Edgar Filing: Pioneer Floating Rate Trust

floatingrate.htm

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  April 30, 2013
                                                     Estimated average burden
                                                     hours per response.....
                                                     10.5

                                 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:  August 31, 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.

Pioneer Floating

Rate Trust

NQ| August 31, 2012

Ticker Symbols: PHD

Schedule of Investments | 8/31/2012 (unaudited)

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value


		ASSET BACKED SECURITY - 0.0% of Net Assets

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
		Pharmaceuticals - 0.0%
22,202(a)(b)	NR/NR	Pharma VI, 5.25%, 10/15/14	$ 22,202

		Total Pharmaceuticals, Biotechnology & Life Sciences	$ 22,202

		TOTAL ASSET BACKED SECURITY
		(Cost $22,202)	$ 22,202

		COLLATERALIZED LOAN OBLIGATIONS - 2.1% of Net Assets

		BANKS - 2.1%
		Diversified Banks - 0.7%
1,000,000(b)(c)(d)	BB+/Ba2	Primus, Ltd., Series 2007-2A, Class D, 2.855%, 7/15/21 (144A)	$ 734,680
1,000,000(b)(d)	B+/Ba2	Rampart, Ltd., Series 2006-1A, Class D, 4.005%, 4/18/21	751,000
951,289(b)(d)	CCC-/Ba3	Stanfield McLaren, Ltd., Series 2007-1A, Class B2L, 4.927%, 2/27/21 (144A)	724,406
			$ 2,210,086
		Thrifts & Mortgage Finance - 1.4%
1,000,000(b)(d)	BB+/Ba2	ACA, Ltd., Series 2007-1A, Class D, 2.805%, 6/15/22 (144A)	$ 778,510
1,000,000(b)(d)	BBB-/Ba1	Goldman Sachs Asset Management Plc, Series 2007-1A, Class D, 3.195%, 8/1/22 (144A)	815,200
1,000,000(b)(d)	BBB/Baa3	Gulf Stream Sextant, Ltd., Series 2007-1A, Class D, 2.868%, 6/17/21 (144A)	774,220
1,000,000(b)(d)	BB/Ba3	Landmark CDO, Ltd., Series 2007-9A, Class E, 3.955%, 4/15/21 (144A)	850,830
2,000,000(b)(d)	BB+/Baa3	Stone Tower, Ltd., Series 2007-6A, Class C, 1.805%, 4/17/21 (144A)	1,450,540
			$ 4,669,300
		Total Banks	$ 6,879,386

		TOTAL COLLATERALIZED LOAN OBLIGATIONS
		(Cost $6,794,760)	$ 6,879,386

		SENIOR SECURED FLOATING RATE LOAN INTERESTS - 134.5% of Net Assets *

		AUTOMOBILES & COMPONENTS - 7.2%
		Auto Parts & Equipment - 5.1%
2,250,000	BB-/Ba3	Allison Transmission Inc., Term Loan B-3, 4.25%, 8/23/19	$ 2,248,313
1,305,173	BB-/Ba3	Allison Transmission, Inc., Term Loan B-1, 2.74%, 8/7/14	1,305,639
837,631	B+/Ba3	Federal-Mogul Corp., Tranche B Term Loan, 2.178%, 12/29/14	800,880
427,363	B+/Ba3	Federal-Mogul Corp., Tranche C Term Loan, 2.178%, 12/28/15	408,612
2,318,197	B+/B2	HHI Holdings LLC, Term Loan, 7.75%, 3/21/17	2,332,685
3,786,808	B+/B1	Key Safety Systems, Inc., First Lien Term Loan, 2.584%, 3/8/14	3,734,739
2,194,323	B+/B1	Metaldyne LLC, Term Loan, 5.25%, 5/18/17	2,203,923
1,231,913	B+/Ba3	TI Group Automotive Systems LLC, Term Loan, 6.75%, 3/14/18	1,212,664
1,008,333	BB/Ba2	Tomkins LLC, Term Loan B-1, 4.25%, 9/29/16	1,013,848
1,108,125	B+/Ba2	UCI International, Inc.,(United Components) Term Loan, 5.5%, 7/26/17	1,116,436
			$ 16,377,739
		Automobile Manufacturers - 1.1%
3,589,246	BB/Ba2	Chrysler Group LLC, Tranche B Term Loan, 6.0%, 5/24/17	$ 3,656,993
		Tires & Rubber - 1.0%
3,250,000	BB/Ba1	Goodyear Tire & Rubber Co., Extended Second Lien Term Loan, 4.75%, 4/30/19	$ 3,245,938
		Total Automobiles & Components	$ 23,280,670

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		BANKS - 0.4%
		Thrifts & Mortgage Finance - 0.4%
1,214,884	B/B1	Ocwen Financial Corp., Initial Term Loan, 7.0%, 9/1/16	$ 1,222,477

		Total Banks	$ 1,222,477


		CAPITAL GOODS - 11.8%
		Aerospace & Defense - 5.6%
2,863,727	B/B3	API Technologies Corp., Term Loan, 8.75%, 6/27/16	$ 2,869,097
1,825,000	BBB-/Ba2	AWAS Finance Luxembourg 2012 SA, Term Loan, 5.75%, 7/16/18	1,831,844
757,268	B/B2	DAE Aviation Holdings, Inc., Tranche B-1 Term Loan, 5.45%, 7/31/14	757,268
250,000	BBB-/Ba2	Delos Aircraft, Inc., Term Loan, 4.75%, 4/12/16	252,656
2,074,575	BB+/Ba3	Digitalglobe, Inc., Term Loan, 5.75%, 10/12/18	2,083,220
822,235	BB-/Ba2	DynCorp International, Inc., Term Loan, 6.25%, 7/7/16	821,207
1,433,468	BB-/B1	Hunter Defense Technologies, Inc., Term Loan, 5.5%, 8/22/14	1,265,036
1,725,983	CCC/NR	IAP Worldwide Services, Inc., First Lien Term Loan, 9.25%, 12/30/12	1,484,346
625,000	B-/B2	PRV Aerospace LLC, Term Loan, 6.5%, 5/9/18	625,781
1,500,000	B/B1	Sequa Corp., Term Loan, 3.72%, 12/3/14	1,496,875
1,774,485	B+/Ba3	SI Organization, Inc., New Tranche B Term Loan, 4.5%, 11/22/16	1,738,995
990,002	B/B3	Sotera Defense Solutions, Inc., Term Loan B, 7.0%, 4/21/17	980,102
720,053	B/B2	Standard Aero, Ltd., Tranche B-2 Term Loan, 5.34%, 7/31/14	720,053
988,246	BB-/B1	TASC, Inc., New Tranche B Term Loan, 4.5%, 12/18/15	981,452
			$ 17,907,932
		Building Products - 2.6%
1,902,941	BB-/B1	Armstrong World Industries, Inc., Term Loan B-1, 4.0%, 3/10/18	$ 1,902,147
2,712,462	B/B2	CPG International I Inc., Term Loan, 6.0%, 2/18/17	2,687,033
864,407	B+/B1	Custom Building Products, Inc., Term Loan, 5.75%, 3/19/15	863,326
1,075,113	B+B1	Goodman Global, Inc., First Lien Initial Term Loan, 5.75%, 10/28/16	1,081,026
1,745,625	BB-/B1	Summit Materials LLC, Term Loan, 6.0%, 1/30/19	1,758,173
			$ 8,291,705
		Construction & Farm Machinery & Heavy Trucks - 1.7%
2,115,450	BB/Ba2	Manitowoc Co., Inc., Term Loan B, 4.25%, 11/13/17	$ 2,126,890
1,450,000	B+/Ba2	Navistar International Corp., Tranche B, Term Loan, 7.0%, 8/17/17	1,460,866
947,838	BB/Ba2	Terex Corp., U.S. Term Loan, 5.5%, 4/28/17	956,724
1,000,000	BB-/B2	Thyssenkrupp Waupaca, Term Loan, 8.5%, 6/29/17	1,007,813
			$ 5,552,293
		Electrical Components & Equipment - 0.7%
1,091,165	B+/B1	Scotsman Industries, Inc., Term Loan, 6.5%, 4/30/16	$ 1,089,801
1,225,000	BB-/Ba2	WireCo WorldGroup, Inc., Term Loan, 6.0%, 2/15/17	1,228,062
			$ 2,317,863
		Industrial Conglomerates - 0.4%
1,242,158	B+/B2	Pro Mach, Inc., Term Loan, 6.25%, 7/6/17	$ 1,232,324
		Industrial Machinery - 0.8%
2,058,701	B+/B1	Schaeffler AG, USD Facility Term Loan C-2, 6.0%, 1/27/17	$ 2,070,281
483,889	BB+/Ba1	TriMas Co., LLC, Tranche B Term Loan, 4.25%, 6/21/17	485,099
			$ 2,555,380
		Total Capital Goods	$ 37,857,497


