25%, 9/29/16					1,019,529
	1,113,750					B+/Ba2	UCI International, Inc., Term Loan, 5.5%, 7/26/17					1,119,319

										$		16,220,937
							Automobile Manufacturers — 1.2%
	3,607,374					BB/Ba2	Chrysler Group LLC, Tranche B Term Loan, 6.0%, 5/24/17			$		3,627,665

							Total Automobiles & Components			$		19,848,602
							CONSUMER DURABLES & APPAREL — 2.5%
							Homebuilding — 0.1%
	1,000,000			(a)(b)(c)(f)		BB-/B1	WAICCS Las Vegas 3 LLC, First Lien Term Loan, 7.75%, 7/30/09			$		350,000
	4,500,000			(a)(b)(c)(f)		BB-/Caa2	WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 13.25%, 7/30/09					22,505

										$		372,505
							Housewares & Specialties — 2.1%
	1,500,000					BB+/NR	Jarden Corp., Tranche B Term Loan, 0.0%, 3/31/18			$		1,505,758
	1,700,000					BB-/Ba3	Prestige Brands, Inc., Term Loan B, 0.0%, 1/31/19					1,710,448
	1,571,161					BB/Ba3	Reynolds Group Holdings, Inc., Tranche B Term Loan, 6.5%, 2/9/18					1,589,988
	986,795					BB-/Ba3	Reynolds Group Holdings, Inc., Tranche C Term Loan, 6.5%, 8/9/18					998,620
	861,164					BB-/Ba2	Yankee Candle Co., Inc., Term Loan, 2.25%, 2/6/14					859,306

										$		6,664,120
							Leisure Products — 0.3%
	966,095					B+/Ba3	SRAM LLC, First Lien Term Loan, 4.765%, 6/7/18			$		964,272

							Total Consumer Durables & Apparel			$		8,000,897
							CONSUMER SERVICES — 9.2%
							Casinos & Gaming — 1.6%
	149,623					BB+/Ba3	Ameristar Casinos, Inc., Term Loan B, 4.0%, 4/16/18			$		150,313
	1,700,000					BB-/Ba3	Boyd Gaming Corp., Increased Term Loan, 6.0%, 12/17/15					1,711,475
	2,000,000					B/B3	Caesars Entertainment Operating Co., Inc., Term Loan B-1, 3.244%, 1/28/15					1,880,358
	1,176,000					B/B3	Caesars Entertainment Operating Co., Inc., Term Loan B-4, 9.5%, 10/31/16					1,216,866
	33,301					BB/Ba2	Las Vegas Sands LLC, Delayed Draw I Term Loan, 2.75%, 11/23/16					32,343
	165,689					BB/Ba2	Las Vegas Sands LLC, Tranche B Term Loan, 2.75%, 11/23/16					161,144

										$		5,152,499
							Education Services — 2.1%
	2,079,008					B/B1	Ascend Learning LLC, First Lien Term Loan, 7.102%, 12/6/16			$		2,053,020
	3,832,815					BB-/Ba2	Bright Horizons Family Solutions, Inc., Tranche B Term Loan, 4.25%, 5/28/15					3,832,815
	982,051					B+/B2	Cengage Learning Acquisitions, Inc., Term Loan, 2.49%, 7/3/14					913,240

										$		6,799,075
							Hotels, Resorts & Cruise Lines — 0.3%
	1,093,721					B/B3	Yellowstone Mountain Club LLC, Senior First Lien Term Loan, 6.0%, 7/16/14			$		1,028,098
							Leisure Facilities — 0.9%
	1,714,555					BB/Ba2	Cedar Fair L.P., U.S. Term Loan-1, 4.0%, 12/15/17			$		1,716,797
	1,150,000					BB+/B1	Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.25%, 12/20/18					1,147,791

										$		2,864,588
							Restaurants — 2.7%
	1,821,059					BB-/Ba3	Burger King Corp., Tranche B Term Loan, 4.5%, 10/19/16			$		1,819,147
	285,784					BB-/Ba2	DineEquity, Inc., Term Loan B-1, 4.281%, 10/19/17					285,992
	3,992,565					B+/B2	Dunkin Brands, Inc., Term Loan B-2, 4.002%, 11/23/17					3,990,002
	1,825,000					B/Ba3	NPC International, Inc., Term Loan, 6.75%, 12/28/18					1,846,672
	467,876					BB/Ba2	Wendy's/Arby's Restaurants LLC, Term Loan, 5.0%, 5/24/17					469,435

										$		8,411,248
							Specialized Consumer Services — 1.6%
	1,169,125					BB-/Ba3	KAR Auction Services, Inc., Term Loan, 5.0%, 5/19/17			$		1,169,856
	3,830,831					B+/B1	Wash MultiFamily Laundry Services LLC, Term Loan, 7.0%, 8/28/15					3,814,071

										$		4,983,927

							Total Consumer Services			$		29,239,435
							MEDIA — 19.6%
							Advertising — 1.8%
	1,485,000					B+/NR	Advantage Sales & Marketing, Inc., First Lien Term Loan, 5.25%, 12/18/17			$		1,484,381
	3,438,809					BB-/Ba3	Affinion Group, Inc., Tranche B Term Loan, 5.0%, 10/9/16					3,241,077
	1,106,007					BB+/Baa3	Lamar Media Corp., Term Loan B, 4.0%, 12/30/16					1,106,698

										$		5,832,156
							Broadcasting — 4.2%
	1,225,225					BB/Caa2	FoxCo Aquisition Sub LLC, Replacement Term Loan, 4.75%, 7/14/15			$		1,223,694
	248,750					B+/Ba3	Hubbard Radio LLC, First Lien Term Loan, 5.25%, 4/28/17					249,683
	490,940					BB+/Ba1	Sinclair Television Group, Inc., Freedom Incremental Tranche B Term Loan, 0.0%, 10/28/16					492,167
	459,060					BB+/NR	Sinclair Television Group, Inc., New Tranche B Term Loan, 4.0%, 10/28/16					458,291
	1,792,706					BB-/Ba3	TWCC Holding Corp., 2011 Term Loan, 4.25%, 2/11/17					1,798,308
	9,716,995					B+/B2	Univision Communications, Inc., Extended First Lien Term Loan, 4.494%, 3/31/17					9,062,449