		COMMERCIAL & PROFESSIONAL SERVICES - 6.4%
		Commercial Printing - 0.4%
1,225,328	BB-/Ba3	Cenveo Corp., Facility Term Loan B, 6.625%, 12/21/16	$ 1,229,412

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Diversified Commercial & Professional Services - 0.7%
2,218,087	B/B2	Cydcor, Inc., First Lien Tranche B Term Loan, 9.0%, 2/5/13	$ 2,218,087
		Diversified Support Services - 1.4%
1,502,949	B/B1	InfoGroup, Inc., Term Loan B, 5.75%, 5/26/18	$ 1,345,139
1,162,009	BB-/Ba3	KAR Auction Services, Inc., Term Loan, 5.0%, 5/19/17	1,166,367
1,872,983	B/Ba3	Language Line LLC, Tranche B Term Loan, 6.25%, 6/20/16	1,861,277
			$ 4,372,783
		Environmental & Facilities Services - 1.1%
1,097,250	BB+/Ba1	Convata Energy Corp., Term Loan, 4.0%, 3/28/19	$ 1,100,337
497,222	BB-/B1	Safety-Kleen Systems, Inc., Term Loan B, 5.0%, 2/21/17	497,015
1,300,267	B+/B1	Waste Industries USA, Inc., Term Loan B, 4.75%, 3/17/17	1,301,892
633,413	B+/B1	WCA Waste Corp., Term Loan, 5.5%, 3/23/18	637,371
			$ 3,536,615
		Human Resource & Employment Services - 0.5%
1,721,527	BB-/Ba3	On Assignment, Inc., Initial Term Loan B, 5.0%, 5/15/19	$ 1,718,300
		Office Services & Supplies - 0.2%
522,375	BB+/Ba1	ACCO Brands Corp., Term Loan B, 4.25%, 5/1/19	$ 523,354
		Research & Consulting Services - 0.8%
2,640,077	BB/Ba3	Wyle Services Corp., First Lien Term Loan, 5.0%, 3/26/17	$ 2,620,276
		Security & Alarm Services - 1.3%
1,031,938	B+/Ba3	Allied Security Holdings LLC, First Lien Term Loan, 5.25%, 2/3/17	$ 1,034,517
2,413,950	B/Ba3	Monitronics International, Inc., Term Loan, 5.5%, 3/23/18	2,436,581
831,640	B+/B1	Protection One, Inc., Term Loan, 5.75%, 3/21/19	835,105
			$ 4,306,203
		Total Commercial & Professional Services	$ 20,525,030


		CONSUMER DURABLES & APPAREL - 3.1%
		Homebuilding - 0.1%
1,000,000(b)(c)(e)	NR/NR	WAICCS Las Vegas 3 LLC, First Lien Term Loan, 7.75%, 7/30/09	$ 330,000
4,500,000(b)(c)(e)	NR/NR	WAICCS Las Vegas 3 LLC, Second Lien Term Loan, 13.25%, 7/30/09	22,500
			$ 352,500
		Housewares & Specialties - 2.3%
1,492,443	BB+/Ba1	Jarden Corp., Tranche B Term Loan, 3.232%, 3/31/18	$ 1,497,240
1,455,303	BB-/Ba3	Prestige Brands, Inc., Term B Loan, 6.25%, 1/31/19	1,470,376
1,563,160	BB/Ba3	Reynolds Group Holdings, Inc., Tranche B Term Loan, 6.5%, 2/9/18	1,576,931
981,795	BB-/Ba3	Reynolds Group Holdings, Inc., Tranche C Term Loan, 6.5%, 8/9/18	996,658
1,665,825	B+/B1	Yankee Candle Co., Inc., Initial Term Loan, 5.25%, 4/2/19	1,678,059
			$ 7,219,264
		Textiles - 0.7%
2,375,000	B/Ba3	Kleopatra Aquisition Corp., (Kloeckner), Term Loan B-1, 7.75%, 12/21/16	$ 2,383,906
		Total Consumer Durables & Apparel	$ 9,955,670


		CONSUMER SERVICES - 11.0%
		Casinos & Gaming - 1.7%
147,804	BB+/Ba2	Ameristar Casinos, Inc., Term Loan B, 4.0%, 4/16/18	$ 148,466
1,657,500	BB-/Ba3	Boyd Gaming Corp., Increased Term Loan, 6.0%, 12/17/15	1,675,408
1,170,000	B/B2	Caesars Entertainment Operating Co., Inc., Term Loan B-4, 9.5%, 10/31/16	1,197,605
1,200,000	B/B2	Caesars Entertainment Operating Co., Inc., Term Loan B-6, 5.486%, 1/28/18	1,057,667

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Casinos & Gaming (continued)
28,469	BBB-/Ba2	Las Vegas Sands LLC, Delayed Draw I Term Loan, 2.84%, 11/23/16	28,184
141,647	BBB-/Ba2	Las Vegas Sands LLC, Tranche B Term Loan, 2.84%, 11/23/16	139,631
1,092,263	BB+/Ba1	Pinnacle Entertainment, Inc., Series A Incremental Term Loan, 4.0%, 3/19/19	1,092,604
			$ 5,339,565
		Education Services - 1.8%
2,068,553	B/B1	Ascend Learning LLC, First Lien Term Loan, 5.75%, 5/23/17	$ 2,062,089
3,780,010	BB-/Ba2	Bright Horizons Family Solutions, Inc., Tranche B Term Loan, 6.25%, 5/28/15	3,777,647
			$ 5,839,736
		Hotels, Resorts & Cruise Lines - 0.8%
1,750,000	NR/NR	Seven Sea Cruises, Inc., Term Loan B, 6.25%, 12/21/18	$ 1,758,750
1,041,639	B/B3	Yellowstone Mountain Club LLC, Senior First Lien Term Loan, 6.0%, 7/16/14	971,328
			$ 2,730,078
		Internet Software & Services - 0.3%
1,000,000	B/B1	Sabre, Inc., IncrementalTerm Loan, 7.25%, 12/29/17	$ 996,667
		Leisure Facilities - 0.9%
1,690,826	BB/Ba2	Cedar Fair LP, U.S. Term Loan-1, 4.0%, 12/15/17	$ 1,697,343
1,150,000	BB+/B1	Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.25%, 12/20/18	1,155,237
			$ 2,852,580
		Restaurants - 4.3%
2,273,155	BB/Ba3	Burger King Corp., Tranche B Term Loan, 4.5%, 10/19/16	$ 2,285,121
255,946	BB-/Ba2	DineEquity, Inc., Term Loan B-1, 5.25%, 10/19/17	258,026
3,963,052	B+/B2	Dunkin Brands, Inc., Term Loan B-2, 5.25%, 11/23/17	3,930,852
3,241,875	B+/B1	Landry's Inc., Term Loan B, 6.5%, 4/24/18	3,280,878
1,820,438	B/Ba3	NPC International, Inc., 2012 Term Loan, 5.25%, 12/28/18	1,847,744
2,190,000	BB-/B1	Wendy's International, Inc., Term Loan B, 4.75%, 5/15/19	2,205,244
			$ 13,807,865
		Specialized Consumer Services - 1.2%
3,811,033	B+/B1	Wash MultiFamily Laundry Systems LLC, Term Loan, 7.0%, 8/28/14	$ 3,801,506
		Total Consumer Services	$ 35,367,997


		DIVERSIFIED FINANCIALS - 1.6%
		Consumer Finance - 0.7%
2,550,000	CCC+/B3	Springleaf Financial Funding Co., Initial Term Loan, 5.5%, 5/10/17	$ 2,467,125
		Investment Banking & Brokerage - 0.2%
548,625	BB-/Ba2	LPL Holdings, Inc., Initial Tranche B Term Loan, 4.0%, 3/29/19	$ 549,540
		Other Diversified Financial Services - 0.7%
369,473	B-/B3	BNY ConvergEX Group LLC, Second Lien (EZE) Term Loan, 8.75%, 12/18/17	$ 343,610
880,527	B-/B3	BNY ConvergEX Group LLC, Second Lien (TOP) Term Loan, 8.75%, 12/18/17	818,890
989,394	BB/Ba2	Ship Luxco 3 S.a.r.l. (RBS Worldpay), Facility Term Loan B2A, 5.25%, 11/30/17	992,795
			$ 2,155,295
		Total Diversified Financials	$ 5,171,960


		ENERGY - 3.7%
		Coal & Consumable Fuels - 0.3%
1,000,000	NR/NR	PT Bumi Resources Tbk, Term Loan, 11.244%, 8/7/13	$ 1,000,000
		Environmental & Facilities Services - 0.5%
1,431,189	NR/B3	Aquilex Holdings LLC, Term Loan, 8.75%, 4/1/16	$ 1,436,556

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Integrated Oil & Gas - 0.3%
1,103,691	BBB/Baa2	Glenn Pool Oil & Gas Trust 1, Term Loan, 4.5%, 5/2/16	$ 1,109,209
		Oil & Gas Equipment & Services - 0.7%
2,703,489	B-/B3	Frac Tech Services, Term Loan, 6.25%, 5/6/16	$ 2,390,657
		Oil & Gas Exploration & Production - 1.2%
1,460,000	BB-/NR	Chesapeake Energy Corp., Term Loan, 8.5%, 12/2/17	$ 1,466,680
2,500,000	NR/NR	EP Energy LLC, Tranche B-1 Term Loan, 5.0%, 5/24/18	2,515,625
			$ 3,982,305
		Oil & Gas Refining & Marketing - 0.5%
1,563,904	BB/Ba2	Pilot Travel Centers LLC, Initial Tranche B Term Loan, 4.25%, 3/30/18	$ 1,567,813
		Oil & Gas Storage & Transportation - 0.2%
498,750	BB-/Ba3	Gibson Energy ULC, Tranche B Term Loan, 4.75%, 6/15/18	$ 503,010
		Total Energy	$ 11,989,550


		FOOD & STAPLES RETAILING - 0.7%
		Drug Retail - 0.5%
1,585,825	B+/B2	Rite Aid Corp., Tranche 5 Term Loan, 4.5%, 3/3/18	$ 1,571,455
		Food Retail - 0.2%
623,438	BB-/B1	Roundy's Supermarkets, Inc., Tranche B Term Loan, 5.75%, 2/13/19	$ 596,422
		Total Food & Staples Retailing	$ 2,167,877


		FOOD, BEVERAGE & TOBACCO - 5.3%
		Packaged Foods & Meats - 5.3%
950,000	BB/NR	Aramark Canada, Ltd., Extended Canadian Term Loan B, 3.711%, 7/26/16	$ 945,250
966,837	BB-/Ba3	Dean Foods Co., 2014 Tranche B Term Loan, 1.615%, 4/2/14	961,549
2,226,610	B/Ba3	Del Monte Foods Co., Initial Term Loan, 4.5%, 3/8/18	2,202,674
1,225,000	NR/B2	Heartshide Food Solutions LLC, Term Loan A, 6.5%, 6/7/18	1,226,531
1,525,288	B+/B1	Michael Foods Group, Inc., Facility Term Loan B, 4.25%, 2/25/18	1,530,054
3,537,000	B+/B1	Pierre Foods, Inc., First Lien Term Loan, 7.0%, 9/30/16	3,562,424
2,500,000	BB-/B2	Pierre Foods, Inc., Second Lien Term Loan, 11.25%, 9/29/17	2,525,782
1,352,802	B+/Ba3	Pinnacle Foods Finance LLC, Term Loan, 2.968%, 4/2/14	1,352,125
1,750,000	B+/Ba3	Pinnacle Foods Finance LLC, Tranche F Term Loan, 4.75%, 10/17/18	1,745,625
954,500	BB-/B1	Windsor Quality Food Co., Ltd., Tranche B Term Loan, 5.0%, 2/16/17	940,183
		Total Food, Beverage & Tobacco	$ 16,992,197


		HEALTH CARE EQUIPMENT & SERVICES - 17.6%
		Health Care Equipment - 1.2%
556,378	B+/NR	Fenwal, Inc., Delayed Draw First Lien Term Loan, 2.672%, 2/28/14	$ 555,161
3,244,346	B+/NR	Fenwal, Inc., Initial First Lien Term Loan, 2.672%, 2/28/14	3,237,250
			$ 3,792,411
		Health Care Equipment & Services - 1.4%
231,413	BBB-/Baa2	Fresenius SE, Tranche D-1 Dollar Term Loan, 3.5%, 9/10/14	$ 231,883
132,189	BBB-/Baa2	Fresenius SE, Tranche D-2 Term Loan, 3.5%, 9/10/14	132,437
2,000,000	BBB-/Ba2	Hologic Inc., Tranche B Term Loan, 4.5%, 8/1/19	2,016,250
487,550	BB-/Ba2	Kinetic Concepts, Inc., Dollar Term Loan B-1, 7.0%, 5/4/18	493,818
1,702,849	BB-/B1	Onex Carestream Finance LP, Term Loan, 5.0%, 2/25/17	1,667,196
			$ 4,541,584

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Health Care Facilities - 5.1%
2,320,203	B/B1	Ardent Medical Services, Inc., Term Loan, 6.5%, 9/15/15	$ 2,337,605
1,116,865	BB/Ba3	CHS/Community Health Systems, Inc., Extended Term Loan, 3.961%, 1/25/17	1,120,076
3,471,473	BB/Ba3	HCA, Inc., Tranche B-2 Term Loan, 3.711%, 3/31/17	3,431,489
2,698,472	BB/Ba3	HCA, Inc., Tranche B-3 Term Loan, 3.482%, 5/1/18	2,663,686
1,629,375	B/Ba3	Iasis Healthcare LLC, Term Loan B, 5.0%, 5/3/18	1,619,191
2,141,131(f)	CCC-/B2	LifeCare Holdings, Term Loan, 8.206%, 2/1/16	2,034,074
2,044,350	BB-/Ba3	Select Medical Corp., Tranche B Term Loan, 5.5%, 6/1/18	2,027,740
1,143,165	BB+/Ba2	Universal Health Services, Inc., 2011 Tranche B Term Loan, 3.75%, 11/15/16	1,146,013
			$ 16,379,874
		Health Care Services - 6.6%
638,063	B+/B2	AccentCare, Inc., Term Loan, 6.5%, 12/22/16	$ 596,588
681,440	B+/Ba3	Alliance HealthCare Services, Inc., Initial Term Loan, 7.25%, 6/1/16	638,850
2,210,081	B-/B3	CCS Medical, Inc., First Lien Term Loan, 8.25%, 3/31/15	2,055,376
893,142(f)	CCC/Caa2	CCS Medical, Inc., Second Lien Term Loan, 3.25%, 3/31/16	674,322
1,400,000	BB-/Ba2	Davita Inc., Term Loan B2, 3.0%, 8/1/19	1,397,200
1,483,817	B/B1	Gentiva Health Services, Inc., Term Loan B-1, 6.5%, 8/17/16	1,436,520
1,429,567	B+/Ba3	Inventiv Health, Inc., Consolidated Term Loan, 6.5%, 8/4/16	1,340,219
1,600,000	BB-/Ba3	MModal Inc., Term Loan B, 6.75%, 8/16/19	1,569,000
2,513,188	B+/B1	National Mentor Holdings, Inc., Tranche B Term Loan, 7.0%, 2/9/17	2,488,056
1,074,526	B/B2	National Specialty Hospitals, Inc., Initial Term Loan, 8.25%, 2/3/17	1,053,035
2,128,500	B+/Ba3	Rural/Metro Operating Co., LLC, First Lien Term Loan, 5.75%, 6/30/18	2,119,454
2,022,222	BB-/Ba1	Sun Healthcare Group, Inc., Term Loan, 8.75%, 10/18/16	2,016,536
1,339,406	B/B1	Surgery Center Holdings, Inc., Term Loan, 6.5%, 2/6/17	1,332,709
742,500	B/Ba3	Valitas Health Services, Inc., Term Loan B, 5.75%, 6/2/17	730,434
2,216,250	B+/B1	Virtual Radiologic Corp., Term Loan A, 7.75%, 12/22/16	1,900,434
			$ 21,348,733
		Health Care Supplies - 0.9%
720,909	BB-/Ba3	Alere, Inc., Term Loan B, 4.75%, 6/30/17	$ 720,909
1,505,000	B+/B1	Bausch & Lomb, Inc., Parent Term Loan, 5.25%, 5/17/19	1,512,206
521,290	BB/Ba3	Butler Animal Health Supply LLC, Tranche B Term Loan, 4.5%, 12/31/15	522,593
			$ 2,755,708
		Health Care Technology - 1.6%
2,134,650	BB-/Ba3	Emdeon Inc., Term Loan B-1, 5.0%, 11/2/18	$ 2,142,655
1,182,224	BB-/Ba3	MedAssets, Inc., Term Loan, 5.25%, 11/16/16	1,189,613
1,110,000	CCC/Caa3	Medical Card System, Inc., Term Loan, 12.0%, 9/17/15	777,000
99,490	B/NR	Physician Oncology Services LP, Delayed Draw Term Loan, 7.75%, 1/31/17	97,003
818,923	B/B2	Physician Oncology Services LP, Effective Date Term Loan, 7.75%, 1/31/17	798,450
			$ 5,004,721
		Managed Health Care - 0.8%
1,302,609	B+/B1	Aveta, Inc., MMM Facility Term Loan, 8.5%, 4/4/17	$ 1,309,122
1,302,609	B+/B1	Aveta, Inc., NAMM Facility Term Loan, 8.5%, 4/4/17	1,309,937
			$ 2,619,059
		Total Health Care Equipment & Services	$ 56,442,090