										$		13,284,592
							Cable & Satellite — 8.8%
	19,591,675			(a)(b)(c)(d)(g)		NR/B3	Broadstripe LLC, First Lien Term Loan, 11.25%, 6/30/11			$		7,797,487
	1,428,203			(a)(b)(c)(d)(g)		CCC+/B3	Broadstripe LLC, Revolver Term Loan, 9.25%, 6/30/11					568,425
	7,500,000					BB-/Ba2	Cequel Communications LLC, Term Loan, 0.0%, 2/14/19					7,441,042
	1,587					BB+/Ba1	Charter Communications Operating LLC, Term Loan B-1, 2.25%, 3/6/14					1,582
	4,307,610					BB+/Ba1	Charter Communications Operating LLC, Term Loan C, 3.83%, 9/6/16					4,286,055
	1,200,000					NR/NR	Kabel Deutschland Gmbh, Facility Term Loan F, 0.0%, 2/1/19					1,199,437
	1,970,000					BB-/Ba3	MCC Iowa LLC, Tranche F Term Loan, 4.5%, 10/23/17					1,961,381
	4,759,412					B-/B1	WideOpenWest Finance LLC, First Lien Term Loan, 2.746%, 6/30/14					4,592,832

										$		27,848,241
							Movies & Entertainment — 4.0%
	2,200,902					B+/NR	Alpha Topco, Ltd. (Formula One), Facility Term Loan B-1, 2.369%, 12/31/13			$		2,125,703
	1,513,488					B+/NR	Alpha Topco, Ltd. (Formula One), Facility Term Loan B-2, 2.369%, 12/31/13					1,461,777
	1,425,000					BB-/Ba2	AMC Entertainment, Inc., Term Loan B-3, 0.0%, 2/22/18					1,407,188
	1,133,373					B-/B1	Carmike Cinemas, Inc., Initial Term Loan, 5.5%, 1/27/16					1,140,362
	1,411,435					NR/Ba1	Cinedigm Digital Funding I LLC, Term Loan, 5.25%, 4/29/16					1,397,321
	3,960,000					B-/B3	Knology, Inc., Term Loan B, 4.0%, 8/18/17					3,936,490
	1,211,746					B/B3	Lodgenet Interactive Corp., Closing Date Term Loan, 6.5%, 4/4/14					1,162,519

										$		12,631,360
							Publishing — 0.8%
	1,696,648					B+/Ba3	Interactive Data Corp., Term Loan B, 4.5%, 2/11/18			$		1,696,295
EURO	891,129					B/Ba3	Mediannuaire Holding, Term Loan B2, 3.687%, 10/10/14					339,075
EURO	890,460					B/Ba3	Mediannuaire Holding, Term Loan C, 4.187%, 10/9/15					338,821
	416,065					CCC/B2	R.H. Donnelley Inc., Term Loan, 9.0%, 10/24/14					161,225

										$		2,535,416

							Total Media			$		62,131,765
							RETAILING — 6.3%
							Apparel Retail — 1.5%
	2,475,000					B/B1	Gymboree Corp., Term Loan, 5.0%, 2/23/18			$		2,343,773
	619,212			(e)		NR/NR	Johnny Appleseed's, Inc., First Lien Second Out Term Loan, 0.24%, 4/25/16					402,488
	136,985			(e)		NR/NR	Johnny Appleseed's, Inc., Junior Term Loan, 0.24%, 4/25/17					54,794
	1,875,000					BB/Ba3	Lord & Taylor Holdings LLC (LT Propco LLC), Term Loan, 5.75%, 1/11/19					1,881,094

										$		4,682,149
							Automotive Retail — 0.1%
	397,000					BB+/Ba3	Autotrader.com, Inc., Tranche B-1 Term Loan, 4.0%, 12/15/16			$		397,827
							General Merchandise Stores — 2.2%
	2,841,135					BBB/Ba1	Dollar General Corp., Tranche B-1 Term Loan , 3.141%, 7/7/14 (144A)			$		2,849,738
	4,268,478					BB+/Ba3	Dollar General Corp., Tranche B-2 Term Loan , 3.099%, 7/7/14 (144A)					4,279,401

										$		7,129,139
							Home Improvement Retail — 0.6%
	1,894,692					B+/Ba3	Hillman Group, Inc., Term Loan, 5.0%, 5/31/16			$		1,892,323
							Oil & Gas — 0.5%
	1,563,904					BB+/Ba2	Pilot Travel Centers LLC, Initial Tranche B Term Loan, 4.25%, 3/30/18			$		1,570,258
							Specialty Stores — 1.4%
	724,400					BBB/Ba2	Sally Holdings LLC, Term Loan B, 2.49%, 11/16/13			$		723,766
	1,850,267					B+/NR	Savers, Inc., New Term Loan, 4.25%, 3/4/17					1,855,356
	1,905,425					B/B2	Targus Group International, Inc., Term Loan, 11.0%, 5/24/16					1,838,735

										$		4,417,857

							Total Retailing			$		20,089,553
							FOOD & STAPLES RETAILING — 2.3%
							Drug Retail — 0.5%
	1,589,840					B+/B3	Rite Aid Corp., Tranche 5 Term Loan, 4.5%, 3/3/18			$		1,565,993
							Food Retail — 1.8%
	344,571					BB-/Ba3	NBTY, Inc., Term Loan B-1, 4.25%, 10/1/17			$		345,189
	4,772,098					B+/Ba3	Pinnacle Foods Finance LLC, Term Loan, 2.844%, 4/2/14					4,755,663
	625,000					BB-/B1	Roundy's Supermarkets, Inc., Tranche B Term Loan, 5.75%, 2/13/19					626,953

										$		5,727,805

							Total Food & Staples Retailing			$		7,293,798
							FOOD, BEVERAGE & TOBACCO — 4.3%
							Agricultural Products — 0.4%
	1,305,739					B+/B1	Wm. Bolthouse Farms, Inc., First Lien Term Loan, 5.505%, 2/11/16			$		1,309,004
							Distillers & Vintners — 0.2%
	244,610					BB+/Ba2	Constellation Brands, Inc., Extending Tranche B Term Loan, 3.063%, 6/5/15			$		244,932
	495,835					BB+/Ba2	Constellation Brands, Inc., Non-Extending Tranche B Term Loan, 2.013%, 6/5/13					499,719