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
		Household Products - 0.9%
1,936,381	B/B1	Spectrum Brands, Inc., New Term Loan, 6.25%, 6/17/16	$ 1,946,410
921,446	B+/Ba3	SRAM LLC, First Lien Term Loan, 5.75%, 6/7/18	925,466
			$ 2,871,876
		Personal Products - 0.9%
344,571	BB-/Ba3	NBTY, Inc., Term Loan B-1, 4.25%, 10/2/17	$ 346,429
2,450,250	BB-/Ba3	Revlon Consumer Products Corp., Term Loan B, 4.75%, 11/19/17	2,449,868
			$ 2,796,297
		Total Household & Personal Products	$ 5,668,173


		INSURANCE - 1.9%
		Insurance Brokers - 1.9%
1,000,000	CCC+/B3	AmWINS Group, Inc., Second Lien, Term Loan, 10.25%, 12/6/19	$ 997,917
826,678	B+/B1	HUB International Ltd., 2017 Additional Term Loan, 6.75%, 12/13/17	832,706
3,886,198	B+/B1	HUB International, Ltd., 2017 Initial Term Loan, 4.732%, 6/13/17	3,884,119
486,250	B/B1	U.S.I. Holdings Corp., New Term Loan Series C, 7.0%, 5/5/14	488,474
		Total Insurance	$ 6,203,216


		MATERIALS - 9.8%
		Aluminum - 1.1%
1,381,538	BB-/Ba2	Noranda Aluminum Acquisition Corp., Term Loan B, 5.75%, 2/28/19	$ 1,392,762
2,216,250	BB-/Ba2	Novelis, Inc., Term Loan, 4.0%, 3/10/17	2,210,007
			$ 3,602,769
		Commodity Chemicals - 0.6%
1,197,000	BB-/B1	Taminco Global Chemical Corp., Tranche B-1 Dollar Term Loan, 5.25%, 2/15/19	$ 1,202,985
628,571	BBB-/Ba2	Tronox Pigments (Netherlands) B.V., Closing Date Term Loan, 4.25%, 2/8/18	628,179
			$ 1,831,164
		Diversified Chemicals - 1.9%
516,097	BBB-/Ba1	Celanese US Holdings LLC, Dollar Term Loan C, 3.211%, 10/31/16	$ 519,415
1,184,426	B/B1	General Chemical Corp., New Tranche B Term Loan, 5.75%, 10/6/15	1,186,401
1,246,875	B+/B1	Ineos US Finance LLC, Cash Dollar Term Loan, 6.5%, 5/4/18	1,250,252
1,876,250	B/B1	Nexeo Solutions LLC, Initial Term Loan, 5.0%, 9/8/17	1,834,034
1,447,950	B+/B2	Univar, Inc., Term Loan B, 5.0%, 6/30/17	1,442,520
			$ 6,232,622
		Diversified Metals & Mining - 2.0%
1,913,407	BB-/B1	Fairmount Minerals, Ltd., Tranche B Term Loan, 5.25%, 3/15/17	$ 1,899,535
2,487,500	B+/B2	Preferred Proppants LLC, Initial Term Loan B, 7.5%, 12/15/16	2,375,563
396,001	BB+/Ba1	SunCoke Energy, Inc., Tranche B Term Loan, 4.0%, 7/26/18	396,001
1,039,500	BB-/B1	U.S. Silica Co., Term Loan, 4.75%, 6/8/17	1,040,799
577,772	BB-/B1	Walter Energy, Inc., Term Loan B, 4.0%, 4/2/18	570,550
			$ 6,282,448
		Metal & Glass Containers - 0.6%
192,534	B/Ba3	BWAY Holding Co., Replacement Term Loan B, 4.25%, 2/23/18	$ 193,075
19,404	B/Ba3	ICL Industrial Containers ULC, Replacement Term Loan C, 4.25%, 2/23/18	19,458
1,720,141	B/B1	Tank Holding Corp., Initial Term Loan, 6.75%, 7/9/19	1,722,291
			$ 1,934,824
		Paper Packaging - 1.0%
2,222,550	B/B2	Exopack LLC/Cello-Foil Products, Inc., Term Loan B, 6.5%, 5/31/17	$ 2,189,212

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Paper Packaging (continued)
1,156,400	BB/Ba1	Sealed Air Corp., Advance Term Loan B, 4.75%, 10/3/18	1,166,398
			$ 3,355,610
		Paper Products - 0.1%
216,641	BB-/Ba3	Ranpak Corp., First Lien USD Term Loan, 4.75%, 4/20/17	$ 217,183
		Specialty Chemicals - 2.2%
4,000,000	BB+/Ba1	Chemtura Corp., Facility Term Loan, 5.5%, 8/29/16	$ 4,030,000
1,836,125	BB-/Ba2	Harko C.V. (OM Group, Inc.), Dollar Term Loan B, 5.75%, 8/2/17	1,849,896
154,718	BB+/Ba1	Huntsman International LLC, Extended Term B Loan, 2.839%, 4/19/17	153,896
1,019,875	BB-/Ba1	PolyOne Corp., Term Loan B, 5.0%, 12/20/17	1,028,799
			$ 7,062,591
		Steel - 0.3%
896,476	BB/B1	JMC Steel Group, Inc., Term Loan, 4.75%, 4/1/17	$ 902,057
		Total Materials	$ 31,421,268


		MEDIA - 16.3%
		Advertising - 2.0%
922,688	B+/NR	Acosta, Inc., Term Loan C, 5.75%, 3/1/18	$ 926,916
1,477,500	B+/NR	Advantage Sales & Marketing, Inc., First Lien Term Loan, 5.25%, 12/18/17	1,479,963
3,421,338	B+/Ba3	Affinion Group, Inc., Tranche B Term Loan, 5.0%, 10/9/16	2,915,264
1,106,007	BB+/Baa3	Lamar Media Corp., Term Loan B, 4.0%, 12/30/16	1,113,150
			$ 6,435,293
		Broadcasting - 6.7%
7,481,250	BB-/Ba2	Cequel Communications LLC, Term Loan, 4.0%, 2/14/19	$ 7,477,240
484,247	BB-/Ba3	Entercom Radio LLC, Term Loan B, 5.0%, 11/23/18	487,758
1,066,619	BB/Caa2	FoxCo Acquisition Sub LLC, Replacement Term Loan, 4.75%, 7/14/15	1,068,619
219,211	B+/Ba3	Hubbard Radio LLC, First Lien Term Loan, 5.25%, 4/28/17	221,129
1,244,845	BB+/Ba1	Sinclair Television Group, Inc., New Tranche B Term Loan, 4.0%, 10/28/16	1,251,069
750,000	B+/Ba3	Thomson Reuters, Inc., Tranche B Term Loan, 6.75%, 6/6/19	753,281
1,762,544	BB-/Ba3	TWCC Holding Corp., 2011 Term Loan, 4.25%, 2/13/17	1,772,679
8,736,771	B+/B2	Univision Communications, Inc., Extended First Lien Term Loan, 4.482%, 3/31/17	8,471,549
			$ 21,503,324
		Cable & Satellite - 5.2%
3,323,446	BB+/Ba1	Charter Communications Operating LLC, Term Loan C, 3.49%, 9/6/16	$ 3,324,928
982,538	BB+/Ba1	Charter Communications Operating LLC, Term Loan D, 4.0%, 5/15/19	983,919
1,000,000	B-/Caa1	Hargray Acquisition Co., Second Lien Term Loan, 5.744%, 1/29/15	925,000
1,200,000	BB-/Ba2	Kabel Deutschland Gmbh, Facility Term Loan F, 4.25%, 2/1/19	1,201,219
1,960,000	BB-/Ba3	MCC Iowa LLC, Tranche F Term Loan, 4.5%, 10/23/17	1,945,300
1,750,000	NR/NR	MCC Iowa LLC, Tranche G Term Loan, 4.0%, 1/1/20	1,715,000
3,755,000	BB-/Ba3	Telesat Canada, U.S. Term Loan B, 4.25%, 3/28/19	3,756,175
2,814,000	B/B1	WideOpenWest Finance LLC, Term Loan, 6.25%, 7/17/18	2,820,157
			$ 16,671,698
		Movies & Entertainment - 1.0%
1,417,875	BB-/Ba2	AMC Entertainment, Inc., Term Loan B-3, 4.75%, 2/22/18	$ 1,422,011
1,219,257	NR/Ba1	Cinedigm Digital Funding I LLC, Term Loan, 5.25%, 4/29/16	1,225,353
1,095,318	CCC/Caa1	Lodgenet Interactive Corp., Closing Date Term Loan, 6.5%, 4/4/14	788,629
			$ 3,435,993

	Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

			Publishing - 1.4%
	976,923	B/B2	Cengage Learning Acquisitions, Inc., Term Loan, 2.49%, 7/3/14	$ 903,382
	962,588	NR/B2	Houghton Mifflin Company, Term Loan, 7.25%, 11/22/13	978,230
	1,637,764	BB-/Ba3	Interactive Data Corp., Term Loan B, 4.5%, 2/11/18	1,645,697
EUR	895,659(f)	B/Ba3	Mediannuaire Holding, Term Loan B-2, .5%, 10/10/14	234,334
EUR	894,987	B/Ba3	Mediannuaire Holding, Term Loan C, 3.411%, 10/9/15	239,787
	500,000	BB-/Ba3	MTL Publishing LLC, Term Loan B, 5.5%, 2/15/18	504,937
				$ 4,506,367
			Total Media	$ 52,552,675


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.1%
			Biotechnology - 3.5%
	2,149,200	BB/B1	Alkermes, Inc., First Lien Term Loan, 6.5%, 9/16/17	$ 2,165,319
	3,038,725	BB/B2	Aptalis Pharma, Inc., Term Loan B-1, 5.5%, 2/10/17	3,046,322
	1,124,855	B+/B1	Generic Drug Holdings, Inc., Closing Date Term Loan, 6.5%, 4/8/16	1,122,043
	154,666	B+/B1	Generic Drug Holdings, Inc., Delayed Draw Term Loan, 6.5%, 4/8/16	154,279
	1,534,748	BB-/Ba2	Grifols, Inc., New U.S. Tranche B Term Loan, 4.5%, 6/1/17	1,542,661
	1,527,268	BB-/B1	HGI Holdings, Inc., Initial Term Loan, 6.75%, 10/1/16	1,531,723
	360,612	BBB-/Ba3	Warner Chilcott Co., LLC, Term Loan B-2, 4.25%, 3/15/18	359,840
	273,883	BBB-/Ba3	Warner Chilcott Corp., 4.25%, 3/15/18	273,296
	721,225	BBB-/Ba3	Warner Chilcott Corp., Term Loan B-1, 4.25%, 3/15/18	719,679
	495,842	BBB-/Ba3	WC Luxco S.a.r.l., Term Loan B-3, 4.25%, 3/15/18	494,780
				$ 11,409,942
			Pharmaceuticals - 0.6%
	2,579,535(f)	CCC+/NR	Graceway Pharmaceuticals LLC, Mezzanine Loan, 0.0%, 11/1/13	$ 7,256
	1,101,024	B+/B2	Medpace Intermediateco, Inc., Term Loan B, 7.25%, 6/19/17	1,056,983
	748,125	BBB-/Ba1	Valeant Pharmaceuticals International, Inc., Tranche B Term Loan, 4.75%, 2/13/19	751,866
				$ 1,816,105
			Total Pharmaceuticals, Biotechnology & Life Sciences	$ 13,226,047


			REAL ESTATE - 0.9%
			Diversified REIT's - 0.3%
	1,000,000	BBB-/NR	Spirit Finance Corp., Term Loan B, 3.445%, 8/1/13	$ 973,333
			Real Estate Services - 0.6%
	990,000	BB/Ba1	CB Richard Ellis Services, Inc., Incremental Tranche C Term Loan, 3.482%, 3/4/18	$ 988,762
	990,000	BB/Ba1	CB Richard Ellis Services, Inc., Incremental Tranche D Term Loan, 3.739%, 9/4/19	988,144
				$ 1,976,906
			Total Real Estate	$ 2,950,239


			RETAILING - 5.1%
			Apparel Retail - 1.4%
	2,421,043	B/B2	Gymboree Corp., Term Loan, 5.0%, 2/23/18	$ 2,345,722
	639,285(f)	NR/NR	Johnny Appleseed's, Inc., First Lien Second Out Term Loan, .23%, 4/25/16	383,571
	142,507(f)	NR/NR	Johnny Appleseed's, Inc., Junior Term Loan, .23%, 4/25/17	35,627
	1,865,625	BB/Ba3	Lord & Taylor Holdings LLC, Term Loan, 5.75%, 1/11/19	1,880,783
				$ 4,645,703
			Automotive Retail - 0.3%
	459,602	BB/Ba1	Avis Budget Car Rental LLC, Tranche B Term Loan, 6.25%, 9/22/18	$ 462,474

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Automotive Retail (continued)
550,000	BB/Ba1	Avis Budget Car Rental LLC, Tranche C Term Loan, 3.25%, 3/15/19	553,163
			$ 1,015,637
		Computer & Electronics Retail - 0.6%
1,895,850	B/B2	Targus Group International, Inc., Term Loan, 11.0%, 5/24/16	$ 1,891,110
		General Merchandise Stores - 2.2%
2,841,135	BBB/Ba1	Dollar General Corp., Tranche B-1 Term Loan, 2.982%, 7/7/14	$ 2,852,966
4,268,478	BBB-/Ba2	Dollar General Corp., Tranche B-2 Term Loan, 2.982%, 7/7/14	4,286,474
			$ 7,139,440
		Home Improvement Retail - 0.6%
1,885,086	B+/Ba3	Hillman Group, Inc., Term Loan, 5.0%, 5/31/16	$ 1,894,511
		Total Retailing	$ 16,586,401


		SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
		Semiconductor Equipment - 1.0%
1,956,414	BB-/B1	Aeroflex, Inc., Tranche B Term Loan, 5.75%, 5/19/18	$ 1,927,474
1,485,000	BB+/Ba2	Sensata Technology BV/Sensata Technology Finance Co., LLC, Term Loan, 4.0%, 5/12/18	1,489,509
			$ 3,416,983
		Semiconductors - 0.8%
2,231,323	BB/Ba2	Microsemi Corp., Term Loan B, 4.0%, 2/2/18	$ 2,242,480
314,213	BBB-/Ba2	Semtech Corp., Term Loan B, 4.25%, 3/20/17	315,194
			$ 2,557,674
		Total Semiconductors & Semiconductor Equipment	$ 5,974,657


		SOFTWARE & SERVICES - 8.7%
		Application Software - 4.4%
1,640,612	CCC+/B1	Allen Systems Group, Inc., Term Loan B, 7.5%, 11/21/15	$ 1,572,937
1,425,028	B+/B1	Applied Systems, Inc., First Lien Term Loan, 5.5%, 12/8/16	1,424,584
1,300,000	B+/B1	Applied Systems, Inc., Second Lien Term Loan, 9.5%, 6/8/17	1,300,000
997,500	B+/Ba3	Lawson Software, Inc., Tranche B Term Loan, 6.25%, 4/5/18	1,010,514
1,561,574	BB+/Baa2	Nuance Communications, Inc., Term Loan C, 3.24%, 3/31/16	1,564,991
1,509,527	B+/B1	Serena Software, Inc., Extended 2016 Term Loan, 4.243%, 3/10/16	1,483,110
2,472,481	B+/B1	Verint Systems, Inc., 2011 Term Loan, 4.5%, 10/27/17	2,471,450
1,922,238	B+/B1	Vertafore, Inc., First Lien Term Loan, 5.25%, 7/29/16	1,931,849
1,000,000	CCC+/Caa1	Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17	998,750
462,500	B/Ba3	Wall Street Systems Holdings, Inc., First Lien Term Loan, 6.25%, 6/20/17	461,344
			$ 14,219,529
		Data Processing & Outsourced Services - 1.5%
60,879	B+/NR	First Data Corp., 2017 Dollar Term Loan, 5.237%, 3/24/17	$ 59,954
802,493	B+/B1	First Data Corp., 2018 Dollar Term Loan, 4.237%, 3/23/18	760,134
1,875,000	NR/NR	Genpact Ltd., Term Loan B, 3.25%, 8/6/19	1,879,688
1,588,000	BB+/Ba2	Neustar, Inc., Advance Term Loan, 5.0%, 11/8/18	1,603,880
570,000	BBB-/Ba2	Vantiv LLC, Tranche B Term Loan, 3.75%, 3/27/19	570,356
			$ 4,874,012
		Internet Software & Services - 0.1%
395,000	BB+/Ba3	Autotrader.com, Inc., Tranche B-1 Term Loan, 4.0%, 12/15/16	$ 395,494
		IT Consulting & Other Services - 1.6%
2,000,000	BB/Ba3	Booz Allen Hamilton Inc., Initial Tranche B Ter Loan, 4.5%, 7/31/19	$ 2,008,542

	Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

			IT Consulting & Other Services (continued)
	2,944,049	BB/NR	SunGuard Data Systems, Inc., Tranche C Term Loan, 3.994%, 2/28/17	2,947,730
				$ 4,956,272
			Systems Software - 1.1%
	1,251,643	BBB-/Ba2	Dealer Computer Services, Inc., Tranche B Term Loan, 3.75%, 4/21/18	$ 1,251,643
	2,219,438	NR/Ba2	Rovi Solutions Corp., Tranche B-2 Term Loan, 4.0%, 3/29/19	2,140,343
				$ 3,391,986
			Total Software & Services	$ 27,837,293


			TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%
			Aerospace & Defense - 0.5%
	1,613,635	B/B2	Scitor Corp., Term Loan, 5.0%, 2/15/17	$ 1,597,499
			Communications Equipment - 0.8%
	985,013	BB/Ba3	CommScope, Inc., Tranche 1 Term Loan, 4.25%, 1/14/18	$ 987,469
	1,466,438	BB-/Ba3	TowerCo Finance LLC, Term Loan, 4.5%, 2/2/17	1,468,271
				$ 2,455,740
			Electronic Components - 0.8%
	35,359	BB+/Ba2	Flextronics International, Ltd., Delayed Draw Term Loan A-1-B, 2.482%, 10/1/14	$ 35,221
	1,125,147	BB+/Ba2	Flextronics International, Ltd., Delayed Draw Term Loan A-3, 2.482%, 10/1/14	1,120,752
	1,500,000	B+/B2	Generac Power Systems, Inc., Term Loan, 6.25%, 5/30/18	1,533,750
				$ 2,689,723
			Electronic Equipment & Instruments - 0.3%
	997,475	B+/Ba3	Sensus USA, Inc., Term Loan, 4.75%, 5/9/17	$ 1,000,592
			Electronic Manufacturing Services - 0.6%
	617,188	B+/B2	Clover Technologies Group LLC (Clover Holdings, Inc.), Term Loan, 6.75%, 5/7/18	$ 607,930
	589,839	NR/B2	FCI USA, Inc., Facility Term Loan B-1, 3.716%, 11/1/13	580,992
	589,839	NR/B2	FCI USA, Inc., Facility Term Loan B-5-B, 3.716%, 11/1/13	587,627
				$ 1,776,549
			Technology Distributors - 0.4%
	1,301,813	BB-/B1	Excelitas Technologies Corp., New Term Loan B, 4.75%, 11/29/16	$ 1,282,285
			Telecommunication Services - 0.5%
	1,649,568	B/B2	Securus Technologies Holdings, Inc., First Lien Term Loan, 6.5%, 5/31/17	$ 1,646,132
			Total Technology Hardware & Equipment	$ 12,448,520


			TELECOMMUNICATION SERVICES - 5.4%
			Alternative Carriers - 0.7%
EUR	745,314	BB/NR	Amsterdamse Beheere-En Consultingmaatschappij B.V., Casema Facility Term Loan B-3, 3.122%, 3/31/17	$ 944,375
EUR	257,598	BB/NR	Amsterdamse Beheere-En Consultingmaatschappij B.V., Casema Facility Term Loan B-4, 3.122%, 3/31/17	326,398
EUR	849,351	BB/NR	Amsterdamse Beheere-En Consultingmaatschappij B.V., Kabelcom Facility Term Loan B-2, 3.122%, 3/31/17	1,076,197
				$ 2,346,970
			Application Software - 1.1%
	3,491,250	B/Ba3	Expert Global Solutions, Inc., Advance First Lien Term Loan B, 8.0%, 4/3/18	$ 3,507,250
			Integrated Telecommunication Services - 0.6%
	639,452	B+/Ba3	West Corp., Term Loan B-5, 5.5%, 7/15/16	$ 641,850
	1,148,366	BB+/Baa3	Windstream Corp., Tranche B-2 Term Loan, 3.1%, 12/17/15	1,146,930
				$ 1,788,780
			Wireless Telecommunication Services - 3.0%
	1,467,625	B+/Ba3	Crown Castle Operating Co., Tranche B Term Loan, 4.0%, 1/31/19	$ 1,468,626

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Wireless Telecommunication Services (continued)
5,535,965	BB/Ba1	MetroPCS Wireless, Inc., Tranche B-2 Term Loan, 4.071%, 11/3/16	5,544,037
691,243	BB/Ba1	MetroPCS Wireless, Inc., Tranche B-3 Term Loan, 4.0%, 3/19/18	690,667
1,975,000	BB-/B1	Syniverse Holdings, Inc., Initial Term Loan, 5.0%, 4/23/19	1,975,618
			$ 9,678,948
		Total Telecommunication Services	$ 17,321,948


		TRANSPORTATION - 3.9%
		Air Freight & Logistics - 0.6%
300,000	B/B1	Ceva Group Plc, Dollar Tranche B Pre-Funded L/C Term Loan, 5.1%, 8/31/16	$ 283,125
1,200,000	B/B1	Ceva Group Plc, EGL Tranche B Term Loan, 5.447%, 8/31/16	1,134,600
521,045	B-/B1	Ozburn-Hessey Holding Co., LLC, First Lien Term Loan, 8.25%, 4/8/16	489,783
			$ 1,907,508
		Airlines - 2.0%
839,375	BB-/Ba3	Allegiant Travel Co., Term Loan, 5.75%, 3/10/17	$ 841,998
543,125	BB-/Ba2	Delta Air Lines, Inc., 2009 Term Loan, 4.25%, 3/7/16	537,694
1,336,500	BB-/Ba2	Delta Air Lines, Inc., 2011 Term Loan, 5.5%, 4/20/17	1,345,410
246,308	BB-/Ba3	United Air Lines, Inc., Tranche B Term Loan, 2.25%, 2/1/14	242,306
3,500,000	B+/B3	US Airways Group, Inc., Term Loan, 2.736%, 3/21/14	3,390,625
			$ 6,358,033
		Railroads - 0.8%
2,493,750	BB+/B1	RailAmerica, Inc., Initial Term Loan, 4.0%, 3/1/19	$ 2,495,309
		Trucking - 0.5%
1,834,970	BB/B1	Swift Transportation Co., LLC, Tranche B-2 Term Loan, 5.0%, 12/21/17	$ 1,846,248
		Total Transportation	$ 12,607,098


		UTILITIES - 2.1%
		Electric Utilities - 0.8%
792,952(a)(b)(c)	CC/Ca	GBGH LLC (US Energy), First Lien Term Loan, 4.0%, 6/9/13	$ 71,603
337,141(a)(b)(c)	CC/Ca	GBGH LLC (US Energy), Second Lien Term Loan, 2.0%, 6/9/14	34
3,506,137	CCC/Caa1	Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 4.741%, 10/10/17	2,387,094
			$ 2,458,731
		Independent Power Producers & Energy Traders - 1.3%
1,614,563	BB+/Ba1	AES Corp., Initial Term Loan, 4.25%, 6/1/18	$ 1,623,309
1,703,438	BB-/B1	Calpine Corp., Term Loan, 4.5%, 4/1/18	1,711,364
851,400	BB+/Baa3	NRG Energy, Inc., Term Loan, 4.0%, 7/1/18	854,205
			$ 4,188,878
		Total Utilities	$ 6,647,609

		TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
		(Cost $444,969,503)	$ 432,418,159

		CLAIMS - 0.0% of Net Assets

		TRANSPORTATION - 0.0%
		Airlines - 0.0%
1,200,000(a)(g)	NR/NR	Northwest Airlines, Inc., ALPA Claim-Escrow, 0.0%	$ –
2,500,000(a)(g)	NR/NR	Northwest Airlines, Inc., Bell Atlantic Claim-Escrow, 0.0%	–
2,500,000(a)(g)	NR/NR	Northwest Airlines, Inc., EDC Claim-Escrow, 0.0%	–
2,130,600(a)(g)	NR/NR	Northwest Airlines, Inc., Flight Attendant Claim-Escrow, 0.0%	–
1,500,000(a)(g)	NR/NR	Northwest Airlines, Inc., GE Claim-Escrow, 0.0%	–
1,264,500(a)(g)	NR/NR	Northwest Airlines, Inc., IAM Claim-Escrow, 0.0%	–

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Airlines (continued)
1,404,900(a)(g)	NR/NR	Northwest Airlines, Inc., Retiree Claim-Escrow, 0.0%	–
		Total Transportation	$ –

		TOTAL CLAIMS
		(Cost $0)	$ –

		CORPORATE BONDS & NOTES - 8.5% of Net Assets

		BANKS - 0.3%
		Diversified Banks - 0.3%
1,000,000(d)	BBB+/Baa2	Intesa Sanpaolo SpA, 2.831%, 2/24/14 (144A)	$ 958,486