										$		744,651
							Packaged Foods & Meats — 3.7%
	971,939					BB-/Ba3	Dean Foods Co., 2014 Tranche B Term Loan, 2.08%, 4/2/14			$		958,169
	2,310,775					B/Ba3	Del Monte Foods Co., Initial Term Loan, 4.5%, 3/8/18					2,280,157
	1,529,078					B+/B1	Michael Foods Group, Inc., Facility Term Loan B, 4.25%, 2/25/18					1,528,760
	3,555,000					B+/B1	Pierre Foods, Inc., First Lien Term Loan, 7.0%, 9/30/16					3,570,553
	2,500,000					BB-/B2	Pierre Foods, Inc., Second Lien Term Loan, 11.25%, 9/29/17					2,490,625
	957,000					BB-/B1	Windsor Quality Food Co., Ltd., Tranche B Term Loan, 5.0%, 2/16/17					928,290

										$		11,756,554

							Total Food, Beverage & Tobacco			$		13,810,209
							HOUSEHOLD & PERSONAL PRODUCTS — 1.5%
							Household Products — 0.7%
	2,153,085					B/B1	Spectrum Brands, Inc., New Term Loan, 5.002%, 6/17/16			$		2,160,774
							Personal Products — 0.8%
	2,462,625					BB-/Ba3	Revlon Consumer Products Corp., Term Loan B, 4.75%, 11/19/17			$		2,467,228

							Total Household & Personal Products			$		4,628,002
							HEALTH CARE EQUIPMENT & SERVICES — 17.1%
							Health Care Equipment — 2.3%
	694,846					B/NR	Fenwal, Inc., First Lien Delayed Draw Term Loan, 2.738%, 2/28/14			$		681,818
	4,052,082					B/NR	Fenwal, Inc., Initial First Lien Term Loan, 2.738%, 2/28/14					3,976,106
	232,864					BBB-/Baa2	Fresenius SE, Tranche D-1 Dollar Term Loan, 3.25%, 9/10/14					233,448
	133,018					BBB-/Baa2	Fresenius SE, Tranche D-2 Term Loan, 3.25%, 9/10/14					133,433
	490,000					BB-/Ba2	Kinetic Concepts, Inc., Dollar Term Loan B-1, 7.0%, 5/4/18					499,669
	1,711,811					BB-/B1	Onex Carestream Finance LP, Term Loan, 5.0%, 2/25/17					1,628,895

										$		7,153,369
							Health Care Facilities — 5.1%
	2,358,035					B/B1	Ardent Medical Services, Inc., Term Loan, 6.5%, 9/15/15			$		2,363,930
	1,145,874					BB/Ba3	CHS/Community Health Systems, Inc., Extended Term Loan, 4.078%, 1/25/17					1,134,624
	3,471,473					BB/Ba3	HCA, Inc., Tranche B-2 Term Loan, 3.829%, 3/31/17					3,430,482
	2,698,472					BB/Ba3	HCA, Inc., Tranche B-3 Term Loan, 3.494%, 5/1/18					2,661,368
	1,637,625					B/Ba3	Iasis Healthcare LLC, Term Loan B, 5.0%, 5/3/18					1,629,777
	2,054,675					BB-/Ba3	Select Medical Corp., Tranche B Term Loan, 5.5%, 6/1/18					2,011,870
	2,022,222					B+/Ba1	Sun Healthcare Group, Inc., Term Loan, 8.75%, 10/18/16					1,825,055
	1,153,522					BB+/Ba2	Universal Health Services, Inc., 2011 Tranche B Term Loan, 3.75%, 11/15/16					1,153,522

										$		16,210,628
							Health Care Services — 7.6%
	745,271					NR/NR	AccentCare, Inc., Term Loan, 6.5%, 12/22/16			$		680,060
	691,223					B+/Ba3	Alliance HealthCare Services, Initial Term Loan, 7.25%, 6/1/16					622,100
	713,495					B+/B1	Aveta Inc., NAMM Term Loan, 8.5%, 4/14/15					713,941
	585,667					BB/B1	Butler Animal Health Supply LLC, Tranche B Term Loan, 4.5%, 12/31/15					579,810
	2,221,357			(e)		B-/B3	CCS Medical, Inc., First Lien Term Loan, 8.25%, 3/31/15					1,732,658
	862,845			(e)		CCC/Caa2	CCS Medical, Inc., Second Lien Term Loan, 3.25%, 3/31/16					504,764
	2,891,881					B/B1	Gentiva Health Services, Inc., Term Loan B-1, 4.75%, 8/17/16					2,768,976
	1,433,186					BB-/Ba3	Inventiv Health, Inc., Consolidated Term Loan, 6.5%, 8/4/16					1,386,607
	2,092,631			(e)		CCC-/B2	LifeCare Holdings, Term Loan, 8.327%, 2/1/16					1,820,589
	2,525,913					B+/B1	National Mentor Holdings, Inc., Tranche B Term Loan, 7.0%, 2/9/17					2,497,496
	1,119,777					B/B2	National Specialty Hospitals, Inc., Initial Term Loan, 8.25%, 2/3/17					1,069,387
	99,490					B/NR	Physician Oncology Services LP, Delayed Draw Term Loan, 6.25%, 1/31/17					96,505
	818,923					B/B2	Physician Oncology Services LP, Effective Date Term Loan, 6.25%, 1/31/17					794,355
	2,616,667					NR/B1	Prime Healthcare Services, Inc., Term Loan B, 7.25%, 4/28/15					2,564,334
	2,139,250					B+/Ba3	Rural/Metro Operating Co. LLC, First Lien Term Loan, 5.75%, 6/30/18					2,127,217
	1,354,763					B/B1	Surgery Center Holdings, Inc., Term Loan, 6.5%, 2/6/17					1,273,477
	746,250					B/Ba3	Valitas Health Services, Inc., Term Loan B, 5.75%, 6/2/17					725,728
	2,227,500					B+/B1	Virtual Radiologic Corp., Term Loan A, 7.75%, 12/22/16					2,093,850

										$		24,051,854
							Health Care Supplies — 1.2%
	1,451,363					BB-/Ba3	Alere, Inc., Term Loan B, 4.5%, 6/30/17			$		1,446,827
	460,021					BB-/B1	Bausch & Lomb, Inc., Delayed Draw Term Loan, 3.494%, 4/24/15					458,904
	1,885,084					BB-/B1	Bausch & Lomb, Inc., Parent Term Loan, 3.756%, 4/24/15					1,880,508

										$		3,786,239
							Health Care Technology — 0.7%
	1,366,890					BB-/Ba3	MedAssets, Inc., Term Loan, 5.25%, 11/16/16			$		1,372,443
	1,140,000					B/B2	Medical Card System, Inc., Term Loan, 12.0%, 9/17/15					951,900

										$		2,324,343
							Managed Health Care — 0.2%
	713,495					NR/B1	Aveta Inc., MMM Term Loan, 8.5%, 4/14/15			$		713,941

							Total Health Care Equipment & Services			$		54,240,374
							PHARMACEUTICALS & BIOTECHNOLOGY & LIFE SCIENCES — 4.3%
							Biotechnology — 3.7%
	2,160,000					BB/B1	Alkermes, Inc., First Lien Term Loan, 6.75%, 9/16/17			$		2,197,800
	3,054,150					BB/B1	Aptalis Pharma, Inc., Term Loan, 5.5%, 2/10/17					3,044,606
	1,203,297					B+/B1	Generic Drug Holdings, Inc., Closing Date Term Loan, 6.5%, 4/8/16					1,195,776
	165,453					B+/B1	Generic Drug Holdings, Inc., Delayed Draw Term Loan, 6.5%, 4/8/16					164,419
	1,544,744					BB-/NR	Grifols Inc., New Tranche B Term Loan, 4.5%, 6/1/17					1,548,451
	1,712,982					B+/B1	HGI Holdings, Inc., Initial Term Loan, 6.75%, 10/1/16					1,702,276
	425,357					BBB-/Ba3	Warner Chilcott Co. LLC, Term Loan B-2, 4.25%, 3/15/18					425,585
	850,714					BBB-/Ba3	Warner Chilcott Corp., Term Loan B-1, 4.25%, 3/15/18					851,170
	584,866					BBB-/Ba3	WC Luxco S.a.r.l., Term Loan B-3, 4.25%, 3/15/18					585,180

										$		11,715,263
							Pharmaceuticals — 0.6%
	2,408,909			(e)		CCC+/NR	Graceway Pharmaceuticals LLC, Mezzanine Loan, 0.0%, 11/1/13			$		7,528
	1,144,250					B+/B2	Medpace Intermediateco, Inc., Term Loan B, 6.5%, 6/19/17					1,104,201
	750,000					BBB-/Ba1	Valeant Pharmaceuticals International, Inc., Tranche B Term Loan, 3.75%, 2/13/19					747,285

										$		1,859,014

							Total Pharmaceuticals & Biotechnology & Life Sciences			$		13,574,277
							DIVERSIFIED FINANCIALS — 2.7%
							Consumer Finance — 0.7%
	2,550,000					CCC+/B2	Springleaf Financial Funding Co., Initial Term Loan, 5.5%, 5/10/17			$		2,324,751
							Investment Banking & Brokerage — 0.2%
	248,696					BB-/Ba2	LPL Holdings, Inc., 2013 Term Loan, 2.066%, 6/28/13			$		248,385
	310,008					B+/Ba2	LPL Holdings, Inc., 2017 Term Loan, 5.25%, 6/28/17					313,108

										$		561,493
							Other Diversified Financial Services — 0.7%
	369,473					B-/B2	BNY ConvergEX Group LLC, Second Lien (EZE) Term Loan, 8.75%, 12/18/17			$		366,702
	880,527					B-/B2	BNY ConvergEX Group LLC, Second Lien (TOP) Term Loan, 8.75%, 12/18/17					873,923
	1,000,000					NR/Ba2	Ship Luxco 3 S.a.r.l. (RBS Worldpay), Facility Term Loan B2A, 5.25%, 11/30/17					997,188

										$		2,237,813
							Specialized Finance — 1.1%
	1,856,402					BB+/Ba1	MSCI, Inc., Term Loan B-1, 3.75%, 3/14/17			$		1,859,108
	1,597,461					CCC+/B2	NCO Group, Inc., Advance Term Loan B, 8.0%, 5/15/13					1,593,068

										$		3,452,176

							Total Diversified Financials			$		8,576,233
							INSURANCE — 1.7%
							Insurance Brokers — 1.6%
	830,875					B/B1	HUB International, Ltd., Additional Term Loan, 6.75%, 6/13/14			$		833,471
	844,344					B/B1	HUB International, Ltd., Delayed Draw Term Loan, 3.079%, 6/13/14					831,679
	3,061,812					B/B1	HUB International, Ltd., Initial Term Loan, 3.079%, 6/13/14					3,023,539
	488,750					B/B1	U.S.I. Holdings Corp., New Term Loan Series C, 7.0%, 5/5/14					492,660

										$		5,181,349
							Multi-line Insurance — 0.1%
	230,528					B/B1	AmWINS Group, Inc., Initial Term Loan, 4.83%, 6/8/13			$		228,222

							Total Insurance			$		5,409,571
							REAL ESTATE — 1.5%
							Diversified Real Estate Investment Trust — 0.8%
	2,500,000					CCC+/Ca	Spirit Finance Corp., Term Loan B, 3.782%, 8/1/13			$		2,420,833
							Real Estate Development — 0.1%
	524,045					B-/B1	Ozburn-Hessey Holding Co. LLC, First Lien Term Loan, 8.25%, 4/8/16			$		463,125
							Real Estate Services — 0.6%
	995,000					BB/Ba1	CB Richard Ellis Services, Inc., Incremental Tranche C Term Loan, 3.494%, 3/4/18			$		992,097
	995,000					BB/Ba1	CB Richard Ellis Services, Inc., Incremental Tranche D Term Loan, 3.754%, 9/4/19					992,098

										$		1,984,195

							Total Real Estate			$		4,868,153
							SOFTWARE & SERVICES — 9.7%
							Application Software — 4.2%
	1,686,104					BB-/Ba2	Allen Systems Group, Inc., Term Loan B, 6.5%, 11/21/15			$		1,686,104
	1,374,613					BB-/Ba2	NDS Finance, Ltd., Tranche B Term Loan, 4.0%, 3/12/18					1,369,801
	1,569,412					BB+/Baa3	Nuance Communications, Inc., Term Loan C, 3.25%, 3/31/16					1,572,354
	3,509,527					B+/B1	Serena Software, Inc., 2016 Term Loan, 4.538%, 3/10/16					3,456,884
	1,985,000					B+/B1	Verint Systems, Inc., 2011 Term Loan, 4.5%, 10/27/17					1,982,519
	1,931,990					B+/B1	Vertafore, Inc., First Lien Term Loan, 5.25%, 7/29/16					1,912,670
	1,000,000					CCC+/Caa1	Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17					997,500
	475,000					B/Ba3	Wall Street Systems Holdings, Inc., First Lien Term Loan, 5.5%, 6/20/17					472,625