		Total Banks	$ 958,486


		CAPITAL GOODS - 1.0%
		Aerospace & Defense - 0.6%
1,850,000	BB-/Ba3	Spirit Aerosystems, Inc., 7.5%, 10/1/17	$ 2,007,250

		Construction & Farm Machinery & Heavy Trucks - 0.4%
1,000,000	B+/B3	Manitowoc Co., Inc., 9.5%, 2/15/18	$ 1,112,500

		Total Capital Goods	$ 3,119,750


		CONSUMER DURABLES & APPAREL - 0.3%
		Housewares & Specialties - 0.3%
1,000,000	BB-/Ba3	Jarden Corp., 8.0%, 5/1/16	$ 1,073,750

		Total Consumer Durables & Apparel	$ 1,073,750


		DIVERSIFIED FINANCIALS - 0.6%
		Consumer Finance - 0.1%
200,000	BBB/Baa1	Capital One Financial Corp., 7.375%, 5/23/14	$ 220,818

		Other Diversified Financial Services - 0.5%
250,000(d)	BB/NR	East Lane Re V Ltd., 9.086%, 3/16/16 (144A)	$ 264,075
500,000(d)	BB/NR	Lodestone Re, Ltd., 6.086%, 1/8/14 (144A)	496,600
500,000(d)	BB-/NR	Lodestone Re, Ltd., 8.336%, 5/17/13 (144A)	502,750
500,000(d)	BBB-/NR	Vita Capital V Ltd., 3.124%, 1/15/17 (144A)	499,900
			$ 1,763,325
		Total Diversified Financials	$ 1,984,143


		ENERGY - 1.1%
		Oil & Gas Drilling - 0.2%
600,000	B-/B3	Offshore Group Investments, Ltd., 11.5%, 8/1/15	$ 663,000

		Oil & Gas Exploration & Production - 0.9%
2,490,000	BB/B1	Denbury Resources, Inc., 8.25%, 2/15/20	$ 2,826,150

		Total Energy	$ 3,489,150


		HEALTH CARE EQUIPMENT & SERVICES - 2.3%
		Health Care Equipment & Services - 0.3%
950,000	B+/B2	Physio-Control International, Inc., 9.875%, 1/15/19 (144A)	$ 1,026,000

		Health Care Facilities - 0.2%
500,000	BB/Ba3	CHS/Community Health Systems, Inc., 5.125%, 8/15/18	$ 515,625

		Health Care Supplies - 1.8%
8,433,916(b)	NR/NR	Azithromycin Royalty Sub LLC, 16.0%, 5/15/19	$ 5,903,741

		Total Health Care Equipment & Services	$ 7,445,366


		INSURANCE - 0.3%
		Reinsurance - 0.3%
500,000(d)	NR/Baa1	Combine Re, Ltd., 4.586%, 1/7/15 (144A)	$ 511,450
250,000(d)	BB/NR	Mystic Re, Ltd., 9.086%, 3/12/15 (144A)	255,850
		Total Insurance	$ 767,300


		MATERIALS - 1.2%
		Diversified Metals & Mining - 0.3%
1,050,000	CCC+/B3	Molycorp, Inc., 10.0%, 6/1/20 (144A)	$ 997,500

		Paper Packaging - 0.3%
1,000,000(d)	B /B1	Berry Plastics Corp., 5.205%, 2/15/15	$ 1,000,500

Principal Amount USD ($)	S&P/Moody's Rating (unaudited)		Value

		Paper Products - 0.6%
1,750,000	B+/B1	Appleton Papers, Inc., 10.5%, 6/15/15 (144A)	$ 1,872,500

		Total Materials	$ 3,870,500


		MEDIA - 0.3%
		Advertising - 0.3%
936,000	B+/B3	MDC Partners, Inc., 11.0%, 11/1/16	$ 1,013,220

		Total Media	$ 1,013,220


		RETAILING - 0.6%
		Catalog Retail - 0.6%
1,825,000	BBB-/Ba2	QVC, Inc., 7.5%, 10/1/19 (144A)	$ 2,022,126

		Total Retailing	$ 2,022,126


		TELECOMMUNICATION SERVICES - 0.0%
		Integrated Telecommunication Services - 0.0%
6,000	BB/Ba2	Frontier Communications Corp., 8.25%, 5/1/14	$ 6,607

		Total Telecommunication Services	$ 6,607


		TRANSPORTATION - 0.5%
		Air Freight & Logistics - 0.3%
1,000,000	CCC+/Caa1	CEVA Group Plc, 11.5%, 4/1/18 (144A)	$ 885,000

		Airlines - 0.2%
582,287	BBB-/Baa3	American Airlines 2011-2 Class A Pass Through Trust, 8.625%, 10/15/21	$ 617,224

		Total Transportation	$ 1,502,224

		TOTAL CORPORATE BONDS & NOTES
		(Cost $28,473,678)	$ 27,252,622

Shares			Value


		COMMON STOCKS - 6.3% of Net Assets

		AUTOMOBILES & COMPONENTS - 4.8%
		Auto Parts & Equipment - 4.8%
512,208(h)		Delphi Automotive Plc	$ 15,514,780

		Total Automobiles & Components	$ 15,514,780


		CONSUMER SERVICES - 0.2%
		Leisure Facilities - 0.2%
1,306(a)(h)		Lake at Las Vegas A Shares	$ 729,684
9(a)(h)		Lake at Las Vegas B Shares	5,049
			$ 734,733
		Total Consumer Services	$ 734,733


		HEALTH CARE EQUIPMENT & SERVICES - 0.0%
		Health Care Services - 0.0%
15,034(h)		CCS Medical Holdings, Inc.	$ 90,204

		Total Health Care Equipment & Services	$ 90,204


		MEDIA - 1.2%
		Broadcasting - 0.3%
266(h)		New Young Broadcasting Holding Co., Inc., Class A	$ 984,200

		Movies & Entertainment - 0.9%
90,010(h)		Metro-Goldwyn-Mayer, Inc.	$ 2,874,695

		Total Media	$ 3,858,895


		RETAILING - 0.0%
		Apparel Retail - 0.0%
569(h)		Johnny Appleseed's, Inc., Class A	$ 1,423

		Total Retailing	$ 1,423


		TELECOMMUNICATION SERVICES - 0.1%
		Alternative Carriers - 0.1%
57,813(h)		Clearwire Corp., Class A	$ 92,501

		Total Telecommunication Services	$ 92,501


		TRANSPORTATION - 0.0%
		Airlines - 0.0%
960(h)		Delta Air Lines, Inc.	$ 8,304

		Total Transportation	$ 8,304

	Shares		Value

		UTILITIES - 0.0%
		Electric Utilities - 0.0%
	1,589(a)(b)(h)	GBGH LLC Membership Interest	$ 16

		Independent Power Producers - 0.0%
	6,378(h)	GenOn Energy, Inc.	$ 16,136

		Total Utilities	$ 16,152

		TOTAL COMMON STOCKS
		(Cost $15,022,308)	$ 20,316,992


		PREFERRED STOCK - 0.5% of Net Assets

		PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
		Biotechnology - 0.5%
	153,554(b)(h)	Molecular Insight Pharmaceuticals, Inc., 0.0	$ 1,689,094

		Total Pharmaceuticals, Biotechnology & Life Sciences	$ 1,689,094

		TOTAL PREFERRED STOCK
		(Cost $1,305,209)	$ 1,689,094


		LIQUIDATING TRUSTS - 0.0% of Net Assets

		CONSUMER SERVICES - 0.0%
		Hotels, Resorts & Cruise Lines - 0.0%
	3,377,886(a)(h)(i)	Yellowstone Mountain Club LLC, Liquidating Trust	$ –

		Total Consumer Services	$ –


		ENERGY - 0.0%
		Oil & Gas Exploration & Production - 0.0%
	4,995,000(a)(h)(i)	Crusader Energy Group, Inc., Liquidating Trust	$ –

		Total Energy	$ –

		TOTAL LIQUIDATING TRUSTS
		(Cost $0)	$ –


		RIGHTS/WARRANTS - 0.9% of Net Assets

		CONSUMER SERVICES - 0.0%
		Leisure Facilities - 0.0%
	38(a)(h)	Lake at Las Vegas C Shares, Expires 7/15/15	$ –
	52(a)(h)	Lake at Las Vegas D Shares, Expires 7/15/15	–
	58(a)(h)	Lake at Las Vegas E Shares, Expires 7/15/15	–
	66(a)(h)	Lake at Las Vegas F Shares, Expires 7/15/15	–
	75(a)(h)	Lake at Las Vegas G Shares, Expires 7/15/15	–
			$ –
		Total Consumer Services	$ –


		MEDIA - 0.9%
		Broadcasting - 0.9%
	721(h)	New Young Broadcasting Holding Co., Inc., Expires 12/24/24	$ 2,667,700