										$		13,450,457
							Data Processing & Outsourced Services — 1.4%
	428,571					NR/NR	Fidelity National Information Services, Inc., Term Loan B, 4.25%, 7/18/16			$		431,693
	802,493					B+/B1	First Data Corp., 2018 Dollar Term Loan, 4.245%, 3/23/18					722,076
	85,401					B+/B1	First Data Corp., Non-Extending Term Loan B-2, 2.995%, 9/24/14					81,895
	1,596,000					BB+/Ba2	Neustar, Inc., Advance Term Loan, 5.0%, 11/8/18					1,603,980
	1,463,938					BB-/Ba3	Vantiv LLC, First Lien Term Loan B-1, 4.5%, 11/3/16					1,468,512

										$		4,308,156
							IT Consulting & Other Services — 0.9%
	1,784,981					BB/Ba3	SunGard Data Systems, Inc., Incremental Term Loan B, 3.744%, 2/28/14			$		1,788,521
	1,159,068					BB/Ba3	SunGard Data Systems, Inc., Tranche A U.S. Term Loan, 2.005%, 2/28/14					1,155,374

										$		2,943,895
							Systems Software — 3.2%
	1,485,000					NR/B1	Applied Systems, Inc., First Lien Term Loan, 5.5%, 12/8/16			$		1,481,287
	1,300,000					NR/NR	Applied Systems, Inc., Second Lien Term Loan, 9.25%, 6/8/17					1,296,750
	1,544,143					BBB-/Ba2	Dealer Computer Services, Inc., Tranche B Term Loan, 3.75%, 4/21/18					1,552,250
	1,466,667					NR/NR	Infor Enterprise Solutions Holdings, Inc., Delayed Draw Term Loan, 6.494%, 3/2/14					1,343,100
	2,533,333					CCC+/Caa2	Infor Enterprise Solutions Holdings, Inc., Second Lien Initial Dollar Term Loan, 6.494%, 3/2/14					2,288,867
	2,059,438					BB+/Ba1	Rovi Solutions Corp., Tranche B Term Loan, 4.0%, 2/7/18					2,062,527

										$		10,024,781

							Total Software & Services			$		30,727,289
							TECHNOLOGY HARDWARE & EQUIPMENT — 2.1%
							Communications Equipment — 0.8%
	992,500					BB/Ba3	CommScope, Inc., Term Loan, 5.0%, 1/14/18			$		996,160
	1,473,862					BB-/Ba3	Towerco Finance LLC, Term Loan, 5.25%, 2/2/17					1,479,390

										$		2,475,550
							Electronic Components — 0.1%
	333,333					BB+/Ba3	Generac Power System, Inc., Tranche B Term Loan, 3.75%, 2/9/19			$		333,958
							Electronic Equipment & Instruments — 0.5%
	1,622,140					B/B2	Scitor Corp., Term Loan, 5.0%, 2/15/17			$		1,578,883
							Electronic Manufacturing Services — 0.3%
	589,839					NR/B2	FCI USA, Inc., Facility Term Loan B-1, 3.623%, 11/1/13			$		575,978
	589,839					NR/B2	FCI USA, Inc., Facility Term Loan B-5-B, 3.623%, 11/1/13					575,093

										$		1,151,071
							Technology Distributors — 0.4%
	1,205,627					B+/B1	Securus Technologies Holdings, Inc., First Lien Term Loan, 5.25%, 5/31/17			$		1,194,575

							Total Technology Hardware & Equipment			$		6,734,037
							SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%
							Semiconductors — 1.1%
	35,544					BB+/Ba2	Flextronics International, Ltd., Delayed Draw Term Loan A-1-B, 2.494%, 10/1/14			$		35,033
	1,131,038					BB+/Ba2	Flextronics International, Ltd., Delayed Draw Term Loan A-3, 2.518%, 10/1/14					1,114,779
	2,329,163					BB/Ba2	Microsemi Corp., Term Loan, 4.0%, 2/2/18					2,332,074

										$		3,481,886
							Semiconductor Equipment — 1.1%
	2,176,810					BB-/B1	Aeroflex, Inc., Tranche B Term Loan, 4.25%, 5/9/18			$		2,127,697
	1,492,500					BB+/Ba3	Sensata Technology BV/Sensata Technology Finance Co. LLC, Term Loan, 4.0%, 5/12/18					1,493,272

										$		3,620,969

							Total Semiconductors & Semiconductor Equipment			$		7,102,855
							TELECOMMUNICATION SERVICES — 7.9%
							Alternative Carriers — 2.0%
	6,500,000					B+/Ba3	Level 3 Financing, Inc., Tranche A Term Loan, 2.734%, 3/13/14			$		6,420,784
							Integrated Telecommunication Services — 3.1%
EURO	745,314					NR/B2	Amsterdamse Beheer-En Consultingmaatschappij B.V., Casema Facility Term Loan B-3, 3.576%, 3/31/17			$		996,612
EURO	257,598					B/B2	Amsterdamse Beheer-En Consultingmaatschappij B.V., Casema Facility Term Loan B-4, 3.576%, 3/31/17					344,453
EURO	849,351					NR/NR	Amsterdamse Beheer-En Consultingmaatschappij B.V., Kabelcom Facility Term Loan B-2, 3.576%, 3/31/17					1,135,727
	1,000,000					B-/Caa1	Hargray Acquisition Co., Second Lien Term Loan, 6.031%, 1/29/15					915,000
	3,901,829					B+/B1	Telesat Canada, U.S. Term Loan I, 3.25%, 10/31/14					3,902,133
	335,169					B+/B1	Telesat Canada, U.S. Term Loan II, 3.25%, 10/31/14					335,195
	264,308					BB-/Ba3	West Corp., Term Loan B-2, 2.664%, 10/24/13					264,208
	642,835					BB-/Ba3	West Corp., Term Loan B-5, 4.499%, 7/15/16					645,246
	1,154,270					BB+/Baa3	Windstream Corp., Tranche B-2 Term Loan, 3.248%, 12/17/15					1,150,423

										$		9,688,997
							Wireless Telecommunication Services — 2.8%
	1,475,000					B+/Ba3	Crown Castle Operating Co., Tranche B Term Loan, 0.0%, 1/31/19			$		1,470,260
	5,565,334					BB/Ba1	MetroPCS Wireless, Inc., Tranche B-2 Term Loan, 4.112%, 11/3/16					5,529,393
	694,746					BB/NR	MetroPCS Wireless, Inc., Tranche B-3 Term Loan, 4.015%, 3/19/18					692,285
	1,292,985					BB-/B1	Syniverse Holdings, Inc., Term Loan, 5.25%, 12/21/17					1,300,096

										$		8,992,034

							Total Telecommunication Services			$		25,101,815
							UTILITIES — 2.6%
							Electric Utilities — 1.3%
	843,199					BB-/Ba3	Equipower Resources Holdings LLC, Facility Term Loan B, 5.75%, 1/26/18			$		796,823
	792,952			(a)(b)(c)(d)(e)		CC/Ca	GBGH LLC (US Energy), First Lien Term Loan, 0.0%, 6/9/13					71,603
	337,141			(a)(b)(c)(d)(e)		CC/Ca	GBGH LLC (US Energy), Second Lien Term Loan, 0.0%, 6/9/14					34
	5,506,137					CCC/B2	Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 4.757%, 10/10/17					3,085,733

										$		3,954,193
							Independent Power Producers & Energy Traders — 1.3%
	1,622,738					BB+/Ba1	AES Corp., Initial Term Loan, 4.25%, 6/1/18			$		1,626,288
	1,712,063					BB-/B1	Calpine Corp., Term Loan, 4.5%, 4/1/18					1,701,961
	855,700					BB+/Baa3	NRG Energy, Inc., Term Loan, 4.0%, 7/1/18					854,512

										$		4,182,761

							Total Utilities			$		8,136,954
							TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $463,060,288)			$		437,470,878
							CLAIMS — 0.0% of Net Assets
							CAPITAL GOODS — 0.0%
							Aerospace & Defense — 0.0%
	1,200,000			(b)(d)(h)(i)		B+/B1	Northwest Airlines, Inc., ALPA Claim-Escrow, 0.0%			$		—
	2,500,000			(b)(d)(h)(i)		B+/B1	Northwest Airlines, Inc., Bell Atlantic Claim-Escrow, 0.0%					—
	2,500,000			(b)(d)(h)(i)		B+/B1	Northwest Airlines, Inc., EDC Claim-Escrow, 0.0%					—
	2,130,600			(b)(d)(h)(i)		B+/B1	Northwest Airlines, Inc., Flight Attendant Claim-Escrow, 0.0%					—
	1,500,000			(b)(d)(h)(i)		B+/B1	Northwest Airlines, Inc., GE Claim-Escrow, 0.0%					—
	1,264,500			(b)(d)(h)(i)		B+/B1	Northwest Airlines, Inc., IAM Claim-Escrow, 0.0%					—
	1,404,900			(b)(d)(h)(i)		CCC+/B1	Northwest Airlines, Inc., Retiree Claim-Escrow, 0.0%					—

										$		—

							Total Capital Goods			$		—
							TOTAL CLAIMS (Cost $—)			$		—
							CORPORATE BONDS & NOTES — 10.4% of Net Assets
							ENERGY — 1.1%
							Oil & Gas Drilling — 0.2%
	600,000					B-/B3	Offshore Group Investments, Ltd., 11.5%, 8/1/15			$		669,000
							Oil & Gas Exploration & Production — 0.9%
	2,490,000					BB-/B1	Denbury Resources, Inc., 8.25%, 2/15/20			$		2,838,600

							Total Energy			$		3,507,600
							MATERIALS — 0.9%
							Paper Packaging — 0.3%
	1,000,000					B/B1	Berry Plastics Corp., 5.322%, 2/15/15			$		1,003,750
							Paper Products — 0.6%
	1,750,000					B+/B1	Appleton Papers, Inc., 10.5%, 6/15/15 (144A)			$		1,789,375

							Total Materials			$		2,793,125
							CAPITAL GOODS — 1.0%
							Aerospace & Defense — 0.6%
	1,850,000					BB-/Ba3	Spirit AeroSystems, Inc., 7.5%, 10/1/17			$		2,011,875
							Construction & Farm Machinery & Heavy Trucks — 0.4%
	1,000,000					B+/B3	Manitowoc Co., Inc., 9.5%, 2/15/18			$		1,120,000

							Total Capital Goods			$		3,131,875
							CONSUMER DURABLES & APPAREL — 0.3%
							Housewares & Specialties — 0.3%
	1,000,000					BB-/Ba3	Jarden Corp., 8.0%, 5/1/16			$		1,093,750

							Total Consumer Durables & Apparel			$		1,093,750
							MEDIA — 0.3%
							Advertising — 0.3%
	936,000					B+/B2	MDC Partners, Inc., 11.0%, 11/1/16			$		1,020,240

							Total Media			$		1,020,240
							RETAILING — 0.6%
							Catalog Retail — 0.6%
	1,825,000					BBB-/Ba2	QVC, Inc., 7.5%, 10/1/19 (144A)			$		2,025,750

							Total Retailing			$		2,025,750
							PHARMACEUTICALS & BIOTECHNOLOGY & LIFE SCIENCES — 4.2%
							Pharmaceuticals — 4.2%
	9,202,337			(a)(b)		NR/NR	Azithromycin Royalty Sub LLC, 16.0%, 5/15/19 (144A)			$		7,545,917
	15,920,079			(a)(b)(c)(e)		NR/NR	Celtic Pharma Phinco B.V., 17.0%, 6/15/12 (144A)					5,742,054
	222,139			(a)(b)(e)		NR/NR	Pharma VI, 5.56%, 10/15/14 (144A)					199,925

										$		13,487,896

							Total Pharmaceuticals & Biotechnology & Life Sciences			$		13,487,896
							DIVERSIFIED FINANCIALS — 0.4%
							Consumer Finance — 0.1%
	200,000					BBB/Baa1	Capital One Financial Corp., 7.375%, 5/23/14			$		222,581
							Other Diversified Financial Services — 0.3%
	500,000					BB/NR	Lodestone Re, Ltd., 6.041%, 1/8/14 (144A)			$		482,850
	500,000					BB-/NR	Lodestone Re, Ltd., 8.291%, 5/17/13 (144A)					493,800