		Total Media	$ 2,667,700

		TOTAL RIGHTS/WARRANTS
		(Cost $1,418,145)	$ 2,667,700

	Principal Amount		Value

		TEMPORARY CASH INVESTMENTS - 3.0% - of Net Assets
		REPURCHASE AGREEMENT: 3.0%
	9,600,000	JP Morgan Chase Bank, .2%, dated 8/31/12, repurchase price of $9,600,000 plus interest on 9/4/12 collateralized by $9,792,221 Federal National Mortgage Association, 3.0%-5.0%, 12/1/21-7/1/42.	$ 9,600,000
		TIME DEPOSIT: 0.0%
EUR	5,040	BBH Grand Cayman, -0.036%, 9/3/12	$ 6,347
			$ 9,606,347
		TOTAL TEMPORARY CASH INVESTMENTS
		(Cost $9,606,347)	9,606,347

	Principal Amount		Value
(continued)
		TOTAL INVESTMENTS IN SECURITIES - 155.8%
		(Cost - $507,612,152) (j)	$ 500,852,502
		OTHER ASSETS AND LIABILITIES -0.9%	$ 3,001,117
		PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIVIDENDS PAYABLE - (56.8)%	$ (182,469,928)
		NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS -100.0%	$ 321,383,691

NR		Security not rated by S&P or Moody's.
(144A)		Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At August 31, 2012, the value of these securities amounted to $16,420,623, or 5.1% of total net assets applicable to common shareowners.

*	Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at August 31, 2012.
(a)	Security is valued using fair value methods.
(b)	Indicates a security that has been deemed as illiquid. The aggregate cost of illiquid securities is $22,812,938. The aggregate fair value of $14,918,576 represents 4.6% of total net assets applicable to common shareholders.
(c)	Security is in default and is non income producing.
(d)	Floating rate note. The rate shown is the coupon rate at August 31, 2012.
(e)	The company and agent bank are in the process of negotiating forbearance.
(f)	Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
(g)	Security represents a claim which is subject to bankruptcy court findings which may result in an exchange of money, assets or equity.
(h)	Non-income producing.
(i)	Security represents a liquidating trust which is a vehicle which through future settlements of bankruptcy claims are dispersed to creditors.

(x)	At August 31, 2012, the net unrealized loss on investments based on cost for federal tax purposes of $507,612,152 was as follows:

	Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost	$ 13,953,696
	Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value	(20,713,346)

	Net unrealized loss	$ (6,759,650)

For financial reporting purposes net unrealized loss on investments was $6,727,315 and cost of investments aggregated $507,612,152.

Principal amounts are denominated in U.S. dollars unless otherwise noted.

EUR	-	Euro

As of August 31, 2012, the Trust had an unfunded loan commitments amounting to $2,528,660 (excluding unrealized appreciation on this commitment of $30,995 as of August 31, 2012) which could be extended at the option of the borrower, pursuant to the following loan agreement:

Borrower	Principal		Cost		Value		Unrealized Gain(Loss)
Pelican Products, Inc., First Lien Term Loan	$	1,476,647	$	1,455,534	$	1,476,647	$	21,113
Tronox Pigments (Netherlands) B.V., Delayed Draw Term Loan	$	171,179	$	171,429	$	171,179	$	(250	)
BSN Medical, Facility Term Loan B-1	$	880,834	$	870,702	$	880,834	$	10,132
Total							$	30,995

In addition, The Trust had the following bridge loan commitment outstanding at August 31, 2012

Borrower	Principal		Cost		Value		Unrealized Gain(Loss)
Par Pharmaceutical	$	1,150,000	$	1,150,000	$	1,150,000	$	-
Total							$	-

Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds

credit risks, etc.)

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

Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2, and securities valued using fair value methods (other than prices supplied by independent pricing services) as level 3. See Notes to Financial Statements - Note 1A

Level 1

Level 2

Level 3

Total

Investments in Securities - Assets

ASSET BACKED SECURITY

Pharmaceuticals

–

22,202

COLLATERALIZED LOAN OBLIGATIONS

–

6,879,386

–

6,879,386

SENIOR SECURED FLOATING RATE LOAN INTERESTS

Electric Utilities

–

2,387,094

71,637

2,458,731

All Other

–

429,959,428

–

429,959,428

CLAIMS

Airlines

–

CORPORATE BONDS & NOTES

–

27,252,622

–

27,252,622

COMMON STOCKS

Leisure Facilities

–

734,733

Broadcasting

–

984,200

–

984,200

Movies & Entertainment

–

2,874,695

–

2,874,695

Apparel Retail

–

1,423

–

1,423

Health Care Services

–

90,204

–

90,204

Electric Utilities

–

All Other

15,631,721

–

15,631,721

PREFERRED STOCK

Biotechnology

–

1,689,094

–

1,689,094

LIQUIDATING TRUSTS

Oil & Gas Exploration & Production

–

Hotels, Resorts & Cruise Lines

–

RIGHTS/WARRANTS

Leisure Facilities

–

Broadcasting

–

2,667,700

–

2,667,700

TEMPORARY CASH INVESTMENTS

TIME DEPOSIT

–

6,347

–

6,347

REPURCHASE AGREEMENT

–

9,600,000

–

9,600,000

Total Investments in Securities - Assets

15,631,721

484,392,193

828,588

500,852,502

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)			Purchases		Sales			Accrued discounts/ premiums		Transfers in to Level 3*		Transfers out of Level 3*			Balance as of 8/31/12
Investments in Securities - Assets
ASSET BACKED SECURITY
Pharmaceuticals	$	–	$	–		$	–		$	-	$	–		$	–	$	22,202	$	–		$	22,202

COLLATERILIZED LOAN OBLIGATIONS		6,031,312		–			-			-		–			-		-		(6,031,112	)		–

SENIOR SECURED FLOATING RATE LOAN INTERESTS
Oil & Gas Drilling		464,340		(41,128	)		33,348			19,083		(489,090	)		13,447		–		–			-
Cable & Satellite		9,143,647		(12,519,921	)		11,864,075			-		(8,493,244	)		5,443		–		–			-
Electric Utilities		83,697		–			(52,530	)		-		–			40,470		–		–			71,637

CORPORATE BONDS & NOTES
Pharmaceuticals		15,673,871		(110,896	)		8,784,092			1,247,195		(17,357,735	)		229,623		–		(8,466,150	)		-

COMMON STOCKS
Oil & Gas Drilling		1,302		(1,302	)		-			-		-			-		–		-			-
Leisure Facilities		762,990					(28,257	)														734,733
Electric Utilities		16		-			-			-		-			-		–		-			16

Total Investment in Securities - Assets	$	32,161,175	$	(12,673,247	)	$	20,600,728		$	1,266,278	$	(26,340,069	)	$	288,983	$	22,202	$	(14,497,262	)	$	828,588

* Transfers are calculated on the beginning of period value
Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at 08/31/12: $(80,878).

The following table presents additional information about valuation techniques and inputs used for investments that

were measured at fair value and categorized as Level 3 at August 31, 2012:

Fair Value 8/31/2012

Valuation Technique(s)

Unobservable Input

Value/Range (Weighted Average)

Asset Backed Securities (1)

22,202

Vendor Priced

n/a

Senior Secured Floating Rate Loan Interests (2)

71,637

Liquidation Valuation

$0.01 - $9.03 per lien

Claims (3)

Discounted Cash Flow

Projected Cash Flow

Common Stocks (4)

734,749

Liquidation Valuation

Projected Cash Balance

$0.01 per share

Liquidating Trusts (5)

Discounted Cash Flow

Projected Cash Flow

Warrants (6)

Liquidation Valuation

Company Value Liquidity Discount

$87 million 8.6%

(1) The significant unobservable input used in the fair value measurement of asset backed securities interests is the projected cash balance.

Significant increases (decreases) in this input would result in a significantly higher (lower) fair value measurement

(2) The significant unobservable input used in the fair value measurement of senior secured floating rate loan interests is the projected cash balance.

Significant increases (decreases) in this input would result in a significantly higher (lower) fair value measurement.

(3) The significant unobservable input used in the fair value measurement of claims is the projected cash flow. Significant increases (decreases) in this input

would result in a significantly higher (lower)

(4)The significant unobservable input used in the fair value measurement of common stocks is the projected cash balance. Significant increases

(decreases) in this input would result in a significantly higher (lower) fair value measurement.

(5) The significant unobservable input used in the fair value measurement of liquidating trusts is the projected cash flow. Significant increases (decreases)

In this input would result in a significantly higher (lower)

6) The significant unobservable inputs used in the fair value measurement of warrants are the value of the company and a liquidity discount.

Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement.

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 September 30, 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 September 30, 2012 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer and Chief Financial and Accounting Officer Date September 30, 2012 * Print the name and title of each signing officer under his or her signature.