										$		976,650

							Total Diversified Financials			$		1,199,231
							REAL ESTATE — 0.3%
							Specialized Real Estate Investment Trusts — 0.3%
	750,000					BBB-/Baa2	Hospitality Properties Trust, 7.875%, 8/15/14			$		824,155

							Total Real Estate			$		824,155
							TELECOMMUNICATION SERVICES — 0.1%
							Integrated Telecommunication Services — 0.1%
	300,000					BB/Ba2	Frontier Communications Corp., 8.25%, 5/1/14			$		326,250

							Total Telecommunication Services			$		326,250
							TRANSPORTATION — 0.5%
							Airlines — 0.2%
	600,000					BBB-/Baa3	American Airlines 2011-2 Class A Pass Through Trust, Series A, 8.625%, 4/15/23			$		636,000
							Air Freight & Logistics — 0.3%
	1,000,000					B-/Caa1	CEVA Group Plc, 11.5%, 4/1/18 (144A)			$		993,750

							Total Transportation			$		1,629,750
							BANKS — 0.3%
							Diversified Banks — 0.3%
	1,000,000					BBB+/A2	Intesa Sanpaolo SpA , 2.892%, 2/24/14 (144A)			$		951,034

							Total Banks			$		951,034
							INSURANCE — 0.1%
							Reinsurance — 0.1%
	250,000					NR/NR	Mystic Re, Ltd. , 9.041%, 3/12/15 (144A)			$		250,000

							Total Insurance			$		250,000
							HEALTH CARE EQUIPMENT & SERVICES — 0.3%
							Health Care Equipment & Services — 0.3%
	950,000					B+/B2	Physio-Control International, Inc. , 9.875%, 1/15/19 (144A)			$		997,500

							Total Health Care Equipment & Services			$		997,500
							TOTAL CORPORATE BONDS & NOTES (Cost $43,455,497)			$		33,238,156
Shares											Value
							COMMON STOCKS — 6.7% of Net Assets
							ENERGY — 0.0%(j)
							Oil & Gas Drilling — 0.0%(j)
	138			(b)(d)(h)			TARH E&P Holdings GP LLC, Class A Membership Interest			$		1
	130,056			(b)(d)(h)			TARH E&P Holdings, L.P., Class A Partnership Interest					1,301

										$		1,302

							Total Energy			$		1,302
							MATERIALS — 0.2%
							Commodity Chemicals — 0.2%
	17,750			(h)			Georgia Gulf Corp.			$		572,615

							Total Materials			$		572,615
							TRANSPORTATION — 0.0%(j)
							Airlines — 0.0%(j)
	4,054			(h)			Delta Air Lines, Inc.			$		39,770

							Total Transportation			$		39,770
							AUTOMOBILES & COMPONENTS — 5.2%
							Auto Parts & Equipment — 5.2%
	512,208						Delphi Automotive Plc			$		16,390,656

							Total Automobiles & Components			$		16,390,656
							CONSUMER DURABLES & APPAREL — 0.0%(j)
							Apparel, Accessories & Luxury Goods — 0.0%(j)
	569			(h)			Orchard Brands Corp.			$		1,422

							Total Consumer Durables & Apparel			$		1,422
							CONSUMER SERVICES — 0.2%
							Leisure Facilities — 0.2%
	1,306			(d)(h)			Lake at Las Vegas A Shares			$		693,808
	9			(d)(h)			Lake at Las Vegas B Shares					4,801

										$		698,609

							Total Consumer Services			$		698,609
							MEDIA — 1.0%
							Broadcasting — 0.3%
	376			(h)			New Young Broadcasting Holding Co.			$		1,109,200
							Movies & Entertainment — 0.7%
	90,010			(h)			Metro Goldwyn Mayer, Inc.			$		2,157,045

							Total Media			$		3,266,245
							HEALTH CARE EQUIPMENT & SERVICES — 0.0%(j)
							Health Care Services — 0.0%(j)
	15,034			(h)			CCS Medical, Inc.			$		60,136

							Total Health Care Equipment & Services			$		60,136
							TELECOMMUNICATION SERVICES — 0.1%
							Alternative Carriers — 0.1%
	57,813			(h)			Clearwire Corp.			$		132,970

							Total Telecommunication Services			$		132,970
							UTILITIES — 0.0%(j)
							Electric Utilities — 0.0%(j)
	1,589			(b)(d)(h)			GBGH LLC Membership Interest			$		16
							Independent Power Producers & Energy Traders — 0.0%(j)
	6,378			(h)			GenOn Energy, Inc.			$		15,690

							Total Utilities			$		15,706
							TOTAL COMMON STOCKS (Cost $15,471,564)			$		21,179,431
							CONVERTIBLE PREFERRED STOCK — 0.5% of Net Assets
							PHARMACEUTICALS & BIOTECHNOLOGY & LIFE SCIENCES — 0.5%
							Biotechnology — 0.5%
	153,554			(b)(h)			Molecular Insight Pharmaceuticals, Inc.			$		1,689,094

							Total Pharmaceuticals & Biotechnology & Life Sciences			$		1,689,094
							TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,305,209)			$		1,689,094
							LIQUIDATING TRUSTS — 0.0% of Net Assets
							ENERGY — 0.0%
							Oil & Gas Drilling — 0.0%
	4,995,000			(d)(h)(k)			Crusader Energy Group, Inc. , Liquidating Trust			$		—

							Total Energy			$		—
							CONSUMER SERVICES — 0.0%
							Hotels, Resorts & Cruise Lines — 0.0%
	3,377,886			(d)(h)(k)			Yellowstone Mountain Club LLC, Liquidating Trust			$		—

							Total Consumer Services			$		—
							TOTAL LIQUIDATING TRUSTS (Cost $—)			$		—
							RIGHTS/WARRANTS — 0.7% of Net Assets
							CONSUMER SERVICES — 0.0%
							Leisure Facilities — 0.0%
	38			(d)(h)			Lake at Las Vegas Series C, Expires 7/15/15			$		—
	52			(d)(h)			Lake at Las Vegas Series D, Expries 7/15/15					—
	58			(d)(h)			Lake at Las Vegas Series E, Expires 7/15/15					—
	66			(d)(h)			Lake at Las Vegas Series F, Expires 7/15/15					—
	75			(d)(h)			Lake at Las Vegas Series G, Expires 7/15/15					—

										$		—

							Total Consumer Services			$		—
							MEDIA — 0.7%
							Broadcasting — 0.7%
	721			(h)(l)			New Young Broadcasting Holding Co., Expires 12/1/24			$		2,126,950

							Total Media			$		2,126,950
							TOTAL RIGHTS/WARRANTS (Cost $1,418,145)			$		2,126,950
							TOTAL INVESTMENTS IN SECURITIES — 158.0% (Cost $531,314,757)			$		502,167,131
							OTHER ASSETS AND LIABILITIES — (0.6)%			$		(1,985,771)
							PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIVIDENDS PAYABLE — (57.4)%			$		(182,452,440)
							NET ASSETS APPLICABLE TO COMMON SHAREOWNERS — 100.0%			$		317,728,920
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 interest rate shown is the rate accruing at February 29, 2012.
(144A)		Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At February 29, 2012, the value of these securities amounted to $35,063,717 or 11.0% of total net assets applicable to common shareowners.
(a)		Floating rate note. The rate shown is the coupon rate at February 29, 2012.
(b)		Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $60,656,493. The aggregate fair value of $30,822,661 represents 9.7% of the total net assets applicable to common shareowners.
(c)		Security is in default and is non-income producing.
(d)		Security is valued using fair value methods (other than prices supplied by independent pricing services). (See Note 1A)
(e)		Payment-in-Kind (PIK) security which may pay interest in the form of additional principal.
(f)		The company and agent bank are in the process of negotiating forbearance.
(g)		The company is scheduled for approval of a reorganization plan.
(h)		Non-income producing.
(i)		Security represents a claim which is subject to bankruptcy court findings which may result in an exchange of money, assets or equity.
(j)		Amount rounds to less than 0.05%.
(k)		Security represents a liquidating trust which is a vehicle through which future settlements of bankruptcy claims are dispersed to creditors.
(l)		At February 29, 2012, the net unrealized gain on investments based on cost for federal income tax purposes of $532,488,577 was as follows:
			Aggregate gross unrealized gain in which there is an excess of value over tax cost					$	13,377,616
			Aggregate gross unrealized loss in which there is an excess of tax cost over value						(43,699,062)

			Net unrealized gain					$	(30,321,446)

For financial reporting purposes net unrealized loss on investments was $29,147,626 and cost of investments aggregated $531,314,757.
Glossary of Terms:
Principal amounts are denominated in U.S. dollars unless otherwise noted.
EURO	- Euro

As of February 29, 2012, the Trust had an unfunded loan commitment amounting to $196,782 (excluding unrealized depreciation on this commitment of $9,319 as of February 29, 2012), which could be extended at the option of the borrower, pursuant to the loan agreement:

Borrower		Par				Cost				Value				Unrealized Loss
National Specialty Hospitals, Inc., Delayed Draw Term Loan		$	196,782			$	197,246			$	187,927			$	(9,319	)

In addition, the Trust had the following bridge loan commitment outstanding as of February 29, 2012:

Loan		Par				Cost				Value				Net Unrealized Gain/Loss
SandRidge Energy, Inc., Bridge Loan, 0.0%, 4/15/12		$	1,000,000			$	1,000,000			$	1,000,000			$	--

Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized in the three broad levels listed 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 risk, etc.)

Level 3 – significant unobservable inputs (including the Trust’s own assumptions in determining fair value of investments)

Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.

The following is a summary of the inputs used as of February 29, 2012, in valuing the Trust’s investments:

	Level 1		Level 2			Level 3		Total
Collateralized loan obligations	$	—	$	—		$	6,462,622	$	6,462,622
Senior secured floating rate loan interests (oil & gas drilling)		—		—			371,677		371,677
Senior secured floating rate loan interests (cable & satellite)		—		19,482,329			8,365,912		27,848,241
Senior secured floating rate loan interests (electric utilities)		—		3,882,556			71,637		3,954,193
Senior secured floating rate loan interests (other industries)		—		405,296,767			—		405,296,767
Claims		—		—			—		—
Corporate bonds & notes (pharmaceuticals & biotechnology & life sciences)		—		—			13,487,896		13,487,896
Corporate bonds & notes (other industries)		—		19,750,260			—		19,750,260
Common stocks (oil & gas drilling)		—		—			1,302		1,302
Common stocks (leisure facilities)		—		—			698,609		698,609
Common stocks (electric utilities)		15,690		—			16		15,706
Common stocks (other industries)		17,136,011		3,327,803			—		20,463,814
Convertible preferred stock		—		1,689,094			—		1,689,094
Liquidating trusts		—		—			—		—
Rights/Warrants		—		2,126,950			—		2,126,950
Total	$	17,151,701	$	455,555,759		$	29,459,671	$	502,167,131
Other Financial Instruments*	$	—	$	(9,319	)	$	—	$	(9,319	)

* Other financial instruments include foreign exchange contracts and net unrealized depreciation on unfunded corporate loans.

The following is a reconciliation of assets valued using significant unobservable inputs (level 3):

	Balance as of 11/30/11		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net purchase (sales)			Transfer in and out of Level 3*		Balance as of 2/29/12
Collateralized loan obligations	$	6,031,312	$	—		$	431,310		$	—		$	—	$	6,462,622
Senior secured floating rate loan interests (oil & gas drilling)		464,340		—			5,517			(98,180	)		—		371,677
Senior secured floating rate loan interests (cable & satellite)		9,143,647		—			(777,735	)		—			—		8,365,912
Senior secured floating rate loan interests (electric utilities)		83,697		—			(12,060	)		—			—		71,637
Corporate bonds & notes (pharmaceuticals & biotechnology & life sciences)		15,673,871		(110,896	)		(1,944,100	)		(130,979	)		—		13,487,896
Common stocks (oil & gas drilling)		1,302		—			—			—			—		1,302
Common stocks (leisure facilities)		762,990		—			(64,381	)		—			—		698,609
Common stocks (electric utilities)		16		—			—			—			—		16
Ending balance	$	32,161,175	$	(110,896	)	$	(2,361,449	)	$	(229,159	)	$	—	$	29,459,671

* Transfers are calculated on the beginning of period values.

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. 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. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Floating Rate Trust By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr, President Date April 26, 2012 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr., President Date April 26, 2012 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer and Chief Financial and Accounting Officer Date April 26, 2012 * Print the name and title of each signing officer under his or her signature.